The average retiree, I believe, should have been able to have enough to last the rest of his days. I t just depends on choices during your working days, just as I came to realize later. Surprising how I still netted more $2m. by retirement. And this is while living in New York!
I don't think he was. I think he had good savings habit from early in life. Which is a habit i shared until a friend introduced me to the stock market, I was intrigued. This was just 15 years to retirement, and I had only $280k to my name and no idea on what equities to acquire until i got referred to a Smart- Advisor recommended Advisor who helped me allocate to the right positions and i'm just 15% short my $1m retirement goal
Annette Christine Conte is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment...
“Retirement” is so subjective… I love my work and already have plenty of spare time. I dread the thought of not going to work. Unfortunately, not everyone is in the same position. There is no “one size fits all”…
6:18 I retired at age 70: love my work. Love my co-workers. Love my work environment. My salary was the secondary focus. My first 2 years of retirement were difficult as i got up same time like i was working. Now i am ok after 8 years in retirement. ❤❤❤❤
78, still working remotely (which I started long before Covid). Good at what I do as a professional. Don't need the income, but firing the synapses is well worth it.
Must be nice to be able to work to 70. In my case I'd be dead if I had to work til 70. Working in the automotive service industry is pretty hard on your body. People doing physical labor are lucky to make it to 70 in the workforce.
Most doctors and lawyers I know don't retire at all until health issues require it. They love what they do, identify with their professions, and are extremely efficient and knowledgeable due to their decades of experience. Politicians like senators are the same. If you love your career and it is not physically demanding, keep working to keep your mind and body sharp and active. A fundamental law of physics is that a body in motion keeps moving. The converse is true. TY for this video!
52 was much better. Thanks! I liked my work. I was really good at it. I was literally known throughout North America and Europe. Retirement is much much better.
Similar to you, I am well known in my industry but when my name comes up, I would usually hear; "Isn't he dead?" So long as age is a determining factor, older people will encounter issues with employment, regardless of their reputation or background. If I ever chose to retire, I will probably fill my time teaching or maybe restarting my old consulting firm. So long as you don't need the money, working can be treated like a hobby.
I plan to work until 72 then consult. Huge number of my friends and acquaintances and friends have stayed in touch. Many of those are also engaged in volunteer work for our industry. Most were 10 - 15 years older than me. So I can see how their lives are.
I retired at 62 but took some part time contract jobs for 5 years. I liked the work but one day I woke up and realized I didn't want to work anymore. I left the office a year ago and have no desire to ever go back.
My retirement (now) actually sits in my "third phase" of my work life. The first was my military career. My second was in the public and private sectors. The current, third phase is my private consulting practice I developed. I work about half-time on only the things I love to do, and it pays me a full-time income. I could work more and earn more, but I like this "slowing down" phase. (I'm 65 next month). I'm keeping my IRA and Social Security in abeyance, but I'm already collecting my military and Civil Service pensions. The hardest thing: I'm no longer working towards a particular goal. Promotions, pay raises, and retirement gates are all in the past. It's just me, my work, and the money I earn. To address this, I'm probably going to set a goal outside of my professional practice. Not sure what that is just yet.
I will be 81 in June. Still working. Love my work. Some of the work has been live and on and off Zoom. Still time to enjoy life. My situation is not for all people to have, and I do not knock anyone who wants to retire. I am getting SS and paying SS (and Medicare). Might retire when my daughter retires and moves away.
Maybe I am different but, I have been working remote for years and like it. I have never had a better work life balance and my employer benefits because I don't take time off for personal reasons. They are making "noises" because they have redecorated the offices and want people to come back. The even added a foosball table, telling me that they have absolutely no idea of what motivates a professional. If I am forced to come back into the office, that will probably be the inflection point for me when deciding upon a retirement date. I sort of think they know that, and they have been pretty quiet about me working remote full time. Time will tell.
As long as you are productive and show up in the office for important meetings or just to “show the flag,” I can’t see why they shouldn’t allow you to continue working remotely. It’s one fewer car in the parking lot, one fewer car on the road impacting traffic, etc.
This is where owning a few dark charcoal or deep grey suits come in handy. (they work well at many occasions) As we age our circle of people we've known tend to pass before our eyes..
Everyone’s situation is different. I would have been happy to continue working until age 70 (and even beyond), but after hitting 65 I realized the “fun meter” was pretty close to zero, so I semi-retired by leaving the full-time work force and taking part-time work until I hit FRA this summer and will start drawing Social Security. I plan to keep busy, but on my own schedule.
@@wildfoodietours A bit of both. I’m retired military (closer to Gomer Pyle than Gen. Patton in terms of my career), and some injuries started to catch up with me. When I could no longer keep up with fast-walking younger staff on the skybridge between two hospitals, and my bad knee became worse, that was a signal. The commute to where I worked (why they put two hospitals on top of a relatively inaccessible hill is beyond me) played a role. Baseball legend Al Kaline once said he knew it was time to retire when he’d drive to a game, hoping for a rainout, yet it was sunny and clear that day, he realized it was time to hang ‘em up. That’s pretty much how I felt.
