10 Reasons Why It’s Better to Retire Early
Vložit
- čas přidán 22. 02. 2024
- Ready to unlock the secrets to an early retirement paradise? Join me in my latest CZcams video, '10 Reasons Why It's Better to Retire Early,' where we dive into the exhilarating benefits of bidding farewell to the 9-to-5 grind and embracing a life of freedom, health, and financial independence!
FOR MORE ABOUT RETIRING EARLY READ: Should you take Social Security at 62?
www.fidelity.com/viewpoints/r....
CAREER FITTER: TAKE A FREE CAREER APTITUDE TEST:
www.careerfitter.com/free_tes...
ARE YOU JOB HUNTING? GET MY "COVER LETTER HIRING MANAGERS CAN'T RESIST":
over50tv-sidehustlestarterkit...
SUBSCRIBE to the Side Hustle Rules CZcams channel:
/ sidehustlerules
PRIME OPINION: EARN QUCK CASH! TAKE ONLINE SURVEYS THROUGH PRIME OPINION: primeopinion.com/en-us?txid=1...
FREE SIDE HUSTLE STARTER KIT
Click here to get yours:
over50tv-sidehustlestarterkit...
SIDE HUSTLE STARTER KIT - VIDEO EDITION.
This edition is a deeper dive upgrade to the FREE Side Hustle Starter Kit. Click here to get yours:
sidehustlerulesacademy.teacha...
JOIN THE SIDE HUSTLE RULES PATREON PAGE: / sidehustlerules
TASKVERSE: ARE YOU LOOKING FOR SIDE WORK YOU CAN DO ANYTIME, FROM ANYWHERE?
Check out TaskVerse: taskverse.com/signup/?...
TAILOR BRANDS HAS ALL THE TOOLS YOU NEED TO BUILD YOUR BUSINESS in one place, starting at $0. Check out TAILOR BRANDS here: tailorbrands.go2cloud.org/aff...
TEACHABLE: Create Your Online Course Using Teachable! Click this link to learn more.
sso.teachable.com/invite/ewyuURrU6G8hKWfjF8eFxb
Over50tv and Side Hustle Rules are participants in the CareerFitter, Teachable, and PrimeOpinion affiliate programs designed to provide a means for content creators like myself to earn a referral fee when you purchase a program I endorse. By the way, I only endorse programs I believe in.
If you enjoyed this video YOUR next steps are:
1.) SUBSCRIBE to our CZcams channel: / sidehustlerules
2.) CONNECT with Side Hustle Rules: / sidehustlerules
3.) CONNECT with Side Hustle Rules on Twitter: / sidehustlerules
References & Clips: - Zábava
I am also a strong advocate for people retire early. I got out of paid employment at 59. I'm now 88. Done do much in the past 29 years!...and am continuing to do so.
Never looked back. Love retirement and owning my time...freedom. No more evil boss or snotty coworkers. 😮😊
Yeah, the great benefits of retirement!
the 10 reasons:
Enjoy more free time
Maintain better health
Greater flexibility
Spend more time with family
Travel more
Avoid burnout
Achieve financial independence
Pursue personal passions
Pursue dream job
Consider smaller Social Security checks for more years
Thank you for watching!
Time is our greatest asset. Our whole future lies in uncertainty. Looking back - Retirement was the best decision I have ever made.
Many viewers here on Over50tv agree with your sentiment about retirement.
If someone is holding off on retirement because they think they are too valuable to their employer, don't. At my last company, they said me leaving would be a big loss and the managers made sure they had my phone number in case they had questions. In the 8 month since I've left, they have called me a grand total of 0 times
I'm not surprised.
😅
LOL. Amen. Once you walk out the door … you are out of sight - out of mind.
That is so true. I was at the same company for 10 years and not one contact
Everyone is replaceable. Bosses and co workers don't care.
I am going to turn 53 this year and I retired 2 1/2 years ago. I still work part time 24 hours per week. But it is a huge difference when you only work 160 days per year and get 205 off. You feel it in every way, both mentally and physically.
