RETIREMENT REGRETS: Top 5 regrets from elderly (70-80 yrs old) retirees!
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- čas přidán 1. 07. 2024
- #RetirementRegrets #RetirementMistakes #RetirementPlanning
I had the chance to take with may senior (70-80 year olds) retirees and asked them what some of their biggest retirement regrets were. Here are the top 5 regrets from the senior retirees!
I hope you find this helpful and/or enlightening. If so, please leave a like and consider subscribing if you enjoy this content.
* DISCLAIMER *
All advice given is my opinion so please take it for what it's worth. Only you can determine what is best for you. Sharing my experiences and advice is just that, sharing. Hopefully it can help but it might not. Any financial advice I highly suggest talking to a registered financial consultant.
My father retired at age 64, that was 20 years ago and around the age of 75 the doctor said my dad's knees were shot from being a little too heavy his whole life and from the serious football he played when he was young. He worked as a mechanic and boiler room technician for 30 years before moving into water treatment consultancy in his last 10 years of working. He was always on his feet, ducking into small spaces and crawling around boiler rooms. So the doctors told him that the weight had to come off or they can't do the op, plus the weight coming off would be good to avoid diabetes and serious high blood pressure. My dad never cared much for his health before but my god when he heard this it lit a fire under him and he lost around 40lbs in weight by not eating bread and cutting down portions. They replaced both his knees when he was 78 and he's like a teenager again! He's 84 now and I took him out last weekend on Father's Day and we spent a couple of hours flying our drones in the countryside after we walked half a mile from the car park, he's basically fitter and healthier for his age than he's ever before in his life!
I think #2 comes down to the fact that everyone is different and you're moving from being a saver to a spender, so you're not used to spending money on yourself, not large amounts. I'm in my early 50s and I've been saving for retirement since we met when I was just 19. My wife and I are so used to going without, either to see the kids alright for school and college or simply just saving every spare penny. Funny 'cos it was only when my sister-in-law retired 2 years ago that we learned they were exactly the same as us, saved every spare penny they could so they could retire at 60.
People are scared of running out of money and I tell my wife "If we f**k up the money in retirement then no one is coming to save us!". We've got budgets cut right down to the bone today and we spend about about £50 month on ourselves, after bills are paid ( no mortage!) then around 40% goes right into savings and I say we're "born again misers". So it's going to be tough to break that 25 year habit when we retire.
I took up photography about 20 years ago as a way to destress from work, it's now a nice little sideline business, I sell images and I've published a book which pays me a small amount each month. My wife owns the photography business for tax reasons and I work for that business supplying the images. I hope to go full time teaching photgraphy when I retire, hopefully ( fingers crossed! ) within 6-7 years time.
What a great comment and story. I'll take some inspiration from dad. I want to lose 30lbs even though my knees and hips are still good. Just to be better health wise. I had a business in photography many many years ago. Weddings, models, commercial etc now I do it for me. Some are bangers and some are just snap shots but all are memories! As far as savings, it is a hard habit to break, we still look at coupons and sales as well. We HAD to learn how to spend as well. Thanks for stopping by. I really appreciate the time you spent in your comment...PINNED!
I'm 48 yrs old wife passed 2yrs ago after 23yrs of marriage and health problems she never could work nor qualified for disability almost until the end I'm just now in a place where I can save for retirement don't know how it's gonna work out this late in the game but I am definitely gonna enjoy life that was one of her last wishes for me to go find happiness.
@@ronblack9615 So sorry to hear about your wife,
1. Retired at 56. 2. Never had a problem spending money. 3. At 68 I'm in good shape (don't take any medications). 4. Hobby? I have a big house and a yard to take care of. I walk, bike, lift weights, visit with friends, go to shows and other local events. 5. I have traveled and don't care to anymore. It's expensive and a lot of work. If I get in the mood, I'll go, but happy enough to stay home. Regards from Indiana!
My Grandfather busted his butt his entire life. Finally retired and his brother got sick so he spent 2 years caring for him. Slightly after that, he was diagnosed with Leukemia. My father worked longer than my grandfather only to have his wife be diagnosed with MS. Enjoy life while you can. Nothing is guaranteed.
This story should be a reminder for everyone that nothing is guaranteed!
My dad worked and saved to enjoy retirement but he lost his battle with colon cancer at 52 and never got to retire, hard work, and planning for the future are important but dont forget to live so you done have regrets
My mother just passed away at 88 years old a few days ago. she worked until she was 84 and was forced to retire she flat out refused to retire she felt she'd die if she retired. After she retired, she injured her leg and was bedridden for the last 16 months. on her deathbed, she begged her grand- daughters not to be like her mom said that she wished she would've retired a lot sooner and enjoyed life. Mom gave a lot of the money she made to the church and all, but a few came and visited her in her last days it's so sad.
I retired from the US Air Force in 2021 at 41 years of age. I made some prosperous investments during my career and was able to walk away from needing to work. It amazes me how many people thought I was crazy for not working. THere's so much to do and see in this world and like you said, everything hits differently in your 60s and 70s than in your 40 and 50s. Do not wait until the end...
Very well done. Thanks for the overview!
1. Retired earlier
2. Spent their money earlier
3. Taken better care of health
4. Taken up a (challenging) hobby
5. Travelled more
I'm just 67, but I retired when I was 55. I hated debt so since my home was paid off, I froze my credit in 1997. I began to travel when I turned 40 and I had a beautiful place in Dominica, West Indies, where I would visit for 2 weeks twice a year. I was in a lot of jungles and volcanoes. I had a good sum of investment money that I converted into precious metals starting in 2017 and the value has nearly doubled.. I have more now than I did when I retired. I have a home on 4 acres and I grow a lot of my own food. I got solar in 2016 that gives me free power and pays me $460 a year in solar credits. I enjoyed the video because it confirmed that I did the right thing. The notion that I would have spent the last 10 years working is an awful thought! Best of luck to all who see this. Cheers!!
