This Wednesday, someone I know retired from work. She put up a Facebook post about all the things she was looking forward to doing in the years ahead with her partner. That night, her partner had a major stroke, and passed away Friday morning. If it was in a movie, it would seem ridiculous, but terrible things like this happen to real people. Life is precious, fleeting, and uncertain for all of us.
I retired yesterday at 58. I had spent a lot of time over the last year deciding if I should do it this year or next year, even though what I worked out with my financial planner showed that it was OK to do it this year. Hopefully we didn't mess up! 😊
Nobody wants to hear it, but if you were to replace "until age 90" with a probabilistic model that is reflective of actuarial tables, even their first plan would have a MUCH higher probability of success.
I am making this decision right now. Early retirement offer expires tomorrow at 5pm. I am only 58 and not quite comfortable. Looking at 60. University professor. I am managing the down side risk of working longer by saying no to a lot more than I used to. I prioritize my health and don’t publish like I used to. Don’t worry….the state still gets a lot out of me. I am just no longer willing to work constantly like I did for years. I purchased the software two weeks ago and LOVE it. Really helped me get clarity on where I was with my thinking.
This is such an important message. I was planning to retire at 67 just because, but a couple years ago I started trying to figure out the very soonest I could retire successfully. To my surprise, it turned out to be as soon as 60, especially if I retire to a less expensive location abroad, which I was already considering. When I really focused on creating a realistic retirement budget based on my actual plans, I realized I didn't need anywhere near the savings goal I previously set. Now I have a new goal that I expect reach at around 60. Understanding what you want to do in retirement and working backward to figure out what that lifestyle will cost is necessary to figure out how much you really need. Don't just chase an arbitrary number. Make an estimated budget based on a real plan, and use that to work out your savings goal.
There are financial reasons that working one more year would be a smart decision for me. There are life/happiness considerations that have made me decide not to work one more year. Getting closer to that happening, and instead of worrying about whether or not I will miss the extra money, I am more wondering why I ever thought the extra money would be worth it.
Great video. At age 60 I decided to exit the rat race and while we would have more in our brokerage accounts if I hadn’t, we have enough and my physical and mental health are better 10 years later than they would have been if I had not. I enjoyed the work I was doing. It was the BS around it that I hated. I am truly the master of my time, which is the single biggest advantage of being retired. No regrets.
Work 1 more year then the market crashes, then work 5 more years until the market recovers, then work one more year then market crashes then work one more year....
Another great video James. I can't tell you how much you've helped me by watching these vids the last 6 months as I prepare for my upcoming retirement. Thank you.
James, I wasn’t ready for your pivot. Glad you looked at quality of being together and enjoying your quality of the healthy time left! Thank you so much.
The best quote I heard …. “today is the healthiest you will be for the rest of your life”…..I retired at 55 and my wife and I now travel. All I see is the 20 something’s backpacking around the world, or older (60s) people who can barely walk to get on/off the tour busses.
I retired at 61.5 when I realized I had enough in savings. Even though I could have more if I worked to 65 or 67 enough is enough. Can’t take your money to the grave or beyond if you believe in that
I watched my parents and their entire social circle retire. It was a very very small percentage that actually had the choice of when they retired. It’s really dangerous to put yourself in the situation where you need to work another year in your 50s and 60s.
I know a guy at work who is on his 5th one more year. He’s really slowing down but still there. I’m going to retire this year at 60 instead of 62 when I planned.
I worked til 69 without really noticing. I was then paid for an additional six months severance - so that made it 69 1/2 before I claimed for SS. No one had given me ANY information about social security or Medicare. Somehow I have landed on my feet. ...I think. 😂
My father worked at Caterpillar. He would sometimes seem down at dinner, and would eventually say that so-and-so had retired 3 months ago and dropped dead from a heart attack. My father had already had a heart attack kind of early (back when people smoked) so he retired the minute he could, at 62. My parents had many nice winters in Florida and I know he never regretted his decision. My parents were not wealthy at all but they lived within their means their whole lives.
I am 55 and seriously considering retirement at the end of 2026 at age 57. I could theoretically retire today, but my current situation is kind of a dream job (for someone else) that I just can't justify quitting. And I'm not entirely convinced that I'll be able to do it at the end of 2026. I work at home. I am the boss and have a lot of autonomy. I am paid very, very well - in the 37% tax bracket as a single person. I just have agita thinking about walking away from this despite the fact that I want nothing more right now than to do nothing for a while and then travel, travel, travel. I know... first world problems.
