I asked you, my viewers to tell me your plan on how you will be handling retirement if you are getting close to retirement soon. Especially if you have a 401K that is down on average 20% in just one year, this can be a problem for people retiring soon. Here are your answers.
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They’re Only Telling You What YOU WANT TO HEAR kzhead.info/sun/ptGHZN6xb36ki4k/bejne.html
Anyone that is considering leaving the US for another country where you can live very comfortably with a minimum of $2500 a month watch KZhead videos on the Philippines.
You should do a retirement part 2.
You have no fucking idea what retirement is like, I have always worked for myself and never have had to depend on the government or a private corporation for retirement income and I do not use credit cards to get by, so far retirement life has been fine!
@Michael Bordenaro @8:37 in this video you show that 'Dave S' has a government pension , (TSP/401k) stocks, real estate portfolio of many rental properties and God know what else .... AND he states that he either is or will be eligible for SSI up until age 62. Supplemental Social Security (SSI) is for those who are at or below the poverty line. Either he is mistaken or he is admitting to welfare fraud right on your channel @ 8:37. Love your channel but this is awful misinformation. Please address this Michael.
@@eddenoy321 Dave is correct and not doing anything nefarious. He was a LEO or Firefighter. You can tell because he retired at 20 years. Non LE/Firefighter positions have a 30 year retirement. I retired last year from the feds at 51 and also receive a SS supplemental. Fed employees that retire from LE/Firefighter positions receive a supplement because we retire before we can collect traditional SS. Mandatory retirement for these positions is 56. We receive that supplemental until we are eligible to draw SS.
House paid off. Think cheap. Thrift store has everything! 20 year old Acura I love. Enjoy everyday! Keep it simple. Stay debt free! Cook real food. Don't eat out. Avoid bad people!
Now, you have the ideal retirement. Me too!
Me too, though I splurge on my grandkids!
I retired and got a disease
This is the way.
@@jimcrawford3185 wth😳😊
Use to live on Miami Beach, sold the property and moved to our other home in Ocala to start the retirement process. Paid off the mortgage, both cars and zero credit card debt. That is 50% of retirement planning, no debt. Move to a lower cost of living location. These are the necessary items you must do.
I agree
Yes I did that in 2006. Sold house in FL and moved to a cheaper state and live debt free.
@@MichaelBordenaro For that sort of reasons, I have been thinking about locations like New Mexico. Not sure if it is an absolutely good idea but being near the border makes it easier to move south of the border if needed.
Great video! I retired at 59 due to an early retirement incentive. I am 80 now and have been living in Thailand for 17 years. With my Social security and my pension my income puts me in the lower half of the middle class. Everything is going fine since I am healthy. My Thai wife takes care of all matters Thai. Each person makes their own adventure.
NIce one Larry. Sounds like you are livin the dream.
I am thinking Colombia.
Nice
@@brianmatthews4149 Another dead ender who couldn't cut the first world.
They selling cheap apartment buildings in Kiev? lol.
Another thing about retirement is that you don't have to live the same as you did when you were working. When you were working you never had enough time to shop wisely. You went to the grocery store and loaded your cart with whatever caught your fancy, because your time was short and you wanted "comfort food" after a long day of stress on the job. In retirement you have time to plan your shopping better, to get better quality food for less money. Plus you do not need the same amount of food as you do when you were working. Most of what you ate when you were working was to relieve the stress that working demanding jobs puts on your body. Including eating fat-loaded food and drinking lots of alcohol. You do not feel this stress in retirement, so you will eat less, spend a lot less, and be healthier. Nor should you need to spend as much on clothes or gas when you are no longer meeting with people in business every day.
Love my career. I don’t mind selling houses till I die! I’m 65 and no desire to retire. If you are healthy, and if you love your career, don’t give it up just because of your age.
It gives you a self wealth.
Agreed…it’s all about how you want to spend your time whether it is with your career, hobbies, volunteering, or traveling.
Yes, Mina: Good for you, I also i"m not retiring. maybe a few more movies, or few more vacations, but that's it.
Great video! Retired April 2022, 67 years old, after a lifetime of university teaching. Was going to stay til 70 cause loved it, but no jab for me = no classroom in California! Cashed in my 403(b), and several IRAs, sold our CA home in a week at a ridiculously high price, packed our bags, and moved to South Carolina. The BEST BEST BEST decision we ever made! My only regret is that we didn't move earlier.
what part of SC do you recommend?