Life is too short for regrets. It promotes a negative mindset.
Instead, try to focus on happiness, purpose and the future.
Totally agree. Thanks for stopping by.
I am 73, retired at 72, due to open heart surgery . I was in manufacturing for the last 36 years. I miss the work, enjoyed it and it kept my mind sharp. I have fallen into "do nothing mode" and I have to get out of it. My biggest regret is not yet coming up with a hobby building, crafting items for pleasure and sell at flea markets, etc . I want to write a book of memories, got to have daughter to help me find a lap top. Would like to travel on the rivers, I'm single and a regret is not having a woman to be my partner. I guess I need to "strap on a spine" and get busy. Tired of T.V. UGH!
Yes, get out and enjoy nature. Their is a whole new world waiting for your input!
Yup...use the Nike slogan for inspiration..."Just do it"
Isolation is a big problem for single retirees. Go do some volunteer work, there's probably a charitable organization in your area that needs volunteers. Also, learn to play a musical instrument or learn a foreign language. These things will keep your mind engaged and sharp. Start exercising if you're not already. Physical movement is essential, probably the number one cause of premature death is lack of exercise. And one last thing ... turn off the damn TV.
I know that my dad has a dog that keeps him on a schedule and keeps him smiling with all the cute things they do. He is 87 and still has that responsibility which I know keeps him feeling useful as someone-thing relies on him. It's just a small little 15lber and I think it's the perfect size for him or anyone as we get older.
I also have a dog. Mine is 70lbs and he keeps me busy as well. Not sure if I will ever get another dog as I love this one so much and can't imagine replacing him but if I ever do it will be a small dog, unless I buy a big property where the dog can run off leash. Big dogs are strong and can cause injuries even for young people just due to their being excited and wanting to run or play.
@@bigkemna87 thank you for your info and insight. I would like to get a small rescue dog but in apt. No dogs. I will find something to do, I've got to. Take care
I retired at 62. I did not plan to but didn't want a certain medical thing put into my arm. I believe everything happens for a reason. I was able to spend much of last summer with my 29 year old son while he temporarily stayed with me. THAT was a gift that I have come to treasure because he died suddenly last November. So, I would say, "retire when you can and enjoy your family " you never know when it will be too late.
Hoping that certain medical thing you didn’t want to put into your arm wasn’t a Covid vaccine? I’ve had 3. I have not had covid yet, but know it could probably prevent me from dying if I do. I’ve been exposed several times 🤞 had an uncle that refused to get vaccinated die from 2 strokes and then a massive heart attack, brother’s best friend died from Covid very quickly, my friends husband who spent 5 months and transferred to 3 different hospitals attempted to save his life yet he passed from it. and several neighbors died from it. Hopefully your sons sudden death wasn’t in any way related to Covid or it’s side effects
My condolences for your loss.
Condolences..so sorry for your loss. 🙏
Sorry for your loss
I lost my son to suicide when he was 17. So sorry for your loss.
Thanks for keeping the video short. Most other youtubers would make this 30 minutes. :)
I'm trying to keep all my videos between 5 and 10 minutes. The odd time maybe more but I know what its like to long drawn out videos! Thanks for stopping by.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $287k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@williamDonaldson432 I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Annette has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
I retired at 57, 7 years ago. My wife and I saved and invested early allowing me to exit the workforce when I did. We are not special and believe most people can do this with the appropriate level of planning and discipline.
The key message I would communicate to others is don't delay retirement if you have the financial wherewithal to do so. Too often I have seen many people delay retirement and then experience health issues which constrain the very things they wanted to do post-retirement.
Moreover, the most significant benefit of retirement for me is that I no longer have to deal with people I do not want to. That has proved to be the ultimate blessing.
Great comment. I'm like you, anyone can do it with a little discipline. I don't miss dealing with people I didn't like as well. LOL. Thanks for stopping by.
How to do get heathcare coverage? That's the only thing preventing us from retiring.
hell yeah, save and invest and don't make excuses for not doing so.....I retired my 2nd time at 55....loving life
We have the money but what are you doing about health insurance? Not risking not having that.
@@elaine1743 We have private health insurance bought via the ACA marketplace. I have family coverage (wife, two sons and me) that isn't great (bronze) but provides adequate protection in the event of some serious illness. I also have family dental insurance. Health insurance is about $21K per annum and dental is about $2.5K. I go on Medicaid in mid 2025, but will still need to provide coverage for my wife and children. I do know that this is the biggest reason that people remain in the workforce longer than they would like.
I traveled to Alaska in my 30s and heard from many seniors who were trapped in group tours, envious of our youth and ability to hike hunt and fish remote places, and travel freely and sleep anywhere in a tent. Never forgot that lesson.
I used to do the camping anywhere with a tent when I was very young. It was a blast. Couldn't do that now, well I could, but it wouldn't be near as much fun!
They made the decision to join a group. "Trapped" makes it sound like they were conned into something against their will. A "senior" in decent health can still get around on their own without doing a group tour. Also, some of those are not so rigid that you can't go off on your own some of the time. Regards from Indiana!
@@davidcattin7006 good point, I am now a senior and can still get around knock wood good health
I’ll never be able to retire. I work three part-time jobs writing about peer-reviewed research, work from home, run every other day, eat well and travel when I can. Planning to visit Britain in spring. Living for today not tomorrow.
Nice video: I retired at 55, I am now 57...I saved and invested, I didn't make excuses for not saving and investing. I always had my house, always had a nice car but didn't need the best of everything. Now I do what I want, when I want and where I want.......
What about health care?
@@noraventresca3921
Your best health care , pharmacy and all doctors are in your butcher shop .
Most people don't understand that fact anyway .
Ok
I am retired military so I have little to worry about there
In Canada we have universal healthcare that we have paid dearly to have when we worked.
