5 Reasons to Retire as Soon as You Can
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- Опубліковано 10 чер 2024
- Retirement is a significant milestone in life, often marking the transition from a career-oriented existence to a more leisurely and fulfilling chapter. But how do you know when it's the right time to retire? James explores five compelling reasons that might indicate it's time for you to embark on this new journey.
1. Time is the Only Non-Renewable Currency - Unlike money, time cannot be replenished or regained once it's spent. As we age, the value of time becomes increasingly evident. Health, energy, and vitality diminish over the years, underscoring the importance of making the most of the time we have left. It's crucial to strike a balance between financial preparedness and the quality of life you desire in retirement.
2. Prioritize Your Health - Your health is a priceless commodity, and retirement offers an opportunity to focus on nurturing it. While you may have decades ahead of you, not all years are created equal. Retirement presents a chance to prioritize self-care and well-being, ensuring that you enjoy a higher quality of life in your later years. By stepping away from the demands of the workforce, you can invest in activities that promote health and longevity.
3. Reconnect with Loved Ones - The hustle and bustle of a career often leave little time for meaningful connections with friends and family. Retirement affords you the opportunity to devote your undivided attention to nurturing these relationships. Whether it's spending time with grandchildren, reconnecting with old friends, or deepening bonds with loved ones, retirement offers the freedom to prioritize these invaluable connections.
4. Embrace the Present Moment - While it's tempting to postpone retirement in pursuit of financial security, it's essential to consider the present moment's value. By retiring at the right time, you can make the most of your peak years, maximizing both your health and your enjoyment of life. Rather than focusing solely on the quantity of years ahead, consider the quality of life you can achieve by retiring when the time is right.
5. Financial Readiness - Many individuals find it challenging to make the leap into retirement, even when they are financially secure. The transition from a career-oriented lifestyle to retirement can be daunting, and it's natural to feel apprehensive about this significant life change. If you've achieved financial stability and have a clear plan in place, retiring may be more feasible than you realize.
Retirement is a milestone worth celebrating, but it's essential to approach it thoughtfully and strategically. By considering these five signs, you can determine whether retirement is the right decision for you at this stage in your life. Remember, retirement isn't just about financial security-it's about embracing the freedom to live life on your terms and pursue your passions with renewed vigor.
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⏱Timestamps:⏱
0:00 - Time is non-renewable
2:15 - Improved health
3:58 - Friends and family
5:14 - Best years are limited
6:30 - Financial readiness
8:18 - Think ahead
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Retired almost two years ago at age 55 as a single woman. At beginning of it, my conversion with anyone started by being questioned “What do you do all day?” People including myself identify ourselves with work. I went through self doubt, fear of spending, loss of identity… Now I prioritize everything I neglected when I was working. Stepping into unknown is scary. But for those of us who can retire early, do it. More money can’t buy happiness but quality time spending doing what you love with those you adore can.
Amen! It IS an adjustment, but well worth it. I started capturing my "this side of retirement " on my channel, trying to reflek what it's like for me & my wife.
When my dad retired I knew he was keeping busy reading, fishing, and keeping up a house. But I asked him what he thought of people who were afraid to retire for fear of having nothing to do. His answer was " they have no imagination " ! My own answer is that unless you really love your job, anything is more fun than working !
Fear of spending...yes! This is especially true now with this unbelievable inflation.
You are 100% correct! I just retired at age 55. I did so for the reason you mentioned. After Covid, I was exhausted and extremely exhausted both physically and emotionally.
Sitting on a hospital bed owing to work stress triggered conditions watching this - seems like a divine message that it is time to respect time more than money and pull the retirement trigger. Thank you James!
Best Wishes!
Heard a retirement person say ‘ When you won the game, stop playing!’ Consider it
Wishing you a speedy recovery & wonderful next chapter of life.
Yes, as a wife who asked her husband to retire early, please do so if you can! Time is our most precious commodity and money cannot buy more.
