4 Telltale Signs You are Being Too Cheap in Retirement

Expedition Retirement Show by Golden Reserve

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Are you in or nearing retirement and worried about spending your money? Have you ever considered that being too frugal can hold you back from enjoying your golden years. This video challenges the idea that retirement planning is about saving every penny and instead, explores the concept of finding a balance between saving and spending. Greg, from Golden Reserve, discusses 4 signs you are being too cheap with yourself in retirement, and why creating a spending plan is essential. He also shares why he believes your financial advisor doesn't want you to spend your money.
At Golden Reserve, we create an income plan as part of our Roadmap for Retirement. This shows retirees what they can spend giving them the peace of mind they need to really enjoy those golden years. Get your complimentary Roadmap and spending plan at GetYourRoadmap.com.
#retirementplanning #financialadvisor

Опубликовано:

10 сен 2024

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Комментарии : 38

@user-uz5be9lg3w 5 месяцев назад

My husband and I just had this exact conversation yesterday. We usually using cheap, ordinary white bread in our house. We are mid and late 70s. We decided we were now going to buy interesting, and artisanal breads from now on. We can afford this and it is a nice treat. And is a small, relatively inexpensive upgrade.

@gstlb 5 месяцев назад

The hardest transition is the emotional one from saving to spending. I’m still grappling with it.

@xlerb2286 5 месяцев назад

You know, I didn't think I'd have trouble with that. But I'm about a month away from retiring and I'm having trouble getting my mind around that idea as well.

@Rottingboards Месяц назад

It is really hard. I'm 6th month into retirement.

@daviddaugherty3274 5 месяцев назад

I retired December 2021 after 40 years in aerospace. I was 62, started pension, SS and 401k withdrawals. I’m only taking 3.5% of 401k and for me that’s 60k a year alone. I have more money than I can spend 😂 and am living better than when I was working 😎

@xlerb2286 5 месяцев назад

Good for you. I don't have a pension but the retirement accounts have enough money that we should be in a pretty good spot as well when I retire in about a month. It looks like I could give myself a bit of a raise going into retirement, but I'm going to start out a bit cautious just to get a feel for this new normal.

@dominic8218 5 месяцев назад

Really helpful- thanks for sharing

@Rottingboards Месяц назад

You are awesome! 40 years anywhere is hard to complete. Have fun, enjoy, and smell the roses!

@MemphisMike901 5 месяцев назад

We are both 60. Been retired about 18 months. I admit, i have just now started getting comfortable spending more $$… we are debt free and 7 figure net worth yet afraid to touch it 😂. Our FA TOLD us to take our first trip. He said “look guys, you will outlive your $$…go have some fun!”

@ddavidson5 5 месяцев назад

What you say is true but after a lifetime of having "save for the future" pounded in to you it is harder than many think to change from saver to spender. Old habits die hard but when you are retired that future you were saving for has arrived -- the future is now!

@bb_lz9790 5 месяцев назад

A friend told me that his financial advisor, when told that they were taking a trip, asked if they were flying First Class. He said no. His advisor countered, "If you don't fly First Class, your kids will..."

@deanrotering879 4 месяца назад

That’s really good.😂

@pwu8194 5 месяцев назад

I don't have any spending plan, but I spend as needed.

@RetrieverTrainingAlone 5 месяцев назад

We don't need much money...we have no debt, house was paid off year ago. Our fun outdoor activities cost little: cross-country skiing, canoing, mountain biking, gardening, hunting and fishing here in Alaska. We have physical fitness, time, and enough money to enjoy our outdoor life.

@tomTom-lb5cu 5 месяцев назад

Took me about a year of retirement before something clicked and told me to get my self directed IRA set up in dividend paying stocks and then get paid dividends while not touching the main portfolio and let it continue to grow. You have to get it in your head that you’re gonna be paying taxes on it eventually that was the idea, saving taxes in the high earning days and now paying taxes in a low earning days. And now I healthy having abundant cash to enjoy life and not just leave it for family to fight over.

@grantbradley5084 5 месяцев назад

I actually don’t give the thought too much. My wife and I both retired at 62. Currently 67. Fortunately no debt own home F/C same with vehicles. Both collecting SS, my wife receives a pension from her previous employer of 30 years.

@alansach8437 5 месяцев назад

You can be too cheap, but you can be too extravagant as well. You have to guard against the "I'm retired. I have this nest egg, and my parents didn't live past 70, so I just hit the lotto!" mentality too!

@xlerb2286 5 месяцев назад

I have a rough spending plan. Our investments will start out replacing the amount of money that was hitting our bank accounts from my income, then when my wife retires increase to cover her net as well, and about that time social security also kicks in for me (assuming I take it at 67 though I may wait) so less need come from investments. We also have a modest income stream from some farmland we rent out, so that's a help as well. The return from the land isn't that great but selling land has it's own costs and it's been in the family about 140 years and the land also makes a nice get-away spot. The numbers all say that won't be a problem, including increasing distributions to cover inflation. But dang it's hard to change decades of saving behavior into spending behavior.

@jayoman4453 5 месяцев назад

It's hard to break the habit of saving for retirement after 40 plus years, and then start spending.

@marcelgirard5162 5 месяцев назад

In total agreement with you! Don’t wait until you’re too old…and stay healthy…that’s an order.

@teams3345 5 месяцев назад

I agree. I don’t want to go out of this world leaving a ton of money to my nieces and nephews. I have it mapped out to make sure I spend my money but have enough if I have to go in assisted living. I have LTC insurance. Thanks for the video.

@Ivan-tx3ji 5 месяцев назад

Appreciate your honesty. Makes a lot sense. The more we spend the less they make.

@joyblevins8712 5 месяцев назад

This is what I need to hear! I just retired

@Toomanydays 5 месяцев назад

#5 The financial advisor doesn't tell you about Roth conversions. Less assets under management for them. That's why I fired mine.

@donm4452 5 месяцев назад

I like the way you think!

@thekid2003 5 месяцев назад

I got tired of the 1.5% fee. I didn't talk to the broker. I just transferred the assets to E-trade directly. Now no fees and no fee trades.

@JohnHobbs-o3z 5 месяцев назад

this applies to canadians also,a lot of canadians die with huge tax deferred accounts,then leave huge amounts of money to government ,banks and brokers wont tell you not to do this because they are making lots when you are alive!

@gzackerman 5 месяцев назад

Great info. I just subscribed!

@ohiopat 5 месяцев назад

Yep, pull out money based on taxes. Don't give too much to the man

@buyerclub2 5 месяцев назад

love the comment about aum advisors

@blaineburnie6890 5 месяцев назад

Of course, this is dependent on exactly how much you have and how long you think you’re going to live

@mariadrukker2557 5 месяцев назад

Recognizing these signs and taking appropriate action can help ensure a comfortable retirement. Additionally, integrating investment strategies aligned with this topic can further enhance financial security.

@albieh2563 5 месяцев назад

All good advice.

@nunya66 5 месяцев назад

LUV the shirt Greg!😅

@wallynielsen5104 5 месяцев назад

Good advice

@nanakbhagwani3543 5 месяцев назад

True❤

@corys3440 5 месяцев назад

You can't take it with you!

@David-sc2ir 4 месяца назад

You work and save all your life and then suddenly your reversing the 'life strategies' and your spending your nest egg! It seems wrong! Dear God I think I need therapy just to retire LOL!