I was happier when I was 15 yrs and had 5 dollars in my pocket than when I was an adult and had many thousands in my account. I retired last year at 51, I'm not rich, but I spend most of my time renovating an old house and walking the beach with my fishing rod. I have a 1 day/week side hustle just to keep from spending my nest egg, which is still growing. I'm not the most wealthy guy on my block, but it's a safe bet that I'm the happiest.
Anthony Babowicz What you wrote is so true in my life as well. I’m 53 and would like to early retire next summer and hope to pass you on the beach with my fishing pole. My only worry is healthcare.
40 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
I fully agree; I'm 56 years old and recently retired with approximately 1.2 million in outside retirement funds, no debt, and very few dollars in retirement funds in comparison to my portfolio balance over the last three years. To be honest, the financial advisor's role can only be ignored, not dismissed. Therefore do your research to get a reputable one and that should be any individuals main route into the market.
Yes, I'm in my mid-50s, and a few years back, I moved my investments to my wife's wealth manager. While I haven't caught up to her long-term gains, my current earnings and the growth of my retirement fund, compared to just relying on the 401(k), are pretty satisfying.
I'd like to give significant credit to *Camille Alicia Garcia* who maintains a strong online presence. You can easily find her through a web search. While there are some other individuals worth considering, it may be more challenging to locate them. In addition, Julia has provided excellent guidance throughout the year.
oh! i never take this advises online seriously, but i checked Camille up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
'Vivian Barbara Mui, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
SO MANY OF MY COWORKERS DIED BEFORE GETTING THE CHANCE TO ENJOY THEIR HARD EARNED RETIREMENT AND SOME DIED A LITTLE AFTER RETIRING.....LIFE IS SO SHORT!
+Angela Lewis I knew a fellow who retired after 30 years, and died of a heart attack a few hours after receiving his first pension check. Sadly, he hadn't yet had time to deposit it into his checking account.
I spent the last 10 years in a toxic work environment. 6 figure income at a job I hated and a boss who showed no dedication to anyone. I moved the company from 40 mil to 100 mil a year and was rewarded with someone being hired from outside and put in a position over me. After 6 months being retired I’m a new man. No stress and healthy again. Can’t believe I stayed that long and put myself through all that. Don’t let money control you and be yourself and be happy. God is great just let him lead you.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
I retired at 61. I have a pension, I'm taking Social Security at 62, I don't have any debt. My work was bad for my health. My boss was harping on me constantly/ We had a major project that I was to be a key player, but my boss took a pretty minor issue and cut my pay by $20k per year. I turned in retirement papers that afternoon. They needed me and HR called to offer me my old pay rate back and transfer me to a different division, but I felt like every day at work was taking a week off my life. I told them I was sorry, but my decision has been made. The project fell to my boss. It failed miserably. And I have been enjoying every day since.
KCFlyer2 You are luckier than most. My boss is a bully but I’m only 56. No pension to speak of and no way to change jobs. Savings = mortgage liability. No way out.
...gets to a point where your no longer interested in the job at hand...then retire ...when you have been there the longest you talk about how things were...the boss dose it his way now tho...time to retire...get your pension while it is still there nothing lasts forever...ya did good now bow out....
Good on you brother. It must have been a huge weight off your shoulders. Some employers can't see what they have until it's gone. I'm 54. Almost at the end of my rope. It's not because I don't like it, it's because I've just had enough of the grind and the stress of working my ass off then watching as the government squanders my tax dollars. I'm somewhat like you looking after projects. The difference is my employer is grateful and offers a bonus every year. I've been saving for retirement from the time I was 18 and have amassed a considerable amount of savings. I'd like to retire tomorrow, but still have 2 kids at home. One in the last year of high school and the other in post secondary. Until they move on with their lives, mine is somewhat on hold.
As an additional reason for folks to consider, even if you're good with your work, coworkers, and management: You can't stand being "on a schedule" any more. So even though none of Wes' five reasons apply to me - since I work at home and enjoy my job - this growing dislike of living on a schedule is a truly valid reason for considering retirement.
I’m with you. I’ve got a great job and I’m making more money than ever and love the people I work with. It’s hard to walk away from it but I have so many hobbies I want to pursue and things I want to do rather than my job. I saved a sizable nest egg and now it’s time to move on with my life and live that next phase with freedom. I don’t think anybody on their deathbed ever wished that they had worked longer.
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation........
The Only down side of retiring earlier. Is that you Don’t have many friends or people of your own age. To play with. Who you can phone & say do you Fancy a sea fishing trip in Say Florida or Let’s do a week in Scottsdale Arizona at meccum. Car auction . There are Not that many people of your age. ( iam 56 Worked Constant in Construction ) Never bought things that never served a purpose or wasted Money . Live within your means !, All the best Jim the brick. Xx
Ms GALIA BENARTZI has opened my eyes so much and I'm 39. Started investing few months ago. I've put in total of $35k and I've up to $70K now. Pretty happy about THAT.
😮 that lady, her success stories are everywhere. Been seeing a lot of comments about her on several places. I feel more confident investing with her, I've been on the train for over two months now.
I got out of full time engineering at age 55 four years ago. I chose to call it career pivot now I work part time in a job that is fun. Every time I drive by my old place I say. " Yep still don't miss you"
Summary. The more you answer yes, the more reason you should retire. Question #1: Is your commute longer than 45 minutes? Question #2: Is your work unhealthy for you? Question #3: Do you dislike your job? Question #4: Are you unappreciated at work? Question #5: Have you topped out financially?
I watched too many friends die early or have sudden physical issues arise that prevented them from experiencing things they had talked about doing for many years before. We are all on a degradation path and you will only be slightly worse tomorrow than today. So don’t ignore that slow process thinking that you will have the same level of health and physical capabilities you do today in another 5-10 years. Once you can afford it, don’t jog but sprint out that work exit door and do all the things your heart desired to do before it’s too late!
i think a boat well mainatined with alot of fish around, cuts this 500,000 and 10,000s of hours of work in the last 10 years. to something 1/4 of that. maybe even less.
Was talking with my cousin a while back after he been retired about a year. I asked him how retirement was going and what he was up to. He said he became a magician. A magician? He said "yeah, I retired and I made all my friends disappear! One by one they all moved away for different reasons." He didn't realize how much of his social life revolved around work and his coworkers. He is now working part time just to stay busy and get out and meet people. Some people just need that.
I think the proper question is what do I do before I retire. Retirement is another faze of life on its own. Lay the proper foundation trust me savings will only get you so far. Invest invest invest. I've been making Soo much from my stocks and FX investments. Kudos Noud.
My father used his right hand to advise me on investments and used his left hand to gamble. But luckily I picked the idea to invest in college, Elon has played a huge role in my intentions to invest. So please do tell. How have you been gaining from wall street. What's your money making strategy?
When I tell people I profit with ease they get surprised on how I manage my stock portfolio and accounts, they think tirelessly at it. Truth is I leave the numbers and all my trade affairs to Licensed pro analyst Mr Noud mika. I’m 40 and currently have a $1.1million portfolio and my goal is to keep making money I have Mr Noud Mika a FINRA regulated trader handle my trades and investments with his guidance and forecasting I invested in Options,Bonds and High growth stocks and so far I've gotten a 20% increase but hopefully I’ll get to $2million sooner.Diversification of trades is also very important to me and that's why I have Noud trade for me with $7k in dividends yielding me $17k - $20k
You make it sound easy, coming across licensed pros like this isn't easy. They keep themselves for the elite rich folks. But of yours is available to help ordinary people like us I'd appreciate the help In my trades. Is he free to new investors? How could I reach him?
I am so lucky retired at 55 and moved to Cebu Philippines......I had a good federal job and could have continued to work, but life is short....sometimes you have to make moves to improve your life.....I give myself some credit due to the fact that I have 3 pensions.....but also got a lot of breaks along the way....
I’m retiring now at 64, 5 months before my 65th birthday. My brother died one month after turning 65, my best friend died at 58 one year after retiring form his 30 years as a metallurgical inspector at a steel mill. Most of my friends from high school have passed on. Why the f -x-x should I work any longer in a place where i would work any day of the week and have 4 different shifts within the same week, even be scheduled for up to 11 days straight without a day off, be abused by customers daily, am legally blind but do have enough usable vision to get by with. No mortgage, no debt. I’ve had enough, retirement time for me! Cheers 🍻🥂👍🇨🇦
I retired at 56 after a long policing career .. lucky to have a descent pension and thank god I’m from Canada so no health care issues .. made sure to have paid off my house so I have no debt .. also plan on taking my CPP which is my Canada pension early at age 60 .. remember you can’t buy your health or time
@@garthtrain4719 if you don’t have assets they just discard the bill. If you do have assets your insurance covers it. I agree it’s not perfect but my point is still valid about taxes paying for it
I loved my career choice and would have worked until I dropped. But, my career had physical requirements and I saw my abilities begin to deteriorate. So for me it was time to step away. Low 5 figure savings, no 401, small pension check and SS. 6 years later I'm happy and healthy as a clam at 68. Monthly expenses except food but including rent run around 30% of my SS benefit. I travel frequently and spend most spring, summer and fall months riding a Harley around the continent. Did I mention I retired to Europe?
Loved the work and people hated the job (company). Asked myself was this worth it and said no, put in my retirement notice the next morning. That was a year and a half ago and the only regret I have is having not done it earlier.
I retired at 50 and made some huge cuts in spending .I got rid of the car also and walk and get around other ways and am healthier than I ever was .My father kept working even after a heart attack at 69 and he continued until 77 when he got ill and died .
Mikeykaysuper congratulations! You did the right thing and had a plan. Most people are clueless, in debt up to their eyeballs, and will likely find themselves broke if they ever reach retirement.
I work 24 hrs (two 12 hour night shifts ) at my long time job as a nurse. Am turning 64 this year, and still enjoy my work. Will try to work as long as possible, because it is very meaningful work, I still get good health insurance and I have a lot of time off.
