Is it better to work longer or retire early
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- Опубликовано: 3 окт 2024
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I retired 2 years ago at 60 from the federal government. Sometimes I think I should have worked longer to get more money but I’ve lost 20 pounds, have traveled a lot in SE Asia, helped my mom out and have done upgrades at my house. I’m glad I left while I’m still healthy and agile.
Retire early as possible and adjust your spending accordingly
Really good advice. You have to stay awake and monitor spending and make sure you stay within your projected plan and budget. Make adjustments each year as you go along. Don't fall asleep at the wheel and deplete your principal.
That second chapter is the really difficult one.
@@JohnBowl14690 😂😂yeah keep working...the taxman needs you😂😂
@@perrykomick9478 - I can retire today if I want to. However, I love the benefits of working only 24 hours per week. Easy job and I keep building up my retirement. If I die tomorrow...maybe I'll regret it a couple of hours before my last heartbeat. If I continue to live...chances are, I will live a better life and have an easier retirement by not having to work part time, or to go back to work. My SS checks will also be larger.
Working isn't that bad. There are many perks. If I want to blow $150 on a steak dinner, I do it. I order the wine I want, not the cheapest. I spend above average for hotels and the rooms are nice. Yes, I realize that these things I buy will pass away. I get that. But to me, it's worth it. I'm enjoying life right here....right now. I'm doing it without retiring. Retire? Probably next year or 2026. I dunno. But I also like having some structure in my life. I'm glad you're enjoying your retirement. But it's not for everyone.
@@JohnBowl14690yeah keep working till you die saving up to spend when your non-existent retirement comes
I retired at 55. I had an employee, about the same age as me, that continued working. Seven years later I met up with him and he told me he was just about to pull the trigger and retire when they offered him what he said was his dream assignment. Within a year he was dead and he left a wife and child behind.
Thanks for sharing Marty! Dan
😮
Nicely done🎉. Air Force veteran here. Set to retire at 40🤙🏾
My brother is navy. He's 40 and retiring now. Congratulations, what a tough career
Can’t knock his logic. Great interview. Thanks.
My dad died in '95 from cancer at 61yo within a year after he retired. So I retired as soon as financially possible at 54 just over a year ago.
Since then, my 59yo brother survived a heart attack, I had an otherwise healthy, just retired buddy die of an aggressive cancer, and had a female relative suffer a stroke just 4 months before retirement.
My advice is to figure out who you really are and what you need at minimum, cut your expenses to the bone, and retire asap. You don't know how much time you've got to enjoy the remainder of your life.
Make sure to include some inflation in your model. :-)
@@VagabondAwake Definitely!
Very well said!
Can't say it any better. I'm 43 and already thinking about it. I'm currently on a 3 month trip exploring Thailand. I purchased the unlimited special reports from Dan a while ago and see no reason to work too long for extra money just stay in America.
Retire early and enjoy life.
I couldn't agree more. :-)
Yes 100% ✨
If you have the finances. Newest survey...over 35% of retirees plan to go back to work. Fake retirement isn't retirement at all. Maybe YOU legitimately retired, but new survey says that many are not. And it could get worse. Now that said, we can all die tomorrow, then what? I dunno, but I probably won't regret it because I'd be dead. I won't be able to wake up to regret it. But for those who run out of money, the rest of their lives will be regret. I'm for retiring early. But something tells me too many people are doing it haphazardly. We shall see.
Retired at 61. Thought I would work longer . But the housing market was hot and made the move.
Small pension with social security and moderate savings.
Two years in and zero regrets.
Best thing is I fired my idiot Supervisors and Managers.
Hi @keith4826, Would you like to be a guest start on one of my videos? Here is an example guest star video: ruclips.net/video/ySM_2jAC4v4/видео.html
Your interview could be just your voice or we could do a zoom call showing your face. If you would like to be a guest star and share your story please leave a personal message here: vagabondbuddha.com/contact/
Thank you for your comment. The detail of your comment makes this real for people. If you have a business, service, or RUclips channel, you could share that on the interview. Best, Dan
Actuary tables show that early retirement leads to a longer life. Fortune 500 companies did some excellent studies based on pension plans.
