She was lovely. I've never really seen a deep dive video into the psychological side of retirement. I could relate to a lot of her experiences. My parents never signed up for the school lunch program even though we would have qualified for full benefits. I remember my mom getting very upset every time I told her I needed lunch money. We were extremely poor; no bathroom until I was ten. I'm 63 with $2.4 million saved, and I really need to start spending.
Wow! I'm so so glad you put this video out as like Monique I can't bring myself to spend what I've worked for all these years. I'm 63 and my wife and I have a 2,000,000 portfolio and I'm having so much trouble switching from earning to spending. I'm a tightwad and have been since childhood. I too do not want to travel so don't feel like we all have to be travelers. I truly feel for Monique as I'm in the same boat and it's not a fun situation. It amazes me how much Monique and I are the same so if there's a magic pill for this issue please let me know because I know I'm going to look back on this and regret my decisions someday. Praying for Monique that this pressure doesn't cause adverse effects.
The magic pill is just doing it! Retire! Once you do it, you’ll be amazed how easily you mindset will slide in to retirement mode! Don’t think of it as spending down. Just think of it as enjoying what you worked so hard to build! No point building it up if you never plan on actually enjoying any of it! You can’t take it with you when you go!
These interviews have been great. It's really interesting to see their real life experiences. The people have been so great too. They all seem like nice people to be around.
Thank you Monique and James for this video. Definitely makes you think differently about retirement. Not always "butterflies and rainbows." Plan to retire in 2 years at 57, my lovely wife opted to stay home for our three daughters; we've been married 32 years. She's always managed the household budget, while I managed our retirement investments. She has always been a good saver, looking at ways to reduce unnecessary spending. She loves spending time at home and visiting family (grandkids/parents/sibling). I on the other hand like to spend money, go on vacations, always on the go when I get time off. When we retire, I know that I will be interfering with some of her space, hobbies, and time. Also, I foresee discussions regarding spending urges/sprees. THE STRUGGLE WILL BE REAL. It will be give and take, but that's part of life. Just have to respect each other.
Incredible interview! Monique has the best descriptions of this life change! At 38 minutes into the video she says people used to describe her as a negative person. The negativity has seemingly vanished from her life -- as she is so positive and full of hope that every day will be a great day.
I can totally connect with a lot of things that Monique is feeling, both from the work changes that prompted her decision to plan for retirement and also some things she is working through in retirement. Kind of a relief to hear the same thoughts from someone else. This was an outstanding interview.
Thanks James, another great interview in this series! I'm a lot like Monique, having trouble switching from saver to spender and I have been retired for 3 years. I saved from age 13 to 53. It's not easy to kind of erase my mindset I had for 40 years. Monique, thank you for being open in your interview.
I really appreciated her introspection and candor in sharing her own lack of understanding about WHY she doesn’t want to spend money. Monique is struggling with it and I can see in my own self that I, too, will have a difficult time shifting from decades of saver-mentality to spender
Good discussion. I’m 60, retired 4 years ago. Very relevant discussion for many of us. Interesting that someone who worked in finance for years had difficulty determining how much would be enough to retire on, but yes, it is helpful to know for sure from a professional like James. Lots of very valid perspectives on things almost everyone faces at some level in retirement. Main challenge many people face is transitioning from saver to spender and reinventing who we are when our identity is very wrapped up in our careers and professional life. Overall, really enjoying not working, less stress, and just doing what ever I want all the time on my own schedule. 😅
Monique, right there with you, retired early in a great position and still can't spend after 6 years. But I can agree that Disneyland trip sounds perfect!
Great interview, thank you for sharing!! I retired at 55, listening to this made me feel SO glad to be single and have no family nearby! I get to dictate 100% what my new life will be. Agreed that "not just retiring from, but retiring to" is important. It took me about 10 months or so to get from the "vacation (and somewhat chaotic) phase" to a new routine. Now I am doing what I enjoy but also trying to arrive at a balance of things that benefits my physical health (long walks, weight training, golfing), mental health and to exercise my brains (playing the piano and brushing up on foreign languages), social interaction (volunteering), and a certain amount of indulgence (watching video or watching a book all night)!
