Retirement Expert Reveals: The 4 Most Dangerous Words For 50-60 Year Olds
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- Опубликовано: 2 янв 2025
- The Four Most Dangerous Words For People v2
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The decisions on how to invest, when to retire, and other financial planning topics are some of the most important financial decisions you will make in your life. I urge you to seek professional financial advice as you make this decision. Ideally, from a financial adviser, AND a CPA AND an attorney. Having the perspective of all three professions will help you make the right decision for you and your family.
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Spoiler Alert: There are no "get rich" programs. Rather, just basic blocking & tackling and putting in time and care. Do your homework, choose wisely and (IMHO) work with experienced professionals who are fiduciary to you 100% of the time.
I retired 7 years ago at age 55 with a pension and medical. I'm now 62 and collecting social security... so far so good.
That’s exactly my plan too. Two years years till I’m free.
Teacher?
Did you not enjoy the life you had? I'm 53, I could retire in four years, but I really enjoy my work. I like what I do, mostly, I enjoy the benefits, I like the people, mostly.
But I hear Azul talking and many people talking about regrets for not having retired as soon as they could. I worry a little that could happen to me, unforseen regrets?
Good for you. I retired at 58. I am 65 now, living off savings, no pension. Holding out until 70 to collect social security. Had to downsize my home and cut my lifestyle, but 7 years later, no regrets.
I retired 10 years ago, at age 55 with a pension. Began collecting Social Security at 62.
Similar track, but 1 year ahead of you. No social security yet, but coming soon. Overall, no regrets yet. Good luck!
Your videos are great. I just paid off my home today and will be entirely debt free in 12 months. At 54, I realize retirement is just around the corner. Some of us are in denial, but we are reminded we are no longer 40. Keep up the good work.
I lost two friends this year. One was 62 and the other 63. The year before that, I lost two other friends who died at 65 and 61, respectively. Two of them had no symptoms of illness before they suddenly dropped dead. I'm 66 and want to fet out of the rat race, but I'm unfortunately not yet prepared to do si financially, so I need to work for about 5 more years. I made a poor decision 29 years ago that adversely affected the trajectory of my life, so here I am with a heads full of gray hair, Stage 3a Kidney Disease and Type 2 Diabetes, yet still working 12 to 15 hours a day. Plan well while you're young and be cautious so you can retire in your 50's and enjoy life before the Grim Repear pays you a visit.. .
I lost two classmates to cancer at 50. Definitely an eye opener.
lost few classmate due to covid..few elders due to illness.. life is short..really...step down from messy corp life and enjoy life.
My wife passed less than a year from retirement. Retire as soon as you can and don't look back. You make plans and God laughs.
Lost a couple friends in their late fifties, I can relate :/
Lost lots on the way to my 50's. Accidents, suicides, cancer, alcohol, now my best friend from back in the day came down with ALS. Mid 50's..... Yup. Enjoy TODAY!
We can retire now, but our one more year is because It feels off to retire with kids at home. Our youngest will be a senior in high school next year. I’m itching to travel but still raising the chicks! Looking forward to June 2025!
I’m on the same boat. I become eligible next February but my daughter would be turning only 17. Not sure what to do….
Same! My youngest is a senior next year also. I am FI but don’t know how things would be if she was still in school and l was retired. Plus l am making really good money right now so it doesn’t hurt. I won’t stay a day after her graduation, more likely this time next year. Cheers!
My daughter would exiting 11th grade going into her senior year fall of 2025. Guess it wouldn’t hurt saving a little more $$. I’ll see…
You're really authentic, informative, compelling and smart, dude. I think you might be REALLY helping people.
Any day now. Continuous downsizing and increasing goals with company knowingly picking off the 10% on a quarterly basis while replacing with newbies at lower cost. Good luck peeps
I'm 49 and I want to be in a financial position that I can retire if I want to at age 65. I'm currently on track for that, but I'll still need good luck to avoid negative financial events such as health issues or redundancy. If I get to 65 in good financial shape, I have a feeling that I'm going to need my close friends and family convincing me to retire, as I'll have the "just one more year" thought and feeling within me.
I’m currently 52 years old. Your channel is very helpful and insightful 😊
I just want to thank you 👍
Peace and Love from Japan 🇯🇵
I really like Azul’s videos. I’m in my late 30s, and his videos really help me put my goals and priorities into perspective as I model out my financial plan.
The Millionaire Next Door was a captivating and inspiring educational book. Relevant when published, relevant today.
