I decided to retire early at the end of 2020 when lockdown was happening and I couldn't take my yearly 6 wk escape off this continent. Being 'stuck' at work made me realize how much I hated my job - hated working at all (reason #14 in SPADES!!). I got my butt in gear in every way possible and now am poised to retire at 53 (in 3 yrs) - and I'll be fine. I can't wait to walk out the door and never see any of those people again. I won't miss one single thing about my job. I can't wait to cut that cord! If you can financially do it, RETIRE!!!
I retired at 57. I had saved/invested since my 2nd paycheck out of college in my 401k and IRAs. My goal from day one was to retire early. I did it and love it. Everything is paid for. New home new car. I have employer subsidized healthcare. I am now 63. Trust me retire before you have a health issue.
I retired 2 years ago at 51 for about 16 of the reasons you gave. And I really liked my job/career. I've since taken some part time work from home, to help support the kids in University, but have full control of how much work time I spend. The freedom I have to control my own time and what I want to do with it, is incredible. Do I golf today, gardening, kayak fish, make something out of wood, or jump on the motorcycle and go camping. Don't wait if you don't have too.
Really love this video. I am 62 (retired a year ago). Best decision. I am now pursuing my new found passion of photography and videography. I am living my best life.
I've seen a couple of my neighbors hit 70 or so and around that age the wind just got knocked out of their sails, they were retired doing hobbies and stuff and with in a month or so it's like someone drained their batteries. Get out there early if you can, do what brings you happiness if you can afford to and remember you could be dirt napping minutes from now.
A few of these 20 reasons applied to decision to retire at 54 (last year), but the biggest reason (#20) was that I had enough money to continue living the same lifestyle while I was working. Even though my income is half of what I had when working, when I calculated the much smaller tax burden, no more mortgage payments and no more contributing to my retirement fund, no more CPP or EI contributions, I ended up with more disposable income than when I was working.
I decided to quit my job and semi retire (ie not work for now) this year, at 54 after working 32+ years in healthcare. I can’t imagine working til 65 to get the benefit of income splitting. 65 seems like a million miles away frankly.
I started another career at age 59 in an executive position in an aerospace company. At a time they actually thought I was 50, and I laughed when I was actually older than the guy I was replacing. I worked for three years in this company, then I was going to retire and do part-time work, and got snagged to do another job for another aerospace company for another 2 1/2 years. I’m 65 and still working, planning on retiring in a month, and got yet another call to be the general manager of another aerospace company. I’m finding it hard to just say no, as at this point in my life, I actually know what I’m doing:)
Great video! I retired two years ago, two months before my 60th birthday. I now have lots of time to pursue my hobbies- old and new; travel whenever I want to; and, stay up late on weekdays, and sleep in as late as I want to.
Bahaha, best comment yet! Thanks for watching - and the extra knowledge you are gaining over other 29 year olds will help you retire that much earlier, or at least in a better position.
I started planning for retirement at 30 years old (wanted to retire at 55), and I retired last year at 54. It can be done if you figure out the details of how much money you need and how much you need to put away now.
Adam you are the son I wish I had , I am almost 66 I have been working like a dog . I start at 6:30 to 4 or 4:30 around 10h a day straight no breaks whatsoever not even lunch break , I make over half a million dollars a year for my boss. Thank you lord Jesus, I got to an argument with one of my patrons, it was so hard on me I felt I am gonna have a heart attack , since then , from October I decided that’s it I will stop from January first . Take 1 or 2 months off. Then I will start 1 or 2 days a week but since then anxiety is killing me i keep asking myself why why I should not quite my job. Until incidentally I listen to you tonight. Thank you 🙏 you gave me a lot of encouragement, thank you ❤
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
Bro in law lying in hospital after a aorta tear at 59, Army buddy dead today with heart attack at 53. You don't know how much time you have or how good it will be. Carpe diem.
#4 is my situation. I’m a few years away from retirement and my boss knows it but continues to rely on me over the new or younger employees. I wish I could work the next 2-3 years in more of a support role but the critical jobs keep landing on my lap. I’ll probably just walk out next year if this continues.
