7 Tips for Living Comfortably on Social Security Alone

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This video discusses 7 tips that will help make living on Social Security alone comfortable and enjoyable. The video highlights where to find additional state financial aid for seniors, when to take Social Security, when to say no to helping others financially, how to stop all those automatic monthly subscription charges, and finding your true passion to save a ton of money.
Links Mentioned in This Video:
State Financial Assistance for Seniors:
grantsforsenio...
"Big 3" Healthcare for Seniors by State:
www.usnews.com...
Federal Financial Assistance for Seniors:
www.gofundme.c...
Important Links:
Join Geoff's Book Club (Free to Join)
holyschmidt.co...
Free "Retirement Ready" Checklist:
holyschmidt.co...
Follow Me on Instagram:
/ the_schmidtlist
Federal Reserve Board Survey of Consumer Finances:
www.federalres...
Social Security Administration Application for Benefits
secure.ssa.gov...
Current Social Security Cost of Living Adjustment
www.ssa.gov/cola/
Social Security Payment Estimator
www.ssa.gov/be...
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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.

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29 сен 2024

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Комментарии : 938

@Art930 2 года назад

I spent most of my working life as a low income office worker. Luckily I am naturally frugal and have always tried to live on half my income. Sometimes the other half went to savings and other times it went to accelerated debt payment. Now, in my early 70's, I am living very well on only social security with no debt and am actually able to put money into savings each month. Those many years of people laughing at me because I didn't eat at restaurants or spend money on new clothes have really paid off now. I am thankful every day for sacrifices I made earlier.

@mrzzllj 2 года назад

Amen...

@rwhunt99 2 года назад

Apparently i didn't understand what living on SS alone, you are living on ss and your savings. You are blessed, there are many who don't have that luxury , for whatever reason - divorce, bankruptcy, legal bills, medical bills, etc.)

@readyfortheworld9232 2 года назад

So great to hear - A Blessing !

@Slw1111 2 года назад

That's great and all that you are able to live comfortably now but in the richest country in the world, you should not have had to live in such a restricted manner -EVER. You should have easily been able to do something as benign as going to a restaurant. Being exploited your entire life and having to scrimp so much is not something this country should be proud of.

@stellaro519 2 года назад

Making me think.ThankYou for sharing this,Art 930.

@richardhowe5583 2 года назад

My hat is off to you sir and I do not say that about many RU-vidrs. This guy has some great advice and I have some more good advice,but like he said everybody is different.. I am moving to the Philippines because my dollar will go a lot farther and I also want to marry my beautiful Filipino fiance. Of course this virus has got me dead in the water because Philippine tourism is shut down. I like the part he said about learning technology so you can be smarter than your twenty-two-year-old grandchild. How about learning some technology so I can be smarter than my six-year-old grandchild. Hehehe.. you have a new subscriber sir and I will be checking out your videos for sure because you have some sound advice and you make a lot of sense. Thank you sir👍👌..PS.. Merry Christmas to you and your family and thank you again for the great information🤗😀🎅🎅🎅

@HolySchmidt 2 года назад

Thanks for the kind words Richard. Enjoy the holidays!

@danklein8587 Год назад

I retired 3 weeks ago and believe I can retire on SS even though I have some investments. To me Money is a game and living on SS sounds like a Fun game to me-:)

@kburkes4245 2 года назад

Good ideas for those who are basically financially stable. Unfortunately, for those already on a very low income, these things may not be possible.

@richardhowe5583 2 года назад

I know people that are living quite well on 5 and $600 a month in Mexico. I am moving to the Philippines as soon as it opens back up. I know that my Filipino fiance and I can live on $1,000 a month quite well. For everyone there usually is always an option.

@woodknotts6050 2 года назад

Make sure you have no debt..... Live within your means and not your wishs and its pretty easy I live on 1200 a month total and bank 2 to 300 of that......Life is simple and live a simple life.......

@richardhowe5583 2 года назад

@@woodknotts6050 I could actually live quite well on $700 a month in the Philippines but I am a spoiled American and I want extra things. I also like to spend money on my Filipino fiance because she was raised very poor and was very poor when I met her. We can actually afford to go out and eat five or six times a week. She was always on my back about my spending and I think I am going to start listening to her. You are very correct about watching how you spend your money. If You have $1,500 a month in the Philippines you are actually rich.

@woodknotts6050 2 года назад

@@richardhowe5583 I live State Side in Massachusetts....... I have no problems living and even have a motorhome in the driveway to go do my thing at fleamarkets !

@happycook6737 2 года назад

@@richardhowe5583 Very funny. You will have to pay for her relatives. Many hidden costs. When will men ever learn? How many of my male friends got taken advantage of by marrying women from developing countries? All who married women from developing countries!

@jimdeboer84 Год назад

If you smoke, STOP! Cigarettes are over fifty cents APIECE, not to mention the health risks. You say you only smoke a pack a day. Well, that adds up to over $300 a month. Think about it. Find a way to stop.

@Christopher-jv2ec 2 года назад

Where are LINKS IN DESCRIPTION ?

@HolySchmidt 2 года назад

If you go down to the description box (below) they are under the heading “links mentioned in this video”

@NoMoreTears64 9 месяцев назад

My ex died a few months before I turned 62. I decided since I had had cancer a few years prior, to go ahead and retire at 62. No guarantees on my life expectancy. I was out of debt. No car payment, no bills. Unfortunately I am a renter though. Now, 2 years later, my 29 year old son just unexpectedly died too. NO amount of money would make me regret the times I got to spend with my son this past year. Time is a commodity that we never know how much we are given. The rest of it just falls into place. I don't care now where I live, how much I have to eat, or what "things" I have. I really don't even care now about "healthcare".

@shinyshinythings 7 месяцев назад

I’m so very sorry for your losses. Time with our loved ones is a precious commodity!

@doctork1708 4 месяца назад

You’re depressed.

@Greggsberdard 11 месяцев назад

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

@jc4evur661 10 месяцев назад

Sure you did spammer!@Tomnolan90

@bobbear4437 10 месяцев назад

The economy is like a roller coaster, up and down, with buying a forever home, buy when prices are down! It really is that simple, you might have to buy earlier, or be patient and wait!

@Kitiwake 4 месяца назад

Then we do you need to buy everything?

@crystalcassandra5597 4 месяца назад

Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.

@VictorBiggerstaff 4 месяца назад

Mind if I ask you to recommend this particular coach you using their service?

@Susanhartman. 10 месяцев назад

I'm 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

@Grace.milburn 10 месяцев назад

Growing your money after retirement is easier now, especially in the current inflationary environment, with the option to passively navigate a diverse market through a successful portfolio advsor. The impacts of the U.S. dollar's fluctuations on investments, in my opinion, are intricate.

@91ScottieP 10 месяцев назад

Personally, I would say have a mentor. Not sure where you will get an experience one, but if your knowledge of the market is limited, it seems like a good bet.

@mariaguerrero08 10 месяцев назад

It took me five years to realize predicting market movements from studying charts is uncertain. Not having a mentor caused me five years of pain, but I learned to follow the market's direction and keep it simple with discipline. Since then, I've made over $250k.

@mikegarvey17 10 месяцев назад

@@mariaguerrero08 Mind if I ask you to point at how to reach this particular person assisting you? Seems you've figured it all out unlike the rest of us.

@mariaguerrero08 10 месяцев назад

CAMILLE ALICIA GARCIA can be found online; a straightforward search for her name will lead you to her online presence.

