I am 54 and already after working since 16 years old, and full time since 22 years old, I am done. I have "work fatigue" and do not want to work anymore. I think the 63 years old would be much lower if the need to have financial security was not considered. I think I will be doing "Freedom 55" and retiring next year. Maximize time doing things while I am young and able. Thanks for your video and appreciate your take on things.
@macdaddymgiac I'm with ya! I'm 52.5 and as soon as I can walk away, I am. Yes, I count the .5 b/c that means I'm closer to 62.5. That's the latest I'm retiring and if I can manage to retire earlier, I AM. I'll live in a cardboard box to get away from all the stress of work. There's so much more to life than work. And when I walk away, there are 3 ppl I will stay in contact with, at least over text, but other than that, I will forget everyone else. I'm an introvert so I ride, walk, hike, and just about everything else by myself. No problems there but I do love it when my wife decides to go with me. Other than her and the kids, I don't care who else is in my 'friend' zone.
Do it! I retired at 53 and have zero regrets. Have a professional review your numbers to gain confidence. If the numbers work go for it. You can always do something part time for fun.
That's the number one question or concern is healthcare.. I'd be done now if it weren't for that at fifty since i've saved quite a bit and owe nothing. military, government, teachers et cetera.. Has to be A great comfort
@@TheRetirementGuyYT yes it would be. I was joking about that. If we could all be smart at a young age and invest and not get into wasteful debt (cars and credit cards) retirement early would have been much easier.
Very thoughtful video, thanks for helping me think this through. I’m 52 and beginning to play out different scenarios of retiring at 62, 65 or 67. A lot of it comes down to math and what my health status will be in 10 years (I’m healthy now, but who knows), but I’m hoping to work as long as I can hopefully until 67. Great tip on the part-time idea which I hadn’t considered, like potentially going part-time from 62 to 67 and doing a more gradual change.
This is actually not true my friend. Statistically, if a husband and wife each turn 65, there’s a 25% chance that one of them will live into their 90s.
@@TheRetirementGuyYT Eh, you're probably both right. OP could be talking about the median age, and you're talking about maybe 1.5 standard deviations above the mean.
Agreed, my wife and I quit the 9-5 when we were 54, that’s 11 years ago. It has been great. We had an insurance agent friend suggest that we might qualify for Obamacare coverage if we were able to live on savings since the program is income based and not asset based. This one piece of information allowed us to make the decision comfortably.
I totally agree. Cutting the corporate cord in my 40's was the best decision for me. The burnout factor is real as I have been working some form of job or another since I was in the 4th grade.
Just retired at 67.5...have pensions and 4 rentals but am waiting for social security at 70. Was making 8 k a month beyond the above as an attorney but it was not worth the stress. I will have to tough it out on 9k a month until social security at 3.7 net comes in at 70.
I retired at 57 with a DB pension and couldn't be happier. I guess since my home is paid off with not one single debt in a big city I am set for as long as my life continues as a single gentleman.
brilliant mate where u based as im in that dilema now in a db scheme in uk - £140 k and £25k a year should i go lol . still rent bit cheaply and have a 40 k buy to let morgage
Just turned 60 and started my transition to retire at 62.5 Nice to be working for full salary and bonuses while seeing the light at the end of the tunnel! What a work journey I have had! Worked since 12 years old. 😅
I’m 56, in good health and planning to retire at 62. My quality of life is high right now. I’m successful, I enjoy my job, and outside of work I do what I want. I’m happily married, travel and live out of the US. Life is good now. Retirement will be amazing. I plan to turn my 401K to a Roth when I retire.
I like my job at 64 and my husband likes his at 66.5. We both have good jobs and get satisfaction out of our jobs and love the camaraderie of being with people and like to use out brains before they rot. We have fun, vacation a few times a year and essentially do whatever we want because it allows us to afford it. We are not rich - he's a heavy equipment manager and I am a finance manager. We feel like we are in balance and prioritize experiences, and time with family. And I practice gratitude every day. You don't need to be working OR retired - you can be what I call "working retired".
I retired at 61 in January 2024. I now receive $78,325 per year in pension and SS benefits, plus I have a small 401K. I’m debt free and doing ok. Retire as early as you can!
😊I retire when I was 32 years old however chasing the pussycat got me in trouble now I have two little kids 6 and 8 at 60 years of age when should I retire😢
"3/4th" retire at 50, work a part time job from Dec 15th to March 15th and then take off again till Dec 15th. This way you can work during the cold month and be off during the warm months. Move to a lower cost state. You can buy a catastrophic health insurance plan for less ($300-$500/month) than you think and eat right, loose weight, work out, avoid dangerous injury prone activities.
