People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
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.
It's recommended to save at least 20% of your income in a 401k. 'Joseph Nick Cahill' taught me to estimate how much you should save based on your age and income. I've been with him for years now and his decades of experience in the markets translate to chunks of value in so many ways! he has upscaled my portfolio and even got me reading self help books haha
Joseph Nick Cahill is his name. He is regarded as a genius in his area and works for Empower Financial Services. He's quite known in his field, look-him up.
Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon!
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
I think most people want to try out a financial advisor, but the amount of information on the internet is overwhelming. Could recommend any good one(s)?
This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
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 $800k
My CFA ’Amy Desiree Irish’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Great simplicity, learn, play with Grandchildren, help poor children in Oaxaca where I live. Help with Permaculture in schools, visit friends. Thanks for sharing
I’m six months into retirement. Age 61. I’m single and not bored at all. I keep a daily routine of small projects, exercise, reading, coffee, humor (Laurel & Hardy), puzzles, my cat, houseplants, music, piano playing.. I’m good for now !!
I retired from a busy and stressful corporate life at age 65. I migrated straight to Phase 4 - clearing invasive weeds and regenerating degraded / infested rainforest opposite our home. Found complete enjoyment and immense satisfaction. Two years later I have cleared around 7 acres of invasive species and witnessing the return of natural rainforest flora and fauna which had previously been choked out. I have enlisted other retirees as co-volunteers. Never been happier and fitter. Can’t wait to wake up for the next days efforts including photographing and cataloguing species I am finding…
Biggest lesson i learnt in 2023 in the stock market is that nobody knows what is going to happen next, so practice some humility and low a strategy with a long term edge.
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.
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
“NICOLE ANASTASIA PLUMLEE’’ 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.
I really liked this video because it confirmed for me what the majority of people think about retirement: that you will quickly get bored because of lack of a routine, and will struggle to find a way to replace the meaningful parts of your life when you were working. When I was nearing retirement, many people told me that I would be disappointed after I retired due to boredom, and I told them that I didn't think that would be true for me, but that I would let them know if they were right sometime down the line. I retired at 62 after working full-time for 40 years, and immediately felt the freedom of not having to keep to anyone's schedule but my own. My wife and I have been retired for 12 full years now, and neither of us has spent ONE SECOND being bored. We aren't wealthy but we have enough to pay our bills and have a little more fun. We love going on vacation, usually just a drive to a different city, and sometimes a flight to Hawaii or Florida. When we're not travelling, we have our own hobbies that keep us busy. My wife likes gardening, making jewelry, and cooking. I like music, golfing, and photography. We combine our hobbies sometimes, like when she helps me with my photos on vacation as she's learned to take great photos with her camera, or when I help her cook and develop my own favorite recipes. Best of all, our retired life IS our new routine. We have all our meals together and watch TV from 8 to midnight most evenings. We sleep on our new schedule, 2 am to 10 am, and are both sound sleepers. Fortunately, we are both healthy and have a fitness workout 3 times a week that helps keep us that way. In short, our Phase 1 has lasted WAY longer than the average 1 year he spoke about, and to be honest, I think we're still in Phase 1 after 12 years. Maybe it's because my hobbies are not something that you master quickly enough to get bored. Golf is something you never master, you just keep trying to hit good shots, and if you really like to play, you keep practicing in order to hit more good shots. I've played guitar for over 50 years, but I never had the time to get really good at it. But now I can practice much more and have improved a lot more in the last 12 years which is very gratifying. It inspired me to try to learn to play piano at age 71, which was a real challenge. After 2 years of instruction, I am nowhere near any good, but I do get better the more I play. So much more so, that I play piano every day now but only play guitar once a week. I guess my main point here is that not everyone is going to experience these 4 phases, so if you are nearing or new to retirement don't think that it's automatic. Do use these concepts to guide your retirement planning but make your golden years your own in your own way. If you need to make life more meaningful, follow some of his ideas. If you're happy to be free of the 9-to-5 grind and don't feel depressed or adrift, just continue to enjoy it.
I think retirement is state of mind and we can be in whatever phase we want. Sounds like you have found a superb balance of enjoying what you do and gone straight to phase 4!
The glass is always half full, loved reading your positive appraisal of life in retirement. I started an outdoor cleaning business when I was 60 and full intend to keep cleaning into my 70s. I’m 65 now. If I’m not working outside, I’m managing the business inside (invoicing, accounting, digital marketing etc) or cooking dinner for my wife and I (she’s younger than me and works four days a week). Our three day weekends are all about walking, birding and getting ingredients for our meals. Grandchildren on the way too! I think you get out what you put in and having a positive mindset is a great constant 👍
I’m 66, divorced and retired for several years, alone but not lonely! Workout everyday , bike ride along the river, hiking and fishing. Top it it off with lots of travel. And read a couple books a week. Life is good.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Rebecca Nassar Dunne is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing. I searched for her full name, found her website immediately, reviewed her credentials, and did my due diligence before reaching out to her.
Retired now for almost 23 years. My advice is take care of your health and finances. Travel wasn't on my list of things I wanted to do, I did plenty of that during my working years. Get and stay healthy ! Stay mobile as long as you can, normal weight, good diet, reasonable exercise (physical and mental exercise). Help others when you can but don't become an enabler. Mobility becomes very important as we get older, eyes, ears, balance, dexterity and the strength to do what we want. Many of the people I know (probably most) have prediabetes or diabetes type 2 a lifestyle disease that can and should be controlled by diet. Relatives, relationships, beware of toxic personality people. Help them if you can but be ready to detach if you can't. Each of us are individuals but these things will apply to all us.
I am 70 almost 71. Have been a nurse 50 years this year. Have loved every day of my career. I did critical care with infants, children, adults and the elderly. I payed attention to all I cared for. I get check ups EVERY year along with my lab work etc. I don’t take any meds. Keeping healthy is like having another career. You have to work at it. I see all the preventable illnesses that people have and a good majority don’t have to be that way, most have brought the illnesses on themselves. Having preventable illnesses is EXPENSIVE. That money you saved for retirement is now funding the ill health you should and could have controlled. By the way I still work.
@@louisel.sinniger2057 Yes, I agree. If you are diagnosed with CKD, how often should you do bloodwork? My current PC thinks once a year apparently. I disagree. Your thoughts?
@@notedrockhistorian4382 Hi. Well, let me say this. If I was diagnosed with CKD I would hook up with a Renal specialists. I know, I know, a specialist?! PC’s are good however when you get into specific organ problems it is a good idea to be evaluated and followed by a Specialist. THEY are the ones that know specifically how often you should have lab work. But, it also depends upon what those specific labs look like. Hope this helps.
Wow, I still wonder if I retired too early at 66. Luckily, my workplace allowed me to continue working part time, which I am still doing 3 years later. I think that was a transition that made the whole thing easier for me, but I am thinking of letting it go. I am introverted also-although I think that just means I want peace and quiet and time to do all the things I love doing.
I retired at 57 after many years of very hard work. I'd simply had enough of people, clients,coworkers and most of all fellow commuters. I didn't know I was an introvert until I could sit still! It wa a huge adjustment and very difficult a first but now I love it!
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.
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
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..
On the very afternoon I retired from 45 years of engineering, I drove down to the Bridge to Excellence in my local town to become a tutor and mentor to at risk middle school and high school students. I also help run the cafeteria. That was three years ago. I spend my evenings brushing up on concepts of mathematics and English composition on RUclips. That very Monday at 5:00 pm, I ended my engineering career and started my tutoring and mentoring career.
The Men’s Shed movement, begun in Australia, is excellent for old guys helping each other and helping the community. I’m a retired builder and teach woodwork to our members and make quality wooden toys for the community.
My retirement motto is " simple living, simple thinking "! Enjoying a totally relaxed lifestyle. Focusing on my health, and well-being, things that I enjoy doing such as exercising, cooking, shopping, researching online, vlogging, and spending the evening watching the glorious sunset while drinking my favorite brewed coffee followed by late evening 'happy hour' with my favorite chilled beer or gin n tonic, popcorn, tuna salad w/boiled peanuts garnished with chili oil, onions and tomatoes, and olives! When asked what are you doing nowadays I reply that I am Totally Retired! Practicing the art of doing Nothing but enjoying the Stillness and beauty of Mother Nature and delving deep into myself, contemplating, meditating, realizing how wonderful this world is, and truly appreciating the finer things in life.
I retired in 2021. Recognize parts from more than one phase. Enjoy controlling my own time, but have a schedule because I have 4 dogs that depend on me. Often alone, but not lonely. Lots to do. My biggest issue is my physical health started to interfere with things I want to do. The things I did throughout my life have taken a physical toll.
I retired once and couldn’t take it. I went back to work. I am a retired hospice nurse. I worked six more years in hospice and it was the best time of my forty five year nursing career. It depends on how prepared you are, mentally, financially and physically. You MUST stay healthy and in shape physically. After two years I am finally happily retired. Being physically fit and healthy really makes a difference. To my younger friends I say, save more money and eat less sugar.
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.
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
After watching this talk, I have decided to never retire voluntarily. I am just reducing the hours that I work and that gives me the best of both worlds.
I love this - excellent presentation. I consider myself to be very fortunate. I was able to retire at age 59, and I just turned 70. I've thoroughly enjoyed all of that retirement time. But it may be different for me. I'm extremely introverted, but for some reason often found myself in management positions. Parts of it I loved, e.g., being a resource for individuals and helping them reach their potential. But the rest was exhausting - meetings, being around some people trying to puff themselves up and impress others. I had no desire to try to do any of that. Then I retired. What a blessing! I live in the foothills of the Rocky Mountains, so I was able to resume my duties watching the clouds and monitoring the mountains - well, because somebody has to do it. I report weather events to the National Weather Service, keep track of the birds, deer, bears, mountain lions, and moose. I'm also blessed with a wonderful wife, two wonderful sons, and two rather exhausting grandsons (ages 4 and 1). I've also done a fair amount of editing of various types and taken apart quite a few old pocket watches (getting them back together is a different issue). Of course there are some downsides. I'm unable to play guitar and bass (I've played since I was 13) due to severe arthritis in my hands, and I'm no longer able to enjoy boating in the Great Lakes as I once did due to issues with balance - I'm not too eager to fall overboard. I have no problems with being alone (I'm never lonely) and "squeezing all the juice" out of the quiet and beauty that surrounds me. And I still keep in touch with friends from my younger days who are important to me. We just pick up our relationships where we left off. My family has always been more important than my career, and I think that's what helped me prepare for retirement (though it did not help my financial progression). I also developed many interests and hobbies outside of work. I certainly understand and know people who have had problems adjusting to such a major life change as retirement. But hang in there and listen to the excellent advice presented by Dr. Moynes - you'll get to Phase 4. PS - Apologies for the long post; the words just came flying out of my fingers...
Retirees facing financial challenges often couldn't save enough during their working years. Retirement decisions play a pivotal role. Despite my parents having similar years in civil service, my mom invested with a wealth manager, while my dad relied on his 401(k). As a result, my mom retired with approximately 3.7 million, whereas my dad retired with around 1.4 million
I believe it's something I should pursue, but I've been procrastinating for a while. I'm uncertain about which firm to choose; they all seem similar to me.
Never a worry for me. My husband had numerous hobbies…physical ones, brainy ones. Still downhill skied in his 70’s, sailed, Tai Chi….astronomy, RC gliders, and MORE. At 78 a brain aneurism took him suddenly. He went out on a high….active, doing what he loved. I’m the one that’s dealing with loss. I’m 85 now and life seems to be one long exercise in letting go.
shirleyclemmer3: Your husband seems to have been such a positive influence in your life and he’s still in your thoughts and therefore still by your side now. Consider carrying on his legacy of vitality and positivity with your own twist/stamp on it. Wishing you well.
