How Much Money Do I Need to Retire? – Frugal Retirement Tips
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I tell you my top tips for planning your retirement Frugal Queen in France Like the menu board & Budget Book? We have now …
If you wish to retire on the U.S. before you can access Medicare, then I advise you to find out what comprehensive health insurance is available to you. We retired with a few small debts but were able to because we had excellent low cost health insurance available to us. But you don't want to retire at 58, and work hard to get rid of a small monthly mortgage of say 400 US dollars only to find out you have to pay $1100 a month on health insurance. I know people who pay that much!
What a beautiful outro 😍 Thanks for sharing your thoughts on this Jane, I'm not quite at the retirement stage but I really need to start thinking about my future plans as due to health and life issues, I have never been able to pay into a pension or save. I'm in my late 40s and have just got a new part time job, so I'm going to try and implement your advice going forward so that I can do the best with the income that I have, so thank you both for all the videos and advice so far.
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Or, you can invest additional money in places other than your retirement accounts so that you can retire when you want, rather than when someone else says you can.
Plenty of good information in this video. Guidelines for how to approach retirement for sure.
When I worked full-time I was desperate to retire. Desperate! I was just so exhausted and didn't have enough time for the important things I wanted to do.
Once I started working part-time and having time to garden, do family things etc… my viewpoint changed surprisingly. I now feel I'm living my dream life, doing work I enjoy but not too much of it. It's stimulating without being exhausting.
The key to this change was of course paying the mortgage off and having no debts. Next week my wife joins me as a part-time worker and I think the impact on her wellbeing is going to be enormous. The great thing is we now live on one part-time income and save the other. This makes me fairly confident that when we both stop paid work we will be fine.
I’m retired…no longer work at all but our lifestyle did not change as we always lived within our means.Never lived the high life when working ,didn’t expect to do so retired but content all the same .
Another very useful, and informative video! I note that a number of respondents are naturally concerned regarding their future health care needs etc. May I offer some advise in relation to investing in the future of your health. That is to eat a good diet (largely based upon the Mediterranean diet) minimise or eliminate processed foods. You can cut the cost of your food bill by eating less animal sources of protein, selecting instead pulses and beans. Eat plenty of fresh fruit , vegetables, nuts and seeds. Try to exercise moderately, and regularly in the fresh air ( no need for expensive gym fees) Consume alcohol wisely ( a little red wine occasionally) and try to cultivate and maintain a social network of friends. Also, if possible for you, try to have a spiritual dimension to your life. In essence try to incorporate some, or all of the elements of the populations of "the Blue zones" of the world, those areas where people live very simple, yet bountiful and healthy lives , avoiding a lot of the physical, cardiac, and neurological problems associated with western lifestyles.
I like the way you said we don’t know the future, but we know ourselves. That’s a great way to put it.
Awesome video Jane.
Jane and Mike thank you for such an honest and realistic talk on retirement 👏 👍. The best talk ever.
I took early retirement at the age of 45 it was well planned. My husband had to wait till he was over 60 to retire with his pension scheme, that was this time last year it would have been the year before bit covid need I say more. What we did is what now knows referred to a mini retirement we lived on our pension amounts for 2 years before we both actually retired so we saved more money for the pot and it worked so well. I will share your 2 videos on retirement to our friends who have said they would to retire early but just couldn't afford it. These videos would be great for 20+ age group before they set off on their chosen paths. As ever take care Anna 🙂 ❤.
Really great video👍👍 Thought provoking 🤔🏴
I am so glad I found your channel a few months ago. As a consequence I have started to budget more intentionally. Husband is well onboard and has part time to job to supplement his LGP. However we are thinking of selling up and moving to a different area, preferably on the coast and release enough equity to up grade our current campervan. Our state pensions won't kick in until next year when we are 66. I am unable to work due to health issues. We have an exciting time ahead. Quick question? I bought the budget book you use but I would welcome a video on how to use it to accurately record the figures. If that makes any sense at all.👍🙏
A very helpful and informative video Jane and Mike! We retired early due to poor health but are enjoying every minute! Certainly with such rising costs our predictions of wealth don’t stretch as high as we hoped they would but we manage a simple life and manage a nice holiday every year! You are so right – it’s all in the planning!
