I retired 7 years ago at age 62, I retired to endless weekends and holidays. My purpose is to no longer work. We spend money the same way we always have. One dollar at a time. I am going on 70 years old and I have never worried about money, or risk. Every day of life comes with risk. If you worry about risk you are just wasting your time. The best thing you can do is eliminate worry from you life. Worry is wasted energy so just don't do it.
Good attitude! I tend to agree, and we are trending in your direction since we retired. Risk is overstated and the “portfolio” is only a small piece of the puzzle. For us no debt, a budget, and a basic income stream solve almost all the problems. Currently my wife drawing SS, investments are 80% in bonds and CD ladders. I’m delaying SS till 70 when just that one check will cover all our basic expenses. Both checks together will cover everything plus a bunch. The “portfolio” won’t be “needed” but will be spent on fun stuff. Both sets of our parents “survived” on about $3.5k per month, and never had a portfolio!Our moms both still alive barely get by on about $2k. We will have double that just in SS and portfolio money on top of that. Really no concerns except how many vacations to take each year.
@novakd1530 It should be noted here that after 7 years on Social Security we havn't touched the nest egg yet. So it doesn't matter if the nest egg is $1,000, or $1,000,000.
@@iczemi I couldn't agree more. Let's face it, work is better if you like what you are doing. That said, the reason you went to work in the first place is for the money. You need money to live life as an adult. It should follow that once you no longer need that income that you would retire. I mean, who doesn't enjoy weekends, holidays and vacations? Retirement is nothing more than endless weekends, holidays and vacations.
Great Video, I retired at age 45, currently I’m 55 and I practiced retirement🎉. What I learned was interesting. Basically it scared me how much time I will spend together with my wife. The first couple of months it was really nice, but after the honeymoon period, I couldn’t stand seeing her all the time. So I decided to get a part time job. Not because of the need for income, just to escape from being around my wife all day and every day. So far it’s working out pretty good.
This makes me sad. My wife is my best friend and has been since 1973. When we met I was 19 and she was 17. When we woke up this morning I am 69 and she is still 2 years younger and just as beautiful as she was in 1973.
I retired at 55 last year and thoroughly enjoying it. I have so many interests that keep me busy, I now wonder how I had time to work before I retired.
I just retired at 63, but I live in the mountains of a Scottsdale, AZ. It’s like living in an exotic resort..blue sky every day. My wife bless her sole is a few years younger and proving my healthcare after my employer decided to remove my healthcare for life , after 36 years in sales and marketing. Thanks AT@T…as long as Randall Stephenson gets his $246K a Month !!!!!
For those of us who served in the military and retired from the military, have that pension, along with VA disability income, as well as our employers pension, and our savings and 401(k)s. Not to mention Social Security in two years. Those revenue streams will keep us safe and sound without needing to touch much, if any of our investments. This, of course is unless our screwed up government decides to take them away. Great vid as usual
Ok so where are the “enjoyable” jobs that don’t pay much? Most higher paying jobs are more tolerable than low paying jobs. Part time for a couple years is fine. That makes way more sense than a lot of other suggestions. You can’t PRACTICE retirement, that is a silly suggestion. Taking vacation for a few weeks has nothing to do with retirement. Just have some ideas of what you might like to do with your free time, most people who retire early have a list. Be prepared to adjust it. I went PT for 2 years and my wife retired before me. Now that I’m fully retired I enjoy trying to figure out what I want to do with my time while enjoying a schedule that I determine!
I'm actually practicing retirement from an IT career. My wife passed unexpectedly in 2021, but i still have 2 teen daughters to keep alive. And believe me that's no small task in this country in this day and age. So, i'm doing short term contracts, make a some money and then take a few months to catch up on life. I'm 59 and keep so busy with managing house, daughters, finances, shopping, a little social life. I don't know if i even have time to go back to work 😄 And i don't miss the stress at all! Best of luck to you
It is highly unlikely that at age 60 you will take a job paying half as much and expect to be satisfied. It will quickly become just another crummy job, paying less. Better to suck it up a little longer, and refine your plan. And then move on.
