I spend most of my time trying to convince people that now is a good time to retire, and I’ve heard all of the objections before:
“I’m nervous about the economy”
“I don’t know what I’d do with my time”
“I don’t know how much money I need”
“What if my children need extra support”
“What if I need extra support”
I’ll just do one more year…
Everyone starts off with similar concerns. But as you sit down and go through the step-by-step process of planning for retirement, you realise that there is little substance to these concerns or that they can be managed.
You’ll realise that you don’t need more money. You just need a better plan.
That process starts here:
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6 Reasons to Retire as Soon as You Can
Retirement is often seen as the reward for years of hard work and dedication. It is a time when individuals can finally relax and enjoy the fruits of their labor. However, many people choose to delay their retirement, either due to financial concerns or a desire to continue working. While everyone’s situation is unique, there are several compelling reasons to retire as soon as you can.
1. Health and Well-being: The demands of the modern workforce can take a toll on a person’s physical and mental health. Stress, long working hours, and unhealthy habits can contribute to various health issues. By retiring early, individuals can prioritize their well-being and devote more time to exercising, relaxing, and pursuing activities that bring them joy. This can significantly improve the overall quality of life during retirement.
2. Time for Hobbies and Passion Projects: Many people have passions and hobbies that they simply don’t have time for while working full-time. Retirement allows individuals to indulge in these activities, whether it be painting, gardening, playing an instrument, or traveling. It is an opportunity to rediscover and explore interests that may have been neglected due to work commitments.
3. Spending Time with Loved Ones: In a busy work life, it is often challenging to find quality time to spend with family and friends. Retirement gifts individuals the freedom to foster and strengthen these relationships. Whether it is spending time with grandchildren, going on vacations with loved ones, or simply enjoying a leisurely meal with friends, retirement provides the chance to create lasting memories and deepen connections.
4. Pursuing a Second Career or Entrepreneurship: Retirement doesn’t necessarily mean completely stepping away from work. For some individuals, retirement allows them to embark on a second career or pursue entrepreneurship. With fewer financial worries and the experience gained over the years, retirement can be an opportunity to start a new venture or explore a completely different professional path that aligns with personal passions and interests.
5. Travel and Adventure: Retirement offers the possibility of fulfilling travel dreams that may have been postponed due to work obligations. Exploring new destinations, experiencing different cultures, and immersing oneself in adventure and exploration become more accessible when not tied down to a full-time job. Whether it is ticking off bucket-list destinations or embracing spontaneity and taking unexpected trips, retirement is an ideal time to satisfy one’s wanderlust.
6. Embracing a Simpler Lifestyle: Retirement often accompanies a shift in priorities and values. It provides an opportunity to reassess one’s needs, desires, and material possessions. With fewer work-related expenses and a potential downsizing in housing, retirement can allow individuals to embrace a simpler, more minimalist lifestyle. This can bring about a sense of freedom, reduce stress, and ultimately lead to a more fulfilling retirement experience.
While the decision of when to retire is a deeply personal one, considering these six reasons can help individuals evaluate if retiring as soon as possible is the right choice for them. Prioritizing health, relationships, personal interests, and a simpler lifestyle can set the stage for a rewarding and enriching retirement journey. So, why wait? Start planning and make the most of your well-deserved retirement.
If you’re already retired, do you have any words of encouragement for people who are thinking about taking the plunge?
Very informative but depressing at the same time, but i believe that thr reason alot of people carry on working instead of retirement is because they do not want to accept that the Grim reaper is close at hand……this was my issue, but i eventually realised that it comes to everybody so i am now retiring. I haven't needed to work for the past 3 years if im being honest
Very well said!
That parent graph did disturb me. I want to see my two kids all their life. Going to look to retire early now. Thanks so much.
Boomer here. Retired at 53 and I use my middle finger a lot.
Even though what you say is true id rather not waste to much TIME worrying about it quite frankly
Hi James I had to stop work at sixty but I desperately wanted to carry on all my life as a rooftiler since I was sixteen..I loved my job I got a condition scycodois..sorry about the spelling I've had it fifteen years now not nice..then I had a rotary cuff had surgery couldn't fix it..this is when my boss had to let me go I was very very upset .government rules.i did however put extra money into my pension over the last six years and it really did help..so good people if you can bump your pension up you might have finished your mortgage so try and put some in your pension..it really does help..and now I hated giving up work then..but now I have no regrets whatsoever..I've stopped working now three years now and loving every minute…Good luck people..God bless.