I'll never know why people act like they have to wait until retirement to begin traveling. My wife and I have about 4 years until we plan on retiring, but are planning some of our biggest trips during that time. It's not an "all or nothing" game.
200+k income, 6k core lifestyle expenses.... 1 million in the bank. HOW. I have a lower income, higher (albeit only slightly higher) expenses, and I'll be a millionaire before I'm 50. If I work til I'm 67, I'll have like 10 million in the bank, if not more. Goes to show you: you can't out-earn a lavish lifestyle. If you can curb those instincts in your 20's, you basically can't fail.
I retired 65, my benchmark was pensions & my widow ss bringing in what I was living off of last 5 years while working. I met that benchmark and still don't pull from TSP or ROTH or investments. Age 73 I will have to start doing that.
At 7:35 - I suspect/wonder if the co-workers that died just before their planned retirement was not due to tragically bad luck but because of a serious health decline that forced them into a choice they did not want, which was to announce their imminent retirement.
Bingo... One more year of not living your life fully for a few percentage points on monte carlo. Downsize the house and party like its 1999 😀. Great Video.
I used to work with Americans who were paid $2 to $10 million a year and they were still working into their mid to late 70s. It was impossible for me to fathom.
I hope to live into my 90s with my wife, and we plan financially to do so. However, we know we are only going to spend excessively until probably 75. After that, finances will be basically stable, except unknown medical. However, we will deal with those expenses when they come using the planned finances to deal with it. There is no reason to not enjoy the small portion of life when you have no job, no young kids, etc., and then you can sit around with the grandkids when you are too old to party lol.
James, you rarely mention going part-time as an option. Why? This couple could get their*time* and life while maintaining it without sacrifice. Why is working so often presented as an all or nothing thing? Smart perspective otherwise, but part-time is a consistent miss in many of your videos.
Listing "travel" under expenses? $2000 every single month just for travel? There is more to life than spending a lot of money to go somewhere else where people live. Maybe they should be valuing the more simple things in life instead of spending $24,000 a year on travel? The truth of the matter is they won't spend that much on travel every year, just the first few years, then they'll settle into that part of retirement where you just enjoy life and it's not about "money". Then medical expenses start to climb. If they're smart, they'll get healthy and live very well...right up until they pass on. It doesn't take a lot of money to do that.
If your health is the slightest bit bad you need to retire as early as possible. The odds are too great that your health will fail much faster than you will run out of money. Money you can manage to spend less later and such. If your health fails when your older it is usually a one way street, it does not come back better.
Your SW should factor in spending flexibility of spending less when market conditions are worse and spend more when market conditions exceed expectations. People have the ability to toggle spending as needed. I agree with the question of how much is your life worth? Prob a lot more than one more year of work.
I'd rather die with my boots on and a pile of cash. I know what it's like to get down to my last 500 bucks. And once I quit I'm never working again. There are rough times ahead and maybe bond market yields of the last few days are showing that investors are beginning to wake up. I would not be surprised to see long rates hit 10% or more on an underlying inflation of 8%. If your job leaves you longing for death then by all means retire. But if you like the folks you work with maybe not. Retire and start taking long trips on the disease cesspools called cruise lines! That way you are unlikely to outlive your money.
Why can’t they travel now while still working? They probably have at least 4 weeks vacation time each year from their employment and a $24k yearly budget that they spend now. Work one more year, travel as much as you can in that year, get a taste of the places you would like to visit, then retire. We travel a lot in our 4 weeks annually and both still work. Scotland, Italy, beach trips, cruises. This couple needs a “vacation planner,” (not a retirement planner) for the next year if they can’t figure it out. My $.02
James, I care about your success, so here's some constructive critique: Examples are good for illustrating concepts. But they are very poor for describing and explaining concepts. Examples, by definition, exclude most people -- those who are not similarly situated to the example. I would find your videos more helpful if you started by describing & explaining the concept, then used examples to illustrate. (To be honest, I find myself clicking away when you start with examples. They almost never fit my situation.)