I have no doubt at all about that. It makes sense in general if you take care of yourself with food and diet after retirement and you have less stress.
People have to have multiple streams of income and whether that includes dividends or rental income is important as the income is used for living expenses but you retain the assets. Working your entire life to live of a pension on social security is insane in the western world. Geo arbitrage and retire to Asia, South America, Africa where costs are 30-50% cheaper. Good luck and remember the two most important assets individuals have is your health and time (no one knows how long they will live but death is inevitable).
Looks like your channel is growing in leaps and bounds. Really glad to see it. The content is great, thoughtful and valuable and not just hype like you generally see.
Great interview, Dan. This guy seems to have it figured out. In many, many cases it takes a death or illness and/or divorce for some of us to wakeup and realize we're not going to live forever so it's better to minimize expenses and retire early.
Dans videos are really making me think. Ive traveled to Thailand and the Philippines. I prefer South America but haven't found the right place where i can find a women as nice as the Filipinas. Getting ready for the exploration trip Dan recommend
Have fun and let me know how it goes. :-) It would be fun to here your take on the difference between the two.
Life expectancy is about 75, 76 from birth for American male. At the age of 65 it's now up to about 82. Averages but tomorrow no guarantee for anyone.
“HOWDY” Bobby!!! I live right next door to you in Peachtree City. “BLESS YOUR LITTLE HEART” for sharing all you’ve learned. I wish “YA’LL” much success. When I eventually make my way to the Philippines, I will bring you a Chick-fil-A sandwich, a Fried Peach Pie from the Original Dwarf House and a Chili Dog, onion rings and a frosted orange from the Varsity. I hope my “Southern” phrases and “Southern” born foods brought fond memories and a smile to your face. Take care.
Man, A Varsity chili cheese steak and fresh onion rings sounds amazing right now.
Always a good topic to really reflect on...
Maybe a good question to ask all your upcoming guests ..
I’ve been living in southern China for 14 years and I’m considering to retire soon within the next year possibly. I would just retire here in China but Its hard to do with lack of visa options once you quit working. I’ve been weighing my options of Malaysia , Philippines, Thailand , Vietnam and Indonesia. I’ve been finding your videos to be quite helpful.
The unquestionable question is, “Did he have the clot shot?” Sadly, strokes are a industry listed side effect…
I didn't ask, he didn't say.
So many strokes now... 2022 eh? Nuff said
What a small world! I'm from a state that neighbors Georgia and I am a fan of Cagayan de Oro, Philippines.
I retired after 24 years in the Army. I then became an executive in a Fortune 500 company for another 20 years. Heading to Cebu in April.
I wish i had join in the military when i was young… to retire at 40 but .. didnt take that route unfortunately
Could of, would of, should of ... is all in the rear view mirror. So long as you have a plan looking out the windshield you will be fine. :-)
As long as one has a nest egg, pension or some type of residual income. Retired Marine 2016 here, enjoy it. I'm now a househusband waiting for my wife to pension before becoming an expat. 😀
Dan my brother been following you for quite sometime and as much interest as I’ve had in retirement in SE Asia recently a friend told me as I shared your slow travel story he mentioned he has found places in his mother country of Italy ..He claims he can also retire cheap in Italy..I don’t believe I’ve seen Italy on your videos…have you been .?? I’ll be 62 St Patrick’s Day so this current post of yours hits home in regards to the question that runs through my head “ Should I go or should I stay “ sounds like a song 😂🤣😂🤣..Thx brother
I love Italy. Hopefully we will make it there this summer sometime and I will report cost of living data. Does your friend have a recommended place in Italy for retirement?
@@VagabondAwake so he says Puglia , Calabria ,Sicily and Molise all areas he visited with family and talked them about rent and rentals being under $500 per month ….adorable and affordable cafe’s and warmer temperatures mostly year round ..Vespa riding makes for less expensive transportation..Definitely something I’d like more boots on the ground research 😉
Nice interview. Great info from this man.