Best wishes🙌🏽
Having recently retired at 63 after 40+ years of sedentary work, this video resonated on so many levels. Being chained to a desk for 8-12 hours a day is a killer. It's so liberating to be able to wake up when I want, go to the gym, and stay as long as I want. It just may have saved my life and health.
That's why I try to do everyday at the age of 39 :)
Retired 52. One year anniversary today. Left a job i loved at my peak earning. Medical... Watched too many patients pass young.... With lots of money.... Slow traveling the world. Prepared for five years mentally.... Sold everything. Spent less than 3k for the month in Malaysia...under 3k here in Thailand....
That’s beautiful.
@@loljk9443 You are beautiful............
Covid lockdown woke me up to the fact that we have enough saved to FIRE at 50. My wife and I are winding down our jobs and moving to Europe in September. Our plan is to travel for the next decade and experience the world. I semi retired last year and worked from home. Taking naps every day and not having to be somewhere for fixed amount of hours is truly liberating. There is no amount of money that will be worth it for me to ever go back to work.
I've decided, the big day is June 3rd.
July 17th for me....good luck to you!
Congratulations. Good luck with your next chapter.
Congratulations! It's a whole new world out there.
Thank you guys!
June 1st can't come fast enough...congratulations
I retired at 62 after teaching for 23 years. I never looked back and regret nothing. I have had time to watch my grandchildren grow up and to form really strong relationships with all of them.
I "retired" 3 years ago, at the age of 37. It's the best thing I've done. I still work with various things, about 10% of a regular job in terms of time. But I mainly rely on passive income and focus on my passion and hobbies. Being the master of my own time is amazing.
If I was more ready financially, I would retire TODAY. For me, work has always been something that is a means to an end. I've been known to say "This whole work thing sure gets in the way of my real life!". I have "things to do places to go and people to see" all the time. I don't dread retirement, I crave it!
Thanks for acknowledging the fear and uncertainty of making the jump. I’m 59 and have 4 more working days until retirement. I’ve been financially ready for at least 2 years but kept putting it off. My friends can’t understand why but it’s a big deal to me. Still nervous about walking away from a high paying job with people that I love being around, but it’s finally time.
Congratulations. Same scenario with me. Last working day is next Saturday. Will be my 37th anniversary with the company and my 56th birthday.
@livezero264 👍👍
I am so happy for you. You are in the “youth” of your senior years.
Walk out and burn your shoes. Enjoy. Don’t look back.
Retirement is a new season, not a break from the grind. Find purpose as soon as you can and do things you love. Give. Give. Give. Give. Give.
Three years ago I retired at 66. I enjoyed my career but felt it was time for the next chapter. Three years in I'm beginning to feel the inevitable decline. I am probably down to 7-8 years of travel and adventure and I wish I would have retired a couple years earlier.
my 30 years are from 43 to 73 - currently at 54. I am glad I retired when I did, because there is no way in HELL that I would have been able to do, and live the life I did, during these years than I would be able to do from 70+ onwards. Retire now gents. You only go around once.
But will you be old with little money?
Yup. Did it at 45, 14 years ago.
Could have done it at 42, but the reason he mentions in #5, held me back for while.
Your videos late last year helped to encourage my husband to retire early. He's 11 days in and we know it was the right decision.
One of your best videos James ! People need to wake up ! As i read in a book: the value of money decays with time.
I am 63 mentally retired, feels so good, as long as I can I will go to work, but absolutely not stressed about it.
My husband & I have watched A TON of videos on retiring. Yours have been THE MOST helpful!!! Thank you, James! He retired last week, and we feel very ready for it.
The 3 stages of retirement, go-go-go, slow-go, no-go. For go-go-go, you travel a lot and need lots of money that you hopefully have accumulated during your career. For slow-go, you need and do less, for no-go, you do minimal travel and need less money for that and will use more of your money on health costs. I hope you are able to spend as much time in go-go-go as you able to. Cheers, Tom
HOW did you get so much wisdom at your age? LOVE your messages. I am 70, I work at a retail store 2 days a week..... Correction, I did. I Quit. I LOVE to volunteer and that is what I am going to do more of.... I am physically very healthy thanks to 45 years of working out in all kind of avenues....Samanthas Purse is one of the best organization on the planet for me...thank you for reminding me of precious time and need for giving!!
