I retired at 50 and spent 5 years traveling. Looking back we should have traveled more. We worried we were spending too much too soon. Now health is the issue.
I retired at 60 due to the following reasons: 1) It was clear to me that I was not going to continue to advance in my company 2) I had built a very successful team, and there wasn't much more I wanted to accomplish in my job 3) We had the money to carry us through retirement 4) Since I had built that good team and had several viable candidates to replace me as the leader, I was essentially blocking some of my people from advancing. I haven't regretted it for a minute. The secret to retirement us to always have something to accomplish every day. It keeps you motivated!
I started investing at age 25 and have invested in 401Ks consistently for 35 years. I am retiring at the end of next month at age 60 with our house paid off and no other debts. Compounding over time really does work and he have a high confidence that we will not run out of money. I decided to retire at age 60 because we are financially secure, I wanted to focus on getting in better shape, and have 10+ years where my wife and I can pursue our life interests and we are still healthy enough to travel.
After over 40 years of practicing law, averaging 65 hours a week, I retired at 65.25 years old. I have been retired now for a year and a half. I don’t miss working and like retirement but my wife who retired four years before me, at age 59, passed away after a short illness 3 months before I retired. We never got to enjoy our retirement together. I now wish I would have retired earlier. Life is short enjoy it while you can.
My friend worked two days per week deep into his 70s. It provided the great benefits of social interaction and a feeling of importance because his knowledge was so helpful for all the new guys. Slowing down is great but if you rest, you'll rust !
I retired in January at 58, but kept my options open for consulting. Two months later, my former employer hired me back for a project in another city, at a higher pay rate, working on a unique project where they really needed help. I've found that I enjoy the variety of short-term projects, working when and where I want. It's been an unexpected blessing!
I find that the older I get/the closer to retirement I am the sooner I want to retire. Back in my 30's I dreamed of retiring at 65. In my 40's it was 60. When I hit 50 I set 56 as my goal. Each year now I am wanting to push that date up even more. I'm so ready!
Planning on retiring 1 year from now at age 45. $70k pension, no debt and 1.5mil in savings. I was going to retire this year but decided "one more year"
As a person past age 55 and planning to retire next year at age 60, I recommend that others plan to retire at age 55, if not 50. This will give one (or two) the chance to make adjustments along the way, if needed, and if not, all that much better. I was a blue collar worker who suffered 3 significant innjuries, all requiring surgeries with at least one more pending. Fortunately for me I was/am habitually devoted to maintaining a healthy lifestyle that mitigated my injuries and ability to recover, however, those injuries have altered and dictated nearly a decade of my life that I can never recover. I am done with with the work force and have adjusted my risk tolerance to minimal level with the intention of enjoying a low key and adventurous ( can low key and adveturous be used in the same sentence?)retirement with my wife. As the last birth year of the boomers, I can state that retirement education was an almost non-existent conversation amongst my family and peers and we had to rely on ourselves to figure it out, fortunately our accounts indicate that we did OK. Thanks , Erin, for another great video. It is people like you that make this topic much easier to understand and pursue successfully.
I wasn't going to reply as I am already "retired" but decided that I might have something to contribute. I was going to retire at 70 but life had other ideas. At 66 my right knee started getting very painful. at 67 I had to have a total knee replacement. Then my company decided to relocate and I wasn't invited to move, not that I would have moved anyway. So I sort of retired. Then a little later that year I had my left knee replaced. I thought that now having both knees replaced I could actually enjoy retirement. No, now I have the L4 and L5 vertebrae dislocated and am in sever pain when I walk. By the end of the year I will likely have them fused together. That will take 6 months to a year to recover. So, sometime in my 69th year I will with any luck be pain free. When I was younger I was as strong as a bull. Why am I going writing all of this. I delayed retirement. I concentrated on work and saving as much as I could before retirement. My wife had finally trained me well enough to know that I needed to save. So I was working real hard. But I delayed everything to the last minute and my body stated falling apart. What to learn from this. Start early and get prepared for your final years early. Then while you are still healthy and capable do the things you want to do because if you wait, like I did, you may not have the health to do what you planned on. It doesn't mean you have to retire at 55, but it won't hurt to take some time off to do something early. I had plans and goals I wanted to accomplish when I retired. Not a chance to do them now. Start young and get ready.
As I inch closer to a traditional retirement age, I have found that taking those dream vacations and doing items on my bucket list while I'm working helps me avoid burn out and enjoy all the years of my life. I am planning for a retirement where I get to continue the fun.