If you don’t have a company pension, or find you need to top up your income later. Leave your job on good terms. In case you might later need, some contract work.
In Manitoba the secret is to retire. In a month they will call you back for twice your salary for a term contract. Negotiate for what you want. Organizations refuse to succession plan or allow the next generation an opportunity. So see it time and time again in every industry old timers working on the road at 2x 3x last salary. They hold all the keys.
Excellent! We retired at age 62, expensive health insurance until age 65 and Medicare. We limited our retirement withdrawals in order to qualify for Obamacare or ACA and that saved us over $25,000 per year in heath insurance premiums. In Alaska the income threshold to qualify was $89,000 for a couple.
Yes - just retired and working part time etc - all good advice Adam - I could have stayed longer and stashed more cash for retirement, but I decided to leave while feeling good and able to do whatever I want next.
You stop paying CPP 5.95%, EI, pension 6%, Union Dues, Union Disability Insurance, non optional LTD Insurance. In my case it added up to $12,000 per year. My DB Pension can be income split with my wife, we pay less taxes.
My sense is that most people (at least those around me) are not looking to 'retire' in the traditional sense of the word, but just want to transition to something else, something new, something refreshing. They want variety. What it takes is imagination and courage to set up a life that accommodates one's aspirations at different stages of life. Waiting for 'retirement' to live your best life doesn't make sense to me. I say look for options and working on implementing, no matter what stage of life you're at.
I had a coworker retire at 70 and I have to say I was floored by that. I've enjoyed my career but recently I've been bored and I no longer think I'm going to work until I die. I want to lazy for the rest of my life. Just hit 62 and have a large SS payout compared to the average (been working since 16). With cash, matching my SS payout is enough for me since the taxes have already been paid. This means I will pay little taxes on SS so $50k is really closer to $80k+ if I was drawing from 401k. I'm seeing stress on the company bottom line and I've set a date for next Oct and if it happens sooner because of a layoff then I'm ok with it. Sadly every coworker I've talked too has to work because of sick kids and wives that spend to much.
Retired in ‘21 at 56 because I could and could not bear the thought of working longer (#14). Though I hadn’t anticipated retiring into this investment market/economy, I don’t think I would have done things much differently knowing then what I know now.
Everyday is coffee break time!! I am not a morning person, so I love sleeping in mornings if I want, and taking time through my day to do what I want, appointments etc, movies, reading, time with freinds, going on line... Whatever! 😄😁😉
This list is much more applicable to civil servants who have guaranteed indexed DB pensions. You have to have the cash to be able to retire. This negates anything else. Getting a FP together is an excellent idea regardless of the size of your retirement account.
Not everyone is in a position to pay the bills so working is a must, retirement is not an option for some. Since 2014 when our costs of living started rising this issue has become far worse!
Plans are great but remain flexible. You could love your work but your health interferes (arthritis) and #10 family - may not be to 'enjoy' but because you become caregiver to younger and older members (sandwich) both of which essentially forces you into retirement.
Excellent reason #15. I am 62, retired last year and I'm an amateur musician, now I have plenty of time to practice my music and learn how to play other instruments. I will not reach rock star level but am quite satisfied with what I can play now and share with friends
Hey! Another woodworker here and we're getting ready to walk away from corporate life in just under two months. I'm 54 and we've been planning and modeling this move for the past couple years. 14 of these resonated with me for sure, but seven of them were right in line with why we made the decision to pivot to an early retirement. More time in my workshop, expanding my skills and trying some new things, creatively, is definitely on the menu! Our time will be our own now...what a great sense of peace and freedom that brings.
I have no blindfold on I just know that as a single, it’s a known fact that we need more money than a couple to retire. My financial planner told me that since my goal is to keep my home I need to continue to work until I’m 69 as I won’t be using the money from my home to live on. The cost of living now is so high I’ll feel more comfortable having the extra savings so I don’t run out.
Despite all the excellent points in this video, early retirement isn’t possible when a spouse has been chronically ill for a decade and all debts couldn’t be paid off.
