When Should You Retire? 20 Reasons why Retiring Now can be the Best Decision.
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- Опубликовано: 12 июн 2024
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Retirement marks a significant transition in life, often accompanied by uncertainty. The question of when should you retire becomes more common as you get nearer to retirement age. However, it's crucial to recognize that retirement isn't just an endpoint, it's an opportunity for a fresh start, a chance to embrace newfound freedom, and pursue passions on your own terms. Today, we guide you through the process of preparation and decision-making as we talk about 20 compelling reasons to take the leap on retiring now. At the end, we wrap up 5 significant questions to help you navigate this important decision and ensure you're prepared to fully enjoy your well-deserved retirement.
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07:04 Financial Market Volatility
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ABOUT RETIREMENT TRANSFORMED
Husband and wife duo, Mark & Jody Rollins, inspire and serve as personal guides to meaningful, transformational journeys for individuals who are planning for, going through or are living in retirement. This is everything in retirement beyond your financial plan.
We are not financial advisors or medical experts. Any advice we give is our own and should not be taken as professional advice. This video is for informational and entertainment purposes only. Please seek professional assistance before making any financial decisions or changes that can affect your physical or mental health.
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I am about to turn 67, I earn a high 6 figure salary .. I recently closed a new house in Florida , I am the only person working in my neighbor and I began to realize I want to slow down and begin enjoying life, At the same time my employer last month assign me another high stress project.. After end less meetings following the assignment the required travel needed , I woke up last week and called HR and told them I am retiring , I will work for several months to transition my workloads... One thing I learned is that your body will tell you when its your time to retire. I will now enter a new journey in my life...and have time to spend time with my family and make new friends.
Congratulations. We hope that you really dig into this phase of life and make it all that you can.
Hey young man, you made the right decision. You're now truly living a life. Blessings.
I am retiring in 8 months from a 38 govt job. I will take my pension at 56. Im not wasting any more time. I want to enjoy my retirement.
Good for you!
I have retired at 55 and I am happy ❤❤❤
Good for you. We are happy for you!
Within 3 weeks of us finding out my husband had stage 4 cancer, he passed away. Life can change in an instant! My husband was huge on doing things while we still could, and I'm thankful for that mindset that he had. I am going to retire at age 60 in July.
Your videos are informative and reassuring. I'm looking forward to retirement😊
We are so sorry for your loss. I'm glad you are finding some helpful information here on our channel. Keep us posted on how you are doing.
Last year before my husband sudden death he asked me to retire so we can have time together, but i turn 60, i am concern about money so i said: let me think about it” ..few weeks later my husband had a massive heart attacked and passed. I’m feel so sad, so guilty and regret. Your advice is amazing, thank you…
Whether you had retired at that time or not, he unfortunately would have had the heart attack. You were right to figure out based on facts if you could afford to retire early
So sorry for your loss. 💔 Blessings
We are both so sorry for your loss. It must be difficult right now and there are no words we can say to ease the pain. But we will keep you in our thoughts and prayers.
I am sorry for your loss. But remember this, he would have been gone and you would not only be alone, you would be unemployed. And for many of us, our work family is our biggest support system. So if that is the case with you, I am glad you still have that in place.
I retired December 31st at 62 and love it. I still need to work a little bit, but it is manageable. My job was not horrible, but it was not my passion. It has taken me two months to decompress to the point where I feel my creative energy returning, which feels amazing.
Great job Cathy. We wish you lots of great days as you move forward in your life.
I retired 22 years ago at 45. I learned a strange thing that surprised me. Once you have a base for living the entire "working" dynamic changes. Earning $20 working 10 hours at something you love doing is like $20 found money. Whereas when I had mortgage, car, mouths to feed I had to do whatever I had to do to bring in a lot of cash.
I didn't retire with a huge pile of money. I only planned to take a few months off between jobs. But wow I was spending way less and having fun. That lead me to slow flipping house. Buy a dump, slowly fix it up and sell after at least 2 years and the cap gain is tax free. I'm working on house #4 now. I enjoy it and there's never any deadline pressure.