Retired at 55 (3yrs ago)...and a key lesson learned so far in addition to the 5 you mentioned...is make new friends...you may outgrow your life long friends cause many of them can't or won't retire...so find people that are in the same phase....it's wonderful but it does take effort.
True.
I retired at 62 and traveled extensively overseas for the next 10 years. Everyone of my trips was excellent and the memories are worth more than the money I spent. I still go out-of-country but less frequently. I’ve always had a wide range of hobbies and interests. There is so much to learn and enjoy in this world.
Other side of this is my ex husband who was just forced to retire at 72. He wanted to work longer. He never had a single interest besides work. Now he is completely bored and has no idea what to do with his days. Pathetic!
Cultivate your hobbies and activities your entire life. Than you can look forward to retirement 👍
🤔you texted selfish and seem bitter at the Ex..still..🤨 let go of that..😎🙏💪☝️👍
How I envy those who retire at 55! Not in the cards for me due to earlier financial difficulties. I’m 61 and will work 4 more years, but I enjoy my work so it’s time not fully wasted. I traveled extensively in my younger years and have no desire to venture outside my beautiful property, am in great shape “for my age”, and have a wonderful hobby restoring old motorcycles. So a few of the boxes get checked. Thank you for your video!
I was lucky to retire at 55. You're lucky you enjoy your job and you will appreciate your retirement that much more. What a great hobby you have. You tighten a bolt, then have a coffee. Straighten a fender, have a coffee. etc. LOL. Have a great weekend and thank you for stopping by.
Like you I traveled extensively in my younger years for work and really enjoy just staying on my wonderful property
Wisdom completes the circle. I retired at 67, by choice and financial. Always have been active so have the this covered. We all have our weaknesses in life so just try to keep those in a somewhat check. Eat healthy for the past 25 years, trail run, bike packing, road cyclist, kayaking, walking, property upkeep. I keep it as, "Always Something". Allow down time when I push too much. Have a sprint, olympic, half tri to do, a 50k trail race, gearing up for the Great mountain divide race in 2025, 2700 miles, run the Grand Canyon, rim to rim to rim. Hike the PCT, certain sections at a time. Will compete @ 70 in PRS, Precision Rifle Series. Have a few RC planes to fly yet, just starting into fly fishing, a little gold panning. We have our garden to tend to. Had horses for 25 yrs, did pet animal rescue for the past 20, no longer into helping with animals and all horses are gone. We will travel some. Wife doesn't care for travelling so much, neither of us care for crowds of folks, this and the fact that there are way too many idiots out there on the roads and no one seems to care about being accountable, respectful of others. If I want to to see something, I take a trip on the computer, saves me time, money and stress. My brother retired at 60, has traveled all over the world, now at 66, he's done. Everyone has their own piper to follow. We simply keep busy in our own backyard doing what keeps us happy. Building memories may be big with a lot of folks. I have a photo graphic memory so, never or seldom take pictures, wife is complete opposite. Looking at old memories helps folks recount but for me, it's what lays ahead that keeps me ticking.
Wow! I had to sit and rest after just read ing what you do! Kudos!
"My brotha, from another motha".. I wished that I had read something along these lines, at least ten years ago. From the looks of it, a quarter of what you have already accomplished, would have taken someone else a lifetime. The more I read, the more admired of your choices I became. I would go so far as to equate your curiosity and courage, as that of a modern day Ernest Hemingway (+1= you & wifey). Anyhow, continued success and the best of health for you and all of whom may be in your orbit of association. ☮️🤞🏿
#3 is #1. All that needs to be said. I am retiring before 60 and diet and exercise have been the cornerstone of what I do most of my life. At 52 I still run a sub 8 min mile and workout every single day. If you stop you are done for. Exercise is the single most important thing you can do.
Health and time are 2 things you can't buy back.
I stopped working full time at 38 years old. Worked 3 days a week, and retired completely at 61. At
67 years old I hit the gym 6 days a week. Life’s good.😊
A couple of questions if I may 1) do you have kids?. 2) are you in the US?
Good stuff
Well done, especially the gym, Physical health, mental health, & financial health, get these 3 sorted and you have landed , also bugger what any one else thinks
You're spot on with those regrets. Especially the traveling early in retirement, because at 75 or near that age, your body will undergo a drastic decline and travel will become difficult.
To help myself stay healthy I got into Senior Olympics-Track & Field. There's also Swimming and other sports you can do. You compete against others in 5 year age groups, so you don't have to go against 40-50 year olds. Its good for motivation to exercise.
You can workout with partners, which helps your motivation. And we all seem to need that.
Great points. Not sure if I'm that competitive anymore though. For me it's about the activity and social aspects of that activity.
Many older people can't retire at all due to the cost of living.
You have to be prepared, get and stay out of debt. Retired at age 55, now 78. Never changed my standard of living. Not rich, retired as telephone man.
Very true. Everyone's situation is their own. If you could retire earlier, and that's a big if, then I suspect most people would. in today's economy though it is much harder than ever before.
Preparation is the key. I am in the same boat as you. Not rich, retired as a gas fitter. I'm just 65 though.
Cost of living is really cost of overspending for most. How often do they buy new cars? Waste on junk foods? Waste on Starbucks and similar?
Save 15% of your income through life and you’ll probably have millions. Those people didn’t prepare
Retired last yr @70; no regrets; was concious decision; not like I didn't enjoy myself before retirement; not really a traveler; health ok so far; not like my life is special - it is what it is; basically i met my goals and obligations. hope to simplify lifestyle this year and then relax; dad made it to 86; hope i can too.
Like I said in one of my replies...Some people want to work. To each his own. I played golf on fathers day with my dad who is 92. 93 in Dec. I hope I make it there too! LOL
Congratulations!!
Jackpot!
