Getting To Your Retirement Exit

Ep 28- Why 95% of most retirees are not ready for retirement and what to do about it

May 26, 2021 Jenny Jones Season 3 Episode 28
Getting To Your Retirement Exit
Ep 28- Why 95% of most retirees are not ready for retirement and what to do about it
Getting To Your Retirement Exit
Ep 28- Why 95% of most retirees are not ready for retirement and what to do about it
May 26, 2021 Season 3 Episode 28
Jenny Jones

In this episode with the help from we find out why 95% of most retirees are not ready for retirement and 3 ways to get ready.

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Show Notes Transcript

In this episode with the help from we find out why 95% of most retirees are not ready for retirement and 3 ways to get ready.

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Hi and welcome to getting to your retirement exit with your host, Jenny Jones, I'd like to thank you for joining us here on Episode 28, where we talk about how 95 percent of the people are not ready for retirement. And you're probably wondering, what do you mean, 95 percent? That's a lot of people, actually, it's 93 percent based on our recent polls. We do take polls, very, very precise polls, and they are anonymous at retirement polls, dotcom, that's retirement polls, dotcom.

You don't have to sign up for anything. We don't track you. There are no cookies, there's no sweets or anything like that to track you. All we want is honest responses. And that's why we're able to get such a good turnout when we put our polls out. I normally this is our first time doing the polls and me giving the actual results. So what I'm going to start doing is starting to have a podcast around some of the results that I find out based on the polls that we have.

What I found out in this month's poll is ninety-three percent of retirees or people who are planning for retirement are just not ready. We just flat out asked a question, hey, do you think you're ready for retirement? Do you think you've saved up enough money for retirement? Was our specific exact question. And ninety-three percent of the people said no. Now, that's alarming because I knew you know, I knew some people were not ready, just based on some of the responses that I get and some of the people that visit me over at retirement chat dotcom and where I work with people and asking them what kind of help do they need trying to get to their retirement.

And I honestly got to tell you, I did not know that many people were not ready. And the reason why we made all of our polls anonymous is so we can actually just really find out so that people would be truthful with us. So, again, that's over retirement polls, dotcom, a new poll will be going up at the beginning of the month. And then what we'll do is we'll have at the end of next month, we'll talk about the results of that and talk about some of the things and the solutions we can do as a result.

So with this month's poll, it was clear, do you think you've saved enough for retirement? And the answer is no. So it was about ninety-three percent of people who said no. So I want to talk about at least three things that may lead to that question being no, or why the majority of the people and what I found in just working with people, what tends to be the actual problem or the situation at hand? Let's talk about one of the things that everyone keeps calling me.

I get texts, random texts at night from friends, family. I get DBMS over at my retirement exit Facebook page. I get DM's at my retirement exit Instagram page. We get DM's over at my retirement exit Twitter page and people are asking everybody keeps asking about this bitcoin. Listen, if you listen to episode twenty-seven, I give full details on the reasons why and why you should not invest in Bitcoin. We talked about that already.

I talked about it in length, gave about six points that jump out at you. But that's the problem. When people are not ready, they have a tendency to take risks. Right. And so most of the people I've worked with over the years, over the last twenty years, and preparing people for retirement is when they think they're not ready, they have a propensity to take more risk. One of the risks that I'm seeing a lot of people make is they're starting to bet on cryptocurrency or bitcoin or what have you.

And that's just not the best to make in this type of environment. And again, I laid out in episode twenty-seven the reason why you don't want to do that, especially for retirement, because it is pure speculation, right? It is pure speculation. And as a result of this recording versus even the last recording that I did last month and episode twenty-seven is it's already gone down a massive amount. It's lost a lot of value. Now, I'm not going to say that I'm right.

I'm not going to say that I'm not sure. It's just that there's nothing on the other end of cryptocurrency currently as it speaks. In fact, the last time. Since the last time I talked about it, there's been some some some changes and some awareness brought on by the government of China has already said that they're going to start looking into anything over ten thousand dollars in a transaction. And then our own government here in the United States has already said that they're going to start looking at any type of cryptocurrency, over ten thousand dollars.

So it's going to start giving that same red flag that it gives for regular currency, if anything, over ten thousand dollars. And we already talked about it. Some of the reasons why or why not. They may not be a good choice, but that's kind of really the first problem that I see is when people are not ready, they have a tendency to take more risk. When you really should not be taking you should be taking little to no risk when it comes to retirement planning once you pass a certain stage and once you pass a certain age.

And the reason why I say that, and this may make more sense to you when I say it, is just that if you lose it, you can't make it back. Right. If you lose any of your hard-earned money at this age, at this stage, it's just really more difficult to put back. It's difficult to make that money back because one of the first things is your earning years. You're running out of your earning years.

