If you want to retire at age 60, there are several, complex moving parts to line up first. Here are four factors to consider.
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— About Patrick King CFP® —
Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.
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How To Retire At Age 60: Four Factors To Consider
Retiring at the age of 60 is a goal for many individuals who dream of a life of leisure and relaxation after years of hard work. However, this goal requires careful planning and consideration of several important factors. Here are four key factors to consider when aiming to retire at age 60.
1. Financial stability
The most crucial factor in retiring at age 60 is financial stability. Before making the decision to retire, it is essential to assess whether you have enough savings and investments to last you through your retirement years. Consider factors such as your anticipated living expenses, healthcare costs, and potential long-term care needs. It is also important to evaluate your sources of income, such as retirement savings, Social Security benefits, and any pension plans you may have. Consulting with a financial advisor can help you determine whether you have enough resources to retire at age 60 and create a solid financial plan for your post-retirement years.
2. Health and wellness
Another important factor to consider when planning for retirement at age 60 is your health and wellness. Retirement is a time to enjoy the fruits of your labor and pursue activities that bring you joy and fulfillment. However, it is crucial to ensure that you are in good health to fully enjoy your retirement years. Consider factors such as your current health status, any chronic health conditions that may require ongoing care, and your ability to access quality healthcare. It is also important to consider how you will stay physically and mentally active during retirement to maintain a high quality of life.
3. Social support
Retirement can bring about significant changes in your social life, especially if your work has been a primary source of social interaction. It is important to consider how you will maintain a strong support network during retirement. Think about your relationships with family and friends, as well as any social or community activities you may want to pursue. Building and maintaining a strong social support system can provide emotional and practical support during your retirement years.
4. Lifestyle considerations
Finally, consider your desired lifestyle when planning for retirement at age 60. Retirement allows you to pursue hobbies, travel, and other interests that may have been put on hold during your working years. Think about your desired living situation, whether you want to downsize, relocate, or pursue other lifestyle changes. It is also important to consider how you will spend your time in retirement, whether through volunteer work, part-time employment, or other activities that bring you fulfillment and joy.
In conclusion, retiring at the age of 60 is a significant life decision that requires careful consideration of several important factors. By assessing your financial stability, health and wellness, social support, and lifestyle considerations, you can create a solid plan for a fulfilling and enjoyable retirement. Seeking guidance from financial and healthcare professionals can help you make informed decisions and set yourself up for a successful retirement journey.
If you wanna be successful, you must take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.
WE'RE ALL GOING TO DIE.
If there was health care as a right I could retire at 60 but since the US is the disgrace of the developed world I'll be holding onto that employer sponsored healthcare plan with a death grip until they push me out the door. Medicare is crap and Medicare Advantage just a scam to undermine and destroy Medicare. There's little use having a million, two million, more when there are so many health conditions that can bankrupt you faster than you can say "Big Pharma".
Good video. Being able to retire on my own terms; happy and rich enough to live well has always been my top priority. I was able to achieve this with the help of a CFP whose name is CHRIS RYAN STEWART. I have never seen an advisor so calm and exceptional. I built my portfolio from somewhere around 6 figures to a current 7 figure balance. It has been excellent. I can’t say so much but feel free to look up his full name on your browser and thank me later. Please like my comment if you’re also impressed by his qualifications and resume.
ROCH DUNGCA-SCHREIBER helped me achieve my retirement goals with her personalized advice and support.
I just turned 60, was planning to Retire Soon with a FORD? BooM the Economy Crashes into Recession and High Inflation! I guess I will keep working another yr or 2?..
I paid into a NI plan all my working life. Because I was faulsly told I'd be retiring at 60 !! But when our tory government gave our finances to American companies in the UK. They changed the retirement age. And just remember only 18% of people born in the uk reach pension age. So 82% of us ain't going to reach pension age. So the lower minimum wage earners who can't really afford to pay into a pension scheme!! Look at where and when that money is going to be most important to you !! So basically pension schemes is not worth the paper they're written on. All properganda crap for the rich to obtain money from the poor to line they're pockets…
Great video, honestly I'm not even kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it, Investing is a long-term game, so I try to focus on the long term.
good information provide to us after age of 60 years but your these point is not applicable on all countries such in my counttry the person who work in private service has not any pension and other social benefit as well as after the age of 60 more insurance company not consider thoses person which age is belong above 60 years in absent of these kindly what technic are person use;.
