I worked full time from 17 to 63 Shortly after turning 63 I couldn't deal with the buel sheet anymore I was completely totally burned out After 33 years with the same company I applied for social security retirement I told the company nothing I had absolutely no feelings for the job or the people. Everyone that I cared about had retired or was dead End of shift on my last day I clocked out and just walked away Absolutely the best decision of my life
While in my 50's I literally watched a friend of mine at work , work till 65 . The day he retired he dropped dead half way between the plant and his car end of shift .
I was with the company for 21 years. I was already thinking about retiring but one day, on the job, I had an accident and broke my back. 3 weeks in the hospital and 180 days on disability. I said screw it and called HR and retired. When I look back on the years spent there, I get angry for wasting those years of my life.
Great advice! I worked 45 yrs at a hospital & it came to a stage in 2020 when I was 64 that the stress dealing which came with my colleagues was killing me. I resigned & now can't thank God enough for helping me made that decision. Now I hve time to exercise & spend time with family & friends. Financially I'm fine with no loan. Praise the Lord!
Resigned/retired two months ago from a job that I loved and thought it defined me. I was under so much stress I did not realize. More time to run with my dog, clean my own house and visit my family so much more. All of the sudden my relationships with my loved ones is not a chore any longer. Life is beautiful.❤️
I am 54, retired from the military. Just beat up mentally and physically. Still have kids in the house. I was going to retire-retire, but just picked up a city government job. I’ll work to 59 so that I can qualify for a second pension. My wife is pushing me to keep working, but I am going to be done at 59.
Retire as soon as you can afford it financially. You never know what the future holds. I retired early at 55 when my job was moving to India and I did not want to relocate. Had two wonderful years of traveling with my wife then the wheels fell off. First emergency spinal surgery. Six months later I was diagnosed with stage 4A prostate cancer. Overcame that just to be diagnosed with a brain tumor. While we are still active it is only a fraction of what it used to be. I am so glad I took early retirement.
I don't mind being up at 5 am, I'm up by 4:30 anyways even I could sleep until 6. It's the corporate BS I hate. Wish I can retire now. I have 20 more to go lol. Not sure if I can make it to 66 to retire. 55 is an deal age for me. Screw the full benefits age.
I retired three weeks ago at 54. My wife is retiring in three more months at 53. We wanted to retire while we both still had our health and could get outside and enjoy doing the things we love to do. We have been saving/investing preparing for this ever since we were married 29 years ago. It's good to marry someone who is on the same page you are when it comes to this. If you are married, it will take cooperation from both of you to be able to reach retirement earlier than your peers. I can certainly relate to your first point. I have had younger people ask me why I don't keep working so I could make more money. I have tried to explain to these young people that the older I get the less money matters and the more time matters. They just don't get it. They look at me like I'm from Mars. Someday they will get it.
I'm planning to retire next year in April. I'll be 54. That is exactly it. While you still have good health why not retire so you can spend more time with your loved ones. Others seem to forget that past 60 many people's health deteriorates and your quality of life is not the same. People look at me oddly when I say I will retire at 54. I invested when I was 22 so that is why. People have this idea you have to keep working til your in your late 60s. What their forgetting is your health deteriorates and you can't do the things you were able to do in your younger years.
I've been saying the same thing for years as you age time gains value and money loses value. I retired at 62 and moved to the Philippines after I recovered from a work place injury. No stress, no rent/mortgage/debt, cheap to live here, eating healthier and the wife here treats me like gold.
I'm 54 also. How do you gain penalty free access to tax sheltered retirement funds before age 59 1/2? All my retirement funds are sheltered and therefore, early withdrawals are penalized.
@@injanhoi1 I'm 54 also and have been investing in IRA's since I was 19, but can't touch it without penalty until 59 1/2. How do you plan on funding retirement?
This is my second day of retirement and it will be my 61st birthday this Sunday. My doctor told me 3 months ago I would most probably suffer badly ( croak it) if I stayed at the stress levels at work until normal retirement age of 67. The feeling I have at the moment when my employer finally cancelled my email and other corporate access yesterday is unbelievable! It is like a whole weight I have been carrying around has been lifted off my shoulders, neck and head. My wife reckons I (and the little fella) have grown an inch overnight. Spring is in the air in the UK at the moment and I have a new stress free life ahead of me! Do it you know it makes sense, don’t be another corpse of the Corporation!
Be careful mate things can become deflated with a decadent lifestyle, this blue collar worker earned his right to freedom more stressed breathing in saw dust and diesel fumes his whole working life.
And that stress is what's casing to much pain, not to mention other health problems...cancer anybody? most probably :-( Glad you were able to leave early! I am too, and quite frankly don't give a damn about people telling me I am too young to retire...I will be 56 soon, and that's it for me! Time to enjoy life, not work it!
This video is spot on. I had worked full-time for 45 years when suddenly I made the decision to retire 18 months ago at 62. I had become fed-up with the stress and workplace dynamics and realised that enough was enough. Yes, I am more frugal now, but at the same time, realise that many things are unnecessary purchases. Indeed, time has become more important than money. The main thing is, I'm now free of stress and enjoying life. 🤗
While we’d thought we’d decided for several years now that we weren’t financially ready to retire, watching UA-cam videos such as yours made us realize that we needed to restructure what retirement meant to us. So, at 62, I’m taking early social security, my husband at 71 has been taking his for a year. We’re now in the process of selling everything we own, paying off all debt, and we’re moving to a lower cost of living and slower paced country. The last few years, we’ve felt the rat race stress starting to affect our mental health. That, plus my husband has outlived every man in his family, made things quite clear. Thinking that you have to have enough money to keep your CURRENT lifestyle is one of the biggest mistakes people make, in our opinion. Live for experiences. Not things.
All sounds good except the part about moving to another country. You better watch a lot of videos or vacation there before moving. It's very difficult and never as cheap as you think it will be. My wife is from one of those popular countries and we know it would be difficult for us to move there, both money and psychological wise. Better to move to a cheaper, slower paced 'county' within the US.
@@tobystevens3109well we don't know their income lol. Heck they might have $20k per month that is more than enough to live out of US. You're consider rich with $20k per month in countries like Philippine, Vietnam Cambodia, Mexico etc just saying. In those countries you can live of off $ 1400 per month or less.
I'm 56 1/2 and ironically I am retiring tomorrow. This video popped up in my cue at the perfect time. I take it as a sign I'm making the correct decision..😊
This is such a smart post. We are conditioned to work ourselves to death, and in many cases, it is until death. I could never have imagined how my health would decline with each decade. I retired at 62, early social security, 401k, and stock. I worked on paying off debt before bailing out. I would encourage anyone to leave the drudgery, traffic and stress of working as soon as possible. You are Not getting more ss by waiting if you don't live long enough to collect. Time is of the essense and its limited. Many of us, by the time we are in our 60s, have already lost spouses, and other family. We become less valuable to employers as we age. Why not spend our remaining time with loved ones who appreciate us
@@terrytitus5291 cannot express what kind of mark that may have left on loved ones. Devoting a whole life to work. My brother in law was 31 and had a heart attack at work. I started planning then for my exit.
@@cmbooks2000 so true. A male friend I worked with had a heart attack (56) & passed away at work. I am battling cancer & looking into retiring now at 62.
I am a 60-year-old RN administrator who works 3 days a week and currently I consider myself ROTJ (Retired on the Job). I have never been one to put off anything until retirement. Opportunities to travel, visit with friends, go to dinner/plays, museums, I never pass up. I have time to enjoy my hobbies, redoing furniture, gardening, hiking, reading, cooking now. I have decided I will continue to work until we decide to leave the suburbs of NYC since I am able to work and enjoy my life simultaneously. Today is Tuesday, but its my Friday and I leave on Thursday for a 5 day trip to Florida, 5th trip this year. I am grateful for my career that allows so much flexibility and varying opportunities.
I retired last year at 53 years old. Each of the 5 reasons are intertwined and all equally important except #5 which supports and dictates all other reasons. People and my friends who I've told that I'm retired look at me strangely and have a knee-jerk reaction to me being retired 15 years early. Either it's envy or disgust it's hard to say but most people can't retire at my age because of the mountain of expenses they have due to their lifestyle choices. All of them have made 5x-10x more money than me but spend it as fast as they make it. They've thought little of early retirement and have not thought at all how they will financially accomplish it. I do work 2 days a week which covers all my expenses, I live across the street from the beach and do what I want when I want. I want to say you have to sacrifice the present for a better future but honestly, once you change your lifestyle (aka spending habits) it's not a sacrifice at all. I also have $3,300 of monthly dividends coming in but I don't spend any of it and reinvest it all at this point in my life.
One of the biggest benefits of having a nest egg is that it gives you more flexibility in life. When you don’t feel tied to a nine to five job you hate, your whole attitude changes.