When I started seriously thinking about retirement (about 50 years old) I enjoyed both my job and the group I was working with and I planned on working until 70. However, about the time I reached 60, I was transferred to a new group and although I still loved the work, the team dynamic was somewhat toxic. With no chance of moving back to the original group and having a very good chance of reaching my financial goals at FRA, I started to consider retiring before 70. I ended up working until 68 when the work environment became too taxing (toxic) and I had more than enough in retirement savings to hold off SS until 70. Been retired a little over 2 years now and don't regret at all the way things worked out.
We retired as soon as my husband and I realized that we could retire, which was at 52.5 years old and 61.5 years old, respectively. We both draw pensions and I am waiting until 70 to draw Soc Sec. We are converting IRA $s to Roth IRA $s and by 73, I will have little or no IRA $s. The Roth IRA $s will be used in lieu of long-term care and any remaining will be left to nephews. Another major reason to retire early was because of my husband's deteriorating health at the time. Since then, his health has actually improved considerably and I think it is because he was able to retire early and free himself from job stress. Never underestimate the impact of stress on your health. Love your videos, Erin, and everyone's comments.
Awesome video. Your first 60 seconds describe exactly how I feel about my hopes/goals. And I'd like to keep working in the "recreational employment" phase (of the FIRE acronym) for as long as I'm able. I love working. It'll just be nice when it is 100% optional.
Just retired! 59 Why! 1) I realized that the best days I have left are right now, 2) financially I can following many years of smart money handling. I worked for wages all my life, put four kids through collage, saved and lived within our means. It can be done. 3) places and grandkids to see while I still can.
I worked for a municipal law department for 10 years. When I changed jobs, I took my defined benefits pension as a lump sum payout. The lump sum was about $75,000. I rolled it into an IRA in the Vanguard S&P 500 Index fund. I never touched it or added to it over the course of the next 30 years. Today it is worth over $1 million.
I retired early at 56, mainly because of the time requirement of traveling back and forth to help elderly parents. Between my parents and his, my husband ended up doing the same. Five years later, NOW we are starting to travel and enjoy retirement. Our parents had plans for their care, but we had no idea that so many worst case scenarios could happen and keep us really busy. I've also known grandparents that end up becoming "parents" in early retirement. Others end up having their own health issues. Even the best laid plans can be derailed. I'm so glad we were "prepared" for early retirement, even though we didn't get to spend it the way we might have thought.
I had planned to work until next spring, at the age of 63, because I loved what I was doing at work. However, last March I was moved to a job, that in my eyes, was not a good use of my 36 years in the industry, and so after about 2 months of that, I decided to move my retirement up. When I told my boss, I was moved back to my original job. However, once I got in the "retirement preparation" mode, I stuck with my plans. So, three weeks from today, I will be enjoying my first day of retirement. I never thought I would work until I was 62, but for the most part, I have loved what I was doing the past 5 years, so I had no desire to retire, even though financially, I could have!
My friends and I are all struggling with this decision and it's interesting to me to hear their reasoning. So for me, I max out my work pension benefits at age 60. At which time I am committed to retiring. My wife of course is younger then me, and her goal is to be able to retire at the same time, which would be early. Of course she is also self-employed and there is another part that says let's have her drop to part-time and we can travel and work anywhere. So this is TBD. My older buddies are in industries where they create new things. And one of them said to me, he had to get to a point where he was comfortable with the idea of never inventing or creating anything new again. He had to have something more meaningful pulling him away from work, he made it to 67. We do very different kinds of work and its just not something I had ever thought about, but I could understand it. My other buddy actually loves to work. He has an active mind that just doesn't sit still. He worked well into his seventies and when he retired he went into consulting and writing books. For him there is no age. So I guess what I am coming to is realizing that our world changes when we retire and as long as we're healthy and financially able to support ourselves, their are different motivations for each of us, perhaps no magic age, but a state of mind.
I have to say Erin for myself that's been investing for along time and studied numerous books and videos on the subject, your material and explanations are so concise and just spot on.
Ideally I would like to go at 60 which is 8 months away but I am also thinking of waiting until 62. Not planning on taking SS until 67 though. My Financial advisor says I can go anytime but I am a little squeamish about the economy since I would be living off a partial pension and investments until 67.
I retired at 51 from Fed but was blessed to have a company that put me on a retainer for 4 years that ended in Dec 2021. I was not expecting that retainer but since I really didn’t do a lot of work for them it was a good gig.
38 now, want to retire before 50. Want to travel before before things go south with health. Just in case. Then come back and find something part time like consulting or something.
I had plans to retire at age 65 after what would have been a 40 year career with the same company. At age 63 1/2 years, I was offered an early buyout which included one years salary, a 4% bonus and $2,000 for health insurance. I couldn't accept the offer fast enough! My wife, who is of the same age as I, continued to work another 18 months before retiring. We now live on 2 SS checks and a pension. My wife has gone back to work PT where she makes 2 1/2 times the hourly rate she did pre-retirement. Hourly wise she works around 3 months a year. Retirement has been wonderful!