I am so lucky retired at 55 and moved to Cebu Philippines......I had a good federal job and could have continued to work, but life is short....sometimes you have to make moves to improve your life.....I give myself some credit due to the fact that I have 3 pensions.....but also got a lot of breaks along the way....
I am financially set to retire. I am burned out and work is now exhausting. At 59 years old, it is now my time to retire and enjoy the fruits of my labor. Your videos have helped me feel so much more positive about this big life change. Thanks.
@@markymark7198 Sorry to disagree with you.. A very small percentage of people get to the 90's and beyond...And if you are one of the lucky ones...Life sucks by then ( tipically ) you can't eat this, you can't drink that, mostly no sex, waiting for someone to change your diaper....And so on. No, thank you See many of coworkers dead before enjoying retirement, house paid off, good saving money, no dependents, etc. Enjoy live while you can. My 2 cents Respectfully
If being a millionaire retiree is your future forte, then keep a close eye on the stock market stakes and ensure that you invest in the right stocks that suit you.
Investing in the stock market is the best option to make a passive income. Virtually all the markets are crazy, most people pay more attention to the shiniest position on the graph, I’m keeping a diversified portfolio.
@@jackholley4286 You can surely earn $1000 per month by trading stock market, provided you have in depth knowledge of trading strategy like technical analysis, chart patterns, support and resistance, trendlines, risk management
@@DavidMiller-du9dy most stocks in my portfolio are underperforming and there’s too much volatility with key stocks. Which stocks would you recommend I buy?
How to retire by 30. Step One: Get a high income skill that pays according to your skills not per hour. Step Two: Cut your expenses and live below your means. Step Three: Save and invest most of your money. Shoot for saving 20-50% of your income if possible. But if you can only do 10% then do that. Step Four: Grow your knowledge so that you can do better in personal finance and investing.Step five:Get a Financial advisor(obviously) Step six: Let time work for you. Start as early as possible, every year makes a huge difference. "The best time to start investing is yesterday, the second best is today.
ummm well i'm no pro but i suggest you read The Millionaire Next door by Thomas J Stanley or you can use an FA like i did. if you want you can use mine. i found her on a webinar on the F.I.R.E movement, you can look her up, her name is Lucy Maria Koss
We pretty much did what you said but loved our work in the medical field so much that we kept it up until our early 60's. We probably saved too much ( if that's possible). Literally forcing ourselves to slow down now.
IF you are going to retire early, have something else lined up to do. Whether it be volunteering somewhere, several hobbies, or extensive traveling. Most people need a purpose in life to be happy. My father made the mistake of retiring at 55. He was miserable--lost lots of weight (not healthy weight loss) and I think would have died except for the fact that his old job still hadn't been filled one year later, and he took it back and worked there another 10 years. His mistake: His entire life revolved around his job--then he retired. He had no plan with how he was going to spend his days after retirement. You have to do something after retirement. Continue to grow.
Glad I retired when I did @ 55. Am enjoying my pension and now collecting Social Security benefits at 62. 0 credit card debt,mortgage paid off this year. Took me a few years but I became healthy again. Four former coworkers have died over the last few years,didn’t even get to retire and enjoy their pension.
Thank you. I answered yes to all of the questions. I have a 1 hour + commute, bad parking, and a lot of money saved in my retirement accounts. The psychological thing I have to get over is making a lot of money from a great salary, but a lot of unhappiness. But I have a lot saved up and a bunch of rental properties. You made my decision easier. I'm 57 and have 7 rental properties everything but my car paid off.
I have decided that I want to have time to spend with my husband, while we both can enjoy doing things before we are too old. I understand not being able to let go of the financial safety net. I am retiring next spring on my 60th birthday and can’t wait, now the I have made the decision. Good luck to you with whatever you decide to do.
Congrats! Can I ask you how you came to getting those rental properties? I’m interested in doing this. My plan is to buy one at a time (less expensive homes that need fixing) and getting them in shape to have renters. Then going to the next one. Do you have any advice or insight? Thx!!
@@vinnyvidivici5930 I made double payments on a 15 year mortgage and paid off the house in 5 years. We paid for the others mostly cheaper condos with what would be the mortgage payment and rent money. My wife and I also had side hustles mine being a keyboard player. My update is I retired 1 year ago Memorial Day and I’m the happiest I’ve ever been. I gig full time about 5 times a week in Myrtle Beach. There’s much less traffic and I walk the beach or bike every day. I can also see the ocean from my balcony where we eat breakfast. There are still oceanfront/ocean view condos from the mid 100k’s (around the north end where it’s also relatively safer).
I semi retired at 49 but kept a part of my business going as a hobby so as not to get bored. Live a very simple life compared to my wealthy working friends ( no flash cars, holidays, expensive restaurants) but when you disengage from the rat race you find status, possessions etc mean very little.
It sounds like you're what I like to call, "Master of the Middle!" I wrote about this here - www.wesmoss.com/news/the-secret-to-living-a-happy-retirement/. Congratulations on your super early retirement!
@@t-bone6467 I run into alot of nice people during the day doing errands and grabbing coffee .I keep in touch with friends, text, calls and meeting for a bite.
@@unalienable5408 hi. I retired to a rural area and it's been a slow go getting social activities ramped up. Like you, definitely get out and run errands, stay connected to old friends etc. Big adjustment from the working life.
Talking to my mum 85 she asked me when I'm retiring? I said 67! Felt guilty she went at 69. She told me go as soon as you can. So retiring to Thailand at 61. Retired at 60 and still retiring to Thailand.
I am so lucky retired at 55 and moved to Cebu Philippines......I had a good federal job and could have continued to work, but life is short....sometimes you have to make moves to improve your life.....I give myself some credit due to the fact that I have 3 pensions.....but also got a lot of breaks along the way....
@@usafdirtboyz2797 good luck to you. We all make our own luck. As you say you served your country and the pension that comes with it. When you look around you how many expats do you see moaning how bad their life is? The reason is money to retire. Thailand at 60 is a $1,350,000 pension fund. Anything less you are not living just surviving. Hope you make it to Thailand one day
I worked for a hospital for 28 and it was a great place to work. Then 2 years they turned corporate and cut my hours drastically. Try to live on$120 a paycheck in Hawaii They had no concern for my time or financial stress. Also, I had my situation. The administration payed off many people. I retired early at 62. Cashed out my pension and 401k sold my apartment in Honolulu. Then joined my family in Thailand. The cost of living is a fraction here. Impossible to retire in Hawaii
christopher hennessey what is really awful for the MICU, the nurse are so smart and we are consistently under staffed. They worked so much harder and unbelievable stress. Also 3/4 of their time is spent on charting on the computer. This is not healthy and dangerous for the patients.
after working 25 years , saving every penny you can AND answering yes to the questions every day then you can finally retire. You have to be bad ass to make it in this world
Not to mention it is impossible to budget for using it because not even the health facility or insurance company can tell you what anything costs until after you have a procedure done...
Many people keep working in order to maintain health insurance. Ironically, many people require the health coverage due to maladies caused by their jobs (I.e. high blood pressure, stress, obesity, depression, sleep apnea, and other sundry issues). Many people get much healthier after leaving the life- sucking jobs they worked so they could have health insurance.
It's really the only reason I'm staying. Until Medicare. May continue to work some after that but I really won't have a reason to. Sad state of the US. Healthcare coverage and jobs being tied together. That's the only way to get decent premiums.
I paid off my 15 year mortgage in 7 years. Paid off my 2000 silverado in 3 years. When I bought my first house and found out how the lender reduced my principal each month (the first payment reduced the principal by $10.) I was furious and decided right then to pay off my mortgage as soon as possible (I was sending the lender $4000-5000 every month to avoid all the interest.) However, the property taxes keep going up every year and the county is making it hard for me to keep up. The local government here in Tampa Fl is strapped for cash and they know that I can't run away (unless I move). So even with a paid off house and a paid off truck I'll NEVER be completely free. I am now looking for cheaper homeowners insurance because USAA wants me to pay the first $22,000 of any hurricane damage claim. In other words they want me to partially self insure. As far as a job goes, in most cases people hate their jobs because if it was fun ,everyone would want to do it!!!
I have more than enough money to retire now but I work remotely in tech on a project basis not by the hour and I love tech so I fell like I am already semi-retired and have been for years. Working remotely means anywhere with a fast internet connection and I have worked remotely from places like Paris and Barcelona.
Got screwed over several times even though I was a hard worker always dependable and competent. Decided to adjust my life to my limited income vs. trying to build up a pile of money. Instead of stopping work altogether at 53 I began working part time.
The government isn't paying the retired workers enough due to the present situation in the economy... Bitcoin investors are making huge profit now bitcoin has raised to 55k today. 2021 is gonna be a great year for investors.
it's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time. don't think I could retire with less than $3m in income generating investments and i'm not talking 401k, maybe $2m at the very minimum. I plan to work until I'm at least 45.
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving
@@devereauxjnr I agree; for over 17 months, I've maintained regular contact with an investment advisor. Nowadays, it's really simple to invest in trending stocks, but the challenge is knowing when to sell or hold. To support me with entry and departure points, my advisor steps in. Within 18 months, I've accrued almost a million dollars from an originally stagnating reserve of $300K
@@Tsunaniis-j5l I'm happy to have stumbled upon this discussion. If you don't mind, could you tell me the name of the financial adviser who helps you with your investments and how I might contact them? It Intrigues me to keep learning.
@@DreamweaverShade-h9p Finding financial advisors like "NICOLE DESIREE SIMON" who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
@@Tsunaniis-j5l Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
The elephant in the room is medical insurance. How can anybody seriously consider retiring early when they have a family relying upon them to provide insurance? Medicare kicks in at 65.
spouse may have insurance . Move out of the country to a place where health care is cheaper. Your current employer may have insurance that continues into retirement so always an option.