Like you, I am a 53 years young female who decided to take a break from the workforce to do things that are really important to me and my family, after having a realization that waiting tó retirement age is a scam. I found many answers to my questions just by watching people who retired in their late 60s or 70s but can’t do much because of illnesses and lack of energy. Life can be short and eventful. Be safe!
I’m a little older then you and able to retire because of many smart decisions as well. After many years of saving 3-4K a month I’m able to retire early and with my wife’s pension and health has also retired early. I need to start working on my body after many years of abuse in the construction field. We love to hike and mountain bike and will soon do it every day. Enjoy!
Congrats on your retirement! My grandfather retired when he was 40. He then spent much of his remaining life volunteering and traveling. Unfortunately, I was not as fortunate to retire so early. I’m 60 now and not retired yet, but living outside of my home country and unemployed as of this year. I’m renovating my house now in preparation to sell, so I can return to Canada 🇨🇦.
I retired in the summer of 2019, just before COVID made everyone crazy and the economy shut down. Didn't realize at the time how perfect my timing was. Had worked full time+ for 35 years in the healthcare. The last day I worked and walked out the door for the last time felt like a 150 lb. load had been lifted off my shoulders. Took a few months to ease out the accumulated stress out of my body, which I hadn't realized had built up over the years. Now volunteer one day/week at our local Soup Kitchen, cooking with a great group of other retired people and the rest of the time get up when I want, do the things I enjoy, spend time with friends and family and generally just enjoy life and the fruits of my labors. My goal is to outlive the contributions I put into my company's defined benefit pension, to be an Old Rascal and to die laughing.
The economy didn’t shut down. Democratic governors and mayors across the across country shut businesses down with the purpose of laying blame on Trump. The economy was doing great in 2019 and early 2020. The Democrats strategy worked. Biden got elected.
My parents died at ages 65 and 70. Time and health were big factors in my decision to retire at 60. I live a bit more frugally but I'm so glad to be retired. Coincidentally, I got breast cancer at age 62. It was early stage, but I was so grateful to not have to work at that time. I babysit my niece's sons once a week, with my sister. I can have lunch or breakfast with friends or family now. I was a teacher, so no more homework nights and weekends! No more evaluations and stress! This is one of the only videos I've seen advocating early retirement. It's wonderful.
After 45 years of full-time working, I suddenly made the decision to retire 18 months ago at 62. I had become fed-up with the stress and workplace dynamics. Best thing I've ever done. Yes, I'm more frugal now than before, but can still enjoy life. Time does indeed become more important than money. 🤗
My mother died 37 and I haven't seen my father since I was 4 I'm now 59 . My nince died while on hoilday at bali aged 30. God gives me the strength to go on
I just turned 72 and I am in excellent health, so I dont see a decline yet. I exercise regularly, have a very good low carb diet, and my weight is good. I work to help seniors and I see the full gambit of people, some are very healthy and active at 85, some 65 year olds are infirm. Cant generalize here based on age only. I dont want to worry about running out of money at 85 or 90. Plus I dont work 9-5, I set my own schedule and work from home. I need to be productive.
retiring at 55 RIGHT NOW.... i've watched too many people die at their desk or right after they walk away from it. Going out to LIVE now! Today I have health and time, money will come as needed!
This is outstanding. I'm 60, retiring very soon. Amazed at how many of my co-workers have no intention of retiring before 65, if even then. Unfortunately too many of them are still supporting adult children, grandkids, etc. At some point they have to fend for themselves.
I retired 6+ years ago at 46. Almost everyone said I was too young. I rarely get bored, travel a ton and am in much better health than 20 years ago. My only challenge is not having as many friends as when working. Part of that is because I moved a state away but work makes it easier to find and keep friends. Regardless it has been worth it 10 times over.
I've also been thinking about retiring early in my 40s, but I'm getting cold feet. I keep waffling and thinking, "What if I don't have enough?" but I've done the calculations, and I have enough. I'm glad to see that you said it's been worth it 10x. Congrats that you did it!
I totally agree. I retired at 49, 7 years old. It was really nice to find this video as so many people have said that I was crazy. I did make the choice to move to a state where it is cheaper to live and had to move away from friends and family.
My husband was a Navy vet who traveled all over the world, died at age 53 of a MI. In 2017 I had the opportunity to travel for work and was able to "work from home." We took the plung and bought an RV and traveled around the USA. Today, I feel like that was the best decision we ever made! We enjoyed all 28 years of our marriage, but those last seven years of memories are the special ones. I lost my better half, but I also feel complicated. I can slide into retirement without regret.
pretty good advice...........I was afraid but ready to retire at 62....the stress melted away and so did the fear of not working for an income....SS and pension was enough for a modest lifestile. Enjoyed great health until 70...now 75 and deteriorating....soon my knees and eyesight are going to finish me...maybe the heart too....but life is still good...no regrets.
I'm struggling with this decision right now. Love all the points you hit on and very helpful inmaking my decision. I'm 62 and husband is 67. He retired 3 yrs ago due to covid almost taking his life. I think it's time for us to spend our time together. I went to part time 18 months ago and I think it's now time to let go altogether.
I eased into retirement over 10 years. After leaving my corp exec job at 52, I became a consultant for a few years. Then I changed careers, went to culinary school and worked as a chef for the next 3 years. When my restaurant closed during the pandemic, I started an online business that has grown over the last 3 years. I'll probably run it part-time as a hobby for 2 more years but I'm enjoying retirement at 62. My father retired at 59, was diagnosed with cancer and died six months later. You never know how much time you have.
One more point to add; it’s not just you, it’s your partner/spouse too. My father enjoyed working and kept going right into his late 60s. However it’s not his health that’s deteriorated over the subsequent 10 years - it’s my mothers. So my mothers health has been a limit to what they’ve been able to do in their retirement - and I think my father has come to realise that he wasted a good number of years they could have been doing more interesting things together. So it’s always more complicated than ‘I enjoy work/want to keep going’. Consider those around you too.
Totally agree with you about this. My wife is 5 years older than me. She's right at the point where we're talking on a daily basis about her retiring. Probably going to be at the end of the year. Just last week she went back to work after knee replacement and her boss approached her telling her that things are getting rocky and fiscal tightening needs to happen. That's right you're hours are going to be cut. Even though she's in very good health and has came through the knee replacement really well she realized during her recovery period that maybe it's time to move the time line up for retirement. Then she goes back to work the first week and finds out that her hours are likely going to get cut. Lets say we haven't had a shortage of topics to talk about this weekend. LOL. Financially it makes no difference if she retires today or 3 years from now. I'll be working another 4 years and providing the health ins. With our age gap were trying to find that sweet spot between her retiring and April of 2027. All of these things this guy mentions is spot on, but the age gap and when your spouse/partner retires is a big deal. So many factors. Another factor is we want to travel. We really can't right now because she doesn't get dink for vacation time, while I have it running out of my ears. If she was retired - problem solved.
You make a very good point that is rarely touched upon, consideration of your spouse's (and family's) health and well-being. Thank you for reminding us all of that.
Great advice! I was downsized at work, so basically I was forced into early retirement. It was the best thing that happened to me. I actually found an entirely different mini career that started as a hobby. What you said about 30 years not being equal is so true. I went from practicing law to dancing, if you’re wondering.
Been an industrial mechanic since '98 and my body is worn down and broken. Currently shutting down the plant I work at and getting beat to death every day. Gonna load up my tools one final time and take them home. Most of them will be for sale after I get home. I'll be fishing and working on my house and my old Charger. I'm done.
I'm an industrial mechanic too. Since '84. I just lost my wife to brain cancer and just turned 60. I'm done on 5/31/24. I've had it the same exact way as you. I'm going fishing this summer, then I'll start doing some finishing touches on the house. I'm looking forward to every minute of what's ahead. I wish you the best on your retirement from someone who knows exactly what you've been through. Time to have some fun!
I retired at 63 from a career that spanned 42 years. While I enjoyed the career, as time went on, I ceased enjoying it in the last few years. I found myself doing the job, but watching the clock and looking forward to not reporting to the office. On the first day of retirement, I looked forward to doing non-work stuff. I did not miss my co-workers nor the long commute nor the office. I was in a great position overall and my wife and I have enjoyed being retired.
I will turn 63 this year and will have worked 42 years as well. I feel the exact same way you did and have been debating about retiring. Thank you for writing this because it helped me to confirm that this is my last year working so hard and not wanting to go to work anymore.
@@ctmybones I was losing interest too so when the opportunity came to early retire at the start of the pandemic, I jumped at the chance (59 at the time). No regrets. Might as well enjoy your years while you’re still healthy.