My thoughts exactly, as to how this guy got so much wisdom as his age. He appears to be quite young. He is clearly wise beyond his years.
I gave my boss 5 days notice and retired. I was 58. My retirement advisor at my bank told me I should've retired at 55 and what was I waiting for?
My son is on track to retire at age 50.
It was something I went back and forth on, but I am planning retirement this summer after 27 years of teaching. It's amazing how many people have fear based reactions when I tell them I'm retiring. I am in my late 50's but have been working full time since I was in my early 20's. I'm tired and I've got bone on bone arthritis in both knees, which have begun to give me problems. It's time for a slower paced life and to take care of myself.
You are so correct. People that think they will live long forget that the qualify of life diminishes with each year. It is harder to get around, we have more pains, etc. etc. Also there is no guarantee we will live much past 65. Many die in their 60's or before. And I have a 6th reason. Retire before they raise the retirement age or reduce benefits !
Does retirement lock in your benefits? Can’t they still reduce your benefits?
@@happyappy19931Unless Congress does something, recipients may only get 83% in monthly payments after 2034 or 2035. But if you are relying on SS as your sole income in retirement, you are on the wrong retirement track!!!
It locks it in as far as your age goes if you are already retired. If they raise the age they won't make you go back to work if you were already retired. And it will be a lot easier for them politically to reduce benefits on those not retired, than on those already retired.
I am retiring at the end of July. My wife's health actually was the catalyst for that decision. You are so right about time vs $. We won't be getting the same kind of income we did when we both worked but that is not the # 1 priority for us any longer. We won't be broke and we need to focus on the time we have left and trying to improve the quality of that time for as long as we can. We worked all our lives to build for this day. It's definitely time! :)
Hi this message really hits home. All 5 of your points were very well presented. Thanks man!
This kid is wise.
James should have more subscribers! I've watched several of his videos, and they are informative and relevant to folks nearing retirement. Thanks for another great message James!
Retired this year at my peak earnings. Had shoulder replacement and once insurance paid for operation I was out. Bought the things that needed to be bought, great condition used truck, new bed and dishwasher to name a few. Time has flown by. My BP is substantially lower. On COBRA now and will have a knee replacement soon with the idea that 2025 I will be healthy enough to ride my bike on Rails to Trails around the country while visiting family and friends. My GF always mentions how calm, relaxed and happy I am now. Don't wait for the "perfect" time.
Thank you, James. Great video. I'm retiring after 45 years of government service at age 64. Retiing in a few months. I'm going to visit family members who live in the midwest and continue my gym workouts after retirement. So I won't feel guilty about retiring. I'm a native of southern California and will remain here to enjoy my time at the beach.
The "hamster wheel" applies only to those who dislike their careers. Others love their careers and plan never to "retire," which is not part of their purpose. Bottom line: do what you enjoy doing, and if that includes a career, embrace your destiny with contentment. Further, travel is overrated, IMO. I traveled when I was young, including Europe and several cross-country trips. Travel is ideal while young, and very difficult while old; i.e., Americans have their priorities backwards. Also, unless you direct your mind to something productive while "retired," you might hasten dementia or poor health. Good stress and work are not necessarily debilitating.
Ha. My health issues started led to me retiring unexpectedly.
two thoughts on those first two points: in making the decision to retire I asked 1) "how much money can a dead man spend?" and 2) regardless of health acknowledged that people die in accidents every day, nobody knows when their time is up. And so with a little over seven figures already in 401k and IRA we retired. The IRS Rule of 55 is our ticket to ride!
Great video as always James. Great points all around.
In my 40s with a few million in bank account. Not sure if I should retire now. So this video is valuable in helping me decide.
