That's true! My husband fully retired this spring, but I have to work a few more years due mainly to medical insurance and saving 60% of my salary in HSA/401K/Roth. We've sold our home and invested the equity. We've moved to our dream location and love it. We've become very involved in our church and political affiliation. We are going to Italy next year! If only I could retire now!!
I retired over 5 years ago at age 62. My wife and I are having the time of our lives. Retiring early was the 3rd best thing I have ever done in my life. Getting married and having children are 1 & 2. I highly recommend it. No regrets, no dark side for me.
I looooove being alone! Counting the seconds until I turn 62 and can do my own thing … which consists of hiking, gardening, yoga, crocheting, knitting, quilting, painting, napping and just sitting outside staring at the trees and skies & watching the weather roll in. Ultimately hoping to create enough arts & crafts items during the winter to follow the regional festivals throughout the summer- setting up a table to sell my wares - to be able to buy more craft supplies for the coming winter. Eeeek I can’t wait!! 73 more weeks to go!
I do exactly that since I quit corporate America with 44 about 9 years ago. My husband is still working but with my side hustles (every dime goes into our ROTHs and paying down the mortgage) I am planning on getting him out of his grind once he hits 61. At that point he qualifies for a full pension which should keep us afloat until we can get social security as a bonus. The only time I would consider going back to work is for healthcare and fun.
I quit at 60, 5 years ago. I've gone from 225lbs to 180lbs, fitter than I've ever been. I felt weirdly adrift for several months, but that wore off. If you have hobbies and interests outside of the work world, there is no problem at all filling the time. You are basically financially independent, like the idle rich, but with slightly less luxurious surroundings. I savour it every day. I would cut back to living in a trailer if I had to, rather than go back to work.
Stress kills. Work can be a great source of stress and anxiety. When you are stressed out all the time, your body produces higher levels of cortisol, which can lead to obesity. Obesity cascades into a bunch of associated morbidities like diabetes and heart disease. Good job. I'm lucky my work has almost no stress except what I bring to it myself.
Same here- retired from my stressful job at 60, lost over 100 lbs. and feel great. I walk a neighbor's dog (she has medical problems), volunteer at the Humane Society, and remain fairly frugal. I do have that sense of loss of my identity because it was so tied in with my profession, but do not miss the grind at all.
Going for a Retirement is kinda Stressed too if we are not CAREFUL PLAN...... BUT with Mr. Holy Schmidt channel Everything is going to be fine..... If Even We are Still at Work.... Only when we are Dead then WE ARE FREE....... free....... free.....😂🤣
Do what’s best for you. Everyone is different. I retired early ... at 55, I’m now 65 and it was a good decision for me ... my best friend is still working at 66 and it is a good decision for her...working helps keeps her slim and active and gives her a sense of accomplishment. Working is in her DNA. Playing is in my DNA. The trick is to know what’s best for you and ignore what others think is best for you.
I'm 72- retired at 58- have not regretted it for one second! If you plan right and can keep a budget you shouldn't have many problems BUT life is what YOU make it!
What is so confusing to me is the people who keep working and working until they either die on the job or get forced to retire because of medical issues. I work in the Federal Gov't and I have seen it so many times. Some of them had way more financial security than what they would ever need but they still kept on working. If the average person retires at age 62 they might have 20 years to still be productive and move around and do things they like to do. I just can't understand working away those last 20 years in the rat race. I think they just cannot give up the interaction with people every day and feel like they are leaving their friends.
Due to AT&T downsizing after the breakup, managers were offered early retirement by age groups. I was in the third group; retire in 90 days with some sweeteners including immediate pension (the carrot), or stay and face possibility of being let go, and no retirement until age 65 (the stick). Like most, I took the retirement at age 50, in 1991. I took a hobby job at practically minimum wage for 5 years. It was enjoyable and kept me occupied and off the streets. I was fortunate, I had some money saved. There was NO downside for me.
The exact thing happened to my mother was spent her career at a similar telecom company. They offered her the same at age 58. She didn’t regret it. She is 73 now and happy.
I'm hoping that my company offers early retirement at some point. That would be amazing. I can technically retire at 55 (in 6 years) and start receiving a pension but the penalties would significantly lower the amount I receive. I guess I'll see how I feel at that point. It's nice to at least have the option.
@@dmiller1000 I was heavily into fast motorcycles at the time. What could be better than working for a Honda Yamaha dealer as a parts counter guy? I spent everything I made at the store. It was heaven.
@@CrazyPetez Thanks for clarifying 'hobby job'. Great that that worked out for you. I love ice cream. My first job, which lasted 2 weeks, was working in an ice cream store and it was a terrible experience for me. So that doesn't work for everybody, but it does at a different time of life when you're clearer about what you enjoy.
I retired at 57 in 1999, I could not be happier. My net worth has doubled in that time. I just had my annual physical and my lab values are the best they have ever been. I don't miss work one bit. I can fill the days very easily, between reading, doing a few errands, and taking my afternoon nap, before I realize it another day is gone.
@@swimpenney Isn't that a fact. The nicest thing about retirement is no schedule. Yes sometimes one has an appointment you have to keep, but most of the time is yours. You eat when you are hungry, sleep when you are tired. Live is great.
I retired at 57. Biggest costs are healthcare insurance and real estate taxes. If people have been prudent, there home should be paid off or nearly so, so a large expense is gone. If you can keep your liabilities in check, you should be in good shape. Hopefully you have participated in a 401K or IRA and saw market appreciation and can live off that. I don't miss the corporate world at all. Just do thoughtful planning and you will be ok.
Killing it! I'm putting kids through college, although I've planned for that, but the healthcare is the one that keeps me up at night. 54 btw. Any potholes that you've stumble upon?
@@jpack67 Totally agree! We would retire tomorrow at 50 if we knew that we could obtain affordable, quality healthcare. That being said, we're going to gut it out for a few more years to get a bit closer to 65.
Can’t wait to quit the game. 4 years away, I’ll be 62. I don’t think I’ve been bored a day in my life, single and always lived alone. So much I want to do, doesn’t take a lot of money but I need the time.
I retired early at 45. Went back to work 16 months later because all I wanted to do in retirement was travel, and Covid stymied all those plans. Not once, not a single time did I miss being around co-workers, office intrigue, and managing employees. My wife and kids and large extended family were more than enough. I went back to work and am 2 months in now. The stress and frustration is raising my blood pressure big-time, and I don't have nearly as much time nor the energy to wake up before sunrise to exercise so that I can race home, shower, and scarf down breakfast in order to be on time for yet another unnecessary 8am Zoom meeting. I felt much healthier, happier and balanced in retirement. And working when you know you don't need to work is really difficult. The 'give a schmidt' factor is low unless you're lucky enough to work in a job that aligns with your passions. Unfortunately, I'm not. Early retirement and the freedom and flexibility that come with that was much much better. I'll be re-retiring before the end of the year
Hate those unnecessary early AM Zoom meetings, especially when they require you to turn the camera on. At least it's better than going into the office and fighting traffic 5 days a week. I wish I had started thinking about retirement earlier. I'll get there eventually I guess.
Retired at 57 moved from nyc (30+ years) to portugal. Was able to retire debt free. My wife is older than i so we wanted to enjoy the time while we both could. Always have been able to keep myself active and entertained so the transition hasnt been that difficult. Since retiring i realized how burned out i was. Enjoying a comfortable financially stable life in sunny small town portugal. Love the videos. They both give me good ideas and validate we are on the right financial path.
I think that the social downsides mentioned are really only relevant to folks who have defined themselves via work. Develop a plan for your social needs - introverts may not need to develop a lot of social plans. Planning for early retirement (having cash as well as a 401K) and making sure to address the social aspects are important.....I am loving early retirement and the freedom it offers...but I think Schmidt has some good things to think about in terms of social planning.
I’m already always alone. I live alone, I sleep alone, I work alone, I eat my meals alone, I play alone, I travel alone. I vacation alone. My life is alone
Same club ! Approaching the end of my working career. When I retire really do not want to work. I'll stay physically active & there are places I want to see. Not so early on retirement for me as it might come down to my investments working that will steer my retirement age.
@Mark Sweet There are millions of us just like you. I am not anti social but I a very private person. Tired of people getting in my face or asking nosy questions. I am happy alone and prefer having a pet over people. I don't have to answer to anyone. My days are busy even when I am off.
Being alone is FREEDOM. I do what I want when I want. I don't have to please anyone but me. I have long conversations with my best friend - ME! There is NO possibility that I will betray myself.
Retired on my 46th birthday 7 years ago. I don't miss working at my former job whatsoever. It was an interesting chapter of my life but one should always be looking around the corner at the next opportunity. If you are unimaginative with no interests then you should probably keep working. For the creative and curious among us it is heaven. It helps too if you are introverted as I am. The reality is that your friends didn't have time for you while you were working either, unless you took lunch together or something along those lines of activities centered around work. These people will disappear for the most part once you retire but they never would have entered your life if you hadn't been forced to work along side them. Some will stay life long friends and those are the only ones that count anyway. Not many though so be prepared, but you will have many opportunities to meet new people once your days are free if that is what you want.