For me, it's not about money now that I am 65. My wife (mid 50s) got diagnosed with a blood cancer last year, and my youngest son is disabled. They are on my [very good] health insurance and need to stay there as long as possible. I have no idea how to make this work out except to stay put.
Sir, you are a real man!
@@jobe8764 Just doing what I have to. I wish there was an option to let them follow me onto medicare, but there isn't. At least then I have a chance to retire and make this work out. I wonder what happens to people who retire well before medicare and then get diagnosed with some awful cancer or the like?
A friend of mine retired early. At age 58. Decent pension just no health insurance. He's married to a Filipina 33 years his junior. His pension allows him to spend time in the Philippines and live comfortably. But as of January has had heart issues. I hope and prey for him but his decision to retire before Medicare eligible was extremely irresponsible. He doest even have private insurance. Working to maintain Healthcare benefits, especially when you have family members who depend on it is a noble decision to keep working. God bless you for doing so.
This is how the system is set up, to make you work until old age or preferably die so they have to pay you a dime. The government doesn’t want you to retire young. Why? Because if you do retire young, that means that you don’t pay into the system. So they make you stay put by not offering affordable and good health insurance. Brilliant.
#1 country in the world…(sarcasm)
You really need to look into further. Obviously you are eligible for Medicare. Your son should qualify for state insurance and she can probably get on a ACA plan. Please inform yourself further
I thought the dangerous words were “Hey! Let’s get married!” 😸
Those can be the 4 most glorious words of you life or the worst. Choose wisely ... 💒 Azul
(and thanks for bringing a smile to my face ...)
@@AzulWells Nobody accidentally has a good marriage. Some people go out of their way to start off with a bad one.
I'm trying to work less and spend more but old habits are hard. I have an engineering business so other folks rely on me as well. My net worth has doubled in the last 5 years and quadrupled in the last 12 or so years. It took me 20 years to get my business running like a well oiled machine and I don't want to just quit now. I could retire, but I remember 2000-2002 and 2008-2012. I also remember the early 80's but I didn't own anything and was just working paycheck to paycheck.
I appreciate this channel.
If you are able to continue to save, save. As my mother used to say, "You might want to go on a trip." Another lesson that I learned from a former co worker whose wife was diagnosed with stage 4 cancer four years into their retirement is that he could say to his wife "If there is anything that you have wanted to do that we have not done, now is the time to do it." They worked so that her last years were rich in life experience.
Another great video. Love to hear from a professional who is himself recently retired, so speaks from own experience. The huge unknown: How long we have left. If we only knew. It would be scary, yet helpful in planning.
Yes upshifting once your cash flow is expanding due to compounding is hard. Also hard is explaining to your children to that they don't have to be frugal as we were as a family when they were growing up. We saved so they don't have to be as frugal. The battle becomes parents want to give to kids and they want us to spend it on ourselves. My goal is to give my kids the option to retire at 45 if they want to.
My company was just bought out. It hasn’t went thru final approval yet but when it does, if I don’t like what I hear it may be haste la vista baby!
I'm 55, this is my last job. Should something change or I get fired, retirement it is.
I did retire right before my 62nd birthday but should have listened harder to my new at time advisor when he said loosely at end of one of early conversations some years before...."you know you can retire now"..:-)...just mentally hard to leave known security ...good advice.
I lost two close friends last year, both in their 50's and athletic. I'm glad I retired at 60.
For me living your life to the fullest no matter what age or stage you’re in is key to finding happiness and fulfillment How full depends on one’s own belief systems and criteria not of others. No need to wait for retirement to find fulfillment.
Agree 💯% - so many on here seem to have lived the wrong life - wrong career, wrong job for them & unhealthy lifestyle. So desperate to stop work & suddenly “look after” their health. It’s sad. You can be true to yourself - enjoy your work & be healthy if you try…..& if circumstances allow…
That’s what I thought - had an exciting career loads of great hobbies, family (second grandchild just arrived) , focused on exercise,so very busy. OR am I indecisive at 64. 🤔
Thanks Azul for another Great video!!
My wife and I make about $34k/ month but literally live on $4k/month and spend about $20k a year in vacations around the world. We drive two Toyotas, one 18 years old and one seven year old, and one brand new F-350 diesel (paid cash). Even with $6.5M growing in equities and in our late 50s, we have yet to retire. Azul is pushing me in that direction, but it’s not easy giving up paychecks after so many decades of saving and in particular investing. Through tax gain harvesting, we can probably spend $250k/year and be in the 10% or 12% tax bracket. We need to be careful though since at 65, social security would probably push into the 22% tax bracket and Medicare benefits reduced. We need to get the hell out of California too, which we are in the process of doing in preparation for retirement.