Saw too many co- workers drop dead before or not long after retiring & working 30 years +. so, I Retired February 2020. 2 weeks before Covic - a month pass 58-year-old working 26 years w/ pension I could have work & make put more $$$ into IRA but I saves enough. I have many hobbies. eat stay healthy - stay active. stress especially my job as bus operator in NYC. stress will kill you early death - see it in my own eyes. 1) Ex: bus driver worked almost 30 years 2 weeks before retiring date had heart attack DOA. 2) again, same scenario 30 years - retired less than 3 years got sick - need immediate surgery - never made it out found massive cancer. 3 ) Again 30 + years retired to Florida bought boat - went out fishing? fell on his back somehow & broke his back. can't walk or play so can't enjoy life even w/ a nice pension. just 3 of few dozen stories all true. so, Stay Health most important - no health / no life!!! Good luck🍺🍺🍺 Cheers
Without health, time, money and life mean very little. Enjoy your retirement. Thank you so much for stopping by. I really appreciate that.
Why does that happen?
@@pathader4839 Not sure.
Been retired for 14 years, based on what I’ve learned, here’s my list: 1) Realize work shouldn’t be reduced to being paid; by definition, when we stop “working” we die. 2) Stretching in mind and body is a daily work habit we can choose to continuously refine; ignore it at your peril. 3) Reach out to other people, especially to those we don’t know or understand. 4) Be it in conversation, movement or thought, don’t be too scared of silly. 5) See and celebrate ourselves as incomplete; with that in mind, listen.
Great pieces of advice. Thanks for stopping by.
My sympathy goes to anyone approaching retirement, you may have reasonable concerns over your pension and if it'll stretch to cover the rising cost of living, bad regulatory policies, bad energy and insane fiscal policies and all they see is their greed and emerald cities
My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for. It's disheartening
one of my major problems with a decentralized system is that governments did not want it. Not that it's was not possible but it was just unlikely, I personally believe the government began to bring the hammer down on Bitcoin, because it attacks their ability to mismanage the currency, now it's a different story.
Well, they say if you can't beat them, join them... there are still a lot of opportunities to explore
No doubt being financially free and not having to worry much about health care and other expenses especially after retirement cannot be overemphasized, making smart plans and setting up diversified investment portfolios is quite essential.
Yeah and Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional in order to navigate this recession and achieve potential high yields and taxation.
The first point (retiring early), and the next one (spending more money when you are young), are often antithetical for most people, unless you have a very high household income and, maybe, no kids. I am a single-earner, saving aggressively for retirement and for my kid's college. But as a result, I am sacrificing a lot of life right now. Maybe this will be a regret later. But, my fear is that if I don't do what I'm doing, it will be a bigger regret for me.
I agree. I think the majority are struggling just to get to that retirement platform. I think you are doing the right thing, keep up the good fight and when you do retire, it's YOUR time!
My son has nagged me to play video games all the time. I keep saying that I will save it till I am in my seventies so I have something new and exciting to do when I become decrepit and house bound. He has saved all his good games for me. I have watched him play and must say, with the graffics and sound system, these games look mighty impressive.
Start now, they keep the mind sharp!
You should check out Virtual Reality gaming on Quest 3 gaming system. Get to do whatever your hearts content..from flying airplanes, racing cars, playing tennis/golf/Pickleball with folks across the globe, going to concerts. Beats sitting on the sofa watching the tube.
@@robbenz280z4 Thanks Rob. I def will. 🤩
Thank you for taking the time to produce this video. I recently retired at 61 by choice. One tip for everyone because not everyone’s aware of this, but in regards to Social Security benefits, be sure you look into what’s called “spousal benefits” because it is a real thing that can have a very positive impact on your financial planning into retirement. For example, in my case, since I was the higher wage earner, my wife’s spousal benefits resulted in her monthly Social Security check being increased 2 1/2 times what it was. It is very easy to apply for these benefits, and it can all be accomplished over the phone with the Social Security administration.
I am Canadian so that doesn't not apply to me but for my American followers...Read the above!
Super video! Your point about travel really hit home hard. Now in my 60's I realize that I may not be able to do the things and travel the way I travel now once I hit my 70's. So grateful to be retired and seeing the world on my own terms.
Ditto Karen
I agree with everything presented here. I'm 58 and fully retired a few months ago, although I left my corporate job a couple of years earlier. I'm big into my hobbies and have actually been busier with them [and family responsibilities] than I was during my working years. I try very hard to take care of myself nowadays because, as I tell my wife, "I like feeling good." My wife and I have already travelled extensively and, as you mention, I'm starting to dislike it these days due to airport headaches, increased costs and decreased service. I personally would not recommend most people working for an employer a day longer than financially necessary.
Great video. Thank you very much!
Never going to retired. I been doing the semi-retirement planned I created 4 days before I graduated from HS. I knew for a fact, my bucket list couldn't be done by a old fail man. I'm 60 and finish my bucket list in full like 4 years ago. Semi-retirement was gaps between my jobs. My gaps can be 3-6-9 months or 1-3 years. How I was able to do this. I never saved up a Nest Egg. I saved up what I called the Golden Goose Egg. I learned 6 skill trades and I still hustle for a buck on the side. I actually moved from state to state, city to city, town to town. To be closer to my bucket list places and task. Easier when you're not married or have any kids, plus been debt free since I was 36. I finally bought my first house at the age of 56. The good news, was able to pay my first home in cash. So still I'm debt free. I still working and hustling, but will slow down to a crawl at age 67. So not a full retirement, but a good life for sure and been enjoying it to the fullness.
Awesome life story. Everyone has a way to go about getting to 'full' retirement. When you can look back and say, like Frank Sinatra, 'I did it my way' you have had a good life. Thanks for stopping by.
You expressed it perfectly. Life and retirement isn't about not working; it's about doing exactly what makes you happiest.