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 determines a lot of things, my parents both spent same number of years in the medical field, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.
You are right. 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 profits over the years, but at least I’m earning more. I’m making money even before retiring and my retirement funds has grown way more than it would have been with the 401k.
It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through a financial advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.
My CFA ’’*vivian jean wilhelm*’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I worked in a very toxic work culture but was too terrified to look for another job---the pay and benefits were terrific, and both my boss and my (now ex-) husband kept telling me, "Who'd hire you?" Finally, at age 67, I was downsized out. After awhile I moved into a seniors facility that is like being on a permanent cruise. I've been retired now for almost 9 years and for the first time in my life I'm actually happy. I feel like I'm "resting" from all the bad stuff in my life, and there was a lot of that. I no longer care about "finding meaning" in my life. The thought of working fills me with horror. And frankly, I STILL can't wait to get up in the morning. I do what I please, when I please and with whom I please. There is no one to get approval from any longer.
Kudos to you! The relief you must feel waking each day knowing you don't have to tolerate insufferable people (bosses, former mates, etc). And here: "I no longer care about "finding meaning" in my life,"
Western society, particularly in the US, puts so much emphasis on 'doing' and 'producing' that it is no surprise some struggle with retirement and seek to confirm their self worth by 'doing something' even in retirement. I have been retired for about 5 years now and notice that with some retirees there seems to be a competition to show who is more active or doing more charity work, etc. Kinda the same as when they had their 9-5 jobs but just without performance plans. I do agree establishing a routine is beneficial in retirement. For me it is pretty much daily exercise, yoga (including mediation), trying to learn spanish, cooking, etc. and some volunteering on the side. There is a huge mental component to being OK without 'doing stuff' to prove your self worth. It is so great being able to do what you enjoy without the hassle of trying to squeeze it in around a 9-5. But I think I am most happy when someone asks me what do I do with all my free time and all I say is 'just being happy'.
Yeah I’ve been retired a couple of years. I do miss the routine and contributing to the broader society but I’m happy doing things for my immediate family for now. I don’t miss dealing with staff and customers.
Bingo. Yes, I was struck how there wasn’t a single word about deepening own’s own spirituality, or maintaining physical vibrancy. That alone can be a “full time job!” ;)
Just accept that you are not important. Not when you are working, and not after retirement. Just do what makes you happy and be the person that makes you happy.
The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you weren't to blame for.it's especially difficult for people who are retired.
Is there anything like proof recession stock? I am 58 years and would like help in managing my retirement portfolio which is currently $1.25M...down from a high of $1.67M….
It's a delicate season now, so you can do little or nothing on your own. Hence I will suggest you get yourself a professional that can provide you with entry and exit points on the securities you focus on.
@@DarleneMurphy774 True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diverssify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of $550k...that's like 7times more than I average on my own.
I am amazed at the number of people in these comments who say they retired in their 50’s or early 60’s. I can’t even imagine a life like that. I’ll likely be 70, or older before I’ll be able to retire. I do really look forward to it. I don’t think I’ll have any qualms about having a purpose. Freedom and not having to perform for or gain approval from anybody again will be its own reward. Think of it, once you enter grade school you are regimented, quizzed, and tested. For years. You must win the approval of others. The same thing happens in college. Then, you must win approval to get a job and a chance to support yourself. You then spend years and decades stressing and striving to win the approval of bosses, co-workers, clients, and customers. You spend your life bending over backwards to make sure they’re all happy. Then finally comes the chance to leave a lifetime of meeting other people’s expectations behind. I really look forward to waking up and doing what I want each day, with no approval needed but my own.
At 8 years into my retirement, I feel no loss at all and I still enjoy every day as much as the first. Living alone and having a broad range of interests, as well as a never-ending stream of ideas to explore, boredom has never been a problem for me. I still fondly love saying that, when you're retired, every day is Saturday. Having never identified myself by what I did for a living really makes a positive difference.
@@teresitaabad2962 Sure, Teresita. It's quite common, especially with men, to derive ther identity from their work. In other words, for example, I was an architectural/engineering draftsman for 31 years. That was what I did for a living, but that is not who or what I am. I have always had many other interests and I identify myself more with those other interests (artist, photographer, writer, etc) than I ever did as a draftsman. What I did for a living was not who I am. Men (some women, as well, I would imagine) are in the habit of answering the question, "what do you do?" with whatever their occupation is. This is especially true for professionals, like doctors or lawyers. So, many men's identity as a person becomes an extension of what they do for a living. When they retire, they go through a crisis of identity because what they are is wrapped up with what they do. It can be unbearable for some men, as their whole life IS what they do for a living. I've never had that problem. While I was making a living as a draftsman, I never answered the question, "what do you do?," or especially, "who are you?" with the name of my occupation. Now, in retirement, I think of myself as a photographer more than anything else, even though I've never made my income from photography.
Great video, Another factor to add is Do they spend a lot of time planning their financial future? The majority of people do not engage in planing for their future
You missed the whole point of this video- He explicitly says this not about financial planning. My father had a great financial plan, but once he got to phase 2, the loss of connections, routine, power, etc, he sunk into a depression and ended his life. He had plenty of money, he didn't have connections or sense of purpose. He would have been better off working until they took him out of his office on a gurney.
Lately, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $800K in the stock market, experiencing fluctuations without substantial gains.
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management
Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
A month ago I placed a comment on this, and advised that I'd had around 75,000 views on my on videos of Retirement. Today, I can tell you I now have around 86,000 views and over 1,000 subscribers. This is not only an indication that I'm succeeding in my aims for helping more people (I'm 87 and have been retired for 28 years) but there is a huge demand for this sort of subject matter. Keep it up, Riley. People need you.
I retired less than 2 months ago and am already in Phase 2. Had no idea of the mental challenges I'd feel. This talk was perfect medicine for me to keep trying until I re-find my place.
Yes I am over 2 years retired but due to covid and isolating it's tough to get out there. Travel by vehicle has been great but I am still struggling with anxiety regarding getting on a plane. So more travel and finding more community are my goals for 2023. It;s definitely a process and to keep trying new things and new people with similar interests. I think you can go from one phase to another and back again.
I retired at 56 and my advice to everyone one is retire as soon as you can life is too short you never know if you will be here next week stop saying I’m gonna…… do it it was one of the best and easiest things I have ever done
Phase 1: Vacation phase, lasts about 1 yr 3:45 Phase 2: Loss and lost, lose the big 5, routine/identity/relationships/purpose/power divorce/depression/fear/decline 4:48 Phase 3: Trial and error, searching for meaning, contribute, failure 6:35 Phase 4: Happy, reinvent, rewire, answer questions-mission, activities, accomplishments, service 8:38
Just what I needed to watch. My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
Find stocks with market-beating yields and shares that at least keep pace with the market for a long term. For a successful long-term strategy I recommend you seek the guidance a broker or financial advisor.
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@robertosaviano215 You can do your research and be on the lookout for one with intelligent strategies who'll help your portfolio maintain an unwavering and a progressive growth. Isabel Cecilia Ramsey is my FA. She has the Flexibility & Expertise to Meet Your Needs. Verify her yourself
@@elliot985 I just looked up Isabel online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a call.
Good for you. Some people seem to have to be “worthy” or what they see as worthy. I do what suits me. Nobody can tell me what to do anymore. I go through these phases regularly and then move on to another phase and back again maybe. 😂
I began the process of retiring a few months before my 55th birthday when I got a corporate buyout. But I just transitioned to doing work that I enjoyed. I became a college professor, and didn’t fully retire until the middle of my 71st year. But I spent those 16 years preparing for retirement, taking long vacations and traveling in the summer. I was working half the hours I put in during my corporate life. After finally retiring, I spent three years of frequent travel, then CoviD hit. But I had books I wanted to read and other interests, so it wasn’t too bad. The tough part was physical aging. I had physical limitations that stopped my skiing, running and sports activities, I was losing my hearing to the point of having difficulty in conversation and limiting many other activities. 65 to 75 is the “young old” age group. At 76, you are just entering the “old” group, and will find yourself losing activities that you enjoy as you move toward the 85+ “old old” demographic. Even if you succeed in staying in phase one, it will become challenging.
Same here, Meredith. Retired for 6 years and apparently still on ¨phase 1¨. At the beginning I had some sense of loss but it didn't last long. New relationships pop up. New routines are built. Of course, we are all different. Some people have forged their identities based on their jobs and that's understandable. But in general, I couldn't disagree more with what is implied in this lecture.
I retired at 52 and am the happiest I've ever been. Never felt any of these things mentioned. I slept till noon for a month, just totally exhausted. Then I sat outside on warm days with the sun on my face and said to myself this is what I missed. Loved it!
Yes, I felt almost traumatized after the last few years of teaching and it took months to kind of feel like I had healed a bit. Now it is wonderful and the world is my oyster.
My wife and I did very well in the amount of money that we amassed for retirement. Well over 80% of that money was made because of taking advantage of buying high-end stocks at a deep discount during the Great Recession. 2009 I fired the stockbroker got rid of all mutual funds and bought individual dividend stocks. Be patient don't get scared and do your homework and you can make a killing
I'm 54 and my wife and I are very worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, we are finding it impossible to replace it. We can get by, but cant seem to get ahead. My condolences to anyone retiring in this crisis, all those years of work just to loose it all to a crisis you didn't cause.
@@MIchaelGuzman737 I feel your pain mate, as a fellow retiree I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor "Theresa Mary Chamblee'', this year for assistance, and following her advice, I poured $150k in passive diversified safe-haven assets and its yielded $325k so far. Nothing special, just proper diversification and a cut loss and take profit strategy.
I think it's especially difficult for retirees and near retirees, I know to focus on the long term but the anxiety when you're supposed to be retiring in 3-5 years is exhausting. it's hard for me to take part in the market right now due to the fulltime nature of my job. it will be way to stressful to combine so i don't even think about it
I think people who suffer are the ones who don't think about their future and don't invest. Investing has really saved many lives and got people off the streets. everyone needs more than there basic salary to be financially secured. the best thing to do with your money is to invest. Money left in savings always end up used with no returns.
Every single bear (U.S.) market eventually recovered and hit new ATHs, and every stock investor wished they bought more during the sell-off. Buffett bought $600 million more $AAPL during a 3 day sell-off in Q1 2022. The wealthy get this and it's 1 reason they keep getting richer
I wish I had more time for experimentation, but I'll be 50 by June, and I'm looking for ideas and suggestions on what investments to acquire to set myself up for retirement, especially with the looming inflation; my goal is to have at least $5 million by the age of 65.
My holdings were down a lot and I sold at a loss majority of the time, which prompted me seek the service of a coach I found-featured on Bloomberg, she hatched an adjustable system that aligned with my retirement plan and overall goals, it's been less than 2years and I've gained over $830K.
I feel your pain, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $130k in passive diversified safe-haven assets, Up 200k so far and pretty sure I'm ready for whatever comes.
I have been retired since 2003. It is all vacation to me. I spend 4 hours per day on-line, continuing my education, and keeping up-to-date on the latest science. With my freedom, I like to travel, and explore countries, and cultures, and making new friends. No phase two for me!