It’s funny that you say you did not miss your coworkers because I left a job after almost 34 years due to a layoff and don’t really miss my coworkers either. I think it’s important for people to know that the colleague relationship is very circumstantial and situational. While there may be occasions that you meet a real friend in the workplace, that is rare. It is especially rare when individual ratings are valued over teamwork and cooperation. The rating systems in the workplace do nothing to foster positive work relationships. In fact, they do the opposite.
I’m 53 and when I was 52, I had a triple bypass. I told the Dr. that I was planning on retiring sometime in the near future, he told me you might want to do that sooner rather than later…. That certainly made my decision easier…
After watching this I am ready. To me if the first and last points apply then you would be insane not to retire. A hospice nurse once said that none of her patients have ever said, I wish I could have worked a few more days.
I am 57 and I work in Walmart. I have had arguments with family over the issue of retirement. I know that I don’t have enough money stored up to retire and enjoy doing things like travel or hobbies that really brings me joy. I remember after graduating from high school, that retirement is not as easy as it seems. You definitely have to have a plan for what to do next. Years later, I worked with a lot of retirees in security. They have enough money to do other things but they miss working because it was all they knew and they didn’t know what else they could afford to do with the extra time. I can’t retire right now. But, if I can’t work forever in a job(not a career) that puts the world on my shoulders every day. I will probably work a little while longer until I know for sure how much money I can use every month.
I can retire if I want but found that after a year I got board I was traveling and working out everyday but it still gets boring when you have a ton of time it’s hard. I have the money to do what I want but all my friends still work it’s very lonely. I need the get more hobbies
Pulling the plug this December at 56 1/2. I am going to go to seminary and be a part time Anglican priest Every day worked at this stage is a day missed in retirement. Good luck to everyone
Excellent points! I was able to retire at 48. I am now 54 and love doing absolutely nothing! I have the freedom to do whatever I want, whenever I choose. It's a very liberating feeling! For me, the solution to retire is: DO THE MATH! If you have one or several steady streams of income sources (pensions, annuities, 401K, etc...) then retire and live life to the fullest! I've never been happier and looking back when I was working 60+ hours a week I was a miserable person to be around. I realize not everyone is in my position but if you can do the math and carve out a way of living retired you will be so much happier.
Reason #1!!! Management at my first full-time job distributed an insirational brochure to all the employees. The brochure was about a dedicated engineer who designed a critical system that saved a Navy ship during WWII. An admiral was so impressed that he went to the shipyard to personally commend the engineer, but he sadly found the engineer had passed away. The title of the brochure was, "He died at his desk."
There is an urban legend among newspaper people that once upon a time an editor for a NY newspaper died at his desk and no one noticed even though he hadn't moved for three days.
I am 43. By 40 I had accumulated 11 houses. Last year I saw the writing on the wall and sold my properties at the top of the market. I am closing the last property on Friday. I owner financed a few of the properties, so I will be collecting monthly payments, as well as a balloon payment within 10 years. Next week, my wife and I are leaving on our sailboat to circumnavigate the globe. I don't want to wait another 25 years to retire. With the right management and investing I should be comfortable for the rest of my life. Let your money make you money...
Nailed it on point. My parents died at 64 and 65 after 43 years of working. Didn’t see a cent of their company or state pensions. I did a lot of introspection and took a big gamble by deciding to take out time to focus on the gym ( always been a gym goer), clear all debts, mortgage, kept saving .Eat clean, no alcohol or smoking . Luckily I had a full health screen at 47 and they found a little (20%-30%) plaque on one artery which was probably hereditary. Anyway other friends and colleagues had died at 52,57,59 and 64. I’m also retraining and studying . I figure that I could always get some kind of a job as I’m fairly well educated if I need to but I won’t be climbing mountains at 80.
This is by far the best "Retire as soon as you can" information I have ever heard someone else say. Its exactly how I think and have thought for many years. Your taking the words right out of my mouth as you speak. Great Video!!!
i will turn 62 soon and have questioned whether to retire or not, ive been back and for on it often in the past few months. Your video finally put my mind strait on, i am ready. I am ready to enjoy those things i couldn't make time for before. It all comes down to time. Time, Time.
I retired five years ago at 55 with my house almost paid and no other debt. We’re able to live comfortably on my wife’s salary. We saved consistently for the last twenty five years and have built up a nice nest egg. It all comes down to living within your means and not buying a new car every few years. I never have to call in sick anymore which is one of the best parts.
Just curious you have had 5 years of retirement and wife still works. When does she get to stop working. It's important for a couple to be able to enjoy retirement together.
We were the poorest family I knew after my parents divorced and mom became terminally ill. I was homeless briefly at 19 but had a car paid for in high school and a positive net worth with college savings and a full scholarship all earned in high school. Graduated From college with honors and a positive net worth and a good engineering job I kept until retiring after 38 years. After age 31 I never paid a penny in consumer or mortgage interest, using cash reserves for everything purchased. I bought fixer upper homes and on the third house, I paid cash in an upper middle class neighborhood at Age 33. I had my first million net worth at age 40, bought beach rental properties and was a multi millionaire by 45. Retired at 59 with a net worth approaching $5 million. Saving and investing in appreciating assets allowed me to accumulate almost twice that of every penny ever netted in a paycheck. It CAN be done the hard way.
Spot on, the best advise ever. I m 65 and should retire at 66 but have only held on because of losing out financially, but I think I could get by with a struggle, so seriously considering finishing a lot sooner.
Some folks find real fulfillment in their careers. Happy for them, and sad at the same time. There were aspects of my job that I really enjoyed, but I never missed them. To me there is no greater feeling that waking up every day knowing that I can do whatever the heck I want! Retired at 50 and never looked back.
I retired in September 2021, not as I planned. I was 68 and loved working. I was on the job for almost 30 years and did not have an idea to leave it. But now I realized there are so much interesting new things to do and explore what I was missing during my employment. Most importantly is that I have now plenty of time to take care of myself and focus on a healthy living and enjoy my day without looking at the clock. Sometimes we don't really know when is the good time. Everyone has a different situation. The vaccine mandate in 2021 is a clear message saying it's a good time for me, and I take it, enjoy it with no regret. Very educative video. Thank you. 👍+Subscribed
You’re very wise for your young age. I’m about to turn 60 and will retire in a month. Those were exactly the five reasons I considered when I decided it was time to hang it up and enjoy the time I have left.
Absolutely, I retired at 57 am now 63 and av been telling people exactly this when asked why I retired early but they don’t agree. Am happy to hear it here and I av absolutely no regrets. Am having the best time of my life. Thank u.
Such great examples! Thank you! I am so glad I have "spent" so much time "saving" when everyone around me was traveling (from my 20' to 40's)...now, I am able to "travel" without have to come back...to work! 😁🙂
Great points to consider as I sit here at age 62 getting ready to "log on" to my job -I am fortunate to be able to work from home, but I have to admit.... I'm ready to be done with the corporate world.
No offense, but working from home isn't really "working". My daughter in law works from home and usually has a movie on, she's baking or cooking dinner, hit the keyboard a little, read a book, and runs a side hustle on company time! Even if yours isn't like that, sitting in front of a computer is something you can do into your seventies if you so chose. Try climbing on rooftops 12 hours a day in hundred degree heat!
Catch 22 The more I have for retirement the better my retirement will be(up to a point) But the sooner I retire the more time I will have but with limited resources this time will not be as fulfilling. Decisions Decisions Decisions
This is spot on! I’m increasingly more irritated by the majority of Financial Planners and “Advisors “. They ignore and don’t want to hear the message that’s central to this video. Instead, they want you (their customers) to work yourselves to death, literally! …because that’s how they optimize _their_ wealth. Thanks for this video James! I’ll be calling 😊
Teaching kids in our community to do whatever it takes to get financial freedom earliest in life as possible. Pretty confident we've developed a solid scalable 4 year plan. Might want to continue working if you want to have or raise 10 kids. But other than that, more than 5 years isn't necessary.
You nailed a lot of good points. I’m struggling with this decision right now and even though I’ve watched dozens of similar videos this one really hits the spot.
James, this video popped up on my feed and I wanted tell you that your message is excellent. Look forward to hearing more about your outlook and financial guidance. Thanks again.
I've watched this twice in the last day as it really resonated with me as an epiphany. I've continued to work past normal retirement age to bolster financial security and because I got a late start in my career and retirement saving. But after listening to your description of how our later years are not the same quality as earlier years, I imagined my later years with a more realistic view. I've done all the homework, worked with advisors, been tracking expenses with Quicken for decades. This video is helping me to take a broader view of what retirement means to me, and that if I really do want to be able to enjoy the remaining years, I should consider maybe moving to a less expensive area where there may not be ideal weather in comparison (extreme heat vs mild year round) but I could travel more if cost of living is lower. Plus enjoy seeing family I only see during holidays due to work. Thanks for your well rounded views. Also for not being punitive or critically sarcastic like some of the other finance experts I've seen on UA-cam.