Some people live to work and if they love what they are doing that much - more power to them. But don't put off life experiences until "retirement" - temporary health concerns aside, you will never be has healthy as you are now. You have a lot more strength and energy in your 20s and 30s than you do in your 60s. I retired at 63 and have happily traveled in retirement but I cannot help but think that I could have done so much more and had longer lasting memories if I had doner some of my activities earlier.
The sooner the better get off the hamster wheel and live life. My retirment is scheduled for 2027, I will be 47. As a military officer I will receive a pension and disability after 24 years of service. The key is to be debt free at the time of retirement. In addition, we plan to move to a low cost of living country to make our dollars stretch. Thus, I can let my investments compound until age 70 plus. I started investing at age 23. Great video Erin as usual !!!
@@kevinkanter2537 we have our eyes on Portugal . Been monitoring the country closely. It’s no longer a hidden gem as more and more Americans packing up and moving there . If things are still favorable by 2027 we will comit to it. If not we look elsewhere, perhaps developed parts of central-south America .
@@carlosdasilva1709 Sounds good - i've looked at Portugal (and of course seen the writeups by Live&Invest as well as the YTubers @OurRichJourney - seems beautiful. Central America has a few countries as well. Thanks for the feedback and much success.
Still working Was told at 57, I could retire, Covid made us say keep going. May go at 60. Did you mean Make a lot of money or Save a lot of money. Love the lip lift at 2:00 mark. Erin your videos are so well thought out and produced.
Retiring late comes with big risks. As people are living longer and dementia is becoming an epidemic you may find, as I am finding, that your retirement plans are out the window as you have a new full time job; caring for elderly parents who have lost the plot and there’s no end in sight.
I had always targeted retiring at 55. That didn't quite happen, but no regrets. I'm retiring in 1 month at 59. Recent market performance is a bit disconcerting, but this will pass and the time is right for me.
if you've been saving, the recent market performance shouldn't impact you, since the markets are still much higher than over the course of your savings history unless you just started saving 2 years ago.
45 - ish if things go decently well. +/- 3 years depending on how much I want to spend each year in retirement and if my average rate of return ends up significantly different than my expectation. Also if there are sizable new things that are expensive in my life.
Great video! I retired this year at 48 and been living large off dividends in a taxable account and early withdrawal of IRA dividends at penalty (well, helping out my daughter with college helps avoid that penalty for now :) ). It CAN be done people! :) Now to plan that trip to Italy...
70 is way too old! I am looking to retire at 58. I want to have as many healthy years as possible in retirement. I have known way to many people who have died in their late 60's/early 70's. Don't want to wait that long.
So thought provoking, Erin. As many people have mentioned, a huge factor for many ends up being health issues as they age, and having little idea how that will play out. For most, between around 45yo - 65yo are their younger “older years.” It seems like many people who don’t start traveling and adventuring a lot more in their 40s and first half of their 50s end up regretting it. I’m wondering thus if considering things like sabbaticals, “mini-retirements,” part time work, real estate rentals, having one’s own business and other creative solutions, especially starting in one’s 40s and 50s might be some options for potentially both having more freedom and time off while also elongating the length of time one is contributing to and allowing one’s wealth to grow?
I'm 50 and made a vow to myself at 40 that I would at least take one week long international trip every 3 years, more if feasible. I can report that I have so far kept that promise. I don't regret it. I would like to retire by 60 but my husband is younger and would still be working, so I wouldn't have a travel companion. Once I retire i may step it up to an international trip every other year until he can retire and join me in more frequent/longer travel.
@@RandomJane104 Love this, Jane! I too am passionate about travel right now. Just wanting to take 1-6 month trips so hopefully I can work online while abroad.
