How To Retire With No Money Saved

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Title	:	How To Retire With No Money Saved
Lasting	:	12.01
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Views	:	101 rb

I enjoy the process you go through to provide new ways to think about what retirement could be for someone with limited resources In the US there is no automatic $2200 Each persons SS is based on their work history At 62 I am eligible for only $945 since I spent many years in the household rather than in the workforce I can earn up to $19,500 in 2022 and still receive the $945 but if I earn over that $ will be deducted My full retirement age is 67 At that time I can earn as much as I like with no penalty As you say you are offering a broad concept We currently use a healthcare sharing system which only costs us $245 a month We pay the first $500 of an issue and the rest is covered by other folks like us who send their “share” each month to help others I don’t know if Canada allows it but we have saved a lot of money this way Keep up the good work and Congrats on your passports😊
Comment from : @nancyschwartz5665

I live in North Yorkshire I'm shelling out 50,000 quid a year in retirement
Comment from : @RidleyHolmes-sr2tw

Capital gains changes!!! 😮😮
Comment from : @VeraBrunoBossio

INSURANCE is really the issue for most By a mile
Comment from : @usmc2msu213

Thanks guys 🙏
Comment from : @Backtoreality1873

I became ill at the age of 64 Filed for Disability and was denied Filed for my Social Security, moved out of my apartment and rented a room from my girlfriend, beautiful home It took a year and a half but my attorney won my disability case and I receive backpay of $22,000 My Social Security monthly payments has been raised from 1700 to 2000 a month and I also have a pension from my previous employer I took the $22,000 and paid off all of my credit card debt and put $7000 in savings (high yield savings account I also opened an account with Fidelity so that I could buy stock When I got sick, I did not have anything saved, so yes it is possible to retire with no savings even if you have to change your lifestyle by renting a room instead of a house Jehovah God got me through it
Comment from : @diannepkegler8985

Won't work in USAbr4:19brCannot earn more than $22320 or $1 of every $2 over that will be held back from SSA checkbrEarn $66961 and you keep 0 of your SSA check until reach age 67brbrHave to be 67 to work this gambit
Comment from : @sammencia7945

Thank you for including USA information, very helpful!
Comment from : @noreenn6976

I retired at age 65 with very little money saved The first thing that I did to be able to manage financially was to find an inexpensive place to live Housing was, and would continue to be, my greatest expense in retirement I already had a great deal of experience managing what little I had My seniors' benefits have been enough to allow me to live comfortably and enjoy a few luxuries
Comment from : @mlmitchell1502

Guys I'm never retiring I'm going to work my hard labor job until I stop breathing Work is wonderful It's great!
Comment from : @dogegamer3288

I’m in the wrong country! In Australia i will not get the pension until I’m 67 and that age will increase to 70 before I get to it! You will not be eligible for the pension if you have any cash in the bank! I have worked all my adult life accept when I had my three children I have paid taxes into a government pension for all those years and have only a very small Superanuation as it was not compulsory here until later in my life also I was self employed for 20 years and loved my business but it didn’t give me a wage to speak of so no super contributions during that time I’m 59 now and I’m tired and sick and my family have history of all dying from cancer well before or around 70 years, so I guess the Australian government is planning that most of us suckers who have paid taxes into the pension will die before we are eligible to receive it 👍👍 Good plan guys No I don’t own my own home after a bad divorce and failed business and rent here in Australia is ridiculous, very little available to rent, you stand in line like cattle to even look at a rental, if you are a casual worker you have little chance of even getting your application looked at, and the rent and utilities plus groceries leaves me in the red So I’m mooching of relatives and feel depressed and ashamed 🤷🏻‍♀️
Comment from : @beverleylavender4214

What about the UK ?
Comment from : @radleytube

Interesting It sounds very possible in Canada Not the US I'll be working till I die here, with less than 1k/month with Social Security
Comment from : @ellenk9604

