The 7 MOST IMPORTANT Things to Own in Retirement
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Published 2021-09-21
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When we enter retirement, we're told that we need to save. We need to moderate our spending. We need to be really cautious because the amount of income coming in is fixed and the world and the expenses in the world are not. All really good advice, of course, but there are things that you need to own to navigate retirement successfully. This video will cover off what those are and why they're important. So let's get into it. But before we do, please make sure you click subscribe and notifications so that you get alerted the next time I post a video. I post about twice a week.
Point number one is owning a reliable car. A car is not optional for most retirees. You need to be able to get to and from places in retirement and oftentimes family not around or they're just busy. A car represents freedom, doing what you want to do when you want to do it. Particularly as you get older, oftentimes freedom feels like something that is not necessarily available like it used to be. Most importantly, a car represents safety, something as basic as a doctor's appointment or something as urgent as an emergency requires you to get in the car and go sometimes. And if you don't have a car to get in and go, you'll be in trouble.
Point number two is a home. In fact, you don't need to own a big home, but a safe, clean, comfortable home is important. It represents an element of safety for most retirees. Now having said that, I have published videos on why rent and retirement versus why own, particularly if you're going to do a lot of traveling. But for the majority of people, what they really want from their home and retirement is an element of safety. A place that's paid off, a place that where you don't have to worry about expenses, a place that'll be there in 5, 7, 10, 15 years, in fact, for most people.
Point number three is an emergency fund. Bad things happen, and they seem to happen more frequently to people in retirement, unfortunately, than they do to people in their 30s, 40s, and 50s. So having an emergency fund is of paramount importance. I generally recommend what most financial planners recommend and that's having three to six months of expenses set aside in a fund that is easily accessible in case something goes wrong. Point number four is insurance, specifically health insurance, good health insurance. So strong Medicare supplements for example, and life insurance if you need to protect someone in case of your early departure. Also, long term care insurance provides a lot of comfort to many retirees, knowing that they'll have the funds in case they have long term care needs.
Point five is a good set of luggage. Let's face it. One of the things you have a lot of in retirement is time and what better way to fill your time than travel. In fact, it's the number one activity for retirees by a country mile, but having a mediocre set of luggage creates problems. Sometimes they fall apart. Sometimes they just are expensive because you have to buy twice instead of buying nice. Owning a good set of luggage will allow you to take advantage of the environment you're in. At the same time, keep everything where it needs to be as you're going from place to place. Point six is access to a health club or at least exercise equipment....
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.
All Comments (21)
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1. A comfortable home. 2. A comfortable retirement income. 3. Reliable transportation 4. Your health 5. All the free time you ever hoped for. 6. The ability to not have to tolerate people you cannot stand. 7. A good sense of humor.
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Great video, Another factor to add is Do folks spend a lot of time planning their financial future? The stock market is making me really worried because I've lost over $ 27,000 in months and I'm not making as much money as I used to. This is making me concerned that I might not have enough money saved up for my retirement since I can't add to my savings.
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More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
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1. Vehicle for transportation 2. Home to live in 3. Emergency Fund - 3-6 months expenses 4. Insurance - Health, Life, Long Term Care 5. Good set of luggage for travel - most retirees will do some type of travel 6. Access to health club or work out equipment - stay active and healthy 7. Education - stay engage to keep mind strong through self study or college education ***Note: None of this needs to be expensive…
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Also, buy your plot at a cemetery or make plans on how you would like to be buried. Have a Will ready and a letter to your loved ones on what you would like to tell them Declutter: stop hoarding. Live simple/minimalist. Don’t leave the burden of getting rid of your stuff to your loved ones. They have enough with their own problems.
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Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
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Going back to school in retirement is great. I go to City College San Francisco. Taking classes gets me out of the house so in person classes are best. For chronically lonely people like myself, it gets me among younger people to interact with. It exercised my mind helping me think of new things, new ideas.
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As a 58 years old person who’s good with number but bad with money all I want to tell you is THANK YOU for all your videos. The content is always spot on for me and I’m changing my bad habits and taking your suggestions at heart. Awesome word, greatly appreciate your videos and keep it up.
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Retirement is wonderful if you have two essentials — much to live on and much to live for. Invest wisely and get good returns.
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One of my best purchases in retirement was two E.Bikes. And the related safety equipment. I purchase two folding bikes that fit in the back of my SUV. I purchased two bikes on sale so I can bring a friend with me on my adventures. The total cost was about $3K. They paid for themselves in the first summer. This will be my third summer and they are still in almost new condition. They have 100 mile range and they've helped me to lose weight and improve my health. One of the best purchases I've ever made.
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Volunteering gives you a chance to give back and brings with it a sense of joy as well as social interaction. It's easy when you retire to become isolated.
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“I want to invest in real estate but I don’t have enough capital” What if I told you that there is a simple way to access the real estate market, even if your capital is low? I am talking about REITs (Real Estate Investment Trusts).
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Nice for helping us! Thank you! The YMCA offers memberships based on income, and... many colleges have free classes online that do not give credits, but, keep people engaged in all sorts of classes.
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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.
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Excellent content. Thank you for helping us with wise choices.
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As a retired person, I would say this is all spot on. We currently live in our 5th wheel trailer and travel full time, but I am thinking of buying a "tiny home" someplace permanent.
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Geoff, Thanks for 5, 6 & 7. A lot of folks needed to hear that. I have been begging my MIL for months to use the community center she pays for. She has a trip planned late Oct & is in no shape to enjoy it. She's overweight and struggles to the supermarket. #6 is the most important of the 3!
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I would add...own a pet and preferably rescue one from a shelter. Just make sure you can afford pet insurance and the annual funds to keep your pet healthy. Pets are brilliant companions, some help you exercise and they reduce anxiety and stress!
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The car? I gave up my car in 2008 and ride a bicycle most places. I'm 7 67 years old. I live in the center of the city within a 10 minute walk of two grocery stores. I am fortunate to live in a city with an excellent mass transit system and if I really need a car I just use a Loft or Uber. Part of the reason I got rid of my car in 2008 was the amount of money and worry it saved me but also I knew that as I aged my reaction times would gradually slow to the point that I shouldn't be driving. Much better to set my habits before that became a necessity. As far as a set of luggage---for the last 20 years I've never travelled with more than a great backpack. I find that I can pack efficiently even when I'm staying for two weeks in a foreign location. Everywhere I travel has the option of doing laundry. Why haul massive amounts of "things" around? The health club? I used to belong to a gym and realized that the things I used most--tread mill, stationary bike, stair climber---are all things I could duplicate in the real world outside of the gym. Instead of the tread mill, I go for a walk. If the weather is bad, it's pretty easy to find a place inside. I ride a bike daily for everything so don't need a stationary bike. Taking the stairs instead of an elevator replaces the stair climber. I find exercise classes online. I bought a set of 5 and pound weights for strength training. No need for a gym at all.
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I really appreciate your Videos. They are of great common sense, even though common sense is not common. Thank you Geoffrey! Your videos only prove I've been doing the right things all along.