@@FreshGrey-pm4vw any coastal area is beautiful.
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No one has ever been on their death bed & said…”I wish I worked longer.” 🇺🇸
Don’t forget to invest in your health too! You actually inspire me to go for walks. No matter how much money you save the golden years can be not so golden if you can’t enjoy it. I gave up alcohol, coffee, exercise daily and eat a plant based diet. Health is wealth ❤.
I clean pools and love it at 55, still enjoy a vodka drink and coffee sometimes. Exercise is pushing that vacuum and walking around the resort pool. I eat whatever as never was one to gain a bunch of weight as always small boned and skinny.
Yes I agree that different body types need different amounts of calories etc. plant based isn’t for everyone. An active job is a win win!
Excellent point Kelly! Glad I can give some inspiration on the exercise part as well!
Thanks and I enjoy it! I know most people that watch do as well
you hit upon the absolute main ingredient. Health is one thing, fitness is another. both cannot be beat.
The real inflation rate is between 15 to 20 percent once you add energy plus food to the index.
I live in Waterloo Ontario Canada this is happening here it used to be a nice place to live affordable lots of work but not now with all the non citizens buying up all the housing the average home price is a million dollars ! It's ridiculous thanks trudeau
I am so grateful to be retired. Retired a year and a half ago and moved to FL. A dream come true.
At least you don't need to deal with the bs of the working world
🥳🥳🥳
Hope insurance and hoa aren't throwing a wrench in your numbers.
@@CHMichael Self-insurance is the wave of the future in FL.
@@commonsense6967 absolutely - I think that's what the state should do. Just a little tricky right now for people with a mortgage. ( I bought in 09 for the price of a down-payment but that's not the norm.)
We attack big oil...gas is up 300% since 1982. Property taxes are up 1500% in that time. Insurance is up 1600%. What shiny metal object is being waved today? ESG, DEI, climate, red meat, ... government is sitting pretty good on their 1500% raise and convincing you big oil is the problem, not them.
Health is number 1 and money is number 2. Try to have both by your sixties. My friends are unhealthy and dying off.
I agree totally with doing the opposite of what everyone else is doing. I also have done that most of my life ,where the herd runs ,I go in the opposite direction. So many people I know are sitting there adoring the idea of going to Florida, and great for them if that gives them happiness, but myself I’m staying up in the rust belt large cities which I love , enjoy the four seasons, I really dislike hot weather all the time, Florida seems far more expensive and we are not dealing with this constant drama, not worried about natural resources and so far we’ve been majorly escaping natural disasters. I don’t want to follow the herd where millions of people are going and place themselves in cookie-cutter housing areas, and everybody acts the same and does the same thing. No thank you, to each their own
There are very few KZhead channels that I watch consistently. Even fewer where I never miss a single video and also watch every single one to the end, without fail. Your channel is one of those few, Michael. 👍🏼
Same here 🎉🎉🎉🎉🎉
Right! Same here. 👍🏾 :::
Wow, thank you!
My plan: 401k, Roth IRA, Personal Savings, buy & pay off a house, & social security is a bonus. Since we have a looming recession, I'm setting my retirement portfolios to "safe" to mitigate loss.
I retired and moved to Hawaii. I love it here but have to wrk part time. It’s health care costs that kills me. And I’m healthy.
Just claim your an Illegal Alien and all your health care is free ....let those SUCKER American tax payers foot the bill
We paid 6%+ back in 1998+,, the difference was nobody was paying more than 2x annual income for 1 person for the house.
Most important detail people keep overlooking. Home prices are completely out of wack.
My first house was 2.4 times our combined income in price and 13.5% fixed interest that couldn't be refinanced for 12 years.
@@davidhopper7295still better than current times. Not much but better
Great Video, Michael !!.....Everyone is different, but....there is one thing , I think everyone can agree on.....FREEDOM !....It is such a Pleasure to wake-up and do whatever the heck you want !...Army basic training taught me that " Attitude is Everything " , well it's 50 + years later....Boy, I'm glad I learned that lesson at 18......Bottomline: The less you "need" , the more Secure you are..and the "little" things in Life have Great Meaning !.....Hope this Helps.......Take care and Godspeed....
Thank you Jim! That was a great lesson to learn so early in life and it can carry you through the rest of life without much to worry about
Single mom here; Army Basic Training taught me "Go that Extra Mile!" well it's 47 years later.... and I agree with everything you've mentioned here, Jim Wolfe. Good on you!!
