I’ve posted before that I retired at age 67 almost two years ago and have been happily slow traveling with my spouse ever since. That age was right for me, but I certainly get why someone would want to retire at 50. You give great advice. But I have to give you guys major kudos for getting your finances in order so you can retire before getting social security. That is an accomplishment!
I stuck my toe in the water, so to speak, over the past year in terms of retirement and to be honest, I think it's ended up being less stressful (and honestly, less boring) to keep some low-key work on the side that also brings in some money. Just that 4-6 hours a week of connection to work seems to allay a lot of anxiety for me and always gives me something to keep my brain engaged whether I want it to be or not. Just the traveling alone hasn't been enough for me. I think this is what retirement looks like for me so I hope others can keep that in mind. You can get creative with it. (.....as I watch and write here in my 3rd week in Playa del Carmen).
Hey to both. Always sage advice which is easier said than done. Talking about savings, and putting into accounts while not going to restaurants or drinking or golfing or concerts is not easy to do. It requires discipline and a recognition that greater benefits will await you by obtaining your freedom from work. Stick to your plan and budget and goals and don't worry what the neighbours are doing. Cheers!
We reached Financial Indepence (FI) before 50 years old. Along the way, I kept hearing stories about "The Jones'" - I kept asking my neighbors what their last names were and never met a Jones, so I guess it did not apply to us !
Great point on financial advisors. They won’t really get paid more to give you the green light to retire one year earlier but they can definitely lose money if you go early and run low on money. So part of their incentive structure is to be overly conservative with you. And as you said, that doesn’t make the advisor wrong but we need to remember we are the ones taking their advice but then making the big decisions ourselves.
@ We appreciate the inspiration from you all! We only live once and we have talked about this long enough! It does help that I have an Air Force retirement pension and VA check as well.
I love that you guys are debt free. I sure wish you had a home paid off back home though. That’s the only thing I have ever disagreed with you two about. Love your podcast and patiently wait for every new podcast! I admire your bravery for quitting your jobs and going for it. I am 51, in good financial shape, no debt, multiple homes paid for, and still nervous about pulling the plug on work! Lol. Keep up the good work on your shows.
Every time I got a raise (like a promotion or even a cost of living adjustment) I raised my automatic withdrawal to the retirement account to take half before I got to it. It meant I could enjoy raises but also increase retirement savings.
Great video! I am 46 & husband is 50. We are on track for hubby to retire at 53, with a monthly pension & will get to keep our health insurance. Our house will hopefully be paid off by the end of this year/beginning of next year. That is our only debt besides our 2nd/vacation home (family member is currently renting). We plan on traveling a few times a year, but I would like to continue working part time to keeping building up my retirement account & still put money into my husband’s ROTH IRA. But all in all, I’ll probably be done working and hopefully fully travel when hubby is 55. I stayed home with my girls for 17 years (2003-2020). We really had to be creative/budget living on one income especially with my girls playing sports/activities. I did it all from couponing, making homemade gifts (candles, shirts), gardening (making my own bread/canning veggies), etc. Looking backing with all the sacrifices we had made, was all worth it.
I will be retiring this year (54 years old) and my experience over the last 30years is that it is all on the spending side and less on the income. Of course, great income helps, but the plan has to be commit to the saving and paying yourself. It is easy to live in the moment and just spend on all the 'trinkets' life dangles in front of your eyes. I set 2025 as the goal on New Years Eve 2020 (Yeah, not a lot of other fun on that day in Covid) and it has driven me to want to hit the goal. So happy to be joining you in early retirement and world travel this year! Cheers on a great video.
Carrie and Brian, Yes, I fully agree. It's all quite doable but attention and guidelines must be used. We did it too. Regular contributions to a retirement plan are essential. Also, living outside of the US like we and you both do really helps. Quality of life in my opinion is amazing. Our life is amazing, traveling when and where we want and truly living our dreams. I won't go on. JP Porto
Great advice all of these! I love the way you guys are doing it. What we are doing is more of a slow burn - we started traveling 3-4x a year since our early 40s. Those experiences won't be replaced by another 500K in the retirement fund. I started doing part-time 5 yrs before full retirement at 60 and that's 2 yrs from now, so still contributing some now while we escalate our travel plans to something you are doing, a slow, spend months in a place kinda thing. Thanks and keep enjoying life!