You are right. I wanted to retire at sixty after 30 years with the same company with a decent reasonable pension. I had everything planned and when I reached 60 and turned in my retirement papers, then found out the “retiree” medical plan was 4 times more expensive than the plan employees were offered and the premiums would take half my pension. That left Obama Care as the only other option which is way to expensive so I had to work another 5 years just because of medical insurance costs.
I ve had to leave work because I got cateracts and diabetes put that down to stress all the time. Still to wait 2yrs for pension. I got btl but more stress than worth. Hoping it gets easier.
I worked for 54 years and really hated it, 17 careers at 20 different companies. Most I ever earned in an hour was, $14.25. Most I ever earned in a year, $53,000 +/_ take home was $49,000 +/_ I worked as many as 28 hours straight and that will wreck your brain. Retirement was the best decision I ever made. I do whatever I want and now I'm writing a book and recording my music. Tried to start a business 6 times and failed, 6 times. People will offer you the moon, just to get your money and shit all over you, when they get it.
I used to work for a company that dumped its company defined pension plan 15 years before I retired. With very helpful expert advice and tremendous self discipline I was able to retire 2 1/2 years ago. Giving advice to my co-workers about proactively taking retirement plans into their own hands was an exercise in futility. Typical Americans simply won't save, or plan on their own for retirement!
I am so tired of getting up at 4:50 every day and getting home at 4:45 in the afternoon. Work with kids all day and getting really unhealthy and crabby. I am going to retire at 62. Do not have a lot of money saved thou!
>When you read articles about financial freedom, you may hear people drone on and on about how they are spending practically nothing so they can retire at a younger age, like 30. Conversely, they may have already achieved financial freedom and are bragging about how frugal they were so they could retire well before the typical retirement age.
Planning for retirement, or even financial freedom, is a marathon and not a sprint, as the saying goes. Breaking up your financial independence goals into small chunks can help keep you on track while making the process a bit more manageable and, hopefully, a little less stressful. Even if you are starting small, the important thing is to get started. Investment creates a safe haven for the future, Everyone needs it so you don't go bankrupt when you stop working
I don't do recommendations, I only invest make my profit and mind my business but i would do it for one reason and that's for the betterment of everyone.
As someone who is approaching retirement, you have to focus on yourself and your spouse. So many of our friends have adult kids on the payroll for life. Unless you are rich, most people cannot afford to keep the kids on the teat! I cannot believe it, you are not guaranteed good health forever.
retired at 45. 20 years ago. Every day I think how lucky I was to have done so. But, i never had kids nor spent much money. Saved and invested. Lived far below my means. It wasnt all luck.
Be forewarned: some people are very UNhappy in retirement. I have a friend who is in terrible shape following retirement; he's actually dying. I have other friends who are adapting well to retirement. It's important to have a plan for how you will spend your retirement years.
Find something you like. I retired at 61 and joined a bicycling group. They ride 7 days per week, 52 weeks a year (weather permitting). I am doing things in retirement that I never did when I was working.
I have a good job and medical insurance through my job. Last month I had an eye infection and the doctor prescribed eyedrop. It was not covered by insurance. I paid $100 for this tiny eyedrop. The irony, I used to buy a similar eyedrop for my late mother in Iraq, it cost less than $5. At that moment, I thought it might be better to retire and go to live in another country where you can get the same health care you get in the USA but 95% cheaper.
I answered yes to 1, 2, and 3.....Trying to hold on for 14 more months. I feel like a zombie there, I watch the clock every minute sometimes. Holding on because I am boosting my 401k.
I refuse to work another "9 to 5" job again. In 2010, the office where I worked was closed because the lease expired. EIGHT MONTHS LATER, I was placed on probation for something that happened AFTER MY OFFICE HAD CLOSED! Now I'm trying to get my EMT certification up to date, for me. I'm also working on finding a suitable niche for this channel.
Staff reductions, undesired job redefinitions, mind numbing meetings, pointless assignments/busywork. It's not the job I started with. Might be time to think about getting out.
I retired at 49 and bought my dream home in Henderson Nevada which is a stone’s throw from the Las Vegas Strip. Moved here from Destin, Florida after 30 years and absolutely love my new desert lifestyle. Nothing beats the Vegas nightlife, Restaurants, entertainment and on and on..... I’m living the dream 🥂
@@michaelrodriguez3329 I’m not sure I understand your reply and nothing could be farther from the truth. Everything is pretty much open other than the buffets and NO, I would never move back to Florida ....ever !
I think it all comes down to some form of control . I left the fortune 200 as a ChE MBA at age 35 running a business unit with a new boss & strategy every year to become a small biz owner and doubled my income. Now 60, I've been so blessed to have exited the corporate grind. I have not had to attend a bs meeting for decades and never got "outsourced" in my 50's. Yes, some have made it but you have to sell your soul!
Retire from being a slave to a boss ASAP. Live within your means and no debt. Die broke is the strategy... doesnt make any sense to leave $$$ to anyone...you earned it...so enjoy it...
That's why the rich will rule, because they have a different mindset. Leave your house in a better state than you came into it, should be everyone's family goal.
I just retired 15 years early. Early retirement is a tradition in our family. We pass money down in our family mostly toward education whether it’s college,tech school, or trade.
Wes here are my thoughts. If I work until I am 63 1/2, I can get Cobra Health Insurance for 18 months, and then go right into Medicare. Then at 66 1/2 or later, file for Social Security. I can live off of my Interest until them.. I answered Yes on most of your questions.
I think that is an intuitive plan. There may be some planning around the Social Security component to make sure that is the best option. If you'd like to talk to someone about structuring your portfolio for income generation or the Social Security piece, my team at Capital Investment Advisors is more than happy to help.
Mike Grayson I will be able to pay for cobra when the time comes all at once. Part of my plan, but I will check out ACA, I had that years ago as a IT Contractor.
Wes...I was involved in an accident in 2010 at age 54......Which contributed to my retirement. I worked for the State of Md...MVA....i had to retire and im glad i did.....i healed well from the accident, and is receiving my state pension, social security...have my medicare and kept my state medical benefits...also paid off the little debt i had, car was totalled and was nearly paid off, downsized to a large apartment in a great area. 2 years later, i brought another smaller car...now paid for in mint condition, live a nice but frugal life! Have great health, peace, happiness and not to mention other financial blessings i have been blessed with.....i have no regrets leaving....THE JOB WAS A GREAT STATE GOVERNMENT JOB FULLOF STRESS BUT WITH GREAT BENEFITS, I WAS NO LONGER HAPPY THERE AND HAD 10 TO 15 YEARS LEFT......IT WAS AFFECTING MY HEALTH....SICK OF THE BACKSTABBING.....I ALSO WORKED FOR THE OLD TELEPHONE CO, CITY GOVERNMENT, AND FEDERAL GOVERNMENT, AND PRIVATE COMPANIES , BUT THE LAST YEASRS WITH MVA, STATE GOVERNMENT! ....SINCE THE SITUATION PRESENTED ITSELF....I TOOK MY BENEFITS AND RAN WITH IT , NO REGRETS!....LIFE REALLY IS GREAT! .....NOW 63 GOING ON 64 IN JAN!...IM REALLY GRATEFUL, BLESSED, CONTENT, DEBT FREE, ETC....MOST IMPORTANTLY ALIVE, HEALTHY, PEACEFUL, AND WELL!...BIGGEST THING IS SAVE MONEY, LIVE WITHIN YOUR MEANS, STAY DEBT FREE, .....
You can't buy time. Retired at 55 now I'm 58 and haven't look back. Normal schedule can do what I want when I want. Bring home more money than I did when I was working. Have more money in my IRA than I did when I retired and have drawn with the 4% rule as you spoken. It can be done.
Retired at age 60 from the federal government after 25 years. Prior 15 years in civilian Law Enforcement. Enjoying life, weight training, cycling and part time job as a pet sitter. Taking SS at 62, have great health insurance from the gov.and pension with saving as much as I could. Husband is 61 will work until he cant, fed. Employee too but in a great job he loves. Only condition for him is that we go on a great 2 week vacation every year keeps him happy.❤😁
Not always. Many people love their jobs and would have no purpose in retirement. Some do great in retirement because they have things they want to do and have a purpose for getting up in the morning, but many retire and are just waiting to die from boredom
No one remembers you for much u made (except for the extreme), they remember you for the personal interactions. Don’t be afraid to die.....be afraid to not live.
@@nala3038 I make the most of every day, and have lived more than a full life, but I always need a purpose for the day. I have a condo in Mexico & will be there next week but I"m not the type to sit on a beach all day
I've been preparing for retirement and have been for a few years - I find myself being a partial yes on some of those reasons - but not a full yes on any...but I can say with no reservation - preparing early for retirement is the best advice I can give anyone - being prepared because no one can predict the future and even if i'm not a full yes on any of those reasons - I can see becoming a full yes sometime in the near future...I'm 5.5 years away from removing myself from my current employer - I think that's close enough to just bite the bullet and keep on going...thankfully I love what I do - just don't like where I do it.
1. I have a very short commute. 2. Work is somewhat unhealthy for me. I'm bored and not that interested after 18 yrs of doing it. 3. I generally dislike my work. I find the environment noisy and chaotic. My colleagues are uncooperative and jaded. 4. I don't feel appreciated, but I'm also responsible for not being fully engaged. 5. I don't need the money, but I'm very well paid for the amount of work I do. No debt, multiple streams of income. Own my beautiful home. I'm only 52. Should I give someone else an opportunity? I teach. Apart from the money, I really don't want to do it. What should I do???
Frank, it sounds like you're in a great position to really weigh your options in regards to retirement. There is a lot to consider with a decision like this, though. I recommend you reach out to my team to schedule a call to go over your details before making a decision. www.wesmoss.com/contact/
On the other hand, younger people should take it easy and take breaks, instead of being greedy and not enjoying their lives, postponing enjoyment till retirement.
