Should I retire NOW? 5 Questions to Help You Decide
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- čas přidán 28. 06. 2024
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In this video, we'll discuss five pivotal questions to consider that will help guide your decision to retire.
Remember, retirement isn't just about financial readiness; it's about life readiness. Our goal here isn't to talk about numbers or the financial aspect of retirement, but rather to help you have the framework to decide whether the timing is right for you.
We'll explore questions like:
Is it worth trading your time for more financial resources?
How is your health affecting your daily routine?
Are you spending enough time with family and friends?
Does your job give you life or drain you?
Do you know what you want to do next after retirement?
Retirement can be a big step, and without a retirement plan, it could lead to depression instead of being the best time of your life.
It's essential to live with purpose and work towards a goal, even in retirement. So we'll also discuss the importance of knowing what you want to do next and preparing for it.
Website // foundryfinancial.org
Private Facebook Group // / retirementforum
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ABOUT ME
I've always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission - pushing products that were not in my mother's best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money - so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!
📅 THE BASICS OF RETIREMENT PLANNING
Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.
Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it's never too late to start retirement planning. Even if you haven't so much as considered retirement, don't feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.
Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.
Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund - especially if you have an employer retirement plan that matches any portion of your contributions.
Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.
Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It's often helpful to talk with an adviser to discover the right mix of stocks and bonds.
❣ SPONSORED No, this video was not sponsored.
⚠️ DISCLAIMER: ⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome
What factors do you consider when thinking about retiring?
I am tired now. I have a demanding job that has me working crazy hours supporting annoying customers world wide (recently 10am to 4am). I have the opportunity to retire at 60 in Thailand. I believe I need to take the opportunity even though I would have more money if I waited. I believe having less monthly income is less important than enjoying my life. I plan on being a gentleman farmer on a nice spread I have purchased in north central Thailand and experiment with alternate crops without worrying that one bad crop will hurt me.
Every day I get up and I go down to the kitchen to get my moring coffee at 5am and I say to the cat , "One more day gone and we're one day closer to buying my freedom mate!". It sound stupid but it's the silly ritual I do just to remind myself that time is precious, money ain't everything and actualy living your life is so damned important. As a big heavy metal fan I know the Grim Reaper has my date in his book, he's waiting for me somewhere in the future and so everyone's number one priority should be to live life as much as they're able, so when he knocks on the door you're good to go.
My parents had planned to retire at 64, they bought a new camper van and they had a few trips away to make sure it was working out. My mum was just 63 and just about to retire when she fell out of the back of her jeep, smashed her leg and a blood clot shot up into her brain and gave a stroke so feirce the doctors said it wiped about 30% of her brain. The last time I saw her was in the last 24 hours of her life as she lay there in a hospital bed in a vegetive state, wired into machines and next day she was gone. That was 20 years ago now. All the plans they made came to nothing, my father has muddled along, kept busy but I cannot even begin to imagine the pain he's been through losing his wife of 40 years right at the moment they could finally really enjoy life. All I say is, "shit happens" and there's nothing you can ever do about it.
My aunt and uncle have saved tons of money, they're wealthy beyond most people's dreams. My aunt was a housewife and my uncle was a consultant geologist, he refused to retire until he was 70. However at age of 70 my aunt lost the ability to walk, she got diabetes and angina. My uncle was 72 and found out he has an aggressive form of blood cancer, they're now both in an old folks home, they can't go anywhere on their own and all their money now goes on paying for the home and their medical bills simply to keep them alive while they suffer through their ailments. They could have retired when my uncle was 60, they'd have enjoyed at least 10 years go freedom but they delayed.
I've made a pledge to my wife that 58-60 is the max age I'm going up to and then no matter what we have saved I'm quitting the rat-race and we'll just make do. I've been saving for retirement since I was 19 years old, I've put away minimum 20% of my take-home pay for 35+ years on my own, plus I have various workplace pensions and I've paid off the house 10 years ago. I've got around 6-8 years left to go and the cat is going to listen to my daily countdown! Ha ha!
