I'm not sure if this is a regret but one of mine is assuming retirement would be the same over the years. I retired from my corporate career in 2012 at 52, traveled for a few years, went to culinary school and became a chef for 5 years, and started my own online vintage reselling business in 2020 at 60. Now I'm taking my operation global, sourcing items from other countries to resell in the US. I seem to keep reinventing life every 5 years and my only regret is I didn't realize how creative I could be sooner!
My last day is 1/7 after 40 years in Health Care. I turned 62 this past September. My financial advisor suggested that I should wait until at least January of 2026. She said that I will still be "young" and have $850/ mth more in my pension. As much as I tried to wrap my thoughts about one more year, I just could not I am so at peace with my decision to officially leave the daily working world. I told the advisor, that if I wait one more year, I do not know what that extra 850/mth will go to. I would rather risk not having that monthly income and enjoy an extra year of peace then risk a bad health outcome. I am so at peace with the decision I made. I am looking forward to being " bored"
This is very exciting! It's less than a week away!! We always look at the big picture. An extra $850 a month would be nice, but would it be life-changing? If the answer is no, then we would rather chase the experiences than the money!
If you have enough money, you have enough. Can be a bunch of factors to consider, but having pension (I do as well), social security (when needed, but 62 can make sense, again many considerations/personal decision) and investment income, do it asap. My wife and me both have health issues but still mobile, and that changes things certainly, and rather quickly, so.....time is a wasting. Sounds like a good plan. Be thinking what you will do in retirement - that is a real issue-type thingee. We do exercise at the YMCA 5-6 days a week as a normal grounding routine, so find something for yourself. No work = much less stress - a fact for us. Best of luck.
Several of my friends retired at age 50 with about $5-10 million saved. They earn money from their investments and rental properties. I switched to working part time at age 50 and plan to work until age 60. I have 8 weeks of vacation per year and 10 holidays. I try to travel as much as possible. I work from home so it makes it easy to travel.
What I regret the most is when we retired. We retired in August 2021 as our youngest son went off to college. We sold our house and did the RV thing. I regret selling my house straight away, I regret not being there for my son the first year of college as he settled in, I couldn’t control it, but I regret retiring at the worst possible time financially with the market crash and inflation booming, I regret not keeping a homebase that first year. I was an executive and loved my job-I regret the lack of purpose my life became. At 57, after 3 1/2 years, we are selling the RV and buying a condo and I’m going back to work part time as is my husband. I really regret pinching pennies to try to make it work and now we have to pay double what we sold our home for in this new housing market. Lots of regrets! But I do love your videos and I’m glad you are enjoying your journey.😊
Dying of cancer at 64 and forced to retire and go on disability. I still travel to exotic places, but it isn't easy. Plans foytravel give me incentive to do my exercises. I haven't owned anything new, don't eat out, hunt for bargains; anything to save a little money. When I traveled it was always on a shoe string but I had the best experiences. Have traveled a lot and met some great people; no regrets when my time comes because I didn't wait until I retired to travel.
So sorry to hear about your serious health condition, Barbara, but your post is an inspiration to me. Live life to its fullest. Thank you for sharing and Godspeed to you!
My regrets are: not learning to play a musical instrument sooner! Retired aged 60, and was bored aged 62 during Covid and picked up a Saxophone 🎷 ….. I absolutely love playing.
That's so great you found something you love to do! Boredom in retirement can be a big issue for many, so finding those hobbies you love is very important. Happy New Year
What a privilege it is to ignite passions in retirement, resulting from having the gift of time to pursue new interests. I desire to learn Spanish, and I’m looking for an immersion program and immediate active practice of daily learning in a Spanish-speaking country on a student visa as a 69-year-old student. Fortunately, I did take Spanish in high school, and my earned B grade was a very difficult accomplishment.
We are both 71. We each owned 2 small businesses. Paid off our house in our 40’s. Put 3 kids thru college and now have 8 grandkids. We saved hard and prepared for our retirement at age 68. We would never sell our home because that is where our heart and memories are. We have traveled the world and continue. You have to stay healthy and active. Happy New Year. Love your channel but we’re not on a budget…just not stupid living above our means!
I enjoyed your post. I feel fortunate, in a similar manner as you, for not needing a budget for travel. As I travel the world, I just spend as I choose. I love making the world my home and living a wonderful life wherever I visit. I return from overseas travel to my home in the USA every 90 days, and I usually launch again within 6 months. Work has paid off! Congrats to both of you!
I don't think people retire too early. I think they die too early. I would rather be poor with memories than dead without having lived! I know too many people that never lived before they died. They only dreamed of living. ¡FELIZ AÑO NUEVO! ¡QUE PROSPERES EN EL '25! 🍾 🥂 💃🕺 🇦🇷
I'm with you Peter. Like everyone knows we need more money. I need to do one of these videos as a non rich 67 year old in Cozumel. Any rich person can do these "what do I regret" in retirement. I have Medicare, covers me for Emerg for here. Local doctors are very reasonable. Less than 2% of non millionaire retired folks have one of those longterm health plans, are you kidding me. This is millionaire advice.
Your post about people never living before they died is spot on. Thank you for reminding me how important it is to continue living a thriving, satisfying, and productive life.
You should try to have a balance. We took vacations each year and splurged when needed. We also maxed out our retirement plans, 529 plans, HSA and savings. We always lived below our means while watching everyone around us taking lavish vacations. When we hit age 50 we already saved up several million and switched to working part time from home. We intend to fully retire at age 60. We may downsize our house as it will be too large for two people.
100% with you regarding homeownership. We sold our house and almost everything in it 2 years back and it has been such a relief to not give any mindshare to upkeep, maintenance, tax, etc. Now we can use that mindshare to plan for early retirement and full time travel. Thanks for your videos. Really enjoy watching them 🙂
We agree! The relief of not having to take care of a home from another country is worth whatever money there is to be made. Thank you for watching and commenting!! 😁
I appreciate your post. I have had a similar experience related to homeownership as you. I had four properties in the state of Washington, and I sold them all, including a vacation home in Puget Sound and a beautiful home overlooking the mighty Columbia River. I shared the relief you mentioned in your post when I sold everything. Now, I have this huge storage closet, full of keepsakes of lifetime travel that need to be sorted and sold and a few that remind me, as I age, of the rich memories associated with living a wonderful and somewhat privileged life.
thanks im debating this right now. Considering letting my college age niece stay in my home as long as she pays utilites.... but even with that, if something goes wrong I have to get it fixed... do I really want that? I guess my fear is my pension will be about 30% less of my salary... If I want to come back would I be able to buy again with the way that market is today... I don't know. Such a hard decision!
Hi guys, Most of the regrets you mentioned seemed to revolve around money. Moving to Spain from New Jersey 15 years ago is the best thing we have ever done. People in the USA always look at the cost of living where they live and where you are from that's very high. It was also high in NJ so much so that if I quit work, I could never afford to retire where I lived. After looking at the figures and given the fact I was no longer contributing to my Social Security, I decided to start collecting at 62 and can live quite comfortably. Happy New Year and safe travels.
So true! I tried to convince my friend yesterday that you don't need to live in America to have a good life and she wouldn't do it because she only wants America and her horrible job.
I have friends that are in their late 60s and could easily retire to a cheaper country but won't because work is their life. For me, it's the opposite. I love not having to work anymore.
I’m the same age as Brian. I retired a couple years ago and am very happy that I did. It does open up the opportunity to take better care of my health. I’m hoping this year to get off the BP pill. I worked some pretty whacked out hours, over the last 30 years… it took me a year to get my sleep fixed, so I could sleep more than 5 or 6 hours a night. Looking forward to your Buenos Aires videos! Keep pumping out the videos, and I will keep watching them! Take care and Happy New Year🎉
Thank you, Jeremy! We exercise daily so we can continue traveling as we are for years to come. People sometimes get too focused on finances and forget about staying healthy. We appreciate you watching the channel!! Happy New Year!! 😊
Your last point is the most important. Yes, you need to plan for the worst, especially elder care and inflation. However, people delaying early retirement need to consider the one thing they can never accumulate more of: Time. What you are both doing is so great because you’re leading a very minimalistic life with rich, new experiences. Most people end up spending less money in retirement, especially in the later years of life. It’s worth considering what expenses are worth cutting, so you don’t waste your best years stuck in an office.
And flexibility is key: Keeping low fixed expenses, openness to living and getting medical care in other countries, flexible to trying new things and experiencing new lifestyles. Flexibility is the key to retiring earlier on less.
Thanks for your insightful summary video, Brian and Carrie! The regret six years after my retirement is that I was too cautious to spend money. It was actually more efficient and rewarding to spend more money right after the retirement when you are more curious, ambitious and healthy.
We’re the opposite, a bit worried that if we keep spending at the rate we have over our first 6 years of retirement that we will run out of funds! But looking at gradual health changes we think we’re doing it the right way around. I can’t see us doing 3 mths high challenge/adventure travel in our 80s so costs will drop we think.
This is something we hear often. Enjoy those first years of retirement (within reason) because inevitably we all tend to slow down as the years move on.
Thank you for this perspective. I am having to switch my mindset from saving to spending. I have come to the realization that I will be okay in my later retirement because of a pension, social security and investments. I just got back from a trip with my son and I keep having to tell myself, "It's okay that I spent the money. I'm going to be fine." We made some beautiful memories in Quebec City! I am so happy we went!
I got the best of both worlds. While my wife has been working from home for 25+ years, I started working from home 13 years ago so we started traveling. We fell in love with Cozumel in 1990 so we did a test run of a month there before expanding to 6 weeks in France for our first European trip. I was immediately hooked as our first trip started in Paris and we were very close to the Eifel Tower. After that we went every year for just under 3 months in Europe and about 2 months in Cozumel. I've been very fortunate to continue working and traveling with 3 trips to Europe this year (2 months UK, 2 months German, France, Italy and Spain and 1 month exploring the European Christmas markets). Retirement is 2025 and multiple trips are already booked for next year. Hopefully, our paths will cross somewhere in the world. Keep up the good work!
This sounds amazing. I would love to be able to travel long term. I work from home as well. I only work three days per week now and have eight weeks of vacation. I traveled outside of the country three times last year. I plan to travel more in the coming years.
My wife (51) and myself (53) are planning to retire this new year and moving to Thailand. We cant wait any longer. We have no kids so we need to spend our savings and start a new chapter.
Much to ponder! Thanks. I did not early retire for two reasons. One was economic: My high school teacher pension would be considerably better if I hit a milestone year, which also happened to be when I was 67 and at a great time to put in for Social Security. Second, I absolutely loved my job and had started a program for students “at risk” that began to get successful and I didn’t want to retire before I felt it could continue without me -and it has. My spouse and I have been slow traveling 1 1/2 years and I love it. For those people who have come to the realization that unfortunately they can’t early retire, don’t give up dreaming of slow traveling because you are a senior citizen. I am lucky to have my health and have been enthusiastically living my latest life chapter hopping around the globe. It’s never too late! And Happy New Year.