Omg. All five apply to me. I'm 36. I own a home and wanna rent it out. I am a union elevator guy who does pretty well. But I'm sick of the commute and the stress. Ill be diving in head first glad I landed here, thank you
Very true. I've watched dozens of these from many financial "gurus" and it still comes down to the individual. There really is no firm "overall" answer.
My commute is about an hour each way but it’s on the bus and train so I can close my eyes, sleep, listen to music, read a book. I love it. So happy not driving. My job is a lot of fun so I think I will work a very long time.
Thoughtful, practical, and logical information ideas and advice! Most large employers don't really value their workers just how it is! Who wants to work themselves to death and when it's time to retire their bodies are breaking down. Thank you sir for your caring attitude!
Problem retiring early is Health care costs, access to retirement funds if under 59.5, most companies provide 0 pension. SS doesn't come until 62 and that is if you take to lowest amount possible since you take it so early. So you need to do something else since it's easy to talk multiple streams of income but much much harder to have it. So most keep working until they just can't anymore and then live only a few years later. So I really wonder how all these people retiring "early" do it. Even if you pay your house off, you have "rent" in form of taxes taxes taxes, utility bills, etc...
OnlywenIlaugh the pension is the key. The only debt I have is my mortgage. Health insurance (I’m single) is $715 per month. Without the pension, I would still have to work
Retiring early is not easy, but many people have accomplished it! One thing that helps some folks make this transition is by moving into the "Retirement Grey Zone" www.wesmoss.com/news/why-you-need-to-prepare-for-the-retirement-grey-zone/. If you have any questions about your retirement plan, please don't hesitate to reach out to my team. Just click the contact button at the top of the website. Those emails come straight to me and the Money Matters Team.
@@WesMossMoneyMatters One thing I would stress - get out of debt. I only have a mortgage, but I was lucky enough to be able to take a partial lump sum of my pension and pay off all non-mortgage related debt. That is a whole new world and REALLY helps in retirement.
Loved my career. Still retired at 45 which didn't mean I had to stop doing what I did in my career. What changed was no more deadlines. Was it better to retire? No idea. Wasn't a mistake. I assume I would have continued having fun in a career. Answering yes to this questions means changing jobs imo. Why would retire be the go to choice. Seems silly.
Carolyn Clark Actually it's not. It's being in debt,not paying off your home,not saving and contributing to you Roth. Also not exercising and eating crap for years. I'm retiring 12 years early and will be paying 0-$150/mo. for health care until Medicare kicks in. Never had any consumer debt and only 9 years of mortgage payments.
Because our government is run by corporations. NOT THE POLITICIANS who are there to give the illusion our vote counts. IT DOESN'T. All other rich counties make sure health care and drugs are provided at a reasonable cost.
LeAnn Ladd Speak for yourself I guess. I have no issues because I lived within means,saved,and invested. I’m retiring 12 years early in October. Taking cobra for Nov and Dec. Starting 2021 healthcare for myself will be zero to $150/mo. depending on what plan I choose until Medicare kicks in. Homes paid off,zero debt,savings,investments,emergency fund,etc. And I’m not fat, no drugs or needles,rarely eat crap, and always exercised and workout often.
you glossed over 'unhealthy' there are many more ways besides night shift. Heavy lifting, repetitive movement that causes health issues. Numerous things. I have had several surgeries in the past 10 years that were related to my career, but not direct injuries covered by workers comp.
One word: Mexico. I retired 20 years ago at age 55 from the Hearst Corp. I was eligible for a corporate pension of $540 a month. I had about $350,000 in mutual funds. Moved to Mexico and took out $10,000 a year from the investments (and also received the $540) till I was eligible for Social Security at 62. Been living on SS and the corporate pension ever since with no problem whatsoever. Mexico is very inexpensive. Healthcare system is good and inexpensive. I pay out of pocket. Best move of my life. Come on down.
I'm all for folks retiring overseas to less expensive areas! Here's an article I actually wrote about this a while ago - www.wesmoss.com/news/5-gorgeous-places-to-retire-on-a-budget/. Congratulations on this smart money moves. I'm glad to hear you're enjoying your retirement.
I’ve only been retired for 6 months- after fighting it with business start-up ( that cost me about 160K) . I’ve still got cash and an annuity stream that Will hopefully keep me active until I hit 66 years , 10 months when I will pull Social Security.
@@Bigguy_33 Do you not realize how big Mexico is? When people hear you live in the United States and feel relatively safe where you libe do you think its for them to start pulling out news articles of mass shootings in US states hundreds of miles away?
retired at 60 28 years ago and got to spend 20 years with the wife in retirement doing things and going places we wanted to do and go. also took SS at 62 as my dad died a 54 and never collected his. i loved my job so that was not the reason i retired as i planned to retire at 58 after 40 years on the job but we owed money on our retirement home so i stayed 2 more years to pay it off. the first day on your first job you should start saving for retirement and don't increase your standard of living every time you get a raise.
I lost my job at age 61. Too young for social security. I came to the end of my savings in 2 months. I had to live with a relative for 10 months. I lived in a group home for women for 6 months. I finally turned 62 and received social security...had some income while I job searched. I got into senior housing. I got food stamps and Medicaid for healthcare. I live a very frugal life. I volunteer now. God is good.
I just retired at 50 with no financial issues with no need to work anymore. I planned without depending on pension or social security. Just used the brain I was given.
Number one life rule very few ever mention. Live Under your means if possible. If you earn $35k, live on $25k. If you earn $50k live on $40k. Tradeoffs are worth it long term if you can do it. In ten years your financial picture will be well worth the sacrifice. Regarding retirement - downsize! If you have two vehicles go to one, if you have 3 bedroom house go to condo. Again live within your budget.
I was happier when I was 15 yrs and had 5 dollars in my pocket than when I was an adult and had many thousands in my account. I retired last year at 51, I'm not rich, but I spend most of my time renovating an old house and walking the beach with my fishing rod. I have a 1 day/week side hustle just to keep from spending my nest egg, which is still growing. I'm not the most wealthy guy on my block, but it's a safe bet that I'm the happiest.
That's awesome, Anthony!
Anthony Babowicz What you wrote is so true in my life as well. I’m 53 and would like to early retire next summer and hope to pass you on the beach with my fishing pole. My only worry is healthcare.
Me too!
I understand. All of sudden, I was married, and had to buy a lawn mower...
You nailed it👍, pleasure in living❤️
40 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
I fully agree; I'm 56 years old and recently retired with approximately 1.2 million in outside retirement funds, no debt, and very few dollars in retirement funds in comparison to my portfolio balance over the last three years. To be honest, the financial advisor's role can only be ignored, not dismissed. Therefore do your research to get a reputable one and that should be any individuals main route into the market.
Yes, I'm in my mid-50s, and a few years back, I moved my investments to my wife's wealth manager. While I haven't caught up to her long-term gains, my current earnings and the growth of my retirement fund, compared to just relying on the 401(k), are pretty satisfying.
@@maryHenokNft wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
I'd like to give significant credit to *Camille Alicia Garcia* who maintains a strong online presence. You can easily find her through a web search. While there are some other individuals worth considering, it may be more challenging to locate them. In addition, Julia has provided excellent guidance throughout the year.
oh! i never take this advises online seriously, but i checked Camille up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response
Retired at 55, lost 70 lbs, got off my meds, and got my life back
That's awesome! Congratulations!
christopher hennessey thank you, I wanted to spend my 401k, not my kids, lol
Wes Moss Money Matters thank you, it was time to get my life back!
@@Reitz86 Reitz, help! See my comment.
Travel, go to places you never thought you would go.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Mind if I ask you to recommend this particular coach you using their service?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
'Vivian Barbara Mui, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
SO MANY OF MY COWORKERS DIED BEFORE GETTING THE CHANCE TO ENJOY THEIR HARD EARNED RETIREMENT AND SOME DIED A LITTLE AFTER RETIRING.....LIFE IS SO SHORT!
I hate to hear this, but it's true!
Same here at my work at the usps ...
That's why its better to take social security at 62 and work part time. Its kind of the best of both worlds and less stress.
erin peacexo That is my plan too!👍🏻
+Angela Lewis
I knew a fellow who retired after 30 years, and died of a heart attack a few hours after receiving his first pension check. Sadly, he hadn't yet had time to deposit it into his checking account.
I spent the last 10 years in a toxic work environment. 6 figure income at a job I hated and a boss who showed no dedication to anyone. I moved the company from 40 mil to 100 mil a year and was rewarded with someone being hired from outside and put in a position over me.
After 6 months being retired I’m a new man. No stress and healthy again. Can’t believe I stayed that long and put myself through all that.
Don’t let money control you and be yourself and be happy.
God is great just let him lead you.
I agree.I’m not rich,but I have my pension and Social Security benefits I am receiving.Happy to have retired when I did.
Tide Fan So good to hear your story. Live the dream!
Amen to that. almost my situation at the office. thanks for sharing.
Needed to hear this. Thank you for sharing!
Same here. Thank you. I’m retiring soon. Can’t wait !
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
Thanks a lot for this recommendation. I just looked her website up, and I have sent her an email. I hope she gets back to me soon.
I retired at 61. I have a pension, I'm taking Social Security at 62, I don't have any debt. My work was bad for my health. My boss was harping on me constantly/ We had a major project that I was to be a key player, but my boss took a pretty minor issue and cut my pay by $20k per year. I turned in retirement papers that afternoon. They needed me and HR called to offer me my old pay rate back and transfer me to a different division, but I felt like every day at work was taking a week off my life. I told them I was sorry, but my decision has been made. The project fell to my boss. It failed miserably. And I have been enjoying every day since.
KCFlyer2 You are luckier than most. My boss is a bully but I’m only 56. No pension to speak of and no way to change jobs. Savings = mortgage liability. No way out.
