Subsections
Contents
Budgeting
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Calculations, Spreadsheets, Kalkyler
Misc, to Sort
- A closer look at spending patterns of older Americans
bls.gov/opub/btn/volume-5/spending-patterns-of-older-americans.htm,
NOTE: ‘reissued Sep 16, 2016‘ – a few years old,
with figures apparently from survey 2014. - Typical Retirement Expenses to Prepare For
By Michael Flannelly · May 06, 2022 · 6 minute read
sofi.com/learn/content/typical-retirement-expenses/ - google.com/search?q=rule+of+thumb+retirement+savings
Holy Schmidt!
- Web: holyschmidt.com
- YouTube: youtube.com/c/HolySchmidt
- 6 BIG Purchases Retirees (Almost) Always Regret!, Aug 14, 2022
- Getting really expensive car
- Buying a bigger house when retire; even if can afford buy, bigger means higher operational costs (insurance, energy, …)
- Too fancy, too frequent, less-well-planned vacations
- Giving expensive gifts, few big, many small – adds up
- Giving regular cash gifts to relatives, like kids
- Getting a vacation home (t=546s) – ‘a classic big retirement mistake’, .. ‘the math really doesn’t support’
- The 7 MOST IMPORTANT Things to Own in Retirement, Sep 21, 2021
- Vrooom – you need a car, represent freedom, safety (getting to
- ROH – need a home, an element of safety
- SOS $ – emergency fund, 3-6 months of expenses, readily available
- Protection – insurances, health…
- Pack Your Bags – a good set of luggage, and not some mediocre; got time want to travel
- Jane Fonda W.O. – access to health club, health exercise equipment
- Stay Wise – access to equipment and facilities (e.g. local colleges) to stay current, staying current is really important
- 7 Tips for Living Comfortably on Social Security Alone, Dec 22, 2021
- Pay off all high-interests debts as soon as possible. N/A (don’t do debt)
- Government support programs, for lower income people. N/A
Healthcare vastly important for retires, ‘Big 3’ – Access, Quality, and Cost. TBD - ’70/100/124′ – WHEN to start draw social security (62/67/70). TBD
- ‘OPM’ – Other Peoples Money (if other people benefit from your money). N/A
- ‘Subs’ – cancel ALL automatic subscriptions, wait 30 days to see which ones you really miss, if any. TBD
- ‘Call Uber’. Sell car(s), use alternative means of transportation, incl. ride-share services. TBD
- ‘Curly+ Billy Crystal’ (from The City Slickers-movie),
- ‘find the one thing’ – the thing where focus time and money is spent on, could be spent on
(and reverse – don’t spend lots of money on something you only do 10 min a week
- ‘find the one thing’ – the thing where focus time and money is spent on, could be spent on
- 7 Social Security Mistakes that Cost Thousands in Retirement, Mar 8, 2021
- (#7) Not knowing the earnings limits (applies before reaching full retirement age) Ok. Know and understand.
- (#6) Spousal benefit, when to file ###
- (#5) When to file, early at 62, at full at 67, or something else. t=231s ###
- (#4) Not having 40 quarters of work, with a minimum earning per quarter (in 2021, that amount is $1,470 in a single quarter)
- (#3) ‘Missing the 35 best years’
- (#2) Understanding taxes on SS, missing Provisional Income; two sets of rules – Federal and States’
- 38 states does NOT have tax on SS, if living
- (#1) Taking your SS at 62 and investing it. (t=600s) (pure maths suggest maybe good idea BUT many issues – severe limitations on what one can do – with this.
- More also at holyschmidt.com/62invest/.
- 10 MONEY MISTAKES to AVOID in Retirement, Aug 16, 2021
- Taking SS too early or too late
- ‘Scroodged Savings’ – essentially being stupid about not spending sufficiently for a decent life
- ‘Super Trade’ – don’t believe your extra time will make you a great/better investor (as known fact, over time no professionals beat indeces)
- ‘Uncle Sam’ – remember to pay taxes, put money away for
- ‘Advice from Friends’
- ‘Too Conservative’ – too quickly moving investments from higher-risk/return vehicles (stocks) to lower-risk/returns vehicles (bond)
- ‘Mismanaged $’
- ‘Spendies/Calibration’ – don’t start spending too much first year
- ‘Spouse’ – a couple needs to be on same page on how to spend money
- ‘A #1’ – not focusing on yourselves vs supporting adult children etc.
