7 Ways to Test-Drive Retirement (Smart Steps Before You Retire)
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- Опубліковано 28 чер 2024
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Timestamps:
0:00 7 Ways to Test-Drive Retirement
1:12 Strategy #1 - Extended Time Off
4:02 Strategy #2 - Test Drive the Budget
5:37 Strategy #3 - An Off-Ramp Into Retirement
6:16 Strategy #4 - The Ideal Schedule
7:00 Strategy #5 - Stress Test Your Fears
10:15 Strategy #6 - Trial Run on the BIG Goals/Hobbies
12:00 Strategy #7 - Mini Retirements
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Always remember, "You Don't Need More Money; You Need a Better Plan"
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I test drove my retirement during the Pandemic
I transitioned from full-time to 2 days a week with fewer responsibilities for a year and realized I didn't miss anything. It was easy to retire fully at that point.
I'm on my 9th week off on my "retirement test-drive". I am scheduled to go back to work for two weeks, then retire. My manager would be thrilled if I canceled my retirement, but I'm not going to! 🙂
When I retired 13 years ago, I already planned on working part time. I wanted to do things I always thought would be fun or interesting, give me some additional spending money not to feel guilty about spending and to help me transition into full time retirement. I did that for about 5 years, had 2 different jobs, and enjoyed it a lot. When I stopped working part time it was to take on plans and activities I have decided on doing next. I had some minor adjustments and reprogramming to do but overall, my transition was fairly uneventful and smooth. Larry, Central Valley, Ca.
I went from 45 hour weeks managing young people, to a 30 hour, 4 day a week non management job for 2 years. That was my glide path. Retired 7 months ago. Loving retirement so far!
Really excellent content. Always look forward to your Friday topics.
Great suggestions in this video. Switching from active work schedule to having tons of free time can be overwhelming, and depressing for some. During a prolonged unemployment period, I found it useful to setup a whiteboard and create my own projects. During that time, I also found it interesting to refresh some old math and physics skills on free websites, like Khan Academy.
With all the free time ahead, I'm looking forward to reawaken my astronomy interests, and do some gardening that I simply can't do with my work schedule right now. Maybe I'll finally learn a new language, and be able to travel there to try it out.
More than three years ago I calculated what my income in retirement would be, I then budgeted to live on that amount. It took about a year to make it work. As it stands now I will get a raise when I retire.
Also, the numbers you use make the vast majority of soon to be retirees tune out because they aren't even close to those numbers. Almost every you tube retirement/investment planner uses investable asset numbers that less than 2% of the people have.
Considering a quarter of retirees have no retirement savings and the median retirement savings is $148,000... you're definitely right about most people not having the assets a lot of UA-camrs are describing. Of course those videos also aren't aimed at those retirees
The graphs really highlight what real retirement may or may not look like. It's not giving me new ideas for early retirement...or not as I worry about having too much free time.
I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Test retirement through unemployment.
I don't understand this idea that people will spend less in retirement. It's completely nonsensical. Unless you just sit on the couch all day every day for the rest of your life - are you not planning to fill those endless 10, 12, 14 hours a day with something you enjoy doing? Sure, some people have cheap or even free hobbies, but certainly not all hobbies are like that. Where is this idea coming from? Work is what stops you from spending, and hobbies is what takes up money, so one should logically expect to spend much, much more in retirement. That gas you don't have to buy to drive to work - surely you'll still use up driving elsewhere?..