It sounds like you are making smart decisions. I also got a fairly late start with my 401k, but maximized my Roth IRA and mutual funds in the later years. Compounding is a wonderful thing.
Retire overseas and come back to US when you get old.... many places south of the border will support that lifestyle with excellent healthcare and lot less expensive COL.
I'm gonna be 63 in may 2023. Your video make me think of retirement. I'm impressed and gratefull that a man of your age pull the trigger on me and make me start thinking of what really matters. Thank you!
I retired from full time work 5 years ago at 60 and now work 2 days a week, but am amazed at how the years have flown by since retiring like a train full on. I earn in 2 days more than I earned in full time work, trouble is too good to be true.
The right time to retire is when you no longer wish to work for a living AND you are positive you can afford it. If you retire before you can truly afford it you are not actually retired you are unemployed...
I really needed to hear this video. All the things that i have been considering. Stress, focusing on health, eating right exercising and reducing my housing costs and spending time with grandchildren. Thank you. I am healthy 72 year old.
I’m planning on retiring next January on my 66th birthday. I spent the majority of my adult life raising kids and working casual then part-time and full time for the past 4 years and this working full time is hard, time wise! I’m hoping my health won’t collapse, though overall I’m very healthy but one never knows, especially working in a challenging environment. We’re planning on traveling full time started next April for a few years so health is important. We’re very fortunate-and it amazes us that we are in a position to do this. Hubs was retired 5 years ago and loves it, as it wasn’t his idea (boss drama then ageism in find a new position) it took a couple of years to realize how sick he was getting and how much he enjoys his freedom. He’s written a couple of books, one being published as I type & has plans for a few more. I relish the idea of being my own boss again, and the countdown is on! (Just don’t tell the bosses!)
Retired at age 50. Was super focused, Never had debt in adulthood. Cycling 10,000 miles a year. Gym 5-6 a week. Shredded. Faster and stronger than college. Beating all my best cycling and track records. Hot, younger, blonde wife always after me. Zero stress. Investments doubling every 4 years now. Yeah, I’m liking this retirement gig. 💪 💰
Thank you so much for the video!! My husband and I are about to retire this month. Though we deserve it after all the hard work for the last 40 years, we still have a hesitant feeling for the retiring. With your advice, all the worries are gone, and we won't have any regrets at all for our decisions.❤❤
I retired 21 years ago at 45. IMO spending is the biggest financial component. I've never had a huge pile of cash. "Retirement" doesn't have to mean no longer ever making money. I enjoy making money. It's like real life game of Monopoly. What retirement allowed was I could do things I enjoyed that wasn't highly profitable. I couldn't consider "wasting time" on those things before retirement. Every 7 years or so I fixed up my house, sold, bought another fixer. That's basically how I funded my retirement. Working on house #4 now. Then there's the security component. Most people see the financial and security components as the same. Than can be in theory. But how do you feel when your $5 million is invested and markets tank? Or do you stress about where you're invested? What gave me a feeling of security was having a skill I could use to jump back into earning if needed. For me that was being a software engineer. A person working in management can have a huge problem jumping back into a job once retired. For them retirement is a one-way street. Scary. I also have not invested in anything other than my house. Market moves just stressed me. I would have rather kept working. Plus I suck at investing which I learned when I was working.
That’s great there are many ways to achieve freedom. I’m a big believer in the market and when it tanks I see opportunity not stress. If you have enough income via dividends, interest etc to support your lifestyle a market fluctuation shouldn’t stress you out. Then again I have seen it being done with real estate, like yourself so good deal.
Thanks for sharing. It helps me to solidify my plan to retire next year when I am 62. Husband already retired for a couple of years. We plan to move closer to daughter who plans to start her own practice. With my experience I am able to help her a bit. Yes spending time with loved ones and building relationships is so very important.
Thank you for something so eloquently put and beautifully produced. 40 years of high stress working and doing everything right, and I collected the health issues to go with it. But, now I am, buoyed up and re-energised and determined not to waste what's left, going for it, thank you.
OMY syndrome may set in: I will work just One More Year. I found myself “working just one more year” because I liked my job and was at the TOP of my income game. What I did: I created a pro/con matrix with many different categories (and weighted each in value). I re-scored it each quarter for 18 months. A definite trend emerged. Thus, I retired at the top of my game (I was getting more tired). Switched to Medicare and started taking required RMDs. No regrets. I have enjoyed these Root Financial videos, they are among the best (the comments are valuable).
After spending so much time researching retirement readiness based solely on financial factories, I really need to hear this. Everything discussed in this video is exactly where I am today.
great advice! First 5 years into early retirement we traveled a lot. Looking back we should have done more but at that time we were cautious of spending too much too soon. Twenty-six years later, we should have done all the travel then. Thank you for your great advice to those planning. You are so wise at such a young age!
Great video, I m ready now but like you said, it’s really hard after 49 years in the same business to just stop. And the fact that it’s always a good thing to work a little longer and make a little more savings but each day you do that is another day that you never get back of enjoyable retirement.
Excellent Video James, well thought out and well presented, especially good insight into the potential decline in the quality of life as we get older,thank you
I wrestle with the decision to retire every day; and I did it. I will never go back to work, thank god! However, it's bothersome that I still think about it.
Working past retirement keeps you young, motivated and sharp. I have seen so many people decline after retirement. Including my father, because of inactivity, no social interaction, no purpose. My grandfather retired at 84 and was glad he didn't do it sooner. He ran circles around those half his age.
It’s funny; I came across your video with an imminent retirement planned at 60. You have encapsulated what I have been saying, concisely. Time is our most critical resource. Thanks for this!
When I was young I was poor. But after years of hard work, I'm no longer young.
No longer young, no longer energetic to LIVE life as we are meant to do
LOL
Thanks for that 😂
You're a totally right😂
😢
I worked full time from 17 to 63
Shortly after turning 63 I couldn't deal with the buel sheet anymore I was completely totally burned out
After 33 years with the same company I applied for social security retirement
I told the company nothing I had absolutely no feelings for the job or the people. Everyone that I cared about had retired or was dead
End of shift on my last day I clocked out and just walked away
Absolutely the best decision of my life
While in my 50's I literally watched a friend of mine at work , work till 65 . The day he retired he dropped dead half way between the plant and his car end of shift .
I was with the company for 21 years. I was already thinking about retiring but one day, on the job, I had an accident and broke my back. 3 weeks in the hospital and 180 days on disability. I said screw it and called HR and retired. When I look back on the years spent there, I get angry for wasting those years of my life.
That's me and my plan 😂 December 2024😅
Very similar story for me. Most people knew I was going to retire but didn't know when. One day I just left without telling anyone. Never went back.
Great advice! I worked 45 yrs at a hospital & it came to a stage in 2020 when I was 64 that the stress dealing which came with my colleagues was killing me. I resigned & now can't thank God enough for helping me made that decision. Now I hve time to exercise & spend time with family & friends. Financially I'm fine with no loan. Praise the Lord!
Resigned/retired two months ago from a job that I loved and thought it defined me. I was under so much stress I did not realize. More time to run with my dog, clean my own house and visit my family so much more.
All of the sudden my relationships with my loved ones is not a chore any longer.
Life is beautiful.❤️
I retired at 57 years old. It's been 3 years of happiness. No regrets!!
We are trying to do at 53/52.
Me too!!! Congrats.
55 y/o for me 🎉
I am 54, retired from the military. Just beat up mentally and physically. Still have kids in the house. I was going to retire-retire, but just picked up a city government job. I’ll work to 59 so that I can qualify for a second pension. My wife is pushing me to keep working, but I am going to be done at 59.
@@ThunderStruck94660 I suggest you meet with a trusted financial advisor to ease your wife concerns about you retiring at 59.
I retired at 60 yo. My criteria was simply this. My job had gotten to the point where it was to few dollars chasing too much bullshit.
I hear ya.Just turned 60 and am pretty much over my job like you.I am on holiday and i think my notice will go in as soon as i am back.
Retire as soon as you can afford it financially. You never know what the future holds. I retired early at 55 when my job was moving to India and I did not want to relocate. Had two wonderful years of traveling with my wife then the wheels fell off. First emergency spinal surgery. Six months later I was diagnosed with stage 4A prostate cancer. Overcame that just to be diagnosed with a brain tumor.
While we are still active it is only a fraction of what it used to be. I am so glad I took early retirement.
I retired last Christmas at 66, and I don't regret it, nor do I miss work. No more getting up at 5am in the week.
I don't mind being up at 5 am, I'm up by 4:30 anyways even I could sleep until 6. It's the corporate BS I hate. Wish I can retire now. I have 20 more to go lol. Not sure if I can make it to 66 to retire. 55 is an deal age for me. Screw the full benefits age.
