What to Do if You Have No Money For Retirement and 'IT'S TIME'

This video discusses what to do if you have no money for retirement and it's almost time. The average person has less than $10,000 saved for retirement according to the Federal Reserve Board's Survey of Consumer Finance. So while you are not alone, that does not solve the problem. This video outlines the critical next steps you need to do RIGHT NOW if you are retiring with no money.

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[YinusaSaheed]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[noahzimmerman-ygqt]

Great video, Another factor to add is Do they spend a lot of time planning their financial future? The majority of people do not engage in planing for their future

[Riggsnic_co]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

[RetirementContentment]

Turning 62 this year and I appreciate your posts so much, especially your respectful and judgment-free approach.

[JerryStevens]

Schmidt: "Money and happiness don't necessarily correlate beyond a certain minimum."
Thank you for saying that. We've saved and invested for retirement our entire lives but after the basics are met, the only thing money buys that my wife and I care about is freedom from worrying about money.

[michaeldube]

Geoff I see a lot of people around here renting storage units, and storing relatives stuff. I think a good money discussion topic would be measuring the value of items stored vs. the storage container month or annual rent.

[richardt]

When I finished grad school in 1982, there were almost no jobs offering pensions. My first couple of jobs did not have a 401K plans. My last job did. It seems like this transition from pensions to 401K plans was handled horribly. It is no wonder than so many retirees have little or no savings. All the information I got was a 10 minute lunch talk from Fidelity. They did provide free COSTCO pizza. From that talk, I was supposed to figure out how to save for the next 30 years. I figured things out on my own but it was clear, that few of my coworkers got the message. No savings, paycheck to paycheck, lots of credit card debt, car payments, ect.

[teams]

I am glad I retired at 57. SS eligible in 7 months. I decided to take early. Makes sense for me.

[morningglory]

Too late for me... So I recommend to everyone young to start saving as much or little for when they get there, they will be prepared. I never saved and now I have to rent and I never have enough money to buy enough food after paying electric, gas, water, truck ins and $25 phone plan a month. It's a hard life for me now and I don't want anyone else to live like I have too.

[MrWaterbugdesign]

There's a bunch of retired guys with no savings, less than $1500 SS check, many less than $1000, living in SE Asia, mostly Philippines. Living very well, many right on a beach, with a beautiful Filipina in her 20's. Doesn't seem that bad.

[kevin]

Geoff, very informative video as always. Thank you for putting it out there. One challenge for folks looking for work after 55 or 60, is that a number of employers show a reluctance to hire at that age, regardless of skills or experience. Perhaps a shift is happening at the moment that will be more favorable to those of us who are on the mature side.

With respect to timing of taking social security, you may have covered this, but you should lay out the age of equilibrium for those who take it at age 62, versus FRA and 70. In my case, I laid out the cash flows and determined it would take 12.5 years of time to make up the cash flows between FRA (67) and 70. This assumes I get no return on the cash flow for the three years in between. If that money was actually invested, it might stretch to say 14 or 15 years. So, my view is that I would prefer to have that cash earlier, and that my probability of living to 85 or beyond as a male is about 50%. So, I my case, I expect to draw at 67. I do recognize everyone's situation is different and that they have to determine what works best for them. Thanks again.

[billyoung]

Am 54. Started in my employer's 401(k) 5 months ago with 10%. They do a 50% match up to employees putting in 6%. So I'm actually getting 13%. Literally started with zero. Have had T1 diabetes since childhood so I know my retirement will not be as long as most people. Because of this, I'm expecting I will be fine. Plan on increasing the % contribution with each raise. My main goal now is to be absolutely debt free by retirement. My job is a spreadsheet analyst, so I can work well beyond normal retirement years.

[inquisitivelycurious]

I love your videos they are very educational, and I love your humble demeanor. The fact that you offered options for the folks to find side hustles, made this one all the better!

[PInkW]

I’m 61
Bought a small home cash $23k
No debt at all
Retired
$3600. A month take home.
$40k in savings.
Life is good

[LisaSimplified]

Your advice brings me so much peace. Thank you!

[Angel-nufm]

Schmidt, a guarantee found financial security would be to slowly work up to tithing. 10% to charity. I've done it for years. It DOES work. Say you can't afford to? No, you can't afford not to, especially if you are in this position. Start slowly, with an extra buck.. whatever is your in pocket net, not gross. You made 100 but only got 90 after tax? Your tithe is 9. Slowing increment your way into this. It WILL WORK. For those with nothing, there is no other choice. Remember, you will get what you NEED not what you WANT

[bhinbayoucity]

Also, what many forget to realize, that when one turns 62 (even if they're not claiming SS til 67 or 70), that the COLA increase kicks in starting at 62, n is built in to the amount one would get if they file at either 62 or wait til 70.

[lindad]

I paid off my mortgage last year - no debt! It sure helps. Maxing out my savings, take home the last year is about 15% less than my SS / Pension total. Retirement scheduled for December - before the stress takes my health. I do get nervous sometimes - and then realize that I was able to move a little extra money into a brokerage account.

[sandradavis]

Thank you for putting yourself back in the thumbnails for your videos - helps me recognize at a glance they're yours and not YT's algorithm shoving other stuff at me. Appreciate what you share on here!

[tinalippincott]

Always the voice of reason. Thank you, Geoff, for your much needed perspective. We appreciate you!