Right. So and I've talked about I can't remember what actual episode I talked about where when you take those when you start moving in your and your retirement years start running out. I mean, not your retirement years, but you're actually working your start. Start running out. You don't have the tolerance you used to have when you were younger. Right. As you get older, you're you don't have the flexibility of working for people. You really don't want to work for someone that's younger than your own son or daughter.

Right. And so you running out of working years. And so that means that you're not going to be able to go back to work because your tolerance is just to you, like, hey, I'm not going to deal with that. I'm not going to deal with this person telling me what to do. I've been doing this for 20 years. I was doing this before they were born. Right. And you don't want to put those. You want you don't want to have to go back and make those dollars again.

In fact, I mean, it's funny because my wife and I, just had a long, hard conversation. I want to say for about two hours we're on a drive and we're headed down to the Pacific coast. And we just had a long talk about, you know, how much longer do we want to do this? How much longer do does she want to punch the clock? And we want to do all this. And once we put a timeline on it, right, we were already kind of making putting our own things together.

I mean, I have a couple of pensions already, thank goodness. And she's trying to wrap her pension up. But one of the things we talked about is how much more longer can we do this? How much more longer can we get up and punch a clock and literally physically and mentally do this? Right. And once we put that number together, every decision that we made revolved around that. No, he's like, no, I'm not going to do that, because that's going to commit me up to this amount.

That's going to add me up to that amount. And the funny thing, before I get to the next two points, the funny thing I wanted to tell you was my wife, I bought my wife a new car for Valentine's Day a couple of years ago. Right. And it's funny now that the car is almost paid off. Right. We keep getting these calls from the dealership and say, hey, everybody wants your car. It's a unique car.

Everybody wants that particular model. And we're like, wait a minute, you know, why does everybody want this model? Right. And we're thinking we have something unique. We're like, it's not really unique. What you want to do is take my car from me. And you want to put me in another car when this one is almost paid off and that's just not going to happen, right. And so what we realize is and she's like, well, I could probably get another car.

I'm like, no, we're not doing that. We're not getting back into another car, you know, not at this particular juncture. And because we already said, based on when we put our exit together, a car payment is not an option. Right. We want to be done with those things, maybe some maintenance and some things like that. And but we don't want a hole. We don't want to reset what a whole another car payment or at least payment for that matter.

And we did make some I told our son anything we'll do after that, you know, I'll just lease through my business and we'll handle the costs that way when it comes to transportation. But I wanted it to make sense in the lease. Payments obviously would be paid. I would be written off by the business. So my point was, once you kind of determine what day or your time frame you kind of want to exit out, all your decisions should be revolved around that.

So with that being said, the first point I wanted to make was don't take too much risk. In fact, we talked about episode twenty-seven of the cryptocurrency. Take a listen to Episode 14. Boy, have I got a deal for you that will help you avoid a lot of these deals that may come your way in your later stages. Boy, have I got a deal for you. Episode 14. I had a lot of fun.

I shared some vulnerabilities and I shared some of the stupid mistakes that I made as a youth in that episode. It's funny, but it's not funny, but I look back on it now, and I kind of cringe. So it's episode 14. Boy, have I got a deal for you. And then the last episode is Episode twenty-seven, the six reasons why you should or should not invest in cryptocurrency. That was just a previous exit, I mean the previous episode that I did.

So here's one of the things I also noticed in why. Ninety-three percent of the people. We're not ready and what I've noticed, again, when people visiting me and signing up for my programs over retirement chat dotcom, a lot of people just stick their heads in the sand right there. Like, I know I don't have enough. I know I haven't done things I haven't needed to do. So I'm just going to stick my head in the sand.

And that is the worst thing you can do. It's the best thing you can do is try to get a gauge on where you're at. What kind of work do I have to put in? Right. You know, I was watching the email the other night. You know, they had a special on and I heard the guy, he was like he went to his corner. He says, listen, am I behind? Am I head?

What do you think I need to do? Right. He's asking he's like, hey, you're going into this next round, you're behind. You're going to need a knockout. Right. It's better to know going into round three, round four as a championship fight, it's better to know what you need to do. Right. And it's better to know before you go into the round. So if you're going into your last five years, which I outlined the last five years in my book, I do have a book on Amazon and I have some other sessions that I talk about your five-year window and the mistakes that people make going into retirement.

I think it's the five mistakes I forget. I wrote that book so long ago, but I laid it out. It's the five mistakes that people make going into their retirement exit. And in your going into your last five years, you should know where you stand. You should like, listen, hey, do I have to get up? Do I have to hit a triple? Do I have to hit a double? What do I need to do?