In America, if u draw ssa at 63, u can’t make over $21,000 approx so u would have to make this amt or less or u get cut of of ever 2 dollars over the threshold
Comment from : @cherylbroadenax1006

Thank you both for the platform you've created, catering to singles, Canadians, and Americans Your rock star explanations 😀have given me hope after a layoff Please continue sharing retirement knowledge and Cdn side gigs to supplement suitable for those over 60 starting over with children in post-secondary education, especially those earning less than $50k annually Grateful for your insights God Bless U Both! 🙏💚👼
Comment from : @zofiarado5786

In the US if you take social security at 62, you’re only allowed to work for an income to about 20,000 So I believe this information is wrong
Comment from : @lisagrace667

You can’t earn more than 21500 currently if you take out social security at 62 And if you go over they reduce your ss checks the next year of not take it all That could be hard to live on and stash the social security in the bank
Comment from : @babsr76

Im a retired expat from the US living in Thailand six yearsbrEverytgjng great here Nice people, low low cost of living, warm weather, plenty to do, inexpensive travelbrCheck out oversea retitement tetirement fir a better quality of life at a reasonable cost
Comment from : @brucesnyder690

I don't think anyone gets $2200 SS/month in the US at age 62 Maybe at FRA or 70
Comment from : @marianrosin6486

Great information! You mentioned Canadian bank stocks How much money would you suggest I invest initially or monthly? Thanks!
Comment from : @gianthills

New subscriber here I started saving for retirement at 54 I am a later comer to the retirement savings game, but I am not letting that discourage me Whatever I manage to put aside in the next 10 years will be a blessing I paid off my vehicle and am well on my waybr to paying off remaining debt The trick will be to stay out of debt and no mortgage
Comment from : @tamarasersansie2211

What about couples who still live in their own house can a 'reverse mortgage' be a viable option?
Comment from : @nelacostabianco

Glad I found your channel! Great content Thanks so much for what you do!
Comment from : @EricMcDowellegm

👍👍✌️
Comment from : @sudburydrone466

what about if your in the uk
Comment from : @jamescrossdale6659

Im currently 31 with no savings and lot of debt I dont have any children so i have to tale care of myself in my last few years I am suprised to see the comments that how happy people are in the later years Hoping to plan my retirement next year onwards Might come back witj an update years later as cool granny 😅❤
Comment from : @mydigitalspace13

U guys should mention up front that your content relates to Canadians and Americans
Comment from : @tearyb

I live in England, UK and I have just retired at 54brI had no savings at allbrHow did I do itbrWell I had an old job that had a really good pension that I invested inbrI bought a house in 1997 and paid it off in 2022brI'm single and have no children so have very little out goingsbrI looked into my private pension and I have calculated that I should be fine as long as I don't squander my moneybrI also sell stuff on eBay and make a bit of money that waybrbrThis is the big one that helps me I have no vicesbrI know people who can't retire due to alcohol and smoking consumption
Comment from : @Autonomous1969

Glad I ran into you! Great talk I'm 57 in the USA and collect Social Security Disability Insurance each month If I invest my check into my taxable retirement account each month like you suggest, how will I pay my monthly bills?Do I just put anything left over into it? TIA
Comment from : @barbaraperry2796

Problem: Biden’s inflation is killing my spending power My needed groceries are up 25 (but my money is not up)
Comment from : @CheckThisOut77

Can be done we don't have much in savings but our cars and home is paid for no cc debt and very seldom eat out We live in South Carolina and property taxes are low and we don't need to work part-time being out of debt is critical especially your housing rent or mortgage would make it extremely difficult
Comment from : @jayafow84

We’ve never owned a property we are 65 and 58 no children We rent and are both self employed and have no investments or retirement yet no debt However, It feels like we failed life My husband is 65 and has done the same construction type job for 40 years and he can no longer physically do it and doesn’t know what to do I’m a realtor, so I never now when I get a pay check His SS will only be 850 a year Out of that he now has to pay 168 a month to Medicare It is very overwhelming, scary and feel very alone
Comment from : @missymyers7043