@debimorsette1685 2 года назад

I decided to retire at 65 so I worked 7 days a week, 10-12 hrs a day for 6 months right before I retired. This allowed me to pay off all my credit cards and other debt. It has made a huge difference on my new retirement budget. I’m the average mentioned. I get $1652 per month in Social Security. I can live comfortably on my SS check, usually saving $500. That allowed me to pay off my house last month, which is the best feeling ever. I’m now 69 yo and I have not used any of my retirement money. That will go towards traveling with my family and friends. 🥰🥰

@chinitawilliams8605 2 года назад

WONDERFUL🤗 Is it possible to do a breakdown on how? What State are you in to be able to save $500 on SS? Thank you

@croswellianprincess3590 Год назад

@@chinitawilliams8605 I don’t know about the person you were responding to but I’m in the same boat. I live in Michigan.

@sarahgupton2552 Год назад

Don’t delay travel. It’s the best thing you’ll ever do. Good luck!

@sarahgupton2552 Год назад

@@croswellianprincess3590 You can live well and in any state if you don’t have rent or car pmts and no debt. I do the same. And take advantage of any senior discounts. They are everywhere.

@dianethiem6963 Год назад

@@croswellianprincess3590 hutïjuju

@lindayoung58 2 года назад

Love your explantion that NO ONE should judge anyone for where they are in their own station in life

@ThompsonSmith505 Год назад

Hello Linda How are you doing today?

@RetNavyChiefBTC Год назад

I certainly wouldn’t judge someone I don’t know with regards to their financial situation. With that said, if you have watched family and friends. Purchase new cars every 2 years, Cadillac’s when their budget screamed Chevy. Eat out at nice restaurants 3-4 days a week, when their situation would have indicated macaroni and cheese at home would have been a more prudent choice. Take 2-3 expensive vacations a year, when a trip to their taxpayer funded National parks would have provided savings to invest in their retirement accounts. Then these same people look to you to fund their retirement lifestyle. Well I beg to differ from your assessment, I can judge those people’s situation.

@lindayoung58 Год назад

Kenneth your point is well taken

@missyvanwinkle9247 2 года назад

What a lovely intro. I'm so happy to hear a professional voice this. The minimum we owe to each other is kindness and I'm so grateful to see him say it.

@HolySchmidt 2 года назад

Well said

@dorinatudisco1308 2 года назад

Agree, thank you for being kind.

@rnggall9640 2 года назад

you said it better than I would have.

@kentv999 2 года назад

Great reply and recognition… it was well stated

@stevehartman1730 11 месяцев назад

I live on $933 mo ssi n social security and 112 food stamps. I try to adjust my living expenses according to my income. I fill up gas tank once a mo. Do laundry once a month. Eat 2 meals day frugal living. Cut back or out expenses. Buy used go to food bank once a mo. Sales etc. I dont drink alcohol or coffee or smoke or do drugs. Try to stay out of debt

@karenholley8356 Год назад

Right off the bat, I like this man's philosophy. If social security is all you've got, don't try to beat yourself up over it by dwelling on what you should have, could have, or would have done differently towards your retirement; and don't let anyone else make you feel that you are beneath the majority of retirees. There are ways to live a good life on what you have coming in every month. Don't look back!

@karenlucci2154 Год назад

Thank you.

@kfitz192 Год назад

Truth

@karenlucci2154 11 месяцев назад

@traybern Yes!!

@bobbear4437 10 месяцев назад

Yep i have relatives who make more than we do, but they're in debt and can't afford our lifestyle! Those toys come at a price!

@oldsesalt8496 2 года назад

Get rid of your credit card debt no matter what age you are.

@HolySchmidt 2 года назад

Great advice

@userhome3601 2 года назад

Don't live beyond your means. If you ever have credit card debt, you've already lost. It's fine if you use one to avoid carrying cash but pay the balance every month.

@gybx4094 2 года назад

I only use my credit card to maintain my credit rating. I always pay it off early every month.

@paperburn 2 года назад

@@gybx4094 pro Tip, get a rewards travel card and use the mileage for trips

@kinerskorner1 2 года назад

@@userhome3601 As a good friend of mine would remind me to live below my means.

@Erikkurilla01 Год назад

Thank you. Just what I needed to watch. My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.

@Lemariecooper Год назад

you should consider financial planning.

@jessicasquire Год назад

It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.

@Erikkurilla01 Год назад

@patrickbrussels4454 that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.

@Erikkurilla01 Год назад

@patrickbrussels4454 thanks for sharing this, I googled the lady you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply.

@randymillhouse791 Год назад

@Patrick Brussels THE NAME DROP!!!!!

@Eileen49654 11 месяцев назад

Thank you for making this video. I'm so tired of seeing videos that say can you retire on 500,000? Or is a million dollar savings, with a pension, and S.S., plus some rentals enough to retire on? I have no pension, but I was able to do a few things right before I'm set to retire in 5 months to support me/us it's never to late

@Kathy-g3i 11 месяцев назад

Library is still one of the best places to go. Buying 25 cent paperbacks are my favorite reads every night . Helps me occupy my time and mind instead of using unnecessary online stuff. It even helps with my light bill as i dont need to jack up the thermostat during the day, and use layered blankets while i sleep.. and i enjoy casual conversations with others at Library. I find others that share thier tips and life experiences with me. It feels good to share

@leepeterson8391 8 месяцев назад

LOVE the e'checkout options available from the library system in my city! - One Kindle can hold hundreds of books, so much time saved

@petersheenan4482 2 месяца назад

Sounds awesome. Books tske you any where you want to go.

@Greg_Gatsby 2 года назад

I’m over 73 and live on my SS income plus a small pension of about $300/mo. I have a mortgage on my house because I was defrauded of my retirement savings by Dalton Financial of London England. I live quite comfortably by using discipline in my spending. I use credit cards and pay them off completely each month. It’s not difficult when the reality of my position rewards financial restraint.

@thomaschew2191 2 года назад

Really appreciate Mr. Schmidt's videos. I'm 63 my wife is 65 and we have spent most of our life not taking retirement prep seriously. About 6 years ago we put on the full court press on to pay off our mortgage and misc debt, of which we had a bunch. Now we own our home and have at this point very little debt and will have no debt by the end of this year. The advice given to those nearing retirement age to start living like you are on SS is in my opinion a good idea. We have been doing just that for over a year now. That allows us to put quite a bit of money into savings and is teaching us how to do this, a dry run. My wife will retire with a pension in 3 years, will be past full retirement age, and I expect that she will start receiving SS at that time. Because we are living like we are now just on SS now, we can survive with her SS and pension and put all of my salary into retirement for the 3 years additional before i retire. I plan on working until I'm 70 and maybe beyond but will start collecting SS at 70. At that point we will have more monthly income than we have now.

@spankynater4242 10 месяцев назад

No phone, no lights, no motor car, Not a single luxury.

@thisbabyboomer 2 года назад

Where I live in Oregon seniors can ride the city bus free all over town for shopping, banking, Dr. appointments, etc. That helps a lot 🙂

@karen4stars 2 года назад

Where in Oregon?

@islandgirl3330 2 года назад

@@karen4starsYou can check the internet and the map.

@danklein8587 Год назад

I read that portland is the best place to live. You can live on the sidewalk with no problems. Very reasonable place to live. I'm moving there in a few months. Hello portland-:)

@croswellianprincess3590 Год назад

@@danklein8587 live on the sidewalks and take the bus. Sounds like a plan. There’s an $18 folding camp stool on Amazon. It’s not big and not heavy. It would work well for waiting at bus stops and sidewalk camping. I use mine as a shower seat at the free gym membership Medicare pays for.

@cherylT321 Год назад

That’s wonderful!

@tamaj152 2 года назад

I am a recent retiree. Sold my car 2 1/2 years ago, and it was a great decision. I do have a bike I use in the warmer weather, otherwise I walk or sometimes take an Uber. NOTE: do not use the option to arrange a future Uber ride (example: pick up the next day at X hour). I had one of those try to charge me $34 for a 1/2 mile trip (I was taking the cat to the vet in winter, so needed it for the short trip). I cancelled and got an ad hoc Uber: $8.50.

