8 Ways to Increase Your Retirement Income WITHOUT Work or Saving More

This video discusses 8 ways to increase your spendable cash in retirement without getting a part time job or saving more.

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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.

[SeanTalkoff]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[Peterl]

Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.

[Aaronduckstein]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[rightwingprofessor]

Geoff's 8 Recommendations:

1. Wait to take you Social Security
2. Use a tool, not a rule... for taking your available assets.
3. Get free money from your employer...with matching funds for your 401k.
4. Hire a Tax Planner...not a tax preparer just to do your taxes.
5. Spending like a Pro...not like a budgeter. Remove emotions...maximize your spending.
6. Wait one extra year to retire...you will have fewer years to refund in retirement. Guaranteed increase of 5%.
7. Downsize your home....or sell your home and rent.
8. Reverse mortgage. Understand the benefits of a reverse mortgage.

Great Video, as usual.

[martyi]

We downsized our home 10 years ago in preparation for retirement we didn’t need the extra space once the kids were gone, it has enabled us to save time and money, I would never sign up for a reverse mortgage, you might as well just sell the house at least you know how much money you’re dealing with and not paying the exorbitant fees!

[jamesthompson]

Thanks Mr. S. I have been retired since the first day of 2007. I am a retired professor and have enjoyed all your videos. Thanks again and keep up the great work.

[tomf]

Great content Geoff..we are selling our main house and moving to our vacation home, which is 1/2 the size and expenses. No more big taxes, maintenance, etc. We planned this 20 yrs ago and can’t believe it’s happening…time flys folks

[JP]

You make a lot of sense. Always want to hear your advice. I took retirement at 62, and thank goodness I did. My husband left me for someone else, (after 35+ years, so I am pretty much old) and, really, I lost 3/4 of my income. I needed it and still do. Of course, there's more, but it's too much! Appreciate you!

[IrwinFranke]

Making good money before you retire is super important. It can boost your social security benefits and give you a stronger retirement portfolio. Basically, the more you earn now, the better off you'll be later.

[herb]

I had employee's who would not participate in our 401k program even with a 3% match. Even with my encouragement + a financial advisor giving the presentation every year. Foolish not to at least put 3% in and get 100% return. It's a marathon; not a sprint. Statistically you're better off in 20 years. And some wonder why they can't afford to retire!

[harryl]

4:03 I keep hearing “investing in your 401k” and not ‘saving’. That’s mainly due to a 401k is ‘invested’ in the stock market via mutual funds. It’s THAT that builds better and faster than just saving. A huge difference!
I like the words you chose here so keep preaching brother!🎉

[wordysmithsonism]

Not "less" - "fewer" - I do learn from and enjoy your lessons.

[richardc]

First! Thanks Mr Schmidt. I took it at 62 to lock in my SS payment, who knows what will happen in the future.

[wildfoodietours]

Love these options to optimize income relatively effortlessly.

[richdouglas]

My strategy: I enlisted in the military when I turned 18. I retired as a run-of-the-mill captain, but I've collected retirement pay since I was 36.

I repeated it later on with the federal government, serving 13 years as a GS-15, and getting another retirement pension from it.

These two pensions pay me about $55K per year, and they both come with health benefits. Plus, my high income for most of my working life boosts my Social Security near the maximum. Because I'm still killing it in private practice, I've deferred taking this (and will likely do so until age 70). These factors, plus a million in retirement investments, means I'm doing ok.

[discoverglobeliving]

Reminds me of my grandpa saying, 'I’m not lazy, just creatively efficient!' 😄 Great tips!

[bonniegaither]

My dad was an assisted-living for close to five years. Luckily he had long-term care available and he spent it all the way down and it was like $1 million
I don’t have long-term care so that’s what terrifies me is if I end up in assisted-living, I’ll have no way to pay for it. That’s why I’m not spending my money.

[ronaldcambridge]

Very please to hear your objective views regarding a Reverse Mortgage. Unlike D. Ramsey, you expressed a perspective without excessive bias (in spite of admitting that you're not a fan of this financial product). There are folks who do not have heirs and could greatly benefit or enjoy the proceeds from a substantial asset involving equity in their home while they are living as opposed to leaving the fruit(s) of their labor for some one else. As you stated, it's all about being well informed.

[Sweetpea]

Great video with useful information. Particularly like your description of spending your money.

[maha]

Brilliant suggestions, thanks so much, love your channel!