Regarding taking advantage of roth conversions at this age range: Be sure to review IRMAA and know when it applies and how far the look-back goes back. It can increase your medicare costs substantially and you'll want to consider that in your roth conversion plan.
@t That's what a lot of us wanna know about his health care.....rarly. That's the huge kicker!!!! Not for teachers, Not for government or military etc. heretirementguyYT
The best time to retire is when you can truly afford it Most people never really save nor even have a true understanding and there spending habits So many Americans think social security is enough to cover living expenses in retirement which is Silly. Most people don’t even own their own home
Depending each individual, if you are healthy, you can work past 65 until you retire or retire early up to you who decides! Keep working makes you healthy rather being honest and get health trouble
The number one question or concern is healthcare!!! So cheers to military, government teachers et cetera who have that covered. Otherwise , many of us would be out in our fifties or doing something we liked more for less money
Absolutely. I ran out of time but you are spot on. When I speak to people, I always do a thorough analysis to make sure we aren't missing something like IRMAA. Thanks for watching!
This certainly impacted me. If I had known about IRMAA I would have been converting at 60 not 66. Until you know , you can not avoid that. Eventually the IRMAA add on will be scaled back significantly.
Good catch! I didn't say that very clearly. "between the ages of 63 and 72, when RMDs begin" What I meant was that if you retire at 63, between the ages of 63 (if you retire then) and 72 (before RMDs potentially start at 73)...is the perfect time to convert to use lower tax brackets. Thx for watching!
I could retire now but can’t figure out healthcare. Some light research shows I’d pay 1300 a month for the better plan. That’s almost 100k out of pocket until 65 and Medicare kicks in. 😮
I will work until at least 55 and 1 day so I’m eligible to use the Rule of 55 for my 401k. At that age I will also be 2 years past eligibility to collect a full pension through my union. Other than that my other plan is to retire at 58. Where I work your age plus years of service have to equal 80 for you to be eligible to collect your full pension. At 58 years of age I’ll have 90 years / age + service and that’ll increase my monthly pension payment.
RMD being a tax problem is Rare for most people. When that hicks in at 72, or 73, you have to have a huge portfolio in order to make that a problem. The average IRA is 609K and that is concentrated by a few with a lot in their IRA. For the average person, this is not a problem. Even for the average 600K in the IRA, the distribution would start at 23K which really is not a huge tax problem. Even when a person has a 1 mil IRA, starts near 40K distribution. Again it is not a huge problem. Many would like to have that tax problem.
People's lives are so different and thus their priorities. Am into the 1%, but will keep going until 70. Have too much fun, travel and experiences money cannot buy and get to meet extraordinary people all the time. So very lucky, but interestingly more and more people are in fact working longer - even if they have the money to retire. And retirement is btw not good for your health - the stats don't lie about this. I hope people have jobs they enjoy and thrive in - retirement should be an option, not an escape plan - we spend too much time working to have it go to waste.
Are you suggesting a person who is 63 today, will not be eligible for full SS benefits until 67 and has $50,000 saved for retirement can stop working now? The math just does not work, here.
Hi, every situation is different. BTW, your Soc Sec benefit will the highest if you collect at 70. Not suggesting that but letting you know. Thanks for watching.
@@TheRetirementGuyYT yes I understand every situation is different but I’m presenting the one you suggested in your video. According to Marketwatch, the average monthly expenses for a 63 year-old is $4,300. That works out to around $51,000 for the year. So tell me how that person with $50k in the bank is going to last four years before they reach their full retirement age of 67?
I am 54 and already after working since 16 years old, and full time since 22 years old, I am done. I have "work fatigue" and do not want to work anymore. I think the 63 years old would be much lower if the need to have financial security was not considered. I think I will be doing "Freedom 55" and retiring next year. Maximize time doing things while I am young and able. Thanks for your video and appreciate your take on things.
Thanks for watching!
Must work for insurance until 65
@macdaddymgiac I'm with ya! I'm 52.5 and as soon as I can walk away, I am. Yes, I count the .5 b/c that means I'm closer to 62.5. That's the latest I'm retiring and if I can manage to retire earlier, I AM. I'll live in a cardboard box to get away from all the stress of work. There's so much more to life than work. And when I walk away, there are 3 ppl I will stay in contact with, at least over text, but other than that, I will forget everyone else. I'm an introvert so I ride, walk, hike, and just about everything else by myself. No problems there but I do love it when my wife decides to go with me. Other than her and the kids, I don't care who else is in my 'friend' zone.