I replaced my 9-5 income (And took the pension) with my work from home side hustle. I am now replacing my side hustle with passive rental income. I am traveling the country and working while on the road (practicing retirement).
#1 is my favorite and applies heavily to retirement and early retirement in general. If all you are used to doing is working then it's going to be very hard to make a sudden transition with no plan in place.
I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45.
Over the span of 3 years, I managed to save a substantial amount of money. I secured a consultancy position that paid over €100,000 annually for 3 years, while residing in the Midwest where the cost of living is relatively lower.
We retired early with no debts. By limiting our retirement income we saved over $25,000 per year in health insurance premiums via Obamacare. Our retirement funds have grown each year since retiring. Retirement savings via more time...flying on days when rates are the lowest, etc.
Or you mite find out you Don't like doing something? I know 2 peep that bought a motel and tackle shop in towns on Lake Michigan shoreline, thought they ud go fishing everyday? That can't fish at All? When fishing is good they are too busy to do it?
Over the span of 3 years, I managed to save a substantial amount of money. I secured a consultancy position that paid over €100,000 annually for 3 years, while residing in the Midwest where the cost of living is relatively lower. During this period, I lived with my mother and paid rent to her. Additionally, I was able to pay off my $15,000 student loan , leaving me with no debt. I still earn over €100,000 and now I can channel my focus towards building wealth through investments and other means.
The wisest thought that is in everyone's minds today is to invest in different income flows that do not depend on the government, especially with the current economic crisis around the world. This is still a good time to invest in gold, silver and digital currencies (BTC, ETH.... stock,silver and gold)
I retired 7 years ago at age 62, I retired to endless weekends and holidays. My purpose is to no longer work. We spend money the same way we always have. One dollar at a time. I am going on 70 years old and I have never worried about money, or risk. Every day of life comes with risk. If you worry about risk you are just wasting your time. The best thing you can do is eliminate worry from you life. Worry is wasted energy so just don't do it.
Same here.
Even if one enjoys work, after 38 years that erodes to such a degree that there is no satisfaction left in work.
How did you settle on a number you felt comfortable retiring at where you don’t feel the need to manage your risk level!
Good attitude! I tend to agree, and we are trending in your direction since we retired. Risk is overstated and the “portfolio” is only a small piece of the puzzle.
For us no debt, a budget, and a basic income stream solve almost all the problems. Currently my wife drawing SS, investments are 80% in bonds and CD ladders. I’m delaying SS till 70 when just that one check will cover all our basic expenses.
Both checks together will cover everything plus a bunch. The “portfolio” won’t be “needed” but will be spent on fun stuff.
Both sets of our parents “survived” on about $3.5k per month, and never had a portfolio!Our moms both still alive barely get by on about $2k.
We will have double that just in SS and portfolio money on top of that. Really no concerns except how many vacations to take each year.
@novakd1530 It should be noted here that after 7 years on Social Security we havn't touched the nest egg yet. So it doesn't matter if the nest egg is $1,000, or $1,000,000.
@@iczemi I couldn't agree more. Let's face it, work is better if you like what you are doing. That said, the reason you went to work in the first place is for the money. You need money to live life as an adult. It should follow that once you no longer need that income that you would retire. I mean, who doesn't enjoy weekends, holidays and vacations? Retirement is nothing more than endless weekends, holidays and vacations.
Great Video, I retired at age 45, currently I’m 55 and I practiced retirement🎉.
What I learned was interesting.
Basically it scared me how much time I will spend together with my wife.
The first couple of months it was really nice, but after the honeymoon period, I couldn’t stand seeing her all the time.
So I decided to get a part time job.
Not because of the need for income, just to escape from being around my wife all day and every day.
So far it’s working out pretty good.
😂 believe me- she needed you to get that PT job too! ☺️
A man/woman underfoot is worse than a toddler.
My wife got the job to get a away from me. I retired at 58 and she retired at 52.
This makes me sad. My wife is my best friend and has been since 1973. When we met I was 19 and she was 17. When we woke up this morning I am 69 and she is still 2 years younger and just as beautiful as she was in 1973.