GEE I wished I could have retired at 60 !! I retired at 56 because my company was selling out part of it's organization and I had NO choice!! however I had the time and assets aside to do so ! however I was still forced to pay some taxes !!!! My company covered our health and life insurance to the end of my life ! of coarse with some modifications ! I held off SS to as far as I could which has payed off handsomely !! I own everything and do very well in retirement but I planned carefully through out my years working !!!! I by far am not wealthy but comfortable enough to live the rest of my years !!! I did not want to be Gates or Musk just stay in the middle of the pack !! IT WORKED !!
It would be amazing if we can reduce our monthly expenses such that in retirement social security benefits cover 100% or more of our critical expenses. This way even if the stock market crash, at least the critical expenses can be covered.
Patrick. When I visit your website, it is not displaying correctly. Formatting is mostly text hyperlinks with some pictures at the bottom. I am using the link to your site from your YouTube videos. Just wanted to make sure I'm visiting the correct site as this doesn't seem to be correct or what I would expect. Any guidance you can provide is appreciated. Thanks, and love the videos.
Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Thanks to fire movement. //
you nail it for retirement bucket #2 members! glad I made it to bucket #3
Great video
Retire at 60 and keep reportable income below about $1500/mo and live in a Medicaid expansion state you can get Medicaid. Qualification is based only on income, not assets. I loved Medicaid. No copay, no deductible. No problem finding a doctor or services. The weirdest part was the insurance company that managed the plan was super great. Quick to answer calls, good answers, very helpful. All the insurance companies I'd worked with when paying a lot were horrible to deal with. And best of all it was the first time I felt actually covered for life. If I got some long term problem I wasn't going to be dropped or have to pay a lot more.
And if you want to delay SS Medicaid will convert to Medicare and pay your Part B and D plus still no copay, no deductible. That's pretty sweet insurance.
Plus you can get LifeLine which is a free smartphone and plan. And recently free in home internet.
There are some serious perks to keep income below the limit to get these.
I retired 20 years ago at 45. All these factors were a factor for me. I had no plan, no pile of money. Security was that I was a software engineer and would be able to jump back to earning if needed. My initial plan was to work on a software project of my own for fun until savings ran out and then go back to work. The savings didn't run out. What happened was my spending went down. I was happy writing code, gardening and playing basketball. Almost no cost. I did have a $2200 mortgage but once I saw my spending fall I saw that mortgage as a target to get rid of. So I fixed up and sold that San Jose CA home and moved to Phoenix. That's when I realized how cool the cap gain exclusion on a home was. I worked (is that retired???) for several months fixing up the house, got a great payday and paid no income tax. That's pretty cool. So I worked that into my developing plan. I bought and sold 2 more houses, working on a 3rd now. When ObamaCare passed I got Medicaid because my reportable income was $0. That saved me about $500/mo. Then I was walking around and kept seeing stands out saying "Free Cell Phones". Got curious just to see what the scam was…"free phone, high cost plan?" They said if you're on Medicaid you can have a free smartphone and plan. They handled me one right there. That saved me $50/mo. Recently I can get free in home internet, saves me $65/mo. Also at 65 I lost Medicaid but they just switched to paying my Part B and D for me plus what's really cool is $0 copay and $0 deductible.
Over the past 15 years my average spend has been $600/mo including everything. Crazy. I love it. Haven't needed to take SS yet, assume I'll wait to 70. Spending $600 and get a check today for $2475 I have no idea what I would do with it. Also getting ready to rent part of my house for $2000/mo but can keep the reportable income below the limit for free Medicare, phone and internet. Planning to move to SE Asia and $2000/mo should be plenty. Much more expensive for me than here, but still reasonable.
There are different ways to retire. I never cared for the concept of continuing to spend almost the same as when working. You have a lot more options when retired because of all the time you have. For example I walk 2-4 hours a day that I'd never have time for. Used to pay for a gym and now I walk past several gyms. I have time to shop for food and cook so I haven't eaten out at all in years and eat much more healthy.
I have time for trying new hobbies and have a rule that a hobby should not cost anything (or nearly anything) and have the real potential of earning money. That has lead to another revelation…when retired, and not needing money, earning a little money is a lot of money. As a software engineer I couldn't justify designing and building landscapes for others. But when my yard was done I needed other yards to play in so I hired out, charged little and kept design control. Gee, getting even $1000 profit for 2 months of fun was a lot of money. Same with software. When I was working mainly in tech startups we were limited to creating products that could make a huge amount of money. When retired there were 100's of interesting projects I could work on that probably wouldn't earn anything but a couple did earn a little. That's just gravy. So the combination of crashed spending and a whole new world of only earning a tiny amount combined to make me feel very secure.
retired at 60 (1 week ago), inflation out of control, market dropping rapidly, waiting until 61 to take a draw on my deferred 401k. Looking for a place to put my short term cash funds that will be liquid and earn something greater that zero. Looking for stocks that do well in inflationary environments. Any ideas?