@HolySchmidt 2 года назад

Great point thank you

@e-spy 2 года назад

good to know, thank you! I have been thinking about getting rid of the car. I barely use it, and the battery actually died from disuse!

@howellwong11 2 года назад

Driving my car keeps this 89 year old young.

@richardhowe5583 2 года назад

After I retired I worked for Uber for 4 years and you are correct they are some sneaky people. I am glad you caught on to that little trick and I am glad you put it out there for people to read and learn..

@eckankar7756 2 года назад

I put a camper shell on the back of my pick up so I can go camping affordably, be off the ground and inside during the night. I'd feel odd not having my own transportation, seems others do fine without it.

@joycewright5386 2 года назад

Always tried to live on half my income which wasn’t a lot. Retired without debt and lots of savings but after five years I am still living solely off of social security. No pension.

@rhondamendonca2648 Год назад

Much of our population, like myself live in small towns or rural areas that have no taxi's, urber, or even a ride to the doctor or from the hospital. A car is as essential as a roof over our heads.

@kfitz192 Год назад

Many Medicare plans provide free transportation for medical appointments.

@spankynater4242 10 месяцев назад

That's kinda what he said.

@anonz975 7 месяцев назад

Yeah a car is not "optional" for rural folks when the closest little town with a grocery store is 20-30 minutes away.

@rhondamendonca2648 7 месяцев назад

@@kfitz192 Not available for us. Our County Seat is 58 miles away!

@kfitz192 7 месяцев назад

@@rhondamendonca2648 Yikes!!!

@jenniferdowney3674 2 года назад

I only have social security. My farm is paid off which is a great plus! I borrowed from family for a $5000 car at no interest for 46 months at $125. They help me with utilities and taxes the rest of my income supports me. I don’t take any prescription meds, Thank Goodness!

@judithshelton5655 Год назад

Thank you, thank you, thank you! I’m 56 and lived life as an artist so I have been preoccupied with “catching up” to my office career friends and their whopping retirement funds. This has given me some comfort and I’m very excited to learn more from you! Thank you!!

@The_Good_Life_starts_today 2 года назад

All great tips! Another one I'd like to add if I may is that due to these high inflationary times, stock up on items when they go on sale, especially non-perishable. Buy larger quantities and/or off brand labels. Also, learn to shop "by ounce" and avoid buying at dollar trees or $1.25 stores for consumables. Besides the higher cost, you'll usually throw unnecessary stuff in your basket.

@happycook6737 2 года назад

You are correct about dollar stores. I shop there 3 times per year and buy enough to last until next scheduled trip. Many items at dollar store aren't a good value. Here is what I buy: greeting cards, annual academic weekly calendar (buy in July), and anything else cheaper there than elsewhere. Know the cost of foods by the ounce. Many times dollar store is now more expensive than elsewhere

@Dbb27 Год назад

The by ounce is so spot on. I did a tour through Walmart. Boxes were smaller, per ounce price was higher! Just assuming some place is cheaper isn’t a good way to shop.

@cherylmcnutt9905 2 года назад

Hate to break this to you, but in the suburbs, Uber and Lyft are not that reliable. I can’t tell you the number of times a driver agrees to come get me, and then changes to pick up another fare. Leaving me stranded standing in the cold. I’m handicapped from my car being hit by a bus, so standing is VERY difficult fir me. Even worse, if you try to cancel a ride, they charge you anyway, and there is no way to contact a real person to get the charge removed. It’s a racket. My car is worth it’s weight in gold. I bought it without financing it, so it’s worth it.

@ThompsonSmith505 Год назад

Hello Cheryl How are you doing today?

@byronkerby6897 Год назад

@@ThompsonSmith505 is this AI? Makes no sense to ask a stranger how they're doing. Creepy!

@ChristineCircelli 8 месяцев назад

Please everyone get educated on RU-vid about Universal basic income so you can support channels here on RU-vid that support Universal basic income.

@mollymartian9969 2 года назад

it's better to move closer to the bus line than take uber everywhere. when i bought a house to retire in i made sure it was close to a bus stop. when i broke my wrist i was able to do all of my errands on foot.

@HolySchmidt 2 года назад

Nicely done Molly!

@markbajek2541 3 месяца назад

Yeah that's smart. Some towns have small mini door to door dial a ride buses, seniors typically get reduced fare $1 or 2 each way. Power lifts for wheel chairs and non stair climbing folk.

@patassion 2 года назад

You could do another of these and look at things like cell phone, wifi, cable. I discovered an antennae can bring wonderful free tv Chanel’s, that there are great deals on home wifi, and iPad many wifi connections in restaurants and shopping locations. I have found that without any mortgage, loans and expensive monthly things like cell and cable it is not hard to live on a small sum quite well.

@sandrabentley8111 2 года назад

Cell? I can't manage without a phone.

@e-spy 2 года назад

Jeff, it is so nice that you always try and advise people from all walks of life, all incomes. Thanks!

@emichaelny336 2 года назад

8. Use the public library your taxes already paid for; they provide books, periodicals, videos/CDS, internet service, etc. 9. If you live in a large city, use public transportation, preferably with a discount card (in NYC Metrocards offer reduced fares for seniors et al.) 10. Coupons, they still exist, and only buy what's on sale never MSRP, preferably BOGO.

@debbieframpton3857 2 года назад

I still prefer to have my own car but I will add to number #10 I use paper and digital coupons I also shop my grocery store markdown meat section and other markdown areas and pay a fraction of the cost all my clothing except for underwear have been bought at thrift stores and garage sales for many years that's also how I buy a lot of my household items. I did purchase a new couch and chair 3 years ago and a new refrigerator a year ago paying cash but I mostly buy used. I get all my books from my local library and if they don't have what I want they can reserve it from another Library

@andreawisner7358 Год назад

Coupons are a scam, persuading people to buy things that they don't need. Make everything from scratch, buy rice and beans, fruits and vegetables (probably a lot of frozen), skip the desserts and snack foods, don't wear makeup, buy a big bottle of shampoo once a year etc. and you will have almost no need for things you can buy with coupons.

@grannygoes7882 Год назад

@@debbieframpton3857 What's wrong with buying your underwear from a thrift store? LOL! I do it all the time and my husband thinks I'm crazy. I often find new underwear at thrift stores and I wash everything anyway so who cares??

@patrickbodine1300 Год назад

11. Stay single.

@mylifethaidiy7045 Год назад

@@patrickbodine1300 Marry a sugar momma. That's what one of my co-workers did. She had got her ex-husband's house, so he really got to enjoy her luxuries.

@ddellwo 2 года назад

Totally agree with #4 - I can’t tell you how many people of modest means I have met over the years who are saddled with the burden of carrying around the dead weight of ne’er-do-well family members! Blows my my how many slackers there are out there who believe they are entitled to an endless stream of financial assistance from anyone within their sphere who has managed to pull themselves out of the financial abyss! Do yourself (and them) a favor - cut them off your payroll PRONTO…….!!!!! If they hate you for it, you’ve learned everything you need to know……..😐

@HolySchmidt 2 года назад

Excellent advice!

@peggybaggenstoss3817 Год назад

I agree… too many people are co- dependent with their children or family members. I always told my children I’d help when I knew they were doing their best with what they are working for. My second husband and I did a premarital agreement so our children would know what conditions constituted our helping them financially. We were not going lacking while they were blowing their money expecting us to bail them out. We never had to loan any of them money.

@martaescobar7625 Год назад

Yeah...my son did that...started a business, bought a house on bank loans, quit his job, all at the same time during a recession. Blew through his wife's inheritance and wanted me to take a second mortgage on my house so I could give him $20,000.00........nope......hasn't spoken to me since then.......6 yrs. I think.