@@lionmangolf insurance is for sick people. put down the doughnut and do some pushups
Do it! I retired at 53 and have zero regrets. Have a professional review your numbers to gain confidence. If the numbers work go for it. You can always do something part time for fun.
I enjoy what i do so i plan to work till 70. Im in good health and no meds at 62
Sounds like a plan. Keep the mind sharp!
As a veteran, having access to VA healthcare is such a huge benefit when retiring early.
Thank you for your service and for watching!
Indeed
That's the number one question or concern is healthcare.. I'd be done now if it weren't for that at fifty since i've saved quite a bit and owe nothing. military, government, teachers et cetera.. Has to be A great comfort
63 is to late. The average age of major medical problem in the US is 68. Retire at 55 go back to work at 60.
You may be right. The average age of a major medical problem that’s compelling, but it’s hard to go back to work. Thanks for watching!
@@TheRetirementGuyYT yes it would be. I was joking about that. If we could all be smart at a young age and invest and not get into wasteful debt (cars and credit cards) retirement early would have been much easier.
Very thoughtful video, thanks for helping me think this through. I’m 52 and beginning to play out different scenarios of retiring at 62, 65 or 67. A lot of it comes down to math and what my health status will be in 10 years (I’m healthy now, but who knows), but I’m hoping to work as long as I can hopefully until 67. Great tip on the part-time idea which I hadn’t considered, like potentially going part-time from 62 to 67 and doing a more gradual change.
Thanks for watching!
Only each person knows when it is his/her perfect time to retire. l loved my work, so retiring 7 years ago, at 66, was the right time for me.
Good for you. I hope you are healthy and enjoying retirement! Thanks for watching.
Average life expectancy of male in the US currently is 73 to 74. Retire when you can afford it. Life is short.
This is actually not true my friend. Statistically, if a husband and wife each turn 65, there’s a 25% chance that one of them will live into their 90s.
@@TheRetirementGuyYT Eh, you're probably both right. OP could be talking about the median age, and you're talking about maybe 1.5 standard deviations above the mean.
If a man is already 65,expect 16 more years. More for a 65 year old woman.
Average life included infant mortality. The other posts have it right. If you live to 65, they know what is the life expectancy after that.
62 is way too late. Wife and I will retire in 3 years at 49/50. 50’s are still young enough to be healthy enough to see and do things.
You and wifey are lucky! Thanks for watching.
Agreed, my wife and I quit the 9-5 when we were 54, that’s 11 years ago. It has been great. We had an insurance agent friend suggest that we might qualify for Obamacare coverage if we were able to live on savings since the program is income based and not asset based. This one piece of information allowed us to make the decision comfortably.
What about healthcare?
I totally agree. Cutting the corporate cord in my 40's was the best decision for me. The burnout factor is real as I have been working some form of job or another since I was in the 4th grade.
Great video, really down to earth for us common folk to relate to!
I appreciate that! I'm also common folk!
Just retired at 67.5...have pensions and 4 rentals but am waiting for social security at 70. Was making 8 k a month beyond the above as an attorney but it was not worth the stress. I will have to tough it out on 9k a month until social security at 3.7 net comes in at 70.
Me too! I am still healthy and work past 65 until retire at 70 then enroll on Medicare part A and part B and SSA
Good stuff, thx for watching!
You are just ridiculous how many people live with just 30000 a month come on man don't be ridiculous 90000 😂😂😂
@@Alberto-c2r8g Yes, The cost of living is high in Indiana. 🙂
@@Calventius he is playing ridiculous brother
I retired at 57 with a DB pension and couldn't be happier. I guess since my home is paid off with not one single debt in a big city I am set for as long as my life continues as a single gentleman.
Good for you! We can do a dating video if you like 😜
brilliant mate where u based as im in that dilema now in a db scheme in uk - £140 k and £25k a year should i go lol . still rent bit cheaply and have a 40 k buy to let morgage
I’m doing a “scaling back” type of retirement transition - self employed so I get to decide how much I work 😀
That's how to do it! Thanks for watching!
Just turned 60 and started my transition to retire at 62.5
Nice to be working for full salary and bonuses while seeing the light at the end of the tunnel! What a work journey I have had! Worked since 12 years old. 😅
I love great stories like this! Thanks for watching.
Great stuff! Thanks for watching
I think i'm going to ask the moment when you're within two years every time. Cheers
I’m 56, in good health and planning to retire at 62. My quality of life is high right now. I’m successful, I enjoy my job, and outside of work I do what I want. I’m happily married, travel and live out of the US. Life is good now. Retirement will be amazing. I plan to turn my 401K to a Roth when I retire.