👍👍👍👍😁😁😁
Nice
...gets to a point where your no longer interested in the job at hand...then retire ...when you have been there the longest you talk about how things were...the boss dose it his way now tho...time to retire...get your pension while it is still there nothing lasts forever...ya did good now bow out....
Good on you brother. It must have been a huge weight off your shoulders. Some employers can't see what they have until it's gone. I'm 54. Almost at the end of my rope. It's not because I don't like it, it's because I've just had enough of the grind and the stress of working my ass off then watching as the government squanders my tax dollars. I'm somewhat like you looking after projects. The difference is my employer is grateful and offers a bonus every year. I've been saving for retirement from the time I was 18 and have amassed a considerable amount of savings. I'd like to retire tomorrow, but still have 2 kids at home. One in the last year of high school and the other in post secondary. Until they move on with their lives, mine is somewhat on hold.
As an additional reason for folks to consider, even if you're good with your work, coworkers, and management: You can't stand being "on a schedule" any more. So even though none of Wes' five reasons apply to me - since I work at home and enjoy my job - this growing dislike of living on a schedule is a truly valid reason for considering retirement.
I’m with you. I’ve got a great job and I’m making more money than ever and love the people I work with. It’s hard to walk away from it but I have so many hobbies I want to pursue and things I want to do rather than my job. I saved a sizable nest egg and now it’s time to move on with my life and live that next phase with freedom. I don’t think anybody on their deathbed ever wished that they had worked longer.
Only women and sissies 'work from home'
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation........
The Only down side
of retiring earlier. Is that you Don’t have many friends or people of your own age. To play with.
Who you can phone & say do you Fancy a sea fishing trip in Say Florida or Let’s do a week in Scottsdale Arizona at meccum. Car auction .
There are Not that many people of your age. ( iam 56 Worked Constant in Construction )
Never bought things that never served a purpose or wasted Money .
Live within your means !, All the best Jim the brick. Xx
Ms GALIA BENARTZI has opened my eyes so much and I'm 39. Started investing few months ago. I've put in total of $35k and I've up to $70K now. Pretty happy about THAT.
oh my gosh I saw that recommendation last week but I didn't bother chatting her up 🤦🤦
😮 that lady, her success stories are everywhere. Been seeing a lot of comments about her on several places. I feel more confident investing with her, I've been on the train for over two months now.
She's good and guaranteed, with her you get to see forex Trade from another angle... Working with her is all about win win win
If you've not worked with Galia Benartzi?
Try now⬇️
☬෴十𝟏𝟑𝟓𝟏𝟗𝟎𝟎𝟒𝟔𝟒𝟗෴☬༒꧂
I got out of full time engineering at age 55 four years ago. I chose to call it career pivot now I work part time in a job that is fun. Every time I drive by my old place I say. " Yep still don't miss you"
Most of the people that come to visit work after retirement look 10 years younger and 100Xs happier. It's amazing.
Summary. The more you answer yes, the more reason you should retire.
Question #1: Is your commute longer than 45 minutes?
Question #2: Is your work unhealthy for you?
Question #3: Do you dislike your job?
Question #4: Are you unappreciated at work?
Question #5: Have you topped out financially?
Thanks! This is a nice summary. I also have a written article on this topic - www.wesmoss.com/news/5-reasons-to-retire-as-soon-as-you-can/
I watched too many friends die early or have sudden physical issues arise that prevented them from experiencing things they had talked about doing for many years before. We are all on a degradation path and you will only be slightly worse tomorrow than today. So don’t ignore that slow process thinking that you will have the same level of health and physical capabilities you do today in another 5-10 years.
Once you can afford it, don’t jog but sprint out that work exit door and do all the things your heart desired to do before it’s too late!
i think a boat well mainatined with alot of fish around, cuts this 500,000
and 10,000s of hours of work in the last 10 years. to something 1/4 of that.
maybe even less.
I'm 65 answered no to all 5 questions. The money is too good and the job is too easy. I'm staying.
I love to hear that! If you're happy working there's no reason to retire.
Timothy Cunningham good for you. You are the exception, not the rule.
There's more to life than work! Retired 10 years and loving it! Am not rich!
If Monday morning feels the same as Friday evening, you’re doing the right thing continuing work.
Lucky you to have an easy job!
Was talking with my cousin a while back after he been retired about a year. I asked him how retirement was going and what he was up to. He said he became a magician. A magician? He said "yeah, I retired and I made all my friends disappear! One by one they all moved away for different reasons." He didn't realize how much of his social life revolved around work and his coworkers. He is now working part time just to stay busy and get out and meet people. Some people just need that.
I think the proper question is what do I do before I retire. Retirement is another faze of life on its own. Lay the proper foundation trust me savings will only get you so far. Invest invest invest. I've been making Soo much from my stocks and FX investments. Kudos Noud.
My father used his right hand to advise me on investments and used his left hand to gamble. But luckily I picked the idea to invest in college, Elon has played a huge role in my intentions to invest. So please do tell. How have you been gaining from wall street. What's your money making strategy?
When I tell people I profit with ease they get surprised on how I manage my stock portfolio and accounts, they think tirelessly at it. Truth is I leave the numbers and all my trade affairs to Licensed pro analyst Mr Noud mika. I’m 40 and currently have a $1.1million portfolio and my goal is to keep making money I have Mr Noud Mika a FINRA regulated trader handle my trades and investments with his guidance and forecasting I invested in Options,Bonds and High growth stocks and so far I've gotten a 20% increase but hopefully I’ll get to $2million sooner.Diversification of trades is also very important to me and that's why I have Noud trade for me with $7k in dividends yielding me $17k - $20k
You make it sound easy, coming across licensed pros like this isn't easy. They keep themselves for the elite rich folks. But of yours is available to help ordinary people like us I'd appreciate the help In my trades. Is he free to new investors? How could I reach him?
Noud's usually busy for days but his always available to investors that are consistent with a winning mentality. He'll response to your mail
His mail is
@
I am so lucky retired at 55 and moved to Cebu Philippines......I had a good federal job and could have continued to work, but life is short....sometimes you have to make moves to improve your life.....I give myself some credit due to the fact that I have 3 pensions.....but also got a lot of breaks along the way....
I’m retiring now at 64, 5 months before my 65th birthday. My brother died one month after turning 65, my best friend died at 58 one year after retiring form his 30 years as a metallurgical inspector at a steel mill. Most of my friends from high school have passed on. Why the f -x-x should I work any longer in a place where i would work any day of the week and have 4 different shifts within the same week, even be scheduled for up to 11 days straight without a day off, be abused by customers daily, am legally blind but do have enough usable vision to get by with. No mortgage, no debt. I’ve had enough, retirement time for me! Cheers 🍻🥂👍🇨🇦
Co
Correct
I retired at 56 after a long policing career .. lucky to have a descent pension and thank god I’m from Canada so no health care issues .. made sure to have paid off my house so I have no debt .. also plan on taking my CPP which is my Canada pension early at age 60 .. remember you can’t buy your health or time
In Canada you do pay Healthcare, it comes out of your taxes
@@youtuber6185 that is true but it won’t bankrupt you if you become seriously ill
@@garthtrain4719 if you don’t have assets they just discard the bill. If you do have assets your insurance covers it. I agree it’s not perfect but my point is still valid about taxes paying for it
It would have to be free to live in CANADA
Every US based retirement video will at some point mention the cost of health care. Shocking to all non Americans 😞
I loved my career choice and would have worked until I dropped. But, my career had physical requirements and I saw my abilities begin to deteriorate. So for me it was time to step away.
Low 5 figure savings, no 401, small pension check and SS. 6 years later I'm happy and healthy as a clam at 68. Monthly expenses except food but including rent run around 30% of my SS benefit. I travel frequently and spend most spring, summer and fall months riding a Harley around the continent. Did I mention I retired to Europe?
Amazing!
Loved the work and people hated the job (company). Asked myself was this worth it and said no, put in my retirement notice the next morning. That was a year and a half ago and the only regret I have is having not done it earlier.
No to every question....YET, I retired early anyway. Best choice I was ever given.
That's awesome!
Retired at 56. Eating healthy, sleeping great. No regrets.
Love to hear this!
I knew so many people who worked for decades and then retired only to have major health problems like cancer. Later, they then died. It was so sad.
No 500k here, but house paid for, some investments, and we both work part time as 72. Enjoying our lives
Love to hear this Joyce!
I retired at 50 and made some huge cuts in spending .I got rid of the car also and walk and get around other ways and am healthier than I ever was .My father kept working even after a heart attack at 69 and he continued until 77 when he got ill and died .
Mikeykaysuper congratulations! You did the right thing and had a plan. Most people are clueless, in debt up to their eyeballs, and will likely find themselves broke if they ever reach retirement.
I work 24 hrs (two 12 hour night shifts ) at my long time job as a nurse. Am turning 64 this year, and still enjoy my work. Will try to work as long as possible, because it is very meaningful work, I still get good health insurance and I have a lot of time off.
That’s very admirable.
We dont really know for sure if we will be alive tomorrow. Retired for 1 year at age 43. London. Hawaii. Catalina.
I agree. The universe is billions of years old, people only get less than 100 years and only a few high quality decades at most. No time to waste.
I am so lucky retired at 55 and moved to Cebu Philippines......I had a good federal job and could have continued to work, but life is short....sometimes you have to make moves to improve your life.....I give myself some credit due to the fact that I have 3 pensions.....but also got a lot of breaks along the way....
I am financially set to retire. I am burned out and work is now exhausting. At 59 years old, it is now my time to retire and enjoy the fruits of my labor. Your videos have helped me feel so much more positive about this big life change. Thanks.
Most people are living 9O +5y- now and so retiring too early can lead to poverty without a family or friends to fall back on.
@@markymark7198
Sorry to disagree with you..
A very small percentage of people get to the 90's and beyond...And if you are one of the lucky ones...Life sucks by then ( tipically ) you can't eat this, you can't drink that, mostly no sex, waiting for someone to change your diaper....And so on.
