This was a fantastic video! As someone who retired from the full-time world at 55 last June, it is indeed hard to go from a saving mindset to a spending one. One other aspect that’s tough is just pulling the trigger. In order to get a pension at all, I had to teach through the last school year. But if I’d worked four more years (which I later found out was reduced to only three more years) my pension would have increased by over $30k/year. I thought all school year about it, but ended up pulling the trigger. The last two years were unpleasant, and once I convinced myself I definitely had more than enough to be ok, I realized 3-4 years more of being unhappy weren’t worth any amount of money.
Thank you. I've avoided American videos about retirement because so many things are so different (particularly financial!) But I stopped and watched this one, which pretty much works for everyone. And it was very helpful. I (at the start of retirement) am pretty much well on track on how I spend. But by instinct rather than design. Your video has made me realise I should make it conscious and planned. There are some things I should pay attention too that I hadn't so far. A really helpful video for people who've spent a whole life deferring gratification and being relentlessly sensible - *especially* in terms of valuing our time, which hit me like a truck as it's a) sort of obvious but b) I'd never thought about it.
I needed to see this. I can't get out of the accumulation mode even 2 years into retirement. Once a cheap-ass, always a cheap-ass I guess. Time to fix it. Thanks
Great discussion Eric. While I feel I have a good handle on this, you have difinitely challenged me to reconsider to see if I missed anyting or possibly other priorities would be better. Thanks again for your ongoing excellent content. Larry, Central Valley, Ca.
Life is a journey with a known outcome, but an unknown path and timeframe. Enjoy every day as best you can, while doing things necessary and satisfying. Don’t get hung up in the before and after retirement too much. Too much sacrifice today doesn’t necessarily lead to better days ahead, however, no plan for the future can will lead to poor days ahead.
How do you factor in life span? I think people worry about unknowable money needed for end of life medical cost AND living longer than their savings. As well as unanticipated tax expenses for surviving spouse.
This was a fantastic video! As someone who retired from the full-time world at 55 last June, it is indeed hard to go from a saving mindset to a spending one. One other aspect that’s tough is just pulling the trigger. In order to get a pension at all, I had to teach through the last school year. But if I’d worked four more years (which I later found out was reduced to only three more years) my pension would have increased by over $30k/year. I thought all school year about it, but ended up pulling the trigger. The last two years were unpleasant, and once I convinced myself I definitely had more than enough to be ok, I realized 3-4 years more of being unhappy weren’t worth any amount of money.
Peter Attia's Outlive was incredibly eye opening for me. I need to read it again.
Thank you. I've avoided American videos about retirement because so many things are so different (particularly financial!) But I stopped and watched this one, which pretty much works for everyone. And it was very helpful. I (at the start of retirement) am pretty much well on track on how I spend. But by instinct rather than design. Your video has made me realise I should make it conscious and planned. There are some things I should pay attention too that I hadn't so far. A really helpful video for people who've spent a whole life deferring gratification and being relentlessly sensible - *especially* in terms of valuing our time, which hit me like a truck as it's a) sort of obvious but b) I'd never thought about it.
Great Job! quality content!
I needed to see this. I can't get out of the accumulation mode even 2 years into retirement. Once a cheap-ass, always a cheap-ass I guess. Time to fix it. Thanks
Me too.
That was a really interesting and varied perspective. Love the "money dial" concept and goes along with Find Your Core Pursuits (hobbies/passions)
You videos are much more informative then most! Keep it up
Love Eric’s look at the big picture.
ACA is expensive, I paid $1,200 a month on a Gold plan in NYC. Ugh.
Great discussion Eric. While I feel I have a good handle on this, you have difinitely challenged me to reconsider to see if I missed anyting or possibly other priorities would be better. Thanks again for your ongoing excellent content. Larry, Central Valley, Ca.
You bring up great points that I do consider much, great video.
Just the video I needed as I make the change from saver to spender! Thanks Eric!
This is one of the best retirement videos I’ve seen! Thanks for sharing.
Great video, eye opening, and wise, thank you!
You are wise beyond your years.
I am good at going to my annual medical and dental visits, but the doctors’ billing practice worry me.
Life is a journey with a known outcome, but an unknown path and timeframe. Enjoy every day as best you can, while doing things necessary and satisfying.
Don’t get hung up in the before and after retirement too much. Too much sacrifice today doesn’t necessarily lead to better days ahead, however, no plan for the future can will lead to poor days ahead.
Great video!
Good point about wasting time to save small money..
This guy is young to have this kind of wealth of information.
I liked the Atria book, but really liked Michael Greger's How Not to Age.
How do you factor in life span? I think people worry about unknowable money needed for end of life medical cost AND living longer than their savings. As well as unanticipated tax expenses for surviving spouse.
Good points.
RVs, timeshares, religious cults, doomsday prepping, and psychics?
LOL. You may have covered the entire field.
Nailed it.. omg.. it is funny because how much truth is in there!
Spinning dial: boats and hoes. I love gardening.
You need not address spending, it’s a psychologist’s job…