This was a great segment James!! I wish you would do more like this. It’s very informative for people who are close to retirement or thinking about retirement to hear the processes of other people who are newly retired and what they went through to retire. Challenges both before during and after retirement. Their struggles with accepting what is enough to be happy in retirement. I loved it! In fact I’m going to watch it again with my wife since we are in the same situation she was in prior to retirement! Thanks for the great content!
James, great interview. You pulled out all of the good and the bad parts of of Monique's retirement. My husband and I are turning up the faucet of travel spending.
Finally someone that doesn't like to travel much. I prefer my hobbies . I traveled so much when I was young I just don't see myself going to too many places. I will be going on a trip to see friends in other states . I have problems spending money also. My planning was too good in many ways . I bought the high priced items for my hobbies while working, so my cost of hobbies is very low. I have to say the biggest surprise is how much money I have over what I was thinking I will enter retirement. I will have to rethink spending.
My husband and I are easing into retirement, cutting back on work now (we're fortunate that we both have ways to do this), and spending on occasional big experiences that bring us joy and meaning. I could definitely see loss of purpose and even some depression as a danger. Then part of me thinks: If we want to retire early because life is short (and healthy life is especially short), how can I minimize spending part of that short life in a funk? So I'm very motivated to do what I appreciate you advising so often (thank you, both James and Monique!): actively work toward finding new purposes and making new plans in advance, so I can fully hit the ground running.
I agree, i think Jame is the best advisor i found on YT. Calm, precise, and insightful. I will contact him in a few years when i am reaching my goal year.
After spending her entire career forecasting and budgeting costs, she refuses to spend money specially on a trip that can be really expensive. I know this feeling. I hope she gets over this mindset and start enjoying life. She deserves it.
That’s the magic question. When is enough enough! I’m not sure if I’ll ever be comfortable with the amount I’ll have for retirement but that’s my issue! That’s human nature! To me, that’s the job of a financial advisor….to get us to a point where we feel comfortable with what we have in conjunction with the lifestyle we want in retirement!
I never thought about money really -I wish I had, but I did start stashing it away the second I could, invested the raises and always thought more than twice on every purchase. I still don't know what enough is, but I think I got it - more worried about what to do next; Hardest bit is to have a plan for what to do with myself and to stop the over saving mindset.
I can relate to the travel thing. Not my cup of tea, I would rather stay in the comfort of my home, eat my healthy non-processed food, sleep in my bed and do my hobbies. Monique - definitely do the Disney trip. I did it with my nieces 20 years ago and they still remember it to this day.
Great video. Thanks for sharing. I would listen to or read the book Die With Zero. You don’t have to take it literal but I think you will pick up 5-10 tips that just might improve your whole outlook on life. Sure you can shelve some of the things that don’t apply. But it changed me mentally about a year ago. And I do not read or listen to books ever. Get Die With Zero and put in your ear buds and work in the yard or do your hobbies. Again it helped me. Thanks for sharing your story.
I am anticipating having similar transitional issues when I retire. I am currently saving 40% of my income and living on a pretty tight budget, so I know I will struggle to spend money when the time comes. Also, travel is something I THINK I want to do, but I haven't done any meaningful travel in my life and I'm becoming more of a home body as I get older. That raises the question: If I don't wind up traveling much, what will I do with the money I've saved? Maybe remodel my house or build a new one? Who knows.
I can relate. Also saving at least that percentage and basically doing the rice and beans thing. Homebody, too. The two piles I am saving for are retirement and remodel. Traveling means having to leave my dogs with someone, and that means I am missing them, so it has less charm to it than it has for people without pets, I suppose.
Yeah, I actually enjoy travel (except airplanes and going through security) but have a bad conscience because it is so harmful environmentally and sometimes sociologically/culturally (in overtouristed locations). So maybe Monique is onto something, and it would be better if more people found what they're looking for right where they are.