Love Norm's shirt!!
Comment from : @casmithc2

3:30 if you claim social security, you can’t earn more than $21-$23k per year
Comment from : @DNaupari

Watching from Australia, so it was good you explained the acronyms
Comment from : @SewHealthy8

What about starting a business part time how to do it overseas
Comment from : @JS-jh4cy

Love this information Norm and Tina! Very great points!
Comment from : @andreas4268

Move to a state with a bottle deposit law Supplement income by picking up bottles and cans 🤣
Comment from : @usddcm

In the US if you claim Social Security (SS) benefits before your Full Retirement Age (FRA) you will get 20 less in benefits for the rest of your life If you can deal with that, you have to be aware that while you are working & claiming SS, there is a calculation SS uses to reduce your benefits based on the amount of your income, so you will NOT be able to invest as much as you might think You have to work that out first to ensure you are not giving away 20 forever for an investment that might return less, depending on your income before you reach FRA
Comment from : @lindavalentine3547

We did we moved to a cheaper state and cheaper town We went from paying $700 house tax mn to $55 or $89 with x2 car/taxes and all is good-we are still in a house though There are benefits to the house or apt just a preference thing
Comment from : @tlr1604

Thanks, Tina and Norm you gave someone hopeful advice 👍
Comment from : @carollane7938

I work with people who are poor/low income seniors and disabled persons in British Columbia Moving to a smaller community that is without the necessary quality of life amenities including needed healthcare services (and the ability to get a doctor), transport, etc in order to get more affordable housing may be more expensive in the long run Buying food may be more expensive there Seeing a doctor could be many miles away or seeing a specialist may be hundreds of miles away From my experience, those who live further away from requisite health services are more likely to postpone or not get the help they need
Comment from : @maggiria

Low income is such a low threshold that majority of who fall just above are living in the margins beyond poverty but under any measurable wealth Given housing costs list Covid in America housing is no longer affordable
Comment from : @fireflymary9269

Also, about 50 of us are single
Comment from : @fireflymary9269

It is me watching again and I want to say, for some reason, I did not really hear what you were saying 8 months ago, I had just retired But, this is fantastic information! I am going to share it with all I know! Thank you!
Comment from : @AhJodie

Thank you for sharing ❤😊
Comment from : @alexachenbach821

I would also be helpful to read what amount of money it takes for a particular person/couple need per month to live a simple, safe lifestyle since the part of the country makes such a difference in the amount needed I know my husband and I, for example need at least $5,000 to live at today's simple standard For us this means, one older vehicle (no payments) a condo mortgage payment and HOA fee, organic food for our health issues and no extras like Cable TV, trips/vacations, dinners out, SmartPhones etc We do have costs for renter's insurance, vehicle insurance, out of payments medical needs (eye glasses, dental needs) health insurance etc In the USA If you claim Social Security and still work you have to pay income taxes on your SS and depending on your age and situation they will take $100 for every $300 earned Plus banks only give us 10 interest on our money here There is no way to earn $9,000 in year n interest that I know of in the US
Comment from : @donnaallgaier-lamberti3933

Thank you!!!! Great video very well done especially for us who are not familiar with these things
Comment from : @crusaderlatin732

👍👍✌️
Comment from : @sudburydrone466

Love the Floyd Shirt ;)
Comment from : @mell1650

I decided to retire at 60 because of you Thank you thank you thank you Was going to work til 65' but you convinced me to enjoy life instead Thank You been truck driver for 20 plus years and a custodian at an elementary school before that Felt like I've been working 2 jobs for 43 years I'm tired and still got much energy so it's exciting my wife thanks you too more time to watch your videos ha ha 3 more days and I hand the keys back Yahoo ps love you guys
Comment from : @c2shiningc176