Covid had a silver lining with the rise of remote work. I'm 71 and still working. I'm a benefits attorney working for a consulting firm. Being able to work from home was a complete game changer. I enjoy going in one day a week. On our mandatory mid-week in-office day, we do fun activities during the lunch break.I'll reduce my hours next year and, more importantly, have unlimited unpaid vacation to accommodate travel. A lot of my friends are playing Sudoku etc to keep their minds sharp. I'd rather keep my mind sharp doing something that I get paid for!
This was the MOST impactful video as related to my situation! Thank you for your prospective! I have lost my spouse and stepped away from a volunteer job I loved for over 8 years until there was a change in management. I need to explore new opportunities and "get on with life!" Thanks
I’m still working at 68.5 years old. I’ll evaluate in two or three years. 3 reasons I still work at my job in IT: 1) I’m really, really good at what I do and enjoy the heck out of the work; 2) I plan to postpone SS until 70 to get the maximum payout; 3) I’m socking significant amounts of money into retirement savings for every year I work.
Thank you for your insights. My retirement goal of 70 includes the rationale of meaningful and impactful work contributions and enjoying good health. There is also another rationale that we all may realize in the future - the full-retirement age going up and/or accepting a reduction in our social security benefit to augment and sustain the system for the generations to follow. If this occurs, I'm positioning my retirement at 70 to include weathering this scenario.
I retired and then went back to work, found a job I enjoy and it works for me!! A substitute teachers aid, weekends off, holidays off, and my summers off, I’ve worked so long it’s tough to not interact with the community, this solves a lot of issues, and allows for my time😊
I was done with my full time teaching job as things had definitely changed over the years, and the stress just wasn’t worth staying around. I stuck it out long enough to get a reduced pension and subsidized healthcare, but I found a part-time teaching position at a smaller school that I really enjoy. I’ll take it a year at a time, but I love the ability to still make a difference and interact with people while still having more free time.
The thing about friends, in early retirement years, is that many friends are not yet retired and are unavailable to socialize. But things change and new friends are added. It just takes a little effort. Imagine that. 😂
Due to fear and uncertainty I would never have retired at 60 but for the company "offshoring" my job. Luckily I lived pretty sparingly with hobbies that added to my net worth instead of eating away at it. What I recognized as months have passed outside that bubble is that the job was slowly killing me with stress, bad sleep, digestive issues and physical problems I never had time to properly address due to "urgent" business that always took precedent. I now sleep, eat, exercise and pursue my profitable hobbies without the overwhelming stress of being "managed" by people with a lower IQ and no concern for anything beyond their bonus for sacrificing the future to good optics now. I'll probably die due to the lingering effects of psychopathic executives and job stress but I'm much happier and making headway on some of the damage now.
Great episode, gave me so much to think about even though I'm pretty set on retiring full-time. There's so much to be said about continuing to work. It keeps you young and young at heart. Of course there are many activities you can throw yourself into to accomplish the same thing. It's always good to think about things outside of the box.
It is easy to work when you don't have to. That having been said, if you employer is an "deleted" you need to evaluate whether or not you want to continue with them. If you can support yourself and have a safety margin, continuing with a bad employer only adds extra margin. On the other hand, if you can find a better employer that ignores your age, that is an opportunity. One option I am considering is teaching at one of my local universities. Some universities look for people with extensive real-world skills. One I have talked to is looking for an introductory calculus professor. I can do that, but don't really want to. Being able to make choices, because you can, is truly liberating. That is the real goal for retirement. Being able to choose.
Don't give it up, reconsider. You might make the big difference in one individual's life. You may not even know it, but sometimes you get lucky and they reconnect with you to tell you about it. One in a million chance but it might happen. If it does you were blessed. If it does not, you still made a great contribution to someone's life. They may pass on some of the knowledge that you passed to them. You will continue to live long after you are in the grave. Keep that in mind.
I am not rich. Not "don't have to". I enjoy work and find value in lt beyond money. It is all about attitude and you don't have it. You always "had to work". I always did exactly what I wanted to do. It is your fault that you didn't. Again I am not rich. I just realised at age 17 that the only way to go through life was to always do exactly what you want to do. That is exactly what I have done for 50 years. You and I lived during greatest financial wealth in all of history. I realised the opportunity to do what I wanted. You didn't and "had to work" and worked a job you hated with a "bad employer".
Once I hit the point where I didn't have to work as the potential income if I retired would be enough to live on the stress from work went down a lot. Knowing I could just tell them to stick it if it got bad was enough to lower my stress level.
Any way to drop the stressful parts? I have a friend that is surgeon and loves doing it because he helps people. But he hated the paperwork associated with running a medical practice. He became a contractor to a hospital group and dumped all the paperwork on them. He also does a lot of volunteer medical work for free outside the country. He lives a very full and negative stressless life.
My condolences to you on your losses of your friends and family members. That's one of the hardest things to growing older, is losing some of those close to you.
63 and still love my work most days. Going to stay open minded about when to retire. Figure that it will be time for me to retire when/if I stop loving or liking what I do.