Thank you for sharing your experiences - great points! Very sorry to hear about your parents and aunt and uncle. I'm 60 and plan to retire at the end of next year. I've always been slightly handicap, born with hip problems which have caused issues in other joints as well, so if I stay working, sitting at my computer for 8 hours a day, five days a week, it's going to make my physical ailments worse and there will definitely be a wheelchair in my future. I need to make the time to take care of myself so I can at least keep it from coming for a while if not at all. All the best to you in YOUR retirement!
I retired 3 months ago at 64 and so far I am absolutely loving it! Having the freedom to do whatever I want on a daily basis just can't have a price put on it. I'm finding I really don't have to spend much money to do all the things I enjoy such as daily walking, planning and cooking my own meals which I seldom had times to do before. Reading all the books I never had time to read and keep a daily journal as well as taking some time to write my memoirs.
Make sure you have interests developed before you retire. Too many people retire with nothing to look forward to. They are just waiting to die. I have lots of projects on the go. I will have to live until I'm 150 to get them done.
New subscriber. You mention some great points to consider. I'm 54 and contemplating retiring at the age of 57. I've worked a retail grocery job with the same company that is privately owned for 38 years. Lot's of hours per week over the years and lot's of hard physical work that I've done since I was 16. It's way worse now than it was back when I was in my 20's and 30's and 40's but I keep going. My ESOP is enough to retire today, (around $2.4M without my house that is paid for) and I'm deeply involved with food banking with a Feeding America affiliate. I plan to go three more years in my job and maybe go to work with the food bank. I keep kicking around why to quit my high paying job to do the same thing in the non profit world but your advice helps me consider why I should sooner than later, as this job I'm in has taken its toll on my body. (two hip replacements and crazy hours). Thank you for making this video.
Questions 4 and 5 are a big deal.
For me, this quote: "if you are doing what you love, you will never work a day in your life." And I got there. Not my whole life, but there for the last few years.
So for q5, there are people who when they retire and lose purpose, it's that they might feel that at that point they are only putting in time until they die. And die sooner - if in your mind you have given up, your body might too. And you might lack the motivation to stop it or even care.
In my case, I can scale back if I need to, still doing what I love. Self employment or owning a business gives you that. People as employees often do not have that option. So very much yes, they better have goals and a plan.
New subscriber. Our attitudes towards work change over time. 20 years ago I love my job and worked 60-70 hrs a week. No problem. 10 years ago i worked just as long of hours but resented the time commitment. Two years ago I retired early because, I did not want to give up so much time…
Thanks for subscribing and leaving a comment. And you’re exactly right. Were all trading time for something.
I have to say, I'm amazed at the wisdom of this video.
I retired almost two years ago, and he nails some of the most important topics. Well done. Thank you for sharing your insights.
Thanks, I really appreciate it.
Really good questions! Someone at work retired in December 2022, passed away in January. He’s been battling cancer for years but enjoyed working until the last few months. 😢
Thank you for sharing your story. It's moments like that where we really recenter on what matters most.
Just like our best friend working as restaurant owner for 35 years , retired last year and now dying in no longer this year from cancer 😢now I’m looking this like my husband’s future. My husband needs to retire now because I feel the overwhelming on both of us ( together we run a restaurant within we work to much hours every day, but he won’t listen to me) . I mostly just want to walk away from him, but he can’t survive by himself. His 53 and I’m 48 . Three kids with 2 are age only 11 and 13 . Older is 20 in uni now. We owe our house and paid off two investments house. Or we should sold our business and just work part times . But he won’t listen. He got 2 diabetes and when busy he got stressed than will abuse me and the kids. I don’t want to deal with that anymore.
This video is right on the mark. You make a lot of sense. This video is helping me to decide. I’ve seen a lot of videos the last few years. You seem to explain things the best. Looking forward to watching more of your videos
Glad it was helpful! Thanks for your kind words. I’ve got a bunch of other ideas I’m working on. Now for the time to film.
Thank you for your sharing.
