10 Tips to Beat Inflation in Retirement for Seniors | Live Better, World Travel, Rules

the rules and tactics of retirement have changed High inflation skyrocketing insurance and interest rates at 20year Highs are forcing people to retire later and restricting them from fully enjoying the go- go years of retirement the strategies and tactics that worked in the past no longer work it is time to rethink your retirement with a new set of rules that will put you in the financial control of living the life that you want in your golden years in today's video I am not going to share some hypothetical garbage of what you should be doing we are walking the walk and not just talking the talk each of these 10 rules are things that we have actually done in the past 5 years to significantly reduce our expenses and live our best lives in retirement it hasn't always been easy but we sincerely believe if you are open to thinking differently you'll be able to retire sooner retire better and do the things you've dreamed of in retirement so we're coming to you today from the beautiful island of macius so let's get started we're John and beev and we are the retirement Travelers if you are just finding us we're a senior travel couple who sold everything to travel the world fulltime we also have a website retirement travelers.com where we create travel guides of the places we've been be sure to sign up for our newsletter to get all the latest Deets and you can keep up with our location by following us on Instagram so on to the new rules of retirement rule number one is the rule of new math a quarter really does equal a dollar now I'm sure most of you would never consider living abroad but let's consider the impact on your budget if you took a break from your high cost country that you live in now there are likely more than 10 mli Americans living abroad as expats or traveling for Extended Stays around the world there are many countries that are significantly lower costs in the United States Canada UK or Australia where the majority of our viewers come from now while we aren't interested in permanently moving overseas we love the idea of being Flex pets and spending sometime abroad in lower cost countries the term geoarbitrage means taking advantage of the difference in living cost between different Geographic locations now this really hit home with us when we spent our first month in mine Columbia a few years ago the costs were so reasonable for every dollar that we spent in the states we only spent a quarter in Colombia now you might be saying Colombia are you serious but the truth is it's a beautiful place with modern accommodations and it feels so good to buy a salmon dinner with all the trimmings for the same price as a Mickey D's meal at home so the first rule is to spend at least some of your retirement time in lowcost countries the more time you spend the more you will save so if you've ever thought about living abroad consider going to one of the many countries like Colombia Thailand or Albania and living for 3 months on a tourist visa you know learn a little Spanish in the process play some golf and live a grand life while spending a whole lot less take a break from spendy Ville you know we have a video where we talk about this so be sure to check it out rule number two is the rule of living with less taxes now we've all heard the saying about nothing is certain except death and taxes and you're probably wondering if we know the secret sauce for not paying federal taxes sorry we haven't figured that one out yet but the truth is one of the biggest expenses in retirement is taxes and figuring out how to reduce your tax burden is an option that many people have in their retirement years you know it's one of the best things that our financial advisors do for us they've created a long-term tax strategy for federal tax Management on our investments you know by not owning a home and furthermore having our residency in Florida our savings come from not paying any state income tax or property taxes you know most of you want a home but let's face it some states are more tax friendly to retirees than others when we were living in Louisville Kentucky and considering a condo in Florida it became a no-brainer to us that there was significant savings opportunity to becoming a Florida resident and not paying any state income tax we also experienced this when we rved around America for two years nearly all the full-time RV Community were residents of Texas Florida Tennessee or South Dakota there are currently nine states with no state income tax and several others that are considering doing away with it residency in a lower tax state and minimizing your property taxes can be a great way to reduce your cost in retirement rule number three is the rule of no interest in paying interest the next rule is about getting out of debt and never paying interest again in retirement debt is one of the biggest threats to a great retirement and nearly 60% of people in their Golden Years still have some form of debt now earlier in life you can have a healthy debate about good debt versus bad debt but in retirement we believe all debt is bad it prevents you from retiring sooner and adds to your cost of living you know we made it a top priority well before retirement to get debt free and stay debt free and we have no plans to ever go back into debt again becoming debt free in retirement equals freedom and opens you up to so many more opportunities if you're carrying any debt you need to tackle it and eliminate it as quickly as possible rule number four is the rule of tiny living are you living in a bigger home than you need in retirement downsizing has probably been the most significant and impactful financial thing we've done in retirement you know it wasn't until we lived in our Airstream travel trailer for 2 years that we realized we didn't need a big home to be happy you know living in less than 250 square ft for 2 years changed us for the better and it changed our relationship with stuff you know selling our home and living a nomatic lifestyle has dramatically reduced our expenses and given us the freedom to live differently you know even if you don't want to sell at all consider downsizing to something a little smaller with lower maintenance costs you know we believe it is worth your effort to fully analyze the cost benefits of downsizing retirement was the perfect time for us to make the transition and we haven't looked back eventually you know most everyone needs to vacate their family home because physically they can't take care of it anymore but many people miss an opportunity to do it early in retirement the truth is many people hang on to the Nostalgia of a family home far longer than truly benefits their family rule number five is the kids don't want mature stuff now the next rule involves hanging on to your stuff now we could use a different word but this is a G-rated Channel you know for many years we held on to things in the name of saving them for our children we stored them we packed them in the Attic we hauled them on moving trucks and packed them away again we did this several times and along with holding on to extra Furniture to gift them at some point you know finally when we were selling everything to go travel the world we came to the realization that our children didn't want or need everything we had yes they wanted a few keepsakes you know a few nice pieces of furniture but overall not nearly as much as we anticipated we have heard the same story from many of our viewers as well you know we think the best gift that you can give your children is Swedish death cleaning and if you aren't familiar with that concept check out our video here rule number six is the rule of use it or lose it now this rule use it or lose it applies to physical health most of the time but in this example it applies to taking stock of your toys now we had two big toys that really stand out as examples for us a second home and