I think the mental benefits alone are a great reason to retire early. The physical benefits are icing on the cake. Thanks for watching!
Retired at 57 and moved to Malaysia with a pension and 500k. More than enough money to live comfortably. Impossible in San Francisco. Best decision ever!
Congrats! I never considered Malaysia but it sounds like a great idea. A friend who was born in Puerto Rico moved to Mexico when he retired and says he 'lives like a king' on his retirement money.
As soon as I get my police pension and investments. I’m selling paid off house, car everything and moving to SE Asia
Went to KL recently. It was very hot and humid.
I retired at 55. No choice, I had a stroke. It was my biggest gift, I was on my way to an early grave. I am hemiplegic 2.5 years later, but I'm free of the grind, homeschooling my son, watching the world die. At least I'm home.
Sounds like your stroke was a gift in many ways. Something to consider is also using this time to create something (maybe a side hustle) that will benefit you financially. Please check out my latest video for ideas.
Did you get ssdi?
I retired 2.5 months ago (at age 60) and love it. I'm busier now doing personal "want to / need to" tasks compared to when I worked full time. Today, I told my wife that I don't know how I worked full time and did the personal things I needed to do. She simply said... You didn't! Your personal tasks (like being a husband, being a father to our kids, doing yard maintenance, doing family vacations, doing hobbies, etc. etc.) always suffered. That's correct, working "full time" was getting in the way of my personal life. Today (being retired), I'm loving it. Finally, I can now be the person I want to be / need to be. I now have less (no) stress, my inner soul is happy and I schedule myself - on what personal items can be done first.. If thinking of retiring, "just do it"! Glad I did.... And, wished I retired 2 years ago (when my Financial Planner said I have enough saved up)...
Wow, that is a lesson learned. Thank you for sharing. I'm glad you are retired and enjoying your life. Congratulations on a life deserved.
I bailed out early too. Much less stress, no commuting cost, no crap jobs and no jerk bosses. It's my civic duty to give my job to someone who needs one.
Civic duty, I like that reason. Thanks for watching!!
@@Over50tv I like that too!
I retired early . My wife and I left for South America over 10 years ago. Life is great and with social security we are considered wealthy !
Congratulations! Retiring to another country was my best friend's dream. Sadly, he waited too long and didn't do it. I'm glad you were able to do it!
That's awesome
I'm finishing my 29th year teaching...I'm retiring in May!!
Congratulations! I saw your other comment and I couldn't be more happy for you.
Congratulations! I retired last May after 30 years of teaching. I could have gone longer, but I was getting burned out, to be honest. I was able to move closer to family and I still do some substitute teaching on the side. I do not regret retiring early. 🙂
@@bryanjones8778 congratulations! I certainly understand the burnout feeling. So happy to see you’re enjoying your much deserved retirement!
@@Over50tv thank you! Can’t wait to start living!
Congratulations 🎊
Makes perfect sense, Lou. J Paul Getty, once the world's richest man once said that you will never get rich working for someone else.
Getty was right about that. But, another great benefit of working for yourself is you get to call your own shots.
oh I don't know!my last job ,my paper round ,way back in 1983,wasn't too shabby.i used to pull in twenty quid a month.i'm a make believe,non existent toilet cleaner on four pence an hour.just like Alec Baldwin,I could go out and earn fourteen pence tonight!I could be chewing blackjacks and a packet of aniseed balls ,curled up on the sofa,in time for coronation street .nineteenth century street urchins used to earn a fortune as boot blacks or chimney sweeps.you can earn fortunes working for other people,especially in England,great Britain and america.if I had a son,I'd send him to work in Macdonald's as a toilet cleaner before he even learned to walk and talk I knew a guy who started working in Macdonald's,as a baby,back in the early 1970s.two months ago he was finally able to retire he collapsed at work,from starvation,exhaustion and exasperation he's only ninety four and he's already saved up enough money for a holiday of a lifetime a weekend in Blackpool .
I calculated early retirement vs waiting for maximum monthly. In my case break even age was 81. I decided to not wait.