Still have to get up at three to go pee though 😂
I retired three weeks ago at 54. My wife is retiring in three more months at 53. We wanted to retire while we both still had our health and could get outside and enjoy doing the things we love to do. We have been saving/investing preparing for this ever since we were married 29 years ago. It's good to marry someone who is on the same page you are when it comes to this. If you are married, it will take cooperation from both of you to be able to reach retirement earlier than your peers.
I can certainly relate to your first point. I have had younger people ask me why I don't keep working so I could make more money. I have tried to explain to these young people that the older I get the less money matters and the more time matters. They just don't get it. They look at me like I'm from Mars. Someday they will get it.
I'm planning to retire next year in April. I'll be 54. That is exactly it. While you still have good health why not retire so you can spend more time with your loved ones. Others seem to forget that past 60 many people's health deteriorates and your quality of life is not the same. People look at me oddly when I say I will retire at 54. I invested when I was 22 so that is why. People have this idea you have to keep working til your in your late 60s. What their forgetting is your health deteriorates and you can't do the things you were able to do in your younger years.
exactly retiring next April at 56
I've been saying the same thing for years as you age time gains value and money loses value. I retired at 62 and moved to the Philippines after I recovered from a work place injury. No stress, no rent/mortgage/debt, cheap to live here, eating healthier and the wife here treats me like gold.
I'm 54 also. How do you gain penalty free access to tax sheltered retirement funds before age 59 1/2? All my retirement funds are sheltered and therefore, early withdrawals are penalized.
@@injanhoi1 I'm 54 also and have been investing in IRA's since I was 19, but can't touch it without penalty until 59 1/2. How do you plan on funding retirement?
This is my second day of retirement and it will be my 61st birthday this Sunday. My doctor told me 3 months ago I would most probably suffer badly ( croak it) if I stayed at the stress levels at work until normal retirement age of 67. The feeling I have at the moment when my employer finally cancelled my email and other corporate access yesterday is unbelievable! It is like a whole weight I have been carrying around has been lifted off my shoulders, neck and head. My wife reckons I (and the little fella) have grown an inch overnight. Spring is in the air in the UK at the moment and I have a new stress free life ahead of me! Do it you know it makes sense, don’t be another corpse of the Corporation!
I love this post.
Good job Wormie.
Absolutely! And congratulations on your retirement!!🎉
Best comment ever on retirement... the little fella you say? Man I am retiring ASAP.
Be careful mate things can become deflated with a decadent lifestyle, this blue collar worker earned his right to freedom more stressed breathing in saw dust and diesel fumes his whole working life.
For me being newly retired and feeling the stress leaving my body is real. I never realized it was wearing on me and enjoy my newfound freedom.
In 5 weeks I hope I will experience the same.
God bless you and congratulations!
@@brendad3570 stay healthy and take good care of yourself and you will enjoy your retirement. It's wonderful!!!
And that stress is what's casing to much pain, not to mention other health problems...cancer anybody? most probably :-( Glad you were able to leave early! I am too, and quite frankly don't give a damn about people telling me I am too young to retire...I will be 56 soon, and that's it for me! Time to enjoy life, not work it!
Retired yesterday feel the same way. Ahhhh!
I retired last year. I don't miss teaching at all. Love doing absolutely nothing! I just go to the gym every day and watch Netflix. I'm very happy!
That sounds like me! Awesome!
Sound like me too plus I enjoy eating in the mall and doing some shopping.
Congratulations! I will be retiring from teaching next year!
I’m retiring from teaching in 4 months!! Can’t wait
This video is spot on. I had worked full-time for 45 years when suddenly I made the decision to retire 18 months ago at 62. I had become fed-up with the stress and workplace dynamics and realised that enough was enough. Yes, I am more frugal now, but at the same time, realise that many things are unnecessary purchases. Indeed, time has become more important than money. The main thing is, I'm now free of stress and enjoying life. 🤗
Wisdom with youth is rare.. this guy has it
and I like his presentation. No hype. Nice voice. Perfect for his job.
While we’d thought we’d decided for several years now that we weren’t financially ready to retire, watching UA-cam videos such as yours made us realize that we needed to restructure what retirement meant to us.
So, at 62, I’m taking early social security, my husband at 71 has been taking his for a year.
We’re now in the process of selling everything we own, paying off all debt, and we’re moving to a lower cost of living and slower paced country.
The last few years, we’ve felt the rat race stress starting to affect our mental health.
That, plus my husband has outlived every man in his family, made things quite clear.
Thinking that you have to have enough money to keep your CURRENT lifestyle is one of the biggest mistakes people make, in our opinion.
Live for experiences. Not things.
All sounds good except the part about moving to another country. You better watch a lot of videos or vacation there before moving. It's very difficult and never as cheap as you think it will be. My wife is from one of those popular countries and we know it would be difficult for us to move there, both money and psychological wise. Better to move to a cheaper, slower paced 'county' within the US.
Portugal, Panama, Spain
@@tobystevens3109well we don't know their income lol. Heck they might have $20k per month that is more than enough to live out of US. You're consider rich with $20k per month in countries like Philippine, Vietnam Cambodia, Mexico etc just saying. In those countries you can live of off $ 1400 per month or less.
I'm 56 1/2 and ironically I am retiring tomorrow. This video popped up in my cue at the perfect time. I take it as a sign I'm making the correct decision..😊
How’s retirement going? Any concerns?
Same here!😅
This is such a smart post. We are conditioned to work ourselves to death, and in many cases, it is until death. I could never have imagined how my health would decline with each decade. I retired at 62, early social security, 401k, and stock. I worked on paying off debt before bailing out. I would encourage anyone to leave the drudgery, traffic and stress of working as soon as possible. You are Not getting more ss by waiting if you don't live long enough to collect. Time is of the essense and its limited. Many of us, by the time we are in our 60s, have already lost spouses, and other family. We become less valuable to employers as we age. Why not spend our remaining time with loved ones who appreciate us
I understand,my dad worked until the day he died,it doesn't have to be that way!
@@terrytitus5291 cannot express what kind of mark that may have left on loved ones. Devoting a whole life to work. My brother in law was 31 and had a heart attack at work. I started planning then for my exit.
@@cmbooks2000 so true. A male friend I worked with had a heart attack (56) & passed away at work. I am battling cancer & looking into retiring now at 62.
Thank you! I will be 62 in few months already planning my exit. This post came on time 4:30
Preach!
I am a 60-year-old RN administrator who works 3 days a week and currently I consider myself ROTJ (Retired on the Job). I have never been one to put off anything until retirement. Opportunities to travel, visit with friends, go to dinner/plays, museums, I never pass up. I have time to enjoy my hobbies, redoing furniture, gardening, hiking, reading, cooking now. I have decided I will continue to work until we decide to leave the suburbs of NYC since I am able to work and enjoy my life simultaneously. Today is Tuesday, but its my Friday and I leave on Thursday for a 5 day trip to Florida, 5th trip this year. I am grateful for my career that allows so much flexibility and varying opportunities.
Lucky you do not have to run up and down the hallways.
I retired last year at 53 years old. Each of the 5 reasons are intertwined and all equally important except #5 which supports and dictates all other reasons. People and my friends who I've told that I'm retired look at me strangely and have a knee-jerk reaction to me being retired 15 years early. Either it's envy or disgust it's hard to say but most people can't retire at my age because of the mountain of expenses they have due to their lifestyle choices. All of them have made 5x-10x more money than me but spend it as fast as they make it. They've thought little of early retirement and have not thought at all how they will financially accomplish it. I do work 2 days a week which covers all my expenses, I live across the street from the beach and do what I want when I want. I want to say you have to sacrifice the present for a better future but honestly, once you change your lifestyle (aka spending habits) it's not a sacrifice at all. I also have $3,300 of monthly dividends coming in but I don't spend any of it and reinvest it all at this point in my life.
Do you have a pension?
One of the biggest benefits of having a nest egg is that it gives you more flexibility in life. When you don’t feel tied to a nine to five job you hate, your whole attitude changes.
Like you, I am a 53 years young female who decided to take a break from the workforce to do things that are really important to me and my family, after having a realization that waiting tó retirement age is a scam. I found many answers to my questions just by watching people who retired in their late 60s or 70s but can’t do much because of illnesses and lack of energy. Life can be short and eventful. Be safe!
I’m a little older then you and able to retire because of many smart decisions as well. After many years of saving 3-4K a month I’m able to retire early and with my wife’s pension and health has also retired early. I need to start working on my body after many years of abuse in the construction field. We love to hike and mountain bike and will soon do it every day. Enjoy!
Congrats on your retirement! My grandfather retired when he was 40. He then spent much of his remaining life volunteering and traveling. Unfortunately, I was not as fortunate to retire so early. I’m 60 now and not retired yet, but living outside of my home country and unemployed as of this year. I’m renovating my house now in preparation to sell, so I can return to Canada 🇨🇦.
