The Harsh Reality of Life After 60

00:08:51
https://www.youtube.com/watch?v=wwVA50wrHyw

概要

TLDRIn a discussion about the challenges faced by individuals after the age of 60, a financial adviser with over 20 years of experience highlights several harsh realities. Firstly, many people overestimate the number of healthy years they will have post-retirement. According to the World Health Organization, the average American receives their first serious health diagnosis at 66.1 years of age, shortly after retirement. Secondly, financial concerns regarding healthcare are significant, as people still need to save substantial amounts for medical costs not covered by Medicare. For a married couple, this could exceed $315,000. Furthermore, over 40% of people do not choose their retirement timing due to layoffs or needing to care for family members. Approximately 25% of retirees return to work, not only due to financial needs heightened by inflation, which has notably reduced the value of fixed incomes, but also because of a longing for work's social and purposeful environment. The adviser stresses the importance of planning for retirement by maintaining an active lifestyle and preparing for life beyond work. Having a pension can greatly reduce financial worries and improve quality of life by providing a steady income stream. Ultimately, individuals should consider both financial and personal aspects of retirement to ensure a fulfilling life post-career.

収穫

  • 💡 Many people overestimate the number of healthy years they'll have post-retirement.
  • 🏥 Average age for a serious health diagnosis post-65 is 66.1 years.
  • 💰 Significant savings are needed for healthcare after 65, above Medicare coverage.
  • 🔀 Over 40% of people retire earlier than planned, often due to unforeseen circumstances.
  • 🔄 About 25% of retirees return to work for financial or personal reasons.
  • 📈 Inflation has raised costs by 25%, lowering retirees' purchasing power.
  • 🧘 Setting retirement plans inclusive of life beyond work is crucial.
  • 👩‍⚕️ Healthcare costs can exceed $315,000 for a couple after 65.
  • 🌟 Pensions provide financial peace of mind due to a steady income stream.
  • 🕒 At 60, most have less than a thousand weeks of healthy active life left.

タイムライン

  • 00:00:00 - 00:08:51

    The video highlights the challenges people face in life after 60. The first point is that individuals often overestimate the number of healthy years they will have post-retirement, with many experiencing their first serious health diagnosis around age 66. Financial preparations are crucial, as medical costs beyond what Medicare covers can exceed $150,000 per person. Additionally, a significant portion of people do not have control over when they retire, due to factors like layoffs or needing to care for family. Lastly, around 25% of retirees return to work, either for financial reasons or because they miss the structure and social aspects of working life. The speaker emphasizes that it is important to find enjoyable pursuits beyond work before reaching full retirement age.

マインドマップ

ビデオQ&A

  • What is the average age for a serious health diagnosis in Americans?

    The average age for a serious health diagnosis in Americans is 66.1 years old.

  • How much does an average American couple need to save for health costs after 65?

    An average American couple needs to set aside $315,000 for healthcare costs not covered by Medicare after turning 65.

  • What percentage of people are forced to retire earlier than planned?

    Over 40% of people are forced to retire earlier than they planned.

  • Why do some retirees return to work?

    Some retirees return to work due to financial necessity or because they miss the social and purposeful aspects of work.

  • How has inflation affected retirees' finances?

    Inflation has increased costs by about 25%, effectively reducing the purchasing power of retirees' fixed incomes.

  • What should individuals consider before retirement?

    Individuals should consider what they will do with their time and ensure they have enough financial security before retiring.

  • How does having a pension benefit retirees?

    Having a pension provides a steady income stream, reducing financial anxiety and encouraging spending and enjoyment in retirement.

  • What is the average healthy active time left for someone at age 60?

    At age 60, most people have less than a thousand weeks of healthy, active time remaining.