@@littledebby365 Thank you for your Service and for "staying on Mission" !...Godspeed..
As a nurse, I won’t recommend to retire on third world country without health insurance. Some countries are more expensive to get sick without health insurance.We did try to live abroad and we didn’t really like it, we tried for 7 months and it was worst experience because of traffic, unorganized government sectors, expensive medical bills, so on and so fort.. so make sure you figure out your other miscellaneous expenses because you never know what are other things you probably have to spend
Which country did you move to?
Excellent tip
We visited for 3 Canadian winter Ecuador. Never could warm up to that country,of course language barrier and food was a problem. But what i noticed a lot Americans moved there from Hawaii. These where elderly retirees. I did feel sorry for them because I know the where not happy there. Yes it was cheaper living but they missed there surroundings . Ones you’re close to 80 it’s difficult to adjust.
I know a couple people who went to Thailand. Decent expat community in Chiang Mai. Cheap food. Cheap rent. Cheap healthcare. I guess by the time you're old the heat doesn't bother you...
3rd world might be problematic but US is not perfect either. Insurance is extremely expensive if it covers everything including cancer. Most EU countries have free healthcare financed from income tax. This tax is labeled as an insurance but it is a tax because it is mandatory like a tax and it is a percentage of income. Only foreigners can have problem with healthcare payment.
So many "mom & pop" landlords got hurt when the government decided people didn't have to pay rent anymore... I sold my rental unit and bought commercial REITs My multiple income streams will replace 100% of my salary when I retire - but property taxes and homeowners insurance in FL are killing me. It's criminal.
I love how you took the time to answer questions! I learn so much from your channel.
If your number 1 concern about retirement isn't the cost of healthcare, it should be.
Great subject Michael! I’ve been helping people prepare for their retirement for the last 13 years. I’d say prepare as early as possible and make sure to understand how tax will effect your retirement. “It’s not what you have, it’s what you get to keep.” It’s really sad that some comes to me in their late 50’s with very little or nothing saved. It’s never too late to create a retirement plan for children. Our children’s retirement plans started when they were born knowing there’s the likelihood of Social Security not being there for them.
RETIRED Army. Good luck brother. I hope you can make it work
Thanks for showing Florida while learning! My brain is retaining so much information this way. I think it's the visual and auditory learning side of me 😊😊
Worth every second of viewing multiple times. Again, though off the 'real estate' subject, specifically, a bit, this was very informative, pertinent, important, real life, real time information. Especially for a good portion of your viewers. I also hope you can 'milk' this youtube thing out forever. You put in the work and thought with, and of, your stories with various scenarios setting/staging events many would not think to foresee. Viewers love it, keep it up.
I truly appreciate your retirement focus/commemts/info!!!!! I am in NC, and have always wanted to retire there....and retire fairly early...to enjoy.... Single, 61, and your comments are helping me make a plan.. Thank you
I an loving these comments from those that have had or are having successful retirements. Retirement is something that has been on my mind recently, and these comments are extremely helpful.
I really enjoy this kind of videos where you share people's comments x
I retired in 2005 at 46, just before the Great Recession whacked everybody's finances. I got through it and kept going all these years after because I retired "defensively" by paying off several modest places in nice parts of the USA, including one in Florida, that don't require a lot of income to keep them going. I've also lived overseas. It's wrong to think you're going to retire well in another country if you can't live well on retirement in the USA. The cost of living for upscale places is the same everywhere, and the cost of modest places in the U.S. is no more than in a similar place anywhere else, including in Mexico, Colombia, Ecuador, etc. Those other countries can be difficult for an American, both in safety and in risk of running afoul of local laws. Maybe not worth going there at all unless you already have family living there. Sharpen your pencil to see what you can do in the U.S. before thinking about leaving. If you're creative, you should be able to find decent places in any state here that'll get you buy on a modest retirement income.
Great segment!!! You should do more stories from other people always extremely interesting and relevant in our own lives
Personally before I move anywhere permanently I would live there for a year and see how things actually are this way if you don't like it your not committed
Very smart!
Me too!
Dont be a carpet bagger
U mean Rent before u buy .HaHa
I watch your videos twice usually. I watch once when i'm on the road trucking, and once again when i'm parked to remind myself what home looks like.
