These Lies Will Make You Delay Your Retirement
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- เผยแพร่เมื่อ 15 มิ.ย. 2024
- I want to share 3 lies that pre-retirees tell themselves. It’s tricky though, because there is truth to every lie and that's why so many people believe them. However, I’m hoping I can get you to think in a different way than you may be thinking by sharing stories of other retirees who are a few years ahead of you.
Dave Zoller, CFP®
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Good list. I had to overcome those lies too. Ask yourself: how much is enough?? Year and half retired now. Best decision I’ve ever made. Exact opposite of boring for me.
Fantastic! Thank you for sharing.
I retired at 65 when my Medicare kicked in. I had investments which could carry me in retirement. But my last 6 years was involved in one of my hobbies which was in testing and developing radio control aircraft (airplanes and drones), some worth a thousand dollars. Not too often a person can get paid for doing one of their hobbies.
7:56 I've been saying this about Congress forever now. At over 70 of age, just hand over your seat to someone 35-40 and let them make decisions while the old people assist. I don't want to play political sides, but damn. They are all frickin' OLD.
🤣You are so right.
Old and bought and paid for by big business. Transferred so much wealth to the 1 percent over the last 40 years and putting the debt on the upcoming generation's.
They cant let go of that power. or the greed.
Here's a good one: If you delay taking your Social Security you will get more money. The reason Social Security offers a higher monthly payment if you wait is because they are going to give you fewer checks. Just remember more per month does not mean more total. Quite frankly the only way you can know for sure is if you know the exact date of your death. I retired at age 62 and began taking my Social Security at that age. SS gave me numbers for 62, 66 and 70. All three came even at around 80 years old. (79 years 8 months for me) Up until that age I would have been getting more total money by taking the money at 62 than the person who waited until age 66, or age 70 While it is true that my checks are smaller, but I iwll have already gotten 48 of them before the person who waits until age 66 gets their first one and a full 96 checks befor the person who waits to until age 70. It is something to consider.
Thank you, Dave! Your channel is by far one of my favorites. Turning 61 this year and seriously thinking about early retirement. My work history has been rather physical, and the current stress level has been off the charts. Wish I had more in my 401k, but I’m just happy to have one. Your channel gives me hope and that’s what I need to get to the finish line.
Thanks for sharing! Have you been able to model out an income plan with the “new retirement calculator”
@@StreamlineFinancial Not yet. There is so much to take in that it can be intimidating. Thank you once again.
Hubby retired at 55. He was a union carpenter. He feels how hard he has worked in his body. I retired and now have health issues. Wondering if I should of retired earlier
Creating value through volunteering and helping my kids remodel their homes. Started volunteering before retirement and plan to increase my hours after I retire.
Love that !
Great video, Dave! People (like me) forget about the spiritual or non-financial parts of upcoming retirement. Good stuff.
Hi Dave. Your comments and discussion on these 5 points were spot on! I am 12+ years into my retirement journey and have experienced and conqered all 5 with ease as I was prepared and retired to something. I have always been a life long learner so that was easy as well. I can honestly say I have never been bored a single day. Your videos are insightful and the discussion is well balanced and effective. Great content. Larry, Central Valley, Ca.
Dave, great video! I have watched about three and now I'm a subscriber.
Thanks so much. Welcome!
Yep....another great video. I have been volunteering to a place where I can give my time to the disabled. I love it, because it give me fulfillment and it helps the disabled people I am working with!! Thanks once again!!
Thank you for pointing out important fact to.my personal life and struggle..I left full time work 2yr ago to care for elderly parent. Struggle is making sure my savings will be enough. Appreciate your video's helping me know I'll probably be ok.
You have the best channel. Thank you.
Wow! Thank you!
Excellent comments and very accurate!
Thank you kindly!
Love the content. I have used your free software and model my path and eventually will step up to the coaching and use the scenario planning.
Thank you!
Amazing advice. I was thinking of going 10 more months past reaching my medicare age at 65 so that my wife would also reach her age 65 Medicare age. But then even paying $1,000 a month for 10 months for her Cobra, its only a tiny percentage of my total retirement savings. Thanks for your advice!
Thank you !
Irrelevance! That didn't keep me from retirement but did influence the first year. About one year in I found a way to contribute in the form of being some use to a young family and that has given me great joy! A great, timely, video!
Yes! Thank you! That’s what I had in mind with Lie 2.
Congratulations on finding the contribution part of life!
My wife and I are fortunate to be in our early 50s and able to retire financially. This video really spoke to both of us about using our knowledge and skills to help others. We also love how you incorporate biblical teachings into your videos. There’s a lot of financial wisdom in that book called the Bible.
Thank you for sharing!
Loved it. Thanks for posting this. Within the next two years I will be retiring Away from something. Now I have to find my "To", and my purpose.
Thank you!
You can do it!