No, thank you
See many of coworkers dead before enjoying retirement, house paid off, good saving money, no dependents, etc.
Enjoy live while you can.
My 2 cents
Respectfully
If being a millionaire retiree is your future forte, then keep a close eye on the stock market stakes and ensure that you invest in the right stocks that suit you.
It’s easy to double few dollars in the stock market
Investing in the stock market is the best option to make a passive income.
Virtually all the markets are crazy, most people pay more attention to the shiniest position on the graph, I’m keeping a diversified portfolio.
How possible is it to earn a thousand dollar per month on the stock market?
@@jackholley4286 You can surely earn $1000 per month by trading stock market, provided you have in depth knowledge of trading strategy like technical analysis, chart patterns, support and resistance, trendlines, risk management
@@DavidMiller-du9dy most stocks in my portfolio are underperforming and there’s too much volatility with key stocks. Which stocks would you recommend I buy?
How to retire by 30. Step One: Get a high income skill that pays according to your skills not per hour. Step Two: Cut your expenses and live below your means. Step Three: Save and invest most of your money. Shoot for saving 20-50% of your income if possible. But if you can only do 10% then do that. Step Four: Grow your knowledge so that you can do better in personal finance and investing.Step five:Get a Financial advisor(obviously) Step six: Let time work for you. Start as early as possible, every year makes a huge difference. "The best time to start investing is yesterday, the second best is today.
impressive. I myself am pretty much focused on building my Roth IRA
hi i'm new to this please any advice for a retiree who would like to make huge ROI from a business?
ummm well i'm no pro but i suggest you read The Millionaire Next door by Thomas J Stanley or you can use an FA like i did. if you want you can use mine. i found her on a webinar on the F.I.R.E movement, you can look her up, her name is Lucy Maria Koss
We pretty much did what you said but loved our work in the medical field so much that we kept it up until our early 60's. We probably saved too much ( if that's possible). Literally forcing ourselves to slow down now.
IF you are going to retire early, have something else lined up to do. Whether it be volunteering somewhere, several hobbies, or extensive traveling. Most people need a purpose in life to be happy. My father made the mistake of retiring at 55. He was miserable--lost lots of weight (not healthy weight loss) and I think would have died except for the fact that his old job still hadn't been filled one year later, and he took it back and worked there another 10 years. His mistake: His entire life revolved around his job--then he retired. He had no plan with how he was going to spend his days after retirement. You have to do something after retirement. Continue to grow.
That what happens to people when working and nothing else is their life.
Glad I retired when I did @ 55. Am enjoying my pension and now collecting Social Security benefits at 62. 0 credit card debt,mortgage paid off this year. Took me a few years but I became healthy again. Four former coworkers have died over the last few years,didn’t even get to retire and enjoy their pension.
I retired 70yrs old, build up my S.S.A and pension. Plus my grand live in my house with me. Praises The Lord 🤗
Wowwww...I’m trying to determine if I want to work til 62 for the “ultimate” pension! God bless you!
Thank you. I answered yes to all of the questions. I have a 1 hour + commute, bad parking, and a lot of money saved in my retirement accounts. The psychological thing I have to get over is making a lot of money from a great salary, but a lot of unhappiness. But I have a lot saved up and a bunch of rental properties. You made my decision easier. I'm 57 and have 7 rental properties everything but my car paid off.
I have decided that I want to have time to spend with my husband, while we both can enjoy doing things before we are too old. I understand not being able to let go of the financial safety net. I am retiring next spring on my 60th birthday and can’t wait, now the I have made the decision. Good luck to you with whatever you decide to do.
Congrats! Can I ask you how you came to getting those rental properties? I’m interested in doing this. My plan is to buy one at a time (less expensive homes that need fixing) and getting them in shape to have renters. Then going to the next one. Do you have any advice or insight? Thx!!
@@vinnyvidivici5930 I made double payments on a 15 year mortgage and paid off the house in 5 years. We paid for the others mostly cheaper condos with what would be the mortgage payment and rent money. My wife and I also had side hustles mine being a keyboard player. My update is I retired 1 year ago Memorial Day and I’m the happiest I’ve ever been. I gig full time about 5 times a week in Myrtle Beach. There’s much less traffic and I walk the beach or bike every day. I can also see the ocean from my balcony where we eat breakfast. There are still oceanfront/ocean view condos from the mid 100k’s (around the north end where it’s also relatively safer).
I semi retired at 49 but kept a part of my business going as a hobby so as not to get bored. Live a very simple life compared to my wealthy working friends ( no flash cars, holidays, expensive restaurants) but when you disengage from the rat race you find status, possessions etc mean very little.
It sounds like you're what I like to call, "Master of the Middle!" I wrote about this here - www.wesmoss.com/news/the-secret-to-living-a-happy-retirement/.
Congratulations on your super early retirement!
Paid everything off then I retired at 56. Loving every minute, now I'm 60.
Love to hear this Binks!
Ditto due to health reasons. Been five years. Don't miss the politics n crap, occasionally miss the social interaction.
@@t-bone6467 I run into alot of nice people during the day doing errands and grabbing coffee .I keep in touch with friends, text, calls and meeting for a bite.
@@unalienable5408 hi. I retired to a rural area and it's been a slow go getting social activities ramped up. Like you, definitely get out and run errands, stay connected to old friends etc. Big adjustment from the working life.
Talking to my mum 85 she asked me when I'm retiring? I said 67! Felt guilty she went at 69. She told me go as soon as you can. So retiring to Thailand at 61. Retired at 60 and still retiring to Thailand.
I am so lucky retired at 55 and moved to Cebu Philippines......I had a good federal job and could have continued to work, but life is short....sometimes you have to make moves to improve your life.....I give myself some credit due to the fact that I have 3 pensions.....but also got a lot of breaks along the way....
@@usafdirtboyz2797 good luck to you. We all make our own luck. As you say you served your country and the pension that comes with it.
When you look around you how many expats do you see moaning how bad their life is? The reason is money to retire. Thailand at 60 is a $1,350,000 pension fund. Anything less you are not living just surviving. Hope you make it to Thailand one day
@@ShoelessNomadThailand Did u retire and make it to Thailand Tom ?
@@usafdirtboyz2797 Flight booked for 12 April. One way only. It's taken a long time.
Retired 10 years, but the flash memory of obnoxious coworkers & yes man managers dampens my day.
I worked for a hospital for 28 and it was a great place to work. Then 2 years they turned corporate and cut my hours drastically. Try to live on$120 a paycheck in Hawaii They had no concern for my time or financial stress. Also, I had my situation. The administration payed off many people. I retired early at 62. Cashed out my pension and 401k sold my apartment in Honolulu. Then joined my family in Thailand. The cost of living is a fraction here. Impossible to retire in Hawaii
christopher hennessey what is really awful for the MICU, the nurse are so smart and we are consistently under staffed. They worked so much harder and unbelievable stress. Also 3/4 of their time is spent on charting on the computer. This is not healthy and dangerous for the patients.
after working 25 years , saving every penny you can AND answering yes to the questions every day then you can finally retire. You have to be bad ass to make it in this world
#1 reason people can’t retire early is cost of health insurance!
Not to mention it is impossible to budget for using it because not even the health facility or insurance company can tell you what anything costs until after you have a procedure done...
Obamacare costs around 300 per month
We're considering leaving America for this reason. We're willing slaves.
Health Care is definitely my worry
Many people keep working in order to maintain health insurance. Ironically, many people require the health coverage due to maladies caused by their jobs (I.e. high blood pressure, stress, obesity, depression, sleep apnea, and other sundry issues). Many people get much healthier after leaving the life- sucking jobs they worked so they could have health insurance.
It's really the only reason I'm staying. Until Medicare. May continue to work some after that but I really won't have a reason to. Sad state of the US. Healthcare coverage and jobs being tied together. That's the only way to get decent premiums.
This! Im retiring soon at the first moment I can take my healthcare into retirement.
Retiring at 62 end of the year to DR (No Bills) wit pension & SS good by Chicago & hello Island Life!
I paid off my 15 year mortgage in 7 years. Paid off my 2000 silverado in 3 years. When I bought my first house and found out how the lender reduced my principal each month (the first payment reduced the principal by $10.) I was furious and decided right then to pay off my mortgage as soon as possible (I was sending the lender $4000-5000 every month to avoid all the interest.) However, the property taxes keep going up every year and the county is making it hard for me to keep up. The local government here in Tampa Fl is strapped for cash and they know that I can't run away (unless I move). So even with a paid off house and a paid off truck I'll NEVER be completely free. I am now looking for cheaper homeowners insurance because USAA wants me to pay the first $22,000 of any hurricane damage claim. In other words they want me to partially self insure. As far as a job goes, in most cases people hate their jobs because if it was fun ,everyone would want to do it!!!
I have more than enough money to retire now but I work remotely in tech on a project basis not by the hour and I love tech so I fell like I am already semi-retired and have been for years. Working remotely means anywhere with a fast internet connection and I have worked remotely from places like Paris and Barcelona.
Got screwed over several times even though I was a hard worker always dependable and competent. Decided to adjust my life to my limited income vs. trying to build up a pile of money. Instead of stopping work altogether at 53 I began working part time.
The government isn't paying the retired workers enough due to the present situation in the economy... Bitcoin investors are making huge profit now bitcoin has raised to 55k today. 2021 is gonna be a great year for investors.
I'm a retired nurse for months now and I'm yet to figure out a plan while staying at home, talking about bitcoin I think that should be a great idea.
@@jamescharlotte9821 yes you're right 80% of millionaire's are bitcoin investors, Bitcoin has helped alot of people
I love to invest in bitcoin and other crypto currencies but it's difficult to understand the market.
@@heresy9835 as a beginner I will advise you to work with Susan Ann Kira, for good and huge withdrawals.