I’m 76 and retired from teaching 13-18 year olds History seventeen years ago. I’ve been fortunate to enjoy good health. Retirement has been fulfilling and I’ve never been bored. I’ve done voluntary work with refugees and the Red Cross which has broadened my horizons considerably. I’ve lead tours of small groups to India and elsewhere and I still ride my motorbike to countries like Spain and Portugal. My greatest happiness comes from my grandchildren and family as well as friends. As time passes I’m all too aware how limited it is and am thankful for each day. Sit down and think what you want to do it then do it!
Excellent, excellent, excellent. I’m 73 and 3 years retired. My phase one was Covid 19 so missed the travel year and went straight into phase 2. It was a tough 2 years. Not only the loss of friendships, power, routine etc but the isolation of Covid was devastating. Got thru it and now I’m going to do my Phase 1 this year. Thanks for you great perspective.
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
missed these stages, but it did take awhile to get used to getting a check every month without going to work. Am used to it now. After 20 years of retirement, I have no complaints. I have a great wife and life. Am blessed for sure.
What's important to prepare for retirement is to develop interests in things outside of work so you know what you can do in Phase 4. If you are a workaholic and don't cultivate genuine interest in non-work endeavors, you'll flounder in Phase 4. In fact, if you're really passionate about something other than work, you can skip phases 1 through 3 and go directly into Phase 4. I developed a passion for making music with my ukulele, singing with a ukulele club, in the latter years of my work life. So when I finally quit my career, I found a senior center that had lots of activities but not ukulele. I started a ukulele club there and taught other seniors how to play and sing and have fun together while stimulating their mind, exercising their lungs, and retrieving their memories of songs they used to love listening to. I still get a lot of joy from teaching the seniors music with the little ukulele. If you don't have a clue about what you'll love doing in Phase 4, watch some videos on RUclips to explore the possibilities. That's how I got started with the ukulele.
So you think that what is baloney for you is baloney for others? Thanksfully, for society's sake, some of us need a purpose in life beyond our own pleasure.
I am 75 years old and 10 years into retirement. All of it spent in phase 1 with a smattering of phase 3. After a working and personal life of service to others, I'm done with that! I'm the focus of my 'service' now and lovin' every minute of it! But I am glad you have found a system that works for yourself, too.
I saw this on Pinterest and wanted to reply but comments are turned off. I retired early during the pandemic and don’t regret that a bit. Before retiring our kids had left the nest so I did the loss thing. Shortly after retirement our parents passed away and a parent moved in with us. During all this we’ve continued to travel and enjoy life. Everyone has a different experience no matter how much we try to plan. Mahalo!
Company bankruptcy forced me into early retirement, but only by a couple of years. Then COVID struck and stole my first two so-called years of "vacation." Pretty much stuck in one place, no big travel...some retirement! Then kidney cancer and surgery struck and stole a sizable part of my third year of retirement. The C word will make you dust off your will, just in case. So, my warning to all of you is retire as soon as you can. Sooner rather than later. Don't Wait! You never know what the future holds, and it will undoubtedly hold things you have absolutely no control over. I've certainly not gone through any phase two sense of loss (well, other than that kidney thing.) As I tell people, the only time I miss my job is on the first and 15th of the month!
My $400k retirement account has gone up only by 2% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 22 years of working hard.
Generally speaking, a good number of people discredit the effectiveness of financial advisor in planning for retirement, For over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find her webpage and necessary details to work with to set up an appointment.
Thank you for sharing, I must say, Jennifer appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.
We both retired in late 2019. Moved south. Phase 1 was quickly destroyed & we spent almost 2- years at home with only each other. 🤯 Life is starting to finally grow into end of phase 3 & into 4. Yay. Great talk. Thank you.
I retired at age 53 and have been in phase one for the past four years. I'm sure phases 2-4 will happen sooner or later. They're penciled in on my schedule for whenever!
This was very good. However, I think one phase was overlooked. I’ll call it the Caregiver Pause Phase - experienced more often (but not exclusively) by female retirees. This is the phase where you are forced by desire and/or obligation to pause your natural retirement flow and take on an unpaid difficult and exhausting job of managing the finances and/or healthcare of elderly parents or other relatives. It can entirely interrupt your retirement for months or years, and depending on numerous factors it can be a blessing or a burden. Just surprised he didn’t mention it!
I retired at 55, 4 years now, and while I think this presentation is excellent, think that retirement is nothing to be scared of. My experience is that you are ambitious at your own pace. I personally think it takes about 2 years to change and no longer identify with your old career. You forget about your old rivalries and past measures of success and learn to form a new identity that is much more suited to your personality. I would say follow your interests and you will be far busier than ever - but only as much as you choose. There are still days where you can feel overwhelmed and perhaps lonely but you can reach out and fix it pretty quick - and it's different when its up to you how you spend your day. I have an airbnb to keep me busy and engaged. Its a great solution if you have a property and a little time but don't want to be accountable to a boss any longer. I only wish I was able to retire about 10 years earlier! No regrets what so ever!
I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow into something substantial that I might use for retirement. I just here for ideas
Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2022
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2022
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’AMBER KAY WRIGHT” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
What an amazing talk! I'm new to retirement and have been through the first 2 phases, dabbling in phases 3 & 4. It is so helpful to see that I'm not weak or undisciplined by feeling as lost as I was (and still am at times as I do trial and error)! Thank you Dr. Moynes and TEDtalk for sharing this!
Retired for 8 months & it has been life changing. Now sleep a deep 8 hours every night, eat so much more healthier than I ever had in my entire life with a 40 lb weight loss, and doing whatever I want, whenever I want. If this is all there is to retirement, then that's fine with me. As long as you have your health & enough brain cells & money to survive, retirement is heaven on earth.
@@davidlafleche1142 First, define retirement. Are you talking about laziness, or financial freedom to determine how you spend your time? I think that is a significant distinction. Second, chapter and verse, please.
Spot on regarding the 4 phases of retirement,i do contract work and live abroad some of the year so i understand the need for doing something each day so you don't get bored or depressed.Sometimes i get up and i don't know what to do but often i find something to do in the mornings so the rest of the day i feel better having done something.I am considering retirement as soon as possible so i have alot to think about!
Good talk! I’m 5 years away from phase 1. My wife and I have only focused on the financial aspects and haven’t considered the "loss of purpose” aspect of retirement.
Retired 5 yrs now, I’m either permanently stuck in phase 1 or skipped to 4 with 1 being my definition of success and happiness! Enjoy every minute of retirement!
That's great! It's been over 2 years for me and I have not hit phase 2 yet. I didn't over-identify with my job or think that it was my life's purpose; it was a means to an end with some satisfactions along the way. My routine was grueling and I don't miss it. I miss some of the people from my last job but my primary relationships have always been outside of work. And for me a sense of power was not applicable in my job. Who knows, maybe phase 2 will hit at some point but I am not there now.
The first phase is when you're newly retired and still active-what do they call it, the 'go-go' years? You’re traveling, enjoying life, maybe spending more than you planned. It’s exciting, but it’s also when you’ve got to be careful about dipping too much into your savings
By that time, you’re probably spending more on healthcare and less on fun stuff. If your portfolio isn't balanced and ready for that, you could run into trouble
I actually sat down with my financial advisor a few months ago to talk through these phases. He’s been helping me figure out how to shift my investments as I get older without losing too much potential for growth
He’s really good at helping people transition through each phase of retirement, making sure your portfolio is not only stable but growing where it needs to
I love being retired too. 3 years now. I'm form china,Three years ago, I began to learn English, so I’m comfortable and never get bored.I enjoy the quiet and simplicity.I like to watch all the information on youtube, and now I start to slowly reply to the information, but also in learning, learning in entertainment.Have time to do what I love.
It''s not about doing; it's about being. A friend was about to retire from 35 years as a professor and was full of anxiety about what he was going to do. This is a man who played golf weekly, painted, tended a beautiful garden, had a wonderful marriage, 2 children with 3 grandchildren, and numerous other interests. So I said to him, "It's not about what you are going to do; it's about who you're going to be. Two years later I bumped into him and he was happily retired, doing all the things he had previously done. The difference was he had reshaped his identity.
I retired at 60 after 4 decades up on the northeast moved to Florida near the beach. Transitioned directly into a combination of phase 1 and 4. 5 years later I am enjoying my reinvented life. Started my own sole proprietor stay at home virtual business, financially productive and plenty of time to go on vacation to new places with my wife or travel to visit and enjoy our grandchildren. I must confess, I have no idea of the meaning of the terms depression, anxiety or identity crisis. Health is my greatest wealth. Thank you Lord.
I retired at 56 after 35 years as a nurse. That was almost 5 years ago. I work part time to keep my sanity. You simply cannot sit around doing nothing. I dabble in learning new instruments, restore pianos, drive as a courier and raise my young daughter whom was a complete surprise. Just having the opportunity to do things that was not possible when working has been wonderful. I never had many friends before retirement, I don’t miss having friends. Most of my family and closest friends throughout life have already passed away. It’s important to get out there and make new friends. My oldest daughter is pregnant and so will be my first grandchild. I am excited to become a grandfather. Life is a series of phases and always changing. The alternate is death, and I’m just not ready for that just yet. I have many family members waiting for me in the next life. I have had a strange good life. Certainly not the path I wanted, but how many of us really get everything we want in life?
I am 75 years old and 10 years into retirement. All of it spent in phase 1 with a smattering of phase 3. After a working and personal life of service to others, I'm done with that! I'm the focus of my 'service' now and lovin' every minute of it! But I am glad you have found a system that works for yourself, too
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 $900k, 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.
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.
@@hunter-bourke21bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
I made a study of retirement prior to my own retirement. I concluded that it is essential to exercise the mind and the body and that happiness is feeling good about yourself. This is almost always through service to others. Very well organized talk and I hope many benefit as I have. Thank you.
Thanks for that! And now, get off the internet and go for a long walk to the shops. And then... plenty of "then" lying around awaiting attention. Excelsior, as one very old friend used to say, at the end of his letters. His parting message to me was "No more books and CDs please, but another 30 pages". (He was talking about the book I was writing, which he was reading as and when I sent him completed chunks). He was 92, and began his second life at 53, becoming a world expert in the subject he most loved.
Right, something I've said over the last few years, my problems will still be waiting there for me when I get home, or get back to them, but helping others with their problems is an opportunity of the moment that I need to take advantage of when they arise.
I retired 11 months ago. Still happily in phase 1. My identity was never deeply imbedded with my day job, but rather with other things that don’t pay but give me a sense of value and purpose. I haven’t lost those.
Prior to watching this TED talk, I made it to phase 4 by serving others! Serving others brings me so much joy. In my case I lead 5 mile hikes, volunteer at a homeless shelter, baby sit my Grandnephew two days a week, and started a Moms and Toddlers group for the community that I host at my church.
For me the secret was planning and flexibility. I experienced Phase 1 and 2 before retiring: my husband died right before COVID hit and I worked from home until I retired 2 years later. That was an incredible blessing, giving me time to grieve, reflect and think about what I wanted from my new life as a single person. By the time I officially left my job in March 2022, I was ready to jump into Phase 3. Having a long list of options helped me stay focused; I’m enjoying volunteering, yard projects, learning piano, and rebuilding my social life. I’m looking forward to Phase 4 but expect I’ll be in Phase 3 for a long time. Finding purpose is key. In my experience, my friends who are not serving others or staying socially active are the ones who struggle most.
Alisa, your last sentence hits home. My dad and his brother married sisters. So the genetics I would think are very similar. Unfortunately, my dad had dementia for 5 years before passing. My mother now at 88 is starting to show terrible signs of the disease as well. On the other hand, my aunt and uncle who are very social and active do not seem to show any mental struggles.