Thanks for listening
If you have enough money to live and have health insurance, then retire. That’s the simplest way to know.
Smart guy. Great advice
Thank you so much for all your informative videos. I will check out a few places that you mentioned in your location to retire in not too hot weather video… I tried Dalat last year and loved it. Next is Ubud. Can you share your Airbnb house that you had? It looked amazing for the price. Thanks
Good for you brother.
Thanks 👍
If given the choice, I would rather retire at 35 and die at 65 than retire at 60 and die at 90. It's still 30 years retired, yet the first option avoids most of the problems associated with a deteriorating old dying body.
I’d choose a retire at 35 and death at 120. I think the Bible says something about 120 being the longest humans can live after Noah’s big flood.
Speaking of fiction, Gandalf from Lord of the rings is supposed to be 55000 years old. More to the point, he has a quote.." All we have to decide is what to do with the time that is given to us"
I feel the same way. Plus, I would be willing to take myself out of the game rather than suffer through a decade of pain and suffering at the end if it doesn't feel worth it anymore.
@@VagabondAwake I call “taking myself out” as going for a long swim in El Nido or Coron
@WilliamFluery The bible is mostly BS in my opinion, but let's not get into any religious debates.
I totally agree with Dan. I would take myself out of the game of life if I determine it's no longer worth living, so long as I do not hurt any loved ones.
About health insurance, as someone planning to bounce around between Asia (Japan, Taiwan, Philippines, Thailand, Vietnam, etc.), Europe (Portugal, Spain, Italy, Scandinavia, etc.), and South America (Uruguay), and is willing to pay a bit more for worry free coverage, should I just get Cigna Global?
Great question. I recently had a heart attack in the Dominican Republic. My work insurance covered it.
I am not an expert. Watch this and then check the wording of the policy. ruclips.net/video/0leF_BCLVKw/видео.html
Life is short and seems to be getting shorter by the day when I see people dropping in their early 60s every day. 'Great careers' they say in the obits. But no enjoyable retirement years. An awful trade off.
Add in Vlad's soon-to-be World War & US social, racial and economic chaos and I think the average life span is going to head south pretty quickly. Live now while you can.
When I watch the news. I’m not sure I will ever wake up the next day…or the next…or the next. Do not be anxious about anything but in everything, with thanksgiving make your requests known to God and the peace of God which transcends all understanding will guard your heats in minds in Christ, Jesus.
I retired early from a career that was my identity. I hope to live a retirement so long and full that nobody, including me, can even remember what my career was anymore.
"We have two lives, and the second begins when we realize we only have one." - attributed to Confucius
Love this: "We have two lives, and the second begins when we realize we only have one." - attributed to Confucius
Did you consider Tricare Prime as that would cover you Medical insurance overseas. As retired military you and yiur spouce are eligable. The insurance you have could be cheaper i would be interested to know the cost difference if it was considered in your plan.
3:00 It may be a matrix but it is valid, too many people make bad decisions because they just went for the "feel good" thing. That extra $200 adds up and one more buffer to inflation.
Yes, you have to think it through carefully and do an exploratory visit before making any final decisions.
So many folks get life expectancy wrong. If you make it to 62, average U.S. life expectancy for males is about 81. At 65, your average is about 83.
Ok maybe the math is errant but you are missing my main point. I gave myself a hard life in the military breathing jet fumes. There has not been a single male in my family make it past 66, hedging my odds, that's all.
@@thinkfreeordiestupid Makes sense. Everyone’s family history is different.
VA benefits are golden
If you don't retire early you don't have enough imagination. 😁
That makes sense. You need to spend some time imagining what your intended future looks like. That will pull you into the future.
Thank you.