Retired at 52 from public education due to health and family issues . Luckily I had a pension. My husband lost his job at 61. He took part-time work and SS at 62.I taught 6 years part time at the local college, then have tutored in elementary schools since then. Now at 72 I am retiring from part time work next month. My spouse has a 5 hour a week job. I hope to get a 5 hour a week job there. We both have enjoyed semi-retirement. We have enjoyed our jobs, the extra money and time for other things. Maintain friendships, family relationships, hobbies, church, and volunteer work to help maintain mental stimulation and your mental health.
I know i am fortunate to have a job where I have been able to keep working so far up to age 71.I know many folks dont have that choice. The job isn't perfect but the pros have outweighed the cons.The best thing it has done for me financially is the social security payment actuarial increase for the period from 65 up to 70. But another factor not often discussed is that my salary earned in these later years has caused some of my lower earning years (out of the 35 total used for the SS calculation) to drop out and the higher salary years were used instead.This has increased my lifetime average pay each year, so my monthly payments have increased accordingly, in addition to the 65-70 actuarial increase. I calculated that the present value of my social security future payments is in excess of $1 million. Best and most secure investment I could have made. .
I retired at 69, mainly because I got bored working (doing nothing) working from home during covid. The state was only closed down for six or eight weeks, but my employer didn't call people back for two years. Im not sure they have completely. The boss couldn't make up his mind what we were going to do. I went through our finances and discovered that i could retire with the same cash flow as i had when working (no debt, paid off 😊house). It took some convincing to get my wife believing it. I really don't think she believed me, but i was ready. After the first year, she had to admit that we were doing better.
When I moved from organization-based work, a job, to being a solopreneur consultant, I didn't count on the loneliness. I don't have a lot of friends, and I've outlived family. I colleagues, clients, and competitors, but that's not the same. I used to say I wasn't lonely, I was alone. But it's feeling a little lonely! I'll have to work on that one....
I believe if you believe the time to retire is close you should know your magic number of how much money you will need to live on or think you know. Test living on that amount of money for 3 to 4 months while you are working and bank the rest of your funds into a bank account for your emergency funds and see how that effects your life living on less. You may at this point want to continue this experience longer and test this life style longer. Now that number will change, as it did for me as my number decrease a little on what I spent. Now you know you can or can't put in your notice to retire.
Geoff, thanks for doing this video. You are speaking of the decisions we need to make. I really appreciate your viewpoints. We already work from home for ourselves, so retirement is not that much of a change, right?
I'm waiting to retire at 70 for higher benefits in Canada and have retirement savings as well. I work for a major logistics company - it's not unusual for some to stay past 70 - many execs do it. I do miss the office life and people but now benefit from working from home. Every day I wake up for work I think about all of the people who are already hard at work for the company around the world - it's very inspiring. 12 years more - done! Using my company stock for a sailboat.
I have done the calculations. Unless something really ugly happens with the economy, I could retire today. I just don't feel ready. Partly because I am waiting for a few personal issues to be resolved, looking at July for that, and partly because I don't want to leave my employer with the problem of filling my position. They will have a hard time doing that. Not because I am special but because they don't recognize anyone as special. They treat everyone as interchangeable. Possibly when I am finished with my current project would be a good and ethical time to let them know. Not a minute before (as they would retaliate) and not a minute later (as that would put them in a bad place, replacing me). I am giving them far more consideration than they would show me.
I dislike my job. It use to be a neutral work environment. Now politics and hate has moved in. So I'm retiring in two months at 54. I'm taking a break and then look for a different job for a second pension.
I am 72 work in an engineering position for a great large international organisation and intend to continue to end of 2025 (at this time). After that who knows, people in the organisation are a great reason to continue.
From age 58 or so can be much better, especially for those who built up their super with magic of compounding over time and be bold with choosing the asset allocation.
Mr Schmidt, thank you for this and many of your videos. If I may say, you look particularly healthy in this video. Are you on a special program? Looks like you lost weight. Keep up the good work.
Geoff, on a previous video, you mentioned that you had been to Australia many times and could make intelligent suggestions to maximize the travel experience. How can I best get answers to a few basic questions?
I'm Retiring in 99 Calendar Days at Age 62. I've had a 29 Year Blue Collar Civil Service Career. I'll take my 70% Pension & a Six Month Vacation in the Philippines. In April 2025, I'll decide whether to return to the US.... I could work in Federal Civil Service... Take my Social Security... Or find some type of Digital Nomad work I can work from the Pool Deck of a Condo... I will keep Physically & Mentally Active.
I enjoy my profession (in medical research) finding the work very interesting, rewarding, and I like the people I work with. I travel to conferences in Europe and Asia 5-6 times per year, spend 3-4 days per month in the lab, but can otherwise work from my home office with flexible hours. I play pickle ball a few times during the week, and that's my only interaction with retired people my own age (67). My wife is younger than I am, still has her professional life, and my kids are all either in grad school or starting their own careers (I had them later in life). I guess I just don't see a reason to retire before my wife does, I am happy with life. I still have time to fish, hunt, and travel for fun and could always do more. But the fact that I still have my income, insurance, travel perks, and continue to save and invest for retirement only makes the decision easier. The funny thing is that the only time I think about age, in the context of retirement, is when I'm around the retired group. I can see both the upside and downside of retiring depending on one's situation, but as long as I am healthy and happy, I know what works for me!