LIVE IN A RV
Comment from : @haroldhart2688

Thanks!
Comment from : @jenfarrell2640

cool t-shirt
Comment from : @giggabyt78

Good advice! I hope people continuing to work reluctantly, start thinking about retiring! I wish I had retired 5 years earlier
Comment from : @bobfmirvine6652

God bless you, dear beautiful kind people💜💜💜
Comment from : @Change4Good333

Am a 73 year old hippie potter working to rise to the poverty level Have a small savings, no debt, friends and at the moment pretty good health Ready to retire sometime soon and trying to make an adventurous plan Lovely to find you -so encouraging-thanks!
Comment from : @kathleenclarke828

I am age 63 in the US and still working If I were to file for SS today (I am not yet at my FRA) I would only get around 25 dollars from SS because the rest of it would be withheld because I am still working with a salary over 100k So one needs to do the math for their particular situation and dont assume you can take your SS check and invest it
Comment from : @Fishouta

This video is ridiculous You can't retire w/ no money, period Work until you die That's your option
Comment from : @rickallen9099

if poor Canadianbr- take CPP at 60 example200br- OAS at 65 example 330 ( for 20 years living in Canada)br- GIS will top up to around 1,700 totalbr- Move to philipiness You will be Rich and find young wife and afordable life br Your Welcome Grannies!!!
Comment from : @moontides7220

Love you guys!!! I just paid off my 6k home equity loan!
Comment from : @dianparrotta2118

This video terrifies me into making sure I have enough to retire on A shoestring retirement does not appeal to me Thank you!
Comment from : @davidwelty9763

One other thing to consider - once you are widowed 1/2 your income is now gone Even though your spouse paid into the system for years, it gets put back into the funds and the surviving spouse is left trying to make ends meet Many Americans receive less than $1000 a month
Comment from : @janicehart5397

1- Don’t stay in the USbr2- try to have at least a few grandbr3- take social security (check SSAGOV)br4- look at Mexico, Nicaragua, Ecuador, Colombia, Philippines…you can live on about 1/3 of what you spend in the USbr5- don’t work until you are too old to have some funbrJust my opinion…
Comment from : @bananapatch9118

If you live in the usa and have nothing saved for retirement and only have social security, your in trouble How are you going to pay for the dentist ? What about real estate taxes at the end of the year ? What about a major car repair ? What about glasses ? No insurance really covers these - maybe a partial I don't see how anyone can retire with nothing maybe $100,000 if you just stay home and never leave your house Remember, you have 25 to 30 years to go Reverse morgage is your only option, unless you rent If your alone, it will be even harder
Comment from : @georgesontag2192

Hi Tina, hi Norm You are just giving food for thought, not advice Do your adult children seek out your counsel for retirement preparations, knowing that time and the compounding of interest is on their side?
Comment from : @denisep98

So I was talking to a few friends about retirement and life Would it be a good or bad idea to take all my money out of my 401k early and get penalized to pay off my house? We will continue to contribute to our 401k and use the mortgage money to enjoy life now
Comment from : @Lexus211

Hi Tina and Norm Great topic I find it very hard for someone to retire with no savings unless they own a house outright Have no cars, and receive less than 2k monthly payments They also would need some type help from the government This inflation of 8 is making things worse Be well 🥂
Comment from : @tonysomewhere5920

If u are retiring… and have no money… pick out a nice shelter or a nice spot on the street…
Comment from : @skepticalmechanic

In the USA, if you take retirement money at 62 or before you reach your retirement age, you are penalized Social Security will deduct $1 from your benefits for each $3 you earn above $51,960 until the month you reach full retirement age
Comment from : @sharonsmall1940

In the United Kingdom you have to work until 67 and very soon 70 to get state pension V expensive to live here
Comment from : @sarahkennedy1481

Get a job
Comment from : @EE-vq4jt

When one retires at 62 with Social Security, there is limit on what you're allowed to earn
Comment from : @lyndakinsler465

You are absolutely right I’m in the US and it can be done I had to design my lifestyle and yes it meant selling a house and moving to another state
Comment from : @mountaineerhideaway