I’m 72 live in a different state than my old friends. But most are deceased anyway. Your health is your greatest asset. Soo I work 12 hours a week and mostly sit. Couldn’t be happier. One good female friend to do lunch.
Great content. I have found so much fulfillment in early retirement. I am grateful for my many years of state service which afforded me the opportunity to retire early. Now as an evangelical entrepreneur, I am doing what I genuinely want to do and showing others how they can do the same. Be Well, Live Free and Prosper!
Someone who has made it to retirement only needs to make some adjustments to their new life. It's not going to be like it was. That's the reason why you retired. It was the freedom and independence to do exactly what you want to do. Staying active and healthy in different ways than what you did in your work life is the secret. All the things that you were afraid to do because of money constraints have now opened up to you. You can be an artist and not starve. You can be a writer and not starve. You can take on work you enjoy. You can pursue hobbies. Those who can retire are blessed and just need to adjust and take every advantage of it.
I was forcibly retired. Having less money to live on was the only challenge, and I found ways to get past that. Finally having time on my hands and not having anyone ordering me around was like heaven. I keep busy enough, doing things I consider important. That includes some volunteer work. But only as much as I want to do.
Upon retirement there is a period of adjustment. Make it work for you and look for that happy medium. For sure Mondays will be so much better. Don’t second guess your decision just move forward.
My current thinking is to do a _semi-retirement trial_ (at some point in the future) and work part-time hours for a while. That's mentioned @9:10. It seems that part-time work/consulting, writing, etc. at something we love would provide most of social and structural live benefits (and some extra $) but leaves plenty of time to invest in new hobbies, relationships, and interests. I'd have a hard time working 40-50 hours a week and then just stopping completely all of the sudden.
Covid shut my office down overnight for 3 months. Every work related ache & pain disappeared. Got a good night's sleep every single night. I never felt better. Was busy every day. Never bored......The first week back to work, I was all stressed out, the work related pains came back overnight, I'm stressed out all of the time, not getting enough sleep, aggrevated etc.....I will have no problem going cold turkey leaving for retirement....but chances are I will need to work part time for money.....If it don't need the money, I'm done. My job is too hard and too stressful.....Everybody' s retirement scenario is different.....
You mind find that in semi retirement, if you just cut back your hours at your existing job, or do the same job on a consulting basis, that you're still mentally immersed in it. A friend continued in an engineering job on a part time consultant basis but found he was still mentally connected with the same stress issues. He had to quit in order to fully disconnect. Better to move to part time work in a job that is something fun to do but, as is typical of "paid to play" occupations, doesn't pay as well.
I retired recently at 63. The dark side is I had planned to spend my retirement with my wife but we got divorced. It's hard when you don't have a partner to do things with. My kids are in their 20's so no grandkids yet. All my friends are either still working or have fallen away since they are couples. Then covid came along and really stopped my plans for travel to see family. It's still better than working at a job you're not passionate about, but it can be lonely. I am in excellent health, have money and am told I'm good looking and don't look my age I don't feel it either. So I know I'm blessed in many ways, I just need to find a purpose, some more friends and it would be great to find a companion.
The best friend you will ever find, is yourself. Learn to do things by yourself and you will be amazed at how much you will grow as a person. Our society seems to stigmatize people who like to spend time by themselves as “ being losers “. Actually I think it’s the other way around. If you are unable to do things/ or have a good time by yourself, then YOU are the loser of your own company.
Loneliness in retirement at 3:30. A person I used to work with is now 80. She said the obvious thing is how many people are dead from the office. They usually started dying around 68 or three years into retirement. Most are in their 70s when they die. By the time you hit 80, there are fewer people around you worked with. As for friends they seem to all be dying after 75. So if the retiree is 80, they've lost at least 3/4 of their friends.
All this makes sense to me, as I approach mid 50’s, all I want is the financial security to be able to choose what I do for work. I don’t want money to have to drive what I do
I retired as soon as I turned 55. I’m 62 now and I don’t regret it at all. I do work part time at a high school just walking around and talking to students as security. I have no stress and I look forward to Mondays when I used to dread them. I say if you can do it then just go.
You are following a couple points of his advice. You found something that keeps you socially engaged, and you also have an economic safety blanket. That’s one reason I plan to keep working at least part-time.
I love retirement! I retired 6 years ago when I was 60. My blood pressure is the lowest it has ever been. My doctor has gotten me off 3 medications. My time is my own and I can do whatever I want when I want. I've never been a social butterfly and I do alone really well. I keep busy with hobbies and reading and I am the happiest I've ever been. I left the rat race behind. My recommendation to young people is to get out of debt, stay out of debt, and save and invest money so you can have a great retirement too.
I wish I had learned that when I was younger. I wasted a lot of time and money on frivolous things. Fortunately I did eventually figure things out when I hit 40 and plan on retiring at 60 as well. It's good to at least know the end is in sight.
Great topic and spot on. Isolation is the biggest issue hitting retirees. Its not finances...To survive anyway... In 'merica', there are numerous financial safety nets. No one in merica is eating cat food... Wes Moss has a book that talks about having a minimum number of core pursuits. People above that minimum are happier. Thus, if your job was your ONLY core pursuit, youre likely to find a gap in purpose once you retire. Point is, like you said, you need to go into retirement with something other than your job to lean on.
This is why I'm getting a camper van, and I'm going to travel. I'm going to do the cheap slow travel, BLM land type stuff. I will be hiking and biking. Love it. The first thing I will do is buy an America the beautiful lifetime pass. I have wanderlust in my blood.
From what I've seen that usually lasts about 3-4 years for most people. But, it's good to get that out of your system and then move on to the next thing. Life is short, fill that bucket list.
@@glorgau There are so many places, Alaska, Canada, I want to ride my bike along the Erie canal, I want to do the key West bike ride. Maybe my first year out I'll hike the Appalachian trail. There's just so many things on my bucket list....
I retired 2 months ago at age 55 1/2. I haven't regretted one minute of it and don't miss work one bit. No schedules (other than family obligations) and no deadlines.
Retired from public education after 34 years. I was 55 at the time and in 3 months knew I was getting too much couch time. Got a second career job with a non-profit after volunteering at their facility for 3 weeks. I collected my teacher pension and a pay check for 5 years until I left that job to attend to my mother-in-law who was dealing with dementia. I loved teaching (not bureaucratic nonsense) and I loved working at the non-profit. Meaningful work, community work. When I I started playing pickleball and attending to my house that had been neglected while I was working 6 days a week while teaching. The physical labor and activity was cathartic and therapeutic. I have more friends now than before I retired... Other retirees that play pickleball. It does take planning and saving. We have not touched our 403(b) and live on pension payments and SS. Everything has a dark side, and a bright side as well. Plan, prepare and enjoy.
While a lot of this is true, it's only true if you already sold your soul to the workplace. There's a LOT of things to do besides going to the gym or walking the dog. There's hunting, fishing, gardening, travel, fixing/customizing cars, building computers, playing computer games, volunteering for charity, political activism, hiking, boating, shooting guns/bows, sleeping in, brewing beer/whiskey, learning a trade, doing side hustles for extra money, painting, sculpting, yoga, martial arts, going back to college, making videos, photography, knitting, sewing, woodwork, welding, blogging, writing novels, bicycling, motorcycling, baking, cooking, getting another degree, golfing, flying, etc. I'm very gratified to see so many early retirees generally feel the same.
a lot of those things cost money... Retire before 65 and your cost of insurance is directly related to how much you withdraw to live on. So it is a double edge sword. Spend a lot and your health insurance is going to cost more.
I really dislike "one size fits all" kind of scenarios. Each individual has its own unique situations and challenges in retirement. Some early retirees have pensions and able to retire before the "norms of society".
I retired at 40 that was 26 years ago the secret to retirement is you only have to do one thing per day and you get to choose anything you want to do !
Jeff…you outdid yourself on this video!! Totally nailed it and unbelievably insightful!! I’m 64 ..still working but heading towards retirement when this huge renovation of Penn Station and the surrounding areas of Penn Station ( NYC ) jobsite ends. I think I’m going to ease into retirement and not just shut it all down … I’m tired Shot Done But I understand that just walking away …is probably not healthy for my body or brain I’m in excellent shape for the age I’m at but I can’t keep going with 10 hour work days much longer I’m exhausted lol I am going to ease up within the next year and go 2 days on …5 days off .. And then call it totally quits when 66.5 happens.. I’m done ..and have way too many interests to get to Great video Jeff!