@@timmartin4952 I wish our society had better systems in place for aging successfully. For me, at 64, I find that staying mentally, socially and physically active helps a lot but it takes effort, planning and resiliency. Remember to care for yourself as you walk through this difficult stage of life with your mother. All the best to you.
@@timmartin4952consider this. Your mum cared for your dad I presume? In that time of transition she understood he was changing. Initial normal frustration of a man not remembering what was something he always had none. Frustrated because he blamed her deflecting her accusations because his memory was affected but the normal part of his brain was unaware so of course it had to be her. The fear of discovering it wasn't kept that going then truth hopped in and he was scared. She adopted new way of living or got even more frustrated. She was grieving while caring for him keeping him going trying to keep him as high functioning as possible to keep him with her, to keep from that final separation. She also has to maintain her own sanity because if not family may force her to do what she fears, separation that will be like a double death for her to handle. She has to accept she can't expect, well anything of him and she has to let go of the security of when he could do everything automatically. She has to walk on eggshells to keep him calm and herself too. She has to walk in his world, adapt to his thinking and lack of and adapt to think for both of them. So after a time that new behaviour is normal and if he did go to a home then she is left alone and simply keeps that behaviour going because it has become a habit, unconscious and automatic. She had to stop being normal to survive life with him. Now perhaps she simply needs encouragement and reminding she is still that other person inside. The other reason she may indeed be slipping into that other world is because her brain indeed has been trained to go that direction and if they were so close she doesn't care anymore about being anywhere else either. At 88 normal aging can affect memory and grief caused by loss of him even before death may have triggered her journey or allowed her to merely decide she might as well join him because life without him not worth living.
@@alisab3041 thank you very much. She took care of me and now it is my turn with her. Fortunately, I live very close so I got to help a lot with my dad. Even in his state, we shared some good times and I can look back on those and smile.
@@timmartin4952 👍 my son lives in the same town as I do, and I know we will both help each other if that’s necessary down the line. My friends with kids on either coast and no one nearby feel more vulnerable. Sending you wishes for more sunny days than cloudy ones.
My retirement account has gone up only by 2% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 22 years of working hard.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "KRISTIN AMBER LANDIS" I've worked with her for years and highly recommend her. Check if she meets your criteria.
Thank you. I came across this video by chance. I took early retirement 6 years ago. Phase 1 with a mix of phase 4 lasted up to last year when my wife of 40 years decided she wanted a divorce. That knocked me back and i now recognise that im in exactly what you describe as phase 2. When i retired i got involved school projects helping kids build airplanes. Being a pilot i felt it a good way to pass on my experience and knowledge. I found it very enjoyable and rewarding and the kids got a lot out of it, especially when i flew them in the aircraft they helped to build. I gave it all up last year. Going through the divorce has not only been a massive hit financially but emotionally as well. Ive almost become a recluse. This video has inspired me. Im going to get back out there and squeeze the juice. Im just about to turn 65, and i know what i want to do, so im going to get back into those projects. Hopefully i have time to do a lot of sqeezing.
I have researched on Dr Riley Moynes. He's a business specialist! Wow! And what's even greater is that he has been able to discover what's more important than just financial stability during retirement. Thank you for this, Dr Moynes! I'm not yet retiring, but this has a lot of wisdom in it!
I was psychologically ready to retire at age 16, about two weeks after l started working. 32 years later after a successful career and i still haven't enjoyed a single hour of it. I don't like interacting with people. I don't like expectations. I don't like schedules. I don't like planning. I do like engaging in solitary hobbies that do not benefit anyone.
I'm 79. This talk is okay as far as it goes, but it ignores the deeper issues that arise beyond phase 4. As our physical and/or mental health is lost, many of us become unable to do very much at all. This is when it becomes important to realize that we are not merely what we do, but what we did, and how we can leverage the limited energies and/or assets we still have left. The great difficulty here is that we may have millions and/or income that allows us to eat, live and do almost anything we wish, yet we are afraid to part with it before death. Ironically, we grow increasingly fearful of the future and reliant upon our own money to save us from any type of future discomfort, even as our future grows shorter and our assets grow larger and more valuable. At this stage just writing an encouraging note to a grandchild or a brief letter to the editor may represent a full day's accomplishment, but it is something. When even such things become impossible, and perhaps much earlier, we must decide whether we deserve to keep breathing precious air and using up other valuable resources, or whether it is perhaps time to travel to someplace where euthanasia is legal while we still can. Ending life in this way and for these reasons should not be considered immoral, despite the pain it may cause others. They must weigh their own discomfort against the possibly much greater pain of younger people who may desperately need the resources we would have consumed. The greatest final challenge is making sure that our resources go to people who need and deserve them most. Too many will their assets to pets and frivolous causes, ignoring struggling human beings and the future of the earth itself.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@AustinWalker67 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
The evolving of a retiree is not linear. I left a high stress job at 53 and took early retirement (with pension). First year was “what to do with myself,” So I focused on self care & lost weight. My husband still worked. So after 18 months I went back to work as a contractor and found a nitch during Covid lockdowns training & mentoring others in my field. After a year my husband had retired (pension) due to illness. My phase 3 was to ready & sell the big house and move across country closer to better Drs. My purpose of caring 24/7 for a sick spouse had expanded now to helping with the grandkids. I am doing what I love & the connection to family and purpose has breathed new life into us both. My husband is now doing 100% better under managed & coordinated care. He was a few years behind me, but now slowly we’re together moving toward phase 4 and seeking out activities like theater, bridge, senior center trips, church. This Ted talk is accurate.
Been retired for a long time, still waiting for phase 2. Best vacation ever. The words "I'm bored" are the most inane words ever spoken. One has complete control over that, short of being in bad health bed-ridden. So much to learn and see and do in this great big country, let alone the rest of the world.
I retired from full time work about a year ago, but was able to stay with the same company in a part time capacity. I've been thinking about retiring completely in a year or two, but when you mentioned the loss of relationships, that was an eye opener for me. I think I'll continue to work as long as I am physically able to.
To my Dad and Mom - I made it thanks to your spirit and guidance and sacrifices! Peace and Love to all who work hard and persevere. To my Grandparents who set the examples they followed.
Really enjoyed this video. I'm considering your advice, because thousands of dollars have been disappearing from my 401k due to soaring inflation, and my concern is where to safeguard and grow remaining cash about $500k+ for the next 2-3 years at no risk. I'd love to retire early and afford a life after retirement.
I may be unable to offer personalized investment guidance, but then I suggest consulting with a reliable advisor to ensure appropriate investment planning.
Agreed, I’ve been investing in the stock market for 11 years now, last 5 years with the help of a financial planner apparently due to the covid-19 pandemic crash. Throughout these years of guidance alone, I've been fortunate enough to 10x my return as a DIY investor, summing up nearly $1m roi as of today.
"Rebecca Nassar Dunne" 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.
I retired last year and thought I would share online advice to young people willing to hear what I had accomplished based on my vast knowledge and life experience. In return, I learned new words.
Retired in 2010. There were so many things I left behind after college that I wanted to pick back up again, and so many things I learned during my career that I wanted to take in another direction, I pretty much skipped over the vacation period. I've been able to serve my daughter in her business, take tons of classes on Masterclass and Coursera, and now I'm in the middle of the most creative period of my life. But I did prepare for this part of it. About 10 years before I retired, I started taking art classes again to catch up on the technology and blow out the cobwebs. I took a year off a 55, traveled and volunteered to give myself a preview. The most important thing is to be prepared, to be interested in life and be engaged.
People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
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.
It's recommended to save at least 20% of your income in a 401k. 'Joseph Nick Cahill' taught me to estimate how much you should save based on your age and income. I've been with him for years now and his decades of experience in the markets translate to chunks of value in so many ways! he has upscaled my portfolio and even got me reading self help books haha
Impressive! How can I contact this advisor? My portfolio has underperformed, and I need guidance.
Joseph Nick Cahill is his name. He is regarded as a genius in his area and works for Empower Financial Services. He's quite known in his field, look-him up.
Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon!
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
I think most people want to try out a financial advisor, but the amount of information on the internet is overwhelming. Could recommend any good one(s)?
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
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 $800k
Mind if I ask you to recommend this particular coach you using their service?
My CFA ’Amy Desiree Irish’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
I love being retired. 7 years now.
I’m not super well off, but I’m comfortable and never get bored.
I enjoy the quiet and simplicity.
This ⬆️
Great simplicity, learn, play with Grandchildren, help poor children in Oaxaca where I live. Help with Permaculture in schools, visit friends. Thanks for sharing
Me too.😊
Guess I am still in phase 1 after 3 years and still cannot be bored out of it as I love it soo much 😂
I’m six months into retirement. Age 61. I’m single and not bored at all. I keep a daily routine of small projects, exercise, reading, coffee, humor (Laurel & Hardy), puzzles, my cat, houseplants, music, piano playing.. I’m good for now !!
I retired from a busy and stressful corporate life at age 65. I migrated straight to Phase 4 - clearing invasive weeds and regenerating degraded / infested rainforest opposite our home. Found complete enjoyment and immense satisfaction. Two years later I have cleared around 7 acres of invasive species and witnessing the return of natural rainforest flora and fauna which had previously been choked out. I have enlisted other retirees as co-volunteers. Never been happier and fitter. Can’t wait to wake up for the next days efforts including photographing and cataloguing species I am finding…
Wonderful!!!
What a beautiful and rewarding way of living.
Wish i could join you
I need to do this
That is so AWESOME!
Biggest lesson i learnt in 2023 in the stock market is that nobody knows what is going to happen next, so practice some humility and low a strategy with a long term edge.
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.
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
Could you kindly elaborate on the advisor's background and qualifications?
“NICOLE ANASTASIA PLUMLEE’’ 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.
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
I really liked this video because it confirmed for me what the majority of people think about retirement: that you will quickly get bored because of lack of a routine, and will struggle to find a way to replace the meaningful parts of your life when you were working. When I was nearing retirement, many people told me that I would be disappointed after I retired due to boredom, and I told them that I didn't think that would be true for me, but that I would let them know if they were right sometime down the line. I retired at 62 after working full-time for 40 years, and immediately felt the freedom of not having to keep to anyone's schedule but my own. My wife and I have been retired for 12 full years now, and neither of us has spent ONE SECOND being bored. We aren't wealthy but we have enough to pay our bills and have a little more fun. We love going on vacation, usually just a drive to a different city, and sometimes a flight to Hawaii or Florida. When we're not travelling, we have our own hobbies that keep us busy. My wife likes gardening, making jewelry, and cooking. I like music, golfing, and photography. We combine our hobbies sometimes, like when she helps me with my photos on vacation as she's learned to take great photos with her camera, or when I help her cook and develop my own favorite recipes. Best of all, our retired life IS our new routine. We have all our meals together and watch TV from 8 to midnight most evenings. We sleep on our new schedule, 2 am to 10 am, and are both sound sleepers. Fortunately, we are both healthy and have a fitness workout 3 times a week that helps keep us that way. In short, our Phase 1 has lasted WAY longer than the average 1 year he spoke about, and to be honest, I think we're still in Phase 1 after 12 years. Maybe it's because my hobbies are not something that you master quickly enough to get bored. Golf is something you never master, you just keep trying to hit good shots, and if you really like to play, you keep practicing in order to hit more good shots. I've played guitar for over 50 years, but I never had the time to get really good at it. But now I can practice much more and have improved a lot more in the last 12 years which is very gratifying. It inspired me to try to learn to play piano at age 71, which was a real challenge. After 2 years of instruction, I am nowhere near any good, but I do get better the more I play. So much more so, that I play piano every day now but only play guitar once a week. I guess my main point here is that not everyone is going to experience these 4 phases, so if you are nearing or new to retirement don't think that it's automatic. Do use these concepts to guide your retirement planning but make your golden years your own in your own way. If you need to make life more meaningful, follow some of his ideas. If you're happy to be free of the 9-to-5 grind and don't feel depressed or adrift, just continue to enjoy it.