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  • 00:00:00
    I've been a financial adviser for over
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    20 years and unfortunately these are the
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    harsh realities of Life over 60 and the
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    first one is you're likely not going to
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    get as many healthy years after you
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    turned 60 is what you're currently
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    planning on and I hope I'm wrong I hope
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    in your situation we're all going to be
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    different but the reality is according
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    to the World Health Organization
  • 00:00:30
    the average American receives their
  • 00:00:33
    first serious health diagnosis whether
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    that's something like cancer or heart
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    disease or you've had a heart attack or
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    a stroke something like that the average
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    American receives that at just
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    66.1 years old that is 13 months after
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    turning 65 when most people retire so
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    it's it we're not going to have as much
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    time as we think and many people think
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    you know what I'm going to you know work
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    till I'm 65 or 67 years old and I'll
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    still have 10 healthy years in
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    retirement but the likelihood is no
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    unfortunately you probably won't so
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    that's harsh reality number one harsh
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    reality number two is related to health
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    but it's different and it has to do with
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    the cost of what it takes to stay
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    healthy from a financial standpoint and
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    that is according to Fidelity the
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    average person once they reach the age
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    of 65 and qualifies for Medicare they
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    still need to set aside over
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    $150,000 to pay for costs that Medicare
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    is not going to cover or to pay for the
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    medicare premiums and so for a married
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    couple that is over 300,00 000 it's
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    actually
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    $315,000 for a married couple so that is
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    that's a huge cost that you know frankly
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    our parents didn't have to worry that
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    much about the next one is after
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    60 the the over
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    40% of people don't get to choose when
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    they retire something happens in their
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    life that kind of forces their hand we
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    all know people people that you know
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    unfortunately got caught up in a layoff
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    that was no fault of their own or maybe
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    you know they weren't able to keep up
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    the skills that they needed in the
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    current job and the reality is we're
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    kind of facing a period of time like
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    that right now we're because of
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    artificial
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    intelligence I I I do think that there's
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    a technology wave coming that's going to
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    be hard for people our age to keep up
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    with it doesn't mean you can't but the
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    time to start using AI the time to start
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    learning how to use it in your current
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    job unfortunately is sooner rather than
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    later so 40% of us are are forced to
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    retire sooner than what we had planned
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    either because you know something
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    happens to our jobs or something happens
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    to an aging parent uh or one of our
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    adult children and we choose to spend
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    time caring for
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    them so that's that's the second piece
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    is many of us are going to retire sooner
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    than what we want and then the other one
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    is about 25% of us that
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    retire are actually going to go back to
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    work after retiring now some people
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    choose to do that because they decide
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    that retirement's not for them I'll talk
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    more about that in in a minute but other
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    people do that because frankly
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    financially they kind of have to they
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    weren't set up to have the financial
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    security uh that they wanted to have and
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    you know because of the inflation over
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    the last four years we've all seen this
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    play out things are 25% more expensive
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    today than they were before the pandemic
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    so another way to look at that is we are
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    all 25% poor now than we were before the
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    pandemic now hopefully your Investments
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    have have been growing and that's offset
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    the impact of inflation but for some
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    people that are on a fixed income the
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    reality is that fixed income is paying
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    for you know a fourth less than what it
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    would have been before the pandemic so
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    some of those folks are starting to feel
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    the cost the pressure of not having
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    enough money to retire even though they
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    they thought that they would be able to
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    have enough money to now what about the
  • 00:04:56
    people that go back to work because
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    frankly interment wasn't what they
  • 00:05:01
    thought it was going to be um you know
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    they just missed the office they miss
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    their friends at work they miss having
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    that common purpose that common Mission
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    you know for for those folks I think
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    it's it's interesting and it's important
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    that we think about you know what does
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    life look like outside of work and is
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    really work the most enjoyable thing
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    that we can think about doing I think
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    initially for many people you know it
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    kind of is and I know that sounds weird
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    and I think it's weird as well but I can
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    tell you as a financial advisor for over
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    20 years it's the most common answer I
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    was given people say you know I don't
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    want to retired because I don't know
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    what else I would do and for those folks
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    I say you know unless you're going to
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    work until the day you die you have to
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    figure out what else you're going to do
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    and you might as well do it while you're
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    young younger why you still have the
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    Youth of your senior
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    years um
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    unfortunately at 60 years old most of us
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    have less than a thousand weeks of
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    healthy active time in front of us and
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    in fact unfortunately many of us are
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    going to get much less than that so hope
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    I hope you know I am 60 I hope I get a
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    th weeks of healthy active time so if
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    we're going to transition at some point
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    if we have to find what we enjoy doing
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    outside of work right cuz after 20 30 40
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    years of work it can be easy to say you
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    know I don't know what I would do with
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    that 40 50 60 hours a week that I put in
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    that work now and if you're in that
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    situation know that that's normal again
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    as a financial advisor it was probably
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    the number one reason that uh I was
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    given now close second would be you know
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    people wanting to be 100% sure that they
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    have enough money to retire before they
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    give up that paycheck and I think that's
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    perfectly reasonable um you know because
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    think about it as long as you're working
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    there's kind of this riverflow of money
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    coming down the river and if we
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    overspend one month um there's always
  • 00:07:22
    next month coming with another paycheck
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    but once once we leave the Rivershore
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    and this is what you know qu quitting
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    your job and retiring is you know we
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    leave the Rivershore and we go Inland
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    where there's no longer a river coming
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    now if you have a pension it's a
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    different story and it's frankly it's
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    one of the real values of a pension you
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    know people will ask me hey SCH my
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    company's offered to give me a lump sum
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    or you know a monthly pension and
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    annuity which one should I take and I
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    tell them I can calculate the
  • 00:07:58
    quantitative answer you know at at this
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    amount of money you're you're
  • 00:08:03
    indifferent between the two they're
  • 00:08:05
    they're equal from a financial from a
  • 00:08:07
    quantitative standpoint but where
  • 00:08:09
    they're not equal is from the emotional
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    standpoint the qualitative standpoint
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    because when you have a pension you know
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    it might be a smaller stream but at
  • 00:08:17
    least you're near a stream that every
  • 00:08:19
    month there's money coming in and folks
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    that have access to that monthly income
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    coming in are more likely to spend it
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    and our more likely to enjoy it and if
  • 00:08:33
    you're curious you know what is the
  • 00:08:35
    average income for reti in the United
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    States it's why I made this video here
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    which I think you'll find really helpful
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    to know how do you compare what what do
  • 00:08:46
    most people have from an income
  • 00:08:48
    standpoint in retirement
タグ
  • retirement
  • healthcare costs
  • financial planning
  • pension benefits
  • inflation
  • forced retirement
  • work-life balance
  • retirement planning
  • financial security
  • pension