people and their new fangle definition of retirement, or we can just start defining retirement...it's all anarchy and chaos. you are either retired aka not working or not aka working in all of its derivations. I think we haven't really seen the impact of youngins who fake retire yet, because I think folks really underestimate what it costs to retire at an earlier age and have some delusion about costs, "experiences", and what is retirement. Not everyone is going to profit from vlogging and writing about i'm 35 and retired early with $700k nest egg by making millions more by telling everyone how I retired at 35 with only $700k. You lose three decades of earning while you are spending and then re-entering work force that is already biased against older employees not to mention out of the work force in terms of up to date work experience if and more than likely when you re-enter the work force. It also depends on your work expertise on how easy it is to re-enter the work force after a period of time off. I think 3-5 years is a doable pre-retirement in your early 40s which allows you to re-enter the work force at a respectable salary for another 15-20years then permanently retire. I suppose the fake retirement is the new midlife crisis. I tried retiring at 43 and got bored, then semi-retired with part time work, then unretired with full time work over the course of 7 years. I failed miserably at all of it: retirement, semi-retirement/fake retirement, and unretirement, not because I ran out of money (I have me a sugga momma and lots of mailbox money), but because boredom from all these "experiences" or lower tolerance of working b.s. I'm now 2yrs into my 5yr re-retirement, after which I will go back to work full time for another 7yrs, and then I will finally re-retire-retire after that. So, i guess I'll really retire at 62 once my sugga momma finally gets off her buttocks and can retire. So, I think folks looking at retiring early do a gap retirement based on their career field for 3-5years, which allows for being young enough whooping it up still and not being a creeper experience time, while easily re-entering work force to beef up that retirement savings until actual retirement.
@@ErinTalksMoney I am semi-retired now, and the months I don't work I can't stand seeing money go out and nothing coming in. I don't think I'll ever get over it. 🤪
I retired at 63 due to frustrations at my employer, and I had mapped out my two pensions along with social security income to be more than enough to cover expenses. Between that and a large inheritance I am covered for the rest of my life. I worried I would be bored, but day to day life keeps me busy. On the saving $500 a month - That's what my dad did. It drove my mom nuts, but he became a multi-millionaire as a result of saving money. He was able to retire at 55, and eventually had enough to dabble in some stocks, but not heavily. And he was an electrical engineer working for other companies when he saved the money, not an executive or business owner. Even my mom, who wasn't big of saving a lot of money, managed to still have $800k at age 87, with no debt. And she was a secretary who retired at 65, with no pension.
Thanks Erin, for another great video. There is no ideal age for retirement. Each person is unique. There are just too many variables. Don’t get hung up on comparing yourself to averages. Just focus on recognizing what allows you and your family to to live you and their best lives. When you retire (or don’t retire) should no depend on a chart or program like social security. It depends on your health, your dreams, your financial situation, and how you wish to spend each day. If you are watching videos like this, you probably have the financial situation under control. Focus on the other factors and don’t worry about the stats or comparing yourself to averages. Just decide what you want to do with the rest of your time on this earth, make your best plans to do that and go live them. Retire early or work until the glorious end. Either way make it the best it can be. 👍
I will soon be 55 and retirement will be financially feasible for me at 56. I am uncertain whether I will jump right at 56, but I cannot imagine working beyond 60. I've started thinking in terms of six month chunks of time. A January 1st retirement means that I racked up another year of service in my pension (I started in November all of those years ago). But a July 1st date means that I can get the full COLA for that year (which can only be gotten after the close of the fiscal year). So after next year I will be assessing each six-month chunk of time directly in front of me. I have a retirement account in addition to the pension, so there is no concern about bridging the years until I can take Social Security.
I retired at 56. While I saved and invested for many years prior, I put my early retirement plan in high gear at age 50. Since retiring, all has been well. Never bored. Do what I want when I want. Every day is "Sunday". A word of caution. Carefully plan for medical insurance premium costs while in early retirement. Once age 65, can convert to Medicare, which has a more reasonable expense.
@@clancymufning Depends on how big your mortgage is, and how many years to pay it off. My net worth is about the same, and I have "mailbox money" every month. But honestly, I think you can retire.
@@jamestomlinson2378 not really, since it depends on retirement income stream amount not mortgage amount. If bulk of networth is tied into home equity, then the only way to tap into that for retirement is to get rid of the home. I don't use networth because of this fact. $1.5m net worth for @clancy mufning isn't the same as $1.5m net worth for @James Tomlinson, since you aren't neighbors with same costs (or are you?). Say $500k is home equity and $1m is invested, theoretically that gives you $40k/yr at 4% withdrawal rate lasting for 30yrs on the $1m. Depending on when you take ss and how much you are eligible, then add that in when you are going to take it, remembering that if you retire at 59.5 there is going to be a gap for you to make up. If that is enough gross income to cover your retirement needs, then you probably can retire at 59.5. I retired at 43 and had (still do) a 30yr mortgage @4.25%. There was no financial benefit then and even more so now to paying off early given my 30yr @2.375% fixed when refi in 2021 at 50% of home value.
It is a good idea to give yourself the option of retiring early even if you want to keep working indefinitely. Health or other issues can force you out of the workforce before you want to retire so having a backup plan is smart. It is true you can go on disability or take Social Security at 62 or something like that in some cases but having an adequate nest egg is more likely to lead to a financially comfortable retirement rather than a retirement filled with financial stress and fear.