I think retirement is state of mind and we can be in whatever phase we want. Sounds like you have found a superb balance of enjoying what you do and gone straight to phase 4!
Lots of good stuff in this reply, thank you.
100% agreed - same here and hope it stays that way 👍
The glass is always half full, loved reading your positive appraisal of life in retirement. I started an outdoor cleaning business when I was 60 and full intend to keep cleaning into my 70s. I’m 65 now. If I’m not working outside, I’m managing the business inside (invoicing, accounting, digital marketing etc) or cooking dinner for my wife and I (she’s younger than me and works four days a week). Our three day weekends are all about walking, birding and getting ingredients for our meals. Grandchildren on the way too! I think you get out what you put in and having a positive mindset is a great constant 👍
Thank you for being positive
I’m 66, divorced and retired for several years, alone but not lonely! Workout everyday , bike ride along the river, hiking and fishing. Top it it off with lots of travel. And read a couple books a week. Life is good.
Life goals right there !
Very nice 👍
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Mind if I ask you to recommend this particular coach you using their service?
Rebecca Nassar Dunne is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing. I searched for her full name, found her website immediately, reviewed her credentials, and did my due diligence before reaching out to her.
Retired now for almost 23 years. My advice is take care of your health and finances. Travel wasn't on my list of things I wanted to do, I did plenty of that during my working years. Get and stay healthy ! Stay mobile as long as you can, normal weight, good diet, reasonable exercise (physical and mental exercise). Help others when you can but don't become an enabler. Mobility becomes very important as we get older, eyes, ears, balance, dexterity and the strength to do what we want. Many of the people I know (probably most) have prediabetes or diabetes type 2 a lifestyle disease that can and should be controlled by diet. Relatives, relationships, beware of toxic personality people. Help them if you can but be ready to detach if you can't. Each of us are individuals but these things will apply to all us.
You make an important point about staying healthy. If you access our "health care system" you will shorten your lifespan for sure.
I am 70 almost 71. Have been a nurse 50 years this year. Have loved every day of my career. I did critical care with infants, children, adults and the elderly. I payed attention to all I cared for. I get check ups EVERY year along with my lab work etc. I don’t take any meds. Keeping healthy is like having another career. You have to work at it. I see all the preventable illnesses that people have and a good majority don’t have to be that way, most have brought the illnesses on themselves. Having preventable illnesses is EXPENSIVE. That money you saved for retirement is now funding the ill health you should and could have controlled. By the way I still work.
Agree 100%
@@louisel.sinniger2057 Yes, I agree. If you are diagnosed with CKD, how often should you do bloodwork? My current PC thinks once a year apparently. I disagree. Your thoughts?
@@notedrockhistorian4382 Hi. Well, let me say this. If I was diagnosed with CKD I would hook up with a Renal specialists. I know, I know, a specialist?!
PC’s are good however when you get into specific organ problems it is a good idea to be evaluated and followed by a Specialist. THEY are the ones that know specifically how often you should have lab work. But, it also depends upon what those specific labs look like. Hope this helps.
I just retired at 58 years old. It is easy if you are introverted and could not stand working....I have never been happier.
Wow, I still wonder if I retired too early at 66. Luckily, my workplace allowed me to continue working part time, which I am still doing 3 years later. I think that was a transition that made the whole thing easier for me, but I am thinking of letting it go. I am introverted also-although I think that just means I want peace and quiet and time to do all the things I love doing.
I retired at 57 after many years of very hard work. I'd simply had enough of people, clients,coworkers and most of all fellow commuters. I didn't know I was an introvert until I could sit still! It wa a huge adjustment and very difficult a first but now I love it!
@@leahferrell3110 to me retire after 40 is already too late. retire at 35 is ideal
Absolutely agree with you. It is heaven for an introvert
@@jcsrst I also retired at 57. After 5 years of retirement, I have never once wished that I was still working.
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.
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
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..
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
On the very afternoon I retired from 45 years of engineering, I drove down to the Bridge to Excellence in my local town to become a tutor and mentor to at risk middle school and high school students. I also help run the cafeteria. That was three years ago. I spend my evenings brushing up on concepts of mathematics and English composition on RUclips. That very Monday at 5:00 pm, I ended my engineering career and started my tutoring and mentoring career.
The Men’s Shed movement, begun in Australia, is excellent for old guys helping each other and helping the community. I’m a retired builder and teach woodwork to our members and make quality wooden toys for the community.
Wonderful - pay it forward, my friend. 👍
My retirement motto is " simple living, simple thinking "! Enjoying a totally relaxed lifestyle. Focusing on my health, and well-being, things that I enjoy doing such as exercising, cooking, shopping, researching online, vlogging, and spending the evening watching the glorious sunset while drinking my favorite brewed coffee followed by late evening 'happy hour' with my favorite chilled beer or gin n tonic, popcorn, tuna salad w/boiled peanuts garnished with chili oil, onions and tomatoes, and olives!
When asked what are you doing nowadays I reply that I am Totally Retired! Practicing the art of doing Nothing but enjoying the Stillness and beauty of Mother Nature and delving deep into myself, contemplating, meditating, realizing how wonderful this world is, and truly appreciating the finer things in life.
Retired for over six years now and my only down side is regretting how much of my life was wasted working for a living.
I retired in 2021. Recognize parts from more than one phase. Enjoy controlling my own time, but have a schedule because I have 4 dogs that depend on me. Often alone, but not lonely. Lots to do. My biggest issue is my physical health started to interfere with things I want to do. The things I did throughout my life have taken a physical toll.
I retired once and couldn’t take it. I went back to work. I am a retired hospice nurse. I worked six more years in hospice and it was the best time of my forty five year nursing career. It depends on how prepared you are, mentally, financially and physically. You MUST stay healthy and in shape physically. After two years I am finally happily retired. Being physically fit and healthy really makes a difference. To my younger friends I say, save more money and eat less sugar.
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.
@@mellon-wrigley3 That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Izella Annette Anderson is my FA, simply do due diligence . You'd find necessary details online to work with and set up an appointment.
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
After watching this talk, I have decided to never retire voluntarily. I am just reducing the hours that I work and that gives me the best of both worlds.
The key to contentment in retirement is knowing you gave it your all in your younger days. Let someone else carry the load. I did my part.
Loss of routine is to be welcomed, not feared. Escaping the daily grind and not being locked into a schedule, is fantastic.
I love this - excellent presentation. I consider myself to be very fortunate. I was able to retire at age 59, and I just turned 70. I've thoroughly enjoyed all of that retirement time. But it may be different for me. I'm extremely introverted, but for some reason often found myself in management positions. Parts of it I loved, e.g., being a resource for individuals and helping them reach their potential. But the rest was exhausting - meetings, being around some people trying to puff themselves up and impress others. I had no desire to try to do any of that.
Then I retired. What a blessing! I live in the foothills of the Rocky Mountains, so I was able to resume my duties watching the clouds and monitoring the mountains - well, because somebody has to do it. I report weather events to the National Weather Service, keep track of the birds, deer, bears, mountain lions, and moose. I'm also blessed with a wonderful wife, two wonderful sons, and two rather exhausting grandsons (ages 4 and 1). I've also done a fair amount of editing of various types and taken apart quite a few old pocket watches (getting them back together is a different issue).
Of course there are some downsides. I'm unable to play guitar and bass (I've played since I was 13) due to severe arthritis in my hands, and I'm no longer able to enjoy boating in the Great Lakes as I once did due to issues with balance - I'm not too eager to fall overboard.
I have no problems with being alone (I'm never lonely) and "squeezing all the juice" out of the quiet and beauty that surrounds me. And I still keep in touch with friends from my younger days who are important to me. We just pick up our relationships where we left off.
My family has always been more important than my career, and I think that's what helped me prepare for retirement (though it did not help my financial progression). I also developed many interests and hobbies outside of work. I certainly understand and know people who have had problems adjusting to such a major life change as retirement. But hang in there and listen to the excellent advice presented by Dr. Moynes - you'll get to Phase 4.
PS - Apologies for the long post; the words just came flying out of my fingers...
Thanks for the talk. I'm completely happy at this stage of my life with the situation
I'm in.
👍
Hi - I enjoyed reading your story. I'm recently retired 71 and truly enjoying it too. Onward!
I really enjoyed reading this - thank you.
Yes. I agree with your point of view. Retirement is a phase of life to sit back, relax and enjoy life by doing nothing
Retirees facing financial challenges often couldn't save enough during their working years. Retirement decisions play a pivotal role. Despite my parents having similar years in civil service, my mom invested with a wealth manager, while my dad relied on his 401(k). As a result, my mom retired with approximately 3.7 million, whereas my dad retired with around 1.4 million
I believe it's something I should pursue, but I've been procrastinating for a while. I'm uncertain about which firm to choose; they all seem similar to me.
You scammers are relentless! Anything for a buck right...
@@usa91bYes and YT does not seem to care.?! You can report something and an hour later or less it is back.?
How much of your mom's money did the wealth manager retire with?
Never a worry for me. My husband had numerous hobbies…physical ones, brainy ones. Still downhill skied in his 70’s, sailed, Tai Chi….astronomy, RC gliders, and MORE. At 78 a brain aneurism took him suddenly. He went out on a high….active, doing what he loved. I’m the one that’s dealing with loss. I’m 85 now and life seems to be one long exercise in letting go.
shirleyclemmer3: Your husband seems to have been such a positive influence in your life and he’s still in your thoughts and therefore still by your side now. Consider carrying on his legacy of vitality and positivity with your own twist/stamp on it. Wishing you well.
Weeeeell ain't that special.
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 determines a lot of things, my parents both spent same number of years in the medical field, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.
You are right. 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 profits over the years, but at least I’m earning more. I’m making money even before retiring and my retirement funds has grown way more than it would have been with the 401k.
It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through a financial advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.
I really need help, please. Can I ask who the financial advisor you work with is?
My CFA ’’*vivian jean wilhelm*’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
vivian jean wilhelm is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I worked in a very toxic work culture but was too terrified to look for another job---the pay and benefits were terrific, and both my boss and my (now ex-) husband kept telling me, "Who'd hire you?" Finally, at age 67, I was downsized out. After awhile I moved into a seniors facility that is like being on a permanent cruise. I've been retired now for almost 9 years and for the first time in my life I'm actually happy. I feel like I'm "resting" from all the bad stuff in my life, and there was a lot of that. I no longer care about "finding meaning" in my life. The thought of working fills me with horror. And frankly, I STILL can't wait to get up in the morning. I do what I please, when I please and with whom I please. There is no one to get approval from any longer.
Kudos to you! The relief you must feel waking each day knowing you don't have to tolerate insufferable people (bosses, former mates, etc). And here: "I no longer care about "finding meaning" in my life,"
Sounds lovely!!
Western society, particularly in the US, puts so much emphasis on 'doing' and 'producing' that it is no surprise some struggle with retirement and seek to confirm their self worth by 'doing something' even in retirement. I have been retired for about 5 years now and notice that with some retirees there seems to be a competition to show who is more active or doing more charity work, etc. Kinda the same as when they had their 9-5 jobs but just without performance plans. I do agree establishing a routine is beneficial in retirement. For me it is pretty much daily exercise, yoga (including mediation), trying to learn spanish, cooking, etc. and some volunteering on the side. There is a huge mental component to being OK without 'doing stuff' to prove your self worth. It is so great being able to do what you enjoy without the hassle of trying to squeeze it in around a 9-5. But I think I am most happy when someone asks me what do I do with all my free time and all I say is 'just being happy'.