@saraw112 Год назад

Selling your car doesn’t seem like a good idea if it’s paid for. Insurance at $125.00 a month would be surpassed in just a few Uber drives in Seattle. Loved your video. Thanks! ❤

@spankynater4242 10 месяцев назад

You're not taking into account gas and maintenance.

@saraw112 10 месяцев назад

@@spankynater4242 yes I am. Still think keeping a paid for car is a smarter move.

@spankynater4242 10 месяцев назад

@@saraw112 My bad, you only mentioned insurance. Just save up for those major car repairs and new tires that you will be needing. I hope you have a Toyota or a Honda.

@saraw112 10 месяцев назад

@@spankynater4242 I do have a Toyota Camry and do minimal driving. It’s a 2015 and only has 42k miles. It should be my last car with minimal expense

@spankynater4242 10 месяцев назад

@@saraw112 Sweet. You can get 300,000 miles out of that one.

@pinsolomons Год назад

Tip number 1. Find a way to pay off your mortgage. The rest is easy.

@carolb6581 2 года назад

Geoff, 🤩 you are ongoing amazing with your incredible, life changing (and life saving!!!) information and service for all of us! 🌟🌟🌟🌟🌟 Thanks for all that you do and give! 😊

@HolySchmidt 2 года назад

Thank you Carol!

@eckankar7756 2 года назад

I'm about to retire but decided to change it to part time. I'll continue to work 2 days a week which I can live on that income banking all my Social Security check and not touch my savings and IRA. Still gives me 5 days a week off. Years ago I had planned to sell the house and live in an RV, totally decided not to do that now. Love having a paid off home, no debt and income. I was raised on a farm and have canned my own food for 50 years. I buy meats on sale and pressure can them to be shelf stable for years. to me it's fun to do, I save a bundle buying on sale or in bulk, reuse the jars, no electricity needed to keep it frozen.

@sw6118 11 месяцев назад

You are very fortunate to have that part time option. Many people are simply forced out of the workforce.

@Spot4art Год назад

The biggest tip is pay off credit card/ loans. If you have no consumer debt you can decide what to spend your money on ❤️

@mannys1407 2 года назад

I was totally impressed with everything you had to say; even the difficult things. This information is going to help a great deal of people including myself who have only this income to live on. I would love to see you highlight people who actual live comfortable on Social Security alone because they found ways to enjoy life with a modest income. As this is relative to what you happy or making the most of what you have. Might I also suggest some tips for ways to earn online and if you collect at 62; simple ways to earn up to the cap at $19,000 to supplement your SS; or even hold off SS for as long as your are able. I think every year you wait, you increase what you get by 8%. Please correct me if I'm wrong. The point is you are giving great insight and educating people on this topic which affects the majority who have no investment portfolio. Excellent info.

@Milkman3572000 2 года назад

My Dad was born in 1921 and survived the great depression. Had money at retirement but his goal was to live off SS (1990-2011) $600/month. He did it. But was used to living a simple life. No cable TV. No new car. No big trips. He had to be able to drive where ever he went. He also stayed away from the Dr. Fasting is important for that.

@PInk77W1 2 года назад

Smart

@claireoconor7986 2 года назад

Milkman, would you be able to share more information with me about your Dad's fasts, how many days and how often? Thank you !

@Milkman3572000 2 года назад

@@claireoconor7986 I wish I had paid more attention. I'd think there would be plenty of INFO about biblical fasting theory. He drank alot of coffee, his whole life. He had a glass of wine everyday and probably a several beers a week. A 30 pack would last him around a month. One thing I thought odd was chicken broth.. the canned kind. I suppose in his mind drinking chicken broth was not eating? I am 53 and am finding the less food I eat, the better I feel. Our bodies our truly designed by God. It's amazing. I am going to work myself towards my first goal.. no eating for a whole day. Then build on that. I totally believe once a year, fasting for a whole would be life changing and realistic.

@earthcat 2 года назад

@@claireoconor7986 Yes please do

@karenholley8356 Год назад

@Milkman3572000 My Dad was born in 1923. There was some sort of a glitch with receiving his first retirement check. His first check arrived two days after he died suddenly in his sleep. I sent the check back unopened. The poor guy was still working at the time, and had even worked a full week prior to his death. So happy everything worked out well for your Dad!

@rayintoledocebuphilippines5517 2 года назад

I was finically wiped out at age 62. I worked until my FRA saving all I could. Moved to Philippines - spent $10k on a retirement visa - living here quite well in a furnished condo for total of $1200 a month and SS pays me 3300 month

@michaelhealy4509 2 года назад

Congrats Ray! I am 67+ trying to max out SS ! Retirement Visa info is confusing any hints? Good references?

@rayintoledocebuphilippines5517 2 года назад

@@michaelhealy4509 if you want a philippine special retirement visa the process is easy. Hardest thing to figure out was the social security proof - all you need is to print out the retirement amount form the My ss page - bring it with you to philippines and get it authenticated at the department of foreign affairs. also bring along your FBI background check which you can do via email and their web site. Also get that notorized by the us embassy here in philippines. Last go to the philippine retirement authority web page for more info.

@richardhowe5583 2 года назад

The best thing to do about a retirement Visa in the Philippines is to hire a immigration lawyer or person that will handle that for you and they know how to cut the corners. I hope you are not in Cebu or anywhere where the typhoon hit. My fiance lives south of Cebu City with her parents who are farmers and they live in the mountains. They were hit pretty hard just like the rest of the area but nobody in her family lost their life. My prayers are with the Filipino people and anybody that was in the path of the typhoon. I was born and raised and live in south Louisiana so I know a thing or two about storms. They leave Devastation depression and death. I hope you are safe.

@graceweber2822 2 года назад

Wow $10k for visa alone. Seemed outrageously priced.

@richardhowe5583 2 года назад

@@graceweber2822 like the man said there is a sucker born every minute

@donnaallgaier-lamberti3933 Год назад

Find out if your local senior center is offering free lunches. As long as we member of our center (free with Silver Sneakers from BCBS.) I eat a simple lunch (a salad, apple, milk and chips) two days a week, but I "could" eat there five days a week if I chose to. Also IF you are living on $1,300 or less per month, there are local opportunities for help such as rent controlled costs etc. Some people pay less than $400.00 a month for a senior rental apartment.

@rvdareyet7201 Год назад

Step #1, leave the United States. Trying to retire in the U.S. on social security alone is insane. We moved to Ecuador and live a WONDERFUL life directly on the Pacific Ocean and never touch our 401k. Healthcare alone would eat us alive in the States!

@belle42 Год назад

One thing not mentioned was retiring in another country. Just about any country is less expensive than the USA and had affordable healthcare. I honestly can't see a way to retire on social security here. Housing is crazy expensive and even with Medicare we'll be paying a lot for supplemental insurance and copays or perhaps if we own nothing and have no money we can get Medicaid. 😢

@paulaboynton8299 Год назад

I restarted my life alone at age 61. I had my former husband removed from my home, and I restarted everything. I’ve been very fortunate to have a good job that’s only 1 mile from my house. I cut back seriously. No cable TV, regular trips to the landfill or Salvation Army, packing a lunch every day, working 3rd shift, It works if you want it to. I refinanced my home and my car for better interest rates.

@jeanetteh.9240 Год назад

You go, Girl!

@jc10907Sealy Год назад

God bless you ❤

@spankynater4242 10 месяцев назад

Wow, how long had your former husband been dead before you had him removed?

@paulaboynton8299 10 месяцев назад

@@spankynater4242 hahahaha

@paulaboynton8299 10 месяцев назад

@@spankynater4242 hahahahaha

@sandrabentley8111 2 года назад

You don't mention maintenance on all these homes retired people have paid off. So many retirees live in dilapidated homes that are mortgage free, but they have no extra money for upkeep, often too old to do their own repairs and a few years into retirement need a new A/C or roof or boiler etc. A house is a money pit for sure and needs to be addressed when planning retirement.