That is awesome, thank you !
Good video. We are nearing retirement, so it’s nice to get input from others. Thanks for the interesting stories.
I'm 55, wife is 58. Never had kids. Have about $30k in 401(k) - yeah, stupid. But I'm adding about $25k per year between me & employer match. And on top of that have a $25k/yr equity grant into ownership. Given all that, I will be fine. But even more: T1 diabetic for almost 40 years. Wife has m.s. Our health is such that we will not have a long retirement. Not being depressive, just our reality. We will be fine.
we never know what cards we will be dealt, but we all have to play our hand to the best of our abilities. There is no upside to moaning about things you can't change.
love your content man. Keep it up. My wife (34) and I (35) have 5 rental properties. We are anti-stocks/401k /roth etc and are 100% in real estate. Thankfully we purchased in 2017 through 2020 and in Jan 2023 reached million network. Bring this up to save that I find investing in tangle things that you can directly control/improve is way better than paper accounts such as 401k/roth/brokages etc. My heart goes out to everyone trying to get started in 2023 and onward. Please be careful out there.
Yeah, we still wanna keep seeing you! You're like the little Realistic-talking Angel on our shoulder.
I have been around retired people most of my life (live in FL), the most consistent thing I see is that they’re bored. I know it’s not true in all cases, but most people don’t have a long term plan for their retirement years, other than not to work. It’s probably great at first, but as the years roll on looking out the window for the postman to show up gets pretty old.
Soooo. True.
Golf
I’m sitting at the beach at 6:27 in the early evening watching children with boogie boards. I’m not bored 😊. Young families,couples strolling and the ocean serf. I came to FL to live.
Retirement should allow you to do the things you never could do while working full time: paint, sing, garden, help others, etc and not just wait to die.
Too many stop working and die.
Love your caring aproach🧡
Your very level headed and your mom is very proud of you I'm sure
Michael I LOVE the way u tell it like it is. Don't stop being u. Let the may sayers have their say.
Concerning retirement, good luck, all the best, best wishes to all. Plan, prepare, we got to take this seriously.
Hi mc..I'm mc too
Great video, Michael! My friend who I told you recently makes the big bucks, but doesn’t want to pay more than the minimum on her student loan, plans to move to Portugal eventually. We’ll see. Fort hunker down! Live simply!
Excellent video, and very important.
Social Secuirty is not a gift or handout from the goverment. Its your money that you paid. I am not going to say oh well, whatever.
Miami is six times more expensive to live in than Malaga, Spain. No brainer if you ask me.
Spain ain't cheap either
Malaga is a dump
@@Originalman144touche
Thanks Michael! Great video. I am hearing from a lot of Floridians who are moving out because of high costs.
Really liked this video. Very helpful and educational to hear what other people are doing. Then to hear the input from you too. Im learning what all the options and ideas are.
My boomer parents and in-laws are still working in their mid-70’s. FIL is very wealthy but refuses to retire because he loves his work, my Mom still needs to work part-time to survive (she’s an RN). At least current retirees still have pensions, 401K’s and SS to help fund their retirement. Those of us under 50…best of luck. Pensions are underfunded, 401K’s will be taxed at higher levels in the future (that’s a guarantee) and social security/Medicare is a pipedream.
Thanks for reading my post Michael. Doing things unconventionally was something i learned from watching my family. It was always drilled into us to never rely on anyone, especially the government, only rely on yourself. We're the only masters of our destinies. No matter what happens my family will survive. You have such a great outlook on life. Thx again for a great channel!
"Shop until you drop" is now "Work until you drop" and the "Golden years" has become the "Survival years" for many!
The biggest fallacy about retirement is most people are unrealistic about what their health be like when they get into their retirement years. Even if you have hardly ever seen a doctor, exercise regularly, and take no medication, your health will take a dramatic change when you cross the 65 year old barrier and once again at 70. And I am not talking about illness. Even if you are healthy, your energy levels will be nowhere near where they used to be when you were under 60 years of age. You will find yourself taking 2 naps a day in addition to a full 8 hours of sleep. So when people tell me they plan to work well into their 70's, I wish them good luck, because unless they are self employed and can plan their own day, no employer will give you a break because you are over 65. I have witnessed older managers fall asleep uncontrollably in the middle of company meetings. Usually, they are convinced to retire soon after that. My suggestion is to plan to retire at the latest at age 65 and if you feel like working a few more years, then take it one day at a time. But realistically, everyone so far who told me they would work well into their 70's has changed their mind when they crossed that crucial 65 year old age barrier. And I completely understand why.