Nice discussion of how railroads shaped the history of retirements. I work in the railroad industry (in the USA) and pay into Railroad Retirement instead of Social Security, on top of my 401(k). The way the rules are in Railroad Retirement today (and for the past few decades), you can retire at age 60 with unreduced benefits if you have 30+ years of service in the industry. And the benefit is higher than Social Security, and Railroad Retirement has less solvency risk than Social Security. Sounds great, but the downside is: Railroad Retirement takes another 4-5 percent in withholding out of each paycheck above and beyond what you would normally get taken out for Social Security. So for now I hope to retire when I turn 60, though I might work another year or two in order to pay off the rest of the house (have a 30-year mortgage on a house bought in mid-30s), and have some runway to save money after my youngest child finishes college before I retire. As you mentioned, it's easier to save when one is an empty nester...
The railroad system still has among the BEST benefits out there. Many of our friends are railroad workers - some very tough gifs, but great benefits for sure!
Great video Erin. I retired last Friday at 64. We are in good shape thanks to compounding. My only advice to those with 20-30 years to go. Think long and hard about what you spend money on. Invest as much as you can because one day as Erin discussed, you'll be able to miss a few investing years and it wont hurt you much.
Good job and good luck! I encourage my relatives and friends to think about this and to make sure to have their own Roth IRAs, if they qualify, as part of their plans.
Erin's video editing skill !!! Getting fancy!!! I would like to retire at 62.... but being healthy is more important than early retirement. I could retired now at 41 but what would I do with my time?? And who would I spend my time with if your partner does not want to retired at the same time
I'm looking at retiring at 62, when I'm eligible for the pension from my work. Currently 49, and really pushing money into my Roth and employer 457b. Since I just paid off my CC bills, I took that money and am now putting into my 457, allowing me to push my monthly contribution to $1,000.
Bonus points for spotting Peanut 🥜 🐶 - he was asking to go out on the porch to sun himself and I had his doggie door closed. He was patiently waiting for me to get done filming 😊
Great to listen at the very start of you : retirement at 55: that what exactly I already selected too and what is amazed me further still at times a bit wavering why : May be get bored without job routine life :why not push it a bit further for Compound Effect..? 2. So lots of stuff ll go to the calculations/ planning : the current sky rocketing inflation rate ..! 3. Compound Effect ( 8th wonder): the longer your investment stays in ,the better it’s certain: you don’t want to leave this supporting wall: that always tempts you to linger it long/ on: 4.Besides saving and frugal living after all is certainly not sexy and cool: you need some change for good : 5. Another crucial thing is you need to retire at better stage when you are physically fit your reflexes are still fast : in case you plan to go on world tour like stuff you must be fit enough to reasonably enjoy such activities..!! Again topic selection is really relevant : that’s what the majority of FIRE followers are engage in: Thanks / Appreciated ..!!
The financial numbers are easy to find for the spreadsheet. The dates for bad health, death, possible divorce, accidents, etc. are harder to know. I had a 28-year-old colleague and a 40-year-old neighbor die suddenly of brain aneurysms. They both seemed healthy at the time. I would suggest saving for retirement, but also enjoying life as well.
The goal for most people is to be financially independent before they retire, that's all. Once you've reached FI then do whatever you want. If you want to keep doing what you are doing until your last day, then do that.
I retired at 55 in 2011. While you might like your job now, once you've been working at it for 30 years you are likely to be able to walk away from it easier because maybe enough is enough. You are also retiring to something so the change to something new may be more enticing than do the same thing again and again. Whatever you retire to may be a paying job even though you don't need the money or it may be volunteer work or it may be the travel/relax/socialize stereotypical retirement. I did volunteer work, for about 5 years, teaching science classes to seniors then I moved to Thailand and transitioned to a more traditional travel and relax retirement.
50s, plan on taking a job that is less stressful, lower pay, good health insurance and fewer responsibilities that will allow for travel. I still will be doing something but not a typical 8-5. Maybe freelance consulting or otherwise self employed
Absolutely what happened to me. After 16 years of working, my employer did away with the pension plan. Some were grand-fathered in. Mine ended up getting cut in half. Fortunately, I was contributing significantly to the 401k and my employer adds an additional 6% over and above the company match to compensate me for pulling the rug out from under me.
If I could afford it I would retire at 65 a couple of years from now. Just not sure about the economy and my retirement funds even though I have been saving since I was in my mid-twenties. Our government really doesn't support retiring they just keep taxing us to death
I think a good litmus test for retirement was during COVID, and whether you enjoyed teleworking from home or not. So many people hated teleworking because they liked the structure and ritual of going to the office, being away from the family, etc.
i think DINKs came about during the yuppie backlash of late 80s, since yuppie was early 80s and DINKS was late 80s. Personally, I prefer the term urban haute bourgeoisie or simply UHB over yuppie. 100 points if you know the reference.