@ThompsonSmith505 Год назад

Hello Sandra How are you doing today?

@lshwadchuck5643 Год назад

Excellent point! I have a friend who sold her money pit, but then kept all her STUFF and to house it had to pay high rent for a 2 brm apartment. So, sell and purge.

@augustinetucker2358 2 года назад

Very informative, don't agree on the Uber part. Today in NYC a 20 minute ride was $18 is now $35 . And in rural areas it is a necessity,

@itadrummer1 2 года назад

First and foremost make sure you have either a second passport ( double citizenship) or a permanent resident visa in another country where the cost of life is much less and the quality of life is much higher than in the US. Then MOVE ABROAD ! That’s my advice.

@MrWaterbugdesign 2 года назад

I don't know of any retiree destination countries that require dual citizenship. They welcome retired Americans. Philippines for example you can extend a tourist visa for 3 years then travel to a country like Vietnam (less than $100) and right back.

@itadrummer1 2 года назад

@@MrWaterbugdesign I am referring to a situation where being just an American citizen can be a liability . The American passport is ranked #41 in terms of places where you can move and/ or visit ,according to a latest study ; my Italian passport is ranked # 11 and is way more useful , expendable and overall safer than the yankee one ! With the Italian one I am granted access to 189 countries and am welcomed equally in Israel and ANY Islamic country !

@RB-gt8bf 2 года назад

@@MrWaterbugdesign former military person stationed in the PI for 3 years. What I heard from expats was healthcare was tricky in the PI. It is a 3rd world country. Cost of living may be low but the cost of losing your life has no value.

@jayafow84 Год назад

Live only on ss no debt is the most important fact in retirement. House car paid for no cc debt and have more disposable income than when we were working. Do live a simple live no major vacations just spend time with family and some golf and yard work

@YSLRD 2 года назад

Not sellling my car. It's paid for and annual expenses are about $800 plus gas. That's about 5 outings a month with Uber. No thanks.

@mommam.6101 Год назад

I was raised by very frugal parents who were young adults during the depression. I have always been good at saving money and I enjoy it. My SS is below average but my house is paid for and I can live very well on just SS. I also put aside $200 to $400 a month because I get a kick out of it. When my 15-year-old car died I was able to pay cash for one that was only two years old but now I'm sorry I didn't buy an older one. I haven't touched my 401k. I also buy take-out at the local restaurants three or four times a month so I'm not depriving myself. I once ordered a book called "How to Live on Practically Nothing." I could have written that book.

@secryogenics 2 года назад

Mr. Schmidt, just wanted to tell you, that I have used uber, lift and have found that now taxis are very competitive and have the same service or better.

@happycook6737 2 года назад

Yes. To really save, bus is cheapest. If someone has a disability, with a doctor's statement and paperwork, the rider can get door to door public transportation in my area

@kenmcdougal97 4 месяца назад

I'm 59 planning to retire in 3 years zero debt for the last 4 years been renting ever since I lost my house In 08 now I live with my daughter she didn't want me to live alone so I have been paying my daughter rent for the last 4 years. She has actually been putting my rent payments in a savings account because she knows I nickel and dime myself to death lol. I love my kids

@gailsgig 2 года назад

I always have believed that if you pay a minimum on a credit card, you never pay it off. My rule was pay at least double the minimum, triple is better. I retired at 70 with no credit card debt and with mortgage paid off. I highly recommend planning to do both of these things.

@HolySchmidt 2 года назад

Great advice Gail

@johngill2853 2 года назад

I always believe you should pay credit card off in full. I can't imagine not paying off in full and more times than not before the bill even arrives. I use a credit card for convenience and cash rewards I pay them off weekly and very seldom even have a balance at the end of the month

@CheckThisOut77 Год назад

Congratulations on eliminating debt. NEVER carry a balance on a CC. If you get yourself in and out of CC debt, pay it off fully then DESTROY the CC (use a debit card).

@firehorsewoman414 Год назад

At the very least, if one finds themselves with CC debt, pay the minimum payment + the interest / fees they tacked on. Usually people who carry a balance have more than one card they owe on (been there done that so not judging). Any extra, throw on either the highest interest rate card (most financial sense) or the lowest balance card (most psychological boost). Once that one is paid, take that “freed-up” money and pour it onto the next one, and rinse and repeat. Debt stacking works, if you can’t borrow to consolidate at a lower interest. Don’t close the cards once paid - it will drop your credit score, just “say no” to yourself about re-using them. Very difficult but we can do it. If there is no extra $$ in your budget, look for a side hustle if you are capable. Also no shame in getting help from a credit card counseling agency - they helped me negotiate rates and I was out of deep debt in 2 years with no bankruptcy. Creditors got paid and I now had 2 years worth of on time payment history - when you are low only way to go is up and I was close to the bottom. If you go that route, choose wisely and pick a reputable agency - a non-profit or not-for-profit type.

@DrSchor Год назад

@@johngill2853 you are wasting stamps. monthly is fine

@NoBody-xg1wg 10 месяцев назад

Downsize your home to a domicile you can pay off with NO mortgage! NO HOA! Own your land!

@michaeltorrey3603 2 года назад

Have some savings but don’t need to spend it, SS covers everything I need. Am debt free and live minimum lifestyle (always have).

@HolySchmidt 2 года назад

Sounds pretty good to me!

@johnurban7333 2 года назад

Sounds like me.

@debbieframpton3857 2 года назад

I am living the same way Social Security only not spending my 401k or Roth IRA I have a mortgage free home my house insurance and real estate taxes are very manageable and I luckily never fell into the charge card trap

@The_Good_Life_starts_today 2 года назад

I've been 100% debt free for 3 years after selling my home in CA and downsizing to SC. Besides not having a mortgage, taxes are minimal. Don't be afraid to uproot and relocate.

@helengarrett6378 2 года назад

I have no idea how you figure that calling an Uber is cost effective. I go shopping for food four or five times a month. I have to go seven miles to the doctor and I do that at least 1 time quarterly (I am 80 years old.) Each trip costs me about 23 to 27 dollars one way in my city during office hours. In my small old car that is almost a fill up. My homeowners insurance and auto insurance is $44/month which Uber would eat up in food trips to and from the nearest market. That does not include other necessary trips like to get the vacuum repaired, to buy shoes ( I need to try them on for fit as I am diabetic,) or for special medical tests or procedures which happen a couple of times a year at my age. The car gives me much more freedom, costs very little as it is in good condition, though 29 years old, and I am careful about where and when I drive, so a tank of gasoline lasts about a month. Uber is not a realistic savings for many. Do a real cost analysis. I did and even with an older car with 60,000 miles on it my repair costs are minimal and worth the freedom and exhaustion that waiting outside would cost me with packages of frozen food in hot summer sun, or standing unprotected out in the rain, with a shopping cart full of bags of food waiting for the Uber to show up. My car is paid for long ago. I maintained it at pretty modest cost, maybe one repair every year or less. I don't drive Recreationally and only to the doctor, for necessary errands or shopping. I have done this for 18 years. It works for me!

@ThompsonSmith505 Год назад

Hello Helen How are you doing today?

@byronkerby6897 Год назад

@@ThompsonSmith505 AI is at it again!

@blackhorseman 2 года назад

I am 53 and on SSDI. Gave my ex my new luxury car a few years ago. Thought I could never live without a car seeing I have driven sense like 14. I take the bus and cabs now. Don't miss it a bit and increased my liquidity signifigantly.

@matt75hooper Год назад

Disability is now a Sport. Did you drive to the Disability Office in your new luxury auto ? You guys are great actors. Do you also bring your little poodle with you to buy a loaf of bread ? Good grief what a bunch of marshmallows today.