In that case I wouldn't have waited either. Smart move.
😢
Unfortunately, most people are working because it's truly necessary. With inflation, retirement isn't enough to live on. Those who are able to retire, I congratulate you 🤑 🎉💛🌻 Those who are not, keep your head up and keep grinding🌟
@AvisPope Keeping your head up and keep grinding is great advice no matter what position a person is in. Thank you!
Lou, I think your videos are second to none. Looking forward to many more quality videos.
Thank you David. That means a lot to me.
People are not guaranteed tomorrow. Retire as soon as you can. Enjoy family, grandkids, hobbies, traveling. You don't know how long you have.
I agree with this. It's better to be happy with family then miserable with people who at the end of the day don't really care about you.
We just retired in October and have been loving it so far!🎉
Congratulations! It’s great having the ability to decide your schedule.
I am so grateful I waited until age 66 to take SS. I needed to maximize my passive income. At age 69, retirement is not an option. I still work part time and enjoy it immensely. I have two friends who are 90 years old, and when I asked them why they took Social Security at age 62, they both said because they thought it wasn’t going to be there if they waited. Now they regret taking it early. We all need to be fully informed as to when the best time is to take Social Security for our personal needs and lifestyle. I immensely enjoy your videos Lou.
Hi Susan! Yes, we all need to be full informed about Social Security. I'm glad I waited too. I may include your comment in a future video. Please watch for it. And, thank you for watching my videos, I'm glad you enjoy them.
Makes me sad. My grandparents both retired at 55.
@@Over50tv Lou, I would also like to add that because my Social Security was claimed on my ex spouse, I would not get yearly incremental increases between age 66 to age 70. So there was no value in my waiting until age 70 to take SS. Reason being, 50% of my ex’s Social Security was more than 100% of my benefit. Again, it’s a question of being fully informed and making the best choice for my life.
if I were you,I wouldn't retire for at least another thirty years,maybe even forty you're far too young to be thinking of retirement.you really want to put in a century before you retire I've still got another eighty years to go before I can retire I'm a self employed philosopher and observer.i observe reality to see if it's even moving..if it doesn't seem to be moving,I just go back to bed and dream about beautiful women if you want to retire early ,you are better advising your children to do it as early as possible.hand their notice in,to their careers advisors when they are still in kindergarten.there's an old Chinese proverb.if you retire from life,you retire from death if you retire from work,you retire from women,money and reality.my friend left school in 1965 and went straight down to the jobcentre and told them to get his benefits sorted out asap or he was going to go ape shape and smash the place up he's now received enough benefits since,to sink the titanic,ten times over.if he had retired any sooner,he would have been invisible!he hadn't even started shaving!he told his benefit advisor that he only wishes that he retired before he had even opened his eyes and had learned to talk.it would have just saved all the flaffing about.he had to sign the paperwork!same when I wasn't there to feed him on his wedding night and he was too embarrassed to get his wife to do it.he had to hold the fork and being the food to his mouth.he even had to chew it himself!I wouldn't mind but he had to wear false teeth at fifteen.all his teeth fell out.he couldn't be bothered to brush them.he was hoping that his mouth was a self cleaning apparatus,immune to tooth decay and tetanus!
Another great video, thanks Lou! 👏👏👏👏🙏🙏🙏🙏
Thank you Peter! I'm glad you enjoyed my video.
As a semi-minimalist with no car payments, no debt and a paid off Mortgage, I plan to have the option to be fully retired by the age of 59.5 if by then we have accumulated between 300-500k. I’ll be 55 next month, and almost a year ago I have already began working less hours a week not having worked more than 34 hours in a week since last May. I average between 27-32 hours a week now on my business, and have learned to more efficiently delegate. Just working almost 10 hours a week less has made a BIG difference.
I love to hear this. Your name should pop up in Google search when people are looking for a plan that allows them to retire. Congrats!
Thank u for sharing great video
Hi Theresa! I'm glad you enjoyed my video. Thank you for watching!!
All comes down to money if you can comfortably retire at what age
Physical reasons can also necessitate retiring early.