I had a Plan, a financial advisor, friends, etc. etc. Retired as soon as I can and got a less stressful "Walmart Greeter" - type job to supplement my funds & travels. Then that Covid Lockdown Pandemic derailed everything!
self employed,there isnt SPECIFIC day l can stop! its easier when you shed a job!..lm doing more and more youtube vids on this subject,the ones not addeeesing so much, the money part....
What a great video Adam, thanks for educating your community about retirement. #9 is a tricky one and I have a question for you. Many people are eligible to start a reduced DB pension even before 60. In my case it’s 3% penalty per year. After 60 it does not grow but if I were to take it earlier then there is a reduction I mentioned above. Would you do it? 😀 Pension is 1/3 of employment income.
P.s... I worked full time in a nursing home for 45 years of my life! I am not, nor will I ever vollunteer. If you can financially swing it, you do not need a lavish lifestyle, I beg you to RETIRE!!! I was 61! 😁😁😁
More than few of the reasons resonated with me. #20 is actually the reason I DO continue to work. I love the fact I am no longer working for the money, Maybe we will spend it all; maybe we won't and the kids will get more.
I greatly appreciate your help,your professionalism in giving me your knowledge and I wold like you to set up a branch in Toronto we need your advice thank you very much DIEGO Restrepo
Things to consider when retiring. No mortgage Lower income means less taxes Union job- no more dues Insurance on vehicle. Commute vs leisure travel Gas- wear and tare Lunch out and coffees Not paying into a pension plan Commute time If you factor all of these you may be saving thousands of dollars in expenses Do your numbers..get out!!
Hey chief ! That union job gave you higher wages , ensured you had a pension , decent working condition ! Not bad for the cost of an hours wage every month !
Almost 72 and still working F/T. I've started working through my bucket list because I knew this was going to happen. #1 was getting my oldest grandchild through college and financially independent. Check. #2 was ramping up my hobby into a saleable product and taking it to craft shows. Check. #3 is getting the mortgage paid off and the reno finished. Still waiting and I will need another couple of years yet. The most critical factor was to regain control and take personal responsibility for my health! BIG Check. Everyone I know who is retired already is bored out of their skulls. Will I ever get to true retirement? who knows, but I am having some fun along the way...
Not a fan of this video. I say that because MOST of these reasons are quite logical (stress, w/l balance, hobbies, education, etc.). People who are willing to think about their freedom from working and the financial consequences of it, should already be aware of these. If not, there's a lot of research still ahead of them before they pursue early retirement. I was hoping to see a lot of value in this video, but alas, there wasn't a lot that I took away from this. Yes, there were some nuggets, but for me personally, this wasn't as valuable as I thought it would be. However, #20 is gold and very critical for people to think about!
But that's the whole point of this video - to get people thinking. Most don't. They blindly keep working and get stuck on the 'need more money' train until it's too late and life has passed them by.
I decided to retire early at the end of 2020 when lockdown was happening and I couldn't take my yearly 6 wk escape off this continent. Being 'stuck' at work made me realize how much I hated my job - hated working at all (reason #14 in SPADES!!). I got my butt in gear in every way possible and now am poised to retire at 53 (in 3 yrs) - and I'll be fine. I can't wait to walk out the door and never see any of those people again. I won't miss one single thing about my job. I can't wait to cut that cord! If you can financially do it, RETIRE!!!
I retired at 57. I had saved/invested since my 2nd paycheck out of college in my 401k and IRAs. My goal from day one was to retire early. I did it and love it. Everything is paid for. New home new car. I have employer subsidized healthcare. I am now 63. Trust me retire before you have a health issue.
I retired 2 years ago at 51 for about 16 of the reasons you gave. And I really liked my job/career.
I've since taken some part time work from home, to help support the kids in University, but have full control of how much work time I spend.
The freedom I have to control my own time and what I want to do with it, is incredible.
Do I golf today, gardening, kayak fish, make something out of wood, or jump on the motorcycle and go camping.
Don't wait if you don't have too.
Really love this video. I am 62 (retired a year ago). Best decision. I am now pursuing my new found passion of photography and videography. I am living my best life.