@@whatsapp-526 which of the Susan? Is it the one from the financial channel?
it's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time. don't think I could retire with less than $3m in income generating investments and i'm not talking 401k, maybe $2m at the very minimum. I plan to work until I'm at least 45.
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving
@@devereauxjnr I agree; for over 17 months, I've maintained regular contact with an investment advisor. Nowadays, it's really simple to invest in trending stocks, but the challenge is knowing when to sell or hold. To support me with entry and departure points, my advisor steps in. Within 18 months, I've accrued almost a million dollars from an originally stagnating reserve of $300K
@@Tsunaniis-j5l I'm happy to have stumbled upon this discussion. If you don't mind, could you tell me the name of the financial adviser who helps you with your investments and how I might contact them? It Intrigues me to keep learning.
@@DreamweaverShade-h9p Finding financial advisors like "NICOLE DESIREE SIMON" who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
@@Tsunaniis-j5l Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
The elephant in the room is medical insurance. How can anybody seriously consider retiring early when they have a family relying upon them to provide insurance? Medicare kicks in at 65.
spouse may have insurance . Move out of the country to a place where health care is cheaper. Your current employer may have insurance that continues into retirement so always an option.
Medicare only covers you at 65, not your spouse if she is younger, nor your children.
Depends on what nation you live in. Health insurance in the USA is a joke.
Medical insurance enslaves Americans to working till death. There ARE other options.
You are right. I wanted to retire at sixty after 30 years with the same company with a decent reasonable pension. I had everything planned and when I reached 60 and turned in my retirement papers, then found out the “retiree” medical plan was 4 times more expensive than the plan employees were offered and the premiums would take half my pension. That left Obama Care as the only other option which is way to expensive so I had to work another 5 years just because of medical insurance costs.
I ve had to leave work because I got cateracts and diabetes put that down to stress all the time. Still to wait 2yrs for pension. I got btl but more stress than worth. Hoping it gets easier.
I worked for 54 years and really hated it, 17 careers at 20 different companies. Most I ever earned in an hour was, $14.25. Most I ever earned in a year, $53,000 +/_ take home was $49,000 +/_ I worked as many as 28 hours straight and that will wreck your brain. Retirement was the best decision I ever made. I do whatever I want and now I'm writing a book and recording my music. Tried to start a business 6 times and failed, 6 times. People will offer you the moon, just to get your money and shit all over you, when they get it.
How does $14.25/hr translate to $53k? That’s like 3,700 hours in a year.
@@skillfuldabest It's possible to make $53k @$14.25/hr with overtime pay(time and a half),working holidays(holiday pay=double time)etc.
I used to work for a company that dumped its company defined pension plan 15 years before I retired. With very helpful expert advice and tremendous self discipline I was able to retire 2 1/2 years ago. Giving advice to my co-workers about proactively taking retirement plans into their own hands was an exercise in futility. Typical Americans simply won't save, or plan on their own for retirement!
That's impressive, Craig! Congratulations!
I am so tired of getting up at 4:50 every day and getting home at 4:45 in the afternoon. Work with kids all day and getting really unhealthy and crabby. I am going to retire at 62. Do not have a lot of money saved thou!
>When you read articles about financial freedom, you may hear people drone on and on about how they are spending practically nothing so they can retire at a younger age, like 30. Conversely, they may have already achieved financial freedom and are bragging about how frugal they were so they could retire well before the typical retirement age.
Planning for retirement, or even financial freedom, is a marathon and not a sprint, as the saying goes. Breaking up your financial independence goals into small chunks can help keep you on track while making the process a bit more manageable and, hopefully, a little less stressful. Even if you are starting small, the important thing is to get started.
Investment creates a safe haven for the future, Everyone needs it so you don't go bankrupt when you stop working
I don't do recommendations, I only invest make my profit and mind my business but i would do it for one reason and that's for the betterment of everyone.
As someone who is approaching retirement, you have to focus on yourself and your spouse. So many of our friends have adult kids on the payroll for life. Unless you are rich, most people cannot afford to keep the kids on the teat! I cannot believe it, you are not guaranteed good health forever.
retired at 45. 20 years ago. Every day I think how lucky I was to have done so. But, i never had kids nor spent much money. Saved and invested. Lived far below my means. It wasnt all luck.
And how lucky you were to be able to even consider the possibility.
Be forewarned: some people are very UNhappy in retirement. I have a friend who is in terrible shape following retirement; he's actually dying. I have other friends who are adapting well to retirement. It's important to have a plan for how you will spend your retirement years.
I could not agree more, Joan! A happy retirement is about much more than just money.
Find something you like. I retired at 61 and joined a bicycling group. They ride 7 days per week, 52 weeks a year (weather permitting). I am doing things in retirement that I never did when I was working.
Good point
I retired 20 years ago. Good riddance to my boss constantly complaining about me. I retired to avoid getting fired.
slacker.
I'm in the same. FMF from hell.
Hello dear can we be friends??
I have a good job and medical insurance through my job. Last month I had an eye infection and the doctor prescribed eyedrop. It was not covered by insurance. I paid $100 for this tiny eyedrop. The irony, I used to buy a similar eyedrop for my late mother in Iraq, it cost less than $5. At that moment, I thought it might be better to retire and go to live in another country where you can get the same health care you get in the USA but 95% cheaper.
I’m working towards early retirement right now.
Join the FIRE MOVEMENT and be free
Early retirement equals a world of opportunity you never knew existed.
Indeed. Jobs are more productive yet our working hours continue to grow. Stress is getting worse and worse. We have to check out of this hotel.
I answered yes to 1, 2, and 3.....Trying to hold on for 14 more months. I feel like a zombie there, I watch the clock every minute sometimes. Holding on because I am boosting my 401k.
Same here!
Retired at 58, travel the world and spending more than I deserve.
I'm already divorced, best financial decision I ever made. Retiring from one job next week. It'll feel like retirement to me only working one job.
I refuse to work another "9 to 5" job again. In 2010, the office where I worked was closed because the lease expired. EIGHT MONTHS LATER, I was placed on probation for something that happened AFTER MY OFFICE HAD CLOSED! Now I'm trying to get my EMT certification up to date, for me. I'm also working on finding a suitable niche for this channel.
I live in Hong Kong, and my commute is a 5-minute walk, including about 3 minutes waiting for the elevator.
And your HK rent for living that close to work is....
@@michaelpopkin9930 I bought in 2008, so no rent, and no mortgage.
Staff reductions, undesired job redefinitions, mind numbing meetings, pointless assignments/busywork. It's not the job I started with. Might be time to think about getting out.
I retired at 49 and bought my dream home in Henderson Nevada which is a stone’s throw from the Las Vegas Strip.
Moved here from Destin, Florida after 30 years and absolutely love my new desert lifestyle.
Nothing beats the Vegas nightlife, Restaurants, entertainment and on and on.....
I’m living the dream 🥂
The way Vegas is now. I'm pretty sure you want to move back to Florida
@@michaelrodriguez3329 I’m not sure I understand your reply and nothing could be farther from the truth.
Everything is pretty much open other than the buffets and NO, I would never move back to Florida ....ever !
@@DucatiQueen I disagree with you ... but that's okay
@@michaelrodriguez3329 Everybody is different. Vegas may not work for but that does not mean that it will not work for someone else.
you know its time to retire when 65% of your pay goes to taxes...
What tax jurisdiction do you live? Not in North America.
Exactly!🥂
aceyorba I feel for you paying that much in taxes but I would also like to have that income coming in!
If you are paying 65% in taxes you don't live in North America.
Canada?
I think it all comes down to some form of control . I left the fortune 200 as a ChE MBA at age 35 running a business unit with a new boss & strategy every year to become a small biz owner and doubled my income. Now 60, I've been so blessed to have exited the corporate grind. I have not had to attend a bs meeting for decades and never got "outsourced" in my 50's. Yes, some have made it but you have to sell your soul!
Just starting my 5th year of retirement and LOVING IT.
I love to hear that, Russ!
Retire from being a slave to a boss ASAP. Live within your means and no debt. Die broke is the strategy... doesnt make any sense to leave $$$ to anyone...you earned it...so enjoy it...
That's why the rich will rule, because they have a different mindset. Leave your house in a better state than you came into it, should be everyone's family goal.
I just retired 15 years early.
Early retirement is a tradition in our family.
We pass money down in our family mostly toward education whether it’s college,tech school, or trade.
Keith true. Never a uhaul. Behind a hearse.
Retired at 48, living the dream
Wes here are my thoughts. If I work until I am 63 1/2, I can get Cobra Health Insurance for 18 months, and then go right into Medicare. Then at 66 1/2 or later, file for Social Security. I can live off of my Interest until them.. I answered Yes on most of your questions.
I think that is an intuitive plan. There may be some planning around the Social Security component to make sure that is the best option. If you'd like to talk to someone about structuring your portfolio for income generation or the Social Security piece, my team at Capital Investment Advisors is more than happy to help.
Mike Grayson I will be able to pay for cobra when the time comes all at once. Part of my plan, but I will check out ACA, I had that years ago as a IT Contractor.
Wes...I was involved in an accident in 2010 at age 54......Which contributed to my retirement. I worked for the State of Md...MVA....i had to retire and im glad i did.....i healed well from the accident, and is receiving my state pension, social security...have my medicare and kept my state medical benefits...also paid off the little debt i had, car was totalled and was nearly paid off, downsized to a large apartment in a great area. 2 years later, i brought another smaller car...now paid for in mint condition, live a nice but frugal life! Have great health, peace, happiness and not to mention other financial blessings i have been blessed with.....i have no regrets leaving....THE JOB WAS A GREAT STATE GOVERNMENT JOB FULLOF STRESS BUT WITH GREAT BENEFITS, I WAS NO LONGER HAPPY THERE AND HAD 10 TO 15 YEARS LEFT......IT WAS AFFECTING MY HEALTH....SICK OF THE BACKSTABBING.....I ALSO WORKED FOR THE OLD TELEPHONE CO, CITY GOVERNMENT, AND FEDERAL GOVERNMENT, AND PRIVATE COMPANIES , BUT THE LAST YEASRS WITH MVA, STATE GOVERNMENT! ....SINCE THE SITUATION PRESENTED ITSELF....I TOOK MY BENEFITS AND RAN WITH IT , NO REGRETS!....LIFE REALLY IS GREAT! .....NOW 63 GOING ON 64 IN JAN!...IM REALLY GRATEFUL, BLESSED, CONTENT, DEBT FREE, ETC....MOST IMPORTANTLY ALIVE, HEALTHY, PEACEFUL, AND WELL!...BIGGEST THING IS SAVE MONEY, LIVE WITHIN YOUR MEANS, STAY DEBT FREE, .....