I retired in the summer of 2019, just before COVID made everyone crazy and the economy shut down. Didn't realize at the time how perfect my timing was. Had worked full time+ for 35 years in the healthcare. The last day I worked and walked out the door for the last time felt like a 150 lb. load had been lifted off my shoulders. Took a few months to ease out the accumulated stress out of my body, which I hadn't realized had built up over the years. Now volunteer one day/week at our local Soup Kitchen, cooking with a great group of other retired people and the rest of the time get up when I want, do the things I enjoy, spend time with friends and family and generally just enjoy life and the fruits of my labors. My goal is to outlive the contributions I put into my company's defined benefit pension, to be an Old Rascal and to die laughing.
The economy didn’t shut down. Democratic governors and mayors across the across country shut businesses down with the purpose of laying blame on Trump. The economy was doing great in 2019 and early 2020. The Democrats strategy worked. Biden got elected.
My parents died at ages 65 and 70. Time and health were big factors in my decision to retire at 60. I live a bit more frugally but I'm so glad to be retired. Coincidentally, I got breast cancer at age 62. It was early stage, but I was so grateful to not have to work at that time. I babysit my niece's sons once a week, with my sister. I can have lunch or breakfast with friends or family now. I was a teacher, so no more homework nights and weekends! No more evaluations and stress!
This is one of the only videos I've seen advocating early retirement. It's wonderful.
Thanks for that perspective, Carol.
And life expectancy for teachers is surprisingly low so great that you got out early.
After 45 years of full-time working, I suddenly made the decision to retire 18 months ago at 62. I had become fed-up with the stress and workplace dynamics. Best thing I've ever done. Yes, I'm more frugal now than before, but can still enjoy life. Time does indeed become more important than money. 🤗
My mother died 37 and I haven't seen my father since I was 4 I'm now 59 . My nince died while on hoilday at bali aged 30. God gives me the strength to go on
I just turned 72 and I am in excellent health, so I dont see a decline yet. I exercise regularly, have a very good low carb diet, and my weight is good. I work to help seniors and I see the full gambit of people, some are very healthy and active at 85, some 65 year olds are infirm. Cant generalize here based on age only. I dont want to worry about running out of money at 85 or 90. Plus I dont work 9-5, I set my own schedule and work from home. I need to be productive.
retiring at 55 RIGHT NOW.... i've watched too many people die at their desk or right after they walk away from it. Going out to LIVE now! Today I have health and time, money will come as needed!
This is outstanding. I'm 60, retiring very soon. Amazed at how many of my co-workers have no intention of retiring before 65, if even then. Unfortunately too many of them are still supporting adult children, grandkids, etc. At some point they have to fend for themselves.
Retiring this June at 57. I have been a high school teacher for 32 years and will be free for me! You are so right. 😮
Well deserved. I'm a high school teacher and I'm retiring next year. Can't wait!
I’m a teacher too! Retiring in June!! 37 years is more than enough years of having no lunch and living by a bell.
Retired one month after my 62nd birthday. Loving it! No more stress or burn out!
I retired 6+ years ago at 46. Almost everyone said I was too young. I rarely get bored, travel a ton and am in much better health than 20 years ago. My only challenge is not having as many friends as when working. Part of that is because I moved a state away but work makes it easier to find and keep friends. Regardless it has been worth it 10 times over.
I've also been thinking about retiring early in my 40s, but I'm getting cold feet. I keep waffling and thinking, "What if I don't have enough?" but I've done the calculations, and I have enough. I'm glad to see that you said it's been worth it 10x. Congrats that you did it!
I totally agree. I retired at 49, 7 years old. It was really nice to find this video as so many people have said that I was crazy. I did make the choice to move to a state where it is cheaper to live and had to move away from friends and family.
My husband was a Navy vet who traveled all over the world, died at age 53 of a MI. In 2017 I had the opportunity to travel for work and was able to "work from home." We took the plung and bought an RV and traveled around the USA. Today, I feel like that was the best decision we ever made! We enjoyed all 28 years of our marriage, but those last seven years of memories are the special ones. I lost my better half, but I also feel complicated. I can slide into retirement without regret.
pretty good advice...........I was afraid but ready to retire at 62....the stress melted away and so did the fear of not working for an income....SS and pension was enough for a modest lifestile. Enjoyed great health until 70...now 75 and deteriorating....soon my knees and eyesight are going to finish me...maybe the heart too....but life is still good...no regrets.
I like your attitude! I hope you are doing well!
I'm struggling with this decision right now. Love all the points you hit on and very helpful inmaking my decision. I'm 62 and husband is 67. He retired 3 yrs ago due to covid almost taking his life. I think it's time for us to spend our time together. I went to part time 18 months ago and I think it's now time to let go altogether.
Just so it3🎉
Don't look back 😊
I eased into retirement over 10 years. After leaving my corp exec job at 52, I became a consultant for a few years. Then I changed careers, went to culinary school and worked as a chef for the next 3 years. When my restaurant closed during the pandemic, I started an online business that has grown over the last 3 years. I'll probably run it part-time as a hobby for 2 more years but I'm enjoying retirement at 62. My father retired at 59, was diagnosed with cancer and died six months later. You never know how much time you have.
One more point to add; it’s not just you, it’s your partner/spouse too.
My father enjoyed working and kept going right into his late 60s. However it’s not his health that’s deteriorated over the subsequent 10 years - it’s my mothers.
So my mothers health has been a limit to what they’ve been able to do in their retirement - and I think my father has come to realise that he wasted a good number of years they could have been doing more interesting things together.
So it’s always more complicated than ‘I enjoy work/want to keep going’. Consider those around you too.
Totally agree with you about this. My wife is 5 years older than me. She's right at the point where we're talking on a daily basis about her retiring. Probably going to be at the end of the year. Just last week she went back to work after knee replacement and her boss approached her telling her that things are getting rocky and fiscal tightening needs to happen. That's right you're hours are going to be cut. Even though she's in very good health and has came through the knee replacement really well she realized during her recovery period that maybe it's time to move the time line up for retirement. Then she goes back to work the first week and finds out that her hours are likely going to get cut. Lets say we haven't had a shortage of topics to talk about this weekend. LOL. Financially it makes no difference if she retires today or 3 years from now. I'll be working another 4 years and providing the health ins. With our age gap were trying to find that sweet spot between her retiring and April of 2027. All of these things this guy mentions is spot on, but the age gap and when your spouse/partner retires is a big deal. So many factors. Another factor is we want to travel. We really can't right now because she doesn't get dink for vacation time, while I have it running out of my ears. If she was retired - problem solved.
You make a very good point that is rarely touched upon, consideration of your spouse's (and family's) health and well-being. Thank you for reminding us all of that.
That’s a very good point that you need to consider your spouse or partner
@@Lake_Lover Indeed
Good point
Great advice! I was downsized at work, so basically I was forced into early retirement. It was the best thing that happened to me. I actually found an entirely different mini career that started as a hobby. What you said about 30 years not being equal is so true. I went from practicing law to dancing, if you’re wondering.
I hear that quite a bit! Sometimes being “downsized” is the best thing for us if it happens at the right time.
Been an industrial mechanic since '98 and my body is worn down and broken. Currently shutting down the plant I work at and getting beat to death every day. Gonna load up my tools one final time and take them home. Most of them will be for sale after I get home. I'll be fishing and working on my house and my old Charger. I'm done.
You deserve a pleasant retirement life!
I'm an industrial mechanic too. Since '84. I just lost my wife to brain cancer and just turned 60. I'm done on 5/31/24. I've had it the same exact way as you. I'm going fishing this summer, then I'll start doing some finishing touches on the house. I'm looking forward to every minute of what's ahead. I wish you the best on your retirement from someone who knows exactly what you've been through. Time to have some fun!
I retired at 63 from a career that spanned 42 years. While I enjoyed the career, as time went on, I ceased enjoying it in the last few years. I found myself doing the job, but watching the clock and looking forward to not reporting to the office. On the first day of retirement, I looked forward to doing non-work stuff. I did not miss my co-workers nor the long commute nor the office. I was in a great position overall and my wife and I have enjoyed being retired.
I will turn 63 this year and will have worked 42 years as well. I feel the exact same way you did and have been debating about retiring. Thank you for writing this because it helped me to confirm that this is my last year working so hard and not wanting to go to work anymore.
@@ctmybones I was losing interest too so when the opportunity came to early retire at the start of the pandemic, I jumped at the chance (59 at the time). No regrets. Might as well enjoy your years while you’re still healthy.
It’s funny that you say you did not miss your coworkers because I left a job after almost 34 years due to a layoff and don’t really miss my coworkers either. I think it’s important for people to know that the colleague relationship is very circumstantial and situational. While there may be occasions that you meet a real friend in the workplace, that is rare. It is especially rare when individual ratings are valued over teamwork and cooperation. The rating systems in the workplace do nothing to foster positive work relationships. In fact, they do the opposite.