He brings up some very good points, including cognitive decline. I have personally witnessed that phenomenon in people who have been retired for as little as 6 months. In one case, we tried to recruit someone back to work part time after a year of retirement. Despite needing his skill set & experience, we ultimately decided not to hire him because his mental decline seemed quite dramatic to us. Of course, we did not tell him this. Overall, it was a very sad and sobering experience. It just goes to show the importance of keeping your mind & body active when you retire.
What’s sad is that you didn’t consider that his cognitive sharpness with interaction would increase and that you would have enjoyed his experience. He was blessed to not have to work with such “smart” people again.
@@deanpapadopoulos3314 - Yeah, maybe. Or maybe the damage was already done and then we'd have to eventually let him go -- which might have been even more traumatic. Or continue to pay him a salary he was not really earning to spare his psyche. Both were bad options, so we passed. We are not there to be therapists for our employees. We are just people trying to run a biz-- which is difficult enough under the best of circumstances. If you disapprove, then....guess I'll just continue to not value your opinion.
I do get his point. I retired due to a good package the company offered, that’s was during covid, then my spouse died. No one came due to the epidemic, my family is in another state. It was horrible and I felt very lonely. But I picked up the pieces and tried to look at the positive side of my new life. I feel better now, but it was a tough road. However, I still would not want to go back to worker, ever!
I quit at age 65 because I found out I wasn't wanted anymore. I had no idea I wasn't doing a good job. I never developed any hobbies, and now I am depressed and don't want to do anything. Don't quit unless you have something else to do.
Good words and very commendable level of honesty. I have seen this comment so many times across the channel. One good point that someone brought up was that they picked one thing they were excited about and started planning it. It might be a December trip or a small business they want to build. Once they got into that they planned a second and a third, eventually they were able to set up so much good stuff on the horizon life looked completely different.
I retired to an old folks home. I was talking to a lady resident there. After a bit, she said, "Four times have I blushed in my life. The first time was the first time I undressed in front of my husband. The second time was the first time I undressed in front of my lover. The third time was the first time I got paid for it. The fourth time was the first time I paid for it." I replied, "Only twice in my life have I blushed. The first time was the first time I couldn't do it the second time. The second time was the first time I couldn't do it the first time."
I am setting my goal to retire at 62. I'm 52. My house, truck, another house, I have v.a. compensation coming in, I paid off all other loans, I did buy a new tractor and some implements for gardening. I have a wood and metal shop for projects. I have about 9 years to accomplish my new goal....retirement. I have worked since I was 16. Pleasing others. It's time to please myself. My advice to everyone. Pick a main goal and several smaller ones and strive to meet those goals and retirement won't be as dreary as described in the video.
Hobbies, volunteering, joining social activities, dance bowling, art, sight seeing, music, helping homeless church need I go on there is always something to do!!
The daily workplace became so TOXIC with truly mentally unstable narcissistic personality disorders, etc., that early retirement is the largest blessing ever! So much more control over the day and mental well-being.
I retired at 55 and just didn't want to be part of rat race. He hits on some of the issues. I'm a widower and sold my home and moved abroad. It's a challenge to do this alone. But I am happy being by my self. It's now 5 years later and live mostly abroad. It's cheaper and I'm much happier now than in any of my working years. Find your path and have a plan. Be safe.
Thought provoking. Now that we've seen the "dark side" of early retirement, perhaps a great companion video could be titled "Trust in the Force" of "How to live your best Jedi Retirement. Each of the points that you make about the dark side has a corresponding strategy to mitigate that risk. For example, ideas of developing a new social network is a strategy for losing work friends. Another could be the idea of volunteering to keep mentally and physically active, etc. Always good to end on a positive!
I retired from my full time employment position at 57. After a year I got bored, (you can only repair your house, visit places, watch tv, etc. so much before that all becomes a little mundane). So I started my own business and at 70 years old I’m still going strong and golfing on a senior mini golf tour during the summer… life is good!
I retired 11 years ago at age 55. Best decision of my life. I bike 1000's of miles per summer. Ski 50-100 days per winter. Learned to sail and scuba dive. I suspect that if you are in the scenario described in this video, you had no life or passions before you retired.
My wife who is very well off convinced me to retire at 55. I have many interest skiing, mountain biking, working out, backpacking etc. The issue all of my friends were still working. No one to do this things I love. I went back to work and I will retire in couple of years. Backpacking by myself was just not the same as it is with my friends. In a word I was often lonely.
So true! I was forced into early retirement due to a medical issue. I was planning on working for another 10 years at least. I’ve had reinvent the wheel for a lack of better word or phrase. So I’ve been working on developing a cut flower garden and hopefully a vegetable garden. It’s not easy physiologically, your worth and contribution was based on your working. I also now have to learn to live on 900 a month! Yes, it bad in every sense you can imagine. Work as long as you can,,plan on doing th8ngs.
So much of what you said is true. I just turned 65 and I’m now on Medicare. However, I retired from nursing at 63. I was able to use COBRA for 18 months at a very high price but the last 18 months I had to use the Obamacare insurance. It is so expensive and really only for catastrophic care. Anyone who wants to retire early needs to look at insurance before making that decision. I miss working and I have found spending too much and feeling not as fulfilled as I did when working.
@@dbdouglas The path is once you leave work at increasing cost relative to costs when working: - severance benefits - if you get to stay on employer plan for any time. When it expires, you go on COBRA - COBRA - maximum of 18 months, you essentially pay your employee share plus what your employer paid. Once COBRA expires you go on ACA or retiree health benefits - ACA or employer’s retiree health care. In both cases, expect to pay up to 2X COBRA. You are likely in a very expensive age group. Here you are simply staying insured until you get to Medicare at 65. Hopefully, you never exercise this step.
Don’t understand this emotional dependency on “others”. Also this “doing”. Maybe it’s time to just enjoy “being”. Sounds like the work life you’re describing is mind numbing 😱 As for finances. Just ask yourself “do l need this or simply want this”. Forget the latter. There’s not a lot we really need in life.
If we have learned nothing else from the last 18 months it’s that people need to stay connected. Depression rates are up 4x and that is tied directly to lack of connection.
I've had co workers that debate about this.. and I noticed that the ones that want to continue to work are usually the ones that not have an ounce of hobby nor creativity... the ones that do want to retired early are usually the ones that have all kinds of things they want to be occupied with.. one guy cant wait cause he wants to wood working for the rest of his days other guys want their own workshops and garage, etc.. these are the ones that cant wait to retire early.
Everything you mentioned in the first 5 minutes of this video is the reason I'm looking forward to retirement! Never did any of that stuff before retiring, certainly won't care to do that stuff after retirement! For me it's "later chumps!" and I sever all ties with that 9 to 5 garbage the the grind that forces you to be civil to people who wouldn't throw you a flotation device if you were drowning, and that would give them a promotion. Yup. F that, I'm outta here!
I retired last year. We bought a farm in 2019. We have planned to build up our farm as a hobby farm, not to make money. I work harder physically than I ever did in business and I certainly don't miss airplanes, hotels, or rental cars. Expos, sales meetings, plant tours....I'm glad to be done with that. I can't imagine people retiring and counting on others for their entertainment. Living in a subdivision? No thanks. Zero debt was a key for us. My wife is an RN so she carries our health insurance. Learning to spend money rather than save money is a mental hurdle.
I hope that farm work is the answer for you. I've had to close my garden because of physical limitations I didn't have a couple of years ago. I could never manage a farm.
Being able to work from home completely in the last 1.5 years due to the pandemic has been a real blessing in disguise. I don't miss the office politics nor the office chatter (aka distractions). Yeah, it was kinda fun to be able to chat over lunch and share ideas with coworkers, but that doesn't beat being at home and having the flexibility and being in control of your schedule every single day. Its almost like being retired, yet still having a good income. Even in retirement, people should continue to learn and do things that challenge yourself intellectually. So I imagine you still have to put in some time to concentrate on something daily and something to make progress on. Its the key to happiness. I don't see working remotely and being retired as all that different. Its true that what I'm concentrating on may not be exactly in line with what I really want to do. But because I'm not distracted by co-worker chit-chat, I can be just as productive in 4-5 hours as a normal 8 hour period in office. So in effect, I get to claw back 3-4 hours as well as another 1 hour from not having to commute to work. Total of probably 5 hours that I can claw back on each week day.
Yes early retirement can sometimes be boring if you don’t have a spouse or other friends who have also retired early. I retired at 59 and I’m having the time of my life. Knowing what I know now, I would have retired 4 years earlier.