‘People worked until they couldn’t work anymore’ - for those working in physically demanding professions it is largely impossible to keep working until 62 Office workers or politicians might be able to work until 70 as the physical toll allows it -🦊
Politicians can work past their lifespan. I can name many that have and a few that are trying to do that today. A person's virtue typically dies with him but a person's treacherousy lives long past them.
You chose that. Greatest financial wealth period of any time and you picked that. Also you have a computer and internet. There are NO jobs on this planet you cannot do from home apart time? Not one?
@@sammencia7945 A guy who’s been a stone mason all his life - btw one of the highest ranking jobs in personal happiness - isn’t very likely able to nor have the desire to work in front of a computer screen in an attempt to earn money. Stone masons rank high in on-the-job satisfaction because they take pride in doing a great job to avoid making mistakes that are visible to all. And they can revisit/pass by jobs they have completed decades earlier and say to themselves “I did that. Still looks great”.
@@sammencia7945. I cannot be a nurse from home. My arms arnt long enough to do the bed baths, blood pressure monitoring, taking blood for analysis etc etc etc. Hard working nurses are tired by 60.
Retiring in 18 months. The PO is a toxic work environment soooo I purposely didn't make close friends. I have close friends outside of work. Sorry for your loss. I pray they didn't take the jab.
It was sad to see very old people still working that did not need the salary. Also, they prevent a young person from having their job. It's a bit selfish.
In an ideal world, church would be supplying the things you are listing as reasons people stay working. That's my view, my eternal brothers and sisters are more important to me than my co-workers ever were. With Jesus being first. We live well on $1700 a month but we get $150 in Food Stamps too. No debt. Modest hose on 2 acres. I paid into Medicare but don't use it so I figure that $150 Food Stamps is a wash. I have an excellent Retiree Health Pkg for $40 per mo. I made min wage for 2 decades so that was the main draw to the job. I do not have a drivers license due to weak eyes so can't really do much except maybe light caregiving. Hubby is on a breathing assist machine at night so we are pretty much done working. He stopped working at age 65. We cycle on E-Bikes for 2 hrs a day/3 days a week to stay fit. We grow about 25% of our food and raise hens for eggs. It's a good life, can't complain.
Retirement at 70. What a joke. Work till death or illness. Your retirement funds won't serve you when you're dead or in bad health. Enjoy life ...TIME is your most precious resource. You can never make more time. Retire as early as you can. Don't fall for this scam to rob you of your final phase of life
I have more than enough money to stop working, but I have a great job, work on what I want to work on, take off all the time I need. Paycheck on top of pension from former employment means I can do pretty much anything I want within reason. I’ve said one more year a few times…but we’ll see.
@@flyguy2021 Well, good for you. I'm glad it all worked out. Of course your personal experience isn't indicative of what other people are experiencing.
The average retiree, I believe, should have been able to have enough to last the rest of his days. I t just depends on choices during your working days, just as I came to realize later. Surprising how I still netted more $2m. by retirement. And this is while living in New York!
New York is sure as hell an expensive place to live in. Were you affiliated to Wall Street? Because how could you net such a huge amount?
I don't think he was. I think he had good savings habit from early in life. Which is a habit i shared until a friend introduced me to the stock market, I was intrigued. This was just 15 years to retirement, and I had only $280k to my name and no idea on what equities to acquire until i got referred to a Smart- Advisor recommended Advisor who helped me allocate to the right positions and i'm just 15% short my $1m retirement goal
That's incredible. What did you invest in ? I'm really interested in this, because I'm in a similar position at the moment.
Annette Christine Conte is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment...
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
“Retirement” is so subjective… I love my work and already have plenty of spare time. I dread the thought of not going to work. Unfortunately, not everyone is in the same position. There is no “one size fits all”…
6:18 I retired at age 70: love my work. Love my co-workers. Love my work environment. My salary was the secondary focus. My first 2 years of retirement were difficult as i got up same time like i was working. Now i am ok after 8 years in retirement. ❤❤❤❤
78, still working remotely (which I started long before Covid). Good at what I do as a professional. Don't need the income, but firing the synapses is well worth it.
Must be nice to be able to work to 70. In my case I'd be dead if I had to work til 70. Working in the automotive service industry is pretty hard on your body. People doing physical labor are lucky to make it to 70 in the workforce.
Most doctors and lawyers I know don't retire at all until health issues require it. They love what they do, identify with their professions, and are extremely efficient and knowledgeable due to their decades of experience. Politicians like senators are the same. If you love your career and it is not physically demanding, keep working to keep your mind and body sharp and active. A fundamental law of physics is that a body in motion keeps moving. The converse is true. TY for this video!