@kfitz192 Год назад

@@matt75hooperMalarky.

@sarahgupton2552 2 года назад

I recently looked at all my expenses due to the bite from inflation. I was able to reduce my expenses by about $150/mo. for looking for less expensive sources for cellular, utilities, food by just by paying attention to how I used them. There’s savings everywhere if you look for it.

@ThompsonSmith505 Год назад

Hello Sarah How are you doing today?

@targadave 2 года назад

I recall reading a story quite a few years ago about a merchant marine sailor who retired on a very meager pension and that was it. He was single and lived in a small mobil home down south. Being a merchant sailor was a very tough nomadic life and he never got married or had a family. He did not own a TV, never ate out at restaurants, never owned a car, etc. But he subscribed to the Curly mantra perfectly. He started road biking 🚴‍♂️ and fell in love with it. He was active in several biking clubs, loved to take cross country trips, developed numerous close biking friends, and basically found his retirement “one thing”. Needless to say he was skinny as a rail, in amazing shape (far healthier than all the fellow retirees I know) also never wasted a dime on alcohol or junk food. His primary road bike was probably worth as much as his mobile home. In many ways he was my hero…….

@HolySchmidt 2 года назад

The one thing!

@MrWaterbugdesign 2 года назад

I retired early. One rather surprising and hard to understand thing I've experienced and I've heard several others say is that walking and/or riding a bike is a big part of being happy. I walk about 2 hours everyday, up to 4 hours. I do all my food shopping by walking so I buy only what I can carry. I have different routes and different stores I go to for different items. Soda is heavy so no way would I buy that so I save money and eat better. I could do without a car. Anyone with a dog knows how excited they get with the mention of the word "walk". I get almost that excited too.

@patriciamoore3318 3 месяца назад

This human needs to write his book!

@randaray24 Год назад

I’m surprised more people don’t suggest combining expenses with a like- minded and well-known friend. One thing I intend to do as one who has mindlessly gained a lot of weight over the years is to get into the best health possible before retirement. Mobility issues have a tremendous effect on a person’s retirement lifestyle!

@martaescobar7625 Год назад

" combining expenses with a like- minded and well-known friend.".........don't do it. You are asking to be screwed over, and it will be one you least expect.

@kevint2878 2 года назад

Great advice. I'll add to #1. Pay the debt off and don't use the card unless absolutely necessary, meaning life depends on it, not for a vacation or a night out with friends. #5, subscriptions. Cancel the ones that aren't used, and then consider canceling other subscriptions too. Example: I paid for a "Cheese of the Month"; I liked it very much but decided that it was better to give it up than using money I didn't really have. Same for Coffee-of-the-Month, Fruit-of-the-Month, Magazines I liked but could read at the library. I gave up a lot of extravagance so I could live debt-free. About the car, great advice. If living in a small town without Uber or Taxi service, consider sharing car expenses with a friend or relative. There are also senior citizen buses in some places that give rides.

@Savannah-ed4rv Год назад

Instead of using Uber and not having your car, you can keep your car and drive for Uber! The only reason I haven't done something like that because of the extra mileage that would go on to my car and I plan to keep my car until the day I die. It's already almost 20 years old but it runs great!

@darrellgordon9224 11 месяцев назад

Uber will not allow you to drive a 20 year old car. The numbers change depending on various factors but usually around 7 years old is the oldest car they will allow. Must have 4 doors, no dents , rust or cracked glass. They do a pretty thorough inspection before they hire you. Also, no salvage title vehicles.

@Savannah-ed4rv 11 месяцев назад

@@darrellgordon9224 thank you. My car doesn't have any issues like you mentioned. And it is a four-door, and probably runs better than some 7 year old cars. LOL I don't understand why the year would make a difference of the mileage is low and it's running low but hey it's their thing!

@1hackmodeller557 10 месяцев назад

You are the Mr Rogers of retirement planning. 61 and will need all the help I can get! Thanks!

@spankynater4242 10 месяцев назад

I view him more as like the Chuck Norris of retirement planning.

@jackstroud2414 9 месяцев назад

Check local senior centers services. Meals on wheels isn’t the greatest but it sure cut down on the grocery bill. They also have a transport van $1.00 a ride per trip.

@Me97202 10 месяцев назад

Living beneath my means, not buying unnecessary stuff and only paying cash allowed me to retire early and more comfortably.

@t20837 2 года назад

Geoff… your calm, common sense and compassionate approach is always most helpful. We are where we are… your advice is helpful how to move forward. We only have today and our future. Well done!

@HolySchmidt 2 года назад

Thank you Theresa

@justmyopinion9883 2 года назад

Thank you for sharing this video. These are all great tips. I would like to add: Look for food assistance programs in your neighborhood. Many churches and other organizations help low income people who have food insecurity.

@debbieframpton3857 2 года назад

Yes I help at a church food pantry In Central Illinois they are very helpful doesn't matter the age and they don't really have an income requirement

@elainegoad9777 2 года назад

Many seniors live in rural or small towns with poor public transportation and many of us don't have family to chauffer us around or visit. Do you know how social isolating it is not to be able to get out on a daily basis; how it makes seniors more prone to developing earlier dementia ?????? !!!!!! I would go go nuts and become severely depressed, if I couldn't get out to the YMCA, park, church, shopping, doctor, drug store, etc... on almost a daily basis without a vehicle ! Try carrying groceries on a bus or taxi or getting what you need when you need it without a vehicle. My car is paid for, (Original owner) 10 years old, 98,000 miles and I'll keep it awhile and think about getting another used car at maybe 150,000 miles and pay cash for it. I'm in a semi-rural areal. It's easy for a younger person to tell seniors what they should do but let them try living it and see how long they last. Most of your suggestions are good, but not everything works for everyone.

@mrpawpaw7023 2 года назад

Wait till you can get Medicare, then retire. Have the house paid off. Have the Cars paid off and 1 newer one. Riding UBER during the pandemic is not a good idea at all. Track how much it takes you to live so you know the number. If this is not possible, have a backup plan to continue working part time. Don't even think of driving for Uber. It is a break-even situation at best.

@debracrews5216 2 года назад

I’m new and just found your channel. I used what little 401k I had after a layoff at age 57. This gives me so much hope!

@HolySchmidt 2 года назад

Thanks for the kind words Debra.

@JoelWelter 2 года назад

I'm in such a good position. I feel so bad about others not in this place. Having money gives you options. That's it. Options. If you have them, share them with those who don't.

@e-spy 2 года назад

what a nice thing to say, and I agree!

@harryorwell1906 2 года назад

I to am very Blessed and should be totally fine in retirement

@LarryNewmanSusanNewman 2 года назад

I've share d plenty of option$ over the years. I intend to keep my retirement money for myself.

@jimfarmer7811 2 года назад

If people are paying interest on credit card balance when they retire they will never be able to survive on SS alone. The fact that they are paying credit card interest indicates that they can't manage money. If a retiree is disciplined and budgets well they can live comfortably if they're living in parts of the country with a low cost of living.

@JoelWelter 2 года назад

@@jimfarmer7811 Sometimes there are late in life emergencies that happen to cause people to go into debt. One friend had a very ill grandchild and her daughter couldn't pay the huge bills, for example. Another had a son suddenly move back in with her because he couldn't afford rent and care for his wife and daughter. IDK. Each is complicated.

@janecorey8589 2 года назад

Uber/Lyft is a great idea unless you live in a mid-size city like I do where the pandemic pretty much wiped out the option for us. Not sure if or when it’ll return to what it was prepandemic.

@cmbooks2000 Год назад

Good points. I retired at 62, but started paying down dept at 60. Because I am debt free, I have more spendable income in ss than when I was working. My car was paid off years ago. I fill up twice a year but mostly we take Lyft. I'm thinking about getting rid of the car because of insurance and registration fees which is a little over $100 annually. Same with cellphone. Tracfone does everything Apple does but my phone was 60 bucks and I pay $125 a year for service. I will check my state and find other savings. Thank you!