All great advice....66 yo still teleworking for no damn reason...saved all my life... cant stop... no kids to leave my $$ too...... shoulda spent it all ...health problems... at least I am happy!
Happy is the most important thing in your comment, IMO. Not everyone needs or wants to retire. Thanks for stopping by, I appreciate that.
I am glad you started your CZcams channel and you are now monetized. That gives some insight of what to do on a daily basis while traveling!
Great video by the way and finally it’s good to see a Canadian doing a video and retirement. I have plenty of hobbies including playing guitar for 55 years now, repairing vintage pocket watches and watches, some close-up magic and flight simulation. I’ve worked in aerospace my whole career and I’m now 65 and I’m no longer working full-time, and may a part-time job in the fall. I think the biggest part of Retirement is replacing the social interactions that you had at work, where you had a lot of fun trying to solve the same problems. I’m sure overtime I’ll be able to replace this, but for now I’m just chilling out.
Chilling is good. You are right though, your interactions will pick up. Repairing vintage watches, how COOL is that!
The inchworm, slowly traveling upward was a good analogy. Slowly but surely, get where you're going. As Always, May God Bless you and yours! 😇
I wondered if anyone was going to mention the worm. lol
I retired from teaching at 52 due to breast cancer. At 72 I just retired from 20 years of part time education work, which I have enjoyed. It had keep me learning and moving and meeting people. My husband lost his job at 61 and went to part time. Still has a 1 day a week job, which he enjoys. Raised out 21 year old grandson. Just regular vacations, we have no interest in traveling. We are dealing with health issues.
Health is certainly an issue. Sound like you have YOUR retirement set with what you have had to deal with. Enjoy your time and thank you for stopping by.
Great advice and have 10 years to plan ahead. Thanks.
MOST, not ALL of America is a lonely place. You can't walk out of your home, walk to the bakery, walk to the park, walk to the museum, walk up that hill, walk to the pub. We are all trapped in our suburbs, hiding in our houses. It's no wonder I see so many older folks sitting in their open garages, looking for any type of human contact. Life is more vibrant with other people to interact with.
Great comment. I have a home in Florida and one in Peru South America. In Florida, my neighborhood is completely quiet all day and night. In Peru, people walk around, music coming from houses all night long. It sucks that most Americans are stuck in the system cycle.
You are giving some great advice that I hope to follow. I still have several years before I am able to celebrate this great achievement. I am happy you started this channel.
Thanks so much Dan. You'll get there, don't rush it!
We also retired early and are still traveling. The time flew by. We keep active physically and try to mentally. You tube will definitely make you think. But it's fun. Great video.
Thank you. Keep on traveling the world is such an interesting place. (Which keeps you mentally acute as well.)
I’m 81 and mine are different. This fellow didn’t mention grandchildren, and family. When your life is YOU or things you will realize it’s empty. We been a part of our children and able to assist our parents when they needed help in their 90s. We listen to doctors on life style choice while younger and it’s paid off. I’ll be 82 in a few days; I’m a lucky one.
5:32 -
Family is important but they never regretting having grand children. They all have them so no regrets. I have a grand daughter (just 1) and she certainly not a regret. Grandpa, me, spoils her rotten!
I have been travelling the world for the last 8 years with my job. Now I am just looking forward to a normal life in retirement at home in 'Old Blitey'. Maybe the odd winter break to Spain or Portugal but you can't beat an English beer garden on a warm summers evening, I think that may be what my vision of heaven is!
For many that traveled for work an English beer and "Old Blitey" sound absolutely fantastic. Thanks for stopping by and Cheers!
I gotta agree. I have been a sub contracter all my life. Being able to have time off whenever you want while earning above wages is paramount. I have partied hard in pubs, travel through SE Asia and traveled around Australia, worked the whole of the SW Australia as a roof chippie and lived on the Swan river for a while too. I am currently semi retired 20 hrs per week at 58, but arent interested in anything much except fishing and B&W movies on TV. I have 5 acres and a hobby making jewellery. That'll do me.
When I was younger, I did a lot dumb stuff. Now that I'm older , I'm doing a lot less. Great content!
Thank you for stopping by. I still do dumb stuff, just nothing too dumb! LOL
Worked until 65 and no regrets. I liked my work and the people. It's not work for some of us. Live a healthy life and you can be active longer. Our Health is our greatest Wealth.
My doctor just said I'm the healthiest 76 year old she knows. I ride bike, garden, cut firewood and heat house all winter. I call my 5 acre timber homestead my outdoor gymnasium.
Did plenty of travel from Vietnam to hiking Grand Canyon from rim to rim and more. I have a nice place here and the desire to travel was never a high priority. Not really any regrets. The money that some wish they had spent when younger, well we help our 2 sons who don't need financial help but we like to do it and the grandchildren are spoiled as grandma takes them so many places
Being a grandpa is one of my greatest joys. Yes I spoil her. You are right about your outdoor gym. Lots to do and plenty of exercise there!
Thanks from Sydney. Good things to know, Cheers mate.
Thanks for watching!
Great points! Retiring sooner is always better if you can do it.
Yes it is. Some sadly, cannot. Hopefully channels like yours and mine can help people obtain the 'early retirement goals.
When I retired I decided to learn something hard. I chose Pedal Steel Guitar. At 70, I come down every morning excited to play music, talk to my friends about their music discoveries, and learning something new.
That's awesome. Just back from your channel. You play very well. Joined you channel. Thanks for stopping by mine.
1. Early, retired at 55. 2. Spent money earlier, yes indeed and that covers 4. Hobby and 5. Travel. Like you I have neglected 3. Health somewhat.