I work at a local grocery store. I'm so happy❤
52 was much better. Thanks! I liked my work. I was really good at it. I was literally known throughout North America and Europe. Retirement is much much better.
Similar to you, I am well known in my industry but when my name comes up, I would usually hear; "Isn't he dead?" So long as age is a determining factor, older people will encounter issues with employment, regardless of their reputation or background. If I ever chose to retire, I will probably fill my time teaching or maybe restarting my old consulting firm. So long as you don't need the money, working can be treated like a hobby.
@@davidsandy5917 When your job becomes your hobby, your tools become your toys!
Planning to work until 70 as a teacher. I teach in a high school and it’s good to be around young people.
I’m still teaching at 69.😊. Will finish at the end of this year when I turn 70 😊
@@sabinekoch3448 😀
I plan to work until 72 then consult. Huge number of my friends and acquaintances and friends have stayed in touch. Many of those are also engaged in volunteer work for our industry. Most were 10 - 15 years older than me. So I can see how their lives are.
I retired at 62 but took some part time contract jobs for 5 years. I liked the work but one day I woke up and realized I didn't want to work anymore. I left the office a year ago and have no desire to ever go back.
❤❤I retired at 49… started to collect SS at 70… wife started at 62… perfect strategy for the rich…
My retirement (now) actually sits in my "third phase" of my work life. The first was my military career. My second was in the public and private sectors. The current, third phase is my private consulting practice I developed. I work about half-time on only the things I love to do, and it pays me a full-time income. I could work more and earn more, but I like this "slowing down" phase. (I'm 65 next month). I'm keeping my IRA and Social Security in abeyance, but I'm already collecting my military and Civil Service pensions.
The hardest thing: I'm no longer working towards a particular goal. Promotions, pay raises, and retirement gates are all in the past. It's just me, my work, and the money I earn. To address this, I'm probably going to set a goal outside of my professional practice. Not sure what that is just yet.
I will be 81 in June. Still working. Love my work. Some of the work has been live and on and off Zoom. Still time to enjoy life. My situation is not for all people to have, and I do not knock anyone who wants to retire. I am getting SS and paying SS (and Medicare). Might retire when my daughter retires and moves away.
Maybe I am different but, I have been working remote for years and like it. I have never had a better work life balance and my employer benefits because I don't take time off for personal reasons. They are making "noises" because they have redecorated the offices and want people to come back. The even added a foosball table, telling me that they have absolutely no idea of what motivates a professional. If I am forced to come back into the office, that will probably be the inflection point for me when deciding upon a retirement date. I sort of think they know that, and they have been pretty quiet about me working remote full time. Time will tell.
As long as you are productive and show up in the office for important meetings or just to “show the flag,” I can’t see why they shouldn’t allow you to continue working remotely. It’s one fewer car in the parking lot, one fewer car on the road impacting traffic, etc.
Same here...
Same
This is where owning a few dark charcoal or deep grey suits come in handy. (they work well at many occasions) As we age our circle of people we've known tend to pass before our eyes..
Everyone’s situation is different. I would have been happy to continue working until age 70 (and even beyond), but after hitting 65 I realized the “fun meter” was pretty close to zero, so I semi-retired by leaving the full-time work force and taking part-time work until I hit FRA this summer and will start drawing Social Security. I plan to keep busy, but on my own schedule.
What happened that the "fun meter" reached close to zero? Was it related to the job or aging in general?
@@wildfoodietours A bit of both. I’m retired military (closer to Gomer Pyle than Gen. Patton in terms of my career), and some injuries started to catch up with me. When I could no longer keep up with fast-walking younger staff on the skybridge between two hospitals, and my bad knee became worse, that was a signal. The commute to where I worked (why they put two hospitals on top of a relatively inaccessible hill is beyond me) played a role. Baseball legend Al Kaline once said he knew it was time to retire when he’d drive to a game, hoping for a rainout, yet it was sunny and clear that day, he realized it was time to hang ‘em up. That’s pretty much how I felt.
Your channel is one of the better and more honest sites regarding financial and retirement matters. Thank you for sharing your insights with us.
Holy Schmidt!, I love your channel so much, I just had to subscribe!
Keep working! Glad you're paying my social security as i travel the world
Covid had a silver lining with the rise of remote work. I'm 71 and still working. I'm a benefits attorney working for a consulting firm. Being able to work from home was a complete game changer. I enjoy going in one day a week. On our mandatory mid-week in-office day, we do fun activities during the lunch break.I'll reduce my hours next year and, more importantly, have unlimited unpaid vacation to accommodate travel. A lot of my friends are playing Sudoku etc to keep their minds sharp. I'd rather keep my mind sharp doing something that I get paid for!
This was the MOST impactful video as related to my situation! Thank you for your prospective! I have lost my spouse and stepped away from a volunteer job I loved for over 8 years until there was a change in management. I need to explore new opportunities and "get on with life!" Thanks
I’m still working at 68.5 years old. I’ll evaluate in two or three years. 3 reasons I still work at my job in IT: 1) I’m really, really good at what I do and enjoy the heck out of the work; 2) I plan to postpone SS until 70 to get the maximum payout; 3) I’m socking significant amounts of money into retirement savings for every year I work.