Good stuff! Good good stuff! We have enough to both retire now but I'm less than 22 months from my full pension! That's the ONLY reason why I'm still working while James is enjoying his early retirement! And if anyone is looking for a financial planner/advisor, make sure they are a FEDUCIARY!!! We've been with our guy since 2018 and he's always looking out for our best interest with our retirement accounts! :)
Great advice. I retired at 55, my works from home and will retire soon. Having children and soon grandchildren is a priority at this stage of our lives over some of our wants. We still travel a lot but being present is definitely more important. We enjoy your travel stories.
Great advice video. I'm an advocate for unloading as much stuff as one can. And as someone older (on Medicare & SS) but also looking for options to permanently relocate overseas it seems one mostly overlooked area is taxes on US retirement income, including inheritance taxes. That's what I'm trying to sort out now between 3 EU countries, although I still have Mexico on my list. Lost of good videos covering cost of living, just not much detail on taxes.
FREEDOM! Without the William Wallace ending.😳🤔 2029 is our goal date to start our Slow travel journey. The goal budget is $3k- $7k depending on inflation. My "friends" say I'm a tool. 🤔😳 wait, what? No a resource of information 😉 Great video as always. Thanks. Side note day 23 of the 75 hard program. 😊 Working on my trimming down my Jelly Roll.🏋♂️ by Working I mean chair yoga and physical therapy for my 2 work outs a day.😊🍬 Congrats on 75k as well
If you use a financial advisor and they create a comprehensive plan for you using a program, make sure you ask what rate of return the program is using. Make sure you are comfortable and knowledgeable about the rate of return and the details.
Great video. What do you think would be a comfortable amount for a couple at age 50 to have to retire in a similar fashion? Just sort of running a survey. I read and hear a huge variance in amounts….
This is going to sound morbid, but it's reality. Make sure we budget for in case we are a single person. My uncle's partner passed recently, and he could not afford his lifestyle or even stay in his home. Also, aged care is expensive, and for some people, it is a necessity. As was for him as he has dementia. I was mortified to realise they had not planned for this as they were 87 and 93 (93 yo passed) and were living it up or so, we thought, and they were in a lot of debt. It was devastating. 'Lifestyle creep' is what you were saying, and I think about it every year. Not changing our lifestyle when we earn more.
How old are you now? I have been wanting to ask for a while now but felt rude. Though this type of channel, I think it's ok, haha. Much love from a 40-year-old Aussie ❤ 🇦🇺
Brian and Carrie we enjoy you guys. A video request, if you did this already please link it. A list of hospitals outside the US with out if pocket estimates for medical expenses, like cancer, disc replacement, prostate etc. I saw your video if your prostate exam abd Carrie's dental work. I ask because medical cost is killer and unknown. Financial with the stock market is my zone, no worries. However a chunk of our retirement portfolio is in IRA's so limited to access currently without penalty. Also we have 5 children in their early twenties on our medical insurance. When they hit 26 that wil not be a concern. Our goal is to fully retire in 5 years. If you are curious on how we really grow our income to retire come over to my channel. I share our portfolio and what I do to help. I'm learning from yall for our next step, thanks.
Hmmm. If you retire on passive income at 50 and in 7-10 years rampant inflation reduces your retirement comfort level, you may have to go back to work at a time when you are less employable or physically unable to do so. Additionally, when we left work a year ago, from very intense and stressful professions, (Dr. and Lawyer) we quickly became so lazy that we can barely bring ourselves to provide our financial information to our tax preparer to do our taxes. We are getting good at doing nothing all day where ever we travel. The thought of going back to any kind of work makes us physically ill I am sorry to confess. SURPRISE REVELATION IN RETIREMENT #1: You can take a hot shower as long as you want and still not be late to work!!!
I am single. Do you think a million dollars is enough to retire now? I am 65. I want to lead a simple life like you. But, I do like to travel to Europe/Latin America at least 4 times a year.