55 would be great. Basically, before my health starts failing and I cannot enjoy my hard work. I have a specific retirement goal though, so it’ll be whenever I reach that number, hopefully while I’m on the younger end of the spectrum.
My wife and I are planning on retiring at the end of 2023. We will both be 65 in 2024. House will be paid off in July and we will pull in about $7,100 per month with SS and pensions. Going to pull about 3% from 401K if needed the first year of retirement. Currently 401K at 1.1M. We both had zero in our 401Ks in 2000.
I plan to retire between 45-50. I currently have enough income from rentals to pay all mortgages and about half of my month to month expenses. This however doesn’t cover a lot as I will have to pay my own benefits and such when I am no longer receiving a large amount of help through an employer. I figure in 10-15 years I should be able to double my rental income making it easy to pay all month to month bills and save about 20% of my income allowing me to travel and do what I want while continuing to grow my real estate business.
I'm 34 and the current plan is to retire at 50. My current yearly spend is 0.4% of my projected liquid net worth at 50, but I'll have flexibility to retire later if major life changes cause my burn rate to go up or I want to spend all of my take-home pay building my dream house while my investments grow in the background. (50 is the minimum age I can retire and still get some pension.) Going by the comments, there're a lot more people than I expected that watch your videos who are already retired.
I’m 38. Shooting for 50. If the investments justify it, 48. I love my job but I’m tired of working so much all year long. I want to travel and do things before I’m to old. I might call it quits at 48 and just do part time work just a few months of the year so I can enjoy life a little more.
I'm turning 54 in a few weeks and I would retire today of I could, but sadly I won't get there for at least another 8 years. I have LOTS of plans for retirement, so I won't miss working at all, not even a little bit.
I’m 66.5. My retirement date is in August. I’ll still have a part-time position, 401 and social security for me, my wife has a small pension, social security and 401. We think we’ll be fine.
I retired at 64 but was going to retire at 62. However due to COVID and being furloughed, I decided to work another year to earn another year of 401k contributions. After being furloughed, I was brought back to work for about 4 months which I used to 100% max out my 401k contributions for the year. Three weeks after announcing my retirement, our entire department was being "eliminated". At this point I received a wonderful option. If I stayed one additional week at work, I would fully qualify for the severance package. Given that I was with the company for 20+ years, this was a surprise financial opportunity so, of course, I stayed an additional week. My wife and I have been planning our retirement for over 10 years so we were well prepared financially. We both will be receiving pensions (private company, a rarity these days), social security, traditional and Roth IRA's. You can't just wake up one day and decide to retire. You need a financial plan and start years before your target date. We targeted several goals before retirement could be a reality. No primary home mortgage. No car payments. Six months or more of cash on hand (emergency fund) and plenty of savings both cash and investments. While we do not have long term care insurance, we do own two cash flow positive rental properties which have appreciated significantly in value and could easily be sold if we needed the cash. All the points Erin made in the video are very valid but everyone's ability to implement the suggestions may be a challenge for some. I think it was Dave Ramsey who said, "you need to live like no one else so you can live like no one else".
I plan on retiring at 55 and am very fortunate my work provides a pension. I still contribute a large amount to my 401K to help reach my retirement goal. My husband can retire this year at the age of 51 (but he is going to work a couple more years).
55-58 is when I hope to retire. Too much stuff I want to do that work interferes with. We will have over 2 mil buy than, so should be good with cash. We are currently 46 and 47.
Its all about reaching your number if you had a lot of life "bumps" just work longer :). But yeah investing early is sooooo crucial if someone reaches 100k at/before 30 it really sets them up regardless of extra contributions aka coast fire.
I bit dark, but most of my fellow civil structural engineers seem to retire late and then kick the bucket soon after they retire. The profession is very rewarding but the workload is impossible to predict and leads to late nights from time to time which seem to destroy sleep/eating / exercise / productive work for at least a week afterwards, and challenges with bean counters when it comes to taking off some time to make up for the long hours prior to deadlines. So there are times when throwing in the towel has its appeal.
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I retired at 50 and spent 5 years traveling. Looking back we should have traveled more. We worried we were spending too much too soon. Now health is the issue.
I retired at 60 due to the following reasons:
1) It was clear to me that I was not going to continue to advance in my company
2) I had built a very successful team, and there wasn't much more I wanted to accomplish in my job
3) We had the money to carry us through retirement
4) Since I had built that good team and had several viable candidates to replace me as the leader, I was essentially blocking some of my people from advancing.