It was smart to hold out for that teacher’s pension! We retired at 55 and I realized I’m happier working occasionally. I was lucky enough to find a job in health care that allows me to work per diem. My husband works occasionally as an umpire/referee and he really enjoys it. 😊
We had a decent nest egg when the market plummeted & we lost most. Thankfully when we sell our house & what we still have invested & saved, it should be enough. I’m 58 (on disability) & hubby 60. We have our youngest living at home in nursing school, so she graduates right after Larry turns 62. Then we are going full time! We already started our UA-cam channel to “practice” & HOPEFULLY we can be making enough to supplement our social security. Love your channel!!
I love to listen to these early retirement talks as an european I recognise that many ‘issues’ are not relevant here. Health insurance costs, long term care costs, vacation (with approx. 50 working days off there is enough time to travel), and so on….
I had a 9 year old at 52 but had ALL the freedom in my 20s & 30s. So, pressure not so great now to head off. Plus NZ is so isolated with low density people, a temperate climate and I love my gardens. But I love your work and think it’s great what you’re both doing together. Our boy is 21 now. Nearly ready to fly the nest.
Great conversation. My wife is dealing with the decision whether or not retire at about age 55 1/2. Main issue is transition from a corporate sponsored insurance plan to a private plan. Yes, the cost.
Good good good info here. I retired at 52 7+ years ago. No regrets. Diagnosed with cancer this year and that affected me tremendously. Fortunately they caught it early and prognosis is good. No regrets at all retiring early now that this came out. No way no how. Tomorrow is just not guaranteed.
I sometimes wonder whether you both have any idea how much you provide company for us at home. Not only are you providing me with brilliant travel videos, but also “ having a chat” like this video, means a lot. Ria( downunder in Aus)👏👏👏
My wife and I are retired law enforcement. I retired at 49 and she retired at 45. Pensions pay our bills for everything, so we have not had to get into any investments, except one account that was used to pay off our new house in 2017. No debt. Wife volunteers at our animal shelter, and I hunt, fish, trap, and grow veggies in our garden.
I Stayed in Sri Lanka for 6 months last year. I can confirm the prices are accurate. Frendliest people I ever met. I don't drink either so that saves a lot.
My wife and I really appreciate your videos! I am 51 and she is 49 and hoping to retire to full time travel in the next few years and love your prospectives. Keep em coming and hope to run into you too sometime! Happy New Year 🎉.
One do over for me....retire sooner for sure! I think most retirees would tell you that. Everything gets more difficult as you age, retire early and SS at 62 so you can pack in the fun with that money!!
We had a similar feeling when people around our age (50) were suddenly dying or being physically limited - we aren't waiting to enjoy our lives. Instead of retiring early, though, we are focusing on working jobs that we don't love but that pay us well. We use that money to fund our travel budget and to enjoy our lives now, in case we don't get the chance later. It's a trade off that works for us so far.
Great information. I am retired already (55), but my wife is not. We have been discussing the pros and cons of early retirement, and this video came right on time. Thank You so much for sharing this.
Hi. This is a really interesting topic. Not all couples have partners ready to retire (or prepared to retire) at the same age. Both partners aren'r always the same age. That transition time with one partner retired and the other one still working can be a challenge. Brian and Carrie are fortunate to have the same timeline and be able to travel together with joint goals.
I love it! I am also preparing to retire in three years. Btw, my wife loves Brian's attitude. I told her I want to be like him when I grow up. But Carrie is my fave. 😊 Cheers to a fantastic year ahead. HNY guys. 🥂
@@BrianandCarrie I was gonna ask, who does Brian want to be when he grows up? 😂 My neighbors ask when am I gonna get a dog (they're tired of me taking their time loving on their dogs). I tell them, when I figure out what I'm gonna do when I grow up (64 next month, still not enough I guess). 🤭
Love the channel! Not sure how many times my wife and I watched the how-much-does-it-cost-to-travel-full-time-for-a-year video. We'd always thought more about Europe; you helped us consider parts of Asia as a great option too! Around the 3-minute mark, you mentioned the pitfall of delayed retirement planning and how tough it is to convince younger people to start early. I've spent a lifetime as a banker spreading that message and just published a book on Amazon about getting started early. Retirement for Young People is a great guide that shows young folks why they need to start now and how to actually do it. Maybe that could help those kids that are tough to convince!
I'm 51 looking to stop working at 52. All the evidence I've seen seems to show that it's better to start your SS at 62. People who are older and regret taking it that early is of course at the point they have surpassed that age but before you are 62 you don't know how long you will live so you think life's too short let's get it now and enjoy it.. We starting really saving around the age of 44 so we had to be really aggressive in our saving ratio, we live just off 30% of our income. We do own a small apartment that we are thinking of renting when the time comes.
The one resource you can never get back or get more of is time. Prepare well during your younger years and get out of the rat race ASAP. You never know what the future holds in terms of years of life or healthy years. Retire as early as you possibly can and never look back.
Oh how I wish we could retire and travel. Unfortunately aging parents that don’t have any resources has put a big dent in our retirement dreams. We now find ourselves having to take care of our aging parents. This was not something we planned for or anticipated.
That is unfortunate to say the least. The main reason that we are now returning home 3 times a year is our aging parents. The best of luck to you two. Thank you for watching and sharing. ❤️
Great that you are presenting both sides in your videos. Some might only think of the wonder of travel and not some of the more difficult challenges. Here is hoping you can keep on wandering the world and make the adjustments needed to continue to make it happen. Cheers
I started teaching my kids about finance at a very early age. When my kids were in high school they both worked and contributed to their Roth IRA accounts. By the time each completed high school they already had $20,000 saved. My 18 year old son has $40,000 saved and my daughter has even more. We covered both of their college tuitions via 529 plans. They continue to work and save for their future.
I love the energy between you two. You make a wonderful couple. For me, being rich means having freedom of movement and not being tied to a home. I like living in different states and countries at will. Everyone is different, but that kind of freedom is my “rich life”.
Gosh, having our home paid off and low yearly taxes seems less expensive than renting. We are completing routing maintenance yearly. Average rent across this country in the areas we would want to spend our time is over $2k monthly. Each person’s situation varies. I like that this is acknowledged throughout this video.
You absolutely nailed it on this one, and particularly with No. 10! I filed for early Social Security a year ago when turning 62. My only regret is not being more proactive (you need to file two months before your 62nd birthday to not miss a payment). So by delaying a month I did lose one payment (but gained a whopping $9 more per mo. by doing so). It's a no-brainer for most people. Plus look at the expected insolvency of the SS Trust Fund by 2035, and/or the coming means testing, and/or raising of retirement age. Get it while you're able, and live your life!
We plan on SS at 62 as well. We still have 7+ years so trying to invest as much as we can before that time comes. Thank you for watching and sharing your insights!
I'm retiring at the end of the month just shy of 61. I'm debt free, have a small pension, and will take Social Security at 62. I'll gladly exchange time for money. I plan not dying with a lot of money in the bank. I plan on using much of it on travel, experiences etc.
We’re 9 months in to our full time travel and 100% agree. We opened our own business that we sold as well as our home and had many conversations about how we thought we’d just sit on the couch all day if we had stayed in Florida!
After 50 years in the same town, we got bored. Now we are in a new place every few weeks and excited to return home for a month or so. Thank you for sharing and watching the channel! 😊
I agree with all these points, especially the last one. I’ve been planning this for quite a few years and nothing was gonna stop me. Think about waiting, but then what if I got in poor health or I died early. Better to do it now!
Brian your comment about investing even $10 is so true. Young people may not have a ton of money but they have time. Time will make a lot of a little. I hope you can convince them. I agree and disagree regarding the rentals. I think they are good to own while you're working but once you retire you may want to unload them. I'm closing on a rental I've owned for 25 years. The power of leverage has been impressive. I agree they can be a pain which is why I don't want them while retired but as an investment it worked out. As for the Social Security I think everyone should start claiming as soon as possible. You two are good with money. Take the money and save it all the first three to four years. You'll come out ahead. They want you to wait because the actuary tables tell them the odds are in their favor. Take it, save it. Great video guys.
@@MyMemories07 I think it's less about the $10 and more about creating the habit of investing. My wife and I started investing a little but over time invested a lot as the habit was there. When we got increases at work we increased our contribution etc.
Great video guys! I started to hammer about the greater post-COVID hassles and increased cost related to “shrink-service” in travel but upon re-reading my post, decided our greatest regret is the lack of our personal ambition and the tolerance we are feeling/experiencing having waited the few extra years (to build that financial comfort aspect) and now frankly, being somewhat disappointed with the offerings/availability of options. Flight schedule reductions/routes with crazy layovers, country visa/entry requirements, accommodation issues and the list goes on. Apparently travelling when young enough to bounce with inconvenience makes the most sense! That said, we aren’t giving up however we tend to be somewhat more cautious/discerning lol.
We have learned that patience and just rolling with whatever situation occurs is the best way to go. We will work to find a fix to reoccurring situations, like moving on from using Airbnb, but some things just can't be fixed. Thank you for watching! 😁
I recently retired at 56 from a 34 1/2-year career in law enforcement. In the private sector, retiring at 56 would likely be considered "early." However, most in law enforcement retire before 30 years. Aside from special circumstances, federal law enforcement has a mandatory retirement age of 57. So in that context, I did not retire "early'". What I find a bit disconcerting is the idea that somehow one can't truly "live" until one retires. I never believed or felt that way while I was working. We traveled and attended social events, hosted in our home, and did all manner of "fun stuff" while I was employed. There are 168 hours in a week and I was only required to work 40 of them. I worked 4/10s. That is 10 hour days 4 days a week for the last 25 years of my career. There was plenty of time to "live" while I was employed. Admittedly, I have even more time now. However, my wife still works. And I do not anticipate engaging in that much more "fun stuff" or "living" than I was when I was working. I understand that there are those whose careers take up more time than 40 hours per week. In the early years of my career, I had outside employment that was 20 hours per week (most hours allowed for outside employment). I was working 60 hours per week minimum. So I do understand how working can take up a lot of time. Even then, I still had relief days and time off (vacation, holidays, bonus, and comp time) that could be used to "live" and enjoy life. The idea that one has to wait until retirement to "enjoy life" is not a universal truth. Waiting to do so is more likely a choice or a decision that does not have to be.
People tend to focus too much on the financial aspects and ignore the health aspects of aging and retirement. Look around and you will see the majority of people in their 60s or even younger are unable to engage in an active lifestyle whether they are traveling or not simply because they are overweight and chronically sick. The best investment you can make is in your physical wellbeing with a healthy diet and exercise. You will regret it if you don’t!
@@scp240 This! Has been a discussion and a focus for my husband and I the last few years… what good is retirement if you are too ill to enjoy it? Have started intermittent fasting, low carb and strength training, and have seen so much physical and mental improvement!!! It’s about balance, too- went to Europe last year and was mindful of what we ate, but still enjoyed regional foods. 👌
How fortunate for you you had the internet to learn things. I came from a rather low income family in a low income area with only the encyclopedia to find information. We knew nothing about stock market, how to save, etc. We had no houses to sell. You are extremely fortunate. That's why many of us are living on social security. Not because we didn't plan so much as we didn't know.