WHY do you “pay your credit cards off a few times a month?”. Seems to me, I’d rather pay it off in-full only on the due date. Keep your money working for you as long as possible.
@ Of course never carry a balance…..listen to the audio, you indicated paying off the card “several times a month”, that was the jist of my comment, that’s all
While it’s not required to pay off a balance more than when you have too- I get it, I hate debt. It makes me feel better when I balance the books every week or two not to see a large credit card balance. It’s purely a physiological thing- kind of like paying off your home when you have a lower interest rate than what you could make with that same money. If you need to do that, it’s cool, but sometimes it can be about how you view not just managing money, but how you feel about having debt.
You most certainly can carry debt into retirement. As long as you have the reliable cash flow to manage the cost of that debt. American's often don't realize that (outside of NewYork and perhaps the LA area) their real estate is among the cheapest in the developed world. Easy peasy to pay off a house in the US when you are only paying half a million for it... Most people in other countries now treat mortgages as a lifetime debt. But perhaps these presenters primarily target US viewers.
Sure, you could, wouldn't it be better if you didn't have to? A half million dollars where we are from gets you a starter home at best. The Seattle region along with many others in the US are not as inexpensive as you may think.
@@BrianandCarrie Probably true... where I am - and converting to US currency... we average $1.3 million USD for a single detached home. Not sure how Seattle compares with that average... WIth home prices so expensive here.. most people do not buy their first home until they are late 30's or early 40's (they need a 260,000 USD for a downpayment for an average home). If you are buying in your late 30's there is no freedom @ 50" in your future. Its about sources of income in retirement... no necessarily debt. Each jurisdiction has its own challenges.
Seems to me that if I had $260,000 USD at the age of 40, I'd be better off investing it in index funds and not having a mortgage, taxes, insurance, and upkeep. Sure, you're renting, but your money is making money.
@@BrianandCarrie All good points. Of course one of the key main factors in owning the home, in the US you can deduct the mortgage interest, Canada we can't BUT the growth of that home in value is Tax Free! That is huge when compared to any investments that you would be paying tax on (unless of course the investments are in sheltered accounts). But tax is a major consideration. By renting you are forever paying increased amounts in rent, but own nothing, and don't benefit from the increased value of the home. Once mortgage free (which I agree with Brian and Carrie is the much preferred option) then you pay upkeep and taxes, generally a more manageable amount. You also have the option to rent out the property if you choose.
I hope everyone is putting their savings into bitcoin vs a bank. The usd will eventually go to 0 and btc is goin up forever plus it’s very scarce….only ever 21 million. DYOR
I agree with you to a certain point. I think bitcoin has a huge upside potential due to its scarcity but one must always diversify to minimize risk to the downside. I like ETH, SOL, LINK and XRP as well. Keep a few years of liquid assets in cash, cd's and money market accounts to ride out the storms.
We’re past 50 but early retirement starts for my husband this Friday (58) and me in Feb 20 (52). So freaking EXCITED!🇨🇦
That is awesome!
Congratulations 🎉❤
Congratulations!!
Wow! Where's your first adventure going to take both of you?
I’ve posted before that I retired at age 67 almost two years ago and have been happily slow traveling with my spouse ever since. That age was right for me, but I certainly get why someone would want to retire at 50. You give great advice.
But I have to give you guys major kudos for getting your finances in order so you can retire before getting social security. That is an accomplishment!
I stuck my toe in the water, so to speak, over the past year in terms of retirement and to be honest, I think it's ended up being less stressful (and honestly, less boring) to keep some low-key work on the side that also brings in some money. Just that 4-6 hours a week of connection to work seems to allay a lot of anxiety for me and always gives me something to keep my brain engaged whether I want it to be or not. Just the traveling alone hasn't been enough for me. I think this is what retirement looks like for me so I hope others can keep that in mind. You can get creative with it. (.....as I watch and write here in my 3rd week in Playa del Carmen).
Congratulations!! 75,000 subscribers!!
You have earned this 75K subscriber milestone. Congratulations!