Agree!
Yeah I’ve been retired a couple of years. I do miss the routine and contributing to the broader society but I’m happy doing things for my immediate family for now. I don’t miss dealing with staff and customers.
Great point. Are jobs are more a part of our identity than it should be it seems.
Great perspective! Thank you
Bingo. Yes, I was struck how there wasn’t a single word about deepening own’s own spirituality, or maintaining physical vibrancy. That alone can be a “full time job!” ;)
Just accept that you are not important. Not when you are working, and not after retirement. Just do what makes you happy and be the person that makes you happy.
Yes many of us don't feel the need to feel powerful or significant - it's very liberating
The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you weren't to blame for.it's especially difficult for people who are retired.
Is there anything like proof recession stock? I am 58 years and would like help in managing my retirement portfolio which is currently $1.25M...down from a high of $1.67M….
It's a delicate season now, so you can do little or nothing on your own. Hence I will suggest you get yourself a professional that can provide you with entry and exit points on the securities you focus on.
@@DarleneMurphy774 True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diverssify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of $550k...that's like 7times more than I average on my own.
@@ThomasHeintz that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.
@@Adukwulukman859 SCAM SCAM SCAM!!!!!!
I am amazed at the number of people in these comments who say they retired in their 50’s or early 60’s. I can’t even imagine a life like that. I’ll likely be 70, or older before I’ll be able to retire. I do really look forward to it.
I don’t think I’ll have any qualms about having a purpose. Freedom and not having to perform for or gain approval from anybody again will be its own reward.
Think of it, once you enter grade school you are regimented, quizzed, and tested. For years. You must win the approval of others. The same thing happens in college. Then, you must win approval to get a job and a chance to support yourself. You then spend years and decades stressing and striving to win the approval of bosses, co-workers, clients, and customers. You spend your life bending over backwards to make sure they’re all happy.
Then finally comes the chance to leave a lifetime of meeting other people’s expectations behind. I really look forward to waking up and doing what I want each day, with no approval needed but my own.
At 8 years into my retirement, I feel no loss at all and I still enjoy every day as much as the first. Living alone and having a broad range of interests, as well as a never-ending stream of ideas to explore, boredom has never been a problem for me. I still fondly love saying that, when you're retired, every day is Saturday. Having never identified myself by what I did for a living really makes a positive difference.
That’s what I say when people ask me how I like retirement. “How do you like Saturdays?”
May I ask? What do you mean by never identifying yourself with what you did for a living? Care to explain, please.
@@teresitaabad2962 Sure, Teresita. It's quite common, especially with men, to derive ther identity from their work. In other words, for example, I was an architectural/engineering draftsman for 31 years. That was what I did for a living, but that is not who or what I am. I have always had many other interests and I identify myself more with those other interests (artist, photographer, writer, etc) than I ever did as a draftsman. What I did for a living was not who I am. Men (some women, as well, I would imagine) are in the habit of answering the question, "what do you do?" with whatever their occupation is. This is especially true for professionals, like doctors or lawyers. So, many men's identity as a person becomes an extension of what they do for a living. When they retire, they go through a crisis of identity because what they are is wrapped up with what they do. It can be unbearable for some men, as their whole life IS what they do for a living. I've never had that problem. While I was making a living as a draftsman, I never answered the question, "what do you do?," or especially, "who are you?" with the name of my occupation. Now, in retirement, I think of myself as a photographer more than anything else, even though I've never made my income from photography.
Wish I was like you...I'm bored and went back to work parttime.
Retired from USAF last year. I'm finally getting used to not waking up at 4:30 am. I travel for a year.
Great video, Another factor to add is Do they spend a lot of time planning their financial future? The majority of people do not engage in planing for their future
You missed the whole point of this video- He explicitly says this not about financial planning. My father had a great financial plan, but once he got to phase 2, the loss of connections, routine, power, etc, he sunk into a depression and ended his life. He had plenty of money, he didn't have connections or sense of purpose. He would have been better off working until they took him out of his office on a gurney.
Lately, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $800K in the stock market, experiencing fluctuations without substantial gains.
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management
Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
A month ago I placed a comment on this, and advised that I'd had around 75,000 views on my on videos of Retirement. Today, I can tell you I now have around 86,000 views and over 1,000 subscribers. This is not only an indication that I'm succeeding in my aims for helping more people (I'm 87 and have been retired for 28 years) but there is a huge demand for this sort of subject matter. Keep it up, Riley. People need you.
I retired less than 2 months ago and am already in Phase 2. Had no idea of the mental challenges I'd feel. This talk was perfect medicine for me to keep trying until I re-find my place.
Yes I am over 2 years retired but due to covid and isolating it's tough to get out there. Travel by vehicle has been great but I am still struggling with anxiety regarding getting on a plane. So more travel and finding more community are my goals for 2023. It;s definitely a process and to keep trying new things and new people with similar interests. I think you can go from one phase to another and back again.
I retired at 56 and my advice to everyone one is retire as soon as you can life is too short you never know if you will be here next week stop saying I’m gonna…… do it
it was one of the best and easiest things I
have ever done
Phase 1: Vacation phase, lasts about 1 yr 3:45
Phase 2: Loss and lost, lose the big 5, routine/identity/relationships/purpose/power divorce/depression/fear/decline 4:48
Phase 3: Trial and error, searching for meaning, contribute, failure 6:35
Phase 4: Happy, reinvent, rewire, answer questions-mission, activities, accomplishments, service 8:38
Thanks for posting what should be in the introduction
The post this at beginning and no need for all the waisted air.
Or you go into total decline and end up in a subsidized care facility for the ageing
If I retired I would be sure to go straight into Phase 2, shortly followed Phase 3. Then to Phase 5.
Thank you.
Just what I needed to watch.
My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52.
We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
Find stocks with market-beating yields and shares that at least keep pace with the market for a long term. For a successful long-term strategy I recommend you seek the guidance a broker or financial advisor.
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@elliot985 Please can you leave the info of your investment advisor here? I’m in dire need for one.
@@robertosaviano215 You can do your research and be on the lookout for one with intelligent strategies who'll help your portfolio maintain an unwavering and a progressive growth. Isabel Cecilia Ramsey is my FA. She has the Flexibility & Expertise to Meet Your Needs. Verify her yourself
@@elliot985 I just looked up Isabel online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a call.
I've been retired for twenty years. I'm now 76 and still in phase one. This is where I intend to stay. I've paid my debt to society, thank you.
Good for you. Some people seem to have to be “worthy” or what they see as worthy. I do what suits me. Nobody can tell me what to do anymore. I go through these phases regularly and then move on to another phase and back again maybe. 😂
That sounds like the best outcome …
I began the process of retiring a few months before my 55th birthday when I got a corporate buyout. But I just transitioned to doing work that I enjoyed. I became a college professor, and didn’t fully retire until the middle of my 71st year. But I spent those 16 years preparing for retirement, taking long vacations and traveling in the summer. I was working half the hours I put in during my corporate life. After finally retiring, I spent three years of frequent travel, then CoviD hit. But I had books I wanted to read and other interests, so it wasn’t too bad. The tough part was physical aging. I had physical limitations that stopped my skiing, running and sports activities, I was losing my hearing to the point of having difficulty in conversation and limiting many other activities. 65 to 75 is the “young old” age group. At 76, you are just entering the “old” group, and will find yourself losing activities that you enjoy as you move toward the 85+ “old old” demographic. Even if you succeed in staying in phase one, it will become challenging.
Same here, Meredith. Retired for 6 years and apparently still on ¨phase 1¨. At the beginning I had some sense of loss but it didn't last long. New relationships pop up. New routines are built. Of course, we are all different. Some people have forged their identities based on their jobs and that's understandable. But in general, I couldn't disagree more with what is implied in this lecture.
I love it!😃😃😃😃
I retired at 52 and am the happiest I've ever been. Never felt any of these things mentioned. I slept till noon for a month, just totally exhausted. Then I sat outside on warm days with the sun on my face and said to myself this is what I missed. Loved it!
Yes, I felt almost traumatized after the last few years of teaching and it took months to kind of feel like I had healed a bit. Now it is wonderful and the world is my oyster.
52 ? Were you a lifelong govt hack ? So no real difference between your working and retired days lololol. Sitting around doing very little.
@@matt75hooper Rude!
@@davidgw59 probably doesn't know any better.
My wife and I did very well in the amount of money that we amassed for retirement. Well over 80% of that money was made because of taking advantage of buying high-end stocks at a deep discount during the Great Recession. 2009 I fired the stockbroker got rid of all mutual funds and bought individual dividend stocks. Be patient don't get scared and do your homework and you can make a killing
I'm 54 and my wife and I are very worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, we are finding it impossible to replace it. We can get by, but cant seem to get ahead. My condolences to anyone retiring in this crisis, all those years of work just to loose it all to a crisis you didn't cause.
@@MIchaelGuzman737 I feel your pain mate, as a fellow retiree I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor "Theresa Mary Chamblee'', this year for assistance, and following her advice, I poured $150k in passive diversified safe-haven assets and its yielded $325k so far. Nothing special, just proper diversification and a cut loss and take profit strategy.
I think it's especially difficult for retirees and near retirees, I know to focus on the long term but the anxiety when you're supposed to be retiring in 3-5 years is exhausting. it's hard for me to take part in the market right now due to the fulltime nature of my job. it will be way to stressful to combine so i don't even think about it
I think people who suffer are the ones who don't think about their future and don't invest. Investing has really saved many lives and got people off the streets. everyone needs more than there basic salary to be financially secured. the best thing to do with your money is to invest. Money left in savings always end up used with no returns.
Every single bear (U.S.) market eventually recovered and hit new ATHs, and every stock investor wished they bought more during the sell-off. Buffett bought $600 million more $AAPL during a 3 day sell-off in Q1 2022. The wealthy get this and it's 1 reason they keep getting richer
I wish I had more time for experimentation, but I'll be 50 by June, and I'm looking for ideas and suggestions on what investments to acquire to set myself up for retirement, especially with the looming inflation; my goal is to have at least $5 million by the age of 65.
My holdings were down a lot and I sold at a loss majority of the time, which prompted me seek the service of a coach I found-featured on Bloomberg, she hatched an adjustable system that aligned with my retirement plan and overall goals, it's been less than 2years and I've gained over $830K.
I feel your pain, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $130k in passive diversified safe-haven assets, Up 200k so far and pretty sure I'm ready for whatever comes.
So who is the Advisor that tutored you? And how can I contact them, i'm in need of their skillset.
Lisa Ann Moberly, you can read up on her, she's quite known and her works speaks for itself.
Thanks, I found it. I booked a call with her on her website, her resume seems pretty tight.
I’ve been retired 14 years now and am still enjoying phase one of complete freedom. For each his own.
Awesome advice just what i needed theres gold gems in old Goots
Shallow people would be fine in phase one. Those with a strong drive of purpose and service would not.
@@johnestupido1418 how sad that you would say that. You have no idea what is happening or has happened in that person's life. Don't be so judgemental.
@@petefols153 Actually, in my 60 years of life, I can cut to the chase. But you keep on with you virtue signaling. It is kind of cute in a naïve way.
@@johnestupido1418 LOL your pseudonym fits you well.
Retirement is that period between fading out of relevance to fading out of existence, which is why is bloody terrifies me.