Thank you for your insights. My retirement goal of 70 includes the rationale of meaningful and impactful work contributions and enjoying good health. There is also another rationale that we all may realize in the future - the full-retirement age going up and/or accepting a reduction in our social security benefit to augment and sustain the system for the generations to follow. If this occurs, I'm positioning my retirement at 70 to include weathering this scenario.
Some of this is so sad! I am so grateful to have friends, family, and hobbies.
I retired and then went back to work, found a job I enjoy and it works for me!! A substitute teachers aid, weekends off, holidays off, and my summers off, I’ve worked so long it’s tough to not interact with the community, this solves a lot of issues, and allows for my time😊
I was done with my full time teaching job as things had definitely changed over the years, and the stress just wasn’t worth staying around. I stuck it out long enough to get a reduced pension and subsidized healthcare, but I found a part-time teaching position at a smaller school that I really enjoy. I’ll take it a year at a time, but I love the ability to still make a difference and interact with people while still having more free time.
The thing about friends, in early retirement years, is that many friends are not yet retired and are unavailable to socialize. But things change and new friends are added. It just takes a little effort. Imagine that. 😂
Due to fear and uncertainty I would never have retired at 60 but for the company "offshoring" my job. Luckily I lived pretty sparingly with hobbies that added to my net worth instead of eating away at it. What I recognized as months have passed outside that bubble is that the job was slowly killing me with stress, bad sleep, digestive issues and physical problems I never had time to properly address due to "urgent" business that always took precedent. I now sleep, eat, exercise and pursue my profitable hobbies without the overwhelming stress of being "managed" by people with a lower IQ and no concern for anything beyond their bonus for sacrificing the future to good optics now. I'll probably die due to the lingering effects of psychopathic executives and job stress but I'm much happier and making headway on some of the damage now.
Great video, I am so sorry for your loss of family and friends.
Great episode, gave me so much to think about even though I'm pretty set on retiring full-time. There's so much to be said about continuing to work. It keeps you young and young at heart. Of course there are many activities you can throw yourself into to accomplish the same thing. It's always good to think about things outside of the box.
You hit the nail on the head. I enjoy working and have no plans to stop for many more years. Now when grandkids start showing up, get back to me!
It is easy to work when you don't have to. That having been said, if you employer is an "deleted" you need to evaluate whether or not you want to continue with them. If you can support yourself and have a safety margin, continuing with a bad employer only adds extra margin. On the other hand, if you can find a better employer that ignores your age, that is an opportunity. One option I am considering is teaching at one of my local universities. Some universities look for people with extensive real-world skills. One I have talked to is looking for an introductory calculus professor. I can do that, but don't really want to. Being able to make choices, because you can, is truly liberating. That is the real goal for retirement. Being able to choose.
Don't give it up, reconsider. You might make the big difference in one individual's life. You may not even know it, but sometimes you get lucky and they reconnect with you to tell you about it. One in a million chance but it might happen. If it does you were blessed. If it does not, you still made a great contribution to someone's life. They may pass on some of the knowledge that you passed to them. You will continue to live long after you are in the grave. Keep that in mind.
I am not rich. Not "don't have to".
I enjoy work and find value in lt beyond money.
It is all about attitude and you don't have it.
You always "had to work".
I always did exactly what I wanted to do.
It is your fault that you didn't.
Again I am not rich. I just realised at age 17 that the only way to go through life was to always do exactly what you want to do.
That is exactly what I have done for 50 years.
You and I lived during greatest financial wealth in all of history. I realised the opportunity to do what I wanted.
You didn't and "had to work" and worked a job you hated with a "bad employer".
If my job had less stress ( or I had the ability to just deal with it better) there is a lot to love about my work
Once I hit the point where I didn't have to work as the potential income if I retired would be enough to live on the stress from work went down a lot. Knowing I could just tell them to stick it if it got bad was enough to lower my stress level.
Any way to drop the stressful parts? I have a friend that is surgeon and loves doing it because he helps people. But he hated the paperwork associated with running a medical practice. He became a contractor to a hospital group and dumped all the paperwork on them. He also does a lot of volunteer medical work for free outside the country. He lives a very full and negative stressless life.
Love the real-life experiences shared and the rationale behind the scenarios. Thank you from 62, still working.
My condolences to you on your losses of your friends and family members. That's one of the hardest things to growing older, is losing some of those close to you.
This is true. The actuarial tables start catching up with your high school and college graduation classes. ☹️🙏
I'm so very sorry for your losses😢
63 and still love my work most days. Going to stay open minded about when to retire. Figure that it will be time for me to retire when/if I stop loving or liking what I do.
Retired at 52 from public education due to health and family issues . Luckily I had a pension. My husband lost his job at 61. He took part-time work and SS at 62.I taught 6 years part time at the local college, then have tutored in elementary schools since then. Now at 72 I am retiring from part time work next month. My spouse has a 5 hour a week job. I hope to get a 5 hour a week job there. We both have enjoyed semi-retirement. We have enjoyed our jobs, the extra money and time for other things.