I know you feel obligated to warn people of the downsides of retiring early, but the benefits far, far outweigh the negatives. I can sleep as late as I want, read whenever I want, take my time at the grocery store or any other chore I have. I now teach Sunday School and two Women's Bible studies after which we ladies (retired), go out for a bite to eat. We are all sensitive to the income limitations of some of us, so we are not extravagant in our meal choices. It's amazing how good a McDonald's Whopper can taste when you sit and laugh with friends. So, nope! I have no regrets about retirement. I do have some investments, but I CHOOSE to live only on my SS income, which is not even $2K a month. House paid for, no debts. I'm a happy camper. Diane
I think the key is to have a healthy social life outside of work. If your work is your life, you're probably already miserable before retiring. If you develop a healthy social life that is separate from your job, with different people than your coworkers, you should be able to coast right into retirement by increasing the social activities you were already doing, just more of them.
My husband retired at 55 and I could too but I like to work and it's very flexible and I get to provide health insurance for both of us. We have many friends now that are 15 - 20 years older than us and we joined a pickleball club which is really fun and something we never thought of doing before. Without him working all the time we can go on day trips and miss the crowds. Besides, I don't really like my work friends much and I'm working from home permanently now so I don't get any office gossip anyway or out to lunch. You need to engage in your own life no matter what age you stop working a day job, have friends of all ages, and places you want to go so that when work ends, it's only one part of your life that is lost and good riddance, I say.
I have no interest in socializing with any work people, never have,so not a problem in the least. Not enough hours in the day for all of the fishing I like to do. I can't wait to get started.
I got experience with these scenarios, been stay home dad since 40. Wifey just had a great career in pharma research and I was a salesman which sucked. But went through all the isolation, can’t relate with friends ect ect. Now 55, I really learned to hang by myself change mindset and now like it. Looking back I can’t believe the work bs I put up with. If you can retire early I would, don’t look back. I love taking the dog to the park by myself. Luckily wife and I prepared for retirement so as soon as kids are out of college she can retire. And Luckily she actually likes her job.
Great info!! I don’t have those problems. The key factor that I was told is to have 3-4 things/hobbies that you are passionate about and can’t wait to wake up and do.
I retired for 1 year, I goofed off for a year then got bored so I got another job, that was 15 years ago. I don't know what I'd do if I didn't work. About the only advantage I saw was doing things during the week when there are less crowds, staying an extra night or two on trips or sitting home all lonely watching youtube making silly comments. Why retire when you can sit at work watching youtube and getting paid to make silly comments?
My workplace has a protected mode. We can’t make RUclips comments or read them. Doing errands and traveling when there are no crowds is really important.
I love the work you do. Keep it up. However, only a workaholic would find your doomsday scenario at all scary. I know you are talking about 'early' retirement, but anyone with a full and complete life while working is not going to suffer in retirement - early or otherwise. I retired at 66 and have never looked back. I even moved 3,000 miles to a rural town where I knew no one in the middle of lockdown. You meet people, and life continues in all of its many facets. I've never regretted the decision to retire one bit and am so glad I did.
I retired almost 2 years ago at age 56. Being single with no kids I love my Freedom. I've been traveling across America and joined meetup groups. The only drawback is hearing from baby boomers who did not prepare for retirement.
57, 36 years fed service, 7 figure TSP, offered a VSIP. Sick of bad management, not interested in returning to office after telework, so I'm taking the money and running. I'll take my chances in retirement.
I work for the county. In 24 days I’ll have 25 years of service, with medical insurance. I’ll stay three more years until I’m 60, because age is a big factor in the pension calculation. I’d love to get more but I can’t tolerate it, and as Warren Buffet said, you can’t buy time with money.
I wake up 8;15 workout, treadmill, healthy breakfast and then sit down and analyze my portfolio for two hours . The rest of the day is music fine food . I take my convertible out for a long ride them come home and cook for my wife . At night reading ,movies,more music and podcasts . People have no hobbies and get bored . Tough life someone has to do it .
This is so misleading. I retired early because I was done with working. Why would I want to hang with my old work friends? I am now free to live my life and discover who I truly am. Retirement is fabulous!!!
This was dark for you Geoff but as always your upfront and direct, I like that in your videos. I’m out of the game by the start of 2022 but I have a few things planned to keep me busy including my wife our two under age kids and her mother. Staying busy can be tough but the social aspect I’m told is also difficult. Joining a social group can be a lifeline. Another great video, keep them coming......
I retired at age 53. Fortunately, finances and health insurance were not a problem. But as usual, Geoff is spot on here, and it was a huge adjustment and the transition was not easy. Make sure you have hobbies and consider a side job to take up a couple of days a week. Fortunately again, I have both. Because playing golf everyday would get boring real quick.
@@HolySchmidt I do and that’s one of the bikes. Riding is fun but doing even that every day would get boring - have to mix it up and have varied interests! Love your content - it’s solid advice - keep up the good work.
When I retired I started exercising more. Felt great. Then I got an over use injury in a tendon, and I haven't been able to exercise for the past three months.
I work 90 straight days outside the USA then off for 30 days home. I can totally relate to this. I find I spend all of my off time doing exactly whatever I can dream up; by myself.
I thought this video was on the dark side of retirement. I'm not convinced here that there is a dark side. I am a loner and just love it! It sounds like early retirement is just what I need. 😎
@@JBM425 Not a single thing he stated was a disadvantage, ALL positives in my book, I can’t wait to retire early and start experiencing it. If I have to work past 58, I’ll jump off a bridge to my death.
![KAYTRANADA - Witchy (feat. Childish Gambino) [Official Video]](http://i.ytimg.com/vi/jGK3YVmGZ3Y/mqdefault.jpg)
I’m a bit of a loner, so the scenario you paint actually sounds like HEAVEN to me……😂
People are WAY over rated…….😂
Yes! When COVD came around, it made absolutely no difference in my lifestyle. I've lived by myself for 40 years and it is fine with me.
Absolutely!
Agreed, people are WAAY overrated. Avoid parks and go for the mountains and forest and don’t drink. This article doesn’t pertain to me.
I can relate to that. As long as you can self motivate to do the things you want to do & don't let outside influences take you from those things.
😂😂😂😂 agree. I’ve been working exclusively from home for 3 years. I don’t miss people AT ALL.
The dark side of early retirement: If you had no purpose in life to begin with, retirement will make that much more apparent.
totally agree with this
That's true! My husband fully retired this spring, but I have to work a few more years due mainly to medical insurance and saving 60% of my salary in HSA/401K/Roth. We've sold our home and invested the equity. We've moved to our dream location and love it. We've become very involved in our church and political affiliation. We are going to Italy next year! If only I could retire now!!
Or you can find your life's purpose in retirement :)
You said that right.
Profound comment. Add to it discovered and uncovered hobbies and passions.
I retired over 5 years ago at age 62. My wife and I are having the time of our lives. Retiring early was the 3rd best thing I have ever done in my life. Getting married and having children are 1 & 2. I highly recommend it. No regrets, no dark side for me.
The good thing is you are young enough to enjoy it and you have a partner to enjoy & plan things with.
Yeah ! You have a partner, but when you are a female along, it’s a different thing , I wish I can retire but I don’ t have the meanings to do it.
62 isn't young to retire. I'd think this is more directed at like 40 or early 50 year olds retiring.
You’re never alone if you have a dog. 😃
I have two!
Oops, I put the same comment before I saw yours.👏👏
Or cat 🐱 😁
True.
@@dorinatudisco1308 I have two!
I looooove being alone! Counting the seconds until I turn 62 and can do my own thing … which consists of hiking, gardening, yoga, crocheting, knitting, quilting, painting, napping and just sitting outside staring at the trees and skies & watching the weather roll in. Ultimately hoping to create enough arts & crafts items during the winter to follow the regional festivals throughout the summer- setting up a table to sell my wares - to be able to buy more craft supplies for the coming winter.
Eeeek I can’t wait!! 73 more weeks to go!
Sounds like a great part time gig :).
Sounds like a great way to spend your retirement - if you need anything, I’ll be out in the garage tinkering on old cars……😂
I do exactly that since I quit corporate America with 44 about 9 years ago. My husband is still working but with my side hustles (every dime goes into our ROTHs and paying down the mortgage) I am planning on getting him out of his grind once he hits 61. At that point he qualifies for a full pension which should keep us afloat until we can get social security as a bonus. The only time I would consider going back to work is for healthcare and fun.
Sounds fabulous! And so close, too.
Hiking, yes. Something you can't physically do if you wait until 'traditional' retirement age.
I quit at 60, 5 years ago. I've gone from 225lbs to 180lbs, fitter than I've ever been. I felt weirdly adrift for several months, but that wore off. If you have hobbies and interests outside of the work world, there is no problem at all filling the time. You are basically financially independent, like the idle rich, but with slightly less luxurious surroundings. I savour it every day. I would cut back to living in a trailer if I had to, rather than go back to work.
Stress kills. Work can be a great source of stress and anxiety. When you are stressed out all the time, your body produces higher levels of cortisol, which can lead to obesity. Obesity cascades into a bunch of associated morbidities like diabetes and heart disease. Good job. I'm lucky my work has almost no stress except what I bring to it myself.
