This video discusses seven of the most important things needed for retirement. Specifically what you need to own to retire. This list is based on comments and polls run on HolySchmidt.com and here on YouTube.

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When we enter retirement, we're told that we need to save. We need to moderate our spending. We need to be really cautious because the amount of income coming in is fixed and the world and the expenses in the world are not. All really good advice, of course, but there are things that you need to own to navigate retirement successfully. This video will cover off what those are and why they're important. So let's get into it. But before we do, please make sure you click subscribe and notifications so that you get alerted the next time I post a video. I post about twice a week.

Point number one is owning a reliable car. A car is not optional for most retirees. You need to be able to get to and from places in retirement and oftentimes family not around or they're just busy. A car represents freedom, doing what you want to do when you want to do it. Particularly as you get older, oftentimes freedom feels like something that is not necessarily available like it used to be. Most importantly, a car represents safety, something as basic as a doctor's appointment or something as urgent as an emergency requires you to get in the car and go sometimes. And if you don't have a car to get in and go, you'll be in trouble.

Point number two is a home. In fact, you don't need to own a big home, but a safe, clean, comfortable home is important. It represents an element of safety for most retirees. Now having said that, I have published videos on why rent and retirement versus why own, particularly if you're going to do a lot of traveling. But for the majority of people, what they really want from their home and retirement is an element of safety. A place that's paid off, a place that where you don't have to worry about expenses, a place that'll be there in 5, 7, 10, 15 years, in fact, for most people.

Point number three is an emergency fund. Bad things happen, and they seem to happen more frequently to people in retirement, unfortunately, than they do to people in their 30s, 40s, and 50s. So having an emergency fund is of paramount importance. I generally recommend what most financial planners recommend and that's having three to six months of expenses set aside in a fund that is easily accessible in case something goes wrong. Point number four is insurance, specifically health insurance, good health insurance. So strong Medicare supplements for example, and life insurance if you need to protect someone in case of your early departure. Also, long term care insurance provides a lot of comfort to many retirees, knowing that they'll have the funds in case they have long term care needs.

Point five is a good set of luggage. Let's face it. One of the things you have a lot of in retirement is time and what better way to fill your time than travel. In fact, it's the number one activity for retirees by a country mile, but having a mediocre set of luggage creates problems. Sometimes they fall apart. Sometimes they just are expensive because you have to buy twice instead of buying nice. Owning a good set of luggage will allow you to take advantage of the environment you're in. At the same time, keep everything where it needs to be as you're going from place to place. Point six is access to a health club or at least exercise equipment....

Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.