Monique is such a vibe. Lmao, I'm also a homebody who doesn't feel the draw of travel. Everything I love is in my house, why would I want to go live out of a hotel for 2 weeks?
I'm not a traveler either. Sleeping in strange towns in strange beds just isn't my thing. Like your guest, I get deep satisfaction by making my home the most pleasant it can be. I'm like a hobbit with my hobbit hole.
Every podcast with a FIRE person is terrifying. They ALL save and hoard money like it’s a mental illness and then chatter on mic as though they haven’t talked to another human for months. Always important to remember to develop social wealth as well as save cash 😅
I found Monique’s story sad. Her hobbies and interests are not aligned with her husband’s and it’s not clear whether they’ve been communicating on how they want to spend their retirement. She seems uncompromising. She is excited to travel with her nieces but not her husband.
From an external view I see a selfish person who is worried about her husband taking up her free time, won't compromise with family on any vacation, etc. Admittedly, I think she needs to talk to someone. She needs to be flexible to her needs but also her family and what they need and want. 🤷
Does Monique husband work? How much does Monique have in her round retirement account? How much does she pay for Healthcare cost? If she is living off her Husband working money? How much money do you need to retire at 50,60 ?10Million, 5million,2 Million?
Monique told us her husband is not yet retired but will be soon. She did not tell us how much money she and her husband have nor where they are drawing from now, nor healthcare costs: this wasn’t the purpose of this interview. The rest of your questions aren’t specific to Monique and also weren’t part of this interview -but there are many other videos that James has done that could answer them. I n short, though, you need to start with YOUR expenses in order to know how much YOU will need to spend and then work out the timeframe and the amount of money needed and how that money should be allocated. One size does not fit all.
She complained that they didn’t answer her questions in a RUclips video but instead gave their number if they had any other questions! Seems like she is mad that don’t give away their services for free! Did she work for free?
The one thing i know is the more money people have, the cheaper and stingier they are. I feel sorry for them working all their lives to live a miserable end of life counting pennies. You take nothing to the other side and your family will blow YOUR MONEY in a heartbeat and you will turn and twist in your grave. C'mon, LIVE A LITTLE and dont be a fool.
Social security (money from government, usually in excess of taxes paid) is socialism. Ronald Reagan started taxing it while giving very large tax cuts to the wealthy. Trump and project 2025 have talked about eliminating it, while democrats talk about raising the cap on the amount taxed, or opening up a second level where income over $400k is taxed to shore up the Bush shortfall (he added a prescription drug plan with no taxes or funding to pay for it). If it's not fixed, expect a 25-30% benefits cut in the future when it turns. Into pay as you go. Look it up, not hard to find the truth.
She was lovely. I've never really seen a deep dive video into the psychological side of retirement. I could relate to a lot of her experiences. My parents never signed up for the school lunch program even though we would have qualified for full benefits. I remember my mom getting very upset every time I told her I needed lunch money. We were extremely poor; no bathroom until I was ten. I'm 63 with $2.4 million saved, and I really need to start spending.
Me too 😭😭really our childhood traumas affect our life.
Wow! I'm so so glad you put this video out as like Monique I can't bring myself to spend what I've worked for all these years. I'm 63 and my wife and I have a 2,000,000 portfolio and I'm having so much trouble switching from earning to spending. I'm a tightwad and have been since childhood. I too do not want to travel so don't feel like we all have to be travelers. I truly feel for Monique as I'm in the same boat and it's not a fun situation. It amazes me how much Monique and I are the same so if there's a magic pill for this issue please let me know because I know I'm going to look back on this and regret my decisions someday. Praying for Monique that this pressure doesn't cause adverse effects.
The magic pill is just doing it! Retire! Once you do it, you’ll be amazed how easily you mindset will slide in to retirement mode! Don’t think of it as spending down. Just think of it as enjoying what you worked so hard to build! No point building it up if you never plan on actually enjoying any of it! You can’t take it with you when you go!