Maintain friendships, family relationships, hobbies, church, and volunteer work to help maintain mental stimulation and your mental health.
Sorry for your losses Geoff.
I know i am fortunate to have a job where I have been able to keep working so far up to age 71.I know many folks dont have that choice. The job isn't perfect but the pros have outweighed the cons.The best thing it has done for me financially is the social security payment actuarial increase for the period from 65 up to 70. But another factor not often discussed is that my salary earned in these later years has caused some of my lower earning years (out of the 35 total used for the SS calculation) to drop out and the higher salary years were used instead.This has increased my lifetime average pay each year, so my monthly payments have increased accordingly, in addition to the 65-70 actuarial increase. I calculated that the present value of my social security future payments is in excess of $1 million. Best and most secure investment I could have made.
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I retired at 69, mainly because I got bored working (doing nothing) working from home during covid. The state was only closed down for six or eight weeks, but my employer didn't call people back for two years. Im not sure they have completely. The boss couldn't make up his mind what we were going to do.
I went through our finances and discovered that i could retire with the same cash flow as i had when working (no debt, paid off 😊house). It took some convincing to get my wife believing it. I really don't think she believed me, but i was ready. After the first year, she had to admit that we were doing better.
When I moved from organization-based work, a job, to being a solopreneur consultant, I didn't count on the loneliness. I don't have a lot of friends, and I've outlived family. I colleagues, clients, and competitors, but that's not the same. I used to say I wasn't lonely, I was alone. But it's feeling a little lonely! I'll have to work on that one....
I believe if you believe the time to retire is close you should know your magic number of how much money you will need to live on or think you know. Test living on that amount of money for 3 to 4 months while you are working and bank the rest of your funds into a bank account for your emergency funds and see how that effects your life living on less. You may at this point want to continue this experience longer and test this life style longer. Now that number will change, as it did for me as my number decrease a little on what I spent. Now you know you can or can't put in your notice to retire.
I retired at 77 as I loved the work I was doing. Contract CFO for nonprofit organizations.
Geoff, thanks for doing this video. You are speaking of the decisions we need to make. I really appreciate your viewpoints. We already work from home for ourselves, so retirement is not that much of a change, right?
I'm waiting to retire at 70 for higher benefits in Canada and have retirement savings as well. I work for a major logistics company - it's not unusual for some to stay past 70 - many execs do it. I do miss the office life and people but now benefit from working from home. Every day I wake up for work I think about all of the people who are already hard at work for the company around the world - it's very inspiring. 12 years more - done! Using my company stock for a sailboat.
I love my work but I have some frictions with my manager and co-workers. This makes me think retiring early.
I’m almost 63, and work part time as an engineering consultant, can’t really justify quitting
58 was great for me, happy as a clam at 62. Waiting till 65 to start SS.
I loved my job until I didn't. Thankfully we had plenty in retirement.
People keep working out of fear.
People keep working because they love working.
I have done the calculations. Unless something really ugly happens with the economy, I could retire today. I just don't feel ready. Partly because I am waiting for a few personal issues to be resolved, looking at July for that, and partly because I don't want to leave my employer with the problem of filling my position. They will have a hard time doing that. Not because I am special but because they don't recognize anyone as special. They treat everyone as interchangeable. Possibly when I am finished with my current project would be a good and ethical time to let them know. Not a minute before (as they would retaliate) and not a minute later (as that would put them in a bad place, replacing me). I am giving them far more consideration than they would show me.
I dislike my job. It use to be a neutral work environment. Now politics and hate has moved in. So I'm retiring in two months at 54. I'm taking a break and then look for a different job for a second pension.
I am 60 plan on working till 65. I want to make sure when I pull the plug I don't have to be a greeter at Walmart
I am 72 work in an engineering position for a great large international organisation and intend to continue to end of 2025 (at this time). After that who knows, people in the organisation are a great reason to continue.
From age 58 or so can be much better, especially for those who built up their super with magic of compounding over time and be bold with choosing the asset allocation.
Great video. A little factoid. Otto von Bismark and the German parliament launched a pension scheme in 1889. They set the retirement age at 70.
Mr Schmidt, thank you for this and many of your videos. If I may say, you look particularly healthy in this video. Are you on a special program? Looks like you lost weight. Keep up the good work.
Geoff, on a previous video, you mentioned that you had been to Australia many times and could make intelligent suggestions to maximize the travel experience. How can I best get answers to a few basic questions?
Thanks for the insight
We need to get you to Missouri!
bring a fly swatter
I'm Retiring in 99 Calendar Days at Age 62. I've had a 29 Year Blue Collar Civil Service Career. I'll take my 70% Pension & a Six Month Vacation in the Philippines. In April 2025, I'll decide whether to return to the US.... I could work in Federal Civil Service... Take my Social Security... Or find some type of Digital Nomad work I can work from the Pool Deck of a Condo... I will keep Physically & Mentally Active.