I retired at 50. I know it is difficult to walk away from a high paying job. I did, and do not regret it at all
Thanks James for the informative video!
My favorite video of yours so far. Too often we just look at the numbers
I retired 14 years ago at 42. But it wasn’t a consequence of cleverness, acumen, intelligence, or planning. It was pure luck. We control precious little - if anything - in life, making your message all the more urgent.
Well said. Not to undervalue the financial end, but all of your other comments are so common in my work circle. The idea that lifespan equals quality years, and perhaps the greatest fear of the unknown identity and purpose. I also appreciate that this isn't always coming from those you'd expect it to...those that truly love their job. But sadly from those that have just settled all these years, yet cannot give up the known for the unknown. Keep up the encouragement. Many (incl myself on some of these points) need the reminder.
Great insights, especially #1!
Step 5 is challenging, even to semi retire. Very insightful, well said.
Hi. I started my YT journey last month. Your words helped me make a decision to retire early. I want document my 5 year journey to my own financial independence so others can learn and have hope they can do it too! Thank you for your videos and sharing your life!
@Jamesconole This is one of your best uploads. I had planned on working a few more years. I ended up with a new boss, and the job changed. I am happy with my decision to retire.😊
Great video. Very wise points to consider.
You are 100% correct! I just retired at age 55. I did so for the reason you mentioned. After Covid I was exhausted and extremely exhausted both physically and emotionally. During Covid I felt like I was going to possibly die from the stress with both work anf family. I am now working on recovering from all of that trauma including the issues that were already taking place. I thank God so much for allowing me this opportunity.I encourage anyone that can make eraly retirement happen to do so. Its the best thing you can do for yourself, your quality of life on you senior years. God bless you 😊
Prioritize your health #1
Thanks very much, James.
Absolutely Positively Well Said. I, am 62 yrs old and I, was able for Social Security Benefits after 43 yrs of working history, Thanks a lots, Sincerely
This was a great video, I also would add that working part time at a younger ager through an older age could add both purpose and give you plenty of time back as well. They key is “early” or “younger” time. Most of us don’t realize how much life will change as we age and our bodies/health decline. Keep up the good work James.
I’m 34 and obviously nowhere near retirement but I have managed to save enough money where I don’t have to care about job stress anymore. I can’t tell you how liberating it is to go to work because you want not because you have to. It also allows me to take more risks in my career, some of which just might pay off. I’ll likely never fully retire as I do enjoy working but my goal is by age 40 to have enough to start parting down the hours or going part time
I have retired at the age of 61yrs old have no regrets If I could I would have done sooner at least I had more quality time with my 98yr old mother passing away a year after retiring.
A very valuable and detail presentation . I have friends
that refuse to retire even if they don't like their jobs.
Very smart video. I wish more people learned about these things before it's too late to realize it.
Love your channel. Would you consider doing an episode on what are good options for liquidating your primary residence?
James, does your company offer a service where you run the numbers without the money management part of the services?
I have seen his video…and is in his description box…you can sign up for his retirement academy…access to special videos, software…and does not include any personal coaching or money management. Cost is approx $200.
Ya your 100% on the money always thanks I’m living it now 🙏🙏👍
I'm in my 40s and am probably 15 or so years from retiring. But I've been watching some retirement videos just for long-term thinking and planning, and James' videos are probably the best I've watched. Congrats to all the people who made the decision and do not regret it!
Take a look at his colleague Ari's videos too. They're both great.
Good advice sir
Good video.
Great video, apparently I am ready to retire because that is all I am thinking about. I’m tired of the stress of work I feel like I never have time for myself. I will be 64 when I’m ready to start a new chapter in my life. I’m looking to retire in six months, I hope I can hold out till then.
👍🏻 excellent! People often believe retirement is the end. Instead, know it is the beginning of a new chapter of the rest of your life 🤎
I want the daylight back! My office is a bunker.