Same here- retired from my stressful job at 60, lost over 100 lbs. and feel great. I walk a neighbor's dog (she has medical problems), volunteer at the Humane Society, and remain fairly frugal. I do have that sense of loss of my identity because it was so tied in with my profession, but do not miss the grind at all.
I love this post.
Going for a Retirement is kinda Stressed too if we are not CAREFUL PLAN...... BUT with Mr. Holy Schmidt channel Everything is going to be fine.....
If Even We are Still at Work....
Only when we are Dead then WE ARE FREE....... free....... free.....😂🤣
@@pamelap.123 Good for you Pam!
Do what’s best for you. Everyone is different. I retired early ... at 55, I’m now 65 and it was a good decision for me ... my best friend is still working at 66 and it is a good decision for her...working helps keeps her slim and active and gives her a sense of accomplishment. Working is in her DNA. Playing is in my DNA. The trick is to know what’s best for you and ignore what others think is best for you.
The best advice in the whole stream. We’re all different.
I'm 72- retired at 58- have not regretted it for one second! If you plan right and can keep a budget you shouldn't have many problems BUT life is what YOU make it!
I retired at 63 after working at the same company for 44 years. I love retirement. Been at it for one year. NO regrets...
Bravo 🎉
Great!
What is so confusing to me is the people who keep working and working until they either die on the job or get forced to retire because of medical issues. I work in the Federal Gov't and I have seen it so many times. Some of them had way more financial security than what they would ever need but they still kept on working. If the average person retires at age 62 they might have 20 years to still be productive and move around and do things they like to do. I just can't understand working away those last 20 years in the rat race. I think they just cannot give up the interaction with people every day and feel like they are leaving their friends.
any empty gym and people at work not having time to talk to me - sounds like paradise
Agree - Were these downsides or upsides to early retirement 🤣
It’s easy to say that when you are not yet retired.
Open
Due to AT&T downsizing after the breakup, managers were offered early retirement by age groups. I was in the third group; retire in 90 days with some sweeteners including immediate pension (the carrot), or stay and face possibility of being let go, and no retirement until age 65 (the stick). Like most, I took the retirement at age 50, in 1991. I took a hobby job at practically minimum wage for 5 years. It was enjoyable and kept me occupied and off the streets. I was fortunate, I had some money saved. There was NO downside for me.
The exact thing happened to my mother was spent her career at a similar telecom company. They offered her the same at age 58. She didn’t regret it. She is 73 now and happy.
I'm hoping that my company offers early retirement at some point. That would be amazing. I can technically retire at 55 (in 6 years) and start receiving a pension but the penalties would significantly lower the amount I receive. I guess I'll see how I feel at that point. It's nice to at least have the option.
I get it. But I hope the 'hobby' job was enjoyable. Otherwise, why work for min wage? I like being paid for my services.
@@dmiller1000 I was heavily into fast motorcycles at the time. What could be better than working for a Honda Yamaha dealer as a parts counter guy? I spent everything I made at the store. It was heaven.
@@CrazyPetez Thanks for clarifying 'hobby job'. Great that that worked out for you. I love ice cream. My first job, which lasted 2 weeks, was working in an ice cream store and it was a terrible experience for me. So that doesn't work for everybody, but it does at a different time of life when you're clearer about what you enjoy.
I retired at 57 in 1999, I could not be happier. My net worth has doubled in that time. I just had my annual physical and my lab values are the best they have ever been. I don't miss work one bit. I can fill the days very easily, between reading, doing a few errands, and taking my afternoon nap, before I realize it another day is gone.
@norm Yeah,aint that the truth-my routine is similar, and I can't beleive how fast the time flies
Ahh nap time. Dreaded it as a child. Cherish it as I age ...
@@swimpenney Isn't that a fact. The nicest thing about retirement is no schedule. Yes sometimes one has an appointment you have to keep, but most of the time is yours. You eat when you are hungry, sleep when you are tired. Live is great.
@@Norm475 God bless you Norm! Hope you have a long, happy and healthy ER!!
Making an appointment is a chore for me now.
I retired at 57. Biggest costs are healthcare insurance and real estate taxes. If people have been prudent, there home should be paid off or nearly so, so a large expense is gone. If you can keep your liabilities in check, you should be in good shape. Hopefully you have participated in a 401K or IRA and saw market appreciation and can live off that. I don't miss the corporate world at all. Just do thoughtful planning and you will be ok.
House hacking
Killing it! I'm putting kids through college, although I've planned for that, but the healthcare is the one that keeps me up at night. 54 btw. Any potholes that you've stumble upon?
@@jpack67 Totally agree! We would retire tomorrow at 50 if we knew that we could obtain affordable, quality healthcare. That being said, we're going to gut it out for a few more years to get a bit closer to 65.
Warren Buffet says never depend on a single income, make an investment to create a second source."
"Best quotes" 2021!
I'm from china but currently at Houston Texas due to the reasons of life and it's inspiration.
Can’t wait to quit the game. 4 years away, I’ll be 62. I don’t think I’ve been bored a day in my life, single and always lived alone. So much I want to do, doesn’t take a lot of money but I need the time.
I retired early at 45. Went back to work 16 months later because all I wanted to do in retirement was travel, and Covid stymied all those plans. Not once, not a single time did I miss being around co-workers, office intrigue, and managing employees. My wife and kids and large extended family were more than enough. I went back to work and am 2 months in now. The stress and frustration is raising my blood pressure big-time, and I don't have nearly as much time nor the energy to wake up before sunrise to exercise so that I can race home, shower, and scarf down breakfast in order to be on time for yet another unnecessary 8am Zoom meeting. I felt much healthier, happier and balanced in retirement. And working when you know you don't need to work is really difficult. The 'give a schmidt' factor is low unless you're lucky enough to work in a job that aligns with your passions. Unfortunately, I'm not. Early retirement and the freedom and flexibility that come with that was much much better. I'll be re-retiring before the end of the year
Hate those unnecessary early AM Zoom meetings, especially when they require you to turn the camera on. At least it's better than going into the office and fighting traffic 5 days a week. I wish I had started thinking about retirement earlier. I'll get there eventually I guess.
The most honest and realistic reply in the entire stream.
Retired at 57 moved from nyc (30+ years) to portugal. Was able to retire debt free. My wife is older than i so we wanted to enjoy the time while we both could. Always have been able to keep myself active and entertained so the transition hasnt been that difficult. Since retiring i realized how burned out i was. Enjoying a comfortable financially stable life in sunny small town portugal. Love the videos. They both give me good ideas and validate we are on the right financial path.
I think that the social downsides mentioned are really only relevant to folks who have defined themselves via work. Develop a plan for your social needs - introverts may not need to develop a lot of social plans. Planning for early retirement (having cash as well as a 401K) and making sure to address the social aspects are important.....I am loving early retirement and the freedom it offers...but I think Schmidt has some good things to think about in terms of social planning.
This sounds like heaven to me.
I’m already always alone. I live alone, I sleep alone, I work alone, I eat my meals alone, I play alone, I travel alone. I vacation alone. My life is alone
Same club ! Approaching the end of my working career. When I retire really do not want to work. I'll stay physically active & there are places I want to see. Not so early on retirement for me as it might come down to my investments working that will steer my retirement age.
The Alone Ranger
@Mark Sweet There are millions of us just like you. I am not anti social but I a very private person. Tired of people getting in my face or asking nosy questions. I am happy alone and prefer having a pet over people. I don't have to answer to anyone. My days are busy even when I am off.
You're never alone if you always have yourself
Being alone is FREEDOM. I do what I want when I want. I don't have to please anyone but me. I have long conversations with my best friend - ME! There is NO possibility that I will betray myself.
Retired on my 46th birthday 7 years ago. I don't miss working at my former job whatsoever. It was an interesting chapter of my life but one should always be looking around the corner at the next opportunity.
If you are unimaginative with no interests then you should probably keep working. For the creative and curious among us it is heaven. It helps too if you are introverted as I am.
The reality is that your friends didn't have time for you while you were working either, unless you took lunch together or something along those lines of activities centered around work. These people will disappear for the most part once you retire but they never would have entered your life if you hadn't been forced to work along side them. Some will stay life long friends and those are the only ones that count anyway. Not many though so be prepared, but you will have many opportunities to meet new people once your days are free if that is what you want.
I’m 72 live in a different state than my old friends. But most are deceased anyway. Your health is your greatest asset. Soo I work 12 hours a week and mostly sit. Couldn’t be happier. One good female friend to do lunch.
Wish u were in my town! We could go hiking
Great content. I have found so much fulfillment in early retirement. I am grateful for my many years of state service which afforded me the opportunity to retire early. Now as an evangelical entrepreneur, I am doing what I genuinely want to do and showing others how they can do the same. Be Well, Live Free and Prosper!
I’ve always believed that part time self employment is the way to go.