Because of this my reportable income has been basically $0. I don't have to even file state or Federal income tax form. This also means I get free healthcare (Medicaid, after 65 Medicare and Medicaid which pays Part B and other costs), free smartphone (LifeLine), free home internet (ACP). That has saved me $$$ but more important to me is these are stress free. I don't have to worry about medical deductible because it's $0. The insurance company that manages my insurance is a non-profit so super friendly, answers the phone fast. I'd hate to lose it. I haven't taken SS yet.
If you can live on savings, move assets to defer reportable income, I can recommend Medicaid.
Retired at 45 and enjoying every minute of it…
45? How? Why?
How can u afford to retire at 45?
Congratulations. Enjoy.
You can always make more money but you can't make more time.
It’s hard to find a job when you’re older
Thank you for leaving this comment. We certainly agree abouit time.
Thank you for the tips. I started my retirement plan years ago after reading a book called “Getting Out”. I’m 62, retiring in 6 weeks and moving abroad. I can’t even think of working until 67, so I’m doing it now while my body still works and I still have a sense of adventure.
That sounds like a great plan. Where are you headed? Or are you thinking of traveling around?
I’m headed to Cuenca, Ecuador. Yes, I do plan to travel once I get settled.
I'm also 62 and retiring when I turn 63. Defined pension + Canada pension plan and when I turn 65 and additional pension (OAS, old age security). I budgeted and saved so my annual salary will be reduced but I am prepared for that. Hobbies and family will take up my "golden years." ❤
I agree with your approach I'm 67 also and so burnt out. The career I am in has changed and is no longer exciting or interesting, thank you for setting a good example for me!
At some point, everyone realizes when it's more important to chase time rather than chasing money.
Everyone looks at retirement differently. But we all only have a certain amount of time and we need to make the best of each day. One day at a time.
We retired at 58 four years ago. This is a tremendously thoughtful and useful video. Thanks for the effort.
Glad it was helpful! Thank you for being here.
My mom lived to 87 1/2 despite 4 cancers, low thyroid, etc. My dad is 91 1/2 with early/moderate Parkinsons. Modern medicine & a daughter in healthcare knowing what to ask md's kept them going. My dad retired at 62 but kept busy helping everyone. My mom worked in my office till 80. You have to stay busy & not sit around no matter what age. Stay off the sofa!
What a great story. Staying active physically and mentally is key!
@RetirementTransformed Thank you! I hope others get inspired by my parents story. 🙏
I’m an Illinois teacher, 56, and have 4 more years to be eligible for my state’s pension without penalty. I’m so burned out from teaching and chomping at the bit to retire to south Florida… I hope my wife and I can afford it. I’m so done with Illinois!!
I teach also and have decided to punch out 3 months from now at 62. I could work one more to max out the pension but I think I may be pushing my luck. Good luck to you.
It would be great for this to happen. We are rooting for you.
I will be 65 in October. I am planning to retire in 2 yrs.
Wonderful! Keep us posted.
😂Hubby took early retirement at 62. No work for 3 yrs. We fought all time he being home 24/7😢. He got pt job last March were doing great! Todays our 41st Anniversity❤
A lot of men need to & should get out of the house for a part time job to give them a sense of purpose.
Happy anniversary! We both believe a mix of fun and work or volunteering makes the best retirement. Keeps you fit physically and mentally.
That poor ba$!ard
I’m 48, I keep watching videos about early retirement and prepare the retirement when I become older. Haven’t had an idea when I should retire. I want to travel all over the world, it will cost a lot of money.
Yes travel is expensive. There are a few retirement travel channels that you might enjoy. Search in RUclips for "Retirement Travelers"
You're SO great! I'm German and just before retirement, SO helpful your Videos, thank you so much 😍
You're so welcome! Thank you for being here.
It's difficult to make more money when you're old, but it's impossible to make more time at any age.
I don't fully understand your comment. But we are glad you are here.
It is possible to make more time by prioritizing your physical, mental, and emotional health.
My husband is older and the things we used to do and enjoyed together has dwindled away. I miss having something to be interested in and passionate about, and especially an involved partner that is on the same page as I am. I’m ready to downsize and move, and he would stay put until the bitter end. I am a doer and I dislike this limbo. I enjoy your channel. Great info. I’d love to have a channel with a partner.