These interviews have been great. It's really interesting to see their real life experiences. The people have been so great too. They all seem like nice people to be around.
Thank you Monique and James for this video. Definitely makes you think differently about retirement. Not always "butterflies and rainbows."
Plan to retire in 2 years at 57, my lovely wife opted to stay home for our three daughters; we've been married 32 years.
She's always managed the household budget, while I managed our retirement investments.
She has always been a good saver, looking at ways to reduce unnecessary spending. She loves spending time at home and visiting family (grandkids/parents/sibling).
I on the other hand like to spend money, go on vacations, always on the go when I get time off.
When we retire, I know that I will be interfering with some of her space, hobbies, and time.
Also, I foresee discussions regarding spending urges/sprees.
THE STRUGGLE WILL BE REAL.
It will be give and take, but that's part of life. Just have to respect each other.
Incredible interview! Monique has the best descriptions of this life change! At 38 minutes into the video she says people used to describe her as a negative person. The negativity has seemingly vanished from her life -- as she is so positive and full of hope that every day will be a great day.
Monique is awesome. I find it painful to spend money too and refuse to pay current prices for stuff.
She’s a fantastic guest.
I can totally connect with a lot of things that Monique is feeling, both from the work changes that prompted her decision to plan for retirement and also some things she is working through in retirement. Kind of a relief to hear the same thoughts from someone else. This was an outstanding interview.
Thanks so much for all the series with respect to the complete picture of retirement rather than just the focus on the obvious financial pieces.
Thanks James, another great interview in this series! I'm a lot like Monique, having trouble switching from saver to spender and I have been retired for 3 years. I saved from age 13 to 53. It's not easy to kind of erase my mindset I had for 40 years. Monique, thank you for being open in your interview.
I really appreciated her introspection and candor in sharing her own lack of understanding about WHY she doesn’t want to spend money. Monique is struggling with it and I can see in my own self that I, too, will have a difficult time shifting from decades of saver-mentality to spender
This video was so helpful in my own planning. This lady was so nice and relatable. I wish her the absolute best.
Good discussion. I’m 60, retired 4 years ago. Very relevant discussion for many of us. Interesting that someone who worked in finance for years had difficulty determining how much would be enough to retire on, but yes, it is helpful to know for sure from a professional like James. Lots of very valid perspectives on things almost everyone faces at some level in retirement. Main challenge many people face is transitioning from saver to spender and reinventing who we are when our identity is very wrapped up in our careers and professional life. Overall, really enjoying not working, less stress, and just doing what ever I want all the time on my own schedule. 😅
This was so good! I was able to connect on so many topics, so many similar thoughts and feelings. More please! 💕
Monique, right there with you, retired early in a great position and still can't spend after 6 years. But I can agree that Disneyland trip sounds perfect!
Great interview, thank you for sharing!! I retired at 55, listening to this made me feel SO glad to be single and have no family nearby! I get to dictate 100% what my new life will be. Agreed that "not just retiring from, but retiring to" is important. It took me about 10 months or so to get from the "vacation (and somewhat chaotic) phase" to a new routine. Now I am doing what I enjoy but also trying to arrive at a balance of things that benefits my physical health (long walks, weight training, golfing), mental health and to exercise my brains (playing the piano and brushing up on foreign languages), social interaction (volunteering), and a certain amount of indulgence (watching video or watching a book all night)!
I live alone and my sleep schedule is very undisciplined. Sometimes I sleep at night and other times I sleep during the day.
This was a great segment James!! I wish you would do more like this. It’s very informative for people who are close to retirement or thinking about retirement to hear the processes of other people who are newly retired and what they went through to retire. Challenges both before during and after retirement. Their struggles with accepting what is enough to be happy in retirement. I loved it! In fact I’m going to watch it again with my wife since we are in the same situation she was in prior to retirement! Thanks for the great content!