I am 67 and I have become a napper too. What brings this on seems to be the energy to digest food saps you of energy. I find that if I miss lunch, I don't fall asleep.
I’m 77 and working remotely 40 hours a week. Inflation is causing me to continue to work.
Best statement ever! 💯
Unless you’re a politician. I wish some them would make room for the younger ones.
@@alexstokowsky6360 I eat one meal a day so I don't sleep all day and it lets me do an intermittant fast.
I retired with a pension and now collecting SS. I retired to Puerto Rico, $600 rent, electric, water bill included. Very peaceful and beautiful beaches near by...
Retired from SF Bay Area . Left and went to Iowa . Had to move somewhere with cheap housing and good health care . Houses are cheap and they are selling . Saw 3 sold signs in 1 day . Only problem is no sunny beach and cold winters .
I can’t wait for a new video!
So many rental properties are cash flow negative are zero. People need to do the math carefully before putting all their money in a rental property.
Exactly do your own thing. I take a right when everyone else takes a left
Great video. Thank you so much
Look at Puerto Rico, it's 1/5th prices of Florida and a $99 flight from Miami, great job Michael keep up the good work. Was in banking wealth mgmt 20 yrs it's all about Corporate profits not about wellbeing of employees or their clients. I'm seeing this very similar repeat of 2008.
My plan for investments , retirement , etcccc were planned when I was 18 years old . We have to give my brother-in-law Credit for mine and family retirement. He wanted to make sure, the family were taken care of and where we were all able to retire at a decent age.
It's good to plan for retirement but still balance that with enjoying now and prepping for eternity. We are not guaranteed tomorrow.
yah, I figure I have 20 good years left after retirement , ive got a whole bunch of plans , travel , friends, camping , quading / motorcycling , seeing America in a camper , Europe and Asia , Roman ruins ... hoping to cram a lot of life into that time.... when free from teh accumulation phase
I don't understand how people can live their entire lives without having any hobbies or passions in life and without learning how to manage their health and finances.
Great video Michael & thank you for the mention. You are right, I would be screwed either way. My thought is having a property is a hard asset, compared to gambling in the market. I would also consider the option of retiring abroad. Panama comes to mind. Panama is affordable, has a modern infrastructure, a high percentage of English speakers, are American friendly and have a great health care system. Sadly my wife and children do not agree. My BIL packed up and moved to the Philippines are few years ago. He & my wife don't speak, so it's my job to reach out periodically and obtain proof of life. LOL! He seems happy.
Michael I really enjoyed this video because you touched upon so many issues retirees are dealing with now. These are difficult times for many. May dad (depression era) always said look for the lesson, and you seem to be acutely aware of this. It's important to share hope for those who are feeling helpless. These are scary times for everyone but I can tell you we will get through this. Have faith in our government and country because we have been through worse. I'm a fortunate retiree but see my kids and others suffering with inflation and it really saddens me to see the fear. We will be fine, including your mother who must be a terrific mom.
Thank you Janet, so glad you enjoyed it and I really hope it helps others who are nearing retirement. Having some faith is really important right about now.
Have faith in your government are you living under a rock?
The most statist thing anyone can say is to have faith in our government which is organized crime and murder Dope incorporated...Your taxes funded the trafficking of heroine from Afghanistan till this very day and the Jabaroo genocide of Operation Warp Speed...any questions?
Thanks Mich
End of 2021 sold my ridiculously priced home in AZ and bought a condo cash in a small tourist town in the midwest. I’m not working now, but am looking for part-time to speed up paying off the remaining debt from moving, make a little money, and stay busy. No pension and I started SS at 62. I’m divorced and getting alimony for another year. I live a very simple life and am satisfied with it. I’m not interested in travel and live in a tourist town with tons of things to see and do that attract people from around the country. It’s a fun environment. I’m crazy healthy, have enough money to live frugally, and will work part-time as long as I can. I’m good 👍
Health INS....
yep I went to Panama Central America last month to look at housing for my pending retirement. I love it and can't wait to go. I will lease my hopefully paid for house out here so if I want to come back I can.