We also had encyclopedias! It is amazing how times have changed! All of this needs to be taught in school starting at a young age. Thank you for sharing your experience with the channel!
Thank you. Just found you guys. Good info. Love your soft way of talking. 42 here. Paid off home already and saving 60k/yr and planning to wrap up by 55 myself 😊. One thing I will add is - even in early 40s, try to balance your life while keeping the eyes on target. Don't be a spender or a miser either.
That's hilarious that people watching your channel are dinging you for your poor Spanish. They have to understand that you are traveling to many countries each year and you can't be expected to be fluent in every country you visit. My wife and I have traveled internationally a little bit and from our experience, if you speak (even poorly) just the basics, the local people appreciate the effort and will treat you well. Thank you for your videos
Yeah, we do our best. It is interesting how many people feel the need to correct us not just for our inability to speak Spanish, but also for any mistakes we make. 🤣 It's all good, we appreciate people watching and most of the time they're trying to be helpful. Thank you for the support and for watching the channel! 😊
Long before you start looking for insurance, start a healthy lifestyle. You can’t enjoy retirement at any age if you are sick or even worse. The comment about not getting up to an alarm every morning is interesting. Seldom do we sleep in, even at home and never in a hotel. We definitely use an alarm to get a 7am flight when you are an hour from the airport and have to be there 3 hours in advance of the flight.
In Australia , your own home is exempted under the asset test for the pension and no taxis applicable when you sell Another benefit is you can reverse mortgage your home with the government and increase your pension by 50%. Given that home prices are so high even 20 years of reverse mortgage will not make any dent if you want to pass the house onto kids etc. So even with no savings or investments a couple at 67 who own their own home can get a $67.5k AU government pension tax free, plus a senior discount card worth thousands. You can also have up to $470k in allocated pension ( 401k in USA terms) and draw around $40k per year without impacting your pension. Different circumstances for different countries.
It sounds like the Aussies have it figured out!! We can't wait to get to Australia within the next couple of years. Thank you for watching and commenting! ❤️
I get your perspective...why throw money into a LTC insurance policy if it's never going to be used? Also, for those in higher tax brackets there is a huge tax write off (7.5% above AGI) if you need to pay for medical expenses out of pocket. LTC insurance is not a great option if you have good cash flow from pension income which includes SS.
Lots of good comments in here. I am 37 and realistically able to retire with enough to travel consistently (which I already do) with money to spare in around 5-7 years. But I feel like that might be too soon. Appreciate the content of the channel and all the amazing commenters with their advice.
I only started saving for retirement when I was 47 after listening to Dave Ramsey. Now 60 with 1.4M saved, planning to retire in 2 years. Never too late!
I did follow Ramsey for a while then got put off by some instances of what I felt were monetary contradictions and personal ethics (his beliefs rubbing against mine). What I did agree on is really looking at your finances and seeing what is necessary spending and what is discretionary. If you can put some of the latter away today it will build towards a nice nest egg/retirement/down payment down the road. I wish this common sense idea was taught in senior high as kids today need all the advantages they can get when it comes to wisely and safely funding their retirement.
Wow! You have done well, especially in your savings program that you started at age 47. My father, who was poor his entire life, gave me excellent advice: Start saving for retirement as soon as possible, and I did. I could retire in my early 50s and never regretted it. I have made the world my home. I feel blessed like yours. Happy retirement. I admire your ability to retire in two years. It is never too late to plan for a successful retirement.
Yay! I’m a Ramsey followers as well….similar situation as you. I’m 60, debt free including my house (thanks to the Ramsey Baby Steps) and have 1.1 in retirement…plus my house . I’m planning on retiring at 62 if I can stand the thought of not working 😂
lol I’ve been planning retirement since my early 20’s! I saved the max at work 401k, invested in multi family houses, worked every stitch of OT I could in my latter years as the kids started their lives in their late teens/young adults and retired with the exact net worth I was shooting for so I had no regrets luckily. I knew my budget after talking with my investment advisor so that wasn’t a shock and being a realist I’ve just accepted the scenario. Good luck folks it can be done even for blue cola workers like you and me.
I think not doing it sooner is a big thing for a lot of people! Personally I kept trying to get just a little bit more money, even though I could have left earlier. It was not because I was worried per se, but it is hard to pivot from what you are used to!
I love #10. I retired early at 34, started traveling at 35, entering year 4 of retirement, and have more than doubled my net worth. Best decision of my life!
My wife and I are kinda semi retired, we don't own a house anymore..I don't miss mowing the lawn or the upkeep and property taxes. We have put money back into investments that allow us to travel when we want to ,and take weeks off from work.
Re: #7 Taking SS early locks your benefits at that amount (plus COLA increases). There is at least one exception. You can suspend your benefits once you reach your FRA until 70 (or any months in between) and earn DRC (Delayed Retirement Credits) of about 8%/yr, 24% total. So, if you take SS at 62 (or any early age) and later decide you could have waited, you could suspend your benefits, let them grow and start them again later. Maybe you ended up with more money than you thought you would or came up with a windfall somehow. Oh, there is another exception, but a little tougher. Once you start your SS benefits you can suspend and stop your benefits within 12 months. In this case you must repay all the benefits you received but it resets your SS account like you never touched it. This would likely be more for someone that took a higher paying job after starting SS benefits. But going back to work is not what most of us are here to discuss, is it? 😁 After 12 months you are locked in, until FRA at least, in which you could access the first plan above.
Loved this video! This month marks the first one where the paycheck doesn't drop and the anxiety is real, but, fortunately, there is saving and planning backing this move. A somewhat cheaper alternative to Long Term Care insurance is a Whole Life Policy with a Long Term rider. That's what we did. You guys continue to make accessible, valuable content. Appreciate it.
Thank you both for the great video! I am planning to retire in 7 years and have already started the planning process. One of the items I’m considering is whether to rent or keep our condo. I am leaning towards renting; however, most financial "gurus" on UA-cam recommend owning your home to stabilize your retirement. Considering property taxes, insurance, and upkeep expenses, I’m not sure if that truly provides stability. I plan to split my retirement 50% abroad and 50% in the U.S. Please discuss more about renting versus owning-it would be very helpful for people like me. Thank you!
It definitely is a hot topic in retirement, especially if you plan to be away a lot traveling. So many things to consider and weigh out. Thanks so much for watching 😊
Thanks for your research, very interesting. I find that sadly not enough people are interested in others that might be the cause why they get bored easily
I'm lucky to have healthcare with a modest pension when I retire in addition to SS and 401k but unlucky I don't have a partner to share expenses, experiences and all the rest that comes with aging.
The question is whether to get a holiday home (condo/apartment) in a warm country by the sea - and spend some prolonged periods there during retirement, or instead invest this money and use it later for traveling to different destinations instead of sticking to one place
I looked into LTC insurance when I was 49. The quote we got for the plan that looked best for us ($500/person/day for 5 years each or up to 10 years total for one of us) was expensive. We decided to self fund and earmark a portion of our tIRA to cover such costs, if needed. The sweet spot to start LTC insurance is 58/59 since premiums start going up at 60+. Those that choose to have LTC insurance should also save enough to cover 90 days of LTC costs locally due to the 90 day look back most (if not all) policies have. I plan on retiring soon at 55. I volunteer a lot, so excited to be able to volunteer more Monday-Friday and to have more time to lengthen my daily exercise regimen. We’ve got a Western Mediterranean cruise booked to celebrate my retirement (we did a cruise in the Bahamas for hubby’s retirement back in 2021).
long term care insurance for my in-laws. who lived very healthy till about 96.Then short illness then death..and that LTC ins, They paid good premiums for Years, Didn't do crap for the last handful of bills... It's been over a year now and we just laugh about long term insurance. I'm sure They're all different.
Regarding insurance, i plan to lean on getting medical care abroad. I will set a certain amount of money just for that (let's say 30-50 ,000 usd) and whatever happens, happens. 2025 is the year that i feel i am ready to call it quits.
The greatest negative with renting in retirement, is that you have no housing security. If your house/apartment gets sold, your rent can skyrocket and you will be forced to move. My wife and I travelled and lived in four different countries by the time we were 23/25. As much as we enjoyed seeing different countries, we would never give up the security of owning our own home for it. We bought a lovely 4/2 home outside of Atlanta in 2016 and it will be paid off in January. Our mortgage is only $585 a month, but the rents in our neighbourhood are $2,200-2,500 and property taxes are $2,800. It's a no brainer, that we are better off in our paid off home, rather than being exposed to rents being wildly variable. We also have my wifes' 85 year old mother living with us. As such, having no housing security as an intergenerational family, is not an option.
To me, the key to retirement is that it is not retiring FROM something, but to retire TO something. If you think that retirement is golfing and fishing everyday or consistently travelling, you may become disappointed and bored quickly as they mention. As long as you have saved enough to no longer need a high paying stressful job, there are lots of ways to make additional income in retirement and give you a sense of purpose and a reason to get up in the morning. I am not promoting this book, but "How to Retire Happy, Wild and Free" is a great book to read about retiring. Like the video mentions, find something you enjoy working at after you leave your job. The book recommends doing that part time and then enjoy your hobbies the other half. I was able to retire at 55 after 33 years as an engineer and after 8 years, I absolutely love it and have no regrets.
@@BrianandCarrie Thank you. Happy New Year!! I also want to add that if you are financially well off enough not to have to get a paying job after retiring from the full time workforce, there is a great deal of satisfaction doing volunteer activities. For some reason I enjoy preparing taxes, so I have volunteered as an AARP Taxaide for the last 5 years. Your last reason of regretting not retiring sooner is the one I hear most often from the people that delayed retiring from the company I worked for! One of the best sayings I have heard is that "There are lots of ways to fix retiring too early but much harder to fix retiring too late."
I thought I’d work till I was 70. I retired at age 62 because I’m going deaf. I now, at 64, volunteer a lot of manual labor, and work on my land m, houses, and wood projects. Military, VA disability, and VA employee retirements.
I think it depends on what you do with the real estate. We have several cash flow properties that will be funding our retirement. If you have a 2nd home and don’t have a plan and oh, by the way, I’ll try to rent it out without a y research or plan and you are counting on that income - then I can see that working out at all.
I'm in my 5 year countdown to early retirement and full-time travel, but my husband is not fully onboard with the idea. As you all mentioned, boredom and lack of purpose are his main concerns, but I think exploring/learning a new city during full-time/slow travel would keep us busy enough. My question to you, if you weren't doing UA-cam and all your basic expenses were covered for life, do you think you'd be bored just traveling?
We don't think that we would get bored, but we would find something more to do. Learn a foreign language, start a travel blog, or work part-time remotely. UA-cam does take a lot of our time, and we feel grateful for the opportunity. If you are unsure about slow travel, we would suggest planning a month or two trip before jumping in altogether. Thank you for watching, Sandy. 😀
Nothing says you need to do an all-or-nothing, go-for-broke. The suggestion to take a month or two and travel and see how you both feel. Perhaps even take a leave of absence for 6 months and travel to see if it's for you both. One can be bored anywhere, even at home. Hope that you are able to sort it out.