James, great interview. You pulled out all of the good and the bad parts of of Monique's retirement. My husband and I are turning up the faucet of travel spending.
Converting from saving to spending is my biggest hurdle as well.....still working on that....retired early at 59.5
Finally someone that doesn't like to travel much. I prefer my hobbies . I traveled so much when I was young I just don't see myself going to too many places. I will be going on a trip to see friends in other states .
I have problems spending money also. My planning was too good in many ways . I bought the high priced items for my hobbies while working, so my cost of hobbies is very low. I have to say the biggest surprise is how much money I have over what I was thinking I will enter retirement. I will have to rethink spending.
Yes, great interview. Thank you, Monique for being open and sharing.
Oh and go to Disneyland when they have the Christmas decor 😊
This is one of the most helpful, non technical vids I've seen on retirement in the past 5 years !! Well done !!
OMG. A Finance person that plays the Lottery.
I love the humanity of it!
I enjoy the early retirement non-financial perspective interviews… very relatable!
My husband and I are easing into retirement, cutting back on work now (we're fortunate that we both have ways to do this), and spending on occasional big experiences that bring us joy and meaning. I could definitely see loss of purpose and even some depression as a danger. Then part of me thinks: If we want to retire early because life is short (and healthy life is especially short), how can I minimize spending part of that short life in a funk? So I'm very motivated to do what I appreciate you advising so often (thank you, both James and Monique!): actively work toward finding new purposes and making new plans in advance, so I can fully hit the ground running.
I agree, i think Jame is the best advisor i found on YT. Calm, precise, and insightful. I will contact him in a few years when i am reaching my goal year.
Monique. No. You are not crazy. I can relate 100%. Morning coffee, uninterrupted, is really enjoyable.
After spending her entire career forecasting and budgeting costs, she refuses to spend money specially on a trip that can be really expensive. I know this feeling. I hope she gets over this mindset and start enjoying life. She deserves it.
The Root Retirement Therapy Podcast is really hitting its stride 🙂 Lots of interesting issues to unpack in this episode.
The best episode. I am also looked upon weird as travelling isn’t my passion.
Loving Monique!! Great video! 💚💚💚
What a charming guest!! Thanks for sharing.
Great interview. Insightful to 'real' life and mindset going into retirement. Thank you!
Solid choice for a guest. I don't think I relate to Monique, but I still feel like I got something from the interview and stayed until the end.
That’s the magic question. When is enough enough! I’m not sure if I’ll ever be comfortable with the amount I’ll have for retirement but that’s my issue! That’s human nature! To me, that’s the job of a financial advisor….to get us to a point where we feel comfortable with what we have in conjunction with the lifestyle we want in retirement!
I relate to every word this lady said.
I never thought about money really -I wish I had, but I did start stashing it away the second I could, invested the raises and always thought more than twice on every purchase. I still don't know what enough is, but I think I got it - more worried about what to do next; Hardest bit is to have a plan for what to do with myself and to stop the over saving mindset.
I can relate to the travel thing. Not my cup of tea, I would rather stay in the comfort of my home, eat my healthy non-processed food, sleep in my bed and do my hobbies. Monique - definitely do the Disney trip. I did it with my nieces 20 years ago and they still remember it to this day.
Another great interview, I can relate to a lot of what she is saying.
Great video. Thanks for sharing. I would listen to or read the book Die With Zero. You don’t have to take it literal but I think you will pick up 5-10 tips that just might improve your whole outlook on life. Sure you can shelve some of the things that don’t apply. But it changed me mentally about a year ago. And I do not read or listen to books ever. Get Die With Zero and put in your ear buds and work in the yard or do your hobbies. Again it helped me. Thanks for sharing your story.
I feel exactly the same way about that book as you do!
Thank you for sharing! I enjoyed
I am anticipating having similar transitional issues when I retire. I am currently saving 40% of my income and living on a pretty tight budget, so I know I will struggle to spend money when the time comes. Also, travel is something I THINK I want to do, but I haven't done any meaningful travel in my life and I'm becoming more of a home body as I get older. That raises the question: If I don't wind up traveling much, what will I do with the money I've saved? Maybe remodel my house or build a new one? Who knows.