The elephant in the room is inflation. And social security will be bankrupt in 10 years because there's not enough paying for the large numbers of babyboomers retiring. I plan on my costs doubling every 10 to 20 years and since my parents are in their 90s, I'm plannning on living to 100. I always enjoyed working and raising 2 children. Now I have more time to raise a baby and my 23 year old Asawa is my fountain of youth.
Even the people that say social security will go broke in 10 years say that it won't go broke, it will just only have enough income from employment taxes to pay 75 to 80% of the need at that time. Plus, social security is the third rail of politics, there is a good chance they will pace legislation before 2034 that will push that push that date out 10 to 20 years, like they did last time. But I do think inflation will continue to be a factor since conservatives refuse to cut military and democrats refuse to cut social programs.
@@VagabondAwake yes, agree with your assessment. To pay for social security they must either tax more or print money, which leads to more inflation... maybe even a dollar collapse. Retirement is a 3 legged stool consisting of social security, savings and pension. Obviously we need more savings now than ever before, which means people should work longer.
The excuses to keep working never end. Just do it.
True. It is just fear. Even some people that are told by their professional financial advisor that they have enough if they live according to their projected budget adjusted for inflation often are unable to act because they have an underlying undifferentiated fear or anxiety.
He freed himself from Work but locked himself with a wife LOL
Ohhhhhhhh!!!! Ouch!!!!!!
My dad got married 4 or 5 times. Not the smartest move financial wise but he got his freedom whenever his relationships became untenable.
@@VagabondAwake wow my dad also got married 5times!! Lol 😂😂
What is the uk base insurance company he is talking about? Please help. 🙏
Great question @josephkeith6954,
Here is the Health Insurance I bought (and scams to avoid) and the one I think he bought: ruclips.net/video/0leF_BCLVKw/видео.html
By the way, once you search for health care you will start seeing more offers for health insurance and travelers insurance when you are online. Health insurance is one of the most dynamic or changing industries in the travel world because so many people around the world are deciding to live or retire outside their home country. So do a search every year before you renew to make sure you have the best available for your personal circumstances because new ones come out every few months. Thanks for asking so I could answer this for many people! Dan
@16:44 what's the other brand of medical insurance that can't be mentioned? If you're married to a Filipino and both enter The Philippines TOGETHER at the same time then the spouse can get a free 1 year Balikbayan visa stamp in their passport.
I thought he was talking about: ruclips.net/video/0leF_BCLVKw/видео.html If not maybe he will clarify.
I may have this wrong, but I met her here in PI and you have to both leave for a year to get Balykbayan.
@backpacks I think you are correct and that I misunderstood the requirement to have left The Philippines for at least one year. I have amended my original comment. I have entered Philippines 4 times with my wife and always got a one year stamp, but we were always out of Philippines for more than one year between visits. It doesn't look like Balikbayan Privilege can be used for visa runs because of the one year requirement. Good luck with your new life there.
Why does a "retired Navy guy" who receives a pension need health care when you have Tricare?
If they aren't near a VA nor are there any in network providers; especially when you travel. You will need additional health coverage
@@LTGONZ0 That is not true for an active duty retiree. Tricare Overseas Select can go to just about any medical provider they choose and will get reimbursed for all authorized medical procedures. Annual enrollment fee is $355.92 for a family and annual catastrophic cap is $4,157. Reservist are a bit more expensive but still fairly reasonable.
As I mentioned earlier Tricare Overseas is reimbursement only
@@thinkfreeordiestupid Where did you mention it?
@@resterAnonyme In response to another person at the same time I replied to you 🙏 that wasn't a dig at you for asking the question
95 on cellphone?!
Great question @sirnubenegra, those are the kinds of questions I answer in detail in my free eBook here: vagabondbuddha.com/fire-your-boss-travel-world/
I pay around 20 USD per month all over the world. Read my free ebook if you are wondering how.
Thanks for watching and commenting!
Dan
I don't have a laptop and use my cellphone for everything, including the interview, once I pay the phone off it will go down to $40
Just wanted to clarify, I am paying for hospitalization insurance. Outpatient work here is so affordable that I pay out of pocket for that.