Thank you so much 😀
Hey to both. Always sage advice which is easier said than done. Talking about savings, and putting into accounts while not going to restaurants or drinking or golfing or concerts is not easy to do. It requires discipline and a recognition that greater benefits will await you by obtaining your freedom from work. Stick to your plan and budget and goals and don't worry what the neighbours are doing. Cheers!
We reached Financial Indepence (FI) before 50 years old. Along the way, I kept hearing stories about "The Jones'" - I kept asking my neighbors what their last names were and never met a Jones, so I guess it did not apply to us !
Great point on financial advisors. They won’t really get paid more to give you the green light to retire one year earlier but they can definitely lose money if you go early and run low on money. So part of their incentive structure is to be overly conservative with you. And as you said, that doesn’t make the advisor wrong but we need to remember we are the ones taking their advice but then making the big decisions ourselves.
We're meeting with our financial advisor tomorrow morning, and keeping that bit of wisdom in mind as we listen to her. 🖖
Really enjoyed this video. My goal is 55! That’s when my wife and I are jumping! 🙌🏽
That is awesome!
@ We appreciate the inspiration from you all! We only live once and we have talked about this long enough! It does help that I have an Air Force retirement pension and VA check as well.
“I use Carrie.” - Best quote right there! 😂
😁
I love that you guys are debt free. I sure wish you had a home paid off back home though. That’s the only thing I have ever disagreed with you two about. Love your podcast and patiently wait for every new podcast! I admire your bravery for quitting your jobs and going for it. I am 51, in good financial shape, no debt, multiple homes paid for, and still nervous about pulling the plug on work! Lol. Keep up the good work on your shows.
Hi you 2! Great video! Where will you live when you don't travel anymore and you are older? Saludos de Suiza
The US. We explained why in a video that we did a couple of months ago. 😊
@@BrianandCarrie oh ok I missed that. I was more thinking if you will rent something and if you can afford it. Will look for that video
We will be renting. We have no desire to have the responsibility of owning another home. 😁
@@BrianandCarrie thanks! I totally understand. Good choice 👌
Every time I got a raise (like a promotion or even a cost of living adjustment) I raised my automatic withdrawal to the retirement account to take half before I got to it. It meant I could enjoy raises but also increase retirement savings.
That is awesome! Thanks, Eric!
Great video! I am 46 & husband is 50. We are on track for hubby to retire at 53, with a monthly pension & will get to keep our health insurance. Our house will hopefully be paid off by the end of this year/beginning of next year. That is our only debt besides our 2nd/vacation home (family member is currently renting). We plan on traveling a few times a year, but I would like to continue working part time to keeping building up my retirement account & still put money into my husband’s ROTH IRA. But all in all, I’ll probably be done working and hopefully fully travel when hubby is 55.
I stayed home with my girls for 17 years (2003-2020). We really had to be creative/budget living on one income especially with my girls playing sports/activities. I did it all from couponing, making homemade gifts (candles, shirts), gardening (making my own bread/canning veggies), etc. Looking backing with all the sacrifices we had made, was all worth it.
I will be retiring this year (54 years old) and my experience over the last 30years is that it is all on the spending side and less on the income. Of course, great income helps, but the plan has to be commit to the saving and paying yourself. It is easy to live in the moment and just spend on all the 'trinkets' life dangles in front of your eyes. I set 2025 as the goal on New Years Eve 2020 (Yeah, not a lot of other fun on that day in Covid) and it has driven me to want to hit the goal. So happy to be joining you in early retirement and world travel this year! Cheers on a great video.
Carrie and Brian, Yes, I fully agree. It's all quite doable but attention and guidelines must be used. We did it too. Regular contributions to a retirement plan are essential. Also, living outside of the US like we and you both do really helps. Quality of life in my
opinion is amazing. Our life is amazing, traveling when and where we want and truly living our dreams. I won't go on. JP Porto
Great advice all of these! I love the way you guys are doing it.
What we are doing is more of a slow burn - we started traveling 3-4x a year since our early 40s. Those experiences won't be replaced by another 500K in the retirement fund. I started doing part-time 5 yrs before full retirement at 60 and that's 2 yrs from now, so still contributing some now while we escalate our travel plans to something you are doing, a slow, spend months in a place kinda thing.