Health also
THanks for the video ...
I'm glad you enjoyed my video. Thank you for watching.
Great advice.
Thank you! I'm glad you found my video helpful.
Hi Lou I retired 1 month ago age 54 working at the same company for 34years I had to go for my health I was not happy there anymore and constantly stressed I want to take a full year off to recenter myself then I want to get a non stressful part time job near my home I have a very healthy 401 but if I stay on track my family can live off my final paychecks along with some savings but I had to go my husband of 28 years fully supports me People should do what’s best for them my boss could Not believe I was walking away I have been enjoying my retirement I have 2 trips booked and paid for and working on a family trip for the summer
CONGRATULATIONS! No job is worth staying at if you are constantly stressed. I'm very happy for you! Enjoy your trips!!
For sure it beats working, If you can finance it.
It most definitely beats working! Especially, if you don't love your job (which is the case for a lot of folks I know)
"Retiring early" was not an option I had, as I spent a lot of years not working full time and/or taking a year (or two) off, now and then, so I've had a lot of "free time" over
the years. I'm 66 1/2, working full time, and I've just started collecting my Social Security. I'll keep working full time, as I made sure to set myself up with a job/career
(with negligible stress) which I really enjoy, and pays well. So, I also (due to my sporadic work history) only have $200,000 in savings, and I want to increase my
savings before I feel like "retiring" is the best choice for me. I have NO debt, and I'll be able to save at least $3,800 every month, so in 4 (ish) years I'll have
enough savings to enable a nice retirement. I'm in excellent, fit health, so a few more years of work is no big deal at all, and I'll probably still do some
(part time) work after I retire, as staying active is a good thing.
I'm impressed. You have a well thought out plan and set yourself up well. Congratulations.
Let me show you why 62 is best if you have IRA's or other investments.
I live on 3k per month. SS at 62 for me is 1500 pr month, If i retire at 65 it would be 2000 pr month. I take SS at 62 instead of 65 which is 1500 pr month and take 1500 from my IRA each month. The break even point for SS is 9 years. Taking SS early left me an extra 54k in my IRA to Grow. Over those 9 years my IRA would likely double and after tax net me an additional 40k So now the break even point on taking ss at 62 vs 65 is a whopping 15 years. I would be around the age of 80 before taking SS 3 years later would start benefiting me. If I live to 90 taking it later would be better but I would rather have those 3 years between 62 and 65 to enjoy. Ill take that risk.
At 62 my SS check is $2353.00. I got out at 55. It's all about choices. I'm not rich. Anything is better than working. Each morning I take a drive. I never see anyone with a smile on there face driving into there job. Overtime was mandatory in my field. I worked it all. As you can see it made a huge difference in my SS check. Have fun.
Thank you for sharing, and congratulations. I'm always pleased to hear when a viewer executes a well thought out plan.
@peternorthrup6274 It's never good to work a job you don't enjoy. I'm glad you were able to leave. I find my morning drives are very enjoyable and give me lots of time to think. I'm glad you are able to take them.
To have a successful retirement you have to have a house paid off (a small house or condo), credit cards paid off or minimum credit balance and have some stash of money on the side.
Make sure you set up some residual income as you head into your golden years! We are helping others build this stream. It will allow to wait to collect SS and/or touch your 401ks…..
Thank you for commenting!
I quit at 55 and don't regret it at all. A large part of my choice to quit early was my son in law was deployed and my daughter and 3 grandchildren could use a helping hand. Choose family above wealth or work. You can work until you die but you'll never get that time with your family back no matter how much money you make. Family time goes away every day, don't miss out.
I'm with you. Spending time with family is a priority. Nothing is more important.
AMEN! We will never get that time back with our families. Corp America is not anyones family.
“Early” for me will mean age 66 & 8 months (FRA). My wife will refuse to tolerate any earlier date. Come to think of it, she barely tolerates my existence.
Generally the longer you wait to take your retirement benefits the better off you will be financially. So your wife may have a point. :-)
If you can afford it yes why not,but most people can't afford to retire early.Doesnt help when the government keep putting the state pension age up.