Was fortunate to be able to retire at 54/55. Have spent the last year travelling with my wife, focusing on family, focusing on fitness and mountain bike adventures with friends and coming to grips with finding the new me without the identity I always carried associated with a successful career. The last has been the most challenging! But, the career was killing me :). So glad I’ve made the choice.
People want to travel when they retire.
Screw that. Traveling is extremely stressful, especially in or near bigger cities. I hate people, so travel isn't for me.
I'll take a slow, simple, quiet, boring life around Nature and do my hobbies to stay busy.
same!!
You and I would be friends.... I hate fing people also!!!
Couldn't agree with you more! Love your comment! Made me feel less alone. Almost everyone seems to be traveling...I have no interest. Give me my quiet, peaceful life with my local parks and beaches...my library and a cafe to sit in sip coffee and read, please.
As long as your happy and you keep moving and active
Do you lift? Chest and traps looks great James
Somebody reads / follows Peter Attia, MD. :) Good video, James! I've talked with countless patients through the years who were neglecting all aspects of their health to make more money, even though the last thing they needed was another million dollars, investment property etc. Never understood compromising all the other important aspects of life in the relentless pursuit of higher net worth.
Thanks for all the great content!
Gratuitous and irrelevante plug (not even in the same field) completely undermines your credibility.
1 thru 4 may be a wake up call for some; but a philosophy for others. Working in a profession which is rewarding for you, can help keep you happy and healthy. A good fit can also make for rewarding times with coworkers and family as well; and this can be your best years… The Downsides of retirement can be overwhelming if not prepared. Live your life, retirement or not. Don’t be a slave to the ‘Bucket List’ and live now. Move to Europe, or Cruise Shipping it; being Happy comes from within and self worth.
i could not find the video he referenced / pointed to. i wish I could connect w/ these guys a root. They sound like they have a great CFP planning service.
He’s good looking!.!.
James Console, so shall I retire at 33 (I think I can)? Why then do all your case studies involve people above 50?
Time is most certainly...NOT...money.
These questions are looming on my mind. I'm 56 and had both a bad choice of career and my first job out of school. Without going into the details I didn't start making reasonable money until I was 40, and twice had to cash out small 401K's to pay off debts. I'm finally saving and building up assets, but am in a place more when I should have been at 36. The stressors now are technological changes making my career more redundant, and not wanting to have someone pressuring me to retire by telling me I'm too old and out of touch. In theory if I keep this same situation until 70 I could have a pretty nice retirement, but it won't be that way, and the concerns I have are housing and health insurance. I've had a lot of people rubbing it in my face how little I have, but I'm also seeing men my age up to their early 70's who seem fit and active dying suddenly, and my father's death at 46 from problems brought on by work had a profound effect on me. I'm really feeling like 62 (less than six years from now) to get ready, and step off either as soon as I get the insurance/living arrangements settled or at 65 with Medicare.
All good points, and if physical ailments and the grim reaper were all to worry about in retirement, then you’ve nailed it. However, neural degenerative diseases are becoming more common and require A LOT of financial resources to manage. And, ironically, retirement appears to accelerate the process in some people, so if one has Alzheimer’s, or another form of dementia, in their family, your plan may not be appropriate.
You talk about people who are 60 and 70. Can you do a video of you ate in your late 40s or early 50s?
I don't plan on retiring. Working gives me enjoyment. However, I have enough money to retire. My job isn't stressful. Those diseases you named are usually inherited.
James, you pointed to a video link and there was nothing there... did something get missed in post?
ua-cam.com/video/8xkZgsMI9Co/v-deo.htmlsi=i4_TfSa2aa9aPXpD
Question for anyone who knows: If my wife and I were retired, filing jointly, and receiving $100K in social security per year together, and we had a long term capital gain of say $90K, what would be our tax ? (wondering if the $90K adds to AGI and provisional income causing more of the social security to be taxed, and assuming the long term gain has 0% tax, but not positive). Assume there is no other income and standard deduction
Amazing video
I’m 47 and plan to retire at 57. We can all plan but God has his own plans. I have seen way too many people that hold off retirement. And refuse to spend the nest egg they have built. And then drop dead, and their heirs blow the money immediately on all the things the person never enjoyed.