I'm 58 and working with a municipal pension, a DROP account, and a 457(b). My wife is 57 and has already retired. I'm looking to retire in 2028 at 61.5 because as long as I do so before April 1, I'll get a COLA from my pension. If I retire after that date, I'll have to wait until April 1, 2029 to get a COLA. My Social Security benefits will also be much higher than hers due to having worked a 2nd job all my working years. So, when my wife reaches 62, we'll collect her Social Security benefits to help offset medical expenses until Medicare kicks in. I'll collect my Social Security benefits at 70. So even if I don't make it to 70, her survivors benefit from my SS will be higher, so she will lose her SS when I pass away anyhow. Of course, this plan could change between now and 2028. We'll see what a CFP has to say when the time comes.
Great content again buddy! We really love your "out of the box" prospectives. Time, wealth and health - All three have to be considered. The fact people who are 70 and been working 40 to 50 years paying out the hiney on taxes, should be criminal. They have paid enough by then? Love your channel - Thank you!
Yeah, it’s easy for a 30 something financial advisor to tell you to work another year when you’re 67. Much harder to do when you’re the 67 yr old that has to grind out another 12 months. I had every intention to work until my FRA of 66 and 10 months. At 65 I had enough. You can play the one more year game until you die.
A job honestly doesn’t gives you the time, space and opportunity to chase your dreams and achieve your goals. From personal experience i can tell you working a serious job is modern day slavery. they pay you a small amount for doing a significant amount of work and promises you promotion. Best advice make investments and take calculated risks that would guarantee your success.
Why is it that financial advisors NEVER consider spending the principle money?? The answer is obvious. Why die with over a million in an account, think of what they could have done with that money.
One more year of work, means one LESS year of retirement. And it likely will not increase your Social Security. Also money goes way further in retirement! We retired at 63, could have retired 1-2 years earlier no problem!
The last five years work overtime, two jobs if you can. The plan is to get that social security check as high as possible. Start in your empty nest years. When you do, you may have the same check if you retire at 62 as 67. Take time to travel while working, reward yourself but do the math. Add us the equation to see for yourself.
I’m 56, single with no dependents. Have a lonely life outside of work. I’m in excellent health and want to keep working until I’m at least 70 and would prefer to work until 75. Working will definitely help my mental health as well as my financial health. By 70 or 75, I should have at approximately $2m stashed away. Plan to live on interest, dividends, rental income and social security without touching my principal.
67? Wtf would they keep working. Jesus. Stop pretending 67 years roles who have health issues are gonna be 95. Let them go enjoy their last 5-10. Depressing.
![Noob To Max With DRAGON REWORK In Blox Fruits [FULL MOVIE]](http://i.ytimg.com/vi/LnBMOinoOvA/mqdefault.jpg)
This Wednesday, someone I know retired from work. She put up a Facebook post about all the things she was looking forward to doing in the years ahead with her partner. That night, her partner had a major stroke, and passed away Friday morning. If it was in a movie, it would seem ridiculous, but terrible things like this happen to real people. Life is precious, fleeting, and uncertain for all of us.
I retired yesterday at 58.
I had spent a lot of time over the last year deciding if I should do it this year or next year, even though what I worked out with my financial planner showed that it was OK to do it this year. Hopefully we didn't mess up! 😊
Good luck!
One more year is what my coworker said he never made it….
Nobody wants to hear it, but if you were to replace "until age 90" with a probabilistic model that is reflective of actuarial tables, even their first plan would have a MUCH higher probability of success.
I am making this decision right now. Early retirement offer expires tomorrow at 5pm. I am only 58 and not quite comfortable. Looking at 60. University professor. I am managing the down side risk of working longer by saying no to a lot more than I used to. I prioritize my health and don’t publish like I used to. Don’t worry….the state still gets a lot out of me. I am just no longer willing to work constantly like I did for years.
I purchased the software two weeks ago and LOVE it. Really helped me get clarity on where I was with my thinking.
I’m glad to hear that!
This video just reassured my wife decision to retire this year. Great timing. Just love these case studies James. Please continue them.
