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Retiring early could be a dream come true for many people, however, it can also be a nightmare for your retirement savings. Retirement is a time to relax and enjoy life, but it is also a time to be financially secure. Retiring early can be a great way to enjoy life more and have more time to do the things you love, but it can also be a recipe for disaster if you don’t plan ahead.
Retiring early means you will have fewer years to save for retirement. This means that you will need to save more money each year in order to have enough money for your retirement. It also means that you will have to be more conservative with your investments and withdrawals, as there will be fewer years for the money to grow.
Retiring early also means that you will have to rely more heavily on Social Security benefits. Social Security benefits are designed to provide a basic level of income in retirement, but they are not designed to replace your entire income. If you retire early, you may not be eligible for the full benefits, which could leave you with a large gap in your retirement income.
Finally, retiring early means that you will have to plan for health care expenses. Health care costs can be expensive, especially if you retire before you are eligible for Medicare. You will need to make sure you have enough money saved to cover your health care expenses, as well as any other expenses you may incur in retirement.
Retiring early can be a great way to enjoy life more and have more time to do the things you love, but it can also be a recipe for disaster if you don’t plan ahead. Make sure you save enough money each year, invest conservatively, and plan for health care expenses in order to ensure you have a secure retirement.
I am new to the stock market. Every stock that I bought so far, I was out of luck because I bought them when they were expensive. I feel I missed out on all the stock opportunities so far for the tech stocks.I believe having 75K yearly income would be a good investment so I want to plug all my savings into the stock market. I know this sounds a bit dull but I would like to know if I should learn investing or let somebody else (more capable like a FA) do it for me? Please share your thoughts. I am kind of tired of searching for a good stock to buy and losing all the good opportunities
I’m 53, just got laid off, and wondering what to do now. I have $425K saved for retirement, $10K in an HSA, and a property I could sell for an extra $200K in cash. Is getting professional help wise?
My wife and I retired in 2011. Still enjoying life and pensions gave us $ 143K last year. No idea how long they will last or we will live. Neither of us will get SSI due to the damn law. It has been a fun ride so far.
My mom used to say eating carrots improves your eye sight.
How many have found that they have more than enough?
The article as we often say "states the obvious"
I AM doomed! I retired at 54, am now 77 and I do eat carrots. HELP!!!
So funny! Good on you for calling it out, Josh.
I was confident (thanks to people like you and Joe) I could retire early at 60. THEN, I watched a video where a single 60 year old woman with $500K in her 401K and $3500/mo in expenses would run out of money at 77! Now I'm not so sure. I'd like for you to break it down for us. Thanks for all you do!
Thanks for this video. I just turned 54 and after 30 years of working as an mechanical engineer in the construction industry I’m just done. Burned out. I’ll probably retire somewhere with lower cost of living than the US.
Wish I knew about the carrot thing. Now it’s too late for me.
I need to spend way more than I am presently. But it’s hard because I am cheap.
Retiring at 61, yea if I worked another 4 years I'll have more money, well duh. I could also be dead in 3 years. I could also live until I'm 100.
They want you to slave away to your grave! We're all going to the grave sooner or later… might as well have a little bit longer to enjoy when you're younger!
I don't even need to start watching the video, to know you're going to disprove the title (ha). Also, I just spent $59 on Steam, to pre-order Hogwarts Legacy and tick off the Woke mob (trying to boycott JKR). I'm a bit old for a Harry Potter game, but I'm going to enjoy that one.
Nom nom carrots!
Negativity and fear sell. Fear keeps people working and priming the investment firm's pump.
Retired at 56 not worried but they are not making it easy
Retiring early will trigger a short fall for the investment house.
Stop! the very first sentence is the entire article! “Than expected”?? Expected = planned!! Duh! The number is your number and it’s irrelevant!
Fear mongers make more clients. Thanks Josh
I hope not, I eat carrots.
Wait they survey use 70yo and 47% aren’t confident they’ll get social security? At 70 everyone collects social security.
The emphasis on money only misses the point of retiring. What about health, relationships, experiences and purpose.
I retired at 54. Plenty of funds. Strategic financial planning
Both our sets of parents retired at 62, they both ran out of money. To be fair they lost their jobs, and couldn’t get new jobs that covered their needs. They took Social Security early and it was not adequate. In the end the kids had to help them out with housing. Both dads died at 86, moms are now 86 and still healthy. Us kids are still helping them with about 25% of their needs. The other huge problem with retiring before age 65, is healthcare. The ACA is available, but can be expensive.
So the 10% or so that will run out of money IS real, even if not most.
This obviously depends on individual circumstances, but clearly retiring at 62 on Social Security with no other income is risky especially with any debt, but even with little to no debt might be tough. Certainly a PT job can help, and our parents worked PT, but they were not happy about a crappy part time job. My mother was still working PT at Beal’s when she was 82, bless her. She didn’t mind the work, but didn’t like the pay. Had they been able to hang in till 65, their checks would have probably been adequate.
We certainly learned from their mistakes and are retired at 63 with way better circumstances(and delaying SS)
Everything the article says is true.
Working longer will help your money last? Shocking research!
It's all about the clicks.
If you eat anything you can literally die.
Don’t forget the effects of the many market downturns over the past twenty years. Huge losses. Don’t forget the old adage “you can’t time the market”. Never make withdrawals…your heirs and investment advisors will appreciate your generosity.
I laughed so hard when you said if you eat carrots you will die. It’s as profound as if you retire early could trigger a financial shortfall. Thanks for making me laugh today Josh.
Love Salty Cracker too.
you just need to know your expenses and retirement income, simple
Any ideas where to find statistics on people's net worth when they die? It would be interesting, to say the least.
One day marketwatch has a pro retirement story, they next day its doom and gloom
Can someone calculate my percentage of fail retiring 12 years early? Where can I stock up on cat food to eat and crumpled news paper to use as insulation from the cold?
The plantation can't keep allowing it's slaves to leave to where they're treated best.
Isn't marketwatch in the same category of America's finest news sources as The Onion and Babylon Bee ?
But if you take a .5% withdrawal rate your nut will last for 12 years!
Drink more Whiskey!
Laughed through the whole video!! This one really displays how stupid this fear mongering really is!! Actually they “out” themselves….saying people with $4000 of expenses have a “shortfall” because it’s not the $8000 they would like to have or made gross while working, paying high taxes of all kinds, saving for retirement, raising a family, and paying for expenses they won’t have in retirement! Funny too how the “risk” is 12% and reduces to 5% or whatever with pt work etc. Age arbitrary, savings arbitrary, and expenses arbitrary— yet these percents are spot on and should scare you into working as much as possible until you won’t even care??!! Heck no! This is sick!
All BSsssssssssssssssssssssssssssssssssssssssssssssssssssss, they want your money as you slave longer