HOW TO RETIRE ON A MODEST INCOME (You're Racing Against the Clock) 

1. Harness the Power of Your Income for Retirement (Instead of subsidizing a high-end lifestyle). 2. Drastically Reduce your Expenses. (Frugal) 3. Get Out of Debt. (Your goal is to become 100% debt free). 4. Open a Retirement Account. (IRA, Roth, SEP, Simple IRA, etc)

Another tried and true tip for retiring on a modest income that I unequivocally bear witness to involves becoming truly financially literate. This entails being or becoming keenly aware of all of one's money transactions as well as habitually practicing prudent money management skills. Granted, this may sound too cerebral for most, but once implemented there's likely to be significant changes toward being able to live comfortably and beyond on a modest income at any phase of life.

Thank you for voicing what happens when one begins living for tomorrow instead of the here and now only. I decided to put raises into a work ira instead lifestyle creep. When that maxed, I maxed personal roth ira. When that maxed I put money aside for next vehicle. Then the health savings accounts came and put money there. Pay yourself first, then spend. Bought a modest home and stayed 22 years, did the yard myself, insulated. Began making basic meals at home. Drove small efficient honda cars. Shelter, food, transportation need to be under control. The number one builder of wealth is savings rate, not returns. However, I was led a book from the founder of Vanguard and I keep more of my returns by investing in simple low cost total market index funds and leave them alone. My job is to invest efficiently and not pretend I can time the market.

In my opinion, gym membership has the most value for money if you actually go workout. Otherwise it is 100% waste (obviously). Great video! Keep it up! 🎉

I want to retire: I can’t wait.

Great video, Ronnie! Thank you!!

good stuff

Your income is ours, and the IRS. I do everything you suggest, along with an emergency fund

My car will be the first thing to go next year when I retire. My hand is never out of my pocket!

great video. I have to as, what is that volume you have on the bookshelf behind you? Looks like the encyclopedia, LOL

Two expensive bills in retirement are dental care & auto repair…at least for me…any suggestions.

Define “modest”