I’m 53 and when I was 52, I had a triple bypass. I told the Dr. that I was planning on retiring sometime in the near future, he told me you might want to do that sooner rather than later…. That certainly made my decision easier…
Rick I hope you're doing well. Get out there and do what makes you happy! Enjoy !
Bud, how old are you. So much wisdom at such young age. Hats off.
After watching this I am ready. To me if the first and last points apply then you would be insane not to retire. A hospice nurse once said that none of her patients have ever said, I wish I could have worked a few more days.
I'm glad the video was helpful as you make your decision!
Great video - I retire in 2 weeks at Age 55. Your spot on!
OK now; it's been nine months and two weeks since you retired. How are things going?
I was on the fence. You just made up my mind. Thanks!!
I am 57 and I work in Walmart. I have had arguments with family over the issue of retirement. I know that I don’t have enough money stored up to retire and enjoy doing things like travel or hobbies that really brings me joy. I remember after graduating from high school, that retirement is not as easy as it seems. You definitely have to have a plan for what to do next. Years later, I worked with a lot of retirees in security. They have enough money to do other things but they miss working because it was all they knew and they didn’t know what else they could afford to do with the extra time.
I can’t retire right now. But, if I can’t work forever in a job(not a career) that puts the world on my shoulders every day.
I will probably work a little while longer until I know for sure how much money I can use every month.
I am financially ready, and am planning on retiring early 2024. I'll be 63. Looking forward to it! Thank you, James, for another AWESOME video.
Me too!
I can retire if I want but found that after a year I got board I was traveling and working out everyday but it still gets boring when you have a ton of time it’s hard. I have the money to do what I want but all my friends still work it’s very lonely. I need the get more hobbies
@@joycebarnett6035 Interesting. I have that fear...Im I going to garden 7 hours a day?
What is financially ready?
Pulling the plug this December at 56 1/2. I am going to go to seminary and be a part time Anglican priest Every day worked at this stage is a day missed in retirement. Good luck to everyone
Great that you have found something meaningful. Good luck
I retired at 56. This video is 100% correct!! Time is a limited resource.
Excellent points! I was able to retire at 48. I am now 54 and love doing absolutely nothing! I have the freedom to do whatever I want, whenever I choose. It's a very liberating feeling! For me, the solution to retire is: DO THE MATH! If you have one or several steady streams of income sources (pensions, annuities, 401K, etc...) then retire and live life to the fullest! I've never been happier and looking back when I was working 60+ hours a week I was a miserable person to be around. I realize not everyone is in my position but if you can do the math and carve out a way of living retired you will be so much happier.
what did you do for health insurance?
Reason #1!!! Management at my first full-time job distributed an insirational brochure to all the employees. The brochure was about a dedicated engineer who designed a critical system that saved a Navy ship during WWII. An admiral was so impressed that he went to the shipyard to personally commend the engineer, but he sadly found the engineer had passed away. The title of the brochure was, "He died at his desk."
There is an urban legend among newspaper people that once upon a time an editor for a NY newspaper died at his desk and no one noticed even though he hadn't moved for three days.
I am 43. By 40 I had accumulated 11 houses. Last year I saw the writing on the wall and sold my properties at the top of the market. I am closing the last property on Friday. I owner financed a few of the properties, so I will be collecting monthly payments, as well as a balloon payment within 10 years. Next week, my wife and I are leaving on our sailboat to circumnavigate the globe. I don't want to wait another 25 years to retire. With the right management and investing I should be comfortable for the rest of my life. Let your money make you money...
Wow, thats great. . .and super smart!
That's freaking awesome. I wanted to do that as a 20 something. The movie The Dove was my inspiration.
Well done good luck long life
Almost exactly the same for me. 8 rentals going to buy a sailboat in two years and live off the rental income.
That's great,I believe there are investments that can grow some of the money.
54 now and I’m working 50% (2 weeks on 6 weeks off). It’s a great balance and wouldn’t want to be full time anymore 🍻
So relevant to me as I'm 63 and have been working since 16 years of age - thank you Peter U.K.
Ditto
Nailed it on point. My parents died at 64 and 65 after 43 years of working. Didn’t see a cent of their company or state pensions. I did a lot of introspection and took a big gamble by deciding to take out time to focus on the gym ( always been a gym goer), clear all debts, mortgage, kept saving .Eat clean, no alcohol or smoking . Luckily I had a full health screen at 47 and they found a little (20%-30%) plaque on one artery which was probably hereditary. Anyway other friends and colleagues had died at 52,57,59 and 64. I’m also retraining and studying . I figure that I could always get some kind of a job as I’m fairly well educated if I need to but I won’t be climbing mountains at 80.
Don't bet on it! I know a guy in his eighties doing thirty/forty mile backpacks!
This is by far the best "Retire as soon as you can" information I have ever heard someone else say. Its exactly how I think and have thought for many years. Your taking the words right out of my mouth as you speak. Great Video!!!
i will turn 62 soon and have questioned whether to retire or not, ive been back and for on it often in the past few months. Your video finally put my mind strait on, i am ready. I am ready to enjoy those things i couldn't make time for before. It all comes down to time. Time, Time.
I’m glad the video helped! Thanks for watching.
I retired five years ago at 55 with my house almost paid and no other debt. We’re able to live comfortably on my wife’s salary. We saved consistently for the last twenty five years and have built up a nice nest egg. It all comes down to living within your means and not buying a new car every few years. I never have to call in sick anymore which is one of the best parts.
Just curious you have had 5 years of retirement and wife still works. When does she get to stop working.
It's important for a couple to be able to enjoy retirement together.
We were the poorest family I knew after my parents divorced and mom became terminally ill. I was homeless briefly at 19 but had a car paid for in high school and a positive net worth with college savings and a full scholarship all earned in high school. Graduated From college with honors and a positive net worth and a good engineering job I kept until retiring after 38 years. After age 31 I never paid a penny in consumer or mortgage interest, using cash reserves for everything purchased. I bought fixer upper homes and on the third house, I paid cash in an upper middle class neighborhood at Age 33. I had my first million net worth at age 40, bought beach rental properties and was a multi millionaire by 45. Retired at 59 with a net worth approaching $5 million. Saving and investing in appreciating assets allowed me to accumulate almost twice that of every penny ever netted in a paycheck. It CAN be done the hard way.
Any kids, wife or family?
Sounds like a movie script.
Wow!
Impressive!!!
Spot on, the best advise ever. I m 65 and should retire at 66 but have only held on because of losing out financially, but I think I could get by with a struggle, so seriously considering finishing a lot sooner.
My father retired, became miserable, un-retired then was happy until he passed.
It was never about money or time. It was about enjoying his life.
Some folks find real fulfillment in their careers. Happy for them, and sad at the same time. There were aspects of my job that I really enjoyed, but I never missed them. To me there is no greater feeling that waking up every day knowing that I can do whatever the heck I want! Retired at 50 and never looked back.
I retired in September 2021, not as I planned. I was 68 and loved working. I was on the job for almost 30 years and did not have an idea to leave it. But now I realized there are so much interesting new things to do and explore what I was missing during my employment. Most importantly is that I have now plenty of time to take care of myself and focus on a healthy living and enjoy my day without looking at the clock. Sometimes we don't really know when is the good time. Everyone has a different situation. The vaccine mandate in 2021 is a clear message saying it's a good time for me, and I take it, enjoy it with no regret.
Very educative video. Thank you.
👍+Subscribed
You’re very wise for your young age. I’m about to turn 60 and will retire in a month. Those were exactly the five reasons I considered when I decided it was time to hang it up and enjoy the time I have left.
Absolutely, I retired at 57 am now 63 and av been telling people exactly this when asked why I retired early but they don’t agree. Am happy to hear it here and I av absolutely no regrets. Am having the best time of my life. Thank u.
Such great examples! Thank you! I am so glad I have "spent" so much time "saving" when everyone around me was traveling (from my 20' to 40's)...now, I am able to "travel" without have to come back...to work! 😁🙂
Great points to consider as I sit here at age 62 getting ready to "log on" to my job -I am fortunate to be able to work from home, but I have to admit.... I'm ready to be done with the corporate world.
No offense, but working from home isn't really "working". My daughter in law works from home and usually has a movie on, she's baking or cooking dinner, hit the keyboard a little, read a book, and runs a side hustle on company time! Even if yours isn't like that, sitting in front of a computer is something you can do into your seventies if you so chose. Try climbing on rooftops 12 hours a day in hundred degree heat!
I just retired at 71 and evry one of the points you made WAS the reason I retired.
So much wisdom from someone so young.