- 10 Expenses That GO UP in Retirement, holyschmidt.com/10-expense-that-go-up-when-you-retire/
- Travel, big item, commonly 65-75 age, working of bucket list
- Utilities, as being home more; electricity – li###
- Fitness, exercise – joining a fitness club, or even country club
- Debt payment, many retires unfortunately have fair amount of debt, ‘In fact, the average retiree spends 40% of their income on debt service payments. ‘
- Books, reading. With more time. more time spent on reading.
- Healthcare. ‘probably the biggest expense that goes up is healthcare. Not just the cost of your insurance, but out of pocket costs, et cetera.’
- Moving & relocation.
- Day-to-day expenses. ‘People have a tendency to shop a little bit more when they have free time.’
- Charitable donations.
- Financial planning. During retirement and end-of-life.
- 7 Expenses that goes ###
- The 3 Best FREE Online Social Security Calculators,
- 15 Things You Need to Get Done BEFORE You Retire! https://www.youtube.com/watch?v=LKSgBiyz04U, 2023-10-09
- Have a plan
- Know where to live
- Know where $$ comes from –youtu.be/LKSgBiyz04U?t=178
- Learn Medicare system – youtu.be/LKSgBiyz04U?t=223
- Map out budget – youtu.be/LKSgBiyz04U?t=254
- Consolidate money – youtu.be/LKSgBiyz04U?t=290
- Reduce portfolio – youtu.be/LKSgBiyz04U?t=348
- Know tax loopholes – youtu.be/LKSgBiyz04U?t=387
‘There are basically three types of buckets when it comes to things to use
- Fully taxes, like a part-time job
- Tax-deferred, like a 401(k)
- Tax-free, like a Roth IRA
- Eliminate high interest debt – youtu.be/LKSgBiyz04U?t=455
- Strategy for Social Security – youtu.be/LKSgBiyz04U?t=482
- Plan your time – youtu.be/LKSgBiyz04U?t=545
- Get Will, PoA, in order – youtu.be/LKSgBiyz04U?t=599
- Rekindle old friendships – youtu.be/LKSgBiyz04U?t=620
- Appliances replaced – youtu.be/LKSgBiyz04U?t=667
- Reduce property taxes – youtu.be/LKSgBiyz04U?t=690
- ###
Investopedia
- Budgeting for the 4 Financial Phases of Retirement – investopedia.com/articles/personal-finance/110315/4-phases-retirement-and-how-budget-them.asp, 2022-07-17
- 9 Signs You Are Not Financially OK to Retire,
investopedia.com/articles/personal-finance/021716/10-signs-you-are-not-ok-retire.asp, 2022-05-03 - Budgeting Calculator –
investopedia.com/budgeting-calculator-5101411
Phases,
- Budgeting for the 4 Financial Phases of Retirement
Different phases call for different strategies
By AMY FONTINELLE Updated July 17, 2022
investopedia.com/articles/personal-finance/110315/4-phases-retirement-and-how-budget-them.asp
Social Security, Longevity
- 3 of the Best FREE Online Social Security Calculators, Jan 23, 2021
- Retirement Estimator: ssa.gov/benefits/retirement/estimator.html
- Bank Rate Retirement Calculator: bankrate.com/retirement/calculators/social-security-benefits-calculator/
- Longevity ssa.gov/OACT/population/longevity.html
- ###
- What Happens to Your Social Security if You Retire in Your 50s?