This is such an important message. I was planning to retire at 67 just because, but a couple years ago I started trying to figure out the very soonest I could retire successfully. To my surprise, it turned out to be as soon as 60, especially if I retire to a less expensive location abroad, which I was already considering. When I really focused on creating a realistic retirement budget based on my actual plans, I realized I didn't need anywhere near the savings goal I previously set. Now I have a new goal that I expect reach at around 60. Understanding what you want to do in retirement and working backward to figure out what that lifestyle will cost is necessary to figure out how much you really need. Don't just chase an arbitrary number. Make an estimated budget based on a real plan, and use that to work out your savings goal.
There are financial reasons that working one more year would be a smart decision for me.
There are life/happiness considerations that have made me decide not to work one more year.
Getting closer to that happening, and instead of worrying about whether or not I will miss the extra money, I am more wondering why I ever thought the extra money would be worth it.
Expenses really drop off if you just drop dead
Great video. At age 60 I decided to exit the rat race and while we would have more in our brokerage accounts if I hadn’t, we have enough and my physical and mental health are better 10 years later than they would have been if I had not. I enjoyed the work I was doing. It was the BS around it that I hated. I am truly the master of my time, which is the single biggest advantage of being retired. No regrets.
I truly hope that I'm not still "working" at age 67.
Work 1 more year then the market crashes, then work 5 more years until the market recovers, then work one more year then market crashes then work one more year....
At some point you are trading time you will never get back for money you will never spend. I'm out in about 60 days.
Another great video James. I can't tell you how much you've helped me by watching these vids the last 6 months as I prepare for my upcoming retirement. Thank you.
One more year may be 5% to 100% of your remining lifespan. How much will you sell it for?
James, I wasn’t ready for your pivot. Glad you looked at quality of being together and enjoying your quality of the healthy time left! Thank you so much.
Thanks for watching!
The best quote I heard …. “today is the healthiest you will be for the rest of your life”…..I retired at 55 and my wife and I now travel. All I see is the 20 something’s backpacking around the world, or older (60s) people who can barely walk to get on/off the tour busses.
I retired at 61.5 when I realized I had enough in savings. Even though I could have more if I worked to 65 or 67 enough is enough. Can’t take your money to the grave or beyond if you believe in that
Good perspective
I watched my parents and their entire social circle retire. It was a very very small percentage that actually had the choice of when they retired. It’s really dangerous to put yourself in the situation where you need to work another year in your 50s and 60s.
I know a guy at work who is on his 5th one more year. He’s really slowing down but still there. I’m going to retire this year at 60 instead of 62 when I planned.
My Schwab financial advisor keeps telling me to continue working. "We need your money. You don't."
😬
Warren Buffett says "I can buy just about anything but time!"😊
True
I worked til 69 without really noticing. I was then paid for an additional six months severance - so that made it 69 1/2 before I claimed for SS. No one had given me ANY information about social security or Medicare. Somehow I have landed on my feet. ...I think. 😂
Im going to work till i get my goal of $2.5 MILLY. Im on track to hit it at 60. I have my fingers crossed 🤞🏾 🎉🎉❤❤
James, just excellent, so nicely done. You put it all together. I have learned a lot from your videos. Thanks.
I'm in that "one more year" syndrome. All the calculators say over 95% success rate, but the FEAR is has me stopped in my tracks
My father worked at Caterpillar. He would sometimes seem down at dinner, and would eventually say that so-and-so had retired 3 months ago and dropped dead from a heart attack. My father had already had a heart attack kind of early (back when people smoked) so he retired the minute he could, at 62. My parents had many nice winters in Florida and I know he never regretted his decision. My parents were not wealthy at all but they lived within their means their whole lives.
I am 55 and seriously considering retirement at the end of 2026 at age 57. I could theoretically retire today, but my current situation is kind of a dream job (for someone else) that I just can't justify quitting. And I'm not entirely convinced that I'll be able to do it at the end of 2026. I work at home. I am the boss and have a lot of autonomy. I am paid very, very well - in the 37% tax bracket as a single person. I just have agita thinking about walking away from this despite the fact that I want nothing more right now than to do nothing for a while and then travel, travel, travel. I know... first world problems.
I'll never know why people act like they have to wait until retirement to begin traveling. My wife and I have about 4 years until we plan on retiring, but are planning some of our biggest trips during that time. It's not an "all or nothing" game.
200+k income, 6k core lifestyle expenses.... 1 million in the bank.