a boat now be had grown up in a golfing family and her passion is Golf and her dislike is cold weather so her dream was always to be able to play golf year round and so we promised ourselves that we would make it happen in retirement because we could live taxfree in Florida it made perfect sense for us to have a condo in Florida and become snowbirds what we learned during our three years of snowbirding going back and forth between Florida and Kentucky is that we were wasting a lot of money on our huge toy called a second home you know we were paying for two of everything we were paying property taxes maintenance and insurance on two homes we didn't even use 50% of the time it was a colossal Splurge that we didn't make the most of you know this concept applies to any type of toy that you rarely use a boat a time share Etc rule number seven is to consider a granny pod one of the biggest assumptions when we meet people is that we left our kids to go travel the truth is our children all set out to make their way in the world ending up in different states if you took our life of world travel away we would still have five kids to live in different places our desire is to spend time with each of them traveling and also visiting them in their hometowns our problem is they are in four different cities hours or days apart recently we did a video where we told about our decision to sell it all and go travel we had so many people assume that we would travel until our money ran out and then we would be forced to mooch off of our kids now this got us think that they were probably way more brilliant than their uninformed comments implied you know this year we have been considering how do we travel full-time and also live a life more efficient for the content creator you know our dream of World Travel is just as powerful as ever but we also find ourselves wishing we weren't missing those early years of Our grandchildren's Lives we needed to find a balance in our lives between work travel and grandkids you know buying five homes doesn't make sense for us but wouldn't it be wonderful if we had a place near each child that we could come and go you know be off the road we could work on our blog and and videos and be with you know be near them at the same time you know the next best thing for us is actually setting up a living space in each of their homes or nearby you know and separating our travel from our work you know essentially we want to go travel travel travel then stop and work work work and visit visit visit and be a a a part of our grandchildren's Lives you know our blog requires time writing and this doesn't have to be done on the road our oldest daughter has an in-law suite in her basement and this is a great place for us to be when we visit her you know so we reached out to our other children and they also agreed create a space for us in their homes as well you know we're still working on this goal and one of our daughters just completed a space for us in our basement and it's all starting to come together you know our kids are happy to have us our grandchildren are thrilled and we'll be living The Best of Both Worlds full-time travel and meaningful deliberate grandparenting when we're back home you know we've raised five well-rounded children and you know we're thankful for them and their spouses that they've been so generous for us you know we couldn't be happier with the idea that we'll be ring grandparents coming in and out of our grandchildren's lives and being a part of each family in a me meaningful way we look forward to creating many great memories in the future we think this is an idea that many people might find appealing a granny pod we know everybody's situation is different but the point is to get creative when crafting a living solution near your children during retirement why pay for one home live smaller so you can spread your love between all your grandchildren rule number eight is the rule of not retiring now we don't mean put off retirement but what if you can get paid to do something you love doing you have a new goal along with the flexibility to only do it as much as you wanted now this is starting to sound appealing there's a Japanese concept called eeky guy that roughly translates into a reason for living it's the intersection of what you love what you're good at what the world needs and what you can get paid for you know for many people finding a passion in retirement and make a little extra money makes a whole lot of sense you know some people find their purpose and never want to give it up in the first place and to that we say we get it you're living your best life for us traveling the world while working on retirement Travelers checks all the eeky guy boxes and it's the perfect activity for us to offset some costs while making memories learning and building a community of Travelers you know look around your life you know take stock and figure out if there's an igy guy opport for you rule number nine is the rule of cheap is good but free is better our next rule is to take advantage of every discount available who doesn't love a bargain especially in retirement you know we recently stayed an entire month in the Cape Town Hyatt Regency for free using points from our Chase Sapphire Reserve card now this is one of our favorite hacks but there are many more out there for seniors you know when you're staying at a Hotel chain restaurant or you know flying on the airlines always check for senior discounts the senior lifetime pass for the US National Parks is another great example of a great discount if you're 62 or older you can purchase a lifetime pass to the parks for only $80 making your way through the national park system is glorious and it will give you a new lease on life doing it for almost free now that's even better you know if you found some great discounts for senior Travelers please share them with our viewers in the comments below rule number 10 is the rule of prevention over cure now you know the old saying about an apple a day keeps the doctor away well this is a rocket science yet it can be very difficult for many people including ourselves you know staying proactive with your health will save you lots of money you know give you a better quality of life and hopefully enable you to live a more enjoyable retirement it it just takes some simple changes in diet exercise and healthy habits and it can make a big difference as we travel the world we aren't always perfect you know with our healthy habits with gelato is our downfall but we do walk everywhere you know I still run 30 miles a week we carry backpacks we take stairs you know we we get our routine checkups and we try to eat as many healthy meals as possible small changes in your habits can make big changes in your health and also reduce your overall retirement costs as well you know nothing feels better than good health and knowing that you're setting yourself up for living your best life and retirement you know that is our passion in life so we hope that these 10 rules have given you some ideas you know things to think about to save money during your retirement years you know if you found value in this video please hit the like button and share it with a friend Happy Journeys and we will see you next time be sure to hit subscribe subscribe and follow along on our retirement Journey around the world

Channel: Retirement Travelers

Views: 62,002

Keywords: retirement, retirement tips, retirement travelers, inflation and retirement, retirement living, how to live better in retirement, senior inflation tips, live better in retirement, how to beat inflation in 2024, inflation in retirement, how to beat inflation in retirement, beating inflation, retirement rules, retirement travelers youtube, beat inflation, rules of retirement, new retirement rules, tips for retirement, retirement travel, rules for retirement, world travel

Id: jD0VyoW0oIY

Length: 16min 37sec (997 seconds)

Published: Sat May 11 2024