I have been retired since 2003. It is all vacation to me. I spend 4 hours per day on-line, continuing my education, and keeping up-to-date on the latest science. With my freedom, I like to travel, and explore countries, and cultures, and making new friends. No phase two for me!
suuure, why did you click on the video then, LoL
This talk is for people who did not develop and nourish a life outside of work.
I’m 76 and retired from teaching 13-18 year olds History seventeen years ago. I’ve been fortunate to enjoy good health. Retirement has been fulfilling and I’ve never been bored. I’ve done voluntary work with refugees and the Red Cross which has broadened my horizons considerably. I’ve lead tours of small groups to India and elsewhere and I still ride my motorbike to countries like Spain and Portugal. My greatest happiness comes from my grandchildren and family as well as friends. As time passes I’m all too aware how limited it is and am thankful for each day. Sit down and think what you want to do it then do it!
This is definitely a talk one should listen to several times over.
Excellent, excellent, excellent. I’m 73 and 3 years retired. My phase one was Covid 19 so missed the travel year and went straight into phase 2. It was a tough 2 years. Not only the loss of friendships, power, routine etc but the isolation of Covid was devastating. Got thru it and now I’m going to do my Phase 1 this year.
Thanks for you great perspective.
I wish you a wonder~filled amazing phase 1 year!!!
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
pls how can I reach this expert, I need someone to help me manage my portfolio
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her site up and filled the form. I hope she gets back to me soon.
missed these stages, but it did take awhile to get used to getting a check every month without going to work. Am used to it now. After 20 years of retirement, I have no complaints. I have a great wife and life. Am blessed for sure.
Seamless: the way it should ideally be. Count your blessings b/c you are the exception to the norm.
What's important to prepare for retirement is to develop interests in things outside of work so you know what you can do in Phase 4. If you are a workaholic and don't cultivate genuine interest in non-work endeavors, you'll flounder in Phase 4. In fact, if you're really passionate about something other than work, you can skip phases 1 through 3 and go directly into Phase 4. I developed a passion for making music with my ukulele, singing with a ukulele club, in the latter years of my work life. So when I finally quit my career, I found a senior center that had lots of activities but not ukulele. I started a ukulele club there and taught other seniors how to play and sing and have fun together while stimulating their mind, exercising their lungs, and retrieving their memories of songs they used to love listening to. I still get a lot of joy from teaching the seniors music with the little ukulele. If you don't have a clue about what you'll love doing in Phase 4, watch some videos on RUclips to explore the possibilities. That's how I got started with the ukulele.
Baloney. I'm 74 years-old and retired 16 years ago. I'm still in phase 1 and couldn't be happier.
This comment made my day! 👏👏👏
A fellow dog walker and weed whacker.
Chacon a son gout!
So you think that what is baloney for you is baloney for others? Thanksfully, for society's sake, some of us need a purpose in life beyond our own pleasure.
I am 75 years old and 10 years into retirement. All of it spent in phase 1 with a smattering of phase 3. After a working and personal life of service to others, I'm done with that! I'm the focus of my 'service' now and lovin' every minute of it! But I am glad you have found a system that works for yourself, too.
I saw this on Pinterest and wanted to reply but comments are turned off. I retired early during the pandemic and don’t regret that a bit. Before retiring our kids had left the nest so I did the loss thing. Shortly after retirement our parents passed away and a parent moved in with us. During all this we’ve continued to travel and enjoy life. Everyone has a different experience no matter how much we try to plan. Mahalo!
At 61 with 62 approaching, I found this a really wise and practical talk. Thank you.
Love this!
Articulate! Emotional! Humorous!
Above all, it's about restarting one's life when "work" is over.
No work is over,you can never stop acting, your faculties continue to perform so never remain idle, the mind travels fast you need to reinvent
Company bankruptcy forced me into early retirement, but only by a couple of years. Then COVID struck and stole my first two so-called years of "vacation." Pretty much stuck in one place, no big travel...some retirement! Then kidney cancer and surgery struck and stole a sizable part of my third year of retirement. The C word will make you dust off your will, just in case. So, my warning to all of you is retire as soon as you can. Sooner rather than later. Don't Wait! You never know what the future holds, and it will undoubtedly hold things you have absolutely no control over. I've certainly not gone through any phase two sense of loss (well, other than that kidney thing.) As I tell people, the only time I miss my job is on the first and 15th of the month!
My $400k retirement account has gone up only by 2% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 22 years of working hard.
Do you plan on retiring before 59?
That is what determines it for me. I switched to cash flowing assets because I wanted to retire early
Generally speaking, a good number of people discredit the effectiveness of financial advisor in planning for retirement, For over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.
Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find her webpage and necessary details to work with to set up an appointment.
Thank you for sharing, I must say, Jennifer appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.
We both retired in late 2019. Moved south. Phase 1 was quickly destroyed & we spent almost 2- years at home with only each other. 🤯
Life is starting to finally grow into end of phase 3 & into 4. Yay. Great talk. Thank you.
I retired at age 53 and have been in phase one for the past four years. I'm sure phases 2-4 will happen sooner or later. They're penciled in on my schedule for whenever!
This was very good. However, I think one phase was overlooked. I’ll call it the Caregiver Pause Phase - experienced more often (but not exclusively) by female retirees. This is the phase where you are forced by desire and/or obligation to pause your natural retirement flow and take on an unpaid difficult and exhausting job of managing the finances and/or healthcare of elderly parents or other relatives. It can entirely interrupt your retirement for months or years, and depending on numerous factors it can be a blessing or a burden.
Just surprised he didn’t mention it!
NAILED IT, Martha! 👍
He didn't mention it because he is not a woman.
Or your spouse!
Yep. I didn’t get that freedom of retiring. I was so looking forward to it.
That is a really good point. I know many women including myself who ended up in that situation.
I retired at 55, 4 years now, and while I think this presentation is excellent, think that retirement is nothing to be scared of. My experience is that you are ambitious at your own pace. I personally think it takes about 2 years to change and no longer identify with your old career. You forget about your old rivalries and past measures of success and learn to form a new identity that is much more suited to your personality. I would say follow your interests and you will be far busier than ever - but only as much as you choose. There are still days where you can feel overwhelmed and perhaps lonely but you can reach out and fix it pretty quick - and it's different when its up to you how you spend your day. I have an airbnb to keep me busy and engaged. Its a great solution if you have a property and a little time but don't want to be accountable to a boss any longer. I only wish I was able to retire about 10 years earlier! No regrets what so ever!
I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow into something substantial that I might use for retirement. I just here for ideas
At a point like this, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2022
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2022
Your advisor must be really good. How I can get in touch?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’AMBER KAY WRIGHT” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
What an amazing talk! I'm new to retirement and have been through the first 2 phases, dabbling in phases 3 & 4. It is so helpful to see that I'm not weak or undisciplined by feeling as lost as I was (and still am at times as I do trial and error)! Thank you Dr. Moynes and TEDtalk for sharing this!
19+ years of phase I and still loving it!
Retired for 8 months & it has been life changing. Now sleep a deep 8 hours every night, eat so much more healthier than I ever had in my entire life with a 40 lb weight loss, and doing whatever I want, whenever I want. If this is all there is to retirement, then that's fine with me. As long as you have your health & enough brain cells & money to survive, retirement is heaven on earth.
God said you're not supposed to retire.
@@steveletro4252 The Lord Jesus Christ.
@Ian The existence of Jerusalem proves the existence of God.
@@davidlafleche1142 First, define retirement. Are you talking about laziness, or financial freedom to determine how you spend your time? I think that is a significant distinction. Second, chapter and verse, please.
@@paulplant7956 God says man must keep working until he dies. We can take a day off, take a vacation, etc.; but retirement is a sin.
My phase 4 is my grandchildren. I am giving myself to them for as long as I am able.
They are amazing people to spend time with.
@@donaldgossett1736 AND help keep you on your toes, physically and mentally.
lucky
I'm almost 60 and I have been watching a lot of videos about retirement. This has been the best one yet! THANK YOU!
That's pretty early if you think about possibly living to 90 or more, but if you have a lot of friends and other interests in your life-enjoy!
Spot on regarding the 4 phases of retirement,i do contract work and live abroad some of the year so i understand the need for doing something each day so you don't get bored or depressed.Sometimes i get up and i don't know what to do but often i find something to do in the mornings so the rest of the day i feel better having done something.I am considering retirement as soon as possible so i have alot to think about!
Good talk! I’m 5 years away from phase 1. My wife and I have only focused on the financial aspects and haven’t considered the "loss of purpose” aspect of retirement.
Retired 5 yrs now, I’m either permanently stuck in phase 1 or skipped to 4 with 1 being my definition of success and happiness! Enjoy every minute of retirement!
That's great! It's been over 2 years for me and I have not hit phase 2 yet. I didn't over-identify with my job or think that it was my life's purpose; it was a means to an end with some satisfactions along the way. My routine was grueling and I don't miss it. I miss some of the people from my last job but my primary relationships have always been outside of work. And for me a sense of power was not applicable in my job. Who knows, maybe phase 2 will hit at some point but I am not there now.
I’ve been retired 14 years now and am still enjoying phase one of complete freedom.
Me too, though I feel guilty sometime that I shall do more . I guess it's becouse I always prioritized so much when it came to my personal life
Hey Carol, good for you !
Funny, I just posted pretty much the same thing before reading your comment..
I’ve heard people talk about the 4 phases of retirement, and it makes sense. The early years are so different from later stages
The first phase is when you're newly retired and still active-what do they call it, the 'go-go' years? You’re traveling, enjoying life, maybe spending more than you planned. It’s exciting, but it’s also when you’ve got to be careful about dipping too much into your savings
By that time, you’re probably spending more on healthcare and less on fun stuff. If your portfolio isn't balanced and ready for that, you could run into trouble
I actually sat down with my financial advisor a few months ago to talk through these phases. He’s been helping me figure out how to shift my investments as I get older without losing too much potential for growth
I hear you. That’s why I went with Joseph Nick Cahill. He’s got over 20 years of experience, and he’s seen all sorts of market cycles.
He’s really good at helping people transition through each phase of retirement, making sure your portfolio is not only stable but growing where it needs to
I love being retired too. 3 years now. I'm form china,Three years ago, I began to learn English, so I’m comfortable and never get bored.I enjoy the quiet and simplicity.I like to watch all the information on youtube, and now I start to slowly reply to the information, but also in learning, learning in entertainment.Have time to do what I love.
Thank you for your honesty. It has helped me through my difficult Phase 2.
It''s not about doing; it's about being.
A friend was about to retire from 35 years as a professor and was full of anxiety about what he was going to do. This is a man who played golf weekly, painted, tended a beautiful garden, had a wonderful marriage, 2 children with 3 grandchildren, and numerous other interests.
So I said to him, "It's not about what you are going to do; it's about who you're going to be.
Two years later I bumped into him and he was happily retired, doing all the things he had previously done. The difference was he had reshaped his identity.
I retired at 60 after 4 decades up on the northeast moved to Florida near the beach. Transitioned directly into a combination of phase 1 and 4. 5 years later I am enjoying my reinvented life. Started my own sole proprietor stay at home virtual business, financially productive and plenty of time to go on vacation to new places with my wife or travel to visit and enjoy our grandchildren. I must confess, I have no idea of the meaning of the terms depression, anxiety or identity crisis.
Health is my greatest wealth.
Thank you Lord.