Thanks and keep enjoying life!
Good stuff! Good good stuff! We have enough to both retire now but I'm less than 22 months from my full pension! That's the ONLY reason why I'm still working while James is enjoying his early retirement! And if anyone is looking for a financial planner/advisor, make sure they are a FEDUCIARY!!! We've been with our guy since 2018 and he's always looking out for our best interest with our retirement accounts! :)
❤️❤️
Great advice. I retired at 55, my works from home and will retire soon. Having children and soon grandchildren is a priority at this stage of our lives over some of our wants. We still travel a lot but being present is definitely more important. We enjoy your travel stories.
Thank you, William!
Great advice video. I'm an advocate for unloading as much stuff as one can. And as someone older (on Medicare & SS) but also looking for options to permanently relocate overseas it seems one mostly overlooked area is taxes on US retirement income, including inheritance taxes. That's what I'm trying to sort out now between 3 EU countries, although I still have Mexico on my list. Lost of good videos covering cost of living, just not much detail on taxes.
We file our US taxes like always. Our advice would be to hire a professional help.
Great video full of doable information 💕 Congrats on 75K 👏👏👏
Thanks so much!!
Thanks for sharing. I really appreciate your advice.
You are so welcome!
Great video guys!
Thanks so much! ❤️
FREEDOM! Without the William Wallace ending.😳🤔
2029 is our goal date to start our Slow travel journey.
The goal budget is $3k- $7k depending on inflation.
My "friends" say I'm a tool. 🤔😳 wait, what? No a resource of information 😉
Great video as always. Thanks.
Side note day 23 of the 75 hard program. 😊
Working on my trimming down my Jelly Roll.🏋♂️ by Working I mean chair yoga and physical therapy for my 2 work outs a day.😊🍬
Congrats on 75k as well
I've cut back on sugar, carbs and alcohol!! It really seems to help! 😁
If you use a financial advisor and they create a comprehensive plan for you using a program, make sure you ask what rate of return the program is using. Make sure you are comfortable and knowledgeable about the rate of return and the details.
Too many margaritas 😅, that was funny! We find the $1.50 coronas are a bigger problem 😊😂
😅
Great video.
What do you think would be a comfortable amount for a couple at age 50 to have to retire in a similar fashion?
Just sort of running a survey. I read and hear a huge variance in amounts….
This is going to sound morbid, but it's reality. Make sure we budget for in case we are a single person. My uncle's partner passed recently, and he could not afford his lifestyle or even stay in his home. Also, aged care is expensive, and for some people, it is a necessity. As was for him as he has dementia. I was mortified to realise they had not planned for this as they were 87 and 93 (93 yo passed) and were living it up or so, we thought, and they were in a lot of debt. It was devastating. 'Lifestyle creep' is what you were saying, and I think about it every year. Not changing our lifestyle when we earn more.
How do you plan for dementia? You need to rely on others (maybe) for decades, it is very tricky.
Take care of your health now!
Your logo resembles the one used in the intro to the Netflix series Ozark. Coincidence? Or homage? :)
How old are you now? I have been wanting to ask for a while now but felt rude. Though this type of channel, I think it's ok, haha. Much love from a 40-year-old Aussie ❤ 🇦🇺
We are each 54 years old, Tessa! We have a Q & A video coming out on Saturday that will answer many more! 😀
Brian and Carrie we enjoy you guys. A video request, if you did this already please link it. A list of hospitals outside the US with out if pocket estimates for medical expenses, like cancer, disc replacement, prostate etc. I saw your video if your prostate exam abd Carrie's dental work. I ask because medical cost is killer and unknown. Financial with the stock market is my zone, no worries. However a chunk of our retirement portfolio is in IRA's so limited to access currently without penalty. Also we have 5 children in their early twenties on our medical insurance. When they hit 26 that wil not be a concern. Our goal is to fully retire in 5 years. If you are curious on how we really grow our income to retire come over to my channel. I share our portfolio and what I do to help. I'm learning from yall for our next step, thanks.