Someone who has made it to retirement only needs to make some adjustments to their new life. It's not going to be like it was. That's the reason why you retired. It was the freedom and independence to do exactly what you want to do. Staying active and healthy in different ways than what you did in your work life is the secret. All the things that you were afraid to do because of money constraints have now opened up to you. You can be an artist and not starve. You can be a writer and not starve. You can take on work you enjoy. You can pursue hobbies. Those who can retire are blessed and just need to adjust and take every advantage of it.
I was forcibly retired. Having less money to live on was the only challenge, and I found ways to get past that. Finally having time on my hands and not having anyone ordering me around was like heaven. I keep busy enough, doing things I consider important. That includes some volunteer work. But only as much as I want to do.
I went back to work after I found a company that I liked and a 5 hour workday. Happy now. Retirement made me depressed.
Upon retirement there is a period of adjustment. Make it work for you and look for that happy medium. For sure Mondays will be so much better. Don’t second guess your decision just move forward.
My current thinking is to do a _semi-retirement trial_ (at some point in the future) and work part-time hours for a while. That's mentioned @9:10. It seems that part-time work/consulting, writing, etc. at something we love would provide most of social and structural live benefits (and some extra $) but leaves plenty of time to invest in new hobbies, relationships, and interests. I'd have a hard time working 40-50 hours a week and then just stopping completely all of the sudden.
Bingo!
Covid shut my office down overnight for 3 months. Every work related ache & pain disappeared. Got a good night's sleep every single night. I never felt better. Was busy every day. Never bored......The first week back to work, I was all stressed out, the work related pains came back overnight, I'm stressed out all of the time, not getting enough sleep, aggrevated etc.....I will have no problem going cold turkey leaving for retirement....but chances are I will need to work part time for money.....If it don't need the money, I'm done. My job is too hard and too stressful.....Everybody' s retirement scenario is different.....
You mind find that in semi retirement, if you just cut back your hours at your existing job, or do the same job on a consulting basis, that you're still mentally immersed in it. A friend continued in an engineering job on a part time consultant basis but found he was still mentally connected with the same stress issues. He had to quit in order to fully disconnect. Better to move to part time work in a job that is something fun to do but, as is typical of "paid to play" occupations, doesn't pay as well.
I retired recently at 63. The dark side is I had planned to spend my retirement with my wife but we got divorced. It's hard when you don't have a partner to do things with. My kids are in their 20's so no grandkids yet. All my friends are either still working or have fallen away since they are couples. Then covid came along and really stopped my plans for travel to see family. It's still better than working at a job you're not passionate about, but it can be lonely. I am in excellent health, have money and am told I'm good looking and don't look my age
I don't feel it either. So I know I'm blessed in many ways, I just need to find a purpose, some more friends and it would be great to find a companion.
The best friend you will ever find, is yourself. Learn to do things by yourself and you will be amazed at how much you will grow as a person. Our society seems to stigmatize people who like to spend time by themselves as “ being losers “. Actually I think it’s the other way around. If you are unable to do things/ or have a good time by yourself, then YOU are the loser of your own company.
Thanks for talking about the OTHER aspects of early retirement rather than JUST focusing on the money.
Loneliness in retirement at 3:30. A person I used to work with is now 80. She said the obvious thing is how many people are dead from the office. They usually started dying around 68 or three years into retirement. Most are in their 70s when they die. By the time you hit 80, there are fewer people around you worked with. As for friends they seem to all be dying after 75. So if the retiree is 80, they've lost at least 3/4 of their friends.
All this makes sense to me, as I approach mid 50’s, all I want is the financial security to be able to choose what I do for work. I don’t want money to have to drive what I do
you are exactly right..I'm "self employed" from home...very lonely existence....either embrace it or go back to work
I retired as soon as I turned 55. I’m 62 now and I don’t regret it at all. I do work part time at a high school just walking around and talking to students as security. I have no stress and I look forward to Mondays when I used to dread them. I say if you can do it then just go.
I used to ruin my Sundays worrying about my Mondays. Glad I am off of that treadmill.
The kids are fortunate to have a friendly face welcoming them to school on Monday mornings.
@@genxx2724 thank you! And I really look forward to seeing them! 😊
@@Panzer4F2 good for you!! 👍🏼😊
You are following a couple points of his advice. You found something that keeps you socially engaged, and you also have an economic safety blanket. That’s one reason I plan to keep working at least part-time.
I love retirement! I retired 6 years ago when I was 60. My blood pressure is the lowest it has ever been. My doctor has gotten me off 3 medications. My time is my own and I can do whatever I want when I want. I've never been a social butterfly and I do alone really well. I keep busy with hobbies and reading and I am the happiest I've ever been. I left the rat race behind. My recommendation to young people is to get out of debt, stay out of debt, and save and invest money so you can have a great retirement too.
I wish I had learned that when I was younger. I wasted a lot of time and money on frivolous things. Fortunately I did eventually figure things out when I hit 40 and plan on retiring at 60 as well. It's good to at least know the end is in sight.
YOU have got yourself off three medications.
Great topic and spot on. Isolation is the biggest issue hitting retirees. Its not finances...To survive anyway... In 'merica', there are numerous financial safety nets. No one in merica is eating cat food...
Wes Moss has a book that talks about having a minimum number of core pursuits. People above that minimum are happier. Thus, if your job was your ONLY core pursuit, youre likely to find a gap in purpose once you retire. Point is, like you said, you need to go into retirement with something other than your job to lean on.
This is why I'm getting a camper van, and I'm going to travel. I'm going to do the cheap slow travel, BLM land type stuff. I will be hiking and biking. Love it. The first thing I will do is buy an America the beautiful lifetime pass. I have wanderlust in my blood.
Sounds nice.
From what I've seen that usually lasts about 3-4 years for most people. But, it's good to get that out of your system and then move on to the next thing. Life is short, fill that bucket list.
@@glorgau It doesn't matter if it lasts 1 year 5 years, ten years........He has the freedom to do whatever he wants for however long he wants.......
That’s our dream as well
@@glorgau There are so many places, Alaska, Canada, I want to ride my bike along the Erie canal, I want to do the key West bike ride. Maybe my first year out I'll hike the Appalachian trail. There's just so many things on my bucket list....
I retired 2 months ago at age 55 1/2. I haven't regretted one minute of it and don't miss work one bit. No schedules (other than family obligations) and no deadlines.
Retired from public education after 34 years. I was 55 at the time and in 3 months knew I was getting too much couch time. Got a second career job with a non-profit after volunteering at their facility for 3 weeks. I collected my teacher pension and a pay check for 5 years until I left that job to attend to my mother-in-law who was dealing with dementia. I loved teaching (not bureaucratic nonsense) and I loved working at the non-profit. Meaningful work, community work. When I I started playing pickleball and attending to my house that had been neglected while I was working 6 days a week while teaching. The physical labor and activity was cathartic and therapeutic. I have more friends now than before I retired... Other retirees that play pickleball. It does take planning and saving. We have not touched our 403(b) and live on pension payments and SS. Everything has a dark side, and a bright side as well. Plan, prepare and enjoy.
When I retire, I will throw away my couch and TV. 🐼
While a lot of this is true, it's only true if you already sold your soul to the workplace. There's a LOT of things to do besides going to the gym or walking the dog. There's hunting, fishing, gardening, travel, fixing/customizing cars, building computers, playing computer games, volunteering for charity, political activism, hiking, boating, shooting guns/bows, sleeping in, brewing beer/whiskey, learning a trade, doing side hustles for extra money, painting, sculpting, yoga, martial arts, going back to college, making videos, photography, knitting, sewing, woodwork, welding, blogging, writing novels, bicycling, motorcycling, baking, cooking, getting another degree, golfing, flying, etc.
I'm very gratified to see so many early retirees generally feel the same.
a lot of those things cost money... Retire before 65 and your cost of insurance is directly related to how much you withdraw to live on. So it is a double edge sword. Spend a lot and your health insurance is going to cost more.
Retired at 55 that was 7 years ago. Wouldn’t change a thing.
I retired early last year at 57. LOVING IT!!!! The workplace is for all the extroverts. Retirement is for the introverts.
I really dislike "one size fits all" kind of scenarios. Each individual has its own unique situations and challenges in retirement. Some early retirees have pensions and able to retire before the "norms of society".
I retired at 40 that was 26 years ago the secret to retirement is you only have to do one thing per day and you get to choose anything you want to do !
Realistically, hardly anyone can retire at 40. Come on, man!
@@RG-hf4et May I ask your work history ?
@@warrenwantoobe1267 Dental hygienist turned dentist
@@RG-hf4et R U A FEMALE ? CHILDREN ? DIVORCED ? DENTAL EQUIPMENT PAID OFF ?
@@warrenwantoobe1267 Lolol..Why are you asking?
Been retired since the age of 54, I've never looked back and it's been nothing like how u explained it!😂,
Also, I'm not drawing from my retirement money...don't plan on using my social sec much later!