I've seen a couple of my neighbors hit 70 or so and around that age the wind just got knocked out of their sails, they were retired doing hobbies and stuff and with in a month or so it's like someone drained their batteries. Get out there early if you can, do what brings you happiness if you can afford to and remember you could be dirt napping minutes from now.
A few of these 20 reasons applied to decision to retire at 54 (last year), but the biggest reason (#20) was that I had enough money to continue living the same lifestyle while I was working. Even though my income is half of what I had when working, when I calculated the much smaller tax burden, no more mortgage payments and no more contributing to my retirement fund, no more CPP or EI contributions, I ended up with more disposable income than when I was working.
I decided to quit my job and semi retire (ie not work for now) this year, at 54 after working 32+ years in healthcare. I can’t imagine working til 65 to get the benefit of income splitting. 65 seems like a million miles away frankly.
I started another career at age 59 in an executive position in an aerospace company. At a time they actually thought I was 50, and I laughed when I was actually older than the guy I was replacing. I worked for three years in this company, then I was going to retire and do part-time work, and got snagged to do another job for another aerospace company for another 2 1/2 years. I’m 65 and still working, planning on retiring in a month, and got yet another call to be the general manager of another aerospace company. I’m finding it hard to just say no, as at this point in my life, I actually know what I’m doing:)
Great video! I retired two years ago, two months before my 60th birthday. I now have lots of time to pursue my hobbies- old and new; travel whenever I want to; and, stay up late on weekdays, and sleep in as late as I want to.
Listen man I'd love to retire today but I'm turning 29 next week 😅
If your 29 and watching these videos you’ll have a great and successful retirement….in 35 yrs lol
Bahaha, best comment yet! Thanks for watching - and the extra knowledge you are gaining over other 29 year olds will help you retire that much earlier, or at least in a better position.
I started planning for retirement at 30 years old (wanted to retire at 55), and I retired last year at 54. It can be done if you figure out the details of how much money you need and how much you need to put away now.
Adam you are the son I wish I had , I am almost 66 I have been working like a dog . I start at 6:30 to 4 or 4:30 around 10h a day straight no breaks whatsoever not even lunch break , I make over half a million dollars a year for my boss. Thank you lord Jesus, I got to an argument with one of my patrons, it was so hard on me I felt I am gonna have a heart attack , since then , from October I decided that’s it I will stop from January first . Take 1 or 2 months off. Then I will start 1 or 2 days a week but since then anxiety is killing me i keep asking myself why why I should not quite my job. Until incidentally I listen to you tonight. Thank you 🙏 you gave me a lot of encouragement, thank you ❤
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
1:42 "Make sure you carve out enough...." Was that a woodworking dad joke? If so, I am here for it.
Good catch!
Bro in law lying in hospital after a aorta tear at 59, Army buddy dead today with heart attack at 53. You don't know how much time you have or how good it will be. Carpe diem.
#4 is my situation. I’m a few years away from retirement and my boss knows it but continues to rely on me over the new or younger employees. I wish I could work the next 2-3 years in more of a support role but the critical jobs keep landing on my lap. I’ll probably just walk out next year if this continues.
Had a few clients just walk out - don't let your employer control your retirement date.
If you don’t have a company pension, or find you need to top up your income later.
Leave your job on good terms. In case you might later need, some contract work.
@@billpetersen298excellent point.
In Manitoba the secret is to retire. In a month they will call you back for twice your salary for a term contract. Negotiate for what you want. Organizations refuse to succession plan or allow the next generation an opportunity. So see it time and time again in every industry old timers working on the road at 2x 3x last salary. They hold all the keys.
Excellent! We retired at age 62, expensive health insurance until age 65 and Medicare. We limited our retirement withdrawals in order to qualify for Obamacare or ACA and that saved us over $25,000 per year in heath insurance premiums. In Alaska the income threshold to qualify was $89,000 for a couple.
Yes - just retired and working part time etc - all good advice Adam - I could have stayed longer and stashed more cash for retirement, but I decided to leave while feeling good and able to do whatever I want next.
