Here are 7 great pieces of retirement and financial advice from retirees on retirement.
Hi, my name is Duane. After a career in the music industry, I retired early at 59 in 2021 with just over $500K. Soon thereafter, the stock market (and my investment portfolio) tanked. This is my early retirement journey.
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Retirement can be a daunting and confusing time in life. With the end of a career comes the beginning of a new chapter, and it’s important to have a plan in place to make the most of these golden years. Luckily, there are plenty of retirees out there who have been through it all and have some invaluable advice to share. Here are seven examples of the best retirement advice ever from retirees.
1. “Start Saving Early”
One of the most common pieces of advice from retirees is to start saving for retirement as soon as possible. The power of compound interest means that the earlier you start saving, the more you can accumulate over time. Whether it’s through a 401(k) plan or an IRA, putting money away for retirement should be a top priority.
2. “Have a Clear Vision of Your Retirement Lifestyle”
Retirees often stress the importance of having a clear vision of what you want your retirement lifestyle to look like. Whether it’s traveling the world, pursuing hobbies, or simply relaxing at home, having a clear vision can help you set financial goals and make the most of your retirement.
3. “Stay Active and Embrace New Hobbies”
Retirees often advise staying active and embracing new hobbies in retirement. Physical activity, social interaction, and mental stimulation are key to maintaining a happy and healthy retirement. Whether it’s joining a fitness class, taking up a new sport, or learning a new skill, staying active and engaged can add purpose and fulfillment to retirement.
4. “Stay Connected with Friends and Family”
Maintaining strong social connections is also crucial in retirement. Retirees often stress the importance of staying connected with friends and family, whether it’s through regular visits, phone calls, or social activities. Building and maintaining a strong support network can provide emotional and practical support in retirement.
5. “Consider Working Part-Time”
Many retirees advise considering part-time work in retirement. This can provide a sense of purpose, additional income, and opportunities for social interaction. Whether it’s a job in a new field or a hobby-based business, part-time work can be a fulfilling and practical option for retirees.
6. “Seek Professional Financial Advice”
Retirees often recommend seeking professional financial advice when planning for retirement. A financial advisor can help you create a retirement plan, manage investments, and navigate complex financial decisions. Working with a professional can provide peace of mind and help ensure that you’re on track to meet your retirement goals.
7. “Embrace Change and Be Flexible”
Finally, retirees advise embracing change and being flexible in retirement. Life in retirement may not always go as planned, and being open to new opportunities and experiences can lead to a more fulfilling retirement. Being flexible in your approach to retirement can help you adapt to any challenges that may arise.
In conclusion, retirees have a wealth of wisdom to share when it comes to retirement advice. Whether it’s starting to save early, having a clear vision of your retirement lifestyle, or staying connected with friends and family, the advice from those who have been through it all is invaluable. By following these examples of the best retirement advice ever from retirees, you can create a fulfilling and meaningful retirement for yourself.
retirement is overrated. i know many retired people who are working again because of high health insurance costs/high cost of living, or they simply got bored sitting around at home after a few years. working and stay active will make you healthy and your mine stay sharp
Nobody has any money to "save". They can't even buy food or pay for housing!
Thank you. Yes, i will do volunteering work esp in the church activities!
This video will definitely be Huge for me in the future good video
My 10 cents worth. Decide how complicated you want your life to be, and get off the hampster wheel immediately. I had friends die in their 20's through 70's. You can''t get back what you loose. If you need 5G's per month to live, I don't want to know you. You passed the bordom threshold a long time ago.
My advice,.. find people who has a pickleball court and doesn't charge. Lol!
TY for the advice. We have to have a purpose in life otherwise we will get depressed . I walk 2 miles a day, I volunteer at senior center. I eat very healthy n take no medication. I’m now ready to travel while I’m still mobile. Thanks
Sound advise my friend, thank you for posting, it helps focus the mind and clarify thoughts. I retired today actually.
It's all BS. You don't need much money to retire. Get out of work as soon as you are able. I know way too many people who worked too long and never made it!
Due to an injury was suddenly forced to retire at age 70. Had planned to work 2 years more to become 100 percent debt free. Now suddenly I'm lost as what to do. Have two major surgeries still to go, but hadn't really set my retirement plans. Had some vague ideas. With my injury and recovery still not there yet, I'm at a loss as what to do. No longer have my great private insurance either. Had just bought a new car last year and am not allowed to drive yet. My savings are draining much faster than I want. Am canceling almost all my subscriptions. Was planning on remodeling kitchen and redoing flooring and HVAC system this coming spring. Now won't be able to. Hopefully I'll be allowed to work again but never in my medical profession. Just need some ideas to jump start my forced retirement.
Every crash /collapse/inflation or a recession offers an equal market opportunity if you are well prepared and knowledgeable. I've seen people accumulate up to $800,000 during crises and even pull it off with ease in a bad economy. Without a doubt, the bubble or crash has made someone extremely wealthy.
Pretty good, thanks.
Get rid of your car. Save a ton.
City bus pass $70.
Car payment. $500.