I'm an 85 year old retired aerospace engineer who calculates that my money will run out in about 10 years; when I'm 95! OTOH, my mother lived to 101!! So that's not very promising for me... But I'm already starting to lose my marbles, so perhaps by then I won't care. Life can be a b*tch. 🙃
No one gets out alive ;-)
Start drinking heavily, that should kill you in Less than 10 years 😁
Excellent. Can we have more retirement testimonies please.
Everyone is different, however IMO retirement is overrated, at least for me. Retired at FRA in August 2020 with no clue what was to come with the economy and politics. I know I may be an exception, but I wish I had kept working. We both picked up some part time jobs to supplement SS & pension. BTW, it's not just about the $$. Loss of social interaction, appreciation of doing a good job, and being part of the team are other important factors to consider. So yes, will probably do some kind of work until the end!
To each their own. I worked in very toxic work environments. Not the kind of social interaction that you want. And appreciation for your job? I wish. As a law enforcement officer I couldn't retire fast enough. Now I get to socially interact who I want to and pursue my interests. I'll never ever work for someone else again. I do have a small business, but its related to my interests so it's enjoyable.
Just gotta take one day a time and live it as if it's your last day
In my hometown in northeast Georgia, I see a lot of retirees that move to Florida and then run out of money at some point during their retirement. They move to Georgia/ Tennessee in which they live in campers or tiny homes. The shear number in my hometown is alarming. A friend of mine said a lot of these people are buying storage sheds to live in, which would be illegal in my area if caught.
Not only is your 6% baloney inflation figures correct but another easy way to tell. Is trying to hire somebody to do a project around the house and seeing what they’re charging these days compared to a year or two ago.
Sold all stocks 2000. Bought shiney stuff. Paid cash for home and property out in county. Real food! We don't eat at restaurants. Looked at Lake Chapala area, Mexico but wanted to stay in the states. All is well here at high mountain desert forest plateau hideout NM. We have old car and truck....retired 2005 at 60. It's been great. Bong hits all around....home grown.
Ty so very much.
I'm 60 and planning on retiring at 62 or possibly a year or two later. I love the job I have and it is a worry and stress free job. I'm retired military and with SS we should do just fine. We are basically debt free we have no mortgage and one car payment. But while I am working we will probably buy a new car heading into retirement. We can live with one car payment. Just don't want to have the unexpected expensive car repairs.
With your military pension you should be doing ok general
Nice the military retirement is very nice. Even though our household will get that also I am putting money into my Roth and with a paid-off house a 70% reduced SS that will pay the bills. But I will work till 67 as that extra payments if will help a lot more than the lower pay of early.
Lease a car…no repairs.
@@DONALD1951 an oil change is a repair. It is also more expensive to lease than to just buy a low mileage used car.
@@josefj1776 My sister-in law found that out. Here husband leased a car and they payment where not to bad . He died in 2017 . His wife had a hard time keeping up with the lease payments. When the lease expired after 3 years she still had to come up with a hefty sum. Thank god her investment ended and she was able to pay it off.
DESERT GREETINGS MICHAEL,.. THANKS FOR YOUR INPUT. ❤
You're welcome Johnny!
My husband and I have pensions, highly recommend! I could make more in the private sector, but I knew I would not save enough. Plan to retire at 52, then work full time for 10 yrs to pay off my home and increase savings
Hi Mike …this is Kathleen baby boomer 1964… working to the day I die. I have no investments. I never owned a home. I raised a son on my paycheck. I never got child support. I paid for my son’s braces and college education and his car. I never got my college paid for by the government. I never got money for child tax credit. I never collected unemployment from state or federal government during the pandemic. . I have no husband or boyfriend . Nobody ever cared for me or loved me. I never asked a man to pay my bills. I have no jewelry. I never ever inherited money. I am not a rich baby boomer. I have not been out of state since 2017. I do not travel. I will work till I die and give everything to my son
Well better luck next life
Uhh Wow
Many others in the same boat Kathleen, it is a tough life many face. Maybe your son can help you out a bit when work starts getting too tough for you.
@@MichaelBordenaro thank you for the kind words. My son had to grow up and mature fast due to my circumstances. He started working at age 14 as a babysitter and then he worked at a car dealership and a paint store and now he works for a company and he writes on the side. He does help me . He has helped me so many times. I feel guilty because he got cheated on life with no Dad. He is very thoughtful. We are still waiting to hear from the landlord to see if they are going to be negotiating the rental price. Fox News has not aired my interview yet….I will keep you in the loop. I live in Winter Garden and I see rentals cheaper in Davenport and Saint Cloud and houses for rent on the market between 42 and 100 days
I think that anyone who singlehandedly raises a child without financial support has a God who loves them beyond words for their life sacrifice. You are a remarkable woman. I wish you well.