Love to hear that you're loving retirement, Angela!
I think most people will never have 500K.
You can't buy time. Retired at 55
now I'm 58 and haven't look back. Normal schedule can do what I want when I want. Bring home more money than I did when I was working. Have more money in my IRA than I did when I retired and have drawn with the 4% rule as you spoken. It can be done.
Retired at age 60 from the federal government after 25 years. Prior 15 years in civilian Law Enforcement. Enjoying life, weight training, cycling and part time job as a pet sitter. Taking SS at 62, have great health insurance from the gov.and pension with saving as much as I could. Husband is 61 will work until he cant, fed. Employee too but in a great job he loves. Only condition for him is that we go on a great 2 week vacation every year keeps him happy.❤😁
Robin, it sounds like you have a great retirement in front of you! Thanks for sharing.
Gee thanks I wish some one had showed me this 25 yrs ago......
The worst day retired is better than the best day at work.
Not always. Many people love their jobs and would have no purpose in retirement. Some do great in retirement because they have things they want to do and have a purpose for getting up in the morning, but many retire and are just waiting to die from boredom
No one remembers you for much u made (except for the extreme), they remember you for the personal interactions. Don’t be afraid to die.....be afraid to not live.
@@nala3038 I make the most of every day, and have lived more than a full life, but I always need a purpose for the day. I have a condo in Mexico & will be there next week but I"m not the type to sit on a beach all day
HamiltonRb good for you
@@nala3038 best comment I've heard in while.
I've been preparing for retirement and have been for a few years - I find myself being a partial yes on some of those reasons - but not a full yes on any...but I can say with no reservation - preparing early for retirement is the best advice I can give anyone - being prepared because no one can predict the future and even if i'm not a full yes on any of those reasons - I can see becoming a full yes sometime in the near future...I'm 5.5 years away from removing myself from my current employer - I think that's close enough to just bite the bullet and keep on going...thankfully I love what I do - just don't like where I do it.
There is life after employment. It's time to seize it!
1. I have a very short commute.
2. Work is somewhat unhealthy for me. I'm bored and not that interested after 18 yrs of doing it.
3. I generally dislike my work. I find the environment noisy and chaotic. My colleagues are uncooperative and jaded.
4. I don't feel appreciated, but I'm also responsible for not being fully engaged.
5. I don't need the money, but I'm very well paid for the amount of work I do. No debt, multiple streams of income. Own my beautiful home.
I'm only 52. Should I give someone else an opportunity? I teach.
Apart from the money, I really don't want to do it.
What should I do???
Frank, it sounds like you're in a great position to really weigh your options in regards to retirement. There is a lot to consider with a decision like this, though. I recommend you reach out to my team to schedule a call to go over your details before making a decision.
www.wesmoss.com/contact/
On the other hand, younger people should take it easy and take breaks, instead of being greedy and not enjoying their lives, postponing enjoyment till retirement.
Omg. All five apply to me. I'm 36. I own a home and wanna rent it out. I am a union elevator guy who does pretty well. But I'm sick of the commute and the stress. Ill be diving in head first glad I landed here, thank you
There are so many pros and cons to this subject
Very true. I've watched dozens of these from many financial "gurus" and it still comes down to the individual. There really is no firm "overall" answer.
My commute is about an hour each way but it’s on the bus and train so I can close my eyes, sleep, listen to music, read a book. I love it. So happy not driving. My job is a lot of fun so I think I will work a very long time.
Thoughtful, practical, and logical information ideas and advice! Most large employers don't really value their workers just how it is! Who wants to work themselves to death and when it's time to retire their bodies are breaking down. Thank you sir for your caring attitude!
MORE SIMPLE - Do you have enough? Have you had enough? Do you have enough to do? Answer yes to all 3, and you're ready to go...
Problem retiring early is Health care costs, access to retirement funds if under 59.5, most companies provide 0 pension. SS doesn't come until 62 and that is if you take to lowest amount possible since you take it so early. So you need to do something else since it's easy to talk multiple streams of income but much much harder to have it. So most keep working until they just can't anymore and then live only a few years later. So I really wonder how all these people retiring "early" do it. Even if you pay your house off, you have "rent" in form of taxes taxes taxes, utility bills, etc...
OnlywenIlaugh the pension is the key. The only debt I have is my mortgage. Health insurance (I’m single) is $715 per month. Without the pension, I would still have to work
Retiring early is not easy, but many people have accomplished it! One thing that helps some folks make this transition is by moving into the "Retirement Grey Zone" www.wesmoss.com/news/why-you-need-to-prepare-for-the-retirement-grey-zone/. If you have any questions about your retirement plan, please don't hesitate to reach out to my team. Just click the contact button at the top of the website. Those emails come straight to me and the Money Matters Team.
@@WesMossMoneyMatters One thing I would stress - get out of debt. I only have a mortgage, but I was lucky enough to be able to take a partial lump sum of my pension and pay off all non-mortgage related debt. That is a whole new world and REALLY helps in retirement.
Loved my career. Still retired at 45 which didn't mean I had to stop doing what I did in my career. What changed was no more deadlines. Was it better to retire? No idea. Wasn't a mistake. I assume I would have continued having fun in a career.
Answering yes to this questions means changing jobs imo. Why would retire be the go to choice. Seems silly.
Healthcare costs .....are a main reason many people have to continue work until they can qualify for Medicare.
Carolyn Clark
Actually it's not.
It's being in debt,not paying off your home,not saving and contributing to you Roth.
Also not exercising and eating crap for years.
I'm retiring 12 years early and will be paying 0-$150/mo. for health care until Medicare kicks in.
Never had any consumer debt and only 9 years of mortgage payments.
Because our government is run by corporations. NOT THE POLITICIANS who are there to give the illusion our vote counts. IT DOESN'T. All other rich counties make sure health care and drugs are provided at a reasonable cost.
@@blackworldtraveler3711 Um! no, it's healthcare cost
LeAnn Ladd
Speak for yourself I guess. I have no issues because I lived within means,saved,and invested.
I’m retiring 12 years early in October.
Taking cobra for Nov and Dec.
Starting 2021 healthcare for myself will be zero to $150/mo. depending on what plan I choose until Medicare kicks in.
Homes paid off,zero debt,savings,investments,emergency fund,etc.
And I’m not fat, no drugs or needles,rarely eat crap, and always exercised and workout often.
@@blackworldtraveler3711 How are you getting health care for 0-$150 month?
you glossed over 'unhealthy' there are many more ways besides night shift. Heavy lifting, repetitive movement that causes health issues. Numerous things. I have had several surgeries in the past 10 years that were related to my career, but not direct injuries covered by workers comp.
Retired at 54! 🥂
One word: Mexico. I retired 20 years ago at age 55 from the Hearst Corp. I was eligible for a corporate pension of $540 a month. I had about $350,000 in mutual funds. Moved to Mexico and took out $10,000 a year from the investments (and also received the $540) till I was eligible for Social Security at 62. Been living on SS and the corporate pension ever since with no problem whatsoever. Mexico is very inexpensive. Healthcare system is good and inexpensive. I pay out of pocket. Best move of my life. Come on down.
I'm all for folks retiring overseas to less expensive areas! Here's an article I actually wrote about this a while ago - www.wesmoss.com/news/5-gorgeous-places-to-retire-on-a-budget/.
Congratulations on this smart money moves. I'm glad to hear you're enjoying your retirement.
Unseen Moon I’m 55 and retired on February 2019, where did you retire in Mexico?
I’ve only been retired for 6 months- after fighting it with business start-up ( that cost me about 160K) . I’ve still got cash and an annuity stream that Will hopefully keep me active until I hit 66 years , 10 months when I will pull Social Security.
@@Bigguy_33 Do you not realize how big Mexico is? When people hear you live in the United States and feel relatively safe where you libe do you think its for them to start pulling out news articles of mass shootings in US states hundreds of miles away?
retired at 60 28 years ago and got to spend 20 years with the wife in retirement doing things and going places we wanted to do and go. also took SS at 62 as my dad died a 54 and never collected his. i loved my job so that was not the reason i retired as i planned to retire at 58 after 40 years on the job but we owed money on our retirement home so i stayed 2 more years to pay it off. the first day on your first job you should start saving for retirement and don't increase your standard of living every time you get a raise.
I lost my job at age 61. Too young for social security. I came to the end of my savings in 2 months. I had to live with a relative for 10 months. I lived in a group home for women for 6 months. I finally turned 62 and received social security...had some income while I job searched. I got into senior housing. I got food stamps and Medicaid for healthcare. I live a very frugal life. I volunteer now. God is good.
I just retired at 50 with no financial issues with no need to work anymore.
I planned without depending on pension or social security.
Just used the brain I was given.
We live in a great country. 100 yrs ago senior citizens had to just fend for themselves, and were the poorest age group in our society.
Number one life rule very few ever mention. Live Under your means if possible. If you earn $35k, live on $25k. If you earn $50k live on $40k. Tradeoffs are worth it long term if you can do it. In ten years your financial picture will be well worth the sacrifice.
Regarding retirement - downsize! If you have two vehicles go to one, if you have 3 bedroom house go to condo. Again live within your budget.
bingo