An old saying, in retirement, everyday, do something- Useful (fix, pay bills etc) Healthy (walk, workout, swim etc) Fun (meet you buddies for lunch)
LOL, I hit most of these successfully. The only one I couldn't do was retire earlier, but the money situation actually has me doing some part time contract work now (at age 65), so I call myself 'semi-retired.' But I purposely chose a line of work in past years that kept me physically fit, I took time to travel, I spent money to enjoy life, I traveled the US to camp & sightsee, and I took up activities: 3D photography, camping, pickleball, canasta, e-bicycling, reading books, and even a little bit of woodworking. Most importantly, though, I am trusting in my Lord Jesus and serving Him by sharing the Good News whenever I can. My favorite t-shirt says, "Work for God... the retirements benefits are great." 😀
I’m 55 and pondering retirement at 60…just had enough of waking up every day at 5:30 to go work with people that irk me…it’s not the work..it’s the people that exhaust you IMO..and moreover a distraction that can impact family/activities at home.
Should be safe financially…have some activities that I could do more if retired. Would like to travel too..but only once retired…flying back 16hrs from somewhere across the world just to have to go to work the next day doesn’t excite me..I hate flying, absolutely drains me.
Thank you for the very interesting comments. I will be retiring in a few months and my wife retired a few years ago.
Best of luck! It's the best gig ever!!!
That’s why I started my own business at 40. When working for “the man” you’re either in or out. With your own business you can slow down or speed up and continue to maintain a decent income, to then have enough money to afford to take time off and live all those dreams.
Congrats on your own business and thanks for stopping by. I appreciate that.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Mind if I ask you to recommend this particular coach you using their service?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
Closing in on 67. Thanks for the tips.
Retirement is a recent phenomenon, before WW2 the majority of 65 year old's were still working until they could not. I am 65, now work from home and have no plans to retire yet though I am all set financially. I have traveled most my life and have no interest in getting on another airplane. I have some great hobbies (old cars and electroplating), large property to take care of (my health club), and have been a runner for the last 47 years. Working motivates me and keeps me engaged, I have plenty of time for non work activities including volunteer work for many years. I am one that has to be involved, productive, interfacing with people, etc. or I get bored and depressed. Works for me now and I take things one day at a time and take comfort in the option I can retire if/when I ever feels its time.
Great post. Many people feel the same way. A large yard is definitely a health club. I am like you, I have to engaged with people or the outdoors or I get bored.
Sounds like me.
Great show Scott. You were bang on with your 5 points. I'm glad Colleen and I retired at 60, seven years ago. Retirement is the Best Job anyone can have.
Thanks for joining Terry. Best GIG ever!
Thanks! This is very insightful...and true! By the way, you have a caterpillar crawling up your shirt! 😆
I saw the caterpillar when I edited the video! LOL. The last 'photo bombing' was a squirrel in the background! LOL. Thanks fro stopping by. I really appreciate that.
5 Great and valuable tips
thank you!
My pleasure, thanks for stopping by.
“You can’t take it with you but you have enough to get there.” -and- “Health is the first wealth.” are words to live by. I waited until 70 to draw the most annual SS ($50,000), but that decision will only pay off if I can make it a few years past my actuarial “break-even” “kick-the-bucket age of 81.
Always draw at 62
A bird in the hand...
Biggest problem is when one spouse wants to stay at home and watch TV and the other wants to travel and meet people and get out and see the world. So frustrating when you aren't on the same page and there is no desire on the part of one of the couple to change.
"Retired" at age 62 or so, as soon as I was S.S.I. eligible...still work a little, part time driving Amish workers. Best decision I ever made, truly. I have a good friend, who's financially well set, who says he's gonna' wait "until I'm 72." ... People have this mind set that they're going to live until the age THEY say...I say, wake up! Nobody is guaranteed time, enjoy life while you got it. God bless everybody, especially my stubborn friend.
Thank you for your insightful comments.
My pleasure! Thanks for stopping by, I really appreciate that!
I retired at age 55 after saving 35% of income since age 35 when I was broke. At age 72 I now have millions after investing in housing and stocks.
Excellent advice!
I gave up my business after 50, and we took a number of trips to the Caribbean and took up scuba diving. My wife tired of the beach life, and I did a couple solo trips, but leg cramps made scuba less fun. I bought a bunch of woodworking equipment including a band mill, and have done a lot of woodworking since. Now I have to get cancer surgery, luckily it was caught early, so all good.
Thanks for the sage wisdom.
Just passing it on. Thank you for stopping by.
Thank you for your message. 😊
You are so welcome. Thanks for stopping by.
@@myretiredlife13 - Yes, very good video. For some reason your video is not coming in on both ears. Maybe there is something going on my end. But I hear both ears on other videos.
Hey Mate I am 87 and learnt very early in life from my Mother "IF Wishes were Horses....Beggars would RIDE"... So MY first bit of advice is STOP WISHING and START Planning.
1. Two Years before you retire PLAN WHAT YOU ARE GOING TO when you RETIRE FROM DAY ONE otherwise you are doomed if you just RETIRE.
2. STOP Procrastinating JUST DO IT.
3. CHALLENGE
It is shocking to think that I am considered "older" person at age 61. when I am active and am an intermediate/advanced level salsa dancer. But to the younger people, I am considered an "older person"
Lol. I hear you. I'm 61 also , I don't know about you but I am really reflecting back on my life. Have a great day. P.s. I love watching salsa dancing.
I'm 65 and still think like a 35 year old! LOL Keep dancing!
Still working at 69 due to inadequacy in the state pension scheme. Massive superannuation fund needed to retire in any western country.
You are becoming my informal retirement coach. I am hoping to retire at 55. Hello from Ottawa.
Ahh shucks, thanks. All I am doing is passing on info from my personal experience and if helps, AWESOME! Hello from Winnipeg.
Financial ability factors in greatly to your 5. Spend more in your youth, accumulate debt, or have a weak retirement plan, and you can be sure you'll be in poor condition when on fixed income. Be thankful for being able to take their advice.
100% agree. Finances are a definite fact in how YOUR retirement goes.