Wise words. I felt lost when, years ago, I experienced a few months of unemployments. I lost purpose, and see your savings go down without any fresh moneny coming in isn't a pleasant feeling. I think that retirement would have the same effect on me.
At 56 my concern is going so long before I have income payments such as SS and a serious drawdown of my savings accounts.
I do meet the 4% requirement. It's just that I could draw that down quickly if i retire in a down market.
That also makes me doubt whether I take the lump sum pension payout. Seems like the better deal except when I consider the annuity provides an income stream that can help prevent premature drawdown of my savings.
Numbers don’t lie. In the US looking at the median retirement savings balances covering these ages, and knowing both generational reforms are not too far away for both SS and Medicare, I would say the following is more of the dangerous mindset heard today…”spend now save later”.
I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.
How bout 6yrs 6 months 6days and 6hours? Upgraded from the 7’s last year.
You never know what may happen. We were planning for my husband to retire in 3 years. But then my mother died unexpectedly. So between the financial impact of that and the brevity of life, he is retiring in April at 61. Money is common compared to time. You can't take it with you.
Sometimes, phase 2 (realizing loss) finds you first; making it phase 1. A new diagnosis of cancer in the mid 50s as the kids are leaving the house is a forced reset to the whole plan.
My aunt and uncle finally decided to retire. And they are 75 yr old.
Most dangerous to me would be. Mortgage, car note,bank loans,credit card debt.
Good points. Getting out of debt is super important. Thanks for sharing ... 😎 Azul
Azul, thank you for your perspectives. I have been listening to your videos for about a year. I respect your perspectives. I am 62 and I have a pension that gives me $7450.00 per month and $200K in Deferred compensation and 50K in saving. My wife and I currently live very comfortable on $8,000/month. My current job is very demanding but I enjoy most days. My question is, should I do one more year just to make sure? Or will I regret loosing 52 more weeks? It is a very stressful destination.
JDM
Hi Jerald. If you get lucky and stay healthy, fit and active until 80, you likely will not regret working the extra year. But, if you lose your healthy in your 60s, you will likely regret the lost 12 month of healthy and vitality. The fact you are making a thoughtful and deliberate decision on this is 80% of the battle. Most people just cruise through this period on auto pilot blissfully unaware of what they are giving up. You are NOT doing that. You are struggling with the decision so I am confident you will make the right decision for you and your family. Thanks for watching and for commenting. 😎 Azul
Life expectancy is around 76 years so for people who retire at 65, that's only 11 years of retirement!!! I say retire as soon as you can unless you love your job
We experienced the pinnacle of our era, but it is now gone. Like what happened to Rome, the corrupt administration will bring this nation to an end. My condolences go out to anyone who is close to retiring and may be worried about whether their pension will be enough to pay the rising cost of living. Insane fiscal policy, poor regulatory policy, poor energy policy, and poor foreign policy
50 and early retirement. I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
Do people still get pensions? That would be awesome.
@azul: can you please do a video that shows how to calculate how much you need saved in order to retire?
I just made one like that. Should post in a week or two. Thumbnail has "ENOUGH?" on it. Thanks for the request ... 🙏 Azul
Not sure you have done a video on the topic but would appreciate your thoughts on delaying retirement with home loan debt or retiring with home loan debt and whether you should consider using your capital funds to do so?
I’m late 40’s and need a plan so I can retire by the time I’m 58.
I retired at 55 this past January. Physically demanding career and military service. (38 years total)
My body told me it was time. I have been preparing for this since I was 25 years old.
It felt great leaving on my terms and while on top.
Congratulations on retiring at 55! I am glad you were able to leave on your terms. And while on top. Many of us are not able to do that. It takes judgment and wisdom to leave while at the top. 😎 Azul
PS - thank you for your service. Which branch?
@@AzulWells U.S. Air Force. Desert Storm veteran. 1986-1991
Congratulations to you.
I have cancer now , 🤔🤔
You said that you only help millionaires does that mean you can not make plans for low income people also or that if you make an affordable plan for them that they will not follow
53 and will be done at 55
Yeah I'm about to turn 54 and I might go out next year. It's hard to leave the money but at this point I doubt I'll ever spend it
How did you do it?