Never wanted to be in “The Club” and perfectly fine if nobody joins mine. Where do I sign?
Jeff…you outdid yourself on this video!!
Totally nailed it and unbelievably insightful!!
I’m 64 ..still working but heading towards retirement when this huge renovation of Penn Station and the surrounding areas of Penn Station ( NYC ) jobsite ends.
I think I’m going to ease into retirement and not just shut it all down …
I’m tired
Shot
Done
But I understand that just walking away …is probably not healthy for my body or brain
I’m in excellent shape for the age I’m at but I can’t keep going with 10 hour work days much longer
I’m exhausted lol
I am going to ease up within the next year and go 2 days on …5 days off ..
And then call it totally quits when 66.5 happens..
I’m done ..and have way too many interests to get to
Great video Jeff!
Thanks for your thoughts Jay
The thought of having to commute into Penn everyday is enough motivation for early retirement!
As an at-home homemaker who has been retired all my life according to everyone else, Everything you say is true!
Thanks for the comment Deborah
He brings up some very good points, including cognitive decline. I have personally witnessed that phenomenon in people who have been retired for as little as 6 months. In one case, we tried to recruit someone back to work part time after a year of retirement. Despite needing his skill set & experience, we ultimately decided not to hire him because his mental decline seemed quite dramatic to us. Of course, we did not tell him this. Overall, it was a very sad and sobering experience. It just goes to show the importance of keeping your mind & body active when you retire.
What’s sad is that you didn’t consider that his cognitive sharpness with interaction would increase and that you would have enjoyed his experience. He was blessed to not have to work with such “smart” people again.
@@deanpapadopoulos3314 - Yeah, maybe. Or maybe the damage was already done and then we'd have to eventually let him go -- which might have been even more traumatic. Or continue to pay him a salary he was not really earning to spare his psyche. Both were bad options, so we passed. We are not there to be therapists for our employees. We are just people trying to run a biz-- which is difficult enough under the best of circumstances. If you disapprove, then....guess I'll just continue to not value your opinion.
I do get his point. I retired due to a good package the company offered, that’s was during covid, then my spouse died. No one came due to the epidemic, my family is in another state. It was horrible and I felt very lonely. But I picked up the pieces and tried to look at the positive side of my new life. I feel better now, but it was a tough road. However, I still would not want to go back to worker, ever!
I quit at age 65 because I found out I wasn't wanted anymore. I had no idea I wasn't doing a good job. I never developed any hobbies, and now I am depressed and don't want to do anything. Don't quit unless you have something else to do.
Good words and very commendable level of honesty. I have seen this comment so many times across the channel. One good point that someone brought up was that they picked one thing they were excited about and started planning it. It might be a December trip or a small business they want to build. Once they got into that they planned a second and a third, eventually they were able to set up so much good stuff on the horizon life looked completely different.
Excellent, just goes to show, the Golden Years might not be so Golden!
I retired to an old folks home. I was talking to a lady resident there. After a bit, she said,
"Four times have I blushed in my life. The first time was the first time I undressed in front of my husband. The second time was the first time I undressed in front of my lover. The third time was the first time I got paid for it. The fourth time was the first time I paid for it." I replied,
"Only twice in my life have I blushed. The first time was the first time I couldn't do it the second time. The second time was the first time I couldn't do it the first time."
I'm looking forward to it someday. I'll have plenty to do. I don't give a schmidt about my coworkers. I'll stay in touch with the ones I like.
I am setting my goal to retire at 62. I'm 52. My house, truck, another house, I have v.a. compensation coming in, I paid off all other loans, I did buy a new tractor and some implements for gardening. I have a wood and metal shop for projects. I have about 9 years to accomplish my new goal....retirement. I have worked since I was 16. Pleasing others. It's time to please myself. My advice to everyone. Pick a main goal and several smaller ones and strive to meet those goals and retirement won't be as dreary as described in the video.
Haven’t looked at all the comments but the saying “ I never heard anyone say I wished I’d worked longer” rings true.
Hobbies, volunteering, joining social activities, dance bowling, art, sight seeing, music, helping homeless church need I go on there is always something to do!!
The daily workplace became so TOXIC with truly mentally unstable narcissistic personality disorders, etc., that early retirement is the largest blessing ever! So much more control over the day and mental well-being.
I retired at 55 and just didn't want to be part of rat race. He hits on some of the issues. I'm a widower and sold my home and moved abroad. It's a challenge to do this alone. But I am happy being by my self. It's now 5 years later and live mostly abroad. It's cheaper and I'm much happier now than in any of my working years. Find your path and have a plan. Be safe.
Thanks Darlene
Thought provoking. Now that we've seen the "dark side" of early retirement, perhaps a great companion video could be titled "Trust in the Force" of "How to live your best Jedi Retirement. Each of the points that you make about the dark side has a corresponding strategy to mitigate that risk. For example, ideas of developing a new social network is a strategy for losing work friends. Another could be the idea of volunteering to keep mentally and physically active, etc.
Always good to end on a positive!
I feel bad for people whose job defines them. When I'm not at work I don't think about it - AT ALL. Two more years until ER.
So you know when you will be going to the emergency room
@@cooperparts Omg, I laughed out loud when I saw this...
ER = early retirement. smart ass
@@cooperparts 😂😂😂
My job is not my identity. But neither is anything else. Idk what to do. Finances are in good shape.
I retired from my full time employment position at 57. After a year I got bored, (you can only repair your house, visit places, watch tv, etc. so much before that all becomes a little mundane). So I started my own business and at 70 years old I’m still going strong and golfing on a senior mini golf tour during the summer… life is good!
I retired 11 years ago at age 55. Best decision of my life. I bike 1000's of miles per summer. Ski 50-100 days per winter. Learned to sail and scuba dive. I suspect that if you are in the scenario described in this video, you had no life or passions before you retired.
That would be too many people unfortunately.
My wife who is very well off convinced me to retire at 55. I have many interest skiing, mountain biking, working out, backpacking etc. The issue all of my friends were still working. No one to do this things I love. I went back to work and I will retire in couple of years. Backpacking by myself was just not the same as it is with my friends. In a word I was often lonely.
I’ve heard that so many times.
So true! I was forced into early retirement due to a medical issue. I was planning on working for another 10 years at least. I’ve had reinvent the wheel for a lack of better word or phrase. So I’ve been working on developing a cut flower garden and hopefully a vegetable garden. It’s not easy physiologically, your worth and contribution was based on your working. I also now have to learn to live on 900 a month! Yes, it bad in every sense you can imagine. Work as long as you can,,plan on doing th8ngs.
Wow.. what a sad case. If your worth was based on your job you had no actual life... So vary sad...
@@Stillnapie Depends on your schedule, some people spend so much time at work there is little time for much else
So much of what you said is true. I just turned 65 and I’m now on Medicare. However, I retired from nursing at 63. I was able to use COBRA for 18 months at a very high price but the last 18 months I had to use the Obamacare insurance. It is so expensive and really only for catastrophic care. Anyone who wants to retire early needs to look at insurance before making that decision. I miss working and I have found spending too much and feeling not as fulfilled as I did when working.
Same here 1800 a month 6500 deductible
@@cooperparts Doesn't seem fair. I'm confused on health insurance...
@@dbdouglas The path is once you leave work at increasing cost relative to costs when working:
- severance benefits - if you get to stay on employer plan for any time. When it expires, you go on COBRA
- COBRA - maximum of 18 months, you essentially pay your employee share plus what your employer paid. Once COBRA expires you go on ACA or retiree health benefits
- ACA or employer’s retiree health care. In both cases, expect to pay up to 2X COBRA. You are likely in a very expensive age group. Here you are simply staying insured until you get to Medicare at 65. Hopefully, you never exercise this step.
Withdraw your social security as soo as you're eligible..
Agree or Disagree..?
Don’t understand this emotional dependency on “others”.
Also this “doing”. Maybe it’s time to just enjoy “being”.
Sounds like the work life you’re describing is mind numbing 😱
As for finances. Just ask yourself “do l need this or simply want this”. Forget the latter. There’s not a lot we really need in life.
If we have learned nothing else from the last 18 months it’s that people need to stay connected. Depression rates are up 4x and that is tied directly to lack of connection.
I've had co workers that debate about this.. and I noticed that the ones that want to continue to work are usually the ones that not have an ounce of hobby nor creativity... the ones that do want to retired early are usually the ones that have all kinds of things they want to be occupied with.. one guy cant wait cause he wants to wood working for the rest of his days other guys want their own workshops and garage, etc.. these are the ones that cant wait to retire early.
Everything you mentioned in the first 5 minutes of this video is the reason I'm looking forward to retirement! Never did any of that stuff before retiring, certainly won't care to do that stuff after retirement! For me it's "later chumps!" and I sever all ties with that 9 to 5 garbage the the grind that forces you to be civil to people who wouldn't throw you a flotation device if you were drowning, and that would give them a promotion. Yup. F that, I'm outta here!