Oh me too! Husband 12 years older. I am 61, still working very hard, and my husband's inertia is really dragging me down.
You are BLESSED to even have a husband!! Don't forget that! Many of us don't+ are struggling financially by ourselves! ❤
Why you should have thought about all of that beforehand he's your husband you should be with him until death do you part this is your fault that this is happening and not his stop being so selfish
@dianneestell6554 why so negative? I didn't marry him for his money. we built a life together. I'm perfectly aware of the "should haves". I don't accept your judgement. God is the only judge.
Thank you for leaving this comment. You are not alone; there are many couples in the same position. Make sure you both are able to talk and really listen to each other and your needs and desires. Maybe you can find something to do that you both enjoy.
Way to go with being active and exercising!
Thank you! It helps so much to be active.
If you have disabled children, it’s impossible to retire early
I imagine it might be difficult. We will keep you in our thoughts and prayers. Thank you for leaving this comment. I have been giving this a lot of thought the past few days.
Greetings from San Francisco, Mark. I love to work until I drop!😂but at age 92, for sure. I am 62, already stressed out at work.
Happy to have you here from San Francisco.
For me and probably quite a few others, the sweet spot is working part-time at a meaningful job. I'm getting social security & a small pension ('I'm lucky) and could live on that if necessary. But, the income from p-t working is nice for a few extras.
Thank you. We agree that some PT work can be beneficial to your mind, body, and wallet!
Thank you so much. All your advice
I do watch all your videos believe me they’re so much helpful
I’m a single dad with two daughter I’m trying to raise it. Hopefully soon I’ll be retired myself.
God bless both of you and your family
stay healthy stay safe
Burhan
Thank you Burhan. We appreciate you are here.
Great video guys, how old are you guys, at what age did you guys retire?
Hi. Mark is 67 in April and Jody is 58. We retired at the end of 2018, but that was just a transition into a blended retirement of work and play. We are having the best time focusing on our health, our family, our friends, and this channel.
great video me and my wife are torn she will retire next year.. I may retire next year at 63 also.. but then insurance comes into play dont really want to rely on ACA then when to take ss probably 65 and use roth funds to bridge the gap..and i will prob take a pt job to help so i dont use a ton of ROTH funds ..till 65 then ss kick in along with a few hundred from roth each month should be ok..4500 in expenses which includes travel gifts etc..
It sounds like you have a good plan and idea of what to do. Keep thinking about it.
I am hoping to retire at 62 in December of 2024 God willing, thank you for talking about your experience it does help with making important decisions like this one. I am following a lot of people who are happy and enjoying their retirement with challenges of course but happy.
You are so welcome. Thank you for being here.
I just retired at 55. Thought about staying til 56, but why? That would be shaving one good active year right out of retirement. Time now is important rather than time later when who knows how I will be. Retire Early!!! Thank you for all your videos. Love your chemistry! Fellow Constitution State resident here. Hope I don’t get taxed out of this state to go live elsewhere. Ugh. 😮
Thanks for being a part of our community and glad to hear you prioritized your retirement! You are absolutely right that now your time is your own. Look forward to hearing how you enjoy it!
Thankfully I Retired on SSDI 17 years ago
Sounds like you are happy.
I'm starting over because I was disabled for 8 years, missing out on income. At 62, I am going to draw retirement and work part-time, starting in May.
We are sorry to hear you were disabled. That must have been difficult. Happy to hear you have a plan moving forward.
Have fun in Ocean City. We're in Sea Isle City...
Thank you. We look forward to investigating that part of the world.
Im my late 50s. Being an immigrant and the cultural expectations to take care of our parents, have been travelling from Australia to East Europe every year. Not even possible tonthink of retirement. However taling care of my mum brings all these questions about retirement.
Thank you for leaving your comment. It sounds like you have a heavy travel schedule. But I love that you are caring for your mom.