Your advice is very realistic , no body has been able to make people understand how valuable is quality of life and precious time
I retired at the age of 65, I am now 77 , all this time I didn’t do anything but enjoying the time of my life , I have my home paid
Since 2005, so no worries in that department,l live very comfortable life, the only thing that’s l have take a break is on travelling
I just hate the hustle airport, hoteles transportation, and scammers in every city you visit , must have your antenna always scanning
For fraud, YES take time out and enjoy the years that are left , l feel like 60 years old, instead 77 , because all my life I had taken care of my health exercise, which I still doing now and eat at home ,I know what I put in my body , when I see folks young the me in walkers , l always wonder how they got to be so sick , 😮
do you think you should have retired earlier than 65?
But some go down hill health wise after retiring. Maybe lack of a routine/ purpose? Not really sure but it is common, especially in Men.
Easier said than done of course..
What if you don’t have or really want friends and family you’d rather not want spend time with?
No of us can by time.
I tell people I want to retire in 5 years for the exact reasons you mention.
We can collect full pension in Canada at age 65
A stressful job can irreversibly ruin one's health. Heart disease takes years to develop, I know ppl that had stroke, heart attack within 5 years of retirement.
Retiring in 3 months at 32.
Not saying that working is bad, but to retire- assuming you are ready financially, psychologically, etc.- and to have all of your time be your own, is a much more attractive proposition!
Don’t you need money for that? I’m assuming you mean with retirement funds to last until death in place. Right?
Thanks! I make sure i retire at 45 yrs old. I have 2 kidneys 😂😂😂
Good to see that staying at work is not shamed. I would make more retiring than I earn today, but I like work and have never found anything I like better. I have very good health, but I've already lived longer than I ever imagined, more than twice as long as my father. I've traveled to many locations in different hemispheres, but that is much more stressful than work, and far less rewarding. I would prefer to die on the job. I don't know what will happen to my money and don't really care. Money was just an bonus for doing something I love doing. I've even said that I would do my job for half the money. Fortunately, I get both.
Very sad ... Unless your curing cancer. Your excuses are pathetic. You sound like a carpenter ant, or some insect who's life span is birth, work, death. My assumption is you can't afford to retire. You must be a blast at party's.
I still have a problem shelling out $20,000 a year to my FA... with no guarantees. Big problem with that. $20K x 20 yrs = $400K (not compounded) and that's not even counting that it will grow as my savings. Gah
You give 20k a year to your financial advisor?
At 33 I could retire now
But I wouldn’t know what to do with myself
Re-invent yourself, can't ask for a better opportunity
I dont think you will be happy retired early, that will be very boring and maybe depressing feeling useless, what we need is financial comfy & safety
Retirement early
People say we can always make money, WRONG ! if that was the case it wouldn't take years to succeed and most people dont have money. The reason most people work is tp stop working but its not happening.
This observation is true for most situations especially in third world countries.
Time is your best asset when it comes to investments making money for you. Start in your 20's instead of "living your best life".
It's inspiring to hear about your financial accomplishments and the positive impact of your investment decisions. Your journey serves as a testament to the power of proactive financial planning and the potential for anyone to start building wealth at any age. Here are some key takeaways from your experience:
Everyone is going to die. Jesus Christ gives eternal life to all those that come to Him by faith and believe on Him. People research many things but most people reject Jesus Christ and die and spend eternity in hell. This life is not all there is.
I retired because the dollar is worthless and collapsing.
(Reposted)
I retired at 47 and I’m 51 now. Best decision I ever made. All the relationships in my life have benefitted especially my marriage and I love the slower, stress free life. Yes I was lucky to be able to be in that position financially at an early age but I reject all the naysayers and jealous folks who say things like “you are too young to retire”, “I will work until I drop” etc. each to their own, I can just share my own experience.