I am 30 and plan to retire when I am 45. I have had an income since 15 and never thought of the psychological side of not having an income. It gives me anxiety thinking about it!
I do understand the being removed from the real estate market that continues to go up from friends and family. IF you live in that property that increase in value (in Canada anyway) is tax free. But rent it out, and now it is income, and taxable. The growth in the value is a capital gain. Also taxable. So what appears as a simple solution (to rent it out) has its own complications, not to mention trying to evict the tenant who doesn't want to leave, or damages the property which may or may not be recoverable.
Had this discussion again the other day. Some people think being a landlord is difficult....try being a long distant landlord. 🤯 Years ago I rented my house in Sacramento for 10 years from AZ & UT. Talk about regrets. 🤦♂It does help with deciding if I want to sell or rent my current home though.
I've been a long distance landlord for 19 years and it's easy going now. The learning curve for the first 2 was a bit rough. When we retire in a few years, we will rent out our primary for 1-3 years while we bounce around to figure out where we want to land. My best advice is to make sure the house is in stellar maintenance. If electrical, plumbing, water heater, roof, appliances, furnace are aging, replace them BEFORE they break. Also, screen tenants well. I ask them questions and if they don't respond using appropriate capital letter and punctuation, decent grammar, they are a no-go for me. 😊
46 & 50 year old here! 2025 is the year our house will be paid off 😊 and then will be working on paying off our 2nd home, hoping by 2030. Eventually, we will be leaving our homes to our children. Hubby will be retiring in 3 years & hoping to travel the world.
I wish you a wonderful 2025, full of discoveries and joy. We follow you from Quebec, Canada and appreciate each of your videos! Thank you for continuing to explore the path that suits you and makes you happy. It carries us and inspires us. You are wonderful to see evolve and discover. Many thanks for doing it!!! Best regards!!
We rent our house for half what it would cost to buy. A general rule of thumb is that you need to double in price within 10 years to just break even when you factor in all the costs. Plus I don’t have to do maintenance all weekend. Claimed SS at 62 to front load available travel funds for the go go years. I won’t need the extra money when I’m 75.
No way we’d rent. We made it a point to pay off our 4 bed 3 bath house early in our 40’s. However, let’s say we paid it off when I retired 8 years ago at 55. A two bedroom apartment in a nice area around here is at least 1,800 a month. Our average expenses per month for our house including utilities, taxes, insurance is $540. I do my own lawn mowing and snow removal because I’m healthy and actually enjoy it. But I’ve done the research and around here we can pay as little as $150 month for mowing for 6 months here in the north, and could pay per visit for snow removal, which would be cheaper… but let’s say I get a $500 contract for the winter. So around 120 a month for all that. So now I’m at $660 per month. The difference between $1,800 per month and $660 per month over 8 years is $109,440. My roof needs replaced this year at $16,000 (I already have it scheduled). We are still ahead $93,440. Also, in that 8 years our house value has gone up around $80,000.
We sold ours to travel. We did not want the responsibility of the cost and the upkeep that you have mentioned while traveling. We would have had to hire a maintenance company to handle any issues which is another cost.
I agree.. l cannot see renting being cheaper than owning a house, plus l would not want to deal with noisy neighbors, not being able to decorate / paint walls the way l wanted, paying more for pets and not having my own yard for them to be in and just not having the space and privacy to play my music loud, or worry about a crying child bothering a neighbor.. I would hate having rent going up and having no control.. and having no garage for bikes, etc. I understand the reasoning not to own a home if you are going to be doing continual travel.. but l am a homebody and when l do travel, l always look forward to 'going home'.. as Dorothy from the Wizard of Oz always said.. "There's no place like home." 😄
Estate planning elder law attorney here. Do not buy LTCI (invest the money instead). SNF care is basically free if you plan properly with an elder law attorney. Don't own big nice houses. Own bread and butter homes-as many as you can and rent them out. Refi until you die. Do not take social security early. Do all these things and retire at any age you want.
Seems like quite a few of the "Top 10 Regrets" all boil down to money & planning. Not saving early enough nor sufficient enough coupled with excessive spending. Multiple houses , high healthcare costs (because of high spending requiring high drawdown leading to high ACA costs if under 65 because multiple houses are not cheap to maintain and pay for). Just my POV as someone who retired at 45 several years ago on a modest yearly spend (1 home only) low healthcare costs ($275 / month for ACA gold plan with dental coverage), plenty of hobbies (hiking, weightlifting, playing musican instruments, martial arts, cooking, woodworking, gaming, reading, etc). I also had divorced my social circle from work many years before retirement.
Have appreciated somewhere with this discussion in mind. It is good to start envisioning what we want those years to look like fairly early on… It’s one of those situations when - we are all so different, have different types of jobs, personalities, etc that enter into this mix. My husband and I decided a few years ago, when entering our 60’s, that we wanted to start incorporating travel more frequently now that the last kid is out of our house, but not to wait until we “retire”. So, we had a lovely trip to Austria, Germany last year, and this year we’ll be heading to England. He wants to take a cruise somewhere after that, but I don’t enjoy crowds or big cities- so we’re trying to figure out a good compromise 😏.
Hiya to both. After having worked for 30+ years, I think my main regret if I continued to work and then had a health issue would be "why did you keep working?" Who am I working for? As someone in my late 50s I don't need to bury any more friends and those around my age in order to have a fire to live this life. There are the retirement years: (1) go-go years (2) slow go years to then (3) no go years. There are only so many years in which to be active and doing adventure travel, so I want to take advantage of that. Everyone has their own choices to make. Thanks for opening up the dialog on the topic. It is very relevant. Cheers!
I retired at 52 and honestly, I wish I’d done it sooner. The 9-to-5 grind always steals your freedom for a paycheck that barely scratches the surface. My advice? If you’re in your late 30s or early 40s, start saving for FIRE now (Financial Independence, Retire Early.) And if you’re in your 50s, invest smartly and break free from relying on your job. Market trends, like the Trump Effect, have made millions for many, including me. Stay focused, stay consistent, and remember financial freedom is within reach if you make it a priority.
Just retired 5 months ago at 64. No need to touch SS until, 67. Financially sound. Writing this as I cruise up the Nile watching the Egyptian coast go by. Visiting ancient locations and eating too much. Just do it.
I am waiting for you to set your attention on one or two countries and start digging deeper. Getting local medical coverage and assessing expat taxes. Most probably it will be some country like Albania or Mexico where US citizens can stay for a year or so without visa. EU is out of charts with 3 months limit. I might be wrong on that because some people prefer Spain and even France. There is a set of pros and cons in every decision.
I'm not sure if this is a regret but one of mine is assuming retirement would be the same over the years. I retired from my corporate career in 2012 at 52, traveled for a few years, went to culinary school and became a chef for 5 years, and started my own online vintage reselling business in 2020 at 60. Now I'm taking my operation global, sourcing items from other countries to resell in the US. I seem to keep reinventing life every 5 years and my only regret is I didn't realize how creative I could be sooner!
That is amazing, Linda! The things we can do if we aren't working 9-5! Thank you for sharing and supporting the channel as you have for so long!! ❤️
This is an awesome perspective. Thank you. Just because I will retire from my current career in a few years doesn't mean I won't have an encore or 2.
Bravo!👏
I retired aged 60, learnt to play Saxophone and now I play in a Band!
That's amazing! Do you live in the US? The cost of health care is what keeps Americans from becoming entrepreneurs.
My last day is 1/7 after 40 years in Health Care. I turned 62 this past September. My financial advisor suggested that I should wait until at least January of 2026. She said that I will still be "young" and have $850/ mth more in my pension. As much as I tried to wrap my thoughts about one more year, I just could not I am so at peace with my decision to officially leave the daily working world.
I told the advisor, that if I wait one more year, I do not know what that extra 850/mth will go to. I would rather risk not having that monthly income and enjoy an extra year of peace then risk a bad health outcome.
I am so at peace with the decision I made. I am looking forward to being " bored"
I am happy for you! Sometimes you just have to listen to your gut instead of to the “expert”. Enjoy your free time!
Amen! Good for you!
This is very exciting! It's less than a week away!! We always look at the big picture. An extra $850 a month would be nice, but would it be life-changing? If the answer is no, then we would rather chase the experiences than the money!
I applaud your decision! 2025 is going to be a great year for you. The next year is worth more than $10,000. Health and time are priceless
If you have enough money, you have enough. Can be a bunch of factors to consider, but having pension (I do as well), social security (when needed, but 62 can make sense, again many considerations/personal decision) and investment income, do it asap. My wife and me both have health issues but still mobile, and that changes things certainly, and rather quickly, so.....time is a wasting. Sounds like a good plan. Be thinking what you will do in retirement - that is a real issue-type thingee. We do exercise at the YMCA 5-6 days a week as a normal grounding routine, so find something for yourself. No work = much less stress - a fact for us. Best of luck.
Zero regrets for retiring in my 50s. Yrs I’ll “have less money” but that’s not the game I’m playing. Time is what you can never replace.
We agree! Time and experiences are what we value the most. Thank you for watching and commenting. Happy New Year!!
Several of my friends retired at age 50 with about $5-10 million saved. They earn money from their investments and rental properties. I switched to working part time at age 50 and plan to work until age 60. I have 8 weeks of vacation per year and 10 holidays. I try to travel as much as possible. I work from home so it makes it easy to travel.
What I regret the most is when we retired. We retired in August 2021 as our youngest son went off to college. We sold our house and did the RV thing. I regret selling my house straight away, I regret not being there for my son the first year of college as he settled in, I couldn’t control it, but I regret retiring at the worst possible time financially with the market crash and inflation booming, I regret not keeping a homebase that first year. I was an executive and loved my job-I regret the lack of purpose my life became. At 57, after 3 1/2 years, we are selling the RV and buying a condo and I’m going back to work part time as is my husband. I really regret pinching pennies to try to make it work and now we have to pay double what we sold our home for in this new housing market. Lots of regrets! But I do love your videos and I’m glad you are enjoying your journey.😊
Dying of cancer at 64 and forced to retire and go on disability. I still travel to exotic places, but it isn't easy. Plans foytravel give me incentive to do my exercises.
I haven't owned anything new, don't eat out, hunt for bargains; anything to save a little money. When I traveled it was always on a shoe string but I had the best experiences. Have traveled a lot and met some great people; no regrets when my time comes because I didn't wait until I retired to travel.
Sending you love and positivity. Love that you are still living life and doing what you love even though it’s difficult. ❤
We are so sorry to hear about your cancer, Barbara. You are an inspiration. Our thoughts are with you.❤️
So sorry to hear about your serious health condition, Barbara, but your post is an inspiration to me. Live life to its fullest. Thank you for sharing and Godspeed to you!
Not fair, but do what you can, as you are and as we are. Cancer stinks worse. Heart attacks and strokes second. Be thinking of you, Ms. Barb.