I can relate. Also saving at least that percentage and basically doing the rice and beans thing.
Homebody, too. The two piles I am saving for are retirement and remodel.
Traveling means having to leave my dogs with someone, and that means I am missing them, so it has less charm to it than it has for people without pets, I suppose.
Ruth did an excellent job explaining
Like hearing stories
I loved this.
Travel is often oversold, romantic consumerism. If that drawer is empty, stop opening it expecting to find something there. Don't feel bad about it.
Good point.
Yeah, I actually enjoy travel (except airplanes and going through security) but have a bad conscience because it is so harmful environmentally and sometimes sociologically/culturally (in overtouristed locations). So maybe Monique is onto something, and it would be better if more people found what they're looking for right where they are.
Monique is such a vibe. Lmao, I'm also a homebody who doesn't feel the draw of travel. Everything I love is in my house, why would I want to go live out of a hotel for 2 weeks?
I support you in going to Disneyland with your nieces, you will make amazing memories!!!😎
I'm not a traveler either. Sleeping in strange towns in strange beds just isn't my thing. Like your guest, I get deep satisfaction by making my home the most pleasant it can be. I'm like a hobbit with my hobbit hole.
Every podcast with a FIRE person is terrifying. They ALL save and hoard money like it’s a mental illness and then chatter on mic as though they haven’t talked to another human for months. Always important to remember to develop social wealth as well as save cash 😅
I found Monique’s story sad. Her hobbies and interests are not aligned with her husband’s and it’s not clear whether they’ve been communicating on how they want to spend their retirement. She seems uncompromising.
She is excited to travel with her nieces but not her husband.
From an external view I see a selfish person who is worried about her husband taking up her free time, won't compromise with family on any vacation, etc. Admittedly, I think she needs to talk to someone. She needs to be flexible to her needs but also her family and what they need and want. 🤷
Does Monique husband work? How much does Monique have in her round retirement account? How much does she pay for Healthcare cost? If she is living off her Husband working money? How much money do you need to retire at 50,60 ?10Million, 5million,2 Million?
Monique told us her husband is not yet retired but will be soon. She did not tell us how much money she and her husband have nor where they are drawing from now, nor healthcare costs: this wasn’t the purpose of this interview.
The rest of your questions aren’t specific to Monique and also weren’t part of this interview -but there are many other videos that James has done that could answer them. I
n short, though, you need to start with YOUR expenses in order to know how much YOU will need to spend and then work out the timeframe and the amount of money needed and how that money should be allocated. One size does not fit all.
She complained that they didn’t answer her questions in a RUclips video but instead gave their number if they had any other questions! Seems like she is mad that don’t give away their services for free! Did she work for free?
The one thing i know is the more money people have, the cheaper and stingier they are. I feel sorry for them working all their lives to live a miserable end of life counting pennies. You take nothing to the other side and your family will blow YOUR MONEY in a heartbeat and you will turn and twist in your grave. C'mon, LIVE A LITTLE and dont be a fool.
No tax on Social Security coming from Trump. No tax on tips or overtime. Trump proposals NOT socialist Harris😡
HAHAHA
Social security (money from government, usually in excess of taxes paid) is socialism. Ronald Reagan started taxing it while giving very large tax cuts to the wealthy. Trump and project 2025 have talked about eliminating it, while democrats talk about raising the cap on the amount taxed, or opening up a second level where income over $400k is taxed to shore up the Bush shortfall (he added a prescription drug plan with no taxes or funding to pay for it). If it's not fixed, expect a 25-30% benefits cut in the future when it turns. Into pay as you go. Look it up, not hard to find the truth.
No tax on social security will help gut the social security fund. He’s offering a giveaway again will no plan. His policies appeal to the naive.
I don't like this format, sorry to say.