HOW. I have a lower income, higher (albeit only slightly higher) expenses, and I'll be a millionaire before I'm 50. If I work til I'm 67, I'll have like 10 million in the bank, if not more.
Goes to show you: you can't out-earn a lavish lifestyle. If you can curb those instincts in your 20's, you basically can't fail.
Good information. The takeaway is to save more sooner. Don’t make that purchase that isn’t building wealth. Think long term
Excellent case study. Could also rent out the house to create a revenue stream. Use part of the house rent to rent a place to live. Thank you!
That didn't go as I thought but I totally agree with prioritizing health and well-being.
I retired 65, my benchmark was pensions & my widow ss bringing in what I was living off of last 5 years while working. I met that benchmark and still don't pull from TSP or ROTH or investments. Age 73 I will have to start doing that.
At 7:35 - I suspect/wonder if the co-workers that died just before their planned retirement was not due to tragically bad luck but because of a serious health decline that forced them into a choice they did not want, which was to announce their imminent retirement.
Bingo... One more year of not living your life fully for a few percentage points on monte carlo. Downsize the house and party like its 1999 😀. Great Video.
Thank you
They reach FRA and can get full benefits so why work for another year? Time is shortening and most importantly their health is their wealth.
I appreciate you. My husband and I have employed this same perspective.
April 30 I am 62 and done nobody changing my mind
I used to work with Americans who were paid $2 to $10 million a year and they were still working into their mid to late 70s. It was impossible for me to fathom.
Retiring in 2 months at 58…don’t want to be the one who dies on the job.
I hope to live into my 90s with my wife, and we plan financially to do so. However, we know we are only going to spend excessively until probably 75. After that, finances will be basically stable, except unknown medical. However, we will deal with those expenses when they come using the planned finances to deal with it. There is no reason to not enjoy the small portion of life when you have no job, no young kids, etc., and then you can sit around with the grandkids when you are too old to party lol.
James, you rarely mention going part-time as an option. Why? This couple could get their*time* and life while maintaining it without sacrifice.
Why is working so often presented as an all or nothing thing?
Smart perspective otherwise, but part-time is a consistent miss in many of your videos.
Part time can be a great option when it’s available
Listing "travel" under expenses? $2000 every single month just for travel? There is more to life than spending a lot of money to go somewhere else where people live. Maybe they should be valuing the more simple things in life instead of spending $24,000 a year on travel? The truth of the matter is they won't spend that much on travel every year, just the first few years, then they'll settle into that part of retirement where you just enjoy life and it's not about "money". Then medical expenses start to climb. If they're smart, they'll get healthy and live very well...right up until they pass on. It doesn't take a lot of money to do that.
At age 67, you don't know when your last day is today or tomorrow or 2 month later. I would not risk a damn second.
If your health is the slightest bit bad you need to retire as early as possible. The odds are too great that your health will fail much faster than you will run out of money. Money you can manage to spend less later and such. If your health fails when your older it is usually a one way street, it does not come back better.
One more year to save more money? That's cute. You already had 40+ of those.
It's more year closer to end-of-life. Do you have 40+ of those left?
Your SW should factor in spending flexibility of spending less when market conditions are worse and spend more when market conditions exceed expectations. People have the ability to toggle spending as needed. I agree with the question of how much is your life worth? Prob a lot more than one more year of work.
I'd rather die with my boots on and a pile of cash. I know what it's like to get down to my last 500 bucks. And once I quit I'm never working again.
There are rough times ahead and maybe bond market yields of the last few days are showing that investors are beginning to wake up. I would not be surprised to see long rates hit 10% or more on an underlying inflation of 8%.
If your job leaves you longing for death then by all means retire. But if you like the folks you work with maybe not.
Retire and start taking long trips on the disease cesspools called cruise lines! That way you are unlikely to outlive your money.
I’m working to July 1 then the wife goes on Medicare. Bye bye work at 63.