google.com/search?q=What+Happens+to+Your+Social+Security+if+You+Retire+in+Your+50s%3F
Software, for Financial Planning
- google.com/search?q=financial+planning+software+for+individuals
- benzinga.com/money/best-financial-planning-software
- smartasset.com/financial-advisor/financial-planning-software
Streamline Financial
(wealth management plan company Chicago area)
- How Much Do I Need To Retire? Why I Disagree With Fidelity. Think Twice When Planning For Retirement – youtube.com/watch?v=Cu8vNmeGcJ8
- THE “DO IT YOURSELF” RETIREMENT PLAN] Achieve Your Successful & Secure Retirement WITHOUT A Financial Advisor https://www.davezoller.com/DIY-Retire…
- 3 Must-Have Assets When Retirement Planning. https://youtu.be/ifykklPqqxg
- Financial Assets
- House, 401k, IRAs, Mutual Funds, Cash, Real Estate, Stocks
- Intellectual Assets
- Knowledge, Skills, Unique Abilities, Experiences, Traditions, Ideas
- Human Assets
- Family, Values, Faith, Health, Relationships, Generosity, Church Involvement, Mentoring, Character
- Financial Assets
- You Know You Can Retire When You Answer YES To These 4 Questions. https://youtu.be/iiHrW_HufBY
- Do I have enough?
5 keys (key points) to this- Income plan
- Investment plan
- Tax plan
- Healthcare plan
- Legacy plan
- Have I had enough?
- Of work, of current phase in life
- Do I have enough to do?
- It’s crucial to continue feel purpose, feeling fulfilled.
- The ones without having a plan have problems feeling satisfied, no purpose, no fulfillment.
- Does my partner want me home all day?
- ‘I married you for better or worse but not for lunch.’ – not heard that expression earlier.
- Do I have enough?
- 5 Things To Do 5 Years Before Retirement https://youtu.be/amOOCXDU91E
- Start with figuring out Why you want to get into retirement?
What would I be able to do in retirement that I can’t do know? Take out a paper and thing.
Rather than think go cold turkey, maybe consider half-time, a different role in a different organization - Finances, take a guess – how much do we need in retirement,
- Research your health care options, under 65 – costs, maybe get onto spouse’s plan, …
- Get organized on your future income sources and assets; when can start withdraw from 401k, s.s.,
Run at least 3 different retirement calculators. - Start tracking your net worth, to keep track on how evolves
- Start with figuring out Why you want to get into retirement?
- The 3-Bucket Retirement Withdrawal Strategy https://youtu.be/kfmVvVX_uo4
Basic idea is dividing investments into 3 buckets, all with specific purpose and goals tied to them- First bucket: 2-5 years’ expenses, cash, money market, “certain kinds” of bonds (kinds unspecified)
- Second bucket: needed within 5-10 years, unspecified investments
- Third bucket: needed more than 10 years out, stock mutual funds, real estate, unspecified “alternative” investments
- How Much Do I Need To Retire? https://youtu.be/xiYAr52GK7A
- Be careful with withdrawal percentages, if start when market in down, can change maths drastically
- Be careful with assumed returns (12%…!), very much depend on market…
- Watch out for changed expenses (not $40/yr but $45k/yr), (and unexpected expenses – me)
Sverige
- minpension.se/allt-om-pensioner/ta-ut-pension/hur-mycket-pengar-behover-en-pensionar
- Baspensionären – 16 000 kronor i pension före skatt
- Medelpensionären – 23.000 kronor i pension före skatt
- Plus-pensionär – 35 000 kronor i pension före skatt
- OBS: Kom ihåg att i Sverige är statistik mycket mer på individ-nivå och i USA på hushållsnivå.
- LOGIN REQ dropbox.com 2022%20Hur%20mycket%20pengar%20beh%C3%B6ver%20en%20pension%C3
US (Bigger Picture, Retirement, S.S., …)
- America’s $7 Trillion Retirement Crisis Is Only Getting Worse
Economic turmoil took a toll on savings in the first half of 2022 and that’s just the tip of the iceberg as many in the US lack employer-sponsored plans.
BySuzanne Woolley
August 16, 2022 at 7:00 AM CDT
bloomberg.com/news/articles/2022-08-16/do-i-have-enough-money-to-retire-americans-face-massive-retirement-shorfall - bloomberg.com/wealthscore-financial-health-calculator