Great content-I've heard many of the same sentiments from co-workers who retired before me. So ironic that most people have more money available in retirement than they have ever had, but often need less and spend less due to their lifestyle and living situation. I also heard a retiree say, "Time is more important than money, but good health trumps them both."
I have heard the same. I will retire next year. I was going to retire two years later but a guy that left before me said no go as soon as you can.
Time does trump both! Thanks for stopping by. I really appreciate that.
The guy is right. As soon as you can.
Good health is also time.
Hey Sir. Very good information. Thank you. I'm hitting 70 next month and am facing mandatory retirement. I'm the oldest and most senior of 2500 fellow workers. I would work ten more years if they let me, and I show off by being a runner and weightlifter. I've also been a crazy saver and never spent anything on myself. Now my kids and grandchildren will collect everything because I skipped doing those things. However, I am taking baking classes at the community college.
Baking classes? That's awesome. Many people, I think, are the same way, they don't want to retire. Good luck in your 'forced' retirement.
75 years old now.. wife passed away 21 years ago.. was an artist and wedding photographer.. you just do what you can do.. grass is greener someplace else
I'm 55. I had been seriously thinking about some form of retirement for a few years. The wife told me I needed to make a plan first. As circumstances evolved, I instead changed jobs this year, same profession, and moved cross country. I will not deny it might be one of the hardest things I have ever done, but I feel ten years younger, happy to be doing what I do again and not even close to feeling like I need to retire, and I could afford it with an intelligent plan.
Moving is never fun but once you settle in it usually is the right move or you wouldn't have done it. Sometimes moving brings you into a different financial zone (cheaper housing for example). Good luck with your plans. When you get there, it is the best gig ever!
A solid plan gives me the peace to know when I’m ready to retire the finances are in order. I will be 60 this year and by 62 I’m out.
Everyone I talk to tells me the same about wishing they retired earlier. I headed the statistics and am retiring next, I just turned 53 years old last month. I started a few years ago paying more attention to my health and I have come a long way, meaning I actually go to the doctor now to check blood work and what not at least once a year. I lost a substantial amount of weight and am leveling off right as I retire. I feel 15 years younger now just at the right moment. I suppose though when the honey do list gets too long, I am going to say hey I am an old retired man, cut me some slack. All joking aside, I am so excited to start the next chapter.
I wish you all the luck in the world!
Often joked with my clients that I retired early, I fished until I was 50 then had to get a job. Charter and Commercial fished and was glad I did because I was young and could enjoy it. Now I have to work at 70+ to sustain my expenses and cover my hobbies but it keeps me motivated and going.
Every journey to retirement, or lack of retirement in your case, is unique to everyone. Sometimes working also keeps you young. Some people forget that.
If you enjoy your job, it's wise to continue to work at least part-time. It's good for your body and mind. But if you don't enjoy your job, quit as early as possible because stress can kill you.
Totally agree.
I retired at 48 as Firefighter/Paramedic. I had invested lots of time and energy during those years into rental property and had 25 apartments and 3 laundromats. Yeah, I was a hustler! I took an improv class on a whim around 50 years old, scared to death, but kept at it til I was doing improv shows then student films and then feature films. You may have seen me guest star on tv shows like Criminal Minds, NCIS or MacGyver. Thank god I don't have to depend on acting for income like most of my fellow actors. When auditions are slow, I'm playing golf, pickle ball or kitesurfing in the ocean. I'm 67 now and headed to the Dominican Republic for a two week kitesurfing adventure. I have a great life. Only thing missing is a great woman by my side. But I"m working on it!
What a great story. Improv...wow. I'd be scared to death as well. Golf is one of my passions too. Also play pickle ball when I'm in AZ! You'll find a great woman. If I could you can! Thanks for stopping by! Have a great time in Dominican.
Retiring gradually is usually a good approach. Spending time doing what you want to do is important at all stages of life- doing a job you enjoy is key. Looking after yourself is essential. Remember you can deal with shortage of money much more easily than shortness of time - so be careful about spending time doing things you don’t enjoy ‘because I want the money’
All five of these are absolutely true. I am entering my 70's now and semi-retired at 60 and fully at 66. Soon after that point, I noticed a shortness of breath and dizziness when walking and it turns out I have a lung condition caused by my past working life. So, retire as early as you can and do the stuff you want to do as soon as you do because as we age the aging rate accelerates in an exponential way so where you might think you have 10 good years ahead of you probably don't. I had a list of things I was going to do and now cannot do most of them. It is not all terrible and I am still better off than many but when you hear of someone doing something you had intended to do or look at something at home that you were going to do but can't it's very disappointing.
I'm 76 and my hubby and I retired when we were 55. We traveled a lot throughout our marriage as we never had kids. We always made health a priority. He was a musician by hobby. I pursued dance, writing, and volunteer work once I was age 60.
My wife and I are 56 and we retired last January. We have traveled around the world because we never had kids. We also make health a priority. (Vegan and bicycling, walking....). It's nice to hear it all worked out for you and your wife! Thanks for sharing.
I still think I want to take up the guitar even though I cannot carry a tune. LOL.
You'll enjoy retirement...Best gig ever.
@@myretiredlife13 So far so good. I didn't know my flowers grew so slow and lasted so long. LOL
What about health care coverage? What did you do about that?
Thanks for the video, gramps! 👴
I've been called worse! LOL. Thanks for stopping by, youngin!