You stop paying CPP 5.95%, EI, pension 6%, Union Dues, Union Disability Insurance, non optional LTD Insurance. In my case it added up to $12,000 per year. My DB Pension can be income split with my wife, we pay less taxes.
My sense is that most people (at least those around me) are not looking to 'retire' in the traditional sense of the word, but just want to transition to something else, something new, something refreshing. They want variety. What it takes is imagination and courage to set up a life that accommodates one's aspirations at different stages of life. Waiting for 'retirement' to live your best life doesn't make sense to me. I say look for options and working on implementing, no matter what stage of life you're at.
I had a coworker retire at 70 and I have to say I was floored by that. I've enjoyed my career but recently I've been bored and I no longer think I'm going to work until I die. I want to lazy for the rest of my life. Just hit 62 and have a large SS payout compared to the average (been working since 16). With cash, matching my SS payout is enough for me since the taxes have already been paid. This means I will pay little taxes on SS so $50k is really closer to $80k+ if I was drawing from 401k. I'm seeing stress on the company bottom line and I've set a date for next Oct and if it happens sooner because of a layoff then I'm ok with it. Sadly every coworker I've talked too has to work because of sick kids and wives that spend to much.
Adam I can not possibly thank you enough
Retired in ‘21 at 56 because I could and could not bear the thought of working longer (#14). Though I hadn’t anticipated retiring into this investment market/economy, I don’t think I would have done things much differently knowing then what I know now.
Everyday is coffee break time!! I am not a morning person, so I love sleeping in mornings if I want, and taking time through my day to do what I want, appointments etc, movies, reading, time with freinds, going on line... Whatever! 😄😁😉
This list is much more applicable to civil servants who have guaranteed indexed DB pensions. You have to have the cash to be able to retire. This negates anything else. Getting a FP together is an excellent idea regardless of the size of your retirement account.
I retired because I had health issues and didn’t want to be that person who constantly phoned in sick
Not everyone is in a position to pay the bills so working is a must, retirement is not an option for some. Since 2014 when our costs of living started rising this issue has become far worse!
Plans are great but remain flexible. You could love your work but your health interferes (arthritis) and #10 family - may not be to 'enjoy' but because you become caregiver to younger and older members (sandwich) both of which essentially forces you into retirement.
Excellent reason #15. I am 62, retired last year and I'm an amateur musician, now I have plenty of time to practice my music and learn how to play other instruments. I will not reach rock star level but am quite satisfied with what I can play now and share with friends
I'm 61 , and will do the same this year !
Hey! Another woodworker here and we're getting ready to walk away from corporate life in just under two months. I'm 54 and we've been planning and modeling this move for the past couple years. 14 of these resonated with me for sure, but seven of them were right in line with why we made the decision to pivot to an early retirement. More time in my workshop, expanding my skills and trying some new things, creatively, is definitely on the menu! Our time will be our own now...what a great sense of peace and freedom that brings.
Congrats and enjoy more woodworking time in retirement.
Great advice!
I have no blindfold on I just know that as a single, it’s a known fact that we need more money than a couple to retire. My financial planner told me that since my goal is to keep my home I need to continue to work until I’m 69 as I won’t be using the money from my home to live on. The cost of living now is so high I’ll feel more comfortable having the extra savings so I don’t run out.
This is why home ownership isn't all it's cracked up to be.
You don't need more, but you need close to what a couple would need.
I know, I know. I have figured that continuing working actually benefits tax collectors more than my family and myself.
Excellent list and content as usual Adam.....very well done and all factual!
Despite all the excellent points in this video, early retirement isn’t possible when a spouse has been chronically ill for a decade and all debts couldn’t be paid off.
Thank you, Adam.
Learn more, yes.
Another degree (at least in the liberal arts) in this cultural climate - not a chance!)
I had a Plan, a financial advisor, friends, etc. etc. Retired as soon as I can and got a less stressful "Walmart Greeter" - type job to supplement my funds & travels. Then that Covid Lockdown Pandemic derailed everything!