I haven't regretted it for a minute. The secret to retirement us to always have something to accomplish every day. It keeps you motivated!
Love this!!!
You are a great human being and a true leader. ❤
I started investing at age 25 and have invested in 401Ks consistently for 35 years. I am retiring at the end of next month at age 60 with our house paid off and no other debts. Compounding over time really does work and he have a high confidence that we will not run out of money. I decided to retire at age 60 because we are financially secure, I wanted to focus on getting in better shape, and have 10+ years where my wife and I can pursue our life interests and we are still healthy enough to travel.
Good luck and CONGRATULATIONS!!! 🎊🎈 I hope you have a wonderful and Healy retirement!!!
We retired at 52 and 55.
Compound interest is amazing. Pair that with a debt free lifestyle and you can accumulate wealth quickly.
Love it!! Debt free is amazing and I hope you and your significant other are having a wonderful retirement!!!
After over 40 years of practicing law, averaging 65 hours a week, I retired at 65.25 years old. I have been retired now for a year and a half. I don’t miss working and like retirement but my wife who retired four years before me, at age 59, passed away after a short illness 3 months before I retired. We never got to enjoy our retirement together. I now wish I would have retired earlier. Life is short enjoy it while you can.
My friend worked two days per week deep into his 70s. It provided the great benefits of social interaction and a feeling of importance because his knowledge was so helpful for all the new guys. Slowing down is great but if you rest, you'll rust !
I retired in January at 58, but kept my options open for consulting. Two months later, my former employer hired me back for a project in another city, at a higher pay rate, working on a unique project where they really needed help. I've found that I enjoy the variety of short-term projects, working when and where I want. It's been an unexpected blessing!
Nice!!!
I find that the older I get/the closer to retirement I am the sooner I want to retire. Back in my 30's I dreamed of retiring at 65. In my 40's it was 60. When I hit 50 I set 56 as my goal. Each year now I am wanting to push that date up even more. I'm so ready!
😂 it is an ever moving metric, that’s for sure!
Retired at 60, my company offered me a early retirement buyout, Eight years latter I never regretted it! Had everything paid off at the time.
Love it!!
Planning on retiring 1 year from now at age 45. $70k pension, no debt and 1.5mil in savings. I was going to retire this year but decided "one more year"
Nice! 45 is very young!!! But congrats to you!!
As a person past age 55 and planning to retire next year at age 60, I recommend that others plan to retire at age 55, if not 50. This will give one (or two) the chance to make adjustments along the way, if needed, and if not, all that much better. I was a blue collar worker who suffered 3 significant innjuries, all requiring surgeries with at least one more pending. Fortunately for me I was/am habitually devoted to maintaining a healthy lifestyle that mitigated my injuries and ability to recover, however, those injuries have altered and dictated nearly a decade of my life that I can never recover. I am done with with the work force and have adjusted my risk tolerance to minimal level with the intention of enjoying a low key and adventurous ( can low key and adveturous be used in the same sentence?)retirement with my wife. As the last birth year of the boomers, I can state that retirement education was an almost non-existent conversation amongst my family and peers and we had to rely on ourselves to figure it out, fortunately our accounts indicate that we did OK.
Thanks , Erin, for another great video. It is people like you that make this topic much easier to understand and pursue successfully.
Great tip! Aiming and saving for an early remitment can absolutely give you time for course correct and adjust as life happens!
I wasn't going to reply as I am already "retired" but decided that I might have something to contribute.
I was going to retire at 70 but life had other ideas. At 66 my right knee started getting very painful. at 67 I had to have a total knee replacement. Then my company decided to relocate and I wasn't invited to move, not that I would have moved anyway. So I sort of retired. Then a little later that year I had my left knee replaced. I thought that now having both knees replaced I could actually enjoy retirement. No, now I have the L4 and L5 vertebrae dislocated and am in sever pain when I walk. By the end of the year I will likely have them fused together. That will take 6 months to a year to recover. So, sometime in my 69th year I will with any luck be pain free. When I was younger I was as strong as a bull.
Why am I going writing all of this. I delayed retirement. I concentrated on work and saving as much as I could before retirement. My wife had finally trained me well enough to know that I needed to save. So I was working real hard. But I delayed everything to the last minute and my body stated falling apart.
What to learn from this. Start early and get prepared for your final years early. Then while you are still healthy and capable do the things you want to do because if you wait, like I did, you may not have the health to do what you planned on. It doesn't mean you have to retire at 55, but it won't hurt to take some time off to do something early. I had plans and goals I wanted to accomplish when I retired. Not a chance to do them now. Start young and get ready.