I'm 55 and looking at another 20 hard years.
Bad luck, disastrous divorce and inflation did me in
@@CountIblis-jb4uh I could say brilliant financial stewardship but the truth has been a combination of hard work, started early saving in life, lived modestly, some good investments and luck. If you have to work another 20 years embrace it. As they say, if you’re going to be unhappy for no reason, you might as well just be happy for no reason. All the best.
It's pointless worrying about death, you can do nothing about death. But you can make sure that you are able to retire with a reasonable lifestyle. Retirement in poverty is a living death.
Rubbish!! You can do plenty to prevent death!
That's me; just two more years!
I WANT A DIVORCE
my guess was "there's still time left"
BUT, you are not retired yourself!
Please stop the background music!
Hi azul , i am in your town , would like to meet you, i have been watching u , the videos are fabulous
Just 1 more year … then I will retire 😊❤
"Dad, I need money."
I think you mean, daddy, i need money🤣
Very true. There are lots of "4 most dangerous words" ... 😎 Azul
"They laid me off."
Agreed. Those are 4 scary words ... particularly if someone is not prepared financially yet. I tell my clients to do what they can to be financially independent in their 50s because getting laid off at our age is super challenging. Azul
Please stop the music!
Message received. Just a few more videos in the que with music ... Azul
well, it's easy to say you work with millionaires, when the investment adviser firm you work at only take on clients who have at least $1m investable assets.😂 If a person doesn't want to spend their money, then give it to the government. Since there are direct political campaign donation caps, just give the money you don't spend to the U.S. Treasury. There's a reason why all them billionaires and multi-millionaires who complain they aren't taxed enough don't just write a check to the U.S. Treasury in the amount they believe they are undertaxed. There is no limit to doing so and nothing that prohibits them from doing so. The government won't have any problem spending the money you don't want to spend.
"I want a divorce" and she takes half lol
I can't afford it.
Perfect amount of sound.
I think you are talking to a group that is primarily millionaires. The great majority of people cannot retire early for financial reasons.
I do know some of the people in the millions group and some of them do not want to part with their money. They don’t even want to transfer their wealth to their children. They won’t buy a nice meal in a fine dining restaurant. Some will spend a great deal of money on one thing. As an example, their automobile. Yet otherwise they will be extremely frugal.
You can’t take it with you.
Are you single? What are your thoughts about dating at your age?
Experts? What a joke. Self proclaimed "experts". Do it now. You're wasting time. Financial advisors are crooks.
One more fng year?
I was planning on checking out at 50 after 401K investing and some paid off real estate. I worked to 64 when wife had a stroke, been a care giver for past 5 years.
Could have easily retired at 50, those 14 years would have been my free retirement period. Need to take it while you can.
BTW- just the thought of sending Joe Biden's campaign a million dollars makes me want to go out and by a new house, for my dog. Sorry, but such a great point couldn't resist.
4 words: "Give me my SS!"....
Nope.
I don’t agree with your take on this video. People that work are healthier mentally and physically. And smarter.
You need to kill that background music! It's a distraction from the message.
Nope. Half of Americans are single. You know what they are doing? My neighbor lays on her couch & plays candy crush. The other ones are so bored. Most regret retiring early. And, per your video, how many have $1.25 mil? Nope, most see their how bored their retired friends are and just say no.
'I watch retirement vloggers'
Now THAT is funny. Touché! 😂 Azul
Sorry, I don't get the rationale behind giving money to a candidate you don't like?
It prompts you to do something else with the money rather than hate what you do with it.
@@heatherlw13 But why to a candidate you don''t like?
FJB!!😂😂 I'll use my money as toilet paper before I give it to the current administration.
Can someone DM this guy and tell hi to stop with the music??? Down voted
Message received. I have 10-20 videos in the que but when those are done, we will be almost 100% music free (unless I find another empty piano at the airport, a lobby or restaurant) ... 🎹 Azul
!!
Why are you encouraging people to retire? To do what? Sit on your keester? Nonsense. Find work you like and stay with it as long as possible.
The 4 most dangerous words: "I'm voting for Biden"
I'm a lot richer myself since Biden became President. It's so refreshing to have serious, adult leadership in our government.
@@johnbrown1851 Well, one person is richer...thats all the proof I need...Biden must be fantastic!
10% for the BigGuy
Really, you had to make it political. How about we encourage one another for the best retirement we can create! ❤
Capitol Police are a lot safer.