@cmbooks2000 Год назад

PS...I put the $900 former mortgage payment in savings every month. Plenty of funds to travel and enjoy family

@gordonschedel368 11 месяцев назад

I waited until I was 70 to draw the Canada pension which is different than what you have in the states because there’s a Canada pension and then there’s the old age pension and then there’s a guaranteed supplement if you’re below a certain income and I’m glad now that I waited because they increase my Canada pension substantially, which is extra and above what the government would give you for your old age makes a big difference if you can hold off and wait.

@davidc1961utube 2 года назад

The best bargain for personal transportation is a bicycle. Pretty much all of the US has reasonable cycling weather at least 6 months out of the year. This cuts your Uber costs in half while preserving your freedom, mobility, and health. Don't trust your balance any more? Tricycle. Hilly location? E-bike. A fancy fat tire (winter capable) 40-50 mile range E-trike can be had for less than 3k. Two wheel versions for less. Pedal only, $1500. No insurance, maintenance requires a pressure gauge and some spray lube for the chain. Budget 100-200 per year for bike shop servicing and you are good to go for 10 years easy.

@sntstafford 2 года назад

We added a pair of electric assist folding bikes during the latest Black Friday sale. MIL lives 1.2 miles away; the lovely and I bike together to see her every day. Daughter with grandchild lives 2.2 miles away; bike to see her twice a week. My job is 1.1 miles away; I ride every chance available. No insurance, no gas bill, no yearly registration fee, low-impact exercise, very little in upkeep, wonderful investment, so much so that both car (both long paid off) sometimes sit for weeks without being used. Might sell one, but on days like today, having to go in two different directions at the same time, nice to have both.

@MrWaterbugdesign 2 года назад

Even better imo is walking. I'm not in any hurry. I live in central Phoenix...great walking city even in summer.

@sntstafford 2 года назад

@@MrWaterbugdesign I agree; we have walked thousands and thousands of miles over the course of our married life and will continue to do so. Unfortunately, we live in a small town in the middle of nowhere. The bikes are another tool to reduce expenses for it allows us to take larger items to and from family members (baskets on both bikes), return home from the grocery store and post office (we have a non-delivery branch) with items and to explore the numerous dirt roads to nowhere in the middle of our nowhere to enjoy nature and the ensuing peace and quiet.

@sumari972 2 года назад

This is such a kindhearted guy. Thank you. I wish there were somebody with your knowledge and passion for us in Germany too.

@aromaofhope 2 года назад

I agree that you need to stop those automatic subscriptions, but sometimes they are hard to get straightened out! You get a real runaround trying to cancel them, and then half the time you find out they were never canceled at all. (That's been my experience.) Oh, I'm keeping my car for now.

@HolySchmidt 2 года назад

Thanks Barbara

@scoobydadog246 Год назад

Yes! I am so angry - I don't have cable, and subscribed to Paramount, I believe a CBS affiliate, so I could watch a show I was interested in. $10.50 a month seemed reasonable, and I planned to terminate it after I was done with said show.. I thought I did end it. Sadly, I don't go over my account statements carefully every month.. (new habit now), so it is easy to not notice that small amount, that was being withdrawn directly from my checking account via pay pal for over a year.. so that I had paid them $180!! I am absolutely certainly I clicked on whatever I needed to cancel the account - but I have no proof. I did call and talk to a human, who finally cancelled by account, but I have no way to prove that as far as I know it was cancelled. $180 out the window is a lot of money to me.. and I wasn't even using it, b/c I didn't know I had it. These monthly subscription services are an awful trap - I agree; they do so well b/c people say "it's only $10" and probably a lot like me don't notice that small amount gone every month. IF one is actually using it - great . I cringe at all the money I wasted on such things but am trying not to look back and just make better choices now. I definitely advise people to make sure you check after you cancel a subscription to anything, to make sure you aren't charged again. This has happened to me more than that time, and it is often hard to get someone on the phone.

@stevefranks1711 2 года назад

Would also be good to pose the question: can I afford to retire if I will only have social security to live on? The answer might be, I can’t afford to retire at this time.

@MrWaterbugdesign 2 года назад

Or try living a simpler life. I retired 20 years ago at 45 without a huge pile of cash. It took me a little while but got down to $600/mo (owned my house). Was very surprised the more simply I lived the happier I was. That could be tired before retiring.

@deannadove3505 2 года назад

Mr Schmidt, thank you so much for all you do. You truly are an asset to humanity. Have a healthy and prosperous new year.

@ellentau427 9 месяцев назад

Yes pull out your tent and folding chair and enjoy the benefits of Social Security!

@dreamweaver3406 2 года назад

That’s a great start but having a sister that at 76 lives on $900 a month from social security she has learned how to live on so little- she rents an apartment that offers subsidized housing for disabled and seniors, she qualifies for Medicare and food stamps, takes advantage of the local senior centers free activities and meals, Uber is very expensive but local bus systems usually have reduced rates for seniors or she has a friend that she gets rides with. Libraries and parks for recreation are free! The county you live in may offer exercise swimming classes for very little. Some Medicare Advantage plans give you money to buy otc drugs.

@happycook6737 2 года назад

Beware homeless in parks. Parks are very unsafe in my city due to the heavy drug scene associated with all the homeless addicts!.

@kevinrehberg8758 2 года назад

#8.. Learn to live on less and save the difference

@HolySchmidt 2 года назад

Good advice at any age

@hollyb6885 2 года назад

I wouldn’t call Uber. As a lady senior citizen, I’m not getting into a car with a stranger. Too dangerous.

@HolySchmidt 2 года назад

Thanks for the comment

@patrickmccutcheon9361 2 года назад

Don’t you have the driver’s name and plate number before you get in the car? Is a taxi safer?

@hollyb6885 2 года назад

@@patrickmccutcheon9361 I think the taxi companies do a background check before they hire a driver. I think when you request an uber or lift, you get the driver’s license number but that’s not a background check.

@tjroicub6079 Год назад

In 25 words or less: Plan, be frugal, live within your means.

@thomtorrez7618 2 года назад

Having a kid that’s successful and really likes you and has a big house with plenty of room and a family that thinks your tops . That’s retirement .

@HolySchmidt 2 года назад

Sounds good

@sassylady2001 2 года назад

Yep that would be nice - and ideal. Not many have any of those items, much less all. My son has asked me to come live with him several times and then in a few months, after I sell or give away some furniture preparing to move, son tells me it just won't work for me to move in... usually the fault of his present girl friend not wanting mom around. And son is a wuss and gives in... the relationship goes bad and son asks me again. Next g.friend says no, son retracts his offer. This has happened 3 times at least... Now, I won't even entertain moving with him...no security in that after I would give up everything and sell my home.

@graceweber2822 2 года назад

Lucky you.

@ringpop6177 2 года назад

😂

@tracymorgan5386 2 года назад

@@sassylady2001 it would be one thing if the women were spouses or even engaged to your son but to let a girlfriend boss them around like that is a big problem. ( you don’t say if any of these women are even living with him)Unfortunately I don’t see things working out for your son in life unless he gets a back bone and make better choices in romantic partners because it’s well known a romantic partner can make or break you, so it’s important that you are careful not to let him drain you financially if he keeps making these bad choices in romantic partners.

@WildernessMusic_GentleSerene 10 месяцев назад

I live on SS alone only because I invested my whole career in my pension from the union. Just to have the union inform me at the time of my retirement that there wasn't any money. I was going to supplement my retirement with my small one man business after the union stole my pension, but my government destroyed my business with covid lockdowns. Damn difficult to make this all work when people seem to have the right to destroy others without jail time or any consequences other than living a rich life 1000x better than mine living off my money that I gave them. FUA

@tcbridges 2 года назад

I love all the effort you lut into this for us. Cant lett you how helpful you have been for my wife and me. Thank you and have a Merry Christmas

@HolySchmidt 2 года назад

You are very kind Thomas. Same to you.