Good job Michael. Nice info like always.
Thanks!
Hi Michaels mom! Stay safe
Health and or Mental health is very important. Now for retirement, I'm also in lower half of the middle class. I personally, think that this of the majority of us. I plan on working, keep on working. I enjoy working, and I will enjoy making a good if not a geat salary by the end of this year. I'm into I.T. position and perhaps a cyber security. What can I say, I discovered all of this late into my life, I love it. So, that's my plan. I see your next video is on "Why most people are broke". Just to tell people, I know how to budget money and I'm really good about meaning a tightwad, if I have to be.
Ausralia Reserve Bank put interest rates on hold yesterday but next month who knows and as for My retirement I am saving every cent today for later in the future.
My wife’s Family is from Italy. We are moving to Pisa in the Tuscany region. Good Health Care and Doctors.
I am 58 and my wife and I will be retiring in 9 years, our plans is to retire in Japan, not for affordability but for the way people are behaving in society and the life style in general. Here in United States you have mainly 2 types of mentalities: the entitle people who thinks the entire world owe them everything, and the "no body tells me what to do" type of people.
Always enjoy listening to your video's Michael! I guess I am one of the few that is not going to work until I can't anymore. Life is too short and I want to enjoy retirement. I am not rich by any means but plan to enjoy the little pleasures in life.
Thanks Sharon! That is the decision that we all face at some point and thats if we have the luxury of a choice. Don't blame you for wanting to live out your later years with joy
Some wait until retirement to travel to all of those places they dreamed - don't wait. Travel somewhere new each year during your working life when your income is higher. You need that reward and rest. It can also be personal growth. Travel during retirement means dipping into your savings, expensive insurance costs and also you may not be as physically able. I'm 57 and have only one destination left on my travel bucket list. I plan to work another dozen years from home but even that could change. Reality tells me to tweak it to what I want most - to go out to the waterfront each day for exercise, cruise on the ferry to Toronto Island and heading home for the evening to enjoy music and a glass.
Parents should not rely on their kids to take care of them in retirement. That is just cruel.
Thanks for mentioning my comment in the video Michael! Yes, I feel very fortunate to be retiring at 52. Selling my CA real estate and buying up properties via 1031 exchanges and cash in 2020 and 2021 in FL and the Midwest, has really helped my retirement plans. Our pending move to FL will also save us quite a bit compared to the Peoples Republic of Kalifornia. Keep up the great work!
Commiefornia
More taxs and high insurance. Think twice
@@brianmatthews4149 Overall, It's not as bad as Cali plus I'm an avid boater so fuel prices are a big plus...
The biggest thing is health insurance. You're not eligible for Medicare or a supplement until age 65. But the costs to someone in their 50s and 60s for health insurance, even with subsidies, is crazy high. And it'll be a high deductible plan that doesn't cover much of the cost beyond preventative care.
$100K for 3 years..
Great post, Michael. We're staying put in New Mexico in retirement. Previously, we were going to move to Florida. Michael, please inform your audience that if you wish to move overseas, you cannot keep your U.S. bank accounts unless you have a permanent mailing address in the U.S. Our bank informed us that we could use a "trusted" friend or relative for the mailing address. However, we are concern about the pre-approved credit cards that are being mailed without our request. Identity theft can be a problem. Our final decision is just to stay in place in retirement where the cost of living is low.
That is an excellent point, thanks for bringing up that concern about keeping a U.S. address for banks
@@MichaelBordenaro Thank you, Michael.
We retired in 2021. Had planned our retirement more than 20 years ago. Lived off half our income and invested heavily. Our plan was always to live off 80% of our income in retirement. Our nest egg has to provide 33% of that number and SS provides the rest. It's working out so far. The socialist government we currently have does make us nervous.
Don't worry about socialism, some in Congress now want to cut Social Security by 70%, so no more socialism 😅 whew !
You have done very well, but you can't only think about yourself. Not everyone has the ability to do what you were able to accomplish. If the government reduces benefits like Social Security and Medicare to the people who couldn't save up a nice nest egg, they will be forced to live on the streets. Do you really want to live in a country where 50% of the aging population will be forced to live in tents and eat at soup kitchens run by charities?