Why can’t they travel now while still working? They probably have at least 4 weeks vacation time each year from their employment and a $24k yearly budget that they spend now. Work one more year, travel as much as you can in that year, get a taste of the places you would like to visit, then retire. We travel a lot in our 4 weeks annually and both still work. Scotland, Italy, beach trips, cruises. This couple needs a “vacation planner,” (not a retirement planner) for the next year if they can’t figure it out. My $.02
James, I care about your success, so here's some constructive critique: Examples are good for illustrating concepts. But they are very poor for describing and explaining concepts. Examples, by definition, exclude most people -- those who are not similarly situated to the example. I would find your videos more helpful if you started by describing & explaining the concept, then used examples to illustrate. (To be honest, I find myself clicking away when you start with examples. They almost never fit my situation.)
6000 is their core budget? I struggle to come up with $3000 a month in expenses.
I'm 58 and working with a municipal pension, a DROP account, and a 457(b). My wife is 57 and has already retired.
I'm looking to retire in 2028 at 61.5 because as long as I do so before April 1, I'll get a COLA from my pension. If I retire after that date, I'll have to wait until April 1, 2029 to get a COLA.
My Social Security benefits will also be much higher than hers due to having worked a 2nd job all my working years. So, when my wife reaches 62, we'll collect her Social Security benefits to help offset medical expenses until Medicare kicks in. I'll collect my Social Security benefits at 70. So even if I don't make it to 70, her survivors benefit from my SS will be higher, so she will lose her SS when I pass away anyhow.
Of course, this plan could change between now and 2028. We'll see what a CFP has to say when the time comes.
Work 1 more year never ends though.
As far as I am concerned they already worked 4 more years. Where does it end?
I really appreciate you emphasizing the non work values of life.
that extra time you give up is not worth it. they should retire. you cannot replace your future for money! RETIRE
Great content again buddy! We really love your "out of the box" prospectives. Time, wealth and health - All three have to be considered. The fact people who are 70 and been working 40 to 50 years paying out the hiney on taxes, should be criminal. They have paid enough by then? Love your channel - Thank you!
How the hell, with a paid home, are their expenses $6k per month, not counting medical?
I wish I would have worked one more year…said no one on their deathbed ever!
Yeah, it’s easy for a 30 something financial advisor to tell you to work another year when you’re 67. Much harder to do when you’re the 67 yr old that has to grind out another 12 months. I had every intention to work until my FRA of 66 and 10 months. At 65 I had enough. You can play the one more year game until you die.
I don’t think you finished the video
Wow, thanks for being the voice of reason!
I feel sorry for Curt and Eva!
A job honestly doesn’t gives you the time, space and opportunity to chase your dreams and achieve your goals. From personal experience i can tell you working a serious job is modern day slavery. they pay you a small amount for doing a significant amount of work and promises you promotion. Best advice make investments and take calculated risks that would guarantee your success.
Why is it that financial advisors NEVER consider spending the principle money?? The answer is obvious. Why die with over a million in an account, think of what they could have done with that money.
No one realizes it’s one less year alive….. what if you actually only have until 65, or 67, or at most 73??? Half of all people don’t make it to 80.
Honestly, working one more year sounds like a no-brainer for the extra benefits... but can your body handle it? 🤔
I learned that only 3 percent of Americans has one Million for retirement. The Majority has less the 500 .
Yeah - you’ll look at this wayyy differently when you’re 67. You won’t have “one more year” in you.
One more year of work, means one LESS year of retirement. And it likely will not increase your Social Security.
Also money goes way further in retirement! We retired at 63, could have retired 1-2 years earlier no problem!
i wish i could not work these next 30, forget 1 year. 😆
14% of households make over $200k
Does wifey want you to be around her 24/7 for an extra year? :)
geez, one more year for a 67 year old is a lot to ask, come on
$8000 a month?😮to stay at the Ritz Calrlton.😂
Hell no, you can’t get the time back.
The last five years work overtime, two jobs if you can. The plan is to get that social security check as high as possible. Start in your empty nest years. When you do, you may have the same check if you retire at 62 as 67. Take time to travel while working, reward yourself but do the math. Add us the equation to see for yourself.
I’m 56, single with no dependents. Have a lonely life outside of work. I’m in excellent health and want to keep working until I’m at least 70 and would prefer to work until 75. Working will definitely help my mental health as well as my financial health. By 70 or 75, I should have at approximately $2m stashed away. Plan to live on interest, dividends, rental income and social security without touching my principal.
67? Wtf would they keep working. Jesus. Stop pretending 67 years roles who have health issues are gonna be 95. Let them go enjoy their last 5-10. Depressing.