My regrets are: not learning to play a musical instrument sooner! Retired aged 60, and was bored aged 62 during Covid and picked up a Saxophone 🎷 ….. I absolutely love playing.
That's so great you found something you love to do! Boredom in retirement can be a big issue for many, so finding those hobbies you love is very important. Happy New Year
What a privilege it is to ignite passions in retirement, resulting from having the gift of time to pursue new interests. I desire to learn Spanish, and I’m looking for an immersion program and immediate active practice of daily learning in a Spanish-speaking country on a student visa as a 69-year-old student. Fortunately, I did take Spanish in high school, and my earned B grade was a very difficult accomplishment.
If you re bored just go back to work.
My hubby had a stroke at 52 during a surgery. Really put things in perspective. Live life while you are living!!
Thank you for sharing! ❤️❤️
We are both 71. We each owned 2 small businesses. Paid off our house in our 40’s. Put 3 kids thru college and now have 8 grandkids. We saved hard and prepared for our retirement at age 68. We would never sell our home because that is where our heart and memories are. We have traveled the world and continue. You have to stay healthy and active. Happy New Year. Love your channel but we’re not on a budget…just not stupid living above our means!
I enjoyed your post. I feel fortunate, in a similar manner as you, for not needing a budget for travel. As I travel the world, I just spend as I choose. I love making the world my home and living a wonderful life wherever I visit. I return from overseas travel to my home in the USA every 90 days, and I usually launch again within 6 months. Work has paid off! Congrats to both of you!
I don't think people retire too early. I think they die too early.
I would rather be poor with memories than dead without having lived!
I know too many people that never lived before they died.
They only dreamed of living.
¡FELIZ AÑO NUEVO! ¡QUE PROSPERES EN EL '25! 🍾 🥂 💃🕺 🇦🇷
I'm with you Peter. Like everyone knows we need more money. I need to do one of these videos as a non rich 67 year old in Cozumel. Any rich person can do these "what do I regret" in retirement. I have Medicare, covers me for Emerg for here. Local doctors are very reasonable. Less than 2% of non millionaire retired folks have one of those longterm health plans, are you kidding me. This is millionaire advice.
Your post about people never living before they died is spot on. Thank you for reminding me how important it is to continue living a thriving, satisfying, and productive life.
100%! Amen!
Your comment made me emotional, perhaps because I’m afraid what you described will be me. I needed to read that, thank you.
You should try to have a balance. We took vacations each year and splurged when needed. We also maxed out our retirement plans, 529 plans, HSA and savings. We always lived below our means while watching everyone around us taking lavish vacations. When we hit age 50 we already saved up several million and switched to working part time from home. We intend to fully retire at age 60. We may downsize our house as it will be too large for two people.
100% with you regarding homeownership. We sold our house and almost everything in it 2 years back and it has been such a relief to not give any mindshare to upkeep, maintenance, tax, etc. Now we can use that mindshare to plan for early retirement and full time travel. Thanks for your videos. Really enjoy watching them 🙂
We agree! The relief of not having to take care of a home from another country is worth whatever money there is to be made. Thank you for watching and commenting!! 😁
I appreciate your post. I have had a similar experience related to homeownership as you. I had four properties in the state of Washington, and I sold them all, including a vacation home in Puget Sound and a beautiful home overlooking the mighty Columbia River.
I shared the relief you mentioned in your post when I sold everything. Now, I have this huge storage closet, full of keepsakes of lifetime travel that need to be sorted and sold and a few that remind me, as I age, of the rich memories associated with living a wonderful and somewhat privileged life.
thanks im debating this right now. Considering letting my college age niece stay in my home as long as she pays utilites.... but even with that, if something goes wrong I have to get it fixed... do I really want that? I guess my fear is my pension will be about 30% less of my salary... If I want to come back would I be able to buy again with the way that market is today... I don't know. Such a hard decision!
I'm really having a hard time convincing my husband of this. He fears not having somewhere to live in old age.
Hi guys, Most of the regrets you mentioned seemed to revolve around money. Moving to Spain from New Jersey 15 years ago is the best thing we have ever done. People in the USA always look at the cost of living where they live and where you are from that's very high. It was also high in NJ so much so that if I quit work, I could never afford to retire where I lived. After looking at the figures and given the fact I was no longer contributing to my Social Security, I decided to start collecting at 62 and can live quite comfortably. Happy New Year and safe travels.
So true! I tried to convince my friend yesterday that you don't need to live in America to have a good life and she wouldn't do it because she only wants America and her horrible job.
You can't retire in the US they will take your money away if you want to stay in the US is better to not retire early and possibly retire later.
Collecting that SS and living in Spain seems like a great idea! Thank you for all the comments in 2024 and Happy New Year!
I have friends that are in their late 60s and could easily retire to a cheaper country but won't because work is their life. For me, it's the opposite. I love not having to work anymore.
We know people like that as well. We also have friends in their early 40s who will retire by 55.
I’m the same age as Brian. I retired a couple years ago and am very happy that I did. It does open up the opportunity to take better care of my health. I’m hoping this year to get off the BP pill.
I worked some pretty whacked out hours, over the last 30 years… it took me a year to get my sleep fixed, so I could sleep more than 5 or 6 hours a night.
Looking forward to your Buenos Aires videos! Keep pumping out the videos, and I will keep watching them!
Take care and Happy New Year🎉
Thank you, Jeremy! We exercise daily so we can continue traveling as we are for years to come. People sometimes get too focused on finances and forget about staying healthy. We appreciate you watching the channel!! Happy New Year!! 😊
Your last point is the most important. Yes, you need to plan for the worst, especially elder care and inflation. However, people delaying early retirement need to consider the one thing they can never accumulate more of:
Time.
What you are both doing is so great because you’re leading a very minimalistic life with rich, new experiences.
Most people end up spending less money in retirement, especially in the later years of life. It’s worth considering what expenses are worth cutting, so you don’t waste your best years stuck in an office.
And flexibility is key: Keeping low fixed expenses, openness to living and getting medical care in other countries, flexible to trying new things and experiencing new lifestyles. Flexibility is the key to retiring earlier on less.
Staying flexible and willing to pivot if needed is key for us.
Thank you, Anthony for the comments and for watching the channel. 😁
Thanks for your insightful summary video, Brian and Carrie! The regret six years after my retirement is that I was too cautious to spend money. It was actually more efficient and rewarding to spend more money right after the retirement when you are more curious, ambitious and healthy.
We’re the opposite, a bit worried that if we keep spending at the rate we have over our first 6 years of retirement that we will run out of funds! But looking at gradual health changes we think we’re doing it the right way around. I can’t see us doing 3 mths high challenge/adventure travel in our 80s so costs will drop we think.
This is something we hear often. Enjoy those first years of retirement (within reason) because inevitably we all tend to slow down as the years move on.
Thank you for this perspective. I am having to switch my mindset from saving to spending. I have come to the realization that I will be okay in my later retirement because of a pension, social security and investments. I just got back from a trip with my son and I keep having to tell myself, "It's okay that I spent the money. I'm going to be fine." We made some beautiful memories in Quebec City! I am so happy we went!
I got the best of both worlds. While my wife has been working from home for 25+ years, I started working from home 13 years ago so we started traveling. We fell in love with Cozumel in 1990 so we did a test run of a month there before expanding to 6 weeks in France for our first European trip. I was immediately hooked as our first trip started in Paris and we were very close to the Eifel Tower. After that we went every year for just under 3 months in Europe and about 2 months in Cozumel. I've been very fortunate to continue working and traveling with 3 trips to Europe this year (2 months UK, 2 months German, France, Italy and Spain and 1 month exploring the European Christmas markets). Retirement is 2025 and multiple trips are already booked for next year. Hopefully, our paths will cross somewhere in the world. Keep up the good work!
That is amazing, Don! It truly is the best of both worlds! We may run into each other in 2025! Fingers crossed! 😁🍻
This sounds amazing. I would love to be able to travel long term. I work from home as well. I only work three days per week now and have eight weeks of vacation. I traveled outside of the country three times last year. I plan to travel more in the coming years.
My wife (51) and myself (53) are planning to retire this new year and moving to Thailand. We cant wait any longer. We have no kids so we need to spend our savings and start a new chapter.
Enjoy!
That sounds like a wonderful plan! Enjoy 😊
I would probably do the same, but I don’t want to leave my grandson. 😊
Much to ponder! Thanks.
I did not early retire for two reasons. One was economic: My high school teacher pension would be considerably better if I hit a milestone year, which also happened to be when I was 67 and at a great time to put in for Social Security. Second, I absolutely loved my job and had started a program for students “at risk” that began to get successful and I didn’t want to retire before I felt it could continue without me -and it has.
My spouse and I have been slow traveling 1 1/2 years and I love it. For those people who have come to the realization that unfortunately they can’t early retire, don’t give up dreaming of slow traveling because you are a senior citizen. I am lucky to have my health and have been enthusiastically living my latest life chapter hopping around the globe. It’s never too late!
And Happy New Year.
Thank you for sharing this, Jim! We appreciate the support you have given the channel! Happy New Year!!
It was smart to hold out for that teacher’s pension! We retired at 55 and I realized I’m happier working occasionally. I was lucky enough to find a job in health care that allows me to work per diem. My husband works occasionally as an umpire/referee and he really enjoys it. 😊
We had a decent nest egg when the market plummeted & we lost most. Thankfully when we sell our house & what we still have invested & saved, it should be enough. I’m 58 (on disability) & hubby 60. We have our youngest living at home in nursing school, so she graduates right after Larry turns 62. Then we are going full time!
We already started our UA-cam channel to “practice” & HOPEFULLY we can be making enough to supplement our social security.
Love your channel!!
Sounds like you have a good plan in place! Best of luck with your channel ❤️. Happy New Year
Wife and I are retired in our mid 50s. Making health and time with our kids and friends our number one priority.
I love to listen to these early retirement talks as an european I recognise that many ‘issues’ are not relevant here. Health insurance costs, long term care costs, vacation (with approx. 50 working days off there is enough time to travel), and so on….
The health care system in the US is ridiculously expensive!
I had a 9 year old at 52 but had ALL the freedom in my 20s & 30s. So, pressure not so great now to head off. Plus NZ is so isolated with low density people, a temperate climate and I love my gardens. But I love your work and think it’s great what you’re both doing together. Our boy is 21 now. Nearly ready to fly the nest.
Thank you for sharing, Debora. We appreciate the support. ❤️
Great conversation. My wife is dealing with the decision whether or not retire at about age 55 1/2. Main issue is transition from a corporate sponsored insurance plan to a private plan. Yes, the cost.
That's is the tough part for many, giving up that insurance plan. It's such a big financial decision. Thanks so much for watching - Happy New Year
Check into Obamacare. They have zero dollar plans.
Health Insurance is my only concern or problem with retiring early.
@ Diddo to that 🤨
Good good good info here. I retired at 52 7+ years ago. No regrets. Diagnosed with cancer this year and that affected me tremendously. Fortunately they caught it early and prognosis is good. No regrets at all retiring early now that this came out. No way no how. Tomorrow is just not guaranteed.