Right. What I need to do to at least don't get on base. Not only do I get on base, what I need to do to stay on base until I go until I actually retire and put in my paperwork. Now, one of the funny things about that is most people just stick their head in the sand and be like, hey, I'll deal with it. Let me tell you. And I talked about this. I want to say maybe four episodes ago when I talked about some other things you should look out for going into your retirement exit is I talked about just not knowing there are some last-minute adjustments you can make.

I've worked with people and people have partnered with me that I find out they've held their money in cash for the last, I don't know, six, seven years. Right. And they moved it to cash because the market was going through a contractionary period. Right. So if the market expands and it contracts every five to seven years, well, they moved it to cash when it contracted, but they never moved it back to the markets. So they probably missed out on a thirty, forty-five percent run.

Right. We've had a nice run over the last, I don't know, four and a half, five years. We've even had a run during covered. A lot of people got out during covid, but that's when a lot of money was made. Depends on who you're invested in. So I've sat down with people and literally they have most of their money still in cash or some type of money market or some type of bond fund or some type of conservative fund.

It's like, oh, I want to be conservative when you cannot be conservative because a couple of things is going to happen. And I've said this, I probably say this every podcast. A couple of things happen. You cannot be in a safe one hundred percent safe in a bond fund or a bond mutual fund or a cash fund, because if it doesn't do anything but three percent if it did three percent in a good year. Right. The three percent hurt you because inflation grows at three percent, so you think you may have kept up with inflation by making three percent inflation when three percent and you just broke even?

That's not the case because that money is still there, still taking fees out to manage that money. Not only are they still taking fees out to manage that money, but you will be taxed when that money comes out. So you are really losing rights. You have to be in the market. You have to participate in a market run. You could be to be conservative in a retirement fund and you may have to consult with your own financial professional.

But to me, if you're not getting at least a sleepy seven percent in your mutual funds, you're not doing anything, you're not making any moves. You're not going anywhere if you're not at least getting seven percent. So if you're at least getting seven percent as a minimum. Right. And there are some funds that are doing 12 and 15 percent. But if you're not getting seven percent the least of it, then you're not even keeping up. You're not even making any movement and you're in your funds.

And those are the things we go over, even when people contact me over retirement chats. And I talk about that as a result of these numbers and these findings and all these and everybody reached out to me, I created the 60-minute retirement. So if you go to the 60-minute retirement, that's six zero-minute retirement income. If you go to the 60-minute retirement dot com, you're going to find a webinar that I've put together for 60 Minutes.

It will take you to the next level. So if you're a total novice, you don't have anything going on, I at least go there. That's a free webinar that I put on the 60-minute retirement dotcom. You go there and you will learn so much more and you'll be able to if you're in one of those, do yourself, people. You'll learn a lot just even going there. So, again, that's the 60-minute retirement.

You'll learn a lot by just going there and you'll be able to do a webinar that I do. It's 60 Minutes over lunch break. Most people get 60 minutes for lunch. I do try to run some of the webinars over a lunch period. That way you can just sit through your entire lunch and learn something new. Right. So if you don't know anything else, I would go there, check that out and sign up for that webinar. They're one of you know, one of the other things outside of and also you want to tap into our new poll.

Don't forget to do that. Retirement polls, dotcom. Let's go there and sign up for our next. You have to sign up. You just go in and just go. We'll ask you a question and you just either yes or no or green, blue, orange. It doesn't capture anything from you or anything like that, but it helps us try to help us know what type of content to put together that people want and most that they want to know more about.

As I come to my last point, I want to talk about one of the things and I really think this is good if you go to episode, I want to say it's episode nine. I think it's episode nine. Yeah, I think it's Episode nine when you go to Episode nine, addressing the Elephant in the room. Right. I tell this funny story of how both my wife and I met. It was a big elephant in the room.

That's a funny joke, but you got to chime in there and take a listen and see what happens. But addressing the elephant in the room is addressing the shortfall. If you know, if you did the numbers, if you've got if you've picked up one of our retirement plans that I do for you and we determine what the shortfall will be, say you're going to be short about, you know, five hundred dollars a month to meet your monthly obligations.

You need to address it. You need to figure out how are you going to address it. And I do give some solutions. I do give some ideas on how to address it. One maybe, hey, you know what? You thought you were to retire next year, you're probably going to have to do an additional year. Not only will you have to do an additional year, but you're going to have to eliminate some debt going in.

So you go into your last year, you go into your next two years knowing what you have to do. And I talked about that a little bit early. You know where you're at now, where you stand in the rounds, right. Going into the last round. Can I still win? Yeah, you've got to you're going to be a knockout, you know, in terms of working with me and retirement plan and says, hey, you know, it's two things you need to do.

You need to reduce your debt because if you reduce your debt or your monthly obligations, that's going to give you some money that you're going to be able to survive with. And that's going to help bring your shortfall down. Right. The money that you're short. And I said I may say that. I may just say, hey, you know what? Can you work an additional two years and you be like, well, I wasn't, but if you're telling me I'm going to be short five hundred dollars a month, two things you can do.