Hmmm. If you retire on passive income at 50 and in 7-10 years rampant inflation reduces your retirement comfort level, you may have to go back to work at a time when you are less employable or physically unable to do so. Additionally, when we left work a year ago, from very intense and stressful professions, (Dr. and Lawyer) we quickly became so lazy that we can barely bring ourselves to provide our financial information to our tax preparer to do our taxes. We are getting good at doing nothing all day where ever we travel. The thought of going back to any kind of work makes us physically ill I am sorry to confess. SURPRISE REVELATION IN RETIREMENT #1: You can take a hot shower as long as you want and still not be late to work!!!
Do you all use financial advisers?
No, we never have.
I am single. Do you think a million dollars is enough to retire now? I am 65. I want to lead a simple life like you. But, I do like to travel to Europe/Latin America at least 4 times a year.
But you both still work full time right? So not retired.
No, we do not work full time. We choose to work when we won't to. Life is good!
WHY do you “pay your credit cards off a few times a month?”. Seems to me, I’d rather pay it off in-full only on the due date. Keep your money working for you as long as possible.
We pay ours off every month. Never have a balance on your credit card!
@ Of course never carry a balance…..listen to the audio, you indicated paying off the card “several times a month”, that was the jist of my comment, that’s all
Okay... thanks for watching.
Cheers 🍻
@@BrianandCarrie Did I mis-hear that comment on paying it off more than once a month?
While it’s not required to pay off a balance more than when you have too- I get it, I hate debt. It makes me feel better when I balance the books every week or two not to see a large credit card balance. It’s purely a physiological thing- kind of like paying off your home when you have a lower interest rate than what you could make with that same money. If you need to do that, it’s cool, but sometimes it can be about how you view not just managing money, but how you feel about having debt.
You most certainly can carry debt into retirement. As long as you have the reliable cash flow to manage the cost of that debt. American's often don't realize that (outside of NewYork and perhaps the LA area) their real estate is among the cheapest in the developed world. Easy peasy to pay off a house in the US when you are only paying half a million for it... Most people in other countries now treat mortgages as a lifetime debt. But perhaps these presenters primarily target US viewers.
Sure, you could, wouldn't it be better if you didn't have to? A half million dollars where we are from gets you a starter home at best. The Seattle region along with many others in the US are not as inexpensive as you may think.
@@BrianandCarrie Probably true... where I am - and converting to US currency... we average $1.3 million USD for a single detached home. Not sure how Seattle compares with that average... WIth home prices so expensive here.. most people do not buy their first home until they are late 30's or early 40's (they need a 260,000 USD for a downpayment for an average home). If you are buying in your late 30's there is no freedom @ 50" in your future. Its about sources of income in retirement... no necessarily debt. Each jurisdiction has its own challenges.
Seems to me that if I had $260,000 USD at the age of 40, I'd be better off investing it in index funds and not having a mortgage, taxes, insurance, and upkeep. Sure, you're renting, but your money is making money.
@@BrianandCarrie All good points. Of course one of the key main factors in owning the home, in the US you can deduct the mortgage interest, Canada we can't BUT the growth of that home in value is Tax Free! That is huge when compared to any investments that you would be paying tax on (unless of course the investments are in sheltered accounts). But tax is a major consideration. By renting you are forever paying increased amounts in rent, but own nothing, and don't benefit from the increased value of the home. Once mortgage free (which I agree with Brian and Carrie is the much preferred option) then you pay upkeep and taxes, generally a more manageable amount. You also have the option to rent out the property if you choose.
I hope everyone is putting their savings into bitcoin vs a bank. The usd will eventually go to 0 and btc is goin up forever plus it’s very scarce….only ever 21 million. DYOR
Who really knows at this point?
I agree with you to a certain point. I think bitcoin has a huge upside potential due to its scarcity but one must always diversify to minimize risk to the downside. I like ETH, SOL, LINK and XRP as well. Keep a few years of liquid assets in cash, cd's and money market accounts to ride out the storms.
Loved when you said Brian that you were using Carrie as a « tool » 😂😂
🤣