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This guy is too flippant with the subject matter to be taken seriously. If he talks you into retiring earlier and it is a bad idea, you will be the one to suffer!!!! Listener beware!!!
Thank you Josh and Merry Christmas to you and Family!!
i reitred earlier this year. My employer started implementing a pandemic-delayed 'big data' program to solve all the companies problems (translation: more bureaucracy, more paperwork (or data entry work) to create that data stream) so a lot of us just left for other employers, or retired. I couldn't be happier. I got a small company pension (defined benefit with COLA adjustments) which makes a great 'base salary'', plus have savings and investments, and got to buy into the companies medical plan at a huge discount (an old-timer's clause in a labor agreement). Its the best thing I ever did. Might go look for a new part-time job in mid-2023, but without the stress of a full-time corporate gig.
A good friend of mine retired at 65. Suddenly, 2 years later he has the worse eye disease ever and loss of vision coming on quickly with no cure. Retire now my friends if you can.
Will retire early October 2023. Self funding until full retirement age before taking social security!
I retired two years ago. My wife is much younger than I am and was working from an office in our home. Her company did a large layoff of long time employees. She was not affected but this happened in July and we talked about it and decided it would be better to plan it than have it simply happen to her. She retired at the beginning of December and we signed up for the ACA for next year. Her former boss said that business had slowed down so much that they were not even going to replace her so they could spread what work there is around to the rest of the workers. That’s kind of what we were afraid of. The slowdown in business was already happening and the last thing we wanted was to get laid off next summer. Plan, plan, plan.
The caveat is that if you do retire early, don’t sit around and worry about money the rest of your life. My FIL retired early, but never enjoyed a day of it. He was so focused on money running out that he didn’t enjoy anything.
Quit your COJ and enjoy life!
Just remember, you can't "retire" and keep working. The literal definition of "retired" is "no longer working".
I have watched most of your videos Can you do a video on how to calculate your social security future payments. I am 63 and my statement says if i collected at 63 I would receive $1568 but if i wait till 64 it would be $1682. You mentioned that the cola would be 8.7%. Do I multiply that 8.7% to $1568 or $1682 to get my amount if I collect when I turn 64. I sold my business and the shop so I am cash rich right now and plan to live off that until 67 or further to max my SS payment. Have retirement accounts which I will draw down on then. Thanks for all your great advice. You really opened my eyes to the problem of taxes in retirement, especially the SS hidden tax. Plan ondoing roth conversions. Keep up the great videos.
We are both retiring and taking social security. We will have a monthly income of over $7300 a month with over 400K in savings and no debt. Health is relatively good and we are in our 60's. Life's too short. Peace.
Thank you for your video I turn 65 this year in July I just went back to work after a knee replacement I was off about 7 weeks I didn’t miss the stress of my job one bit and know I think it’s twice as bad as when I took off I have plans to retire asap with my pension and SS I will make the same a month, I just loose a company car with a paid gas card that’s the only thing I will ever miss from my job. A work buddy work a extra year retired died 4 years later from cancer you are not promised tomorrow!
Thanks Josh. Another great video. At 54, I’m thinking about this more and more.
I only have a degree in psychology. But, I'm delaying my social security until age 70, collecting an additional 8% and COLA annually! Two more years to go! That's something, against the higher inflation pricing, that the FED and politicians are unwilling to control.
Not sure the point of having lots of income during the life stage where your life consists of sitting in a wheelchair in a nursing home watching TV all day.
You da man Josh!!!
Delayed gratification studies are real and credible and quite amazing. Usually, the studies involve offering children a smaller reward immediately or a greater reward after a month or so of waiting. Most children will take the small amount now. A smaller group will take the larger amount later. When these children are followed through their life, the delayed gratification group do much, much better in life. They go to school more and get better jobs. They save more for retirement. They save for important things like homes rather than blowing their money. Even things like delaying sexual gratification and having children after marriage improves their long-term happiness. Even old Josh is often on the delayed gratification bandwagon when he recommends to some that waiting till age 64 or 65 to collect social security is a good choice rather than doing what the larger group does and seek the gratification of having that money at age 62.
I’m so glad I found your channel. I’m 47 and everything I do is definitively geared towards retirement. When the time comes by Gods grace I’m out. I don’t care what the bank accounts look like. I know I’ll be more than ok. Preparing now. Staying out of debt, house and car will be paid off in 2 years. No desire to purchase anything else anytime soon.
We are 55 and 60, cashing out and going to travel and live in Mexico, Central America, and South America where our total bills run about $1500/month plus low slow travel costs.
At 62 my social security is $2030 and 5 years later my wife starts getting $1000/month. We won’t spend nearly that $3000/mo income. We won’t have to touch our retirement accounts until 72. We LOVE the USA, but we are outta here to go enjoy life.
Great timing on this Josh. I just celebrated what would have been my wife's 58th birthday. She planned to retire at 60. She never made it. I am so glad we didn't save every penny for retirement and had a lot of great times together while she was alive.
I’m 53, very fit and ended up having to have a triple bypass last year. I was talking with my cardiologist and told him I was thinking of retiring in the next few years and he told me in no uncertain terms, you might want to do that now. Few years might not be here.
Delayed gratification is a very important principle when trying to build wealth for the young. Nothing beats compounding when trying to build wealth and compounding requires lots of time. I would be curious to know the average age of your followers. I would suspect it is more likely to be in the 40's 50's and above. I'm sure most of us in the mid to older age range recall thinking middle age was years away when we were young and of course now realize just how fast time goes. I suspect there would be a lot less talk about money if financial education began earlier in life and investing began with that first job and continued with each subsequent position.
I waited until the age of 65 to retire and this was the right time for me. I know people that do truly enjoy their work and will continue working way beyond age 65. There's nothing wrong with this. I eventually had a retirement goal like many but there's no rush if you're not financially ready. Retirement like most important things in life requires forethought and planning.
I can't wait for the less stress. To quit saving start playing more. Go go go years.
American society has become too demoralized to continue working directly with the general public. It's like there's a different species of human being out there.
My COJ pays a lot of money though man. ~$550k/yr total comp (gross). I'm 54. I've penciled in first few weeks of 2024. I just don't want to be a fool for walking away from so much income.
FIRE used to be Retire Early. Now lots are saying Recreational Employment.
I pulled the pin about 20 months ago after watching one of Josh's videos (started watching 6 months before hand) and he say if you have everything in order what are you waiting for? (so true) The next day I went in and told my boss I was done! Thanks for the push Josh!
Is there ever a point where it's good to work a difficult job that you're good at later than you desire because it truly benefits society? It seems more and more that people just want out as fast as possible (less hrs per week for younger workers/retire ASAP for everyone else). In the last 5 years or so I think I see it more than ever. It seemed like a fast pivot. There are emotional costs to grinding, yes, but also to self centered living. Sometimes pushing a rock in life is better for everyone (even yourself), but how do you know where the line is?
I saw this 83 year old man working at a home goods store a person stole 3 pressure washers he confronted him the thief pushed him hit the ground and he died I wouldn't continue to work because it's dangerous out there.
The most valuable asset we have is time. Nothing we have or ever will have can be as valuable, and the older we get, the more valuable time becomes.
I'm kind of quiet quitting. Slowing down and taking things with much less stress instead of just quitting today. Just knowing I could is enough to allow me to stop stressing about my job and not put in 50 hrs. a week anymore. Maybe I'll hate it less if I stop worry about stuff at work and just take it quite a bit easier and don't' sweat the stuff. Then maybe after a year, I'll get on the "list" so I can retire.