You can either continue to work or you can just eliminate that debt. So in your last year, you can say, gosh, I'll just eliminate the debt and remove that altogether. That way, going into retirement, I can make those things happen. The last thing I want to tell you before I do a recap here is we do have a series coming up on my retirement exit TV, that's TV, my retirement exit dot net, that's TV, my retirement exit dot net.

We have a series that is coming up. I've already started recording it. We're going to have. Right now, we have 10 speakers, I'm trying to do at least 12, so we're going to have at least 10 speakers. It's going to share stories. Retirees, they've already retired and they're going to share stories about some of the things that they just wish they would have done differently. Some of the mistakes that they made and that is going to help you out on my retirement TV, they're going to talk about and you're going to see some as I've already started interviewing some of them, you're going to see some common mistakes that a lot of people are making that you don't find out you make until you actually retire.

And that's the thing about retirement. And I've said that you don't know what retirement looks like. It's not a job interview where you can say, hey, I'm going to go in and share these skills and tell them that I do this or tell them that I do that. You don't know because you've never been to retirement. We're going to hear from people who've actually been to retirement. They're going to share with you some of the mistakes that they made.

And if you start hearing this common theme, I've already heard it, but I'm going to wait and see that you subscribe to the channel and see that you hear I have the channel discounted, maybe seventy-five percent right now. For all of my early listeners, all of my early adopters, I think it's forty-nine dollars a year. Right. Something it's something cheaper than X radio. Right. People play XM radio. I mean, this is less than that.

Right. And so I think it's forty-nine dollars. I want to say it's forty-nine dollars a year. But we're going to share lots of different interviews or some other things that I'm going to do, going to talk about someone on one strategy, some different things that you can do. I'm going to take people through and I have done it as well. I've taken people through some of the decision-making when it comes to retirement planning. All of that is up there in my retirement, a TV.

That's where you can actually see it. Right. So I talk about it here. And some of the things I talk about here actually go and demonstrate up there on my retirement TV. That's TV dot my retirement exit dot net, TV dot, my retirement exit dot net and I have a seventy-five percent discount. I think it's I don't know what the discount it tells you. Once you come here you'll see it at the top once you subscribe.

And you're going to start seeing some of these stories from some of these people who have already there are some of them successfully retired. There are some of them say, gosh, man, I wish I would. I did my medical different right there. Some of them talk about, man, I wish I would have moved. I wish I would have moved states. Right. I wish I were to move to a less expensive state, more retirement friendly.

I wish I would have moved next to the grandkids. You're going to hear all these different stories. But these are the things you're not even thinking about now because you're in your money earning years in those things you're not thinking about, but because it is my job to make sure. Did you get to your retirement exit properly? I start discussing these things now. Right. And that's a part of addressing the Elephant in the Room Episode nine. It's a funny episode to talk about my wife and I, but I really get down to business and I talk about how to address it.

And as we do our recap and then the second point I made was don't stick your head in the sand. Make sure you know exactly how many rounds you have left or where you're at in the rounds. Right? Am I winning? Am I losing? Am I ahead on the scorecards? Am I not ahead on the scorecards? We have tools here that will help you with that. I think that's retirement chat dot com. That's a tool that you can utilize.

You can also go to one of the free webinars that I have, the 60-minute retirement dotcom. That's a 60-minute session that should be able to help you. And then the last thing I talked about, well, the first thing I talked about was taking risks. Right. Reducing your risk. Because if you take a risk and you don't win, it's going to be detrimental to you because, for one, you don't want to go back to work.

You don't want to be working. You don't want to be a Wal-Mart greeter. Right. Sitting in a wheelchair when you should really be at home with your grandkids or sitting on a beach or lake or somewhere enjoying your retirement because you've worked for it and you've earned it. Again, this has been Jenny Jones trying to help you get to your retirement exit by any means necessary. I've given you guys I put together a lot of tools for all of my listeners and all of the people that have been involved with me for the last twenty years.

And please take advantage of those tools. I have them out. There are some of them I put together that it doesn't even involve me. They're autopilot. You can do them and look at them on your own. Some of the ones that do require some of my direct coaching, things like that retirement chat. I am available for that if I'm a trusted source. If you've been listening to me for the last twenty-eight episodes and you've determined the fact that I am a trusted source, then take advantage of some of the things that I am offering to you.

If retirement is a challenge to you if you still trying to figure out your retirement number if you're still trying to figure out when do you want to retire? I would take advantage of some of those things I have available, again, been Jenny Jones, be safe out there. Stay out of trouble and I will see you on the next episode. Take care. Goodbye for now.