It’s very useful for me.
Inspirational! Thank you!
Appreciate this . Retiring next June. Your video helped me sigh with relief that i have made the right decision! Subscribed!😊
Thanks, Linda!
Great presentation of the information!!
Thanks so much! Hope it was helpful.
I worked until 72. I loved my job and was at the top of my game. I fell into the “just one more year” trap.
Decision Maker:
I created a matrix: Reasons to Work/Reasons to Retire. I listed about 25 reasons under each and scored them (1-5) each month. The answer became obvious. Even though my income has been cut 65% in retirement, all the numbers are working. NO debt is essential.
One change: I don’t go to the coin shop as frequently as while working. Those were always expensive, albeit enjoyable, visits.
Love the matrix! Thanks for sharing.
Can I ask what those 25 things on that matrix were..?
@@mikjeuitbranant The list is 100% personalized.
Reasons to Retire:
Leave on High Note, Getting Tired, Driving Danger, Commission Cuts, Open Schedule, More time for Hobbies, Start Pension, Some memory trouble, Involvement in Ministry, Hit my $20MM Goal, New Tech Snags, More Family Time, Job Getting Harder, Advice from Friends.
Reasons to Stay:
Top-of-Game income, Repeat Customers, Wait for next Quarter, Company 401(k) match, Dental Ins., Company Recognition, Company Trips, Meet Interesting People on Appts, Wife’s physical limitations, Current Home-Improvement Boom, Give More $, Enjoy Job.
First, I noticed it was easier to come up with “Leave” categories and there were more of them. Next, I scored each 1-5 each month. EG: Retire: Leave on High (5), Start Pension (2), Tired (4), Driving Danger (1), Schedule (4). Stay: Income (5), Dental (1), Wife’s physical (5), Meet (5). Scores: 56/48 (Retire/Stay), then 59/44…. The right decision was to Retire and it has all worked out great.
One of my maxims: “What does the math say?” This was a BIG decision, thus, I had to get it right. Thanks for asking. Cheers, John
I do like the discussion and trying to plan but it all does come down to a role of the dice. How long do you plan to live? Will something pop up family issue, health issue? And the all encompassing do I have enough set away for retirement.
You're amazing! Thank you. I would like to learn more about roth conversions.
Thank you! Very kind.
again, some very useful ideas. Sadly I did not think through early retirement in such a sensible way!
Glad it was useful! Thanks very much.
Yes food for thought ..I have scaled back at work...I only work 4 days and I have to think what would I retire to? I been focusing on getting closer to retiring sooner than later...but what would do with all this free time...🤔
Then one day you find, ten years has got behind you. No one told you when to run, you missed the starting gun.
Was hoping for something a little more definitive. Still some good insight. Thanks for putting this video together.
Glad it was helpful! I’ve got another video planned where I’ll be a bit more pointed.
How much do u need. To live say 20 years. I’ve already had serious health problems. I live kinda assuming I’ll die in next 5-10. I lost all the people I used to connect with. My kids will graduate soon. One who will most likely need me to care for him forever. Which it is my great pleasure and honour to do so. I just wish I could be in a lil cottage in the woods. Maybe with a unicorn and such. Is that too much to ask??
Working till I drop dead hallelujah 🙌 🙏
Question..is there any projection tool that gets closer to smile model than the binary Monte Carlo model? I am trying gage how realistic retiring at 50 or 55 is and lasting through 90s.
Great question. There is. It’s called Income Lab. Lots of financial advisors use it, but I’m not sure if they have a retail version. There’s a gap in the market for solid software that estimates more accurately.
From an estimate perspective using the Monte Carlo projection since no retail version of Income Lab. Would you say 70%, 80% or 90% is a decent gage on the smile model? Meaning, if you are hitting 80% Monte Carlo for example it equates to roughly 90 to 95% validity with smile model. I know so many factors so can't guarantee but also from statistics perspective one can estimate a decent probability.
Work til I die? Most certainly
Without money one doesn't even have friends and relatives.