Most folks can't afford to retire early, but if they make it their goal, and put a lot of energy into it, I think they'll have a better chance of doing it. Thanks for watching!!
Not something to do without planning. That’s for sure. These fluffy videos sound great, but not very responsible.
Totally agree! It’s all about priorities. If retiring early, whether it be 10 or 2 years early, is a goal, it can be done!
I also feel like my money investments are a ticking time bomb, it wasnt all that long ago my investments went down 40,000 when covid hit, and now I've gotten everything back and then some....but now that I am on the cusp of deciding to retire, I feel like I am wondering whats going to come first, a successful retirement with my investments at their highest.....OR....the next disaster that will drop me down a huge amount again right before I go and then I will feel like I need to keep working. just reading the news scares the crap out of me! anyways am enjoying all your videos.
I’m 44 and my net worth is €5M
I’m worried I’ll get bored if I retire early
Don't settle. Leverage your unique skills to earn more (or to help others).
10. Job does not pay well
9. Jobs in your field scarce
8. Layoffs Starting over sucks
7. Work culture is poor
6. Work leadership poor
5. Work less
4. Find a fulfilling purpose
3. Embrace your free time
2. You've planned well to retire
1. Enjoy life on your terms.
I like every item on your top 10 list, but six, seven, eight and ten, resonate more with me. Thank you!
I retired at 35 years old last year 2023. Retired as soon as possible there is no guarantee you going to live until 65 years.
Congrats! If you are able to retire at 35 you did a lot of things right!
When talking about taking SS early at say 62 why has no person on UTube said...well you could collect the monthly checks from SS and put them directly into the S&P500 which over the last 50 has returned 11.35%,,,, which oh btw is more than the 8% you lose by taking early?? Confused?? I get the S&P is not a guarantee but neither is another year of life...at that age...
Interesting that you mention this. I have a YT video scheduled where I talk about the Republican push to raise Social Securities minimum age requirement to 70. In that video I mention how important it is to save, and I recommend investing some of that savings in the S & P 500.
You mentioned travel opportunities. Well Antarctica is a great place most people never get to see, and is well worth it if you can afford to go.
Antarctica is not on my top 5 list, but it makes my top 10.
For the life of me I can't understand why ANYONE would continue working at ANY age if they were in a financial
position to retire !! I'd retire at 45 if I could.
My guess is many people, who could retire early, stay on the job because they enjoy their job.
For those who ss is below 800 at 66... Retiring early is not an option .
I agree (unless that person has investments or savings). Consider this, the average Social Security check was $1,710.78 in November 2023, according to the Social Security Administration.
Id retire early if i could afford comparable private pay insurance.
I understand that. I think most people feel the same way.
Sure... if you can afford to do it. Not everyone has the luxury or savings for that. You got extra you want to donate?
I don't have 'extra' to give but I do have something better--suggestions on how to make extra money so you can retire early. Please check out some of my videos, especially on Side Hustle Rules, my other CZcams channel.
Why are you promoting a career aptitude test when you’re talking about retirement that doesn’t make any sense
@jane5720 I’m hoping this tool that can help someone find a better job so they earn more money which could potentially put them in a better position to retire early. Why does this not make sense? I don’t need you to answer my question, just give it some thought, please.
@@Over50tv it doesn’t at all follow your title of this podcast
All these old people still working are taking away positions of younger people. Its sad. Everyone should be able to retire at 55
51. One thing I realize is, "many" young people can't work, and don't want to put in the work. We actually work better than you. More reliable, more experience. I honestly thought I'd retire by 40. Life happens, so yea. 51. Can still outrun the YGz. 😊
The valuable knowledge and experience of older workers pave the way for younger workers to have a job and prosper. Think about it.
Yes, @mizzmia4407, I've seen it too. But, I also know some younger workers who excel. I find a mix of young and old workers is ideal.
@Over50tv they aren't helpful if they're 75 I'm sorry time to go
@MISTERKIC I'll agree with you there... I'm 45 but my plans are to punch out before I'm 60