@@bernie9728 That is so beautiful! Thank you for sharing,
I retired at 55 last year and thoroughly enjoying it. I have so many interests that keep me busy, I now wonder how I had time to work before I retired.
I just retired at 63, but I live in the mountains of a Scottsdale, AZ. It’s like living in an exotic resort..blue sky every day. My wife bless her sole is a few years younger and proving my healthcare after my employer decided to remove my healthcare for life , after 36 years in sales and marketing. Thanks AT@T…as long as Randall Stephenson gets his $246K a Month !!!!!
For those of us who served in the military and retired from the military, have that pension, along with VA disability income, as well as our employers pension, and our savings and 401(k)s. Not to mention Social Security in two years. Those revenue streams will keep us safe and sound without needing to touch much, if any of our investments. This, of course is unless our screwed up government decides to take them away.
Great vid as usual
Multiple streams of income is wonderful
Ok so where are the “enjoyable” jobs that don’t pay much? Most higher paying jobs are more tolerable than low paying jobs. Part time for a couple years is fine. That makes way more sense than a lot of other suggestions.
You can’t PRACTICE retirement, that is a silly suggestion. Taking vacation for a few weeks has nothing to do with retirement.
Just have some ideas of what you might like to do with your free time, most people who retire early have a list. Be prepared to adjust it.
I went PT for 2 years and my wife retired before me. Now that I’m fully retired I enjoy trying to figure out what I want to do with my time while enjoying a schedule that I determine!
I'm actually practicing retirement from an IT career. My wife passed unexpectedly in 2021, but i still have 2 teen daughters to keep alive. And believe me that's no small task in this country in this day and age. So, i'm doing short term contracts, make a some money and then take a few months to catch up on life. I'm 59 and keep so busy with managing house, daughters, finances, shopping, a little social life. I don't know if i even have time to go back to work 😄 And i don't miss the stress at all!
Best of luck to you
It is highly unlikely that at age 60 you will take a job paying half as much and expect to be satisfied. It will quickly become just another crummy job, paying less.
Better to suck it up a little longer, and refine your plan. And then move on.
I replaced my 9-5 income (And took the pension) with my work from home side hustle. I am now replacing my side hustle with passive rental income. I am traveling the country and working while on the road (practicing retirement).
#1 is my favorite and applies heavily to retirement and early retirement in general. If all you are used to doing is working then it's going to be very hard to make a sudden transition with no plan in place.
Agreed
Awesome points, James!
I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45.
Over the span of 3 years, I managed to save a substantial amount of money. I secured a consultancy position that paid over €100,000 annually for 3 years, while residing in the Midwest where the cost of living is relatively lower.
We retired early with no debts. By limiting our retirement income we saved over $25,000 per year in health insurance premiums via Obamacare. Our retirement funds have grown each year since retiring. Retirement savings via more time...flying on days when rates are the lowest, etc.
I have been retired on SSDI
Or you mite find out you Don't like doing something? I know 2 peep that bought a motel and tackle shop in towns on Lake Michigan shoreline, thought they ud go fishing everyday? That can't fish at All? When fishing is good they are too busy to do it?
Over the span of 3 years, I managed to save a substantial amount of money. I secured a consultancy position that paid over €100,000 annually for 3 years, while residing in the Midwest where the cost of living is relatively lower. During this period, I lived with my mother and paid rent to her. Additionally, I was able to pay off my $15,000 student loan , leaving me with no debt. I still earn over €100,000 and now I can channel my focus towards building wealth through investments and other means.
Basically, most profits come from capital gains from owning a business. It's good to have multiple streams of income (investments)
I'm 52 and this is just what I was thinking.
Glad it was helpful
The wisest thought that is in everyone's minds today is to invest in different income flows that do not depend on the government, especially with the current economic crisis around the world. This is still a good time to invest in gold, silver and digital currencies (BTC, ETH.... stock,silver and gold)
Does that comment wisest come with guarantees?
Like FTX?
🤘🏻
Excellent video❤️ I keep getting $100,000 every week from a trading platforms in town
Sure you do!!!!! Trolling is a bad habit.
The trading platforms in town? That’s good. Because if it was not in town I wouldn’t consider it but since it is, I would consider it.
lmao