Very Helpful I'll be retiring in the fall & moving from expensive California to Texas @age 71 3/4. Already have part of my investments professionally managed, no debt. Low mortgage & maximum social security. I know who I am and what I want to do in retirement. Maybe a part-time, volunteer & travel. Your questions were very helpful. Need to figure out what expenses will be for house in Texas
For us it will be going from full time jobs to part time jobs hate the thought of not doing anything or having some structure in life which we both enjoy .great vlog Jane and Michael x
its sad that here in the US pension jobs are almost extinct… SS is somewhat of a monthly guarantee and a 401k is very restricted by the gov and the taxes I feel is just about all the money your company contributed making it just a normal savings amount you could have done on your own minus the tax restrictions from the gov… although I am late in the game I am frugal enough that I have saved and continue to until I can't work anymore…. ALL YOUR TIPS ARE GREAT THANK YOU ☺️
Great video as always. I am contemplating retirement and the information and pointers you gave are so helpful and give a different perspective on this so anticipated and at the same time somewhat dreaded journey 😄
All very good questions to consider! I’m just exhausted as a high school teacher. I’m at the point where I’m willing to cut expenses drastically if I have to to retire. I can work part time to pay for my wants, but I also picture a peaceful time puttering around in the garden and my sewing room. I don’t foresee a jet setting life style at all. Maybe a second hand camper for casual traveling. Thanks so much for your videos!
Great content! Thanks! Lots of information to think about.
Thank you for this video. Retirement is a curly question and we all definitely need to do our research:)
A gem of a video, Jane & Michael, thank you!
Hubby and I are building a small roadside stand to sell blueberries and extra produce from the garden in order to supplement our retirement. If nothing else, this should help with costs of maintaining our property like gasoline for the mower, compost, vegetable seeds, etc.
Thank you for this video, you inspired me to finally call SOcial Security (the government retirment benefits plan in the U.S.) and get the hard numbers. I still need to call my job based pension board for those hard numbers for my 401K but so far the numbers are better than I had thought, which is nice to know. I know that I will continue to work at least 2, probably a couple more years but it is good to have these numbers and make some concrete plans. Thanks for the inspiration and encouragemnet. It's a scary place, the future, but have the concrete information makes it a little less scary.
For the years that I’ve worked, my take home paycheck I budgeted remained the same. Any salary % increase I got went directly to my retirement account.
I retired at 59.
Always inspiring
Hi Jane and Mike, thank you for this. I have always been a spender but over the last year or so have slowly been spending less, it started because of environmental concerns and now I am enjoying learning to live more frugally! My husband is due to retire in 6 years (at 67) and I am currently not working. Finding it all a bit scary to be honest!! I couldn't find the link to the previous video you mentioned, but hopefully I can find it… Thank you for all your videos, I rarely comment but want you to know how much I appreciate them. I love (and aspire to) your simple lifestyle. Take care.
I am inspired by your videos every time Jane. I'm 36 and love to learn things from you both.
When my brother in law died suddenly we reevaluated our own lives and retired early, 58 and 61, we downsized and bought rentals, we moved to a duplex with a gorgeous garden and pool. We live off the rents and pension but we are not big spenders. After traveling in our early years I'm happy being at home now, I have all I need in the way of things, clothes etc, no debt really helps as does no other bills except household expenses. We chose a house on one floor which can accommodate a outdoor chair lift if needed later in life, this is so we don't have to move again.
🥰Good info to think over ……lately its been said in the FIRE movement that the 3% rule for withdrawing from savings and not run out of money maybe doesn't work anymore which makes things more uncertain for me …but I'm still super eager/saving to live my dream of a small homestead in Italy 🤞
This is a very concise and thorough assessment of the aspects of retirement. An excellent starting point – and no age is too late to make a difference in our financial future with careful money management. I personally think having the house and a relatively young used car completely paid off and in very good condition, as well as owing no consumer debt before you retire, is critical. Getting those things accomplished, will make such a difference for anyone.
I think knowing yourself is a wonderful question. I'm retired and comfortable. Very blessed.
Think managing on less money is the biggest worry, but,you know it's got to happen at some point……xx
Some really good points there, Jane, excellent video x