Heck yeah, that's what's up, great minds think alike!
I retired last year. We bought a farm in 2019. We have planned to build up our farm as a hobby farm, not to make money. I work harder physically than I ever did in business and I certainly don't miss airplanes, hotels, or rental cars. Expos, sales meetings, plant tours....I'm glad to be done with that.
I can't imagine people retiring and counting on others for their entertainment. Living in a subdivision? No thanks.
Zero debt was a key for us. My wife is an RN so she carries our health insurance.
Learning to spend money rather than save money is a mental hurdle.
I hope that farm work is the answer for you. I've had to close my garden because of physical limitations I didn't have a couple of years ago. I could never
manage a farm.
Being able to work from home completely in the last 1.5 years due to the pandemic has been a real blessing in disguise. I don't miss the office politics nor the office chatter (aka distractions). Yeah, it was kinda fun to be able to chat over lunch and share ideas with coworkers, but that doesn't beat being at home and having the flexibility and being in control of your schedule every single day. Its almost like being retired, yet still having a good income.
Even in retirement, people should continue to learn and do things that challenge yourself intellectually. So I imagine you still have to put in some time to concentrate on something daily and something to make progress on. Its the key to happiness. I don't see working remotely and being retired as all that different. Its true that what I'm concentrating on may not be exactly in line with what I really want to do. But because I'm not distracted by co-worker chit-chat, I can be just as productive in 4-5 hours as a normal 8 hour period in office. So in effect, I get to claw back 3-4 hours as well as another 1 hour from not having to commute to work. Total of probably 5 hours that I can claw back on each week day.
Thanks for the comment TC
Yes early retirement can sometimes be boring if you don’t have a spouse or other friends who have also retired early. I retired at 59 and I’m having the time of my life. Knowing what I know now, I would have retired 4 years earlier.
I know you feel obligated to warn people of the downsides of retiring early, but the benefits far, far outweigh the negatives. I can sleep as late as I want, read whenever I want, take my time at the grocery store or any other chore I have. I now teach Sunday School and two Women's Bible studies after which we ladies (retired), go out for a bite to eat. We are all sensitive to the income limitations of some of us, so we are not extravagant in our meal choices. It's amazing how good a McDonald's Whopper can taste when you sit and laugh with friends. So, nope! I have no regrets about retirement. I do have some investments, but I CHOOSE to live only on my SS income, which is not even $2K a month. House paid for, no debts. I'm a happy camper. Diane
Introverts have very few issues with early retirement if the financials are sound.
I think the key is to have a healthy social life outside of work. If your work is your life, you're probably already miserable before retiring. If you develop a healthy social life that is separate from your job, with different people than your coworkers, you should be able to coast right into retirement by increasing the social activities you were already doing, just more of them.
I cannot agree more. If your workplace defines who you are, you would be very miserable the time it all ends of which it almost always does.
My husband retired at 55 and I could too but I like to work and it's very flexible and I get to provide health insurance for both of us. We have many friends now that are 15 - 20 years older than us and we joined a pickleball club which is really fun and something we never thought of doing before. Without him working all the time we can go on day trips and miss the crowds. Besides, I don't really like my work friends much and I'm working from home permanently now so I don't get any office gossip anyway or out to lunch. You need to engage in your own life no matter what age you stop working a day job, have friends of all ages, and places you want to go so that when work ends, it's only one part of your life that is lost and good riddance, I say.
Thanks for the comment Debbie.
I have no interest in socializing with any work people, never have,so not a problem in the least. Not enough hours in the day for all of the fishing I like to do. I can't wait to get started.
Gee.... I didn't realize that no one else that I knew retired at the same time I did. Schmidt, it's called meeting new people!
Thats sad to think that just because you retire, your life is over....for me it just began.
I got experience with these scenarios, been stay home dad since 40. Wifey just had a great career in pharma research and I was a salesman which sucked. But went through all the isolation, can’t relate with friends ect ect. Now 55, I really learned to hang by myself change mindset and now like it. Looking back I can’t believe the work bs I put up with. If you can retire early I would, don’t look back. I love taking the dog to the park by myself. Luckily wife and I prepared for retirement so as soon as kids are out of college she can retire. And Luckily she actually likes her job.
Nice work
Great info!! I don’t have those problems. The key factor that I was told is to have 3-4 things/hobbies that you are passionate about and can’t wait to wake up and do.
Good to hear! Playing music in a band, sailing, fishing, cycling.
I retired for 1 year, I goofed off for a year then got bored so I got another job, that was 15 years ago. I don't know what I'd do if I didn't work. About the only advantage I saw was doing things during the week when there are less crowds, staying an extra night or two on trips or sitting home all lonely watching youtube making silly comments. Why retire when you can sit at work watching youtube and getting paid to make silly comments?
My workplace has a protected mode. We can’t make RUclips comments or read them. Doing errands and traveling when there are no crowds is really important.
I love the work you do. Keep it up. However, only a workaholic would find your doomsday scenario at all scary. I know you are talking about 'early' retirement, but anyone with a full and complete life while working is not going to suffer in retirement - early or otherwise. I retired at 66 and have never looked back. I even moved 3,000 miles to a rural town where I knew no one in the middle of lockdown. You meet people, and life continues in all of its many facets. I've never regretted the decision to retire one bit and am so glad I did.
I retired almost 2 years ago at age 56. Being single with no kids I love my Freedom. I've been traveling across America and joined meetup groups. The only drawback is hearing from baby boomers who did not prepare for retirement.
Do what you like, it won't seem like work.
No truer words were ever spoken.
57, 36 years fed service, 7 figure TSP, offered a VSIP. Sick of bad management, not interested in returning to office after telework, so I'm taking the money and running. I'll take my chances in retirement.
Will your 7 figure TSP become a 6 figure number after taxes?
@@user-yx3zl4kh8h I intend to do my best to avoid that happening. Pension and SS look pretty good at this point.
I work for the county. In 24 days I’ll have 25 years of service, with medical insurance. I’ll stay three more years until I’m 60, because age is a big factor in the pension calculation. I’d love to get more but I can’t tolerate it, and as Warren Buffet said, you can’t buy time with money.
I wake up 8;15 workout, treadmill, healthy breakfast and then sit down and analyze my portfolio for two hours . The rest of the day is music fine food . I take my convertible out for a long ride them come home and cook for my wife . At night reading ,movies,more music and podcasts . People have no hobbies and get bored . Tough life someone has to do it .
All good points to consider before taking the plunge. Thanks.
Thanks David
This is so misleading. I retired early because I was done with working. Why would I want to hang with my old work friends? I am now free to live my life and discover who I truly am. Retirement is fabulous!!!
This was dark for you Geoff but as always your upfront and direct, I like that in your videos. I’m out of the game by the start of 2022 but I have a few things planned to keep me busy including my wife our two under age kids and her mother. Staying busy can be tough but the social aspect I’m told is also difficult. Joining a social group can be a lifeline. Another great video, keep them coming......
I retired at age 53. Fortunately, finances and health insurance were not a problem. But as usual, Geoff is spot on here, and it was a huge adjustment and the transition was not easy. Make sure you have hobbies and consider a side job to take up a couple of days a week. Fortunately again, I have both. Because playing golf everyday would get boring real quick.
Do you drive a Harley? That would be fun!
@@HolySchmidt I do and that’s one of the bikes. Riding is fun but doing even that every day would get boring - have to mix it up and have varied interests! Love your content - it’s solid advice - keep up the good work.
That was a great video. I plan on making exercise a priority.
When I retired I started exercising more. Felt great. Then I got an over use injury in a tendon, and I haven't been able to exercise for the past three months.
You forgot about “fishing” that takes 3 hours out of the day 😂
Maybe 3 in the winter, double that the rest of the year.
Gardening is another good hobby, you can sell plants or produces on the side to generate income. 🐼
Lmao
I love retirement! Hate weekends, as too many people are around. The days fly bye and I never have enough time to do nothing.
I work 90 straight days outside the USA then off for 30 days home. I can totally relate to this.
I find I spend all of my off time doing exactly whatever I can dream up; by myself.
I thought this video was on the dark side of retirement. I'm not convinced here that there is a dark side. I am a loner and just love it! It sounds like early retirement is just what I need. 😎
Rule of 55 is what I used to get money and retire early
LOL 😂 I will definitely not miss working once I retire.
This guy is a pessimist. I have SO many things I wanna do! I have many friends that are retired and it’s the best they’ve looked and felt.
He’s not saying “don’t retire.” He’s simply pointing out there are disadvantages that one must consider and plan for.
@@JBM425 Not a single thing he stated was a disadvantage, ALL positives in my book, I can’t wait to retire early and start experiencing it. If I have to work past 58, I’ll jump off a bridge to my death.