Before I retired on Feb 29 2024 (at age 60), I previously asked my sister "when is it timer to retire?". She simply looked at me, smiled and said... You know when its time! For me, it was not about needing more money, using remaining time for something different and needing more 1:1 time with my life partner. Yes. I did factory these areas in but bottom line... I knew (in my inner heart) when it was time to retire....
Thank you for sharing this. What are your plans?
My future plans? In progress... Sell this 4 bedroom 3 level house and move into a new 2 bedroom with 1 level house, new house in the country, new house with heated workshop, move closer to my one son (closer to family), focus more on body health improvements and let go of thre bad past. Same messages that are within your many videos.... Thank You for your many videos / better life messages...
Getting out this year. Sure, could work more years but I would be giving up some of the best health years of my life. Time is now far more important than money.
You are so right. Sounds like you are on a good path.
31:54 What is chat ___? Can u please explain what this is? Never heard of it. Thx.
chat.openai.com/
It's the artificial intelligence website that you may have heard about. It's a pretty amazing website used to pretty much ask anything and get answers in a more logical organized way then just using google.
This is a great presentation on how we should consider retirement!!! I retired a month after my 59th birthday and LOVING IT! Retired after 28 years in the information technology industry.My husband still works remotely for a bank. I wake up and started working part time at my church doing what I love to do and get a small pension. I don't touch our retirement investments. Our house will be paid off next year! My husband loves what he does and will probably retire in 4 years. Thank you for confirming my decision!!!
Great! We are happy this video was helpful in confirming your decision.
Most people can't afford to retire. Pay check to pay check. Insurance is a big factor.
Yes, many people have not saved enough and that can be added stress.
Hi your channel is very informative, but way to many ads. Can you have a little bit less ads, thank you.
I don’t control the ads. That’s from RUclips
How often do you go out to eat?
Probably 2-3 times a week on average. Mostly when we are with friends of our children visiting. We prefer to cook and eat at home as its healthier.
@@RetirementTransformed Thanks for your reply! 👍
Americans retiring abroad: because life's too short to spend all your golden years stuck in traffic.😅
We hear from many Americans who retire abroad.
It's a good presenation and good suggestions, but I didn't like the opening story: a man retired at 67 to drink a couple of beers on this porch every evening, but (but!) died a year later. Or even "worse", somebody died at 92 at his work desk.
I've heard many variations of these stories. One year or 50 years does not matter: we all die eventually. The “but” part has never been convincing to me. The only thing is important: will you be happy? Or will you miss work, social interaction, the hustle and bustle, the motivation to get up early and exercise, being fit etc.
It really depends. People are different. I suggest the authors to edit out these "horrible" delayed retirement stories and focus on the substance.
Thank you @michaelkovalenko1429. Yes, they are sad stories. My dad's was the saddest for me. I believe he would be alive today if he had lived a different lifestyle. Yes, people are different, and we all can make choices. My friend Gerry, who died a year after retirement, was a close friend, and I hoped to visit him after he retired. Im not sure of what he passed so soon, but I do know that I now live each day to its fullest.
What is this Aura? ring?
It's the Oura ring. We have been wearing them for almost four years now and swear by them. They really help guide our daily activity including exercise, nutricion, sleep and so much more. www.ouraring.com
@RetirementTransformed Thanks for your reply & the link. I am going to check it out.
19:
19: ? Not sure what you mean?
But if you have longevity in your family you might want to delay full retirement.
That could be a reason to keep working. It really depends what you want out of this third phase of life.
I’m turning 53 in May and have started reading/researching about pensions and retirement savings as I’m thinking of retiring at 55, I have a retirement savings since I migrated to Canada been working since 32 (late migration) have a company match pension but I really don’t know if it’s enough, I have a husband though and he is also doing day trading since 2 years ago, worked from 18 to 50, he said he plans to day trade for as long as he can as he enjoys it, fully paid house since 2014, still I’m scared…will be talking to a financial advisor on Wednesday and see the numbers. I have 2 years to think about this. Job is ok paying average but I’m getting bored everyday now. I agree with all you said in this video, I’ve been thinking exactly same reasons to justify retiring LOL.
We are glad you are moving in this direction. Wishing you luck.