Catch 22
The more I have for retirement the better my retirement will be(up to a point)
But the sooner I retire the more time I will have but with limited resources this time will not be as fulfilling.
Decisions Decisions Decisions
This is spot on! I’m increasingly more irritated by the majority of Financial Planners and “Advisors “. They ignore and don’t want to hear the message that’s central to this video. Instead, they want you (their customers) to work yourselves to death, literally! …because that’s how they optimize _their_ wealth. Thanks for this video James! I’ll be calling 😊
I'm glad this was helpful! It's all about helping you optimize your wealth and quality of life.
Great video and on point! I'm retiring this week at age 58. It was a difficult decision but one I'm very happy I made.
Teaching kids in our community to do whatever it takes to get financial freedom earliest in life as possible. Pretty confident we've developed a solid scalable 4 year plan. Might want to continue working if you want to have or raise 10 kids. But other than that, more than 5 years isn't necessary.
I retired at 58, now 70. Last 12 years have been the best time of my life. Go for it.
You nailed a lot of good points. I’m struggling with this decision right now and even though I’ve watched dozens of similar videos this one really hits the spot.
James, this video popped up on my feed and I wanted tell you that your message is excellent. Look forward to hearing more about your outlook and financial guidance. Thanks again.
I happily retired at 58 years old, you explain perfectly what my thoughts were before making the decision to retire.
I've watched this twice in the last day as it really resonated with me as an epiphany. I've continued to work past normal retirement age to bolster financial security and because I got a late start in my career and retirement saving. But after listening to your description of how our later years are not the same quality as earlier years, I imagined my later years with a more realistic view. I've done all the homework, worked with advisors, been tracking expenses with Quicken for decades. This video is helping me to take a broader view of what retirement means to me, and that if I really do want to be able to enjoy the remaining years, I should consider maybe moving to a less expensive area where there may not be ideal weather in comparison (extreme heat vs mild year round) but I could travel more if cost of living is lower. Plus enjoy seeing family I only see during holidays due to work. Thanks for your well rounded views. Also for not being punitive or critically sarcastic like some of the other finance experts I've seen on UA-cam.
It sounds like you are making smart decisions. I also got a fairly late start with my 401k, but maximized my Roth IRA and mutual funds in the later years. Compounding is a wonderful thing.
Retire overseas and come back to US when you get old.... many places south of the border will support that lifestyle with excellent healthcare and lot less expensive COL.
I'm gonna be 63 in may 2023. Your video make me think of retirement. I'm impressed and gratefull that a man of your age pull the trigger on me and make me start thinking of what really matters. Thank you!
I retired from full time work 5 years ago at 60 and now work 2 days a week, but am amazed at how the years have flown by since retiring like a train full on. I earn in 2 days more than I earned in full time work, trouble is too good to be true.
I was thinking of retiring but your video convinced me to keep working
The right time to retire is when you no longer wish to work for a living AND you are positive you can afford it.
If you retire before you can truly afford it you are not actually retired you are unemployed...
I guess I have one more year until I am permanently unemployed. 🤷🏻♀️
I really needed to hear this video. All the things that i have been considering. Stress, focusing on health, eating right exercising and reducing my housing costs and spending time with grandchildren. Thank you. I am healthy 72 year old.
I’m planning on retiring next January on my 66th birthday. I spent the majority of my adult life raising kids and working casual then part-time and full time for the past 4 years and this working full time is hard, time wise! I’m hoping my health won’t collapse, though overall I’m very healthy but one never knows, especially working in a challenging environment. We’re planning on traveling full time started next April for a few years so health is important. We’re very fortunate-and it amazes us that we are in a position to do this. Hubs was retired 5 years ago and loves it, as it wasn’t his idea (boss drama then ageism in find a new position) it took a couple of years to realize how sick he was getting and how much he enjoys his freedom. He’s written a couple of books, one being published as I type & has plans for a few more. I relish the idea of being my own boss again, and the countdown is on! (Just don’t tell the bosses!)
Retired at age 50. Was super focused, Never had debt in adulthood. Cycling 10,000 miles a year. Gym 5-6 a week. Shredded. Faster and stronger than college. Beating all my best cycling and track records. Hot, younger, blonde wife always after me. Zero stress. Investments doubling every 4 years now.
Yeah, I’m liking this retirement gig. 💪 💰
How much annual income do you live on now?
Well I hope you’re doing some awesome cycling tours around the world!
Five good reason why I’m retiring early and able to do so because of good financial decisions. Can’t freaking wait!
Great video. Puts it into perspective. Get out as soon as you can
THANKS! Best message that I have ever heard.
Thank you so much for the video!! My husband and I are about to retire this month. Though we deserve it after all the hard work for the last 40 years, we still have a hesitant feeling for the retiring. With your advice, all the worries are gone, and we won't have any regrets at all for our decisions.❤❤
That’s the best analogy that I have ever heard! Love it! I just retired this year at my 60. Happiest life ever!
I retired 21 years ago at 45. IMO spending is the biggest financial component. I've never had a huge pile of cash. "Retirement" doesn't have to mean no longer ever making money. I enjoy making money. It's like real life game of Monopoly. What retirement allowed was I could do things I enjoyed that wasn't highly profitable. I couldn't consider "wasting time" on those things before retirement. Every 7 years or so I fixed up my house, sold, bought another fixer. That's basically how I funded my retirement. Working on house #4 now.
Then there's the security component. Most people see the financial and security components as the same. Than can be in theory. But how do you feel when your $5 million is invested and markets tank? Or do you stress about where you're invested? What gave me a feeling of security was having a skill I could use to jump back into earning if needed. For me that was being a software engineer. A person working in management can have a huge problem jumping back into a job once retired. For them retirement is a one-way street. Scary.
I also have not invested in anything other than my house. Market moves just stressed me. I would have rather kept working. Plus I suck at investing which I learned when I was working.
That’s great there are many ways to achieve freedom. I’m a big believer in the market and when it tanks I see opportunity not stress. If you have enough income via dividends, interest etc to support your lifestyle a market fluctuation shouldn’t stress you out. Then again I have seen it being done with real estate, like yourself so good deal.
Thanks for sharing. It helps me to solidify my plan to retire next year when I am 62. Husband already retired for a couple of years. We plan to move closer to daughter who plans to start her own practice. With my experience I am able to help her a bit. Yes spending time with loved ones and building relationships is so very important.
Thank you for something so eloquently put and beautifully produced. 40 years of high stress working and doing everything right, and I collected the health issues to go with it. But, now I am, buoyed up and re-energised and determined not to waste what's left, going for it, thank you.
OMY syndrome may set in: I will work just One More Year. I found myself “working just one more year” because I liked my job and was at the TOP of my income game.
What I did: I created a pro/con matrix with many different categories (and weighted each in value). I re-scored it each quarter for 18 months. A definite trend emerged. Thus, I retired at the top of my game (I was getting more tired). Switched to Medicare and started taking required RMDs. No regrets. I have enjoyed these Root Financial videos, they are among the best (the comments are valuable).
Keep up the great videos, James.
Thanks you ! Just sent my notice and am retiring from corporate at 50. Needed this affirmation.
After spending so much time researching retirement readiness based solely on financial factories, I really need to hear this. Everything discussed in this video is exactly where I am today.
Glad it was helpful
Just the messages I needed to hear. Thank you! I have been in the decision mode for months, and these points are spot on.
James, thanks for a great article. I am 55 this year and retiring soon. Time is precious
great advice! First 5 years into early retirement we traveled a lot. Looking back we should have done more but at that time we were cautious of spending too much too soon. Twenty-six years later, we should have done all the travel then.
Thank you for your great advice to those planning. You are so wise at such a young age!
This message has motivated me to rethink my life. Thank you so much it was very meaningful.❤
Great video, I m ready now but like you said, it’s really hard after 49 years in the same business to just stop. And the fact that it’s always a good thing to work a little longer and make a little more savings but each day you do that is another day that you never get back of enjoyable retirement.
Love this video. It’s exactly why we’re retiring early.
Excellent Video James, well thought out and well presented, especially good insight into the potential decline in the quality of life as we get older,thank you
I wrestle with the decision to retire every day; and I did it.
I will never go back to work, thank god!
However, it's bothersome that I still think about it.
Wow you nailed it! 59 years old and just gave notice that I'm retiring last week. Reasons are time, health and family.
Working past retirement keeps you young, motivated and sharp. I have seen so many people decline after retirement. Including my father, because of inactivity, no social interaction, no purpose. My grandfather retired at 84 and was glad he didn't do it sooner. He ran circles around those half his age.
Good for some, keep active, stack, invest in yourself till you drop.
Wisdom beyond your years, James! Plus great information.👍 Great job.
It’s funny; I came across your video with an imminent retirement planned at 60. You have encapsulated what I have been saying, concisely. Time is our most critical resource. Thanks for this!