I understand what you're saying but I don't fully agree. Men need a genuine purpose in life and being productive for many is healthy and motivating. I'm nearly 60 have two children and have no intention of retiring. Retirement to me means the beginning of the end and I have seen so many people retire too early and just become a useless waste of space and as such their mental health declines. You can't continually relax and go on holidays and do boring chores around the house. The mindset of many people towards work is wrong. My idea is semi-retirement and reduce the amount you work so you have a better balance as you get older. Full retirement? Definitely not!
Retired at 55 seven years ago now..I live on a reasonable company pension got rid of the car got a motorcycle instead, way cheaper to run..wide walked out 3 years in..shit happens kids all fantastic which is all I care bout..what I appreciate is at 63 for the first time my time is my own..I dont go hungry I dont go cold I do exactly what I choose to do every day..once you realise that you weren't put on this earth to work your life away then die you will start to relax and enjoy your time.dont think about stop wasting time that you may not have through absurd procrastination and just retire.
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
Im 46 years old and thought retirement was the ticket. But now I have a gig I love, cant say I want to retire anytime soon.
TBH, for the younger gen, its harder to save up for retirement.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
I retired at 62, I am still dabbling in our business, but appreciate that the days ahead are fewer than the days behind. I don’t want to be a cripple because I overworked. Being physically intact is a thing I thought about many years earlier before retirement. I see broken people that still work and it saddens me. Preserve your health to retirement.
You can live to your 90s but your best later years are 60-75 . Most still healthy enough to be active and enjoy your golden years .
Since I began working in 2009, I have maxed up my 401(k), ira, and hsa accounts. I am 50 years old. I'll pass the $3 million threshold this month. I have a 100% investment in Vanguard ETFs and several blue chip equities. Avoiding debt and cutting expenses are my two money-saving secrets. I make passive investments with the help of my FA James Fletcher Brennan, who manages my portfolio and makes sure I outperform the market.
I have clients with 7 to 9 figure net wealth buying commercial real estate passive return assets. Active investing to passive investing changes over time as we age out. Money can be infinite but time is not. Whether 1 penny or 1 trillion net worth the clock on this planet will get everyone eventually. What is passed on is memories, knowledge, love. Money can be passed on but without the other items means nothing. Retiring can be boring if you do what you love. Instead the harmony of how to allocate time changes. If you are 2o or 30 years old starting a business you might burn the midnight oil spending 70hrs a week getting it off the ground. In your 40's you might add more employees and systems to start spreading the workload as you scale. In 50's and 60's you might cut back hours to 20 or 30 a week and just do high level items and giving back with your time to others just starting out. People with lots of money and in great shape even in 70's and 80's in age will tell you they slow down and have to pace more. The 40's to 60's in age can be the prime years of wealth accumulation enjoyment versus work before health starts creeping in more and more.
Sending this on to my offspring all in their fifties. Thank you
An amazing video. I retired at 60 on a state pension, became frugal and never regretted it for one moment.
Retiring in 20 years? Due to inflation, you may need upwards of $2.6 million to maintain your existing lifestyle, with the ongoing effects of high inflation, lower forecasted stock market returns, and stagnant wages, achieving a secure early retirement could be more challenging than ever before.
You are 33????
Damn! Millennials fucked up somewhere lack of testosterone has you aging 2X!
Reason #1 is amazing and hit home. This is by far the best way to present this data and wake people up.
most people are so caugth up in there tunnelvision of live ( career , money ect. ) they forget to live there life , sad but true
I"m 52 and drifted into retirement about 6 months ago. What I mean by this is that I'm self employed and do contract work, and 6 months ago, the work dried up. I'd honestly gotten very fed up with working from home and doing Teams and Zoom meetings, so I haven't been actively looking for work. If work finds me again in the future, I will take it on, but I'm not actively pursuing it. My 'problem' is that I am bloody bored! I spend the winter months in a sunny location where I have a second home, and I do enjoy that. It's the summer in my regular home that bores me to tears. To preempt those who would suggest I move full time to my sunny home, the answer is that I am unable to do so as it's in a country that I do not have full residency rights in, although I am in the process of investigating if I might be able to secure residency there.
Hi,I’m 71 and still working if I were to retire now I would be thinking what can I sell,I have some money in a pot but my financial adviser is making more out of me in fees than what the pot is making everything is a scam
I will forever be indebted to you you've changed my whole life continue to preach about your name for the world to hear you've saved me from a huge financial debt with just little investment, thanks so much Mrs. Bonnie Antelo
smart!