Sounds like you've got it figured out. Good for you! Thanks for watching!
63? Dang I am trying to retire in my 40's! I would think that with some planning, 50's may be a good target.
Best of luck and thanks for watching!
The perfect age is when you can.
Nicely put and thanks for watching!
Retired at 40 and loving life!
Good for you and thanks for watching!
I like my job at 64 and my husband likes his at 66.5. We both have good jobs and get satisfaction out of our jobs and love the camaraderie of being with people and like to use out brains before they rot. We have fun, vacation a few times a year and essentially do whatever we want because it allows us to afford it. We are not rich - he's a heavy equipment manager and I am a finance manager. We feel like we are in balance and prioritize experiences, and time with family. And I practice gratitude every day. You don't need to be working OR retired - you can be what I call "working retired".
I like it! Thanks for watching
I retired at 61 in January 2024. I now receive $78,325 per year in pension and SS benefits, plus I have a small 401K. I’m debt free and doing ok. Retire as early as you can!
Sounds like a plan. Thanks for watching!
😊I retire when I was 32 years old however chasing the pussycat got me in trouble now I have two little kids 6 and 8 at 60 years of age when should I retire😢
OK, that’s very funny! I married the first girl who talk to me so I don’t have that problem
Lol
You are hilarious! Thank you for the info and the laughs!
You just made my day! Thanks for watching.
Everyone’s situation is unique. Lots of factors to consider. …
Yep. Thanks for watching!
If you can balance work and life you never need to retire!
Indeed! A goal for all of us. Thanks for watching!
"3/4th" retire at 50, work a part time job from Dec 15th to March 15th and then take off again till Dec 15th. This way you can work during the cold month and be off during the warm months. Move to a lower cost state. You can buy a catastrophic health insurance plan for less ($300-$500/month) than you think and eat right, loose weight, work out, avoid dangerous injury prone activities.
Sounds like a plan. Thanks for watching!
Regarding taking advantage of roth conversions at this age range: Be sure to review IRMAA and know when it applies and how far the look-back goes back. It can increase your medicare costs substantially and you'll want to consider that in your roth conversion plan.
Indeed! Thanks for watching.
Am 53. Am taking baby steps to retirement.
Thx for watching!
How do you get the price that insurance is GOING to cost annually for years 63 & 64?
Funny you should ask. This Friday's video is about health care for early retirees before Medicare.
@t That's what a lot of us wanna know about his health care.....rarly. That's the huge kicker!!!! Not for teachers, Not for government or military etc.
heretirementguyYT
The best time to retire is when you can truly afford it
Most people never really save nor even have a true understanding and there spending habits
So many Americans think social security is enough to cover living expenses in retirement which is
Silly. Most people don’t even own their own home
Hi Bethany, you are on your game today! Thanks for watching.
Depending each individual, if you are healthy, you can work past 65 until you retire or retire early up to you who decides!
Keep working makes you healthy rather being honest and get health trouble
The number one question or concern is healthcare!!! So cheers to military, government teachers et cetera who have that covered.
Otherwise , many of us would be out in our fifties or doing something we liked more for less money
Hi, please look for my video on health insurance before Medicare which is being released today at 4pm CST
I think 50 is just right time provided no debt and a decent amount of savings and retirement income working for you
Yep! Thanks for watching.
I’d give anything to retire last year but I will at 56 in two years. I can’t take the stress anymore.
Best of luck and thank you for watching!
Roth Conversions after one turns 63 likely impacts the Medicare IRMAA "contributions" to your Part B and D payments.
Absolutely. I ran out of time but you are spot on. When I speak to people, I always do a thorough analysis to make sure we aren't missing something like IRMAA. Thanks for watching!
This certainly impacted me. If I had known about IRMAA I would have been converting at 60 not 66. Until you know , you can not avoid that. Eventually the IRMAA add on will be scaled back significantly.
RMD age isn’t 72 any longer, it’s either 74 or 75 now I believe, correct?
Good catch! I didn't say that very clearly. "between the ages of 63 and 72, when RMDs begin" What I meant was that if you retire at 63, between the ages of 63 (if you retire then) and 72 (before RMDs potentially start at 73)...is the perfect time to convert to use lower tax brackets. Thx for watching!
I could retire now but can’t figure out healthcare. Some light research shows I’d pay 1300 a month for the better plan. That’s almost 100k out of pocket until 65 and Medicare kicks in. 😮
I just posted a video on this last Friday. Options for not waiting until Medicare kicks in. Thanks for watching!
Cool, I plan on retiring at about 63 and 2 months.