Wow, Joe! So glad that you are still with us! You just never know! Thank you for sharing! ❤️
I sometimes wonder whether you both have any idea how much you provide company for us at home. Not only are you providing me with brilliant travel videos, but also “ having a chat” like this video, means a lot. Ria( downunder in Aus)👏👏👏
Thank you for the kind words, Ria! We are always surprised to get this kind of comment. Thank you so much for the support. ❤️
My wife and I are retired law enforcement. I retired at 49 and she retired at 45. Pensions pay our bills for everything, so we have not had to get into any investments, except one account that was used to pay off our new house in 2017. No debt. Wife volunteers at our animal shelter, and I hunt, fish, trap, and grow veggies in our garden.
What state do you live in?
Very timely, I plan to give notice tomorrow, see you on the road sometime soon! 😎
Congratulations! See you out there soon!! 😊
Good luck & happy travels!
Wow a that’s so exciting! Congratulations and have the BEST 2025! ❤
I Stayed in Sri Lanka for 6 months last year. I can confirm the prices are accurate. Frendliest people I ever met. I don't drink either so that saves a lot.
❤🎉
My wife and I really appreciate your videos! I am 51 and she is 49 and hoping to retire to full time travel in the next few years and love your prospectives. Keep em coming and hope to run into you too sometime! Happy New Year 🎉.
Thank you so much, so happy you enjoy our videos ❤️. Let us know if our paths cross. Happy New Year
One do over for me....retire sooner for sure! I think most retirees would tell you that.
Everything gets more difficult as you age, retire early and SS at 62 so you can pack in the fun with that money!!
We completely agree! Thank you for watching! ❤️
We had a similar feeling when people around our age (50) were suddenly dying or being physically limited - we aren't waiting to enjoy our lives. Instead of retiring early, though, we are focusing on working jobs that we don't love but that pay us well. We use that money to fund our travel budget and to enjoy our lives now, in case we don't get the chance later. It's a trade off that works for us so far.
That sounds like a great plan! It's important to enjoy the moment since you never know what the future holds. Cheers!
Great information. I am retired already (55), but my wife is not. We have been discussing the pros and cons of early retirement, and this video came right on time. Thank You so much for sharing this.
Glad it was helpful! Thank you so much for watching and supporting the channel. Best of luck!! 😀
@@BrianandCarrie You're welcome and Thank You. :).
Hi. This is a really interesting topic. Not all couples have partners ready to retire (or prepared to retire) at the same age. Both partners aren'r always the same age. That transition time with one partner retired and the other one still working can be a challenge. Brian and Carrie are fortunate to have the same timeline and be able to travel together with joint goals.
I love it! I am also preparing to retire in three years. Btw, my wife loves Brian's attitude. I told her I want to be like him when I grow up. But Carrie is my fave. 😊 Cheers to a fantastic year ahead. HNY guys. 🥂
I'm grown up!? 🤔 Thank you for the kind words and supporting the channel!! 😁
@I need to change my name from @user. My name is Bikash, and I’m from Darjeeling but currently living in Philly.
@@BrianandCarrie I was gonna ask, who does Brian want to be when he grows up? 😂
My neighbors ask when am I gonna get a dog (they're tired of me taking their time loving on their dogs). I tell them, when I figure out what I'm gonna do when I grow up (64 next month, still not enough I guess). 🤭
Love the channel! Not sure how many times my wife and I watched the how-much-does-it-cost-to-travel-full-time-for-a-year video. We'd always thought more about Europe; you helped us consider parts of Asia as a great option too!
Around the 3-minute mark, you mentioned the pitfall of delayed retirement planning and how tough it is to convince younger people to start early. I've spent a lifetime as a banker spreading that message and just published a book on Amazon about getting started early. Retirement for Young People is a great guide that shows young folks why they need to start now and how to actually do it. Maybe that could help those kids that are tough to convince!
This is great Tom! Feel free to add a link to your book!! We appreciate your support and adding to the channel!
I'm 51 looking to stop working at 52. All the evidence I've seen seems to show that it's better to start your SS at 62. People who are older and regret taking it that early is of course at the point they have surpassed that age but before you are 62 you don't know how long you will live so you think life's too short let's get it now and enjoy it.. We starting really saving around the age of 44 so we had to be really aggressive in our saving ratio, we live just off 30% of our income. We do own a small apartment that we are thinking of renting when the time comes.
We would agree. If you have the means to stay financially stable to 62, take the SS. You never know what tomorrow will bring.
The one resource you can never get back or get more of is time. Prepare well during your younger years and get out of the rat race ASAP. You never know what the future holds in terms of years of life or healthy years. Retire as early as you possibly can and never look back.
Well said!! Thank you for adding to the channel!
Oh how I wish we could retire and travel. Unfortunately aging parents that don’t have any resources has put a big dent in our retirement dreams. We now find ourselves having to take care of our aging parents. This was not something we planned for or anticipated.
That is unfortunate to say the least. The main reason that we are now returning home 3 times a year is our aging parents. The best of luck to you two. Thank you for watching and sharing. ❤️
Yep. As do many many many people.
No regrets. Retired at 57 with a monthly pension of 3000.00. Love every minute of retirement
Awesome, Jackie! Nice work!! Thank you for watching and commenting!! 😊
Thanks, Brian & Carrie, for sharing your wisdom and experiences on early retirement and traveling. Great that you are keeping it real.
Our pleasure! Thank you for watching the channel, Stevie!
Great that you are presenting both sides in your videos. Some might only think of the wonder of travel and not some of the more difficult challenges. Here is hoping you can keep on wandering the world and make the adjustments needed to continue to make it happen. Cheers
Thank you, Carol. We appreciate the kind word's and thank you for watching and supporting the channel. ❤️
I started teaching my kids about finance at a very early age. When my kids were in high school they both worked and contributed to their Roth IRA accounts. By the time each completed high school they already had $20,000 saved. My 18 year old son has $40,000 saved and my daughter has even more. We covered both of their college tuitions via 529 plans. They continue to work and save for their future.
I love the energy between you two. You make a wonderful couple. For me, being rich means having freedom of movement and not being tied to a home. I like living in different states and countries at will. Everyone is different, but that kind of freedom is my “rich life”.
We agree!! Thank you so much for the kind words and for watching the channel!! ❤️
Love this video. I am retiring early in 10 months, and your points really make me feel like I have made the right choice!
Thank you for watching!! 😊❤️
This is the best and most honest input you have put out in a video. Some of the previous videos were a bit unrealistic in my opinion.
Thanks so much for watching, were glad you enjoyed it 😊. Happy new year!
Gosh, having our home paid off and low yearly taxes seems less expensive than renting. We are completing routing maintenance yearly. Average rent across this country in the areas we would want to spend our time is over $2k monthly. Each person’s situation varies. I like that this is acknowledged throughout this video.
Owning a home comes with responsibility. Something we did for over 30 years. Deciding to sell and travel the world was an easy decision for us.
You absolutely nailed it on this one, and particularly with No. 10! I filed for early Social Security a year ago when turning 62. My only regret is not being more proactive (you need to file two months before your 62nd birthday to not miss a payment). So by delaying a month I did lose one payment (but gained a whopping $9 more per mo. by doing so). It's a no-brainer for most people. Plus look at the expected insolvency of the SS Trust Fund by 2035, and/or the coming means testing, and/or raising of retirement age. Get it while you're able, and live your life!
We plan on SS at 62 as well. We still have 7+ years so trying to invest as much as we can before that time comes. Thank you for watching and sharing your insights!
I'm retiring at the end of the month just shy of 61. I'm debt free, have a small pension, and will take Social Security at 62. I'll gladly exchange time for money. I plan not dying with a lot of money in the bank. I plan on using much of it on travel, experiences etc.
Time for money! Love it! As long as you are debt free it isn't difficult to do. Thank you for watching and commenting!!
We’re 9 months in to our full time travel and 100% agree. We opened our own business that we sold as well as our home and had many conversations about how we thought we’d just sit on the couch all day if we had stayed in Florida!
After 50 years in the same town, we got bored. Now we are in a new place every few weeks and excited to return home for a month or so. Thank you for sharing and watching the channel! 😊
I agree with all these points, especially the last one. I’ve been planning this for quite a few years and nothing was gonna stop me. Think about waiting, but then what if I got in poor health or I died early. Better to do it now!
Yes, if it's feasible, now is best! We just never know what tomorrow brings. Happy New Year!
Brian your comment about investing even $10 is so true. Young people may not have a ton of money but they have time. Time will make a lot of a little. I hope you can convince them. I agree and disagree regarding the rentals. I think they are good to own while you're working but once you retire you may want to unload them. I'm closing on a rental I've owned for 25 years. The power of leverage has been impressive. I agree they can be a pain which is why I don't want them while retired but as an investment it worked out. As for the Social Security I think everyone should start claiming as soon as possible. You two are good with money. Take the money and save it all the first three to four years. You'll come out ahead. They want you to wait because the actuary tables tell them the odds are in their favor. Take it, save it. Great video guys.
The older two are doing great, the youngest needs to get started! She's almost 23!!
@@MyMemories07 I think it's less about the $10 and more about creating the habit of investing. My wife and I started investing a little but over time invested a lot as the habit was there. When we got increases at work we increased our contribution etc.
Great video guys! I started to hammer about the greater post-COVID hassles and increased cost related to “shrink-service” in travel but upon re-reading my post, decided our greatest regret is the lack of our personal ambition and the tolerance we are feeling/experiencing having waited the few extra years (to build that financial comfort aspect) and now frankly, being somewhat disappointed with the offerings/availability of options. Flight schedule reductions/routes with crazy layovers, country visa/entry requirements, accommodation issues and the list goes on. Apparently travelling when young enough to bounce with inconvenience makes the most sense! That said, we aren’t giving up however we tend to be somewhat more cautious/discerning lol.
We have learned that patience and just rolling with whatever situation occurs is the best way to go. We will work to find a fix to reoccurring situations, like moving on from using Airbnb, but some things just can't be fixed. Thank you for watching! 😁
I recently retired at 56 from a 34 1/2-year career in law enforcement. In the private sector, retiring at 56 would likely be considered "early." However, most in law enforcement retire before 30 years. Aside from special circumstances, federal law enforcement has a mandatory retirement age of 57. So in that context, I did not retire "early'". What I find a bit disconcerting is the idea that somehow one can't truly "live" until one retires. I never believed or felt that way while I was working. We traveled and attended social events, hosted in our home, and did all manner of "fun stuff" while I was employed. There are 168 hours in a week and I was only required to work 40 of them. I worked 4/10s. That is 10 hour days 4 days a week for the last 25 years of my career. There was plenty of time to "live" while I was employed. Admittedly, I have even more time now. However, my wife still works. And I do not anticipate engaging in that much more "fun stuff" or "living" than I was when I was working. I understand that there are those whose careers take up more time than 40 hours per week. In the early years of my career, I had outside employment that was 20 hours per week (most hours allowed for outside employment). I was working 60 hours per week minimum. So I do understand how working can take up a lot of time. Even then, I still had relief days and time off (vacation, holidays, bonus, and comp time) that could be used to "live" and enjoy life. The idea that one has to wait until retirement to "enjoy life" is not a universal truth. Waiting to do so is more likely a choice or a decision that does not have to be.