My secret for being retired and having good days, ok don't laugh, for me it's starting out each day with pickleball. PB absolutely requires me to be 100% present as in staying focused, it gives me purpose first thing in the morning, most pickleball people are friendly. What I'm saying is stop thinking about your "shoulda woulda coulda stuff". I was never a sports person, too busy working. PB is also cheap, buy a paddle and a good pair of shoes, don't go cheap. And then go have fun.
The Market have been suffering over the past month, with all the three indexes recording losses in recent weeks. My $400,000 portfolio is down by approximately 20%, any recommendations to scale up my returns before retirement will be highly appreciated.
Great tips I am 47 didnt save much but I want to retire before 60 these were great tips. I currently work with people in their 70's still working. I do NOT want to be like that. These are great things to consider. My uncle just passed last Thursday he was a great guy he retired went back then retired again and died unexpectedly because he didnt adhere to his health. So again great tips!
People buy a new car every two years when working? That's madness. Had my first car for 12 years, second car was free as nobody wanted it & when it died I got a bicycle. Eventually bought another car (second hand mercedes) and a fiat 500 (new) for my wife. Now my merc needs work and I'm just going to sell it and cycle, car pool with the wife, or take the bus or train. Car loans are a stupid waste of money, that new car love soon dies off and you're left with the loan to pay for years. I could absolutely afford to buy a new car but I every time I look up something I fancy I do the calculations and then say no.
This is a great video. Thanks for sharing. I'm 47 and I'm in the process of trying to fine tune my strategy to bridge to retirement. Everything is about dollars and tax. You are 100% correct….health is wealth.
Really enjoyed your video. Your background is beautiful. So proud that you are speaking the fundamental facts. Hopefully getting ready in 2024
I agree with you. A blend of different ETFs is my favorite way of investing. For example, you could have some covered call etfs for dividends and other etf`s for growth. A combination such as : JEPI , DIVO , QYLD, SCHD and JEPQ. You have to combine them according to your own personal situation. I just reached my first €100k this month after 2.5 years of investing and saving as much as I can.
So I am 10 years away fom retirement and as a medical doctor I also have been talking with retirees and seen them die. What are MY plans:
Debt. not let it spill over into that magical year. Everytime I planned a loan I agressively prepaid and am now debt-free
Life style – watching my diet,weight,exercise
Sickness. If something serious does come along – will pull the plug. remember Steve Jobs the richest guy in his cemetary?
Hobbies. Sorting out the good ones and maybe take up some new ones that aren't too expensive and missed out on – like volunteering or a new language or art
Trips. Taking those tiresome big ones while I can still aprecciate them and have the stamina for sleepless nights,long roadtrips and avoiding hazards. After retiremnt will take it easy and aprecciate local things (who wants to die on a cruise or airplane?)
Company. Do not plan on living alone or dying alone. With so many people out there can´t I split a home and house expenses?
Pets. They always give and demand so little. When my nest got emptied I rescued more cats and dogs.
TV. Quit watching all those tiresome channels that just drained me. It's movies and series and maybe one newsreel to see the latest on the wars and disasters.
I think the pandemic changed things dramatically.
56 yr old, plan to retire in 22 months time when I am 58.
FANTASTIC video! That's all I've been doing since retirement is comparing my very middle income compared to my friends, who do take 4 to 5 vacations a year. I haven't had one in over 10 years. Listening to your video gave me a lot to think about…I need to STOP comparing! Thank you again!!
Work and sleep is my current lifestyle, retirement will be a whole new world.
NO THANK YOU
I am going to start orginized crime when I retire. And I am going to be absolutely ruthles when I do it.
I’m taking the hybrid approach, VOO, SCHD as my foundation, with growth like MA, UNH, HD. And slow growth like O and PEP. I have a 20 year time horizon. But the best part is I still enjoy my life while I do this. Travel, and buy ONLY things I love. It’s the best combo, plus I love the small victories with receiving dividends/dividend growth/share price appreciation
I can live off 1200 a month
I did with 45 year old and should be early never regret from brasil
Very good advice thank you so much.
Great advice! I've been retired now for 5 years now (I retired at 62) My husband and I lived well and enjoyed a month in Maui every year – And paid dearly for it too lol It was worth every cent! However, If I may add – My Advice #8 (from personal experience) If you're married – always have a plan B – Even if it's hard to consider or think about – just do it – I lost my Hubs this past March to a sudden illness. Now here I am trying to pick up the pieces, catch up and pay expenses that were for two with only two thirds the income! Needless to say I won't be going to Maui any time soon! Trying very hard not to have to sell my home! All I'm saying is stuff happens that will catch you off guard – always have a plan B! I'm making my plan B up as I go!
I volunteer at a local food pantry one day a week. Wonderful experience and I've been made good friends.
My biggest suggestion is to be realistic when setting a budget for retirement. If you think you can continue to live like you're making a full salary then you are either not ready to retire or you're retiring rich. Most people will need to make budget adjustments in retirement…buy cheaper cars, eat at home more often, cut back to one or two streaming services, look at cheaper cell phones and plans. Retirement is doable as long as you keep your expectations reasonable.
I am still not even close to retirement yet: But I still learn a lot from watching your video. Thanks!
What kind of fund do you keep your ira in to play it safe?