Good for you and thanks for watching!
family friend, got new roof, paid off house & car & died on her 2nd yr of retirement, brain cancer from diagnoses to death 5 weeks.
That's brutal. Sorry to hear that.
What if you enjoy what you do? Why retire?
Of course. You are lucky. Thanks for watching
Stupid question, All the time. This is for people that don't enjoy or are indifferent about work I want to do other things.
It's always dependant on the individual
Yep. Thanks for watching.
Working until 95 and then that’s it. 4 years to go. 😊
95?
@@TheRetirementGuyYT I hope he's bieing sarcastic
"6x a day on Starbucks"?... Hope you have some SBUX stock in your portfolio. ;-)
It’s a bit of an exaggeration, but not that much lol
I will work until at least 55 and 1 day so I’m eligible to use the Rule of 55 for my 401k. At that age I will also be 2 years past eligibility to collect a full pension through my union. Other than that my other plan is to retire at 58. Where I work your age plus years of service have to equal 80 for you to be eligible to collect your full pension. At 58 years of age I’ll have 90 years / age + service and that’ll increase my monthly pension payment.
That is a smart plan and you're a long way ahead of the curve. Thanks for watching!
Thank you, why 63 not 62?
The study I referred to by MassMutual found that 63 was the perfect age to retire. Clearly, everyone is different. Thanks for watching!
Look into moving overseas, health insurance is much more affordable.
All 3 sons in Chicago. Not going anywhere 😜. Thanks for watching!
RMD being a tax problem is Rare for most people. When that hicks in at 72, or 73, you have to have a huge portfolio in order to make that a problem. The average IRA is 609K and that is concentrated by a few with a lot in their IRA. For the average person, this is not a problem. Even for the average 600K in the IRA, the distribution would start at 23K which really is not a huge tax problem. Even when a person has a 1 mil IRA, starts near 40K distribution. Again it is not a huge problem. Many would like to have that tax problem.
Good stuff and thanks for watching!
People's lives are so different and thus their priorities. Am into the 1%, but will keep going until 70. Have too much fun, travel and experiences money cannot buy and get to meet extraordinary people all the time. So very lucky, but interestingly more and more people are in fact working longer - even if they have the money to retire. And retirement is btw not good for your health - the stats don't lie about this. I hope people have jobs they enjoy and thrive in - retirement should be an option, not an escape plan - we spend too much time working to have it go to waste.
Thanks for watching!
Please tell me the six trips to Starbucks daily was a joke. 😮
It was. 2 times and too much Diet Coke 😢
The ideal age to retire is as early as humanly possible
Perhaps! Thanks for watching.
Unless you have a job that you love and enjoy, then it's probably best to retire as soon as you are financially able to.
Good point. Thanks for watching!
Best comment. It just doesn't make sense to work for money if you have enough.
63 would be great but insurance stops a lot of people.
THX for watching. Please my most recent video about health insurance for people before they reach medicare.
63 too late imho I'm aiming for 53-55
Good luck. Let me know how it goes! Darryl
59 just nice
63 too old, late 50s Id say.
Thanks for watching
10,000 boomers retiring everyday @ age 62.
When I read this something seemed off so I looked it up. It’s actually 10,000 boomers retiring every day…not at age 62. Thanks for watching!
Are you suggesting a person who is 63 today, will not be eligible for full SS benefits until 67 and has $50,000 saved for retirement can stop working now?
The math just does not work, here.
Hi, every situation is different. BTW, your Soc Sec benefit will the highest if you collect at 70. Not suggesting that but letting you know. Thanks for watching.
@@TheRetirementGuyYT yes I understand every situation is different but I’m presenting the one you suggested in your video.
According to Marketwatch, the average monthly expenses for a 63 year-old is $4,300. That works out to around $51,000 for the year.
So tell me how that person with $50k in the bank is going to last four years before they reach their full retirement age of 67?
63 is too old. 55 is more appropriate
Then I've missed 3 years of retirement :) Thanks for watching!
Omg. Pleeeeeease tell me you go to 6 different Starbucks daily. Those poor employees.
Ok, a bit of an exaggeration but I did purchase a 20 dollar gift card last Xmas for each team member at my local sbux. They like me!
Wow, 6 trips to Starbucks each day. Definitely, you're known there. lol
Slight exaggeration. Slight. Thanks for watching!
@@TheRetirementGuyYT You are known even a couple of times a day. It's not a bad idea really.
Why do Americans pronounce it “ruff”. Never understated that. Is it the German influence? It’s “rOOf”…. You don’t say “rum” instead of “room” do you?
What did I say wrong? Help me understand!
Before dying means today when you want do it now 😂 serious
Well said and thanks for watching!