I enjoy my profession (in medical research) finding the work very interesting, rewarding, and I like the people I work with. I travel to conferences in Europe and Asia 5-6 times per year, spend 3-4 days per month in the lab, but can otherwise work from my home office with flexible hours. I play pickle ball a few times during the week, and that's my only interaction with retired people my own age (67). My wife is younger than I am, still has her professional life, and my kids are all either in grad school or starting their own careers (I had them later in life). I guess I just don't see a reason to retire before my wife does, I am happy with life. I still have time to fish, hunt, and travel for fun and could always do more. But the fact that I still have my income, insurance, travel perks, and continue to save and invest for retirement only makes the decision easier. The funny thing is that the only time I think about age, in the context of retirement, is when I'm around the retired group. I can see both the upside and downside of retiring depending on one's situation, but as long as I am healthy and happy, I know what works for me!
More money.
‘People worked until they couldn’t work anymore’ - for those working in physically demanding professions it is largely impossible to keep working until 62 Office workers or politicians might be able to work until 70 as the physical toll allows it -🦊
Politicians can work past their lifespan. I can name many that have and a few that are trying to do that today. A person's virtue typically dies with him but a person's treacherousy lives long past them.
You chose that. Greatest financial wealth period of any time and you picked that.
Also you have a computer and internet.
There are NO jobs on this planet you cannot do from home apart time? Not one?
@@sammencia7945 A guy who’s been a stone mason all his life - btw one of the highest ranking jobs in personal happiness - isn’t very likely able to nor have the desire to work in front of a computer screen in an attempt to earn money. Stone masons rank high in on-the-job satisfaction because they take pride in doing a great job to avoid making mistakes that are visible to all. And they can revisit/pass by jobs they have completed decades earlier and say to themselves “I did that. Still looks great”.
@@sammencia7945. I cannot be a nurse from home. My arms arnt long enough to do the bed baths, blood pressure monitoring, taking blood for analysis etc etc etc. Hard working nurses are tired by 60.
@@sammencia7945 not all people are computer literate - I speak for many others not the elite
I’m a professor. Professors don’t like to retire.
35 years at a think tank (lab), not uncommon for people to have that amount of time there. It *is* rocket science. I plan on working there to 70.
Old age is the worst.
Pension is not the choice for those who work in private sector.
Nor the self employed lol
I LOVE my air line job. The government says I must retire at age 65. Totally arbitrary rule. 😢
Retiring in 18 months. The PO is a toxic work environment soooo I purposely didn't make close friends. I have close friends outside of work. Sorry for your loss. I pray they didn't take the jab.
It was sad to see very old people still working that did not need the salary. Also, they prevent a young person from having their job. It's a bit selfish.
Where o where is that Thumbs Up Button.... !
Gawd, give me some time with James Spader. I'd totally be bummed to say goodbye to him too. Geesh, that's so obvious! LOL
I don’t know anyone who wants to keep working because they like it.
Let the propaganda begin....retire @ 80 will be the new normal push by the government next.
They must not have had a job where they weren't on their feet all day
In an ideal world, church would be supplying the things you are listing as reasons people stay working. That's my view, my eternal brothers and sisters are more important to me than my co-workers ever were. With Jesus being first. We live well on $1700 a month but we get $150 in Food Stamps too. No debt. Modest hose on 2 acres. I paid into Medicare but don't use it so I figure that $150 Food Stamps is a wash. I have an excellent Retiree Health Pkg for $40 per mo. I made min wage for 2 decades so that was the main draw to the job. I do not have a drivers license due to weak eyes so can't really do much except maybe light caregiving. Hubby is on a breathing assist machine at night so we are pretty much done working. He stopped working at age 65. We cycle on E-Bikes for 2 hrs a day/3 days a week to stay fit. We grow about 25% of our food and raise hens for eggs. It's a good life, can't complain.
Retired at age 72. YEAH.
I retired since the day I was born😅
70? Too close to death
Agreed
Really, I retired at 54 because I could afford toi.
Retirement at 70. What a joke. Work till death or illness. Your retirement funds won't serve you when you're dead or in bad health. Enjoy life ...TIME is your most precious resource. You can never make more time. Retire as early as you can. Don't fall for this scam to rob you of your final phase of life
Unless you get cancer at 69. Then you wished you retired at 65.
more like retire at 55
I hope to never retire. Sounds terrible to me. Really!
Very few Americans love the work they're being paid for. That's why they're called "dream jobs".
Mine isn’t a dream job, but I love people.
I love my profession but hate my employer. As I put it my job is in the way of my career.
I have more than enough money to stop working, but I have a great job, work on what I want to work on, take off all the time I need. Paycheck on top of pension from former employment means I can do pretty much anything I want within reason. I’ve said one more year a few times…but we’ll see.
@@flyguy2021 Well, good for you. I'm glad it all worked out. Of course your personal experience isn't indicative of what other people are experiencing.
@@davidsandy5917 None of us should be working for employers. A company is only paying you as little as they can.
I bet most of them would prefer to have retired at 50.
At 70, are you still alive?
What a joke. What a wasted life.
Am 60 feel 30ish. Gonna go til 100, dropping dead!😮