People tend to focus too much on the financial aspects and ignore the health aspects of aging and retirement. Look around and you will see the majority of people in their 60s or even younger are unable to engage in an active lifestyle whether they are traveling or not simply because they are overweight and chronically sick. The best investment you can make is in your physical wellbeing with a healthy diet and exercise. You will regret it if you don’t!
So true!! We know people younger than us that can't do what we are simply because of their health. It is truly sad to us. 😒
@@scp240 This! Has been a discussion and a focus for my husband and I the last few years… what good is retirement if you are too ill to enjoy it? Have started intermittent fasting, low carb and strength training, and have seen so much physical and mental improvement!!! It’s about balance, too- went to Europe last year and was mindful of what we ate, but still enjoyed regional foods. 👌
How fortunate for you you had the internet to learn things. I came from a rather low income family in a low income area with only the encyclopedia to find information. We knew nothing about stock market, how to save, etc. We had no houses to sell. You are extremely fortunate. That's why many of us are living on social security. Not because we didn't plan so much as we didn't know.
We also had encyclopedias! It is amazing how times have changed! All of this needs to be taught in school starting at a young age. Thank you for sharing your experience with the channel!
Thank you. Just found you guys. Good info. Love your soft way of talking. 42 here. Paid off home already and saving 60k/yr and planning to wrap up by 55 myself 😊. One thing I will add is - even in early 40s, try to balance your life while keeping the eyes on target. Don't be a spender or a miser either.
Totally agree! Live life to the fullest, but keep an eye on the prize! Great comment. Thank you for watching!
That's hilarious that people watching your channel are dinging you for your poor Spanish. They have to understand that you are traveling to many countries each year and you can't be expected to be fluent in every country you visit. My wife and I have traveled internationally a little bit and from our experience, if you speak (even poorly) just the basics, the local people appreciate the effort and will treat you well. Thank you for your videos
Yeah, we do our best. It is interesting how many people feel the need to correct us not just for our inability to speak Spanish, but also for any mistakes we make. 🤣 It's all good, we appreciate people watching and most of the time they're trying to be helpful. Thank you for the support and for watching the channel! 😊
Long before you start looking for insurance, start a healthy lifestyle. You can’t enjoy retirement at any age if you are sick or even worse.
The comment about not getting up to an alarm every morning is interesting. Seldom do we sleep in, even at home and never in a hotel. We definitely use an alarm to get a 7am flight when you are an hour from the airport and have to be there 3 hours in advance of the flight.
Great point! We set an alarm this morning for 3:00 am just to get delayed 5 hours! 🤣
Not saving enough, not having proper health insurance
I took Spanish classes in Cuenca, Ecuador. It was a great place to learn as they tend to speak slower and the cost was very reasonable.
Thank you, Suzanne!
In Australia , your own home is exempted under the asset test for the pension and no taxis applicable when you sell Another benefit is you can reverse mortgage your home with the government and increase your pension by 50%. Given that home prices are so high even 20 years of reverse mortgage will not make any dent if you want to pass the house onto kids etc. So even with no savings or investments a couple at 67 who own their own home can get a $67.5k AU government pension tax free, plus a senior discount card worth thousands. You can also have up to $470k in allocated pension ( 401k in USA terms) and draw around $40k per year without impacting your pension. Different circumstances for different countries.
It sounds like the Aussies have it figured out!! We can't wait to get to Australia within the next couple of years. Thank you for watching and commenting! ❤️
My long-term care insurance is to eat right and exercise. If the day comes that I can't take of myself, it's time to check out.
Diet and exercise is a great place to start! We take this seriously as well. Thank you for adding to the channel!
How will you check out? Easier said than done. False bravado😮
Hmmmm …. Kind of sad perspective 😢 Pray that you stay fit and trim and healthy for a long time 😊
@@bornufree that's what I was wondering. Check out as in die? We should all be so lucky to just die when our body and mind give out.
I get your perspective...why throw money into a LTC insurance policy if it's never going to be used? Also, for those in higher tax brackets there is a huge tax write off (7.5% above AGI) if you need to pay for medical expenses out of pocket. LTC insurance is not a great option if you have good cash flow from pension income which includes SS.
Lots of good comments in here. I am 37 and realistically able to retire with enough to travel consistently (which I already do) with money to spare in around 5-7 years. But I feel like that might be too soon. Appreciate the content of the channel and all the amazing commenters with their advice.
We always learn something new from viewers. Thank you for watching and commenting!! Happy New Year! 😊
I only started saving for retirement when I was 47 after listening to Dave Ramsey. Now 60 with 1.4M saved, planning to retire in 2 years. Never too late!
That’s awesome 👏 😊
I did follow Ramsey for a while then got put off by some instances of what I felt were monetary contradictions and personal ethics (his beliefs rubbing against mine). What I did agree on is really looking at your finances and seeing what is necessary spending and what is discretionary. If you can put some of the latter away today it will build towards a nice nest egg/retirement/down payment down the road. I wish this common sense idea was taught in senior high as kids today need all the advantages they can get when it comes to wisely and safely funding their retirement.
Wow! You have done well, especially in your savings program that you started at age 47. My father, who was poor his entire life, gave me excellent advice: Start saving for retirement as soon as possible, and I did. I could retire in my early 50s and never regretted it. I have made the world my home. I feel blessed like yours. Happy retirement. I admire your ability to retire in two years. It is never too late to plan for a successful retirement.
Yay! I’m a Ramsey followers as well….similar situation as you. I’m 60, debt free including my house (thanks to the Ramsey Baby Steps) and have 1.1 in retirement…plus my house . I’m planning on retiring at 62 if I can stand the thought of not working 😂
lol I’ve been planning retirement since my early 20’s! I saved the max at work 401k, invested in multi family houses, worked every stitch of OT I could in my latter years as the kids started their lives in their late teens/young adults and retired with the exact net worth I was shooting for so I had no regrets luckily. I knew my budget after talking with my investment advisor so that wasn’t a shock and being a realist I’ve just accepted the scenario. Good luck folks it can be done even for blue cola workers like you and me.
Great to hear, Andrew! It can be done with proper planning at a young age!! Thank you for sharing and Happy New Year!!
Thumbs up 👍 Brian & Carrie
Thank you!! ❤️
I think not doing it sooner is a big thing for a lot of people! Personally I kept trying to get just a little bit more money, even though I could have left earlier. It was not because I was worried per se, but it is hard to pivot from what you are used to!
Thanks for the down to earth advise!
Thank you for watching!!
I love #10. I retired early at 34, started traveling at 35, entering year 4 of retirement, and have more than doubled my net worth. Best decision of my life!
That is awesome!!
My wife and I are kinda semi retired, we don't own a house anymore..I don't miss mowing the lawn or the upkeep and property taxes. We have put money back into investments that allow us to travel when we want to ,and take weeks off from work.
Re: #7 Taking SS early locks your benefits at that amount (plus COLA increases). There is at least one exception. You can suspend your benefits once you reach your FRA until 70 (or any months in between) and earn DRC (Delayed Retirement Credits) of about 8%/yr, 24% total. So, if you take SS at 62 (or any early age) and later decide you could have waited, you could suspend your benefits, let them grow and start them again later. Maybe you ended up with more money than you thought you would or came up with a windfall somehow.
Oh, there is another exception, but a little tougher. Once you start your SS benefits you can suspend and stop your benefits within 12 months. In this case you must repay all the benefits you received but it resets your SS account like you never touched it. This would likely be more for someone that took a higher paying job after starting SS benefits. But going back to work is not what most of us are here to discuss, is it? 😁 After 12 months you are locked in, until FRA at least, in which you could access the first plan above.
Loved this video! This month marks the first one where the paycheck doesn't drop and the anxiety is real, but, fortunately, there is saving and planning backing this move. A somewhat cheaper alternative to Long Term Care insurance is a Whole Life Policy with a Long Term rider. That's what we did. You guys continue to make accessible, valuable content. Appreciate it.
Thank you, Dave and Wendy! We appreciate your support and Happy New Year! 😁
Thank you both for the great video! I am planning to retire in 7 years and have already started the planning process. One of the items I’m considering is whether to rent or keep our condo. I am leaning towards renting; however, most financial "gurus" on UA-cam recommend owning your home to stabilize your retirement. Considering property taxes, insurance, and upkeep expenses, I’m not sure if that truly provides stability. I plan to split my retirement 50% abroad and 50% in the U.S. Please discuss more about renting versus owning-it would be very helpful for people like me. Thank you!
It definitely is a hot topic in retirement, especially if you plan to be away a lot traveling. So many things to consider and weigh out. Thanks so much for watching 😊
Thanks for your research, very interesting. I find that sadly not enough people are interested in others that might be the cause why they get bored easily
I'm lucky to have healthcare with a modest pension when I retire in addition to SS and 401k but unlucky I don't have a partner to share expenses, experiences and all the rest that comes with aging.
The question is whether to get a holiday home (condo/apartment) in a warm country by the sea - and spend some prolonged periods there during retirement, or instead invest this money and use it later for traveling to different destinations instead of sticking to one place
I looked into LTC insurance when I was 49. The quote we got for the plan that looked best for us ($500/person/day for 5 years each or up to 10 years total for one of us) was expensive. We decided to self fund and earmark a portion of our tIRA to cover such costs, if needed. The sweet spot to start LTC insurance is 58/59 since premiums start going up at 60+. Those that choose to have LTC insurance should also save enough to cover 90 days of LTC costs locally due to the 90 day look back most (if not all) policies have.
I plan on retiring soon at 55. I volunteer a lot, so excited to be able to volunteer more Monday-Friday and to have more time to lengthen my daily exercise regimen. We’ve got a Western Mediterranean cruise booked to celebrate my retirement (we did a cruise in the Bahamas for hubby’s retirement back in 2021).
long term care insurance for my in-laws. who lived very healthy till about 96.Then short illness then death..and that LTC ins, They paid good premiums for Years, Didn't do crap for the last handful of bills... It's been over a year now and we just laugh about long term insurance. I'm sure They're all different.
Regarding insurance, i plan to lean on getting medical care abroad. I will set a certain amount of money just for that (let's say 30-50 ,000 usd) and whatever happens, happens. 2025 is the year that i feel i am ready to call it quits.
You'll find medical care very good in most places around the world for a fraction of the cost.
The greatest negative with renting in retirement, is that you have no housing security. If your house/apartment gets sold, your rent can skyrocket and you will be forced to move. My wife and I travelled and lived in four different countries by the time we were 23/25. As much as we enjoyed seeing different countries, we would never give up the security of owning our own home for it. We bought a lovely 4/2 home outside of Atlanta in 2016 and it will be paid off in January. Our mortgage is only $585 a month, but the rents in our neighbourhood are $2,200-2,500 and property taxes are $2,800. It's a no brainer, that we are better off in our paid off home, rather than being exposed to rents being wildly variable. We also have my wifes' 85 year old mother living with us. As such, having no housing security as an intergenerational family, is not an option.