We all talk about retiring. What about slowing down and using CPP to make that happen? Because you can't afford to retire.
self employed,there isnt SPECIFIC day l can stop! its easier when you shed a job!..lm doing more and more youtube vids on this subject,the ones not addeeesing so much, the money part....
I am 62. I think I can tick most of the boxes. I think come 1-Jan, I should be out...
What’s the least amount you can make in a year to qualify for oas and Gis
What a great video Adam, thanks for educating your community about retirement. #9 is a tricky one and I have a question for you. Many people are eligible to start a reduced DB pension even before 60. In my case it’s 3% penalty per year. After 60 it does not grow but if I were to take it earlier then there is a reduction I mentioned above. Would you do it? 😀 Pension is 1/3 of employment income.
Will really depend on if a reduced pension still meets your needs. Have a plan done, map it out, and you will have your answer.
P.s... I worked full time in a nursing home for 45 years of my life! I am not, nor will I ever vollunteer.
If you can financially swing it, you do not need a lavish lifestyle, I beg you to RETIRE!!! I was 61! 😁😁😁
I retired at age 54 and my only regret is I didn’t do it sooner.
Great video. Every reason is sensible. I am going in 2 months at 55 and can’t wait to start the new chapter. Don’t leave it too late guys!
Was just checking out volunteer opportunity in yvr ..unfortunately nothing interesting
Define interesting: changing lives, helping those in need, building something, using your skill set?!
Pick one and try it. I'll bet it gets more interesting than you think. What's the worst that could happen? Getting fired?
More than few of the reasons resonated with me. #20 is actually the reason I DO continue to work. I love the fact I am no longer working for the money, Maybe we will spend it all; maybe we won't and the kids will get more.
I greatly appreciate your help,your professionalism in giving me your knowledge and I wold like you to set up a branch in Toronto we need your advice thank you very much DIEGO Restrepo
Diego, good to hear from you on here! We have staff in Ontario.
Excellent video Adam!
Thanks!
With four kids, you'll never retire!
Tell me about it! Didn't think this one through...lol
Fantastic video ~ Thank you
Things to consider when retiring.
No mortgage
Lower income means less taxes
Union job- no more dues
Insurance on vehicle. Commute vs leisure travel
Gas- wear and tare
Lunch out and coffees
Not paying into a pension plan
Commute time
If you factor all of these you may be saving thousands of dollars in expenses
Do your numbers..get out!!
Hey chief ! That union job gave you higher wages , ensured you had a pension , decent working condition ! Not bad for the cost of an hours wage every month !
@ag-om6nr
I wasn't a Chief. Or a Chef
@@garth217 he didn't say it was a bad thing - he just doesn't have that expense anymore.
Almost 72 and still working F/T. I've started working through my bucket list because I knew this was going to happen.
#1 was getting my oldest grandchild through college and financially independent. Check.
#2 was ramping up my hobby into a saleable product and taking it to craft shows. Check.
#3 is getting the mortgage paid off and the reno finished. Still waiting and I will need another couple of years yet.
The most critical factor was to regain control and take personal responsibility for my health! BIG Check.
Everyone I know who is retired already is bored out of their skulls.
Will I ever get to true retirement? who knows, but I am having some fun along the way...
Excellent content. Unfortunately it appears we all have to face that the creature from the black lagoon might destroy the Canada Pension Plan
not in our lifetime.
Not a fan of this video. I say that because MOST of these reasons are quite logical (stress, w/l balance, hobbies, education, etc.). People who are willing to think about their freedom from working and the financial consequences of it, should already be aware of these. If not, there's a lot of research still ahead of them before they pursue early retirement. I was hoping to see a lot of value in this video, but alas, there wasn't a lot that I took away from this. Yes, there were some nuggets, but for me personally, this wasn't as valuable as I thought it would be. However, #20 is gold and very critical for people to think about!
But that's the whole point of this video - to get people thinking. Most don't. They blindly keep working and get stuck on the 'need more money' train until it's too late and life has passed them by.
@@vm6824 That's a fair point. In which case, this video covered a wide range of obvious reasons.