I retired March 2024 at age 54 after working for the same company for 34years I’m so glad I had a coworker that told me to start putting money in my 401k at age 20 and now I am loving doing what I want when I want my husband is 50 and still working so I have his health insurance I want to work part time to stay active and earn extra cash I’m so glad I walked away it was a Great job but it was time for me to wind down I still live my life like before but I do watch what I’m spending a little better but still enjoying life my husband likes me home when he gets off work I’ve always come home after him for the 28 years we have been together
I recall a short TV feature on the news one night about a family of 5 and how they were struggling financially and how much groceries cost. The camera followed them from the supermarket to their home and into the kitchen. All 5 of them were probably 50% over weight. When they emptied the grocery bags, it was fully of jugs of orange juice, sweet breakfast cereal, Pop Tarts, and other non-nutritious garbage. And, at least 2 of them had soda's or a Starbucks cup in their hands. In this short TV segment, without mentioning it, the crew covered at least 2 of your points ; not taking care of your health, and not taking care of your finances. All that expensive, crappy food also probably made it unlikely that they travelled very far either as their mobility was certainly impaired. The question is, will any of them even live to 55 let alone retire early.
I'm no model of retirement but, I got a good education, worked my ass off, and retired at 55. 15 years later, I travel, still ride a motorcycle cross country and pretty much do as I please but not in an expensive way. I'd say that I live rationally, at least by my standards.
ER rooms consider people who ride MC as organ donors?
@@paulmackie5622 I'm sure there are a few. But, while they are tending to the dying, motorcyclist ( like me, at least ) are exploring the country's back roads and small towns coast to coast to coast. 25 year and 500,000 miles of riding and I'm still planning future coast to coast rides and new places to enjoy living.
@@DavidM2002good on ya mate! I am looking forward to doing some more extensive riding myself. For now, I’ve been to every nook and cranny of New Zealand a couple times over. Good luck, and have fun!
I retire next Friday at 56. I'm not waiting. Now I just need to convince my missus to join me!
She may once she sees the smile on your face everyday! It's the best gig ever as long as you planned for it. ;)
I retired at 59.5 and hoping it not too early.
Great points on all 5.
Thank you, I was just passing them along. Thanks for stopping by.
Hmmmm
I am perfectly happy with the situation that I am in at the age of 84. I did this and that as much as I could. I took pretty good care of my health and it didn’t deteriorate until I was 75 but I had help with that. I don’t mind, slowing down.
I have a couple of hobbies. I really love good food so I’ve taken enough care of my health so that I know how to buy Farm fresh food only. I cook myself the most delicious meals. What a great activity. I can take my time I can even share it with my partner if he feels like it, but most of the time he doesn’t
I like my life.
This is a good news story Deborah. I so happy you're happy and content. There is nothing better than growing your food. Slowing down isn't a bad thing. Enjoy the weekend and thank you for stopping by.
I have a different story, I am not part of a we, I am a single 77 year old woman. I retired five years ago, I miss it! As I age I don’t miss the responsibilities of running a business. I have no regrets, can’t change anything. Fortunately, I have plenty of money, good health (today), I have done some traveling and lived a good life. Being alone is difficult as you age.
We traveled a lot while we were younger. Hawaii, Mexico, Europe, Canada, Cruises a lot. We also did a lot in America with our jobs and for leisure. We now do almost all cruises. I do not like being in a car for too long.
Great tips! Thanks for sharing
Thanks for watching!
My parents are both now 80 this year. Regarding hobbies, my Dad has a ton of them including gardening, ironwork, etc. Both parents have volunteered for various church and local library activities on a regular basis as in weekly. It keeps them quite busy. I'm 55 this year and am no longer working full time as of 2 weeks ago! Thrilled to be able to be voluntarily unemployed!
I have always enjoyed volunteering at my local animal shelter once a week and up to 3X a week in my summers off work as a teacher. Now I plan on walking both my dogs for long walks daily, volunteering at my municipal animal care and control more, and getting myself in better shape health wise. We have traveled a ton up to now (30 countries so far) and will continue to go on international trips, but I've heard that regret repeatedly from older folks. Reminds me of the pic of a senior couple that is easily found online where the couple is full on sleeping while in a gondola in Venice, Italy. So sad. Great content in this video!
Cool story. My wife volunteers at a shelter when we are in Arizona. I like that phrase 'voluntarily unemployed'
Great vid Scott
At 77 I don't have any of those regrets. Retired a 57 and don't have any of these regrets. My only 2 regrets are not retirement related. 1- learning a foreign language. 2- learning to play a musical instrument.
Take care of my health? Sure. When I was 60 I found out I had prostate cancer while I was still working. Went through radiation, chemo, etc and 2 years later, after being told I was cured I retired. Fast forward ahead 2 more years and I noticed red tinted urine and was then told I had bladder cancer. About 2 more years of treatment and it's gone. Not to be outdone, my birth defective heart valve finally got bad enough that I was warned I better get it replaced or I could very well be dead in about 18 months. 3 months of prep work, 5 hours on the operating table to put in a plastic heart valve, 5 days in the hospital and at least a year of rehab and trying to reclaim what I had before they carved me up, and I'm still not back 100%. Probably never will be. A lot of my retirement has been spent in doctors' offices, ER rooms, hospitals, and getting various treatments and rehabs. My Dad had the 2 cancers so I believe there's something to cancer being hereditary. I never smoked, only drank alcohol occasionally, and watched my weight and exercised throughout my life. My point is even if you take relatively good care of yourself, sometimes $hit happens.
My grandparents hate traveling now because it's such a hassle dealing with the paperwork, TSA, long lines, overseas crowds, etc.
I have no regrets, 70 years old and life is good. I hope to leave some money for my kids but saved enough not to worry about spending. Travelled extensively when I was young so now happy to be home. I have had hobbies all my life and continue to. In good health, I am lucky.
Retired nine years ago at age 52 with my house paid off and zero debt, living on a very modest pension (and some ride share driving income up until 2020) since then, and have YET to draw any amount of money from my 401k, travelled to over 10 countries and most of the U.S. Haven’t done much lately but try to workout everyday and keep fit, but do fight boredom on occasion. But life is good and I feel I’ve found true freedom
Great video. Thank you.
Thank you too!