I retired at 89, To be honest I would like to get back to work again
I will turn 62 later this year, and my target date to retire was 63, as long as I enjoyed my job. 63 was just when I wanted to be gone by, not when I needed to work to. Well, job just took a drastic turn, so, I am now on the fast track to get out!
Retire at 60? Are you nuts?
I just retired. Was in one of those jobs where more job responsibilities were added monthly and no increase in wages for the last 4 years. Not worth the stress. My new job will be trading for a living.
Another good one
Good information and yes, I'd like to consult with you guys. I got laid off 6 days after I turned 60 this month. Need to know about distribution strategy and where to get affordable health care after my COBRA ends 18 months from now (May 2023).
Excellent again. Clear, concise, practical, and useful. Congratulations.
I'm turning 55 in a few months and 60 is looking like a good time to dial back on work. That will put me a full 35 years into my professional working life (been in the workforce much longer). I'm still good at what I do (healthcare, front lines) and there's still a big demand for what I do. What I am having a hard time with are all the changes happening in healthcare, a newer generation afraid of work and afraid of commitment longer than a year and overly sensitive to literally everything in life. I guess this is what it's like getting old! My spouse would like to work full time (she's currently part time) and I'm chomping at the bit to cut back on work and downsize our huge home–could be a win-win. So, wish me luck in 5 years!
Then there's debt and expenses
I found that even working, my portion of health coverage was cheaper to go through a Christian Medical Sharing program rather than going on the employer plan. Even with the employer paying a portion of my cost.
People can retire early to rest more and spend less. But, unfortunately, many people, they rather live in poverty than die soon because of high stress levels and COVID-19. Moreover, during the Coronavirus Pandemic, the elderly don’t feel comfortable working every day because they are vulnerable to the virus with their existing health issues. Thus, the best solution is to retire early.
Người ta có thể nghỉ hưu sớm để nghỉ ngơi nhiều hơn và chi tiêu ít hơn. Nhưng, thật không may, nhiều người, họ thà sống trong nghèo đói còn hơn chết sớm vì mức độ căng thẳng cao và COVID-19. Hơn nữa, trong Đại dịch Coronavirus, người cao tuổi không cảm thấy thoải mái khi đi làm việc hàng ngày vì họ dễ bị vi rút tấn công với các vấn đề sức khỏe hiện có của họ. Như vậy, giải pháp tốt nhất là nghỉ hưu sớm.
Las personas pueden jubilarse temprano para descansar más y gastar menos. Pero, desafortunadamente, muchas personas prefieren vivir en la pobreza que morir pronto debido a los altos niveles de estrés y al COVID-19. Además, durante la pandemia de coronavirus, los ancianos no se sienten cómodos trabajando todos los días porque son vulnerables al virus con sus problemas de salud existentes. Por lo tanto, la mejor solución es jubilarse anticipadamente.
I thought I wanted to retire this year. I quit my job and after 6 weeks I was going nuts. I went back to work part time and work the days/hours I want to, The new place has absolutely NO stress, so it's like I am doing it for fun now. The only issue I have is health insurance. I make enough money to cover my budget, BUT that means I make TOO much to get a decent subsidy. So I am living without it for now. I spent the first 35 years of my life with no insurance, so I am not scared to go without for a few years until Medicare. Our healthcare coverage system is so wacked, I am never going to Choose to pay for coverage unless I am forced to. Hopefully our country will wake up and get with the rest of the modern world with universal healthcare.
Good points.
What is exchange?
I retired on my 60th birthday –
1. Like falling off a log
2. No problem
3. Easy-peasy (pension)
4. I was able to maintain my group health insurance.
6 years in and my net worth is up 20% even with extensive travel.
Assuming the 60 year old has at least 35 years of work history retiring at 60 vs 65 or 66 or 67 will have minimal impact to their social security benefits. Depending on their income history they're likely looking at a reduction of $50-100 a month. Each person will have to decide if that $50-100/month warrants working another 5-10 years but most would say no.
The biggest impact on social security monthly check payout by far at that point will be what age they decide to claim social security. The actuarial numbers don't change but the amount you get monthly will based on this decision.
I am planning on exiting the workforce at 60 I am 51 now. I have one pension starting at 65. I want to live on my cash from 60 to 65 and do Roth conversions. I will have another pension that will start at 62.