@@alipainting Social Security isn't an entitlement like welfare. I paid into the system (no choice in the matter) all my working life. More than forty years. So the morons running the government owe me. I don't know your age, but I suspect as you grow older you will come to understand how poorly our government, both parties, manage things. Remember, the government doesn't create anything. It just takes and redistributes the money. It is really a sad state of affairs. If I had been able to invest the money I was forced to pay in to SS I would have way more than the amount I have now. Anyway, good luck to you. You're probably going to need it.
@@alipainting They could shut down the roads, schools and county hospitals to almost eliminate that evil Socialism too. Can't wait!
@@alipainting LOL How quickly people forget many programs that benefit them is socialism in practice.
Home prices in Florida will go down significantly but in many areas of the country they may not.
Mark my words...el Salvador will be a hot place to live and retire very soon.
Yes totally agree I live in colombia
Dear Michael, I would like to submit a new topic, our new "No Work Society". You have seen the retired federal employees in Florida, and you probably have seen our new "No Work Society" young people too. A new class of citizens. I did not know how to email you. Sorry for the long post. FYI, I have served 32 years in the military. I started as an E1 private and retired as an O5, and, no, I do not collect disability. I have seen the changes over the decades, good and bad. Please see my letter below. The “No Work Society” is very real. The US Military is the driving force and, to a lesser extent, the US Federal government and its various agencies. Every year, hundreds of thousands of service members are discharged from the US Military, either honorably, dishonorably or regularly or medically retired. Nearly 100 percentage of these service members leaving the military are 100% disabled. If not 100% disabled, nearly 100%. The goal of everyone leaving the military is at least get 70% disability rating. From an E1 kicked out of the military dishonorably to the Four-Star General with 30 years, they all are technically 100% disabled when discharged. It’s common for military members to make regular entries, real or not, in their medical record prior to discharge to support their future VA medical claim. Unfortunately, it’s out of control when senior leadership is participating too. It’s free money for life, it’s understandable. Once with the Medical Disability rating, they are entitled to disability payments for life. With the average disability rating, 70% or above, for everyone leaving the military, it entities them to $3600 a month. Coupled with the new law that allows them to collect SSDI, it entitles them to additional $3200 a month. $7,800 of tax-free funds a month, yes, they never have to work again, plus free medical insurance for life. Every family in the US has at least one person in their family that is collecting full disability from the VA and SSA. Why work? Yes, the “No Work Society” is very real and the US Military is creating a new class of people. The word is spreading. Our younger generation are witness to this situation. There is a belief that you do not have to work, and our younger generation is correct. We created it. As a young person, all you have to do is to enter the military, make medical entries, and either serve your four-year obligation or get dishonorably discharged and you are set for life. This situation has been going on for over twenty years, ever since we invaded Iraq. The good will of the American public is being seriously abused and the future of the US is questionable. We are losing the younger generation. Over the years, I have seen 19-year-old service members parked in Handicap Parking spots, not working, and without a care in the world. It became common place. I thought you should be aware of the current situation. Joe
We are off to the Philippines because we can’t afford to stay here. Been planning this for months and we are so excited!! We will be teaching people how to get out before they get trapped in the US thinking it’s going to get better. Look out for us on a channel near you!
We are very lucky. My husband & I are planning on retiring in 5 yrs. We are not counting on Social Security, we have a couple of retirement accounts, lots of gold, silver & bitcoin. We have the bulk of our cash in private secure non-bank facilities, because we don’t trust banks or the government. We have 2 homes - (paid off) single family & townhouse. Not planning on selling the sfh for another 10 yrs at least, and currently hope to find investment rental property to purchase before not until 18-24 mtgs from now when everything crashes because we want some cash inflow for when we are retired.
Great Video. People need to think Micheal.
I am 20 years away from retirement, but I was thinking of rebalancing my 401k and put that money into the money market fund. I have also seen various YT channels about a lost decade and that it will take more than 10 years to recover the gains from the last 15 years if we get more downside. I am getting the typical advice to just keep my allocation as it is, but I have worked to hard to max it out since I got out of college and paying down my debt, I don’t want to loose my gains. So, trailing stop losses on my investment accounts, and if those trigger, I will strongly consider rebalancing into the money market (no cash out b/c of the penalty), and then once the dust settles, I will rebalance back into the original allocation. 😮