I retired at 56 after 35 years as a nurse. That was almost 5 years ago. I work part time to keep my sanity. You simply cannot sit around doing nothing. I dabble in learning new instruments, restore pianos, drive as a courier and raise my young daughter whom was a complete surprise. Just having the opportunity to do things that was not possible when working has been wonderful. I never had many friends before retirement, I don’t miss having friends. Most of my family and closest friends throughout life have already passed away. It’s important to get out there and make new friends. My oldest daughter is pregnant and so will be my first grandchild. I am excited to become a grandfather. Life is a series of phases and always changing. The alternate is death, and I’m just not ready for that just yet. I have many family members waiting for me in the next life. I have had a strange good life. Certainly not the path I wanted, but how many of us really get everything we want in life?
I retired at 50 which was 3 years ago. I haven’t experienced any negative phases. I love it!
I am 75 years old and 10 years into retirement. All of it spent in phase 1 with a smattering of phase 3. After a working and personal life of service to others, I'm done with that! I'm the focus of my 'service' now and lovin' every minute of it! But I am glad you have found a system that works for yourself, too
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 $900k, 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.
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.
@@hunter-bourke21bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Wright promptly do a web check where you can connect with her *Gertrude Margaret Quinto* and do your research with her full names mentioned..
My needs are kind of unique and complex. I'll contact her nonetheless, and I hope I'm able to make something out of it.
I’ve said for years “no one teaches us how to retire” thank you for addressing this issue
I made a study of retirement prior to my own retirement. I concluded that it is essential to exercise the mind and the body and that happiness is feeling good about yourself. This is almost always through service to others. Very well organized talk and I hope many benefit as I have. Thank you.
Thanks for that! And now, get off the internet and go for a long walk to the shops. And then... plenty of "then" lying around awaiting attention. Excelsior, as one very old friend used to say, at the end of his letters. His parting message to me was "No more books and CDs please, but another 30 pages". (He was talking about the book I was writing, which he was reading as and when I sent him completed chunks). He was 92, and began his second life at 53, becoming a world expert in the subject he most loved.
Right, something I've said over the last few years, my problems will still be waiting there for me when I get home, or get back to them, but helping others with their problems is an opportunity of the moment that I need to take advantage of when they arise.
I retired 11 months ago. Still happily in phase 1.
My identity was never deeply imbedded with my day job, but rather with other things that don’t pay but give me a sense of value and purpose. I haven’t lost those.
I retired 7 years ago. Still in phase 1
Prior to watching this TED talk, I made it to phase 4 by serving others! Serving others brings me so much joy. In my case I lead 5 mile hikes, volunteer at a homeless shelter, baby sit my Grandnephew two days a week, and started a Moms and Toddlers group for the community that I host at my church.
For me the secret was planning and flexibility. I experienced Phase 1 and 2 before retiring: my husband died right before COVID hit and I worked from home until I retired 2 years later. That was an incredible blessing, giving me time to grieve, reflect and think about what I wanted from my new life as a single person. By the time I officially left my job in March 2022, I was ready to jump into Phase 3. Having a long list of options helped me stay focused; I’m enjoying volunteering, yard projects, learning piano, and rebuilding my social life. I’m looking forward to Phase 4 but expect I’ll be in Phase 3 for a long time. Finding purpose is key. In my experience, my friends who are not serving others or staying socially active are the ones who struggle most.
Alisa, your last sentence hits home. My dad and his brother married sisters. So the genetics I would think are very similar. Unfortunately, my dad had dementia for 5 years before passing. My mother now at 88 is starting to show terrible signs of the disease as well. On the other hand, my aunt and uncle who are very social and active do not seem to show any mental struggles.
@@timmartin4952 I wish our society had better systems in place for aging successfully. For me, at 64, I find that staying mentally, socially and physically active helps a lot but it takes effort, planning and resiliency. Remember to care for yourself as you walk through this difficult stage of life with your mother. All the best to you.
@@timmartin4952consider this. Your mum cared for your dad I presume?
In that time of transition she understood he was changing.
Initial normal frustration of a man not remembering what was something he always had none. Frustrated because he blamed her deflecting her accusations because his memory was affected but the normal part of his brain was unaware so of course it had to be her.
The fear of discovering it wasn't kept that going then truth hopped in and he was scared.
She adopted new way of living or got even more frustrated.
She was grieving while caring for him keeping him going trying to keep him as high functioning as possible to keep him with her, to keep from that final separation.
She also has to maintain her own sanity because if not family may force her to do what she fears, separation that will be like a double death for her to handle.
She has to accept she can't expect, well anything of him and she has to let go of the security of when he could do everything automatically.
She has to walk on eggshells to keep him calm and herself too.
She has to walk in his world, adapt to his thinking and lack of and adapt to think for both of them.
So after a time that new behaviour is normal and if he did go to a home then she is left alone and simply keeps that behaviour going because it has become a habit, unconscious and automatic.
She had to stop being normal to survive life with him.
Now perhaps she simply needs encouragement and reminding she is still that other person inside.
The other reason she may indeed be slipping into that other world is because her brain indeed has been trained to go that direction and if they were so close she doesn't care anymore about being anywhere else either.
At 88 normal aging can affect memory and grief caused by loss of him even before death may have triggered her journey or allowed her to merely decide she might as well join him because life without him not worth living.
@@alisab3041 thank you very much. She took care of me and now it is my turn with her. Fortunately, I live very close so I got to help a lot with my dad. Even in his state, we shared some good times and I can look back on those and smile.
@@timmartin4952 👍 my son lives in the same town as I do, and I know we will both help each other if that’s necessary down the line. My friends with kids on either coast and no one nearby feel more vulnerable. Sending you wishes for more sunny days than cloudy ones.
My retirement account has gone up only by 2% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 22 years of working hard.
Do you plan on retiring before 59?
That is what determines it for me. I switched to cash flowing assets because I wanted to retire early.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.
I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "KRISTIN AMBER LANDIS" I've worked with her for years and highly recommend her. Check if she meets your criteria.
Thank you. I came across this video by chance. I took early retirement 6 years ago. Phase 1 with a mix of phase 4 lasted up to last year when my wife of 40 years decided she wanted a divorce. That knocked me back and i now recognise that im in exactly what you describe as phase 2. When i retired i got involved school projects helping kids build airplanes. Being a pilot i felt it a good way to pass on my experience and knowledge. I found it very enjoyable and rewarding and the kids got a lot out of it, especially when i flew them in the aircraft they helped to build. I gave it all up last year. Going through the divorce has not only been a massive hit financially but emotionally as well. Ive almost become a recluse. This video has inspired me. Im going to get back out there and squeeze the juice. Im just about to turn 65, and i know what i want to do, so im going to get back into those projects. Hopefully i have time to do a lot of sqeezing.
Do your best Sir, it will surely be appreciated. God bless you.
Yes, please get out there and enjoy life! 65 is new 45!
The world needs your skills. Please pass them on.
Im in Phase 4!! At 62 im happier than ever! I retired 7 years ago and had to figure out what made me happy!
I have researched on Dr Riley Moynes. He's a business specialist! Wow! And what's even greater is that he has been able to discover what's more important than just financial stability during retirement. Thank you for this, Dr Moynes! I'm not yet retiring, but this has a lot of wisdom in it!
I was psychologically ready to retire at age 16, about two weeks after l started working. 32 years later after a successful career and i still haven't enjoyed a single hour of it. I don't like interacting with people. I don't like expectations. I don't like schedules. I don't like planning. I do like engaging in solitary hobbies that do not benefit anyone.
Same here
I'm 79. This talk is okay as far as it goes, but it ignores the deeper issues that arise beyond phase 4. As our physical and/or mental health is lost, many of us become unable to do very much at all. This is when it becomes important to realize that we are not merely what we do, but what we did, and how we can leverage the limited energies and/or assets we still have left. The great difficulty here is that we may have millions and/or income that allows us to eat, live and do almost anything we wish, yet we are afraid to part with it before death. Ironically, we grow increasingly fearful of the future and reliant upon our own money to save us from any type of future discomfort, even as our future grows shorter and our assets grow larger and more valuable.
At this stage just writing an encouraging note to a grandchild or a brief letter to the editor may represent a full day's accomplishment, but it is something. When even such things become impossible, and perhaps much earlier, we must decide whether we deserve to keep breathing precious air and using up other valuable resources, or whether it is perhaps time to travel to someplace where euthanasia is legal while we still can. Ending life in this way and for these reasons should not be considered immoral, despite the pain it may cause others. They must weigh their own discomfort against the possibly much greater pain of younger people who may desperately need the resources we would have consumed.
The greatest final challenge is making sure that our resources go to people who need and deserve them most. Too many will their assets to pets and frivolous causes, ignoring struggling human beings and the future of the earth itself.
I appreciate your sentiment.
I believe in this too and thanks for highlighting the not so obvious about what's to come
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@AustinWalker67 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@AustinWalker67 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
@AustinWalker67 I will give this a look, thanks a bunch for sharing.
The evolving of a retiree is not linear. I left a high stress job at 53 and took early retirement (with pension). First year was “what to do with myself,” So I focused on self care & lost weight. My husband still worked. So after 18 months I went back to work as a contractor and found a nitch during Covid lockdowns training & mentoring others in my field. After a year my husband had retired (pension) due to illness. My phase 3 was to ready & sell the big house and move across country closer to better Drs. My purpose of caring 24/7 for a sick spouse had expanded now to helping with the grandkids. I am doing what I love & the connection to family and purpose has breathed new life into us both. My husband is now doing 100% better under managed & coordinated care. He was a few years behind me, but now slowly we’re together moving toward phase 4 and seeking out activities like theater, bridge, senior center trips, church. This Ted talk is accurate.
Been retired for a long time, still waiting for phase 2. Best vacation ever. The words "I'm bored" are the most inane words ever spoken. One has complete control over that, short of being in bad health bed-ridden. So much to learn and see and do in this great big country, let alone the rest of the world.
I retired from full time work about a year ago, but was able to stay with the same company in a part time capacity. I've been thinking about retiring completely in a year or two, but when you mentioned the loss of relationships, that was an eye opener for me. I think I'll continue to work as long as I am physically able to.
To my Dad and Mom - I made it thanks to your spirit and guidance and sacrifices! Peace and Love to all who work hard and persevere. To my Grandparents who set the examples they followed.
Really enjoyed this video. I'm considering your advice, because thousands of dollars have been disappearing from my 401k due to soaring inflation, and my concern is where to safeguard and grow remaining cash about $500k+ for the next 2-3 years at no risk. I'd love to retire early and afford a life after retirement.
I may be unable to offer personalized investment guidance, but then I suggest consulting with a reliable advisor to ensure appropriate investment planning.
Agreed, I’ve been investing in the stock market for 11 years now, last 5 years with the help of a financial planner apparently due to the covid-19 pandemic crash. Throughout these years of guidance alone, I've been fortunate enough to 10x my return as a DIY investor, summing up nearly $1m roi as of today.
Could you be kind enough with details of your advsor please?
"Rebecca Nassar Dunne" 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.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I retired last year and thought I would share online advice to young people willing to hear what I had accomplished based on my vast knowledge and life experience. In return, I learned new words.
Retired in 2010. There were so many things I left behind after college that I wanted to pick back up again, and so many things I learned during my career that I wanted to take in another direction, I pretty much skipped over the vacation period. I've been able to serve my daughter in her business, take tons of classes on Masterclass and Coursera, and now I'm in the middle of the most creative period of my life. But I did prepare for this part of it. About 10 years before I retired, I started taking art classes again to catch up on the technology and blow out the cobwebs. I took a year off a 55, traveled and volunteered to give myself a preview. The most important thing is to be prepared, to be interested in life and be engaged.
Aydede
you took a year off, that was the vacation part it seems