Your situation would absolutely call for keeping your home. Every situation is different. Thank you for watching and sharing with the channel! 😁
Home is paid off just b4 I retired. Beats renting nowadays w/ the ridiculous rents being charged. who wants to pay 2500-5000 for monthly rent?
Very true. We sold ours and now travel and have no responsibilities of owning a home. If you own your home, you can't go wrong.
To me, the key to retirement is that it is not retiring FROM something, but to retire TO something. If you think that retirement is golfing and fishing everyday or consistently travelling, you may become disappointed and bored quickly as they mention. As long as you have saved enough to no longer need a high paying stressful job, there are lots of ways to make additional income in retirement and give you a sense of purpose and a reason to get up in the morning. I am not promoting this book, but "How to Retire Happy, Wild and Free" is a great book to read about retiring. Like the video mentions, find something you enjoy working at after you leave your job. The book recommends doing that part time and then enjoy your hobbies the other half. I was able to retire at 55 after 33 years as an engineer and after 8 years, I absolutely love it and have no regrets.
You make some great points, Steven. Thank you for adding to the conversation and for watching the channel! Happy New Year!
@@BrianandCarrie Thank you. Happy New Year!! I also want to add that if you are financially well off enough not to have to get a paying job after retiring from the full time workforce, there is a great deal of satisfaction doing volunteer activities. For some reason I enjoy preparing taxes, so I have volunteered as an AARP Taxaide for the last 5 years. Your last reason of regretting not retiring sooner is the one I hear most often from the people that delayed retiring from the company I worked for! One of the best sayings I have heard is that "There are lots of ways to fix retiring too early but much harder to fix retiring too late."
I thought I’d work till I was 70. I retired at age 62 because I’m going deaf. I now, at 64, volunteer a lot of manual labor, and work on my land m, houses, and wood projects. Military, VA disability, and VA employee retirements.
I agree with you on real estate
I think it depends on what you do with the real estate. We have several cash flow properties that will be funding our retirement. If you have a 2nd home and don’t have a plan and oh, by the way, I’ll try to rent it out without a y research or plan and you are counting on that income - then I can see that working out at all.
I'm in my 5 year countdown to early retirement and full-time travel, but my husband is not fully onboard with the idea. As you all mentioned, boredom and lack of purpose are his main concerns, but I think exploring/learning a new city during full-time/slow travel would keep us busy enough.
My question to you, if you weren't doing UA-cam and all your basic expenses were covered for life, do you think you'd be bored just traveling?
We don't think that we would get bored, but we would find something more to do. Learn a foreign language, start a travel blog, or work part-time remotely. UA-cam does take a lot of our time, and we feel grateful for the opportunity. If you are unsure about slow travel, we would suggest planning a month or two trip before jumping in altogether. Thank you for watching, Sandy. 😀
@BrianandCarrie I like that idea. Thank you!!
Thank you!! 😁
Nothing says you need to do an all-or-nothing, go-for-broke. The suggestion to take a month or two and travel and see how you both feel. Perhaps even take a leave of absence for 6 months and travel to see if it's for you both. One can be bored anywhere, even at home. Hope that you are able to sort it out.
I am 30 and plan to retire when I am 45. I have had an income since 15 and never thought of the psychological side of not having an income. It gives me anxiety thinking about it!
Totally agree with you about the house. I will start renting my house this January but plan to sell it in 2 years. My friends and family don’t get it.
Being a landlord sounds great until it isn't. The responsibility never ends.
I do understand the being removed from the real estate market that continues to go up from friends and family. IF you live in that property that increase in value (in Canada anyway) is tax free. But rent it out, and now it is income, and taxable. The growth in the value is a capital gain. Also taxable. So what appears as a simple solution (to rent it out) has its own complications, not to mention trying to evict the tenant who doesn't want to leave, or damages the property which may or may not be recoverable.
Had this discussion again the other day. Some people think being a landlord is difficult....try being a long distant landlord. 🤯 Years ago I rented my house in Sacramento for 10 years from AZ & UT. Talk about regrets. 🤦♂It does help with deciding if I want to sell or rent my current home though.
@@BrianandCarrie true; renting to my sister and her fam; if not would sell the house today.
I've been a long distance landlord for 19 years and it's easy going now. The learning curve for the first 2 was a bit rough. When we retire in a few years, we will rent out our primary for 1-3 years while we bounce around to figure out where we want to land. My best advice is to make sure the house is in stellar maintenance. If electrical, plumbing, water heater, roof, appliances, furnace are aging, replace them BEFORE they break. Also, screen tenants well. I ask them questions and if they don't respond using appropriate capital letter and punctuation, decent grammar, they are a no-go for me. 😊
Great informative discussion.
Thank you, Cheryl!! ❤️
I RETIRED OVERSEAS AND LOVING I5
46 & 50 year old here! 2025 is the year our house will be paid off 😊 and then will be working on paying off our 2nd home, hoping by 2030. Eventually, we will be leaving our homes to our children. Hubby will be retiring in 3 years & hoping to travel the world.
Nice work!! You two are well on your way!! Thank you for sharing and for watching the channel!! ❤️
I wish you a wonderful 2025, full of discoveries and joy. We follow you from Quebec, Canada and appreciate each of your videos! Thank you for continuing to explore the path that suits you and makes you happy. It carries us and inspires us. You are wonderful to see evolve and discover. Many thanks for doing it!!! Best regards!!
Thank you for the kind words, Marie! ❤️ Happy New Year! 😊
We rent our house for half what it would cost to buy. A general rule of thumb is that you need to double in price within 10 years to just break even when you factor in all the costs. Plus I don’t have to do maintenance all weekend.
Claimed SS at 62 to front load available travel funds for the go go years. I won’t need the extra money when I’m 75.
Thank you for adding this, John! We appreciate all your comments! Happy New Year!
No way we’d rent. We made it a point to pay off our 4 bed 3 bath house early in our 40’s. However, let’s say we paid it off when I retired 8 years ago at 55. A two bedroom apartment in a nice area around here is at least 1,800 a month. Our average expenses per month for our house including utilities, taxes, insurance is $540. I do my own lawn mowing and snow removal because I’m healthy and actually enjoy it. But I’ve done the research and around here we can pay as little as $150 month for mowing for 6 months here in the north, and could pay per visit for snow removal, which would be cheaper… but let’s say I get a $500 contract for the winter. So around 120 a month for all that. So now I’m at $660 per month. The difference between $1,800 per month and $660 per month over 8 years is $109,440. My roof needs replaced this year at $16,000 (I already have it scheduled). We are still ahead $93,440. Also, in that 8 years our house value has gone up around $80,000.
We sold ours to travel. We did not want the responsibility of the cost and the upkeep that you have mentioned while traveling. We would have had to hire a maintenance company to handle any issues which is another cost.
I agree.. l cannot see renting being cheaper than owning a house, plus l would not want to deal with noisy neighbors, not being able to decorate / paint walls the way l wanted, paying more for pets and not having my own yard for them to be in and just not having the space and privacy to play my music loud, or worry about a crying child bothering a neighbor.. I would hate having rent going up and having no control.. and having no garage for bikes, etc. I understand the reasoning not to own a home if you are going to be doing continual travel.. but l am a homebody and when l do travel, l always look forward to 'going home'.. as Dorothy from the Wizard of Oz always said.. "There's no place like home." 😄
Estate planning elder law attorney here. Do not buy LTCI (invest the money instead). SNF care is basically free if you plan properly with an elder law attorney. Don't own big nice houses. Own bread and butter homes-as many as you can and rent them out. Refi until you die. Do not take social security early. Do all these things and retire at any age you want.
Thank you for your opinions and insights, Randy! Happy New Year!
Makes a lot of sense to a 51 year old Government employee in Tanzania.
Hmmm..🤔
Seems like quite a few of the "Top 10 Regrets" all boil down to money & planning. Not saving early enough nor sufficient enough coupled with excessive spending. Multiple houses , high healthcare costs (because of high spending requiring high drawdown leading to high ACA costs if under 65 because multiple houses are not cheap to maintain and pay for).
Just my POV as someone who retired at 45 several years ago on a modest yearly spend (1 home only) low healthcare costs ($275 / month for ACA gold plan with dental coverage), plenty of hobbies (hiking, weightlifting, playing musican instruments, martial arts, cooking, woodworking, gaming, reading, etc). I also had divorced my social circle from work many years before retirement.
Have appreciated somewhere with this discussion in mind. It is good to start envisioning what we want those years to look like fairly early on…
It’s one of those situations when - we are all so different, have different types of jobs, personalities, etc that enter into this mix. My husband and I decided a few years ago, when entering our 60’s, that we wanted to start incorporating travel more frequently now that the last kid is out of our house, but not to wait until we “retire”. So, we had a lovely trip to Austria, Germany last year, and this year we’ll be heading to England. He wants to take a cruise somewhere after that, but I don’t enjoy crowds or big cities- so we’re trying to figure out a good compromise 😏.
Thank you for sharing and watching the channel! Safe travels and have an amazing new year!! 😊
Hiya to both. After having worked for 30+ years, I think my main regret if I continued to work and then had a health issue would be "why did you keep working?" Who am I working for? As someone in my late 50s I don't need to bury any more friends and those around my age in order to have a fire to live this life. There are the retirement years: (1) go-go years (2) slow go years to then (3) no go years. There are only so many years in which to be active and doing adventure travel, so I want to take advantage of that. Everyone has their own choices to make. Thanks for opening up the dialog on the topic. It is very relevant. Cheers!
Well said, Robert! Thank you!!
I retired at 52 and honestly, I wish I’d done it sooner. The 9-to-5 grind always steals your freedom for a paycheck that barely scratches the surface. My advice? If you’re in your late 30s or early 40s, start saving for FIRE now (Financial Independence, Retire Early.) And if you’re in your 50s, invest smartly and break free from relying on your job. Market trends, like the Trump Effect, have made millions for many, including me. Stay focused, stay consistent, and remember financial freedom is within reach if you make it a priority.
To each their own
I hate renting
I'm with you! 👍🏻
Just retired 5 months ago at 64. No need to touch SS until, 67. Financially sound. Writing this as I cruise up the Nile watching the Egyptian coast go by. Visiting ancient locations and eating too much. Just do it.
A cruise on the is on our bucket list!! Thank you for sharing, Kirk and congratulations on the retirement!! Safe travels!!
I am waiting for you to set your attention on one or two countries and start digging deeper. Getting local medical coverage and assessing expat taxes. Most probably it will be some country like Albania or Mexico where US citizens can stay for a year or so without visa. EU is out of charts with 3 months limit. I might be wrong on that because some people prefer Spain and even France. There is a set of pros and cons in every decision.
No borders or No boarders?
Taxes and insurance never go away if you rent or own period