I love your balance between the financial and quality of life aspects of retirement! It's a good life-long approach, actually, but I had lost sight of the balance. Your helpful input has shown me why I was getting bored with life even though working a meaningful job. I'm beginning to expand my horizons in the 3 C's. Thank you, Dave!
Amazing! Thank you for sharing.
Thanks for these!
My pleasure!
This is great thank you.
You're very welcome!
Wow, very good video an eye opener😊
Thank you! 😃
I am 62 and planning to retire in a few months. #1 is the only lie that's bothering me. I know I have enough money. Vanguard puts me at 97% chance of success. The New Retirement software puts me at 99%. The part that is making me a little hesitant is that once I retire, I cannot go back to my job.
I hear you. It could be worth paying for a full plan from an experienced retirement planner too. Just to boost the confidence even more.
Another EXCELLENT video. Thanks Dave 👏🏽
PS: great quote about the “what the world needs “.👍🏽
11 months and counting!
Semper Fi 🇺🇸
Thank you!
Thanks for this video. Those three points definitely apply to me - most importantly, that I don't know what I would retire to. Until I have a good answer for that question, I'm planning to continue working.
You’re welcome. It might take some reflection time and experimenting with different activities. But you will find it. Good luck !
Totally understand.
I think there are many of us in that same position.
Thank you. In my case I joined the big brother little brother program 5 years ago.
It is so much fun going to museums, parks, swimming etc with him.
I always tell people pick a volunteer program that you like doing.
In my case we have 3 boys and we where the house where all the kids would hang out at.
That’s so great.
Easy to say with 3M....
THANK YOU SO MUCH. I've been recently telling family & friends that read the Bible that in the Bible 50-55 is actually retirement age😊❤❤❤❤
That being said, as you said we have much more to offer after retirement ❤
So true. Thank you!
That's the way it is
The decision depends on individual situation. There is no concrete logic to back up either early retirement or not
Too bad companies dont allow retires to work part time, not just working, but to mentor and pass along skills to younger workers. No companies want to squeeze a full time amount of work out of a partimer.
Agreed.
My ritemenr has be pretty boring at home but then Great on Travel ect then boring then another Trip? But thise trips take money? So... mite go back to work until next summer? Then take more trips!
It would be better to get more.
Wisdom.
Thank you, Paul.
Your career is selling your labor for a wage. Wage labor. Your work is what you do to feel fulfilled. They are not the same, but you can make money doing either. Some call them "hobbies" but a hobby can be an income stream. I've reached a point where my work has been equaling my wage labor. I've thought about "retiring" just to concentrate on work. It's not that you give up making money. You give up making money for someone else in exchange for a chunk of your time each day.
I’m 70 not able to retire due to mishandling and poor money decisions as a family
throughout my career. I’d like to spend time with my grandchild and rest of my family. I have 2 big concerns. First, are we will be financially stable to support our life style( we’re better handling our money and saving more). And second,how can I fill my days? Ami will be depressed. I have lots of interest in spending time with family and outdoor activities.
Still have mortgage which about 200 k. I pay extra $2000 every month to pay it off sooner.
Excellent work as always Dave. But one question. Is Moses' Numbers in The Bible 4-0-1-K ?
Just wondering?😊
😆
Health insurance is the biggest issue..🍺
We recently retired, wife 2 years ago at 63, me 1 year ago at 63. We both used to have good income.
One huge change that we noticed is that $100,000 now goes WAY further, than when we were working. We have no debt and no mortgage. We just don’t need as much money as we thought. Plus everything is cheaper, because you have time to look for value and discounts, and can travel off peak, etc.
So my advice is don’t work that extra year, just work at getting more value for your money.
The common advice of needing 70% of your income is garbage. Think 50% or less, unless you were barely getting by before.
Thank you for sharing! Very helpful advice.
Thank you for sharing your experiences. It's great to hear from someone on the other side actually living out their plan successfully.
A bit disheartening to see this $3 million dollar savings presented as an example.
For many? It's going to be healthcare. Looking at 63 1/2 then taking Cobra to bridge to Medicare. Just don't want to get wiped out by a major illness.
Yes, having an unforseen medical situation could wipe out a person's retirement.
Get HSA through ACA
Three lies ..that pre - retirees tell themselves …how to break through these-lies -
🤘🏻
Why do a video with a person with $3 million starting.
Don't follow the crowd
Think for yourself
Don't take the easy path
Those are the 3 things that have governed a big part of my life. If those are lies and have delayed my retirement, so be it.
1) DO NOT take SSA at 62. You will regret it.
2) Stop thinking like a teenager. Stop making short term decisions.
3) You are NOT going to die at age 60.
I GUARANTEE that in 13 years when I am 75 and my SSA check is double yours, that you short term thinkers will whine to me how you are poor and cannot do anything.
You will still be in decent health to age 82, and those 7 years from 75 to 82 will be terrible because you have no money and your SSA check is tiny.
Terrible decision to take SSA at 62.