@ChristineCircelli 8 месяцев назад

Universal basic income would really help me and millions of other people like myself who live off of social security alone.

@bryonholland5041 Месяц назад

Who pays for universal basic income?

@9liveslisa 2 года назад

Get to know your neighbors and don't be afraid to ask for some help. I, for one, would be more than happy to take a carless neighbor to a doctor's appointment or grocery shopping. It's a simple thing I can do. I'm not a caregiver, but I'm a great chauffeur. Other people in the neighborhood might have other talents and would be willing to lend a helping hand.

@HolySchmidt 2 года назад

Great advice

@youngtimer964 2 года назад

Good idea and thoughts but you had better be willing to be taken advantage of on a regular basis.

@9liveslisa 2 года назад

@@youngtimer964 You can't be taken advantage by people unless you let people take advantage of you. Draw strong boundaries.

@byronkerby6897 Год назад

@@youngtimer964 It needs to be a give-and-take relationship. For example, if a neighbor is willing to take me to an appointment, the least I can do is reciprocate by buying or making lunch for them. I would also offer to pay for gasoline because it is expensive. Consideration goes a long way to preserve healthy relationships.

@StamperWendy 11 месяцев назад

Housing Assistance, Section 8. Frequenting food pantries. Use a barter system with neighbors for yardwork, etc.

@bebopkirby 2 года назад

Something that l don’t always do, but convenience processed food is not only expensive but is generally bad for you and also taste bad. So don’t be lazy, learn to cook. Saves big bucks and you will be healthier.

@HolySchmidt 2 года назад

That was originally on the list but can’t suggest something I am not doing (very well at least - unless it is grill food).

@searcymasonry 2 года назад

i read every day now horror stories about people paying 1 . 79 for an onion , 6 . 00 a lb for ground beef , etc -- but -- they BOUGHT it . im ss retired ( at 63 ) , 1200 a month , and my groceries averaged 19 bucks a week for 2021 . i buy bulky things so much of it will be with me well into 2022 . for example - aldi sold 30 ounce cans of coffee a couple of times for 3 . 79 a can . i have 21 of them . if something isnt priced right , leave it on the shelf . they'll get tired of throwing it in the dumpster after a while . i dont have savings because ive been building my house out of pocket for 20 years . retiring debt free was my strategy .

@searcymasonry 2 года назад

and yea KG , youre absolutely right . effin canned biscuits arent . 29 any more . they are at least a buck . i can whip up a panful of bicuits about as quickly as someone else can put on the canned ones and mine leave no trash to dispose of . so my biscuits cost . 60 less . now if i spend that . 60 on the next great deal , more savings are realized . good decisions can snowball too .

@johnfroelich8554 Год назад

Truth finally. You dont need a million dollars. Its all in your attitude

@penguinsfan251 2 года назад

Well, my late maternal grandmother lived off of Social Security and dividends from the Baby Bell companies, as my grandfather worked as a lineman for Ma Bell ( that was the old AT&T). As she had more than SocSec and had a pretty big house and a huge piece of land in. A rural area, she had a car until her last few years. She was able to go to church, which was very important to her, as well as visit our family, as we were in the next state over. There might be a time in my life when I would choose to rely on Uber, but it isn't making money now. I don't know about Lyft. My paternal grandmother never learned how to drive. She did have a friend take her to the grocery store and to church. Pennsylvania has several programs for senior citizens. One is a prescription drug program. I think her cab rides were capped at $2 for anything in town.

@gordonschedel368 11 месяцев назад

Also, it’s critical if you could have your own house paid for when you retire because if you have to pay rent out of your pension check, I just can’t imagine how bad that would be. I managed to get my house paid off when I was 49 and I worked hard to do that but even if you’re paying it off in your 60s it’s well worth it.

@williammccaslin8527 2 года назад

Well here go's, in January I will be writing a check to pay off my last debt, can't stand having it hanging over my head, yes its going to hurt, but it was always my opinion to always be debt free. An now that I'm retired, it will be done period, an this was no fault of mine, just life. Thx for the vid an "MERRY CHRISTMAS " to you an your family.

@HolySchmidt 2 года назад

Thanks William for the comment, same to you

@stevefranks1711 2 года назад

“Goes” not “go’s”!

@williammccaslin8527 2 года назад

@@stevefranks1711 can you say " SPELL CHECK" DUH

@luga718 2 года назад

Congratulations!👍

@ChristineCircelli 8 месяцев назад

I have skipped many dinners out and rarely if ever have enough to go away. I live in abject poverty on social security benefits. Im extremely grateful for the benefits but having a universal basic income in addition to my benefits would allow me to do so much more.

@charles-y2z6c 10 месяцев назад

Good advice, but it seems like it should be common sense. Why is common sense so uncommon

@petersheenan4482 2 месяца назад

It is amazing. I'm the only old person in Tucson using an E bike instead of a car.

@tomj528 2 года назад

I would argue that it can be a relatively small cost to have a vehicle, $200/month for depreciation, gasoline, insurance and basic maintenance as long as your not driving much. Well worth the freedom and flexibility.

@jasonjames4254 2 года назад

$200 a month to own and operate a vehicle is realistic in some states, but pure fantasy in others. I also could probably get by on your $200 vehicle budget where I live if I bought and maintained a 10-year-old Toyota Corolla or Camry and kept it for 10 years.

@tomj528 2 года назад

@@jasonjames4254 You could buy a new Corolla, keep it for over 10 years and still hit that $200/month target. I've got a 2006 GMC K1500 that I bought new and has run me about $75/month for depreciation and still going strong. Full coverage insurance is $60/month and I only run through around 200 gallons of non-ethanol gasoline per year. Trucks are notorious for being expensive and this is how you can tame that beast.

@jasonjames4254 2 года назад

@@tomj528 A new Corolla runs about $24K divided by 120 month (10 years) = $200 in principal payments alone. But that car is still worth $8K after 10 years so it's costing $16K or $133 a month to own it for 10 years. And that's assuming you paid cash and didn't finance it. Then add in insurance, registration renewals, gas, and minimal maintenance (tires, oil changes, other occasional minor repairs), and you're gonna have trouble meeting that $200 a month ownership cost threshold. I have a 2002 F150 and between purchase price and everything else I'm probably around $200 a month since I also don't drive much. But if you live in New York City or LA, Portland, Seattle, etc., it could cost 2 or 3 times that.

@tomj528 2 года назад

@@jasonjames4254 A 2022 base model Corolla (not the hybrid) is $20,075 MSRP which is about $2k higher than last year and much of that difference may be do to the chip shortage/shipping problems but it's not clear. Additionally, they periodically have incentives and rebates available to lower the price as well. So that's about $12k over 10 years or $1,200/year or $100/month. Additionally, in 10 years the resale value is going to be likely in the $12k range rather than $8k largely thanks to inflation and the increase in the price of new vehicles.

@tomj528 2 года назад

@Mr Innovator Wayne I kind of lucked into that one as this was right before the price of new trucks took off to ridiculous levels, making my used truck far more valuable. Likely in the next few years my wife will no longer be able to drive in her early 50's thanks to a serious illness leaving me as the only driver. I have carefully chosen our vehicles to perfectly fit our needs over the past 30 years and now I'm contemplating what will suit our needs going forward when the time comes as our needs have/will changed. I'm also considering a possible move to better suit our lives for the next 20-25 years but it's not something we relish as we still love our house in our rural subdivision that we build ourselves. I haven't figured it out yet, but I've got time.