I hope your surgeries go well, and that you can live a pain free retirement!!
As I inch closer to a traditional retirement age, I have found that taking those dream vacations and doing items on my bucket list while I'm working helps me avoid burn out and enjoy all the years of my life.
I am planning for a retirement where I get to continue the fun.
I totally agree with that approach! I want to have fun vacations now … and in retirement!
55 in 6 weeks. I plan to focus even more on my health/fitness and eventually volunteer part time
CONGRATULATIONS 🎈🎉 enjoy your retirement!!!
When I started seriously thinking about retirement (about 50 years old) I enjoyed both my job and the group I was working with and I planned on working until 70. However, about the time I reached 60, I was transferred to a new group and although I still loved the work, the team dynamic was somewhat toxic. With no chance of moving back to the original group and having a very good chance of reaching my financial goals at FRA, I started to consider retiring before 70. I ended up working until 68 when the work environment became too taxing (toxic) and I had more than enough in retirement savings to hold off SS until 70. Been retired a little over 2 years now and don't regret at all the way things worked out.
I retired at 55 and have no regrets!
I retired at 591/2 when I was able to access my retirement funds. Its one of the best moves in my life.
I’m so happy for you!
We retired as soon as my husband and I realized that we could retire, which was at 52.5 years old and 61.5 years old, respectively. We both draw pensions and I am waiting until 70 to draw Soc Sec. We are converting IRA $s to Roth IRA $s and by 73, I will have little or no IRA $s. The Roth IRA $s will be used in lieu of long-term care and any remaining will be left to nephews. Another major reason to retire early was because of my husband's deteriorating health at the time. Since then, his health has actually improved considerably and I think it is because he was able to retire early and free himself from job stress. Never underestimate the impact of stress on your health. Love your videos, Erin, and everyone's comments.
Awesome video. Your first 60 seconds describe exactly how I feel about my hopes/goals. And I'd like to keep working in the "recreational employment" phase (of the FIRE acronym) for as long as I'm able. I love working. It'll just be nice when it is 100% optional.
It’s a great position to be in to love what you do!
Just retired! 59 Why! 1) I realized that the best days I have left are right now, 2) financially I can following many years of smart money handling. I worked for wages all my life, put four kids through collage, saved and lived within our means. It can be done. 3) places and grandkids to see while I still can.
Nice 😊
I worked for a municipal law department for 10 years. When I changed jobs, I took my defined benefits pension as a lump sum payout. The lump sum was about $75,000. I rolled it into an IRA in the Vanguard S&P 500 Index fund. I never touched it or added to it over the course of the next 30 years. Today it is worth over $1 million.
I retired early at 56, mainly because of the time requirement of traveling back and forth to help elderly parents. Between my parents and his, my husband ended up doing the same. Five years later, NOW we are starting to travel and enjoy retirement. Our parents had plans for their care, but we had no idea that so many worst case scenarios could happen and keep us really busy. I've also known grandparents that end up becoming "parents" in early retirement. Others end up having their own health issues. Even the best laid plans can be derailed. I'm so glad we were "prepared" for early retirement, even though we didn't get to spend it the way we might have thought.
Life rarely goes according to plan! But it does sound like you prepared well, I hope you still have time for enjoyment! 😊
I had planned to work until next spring, at the age of 63, because I loved what I was doing at work. However, last March I was moved to a job, that in my eyes, was not a good use of my 36 years in the industry, and so after about 2 months of that, I decided to move my retirement up. When I told my boss, I was moved back to my original job. However, once I got in the "retirement preparation" mode, I stuck with my plans. So, three weeks from today, I will be enjoying my first day of retirement. I never thought I would work until I was 62, but for the most part, I have loved what I was doing the past 5 years, so I had no desire to retire, even though financially, I could have!
Congratulations!
I think when you enjoy what you do - your perspective changes!!!! And CONGRATULATIONS 🎉🎈 I hope you have an amazing retirement!!
My friends and I are all struggling with this decision and it's interesting to me to hear their reasoning. So for me, I max out my work pension benefits at age 60. At which time I am committed to retiring. My wife of course is younger then me, and her goal is to be able to retire at the same time, which would be early. Of course she is also self-employed and there is another part that says let's have her drop to part-time and we can travel and work anywhere. So this is TBD. My older buddies are in industries where they create new things. And one of them said to me, he had to get to a point where he was comfortable with the idea of never inventing or creating anything new again. He had to have something more meaningful pulling him away from work, he made it to 67. We do very different kinds of work and its just not something I had ever thought about, but I could understand it. My other buddy actually loves to work. He has an active mind that just doesn't sit still. He worked well into his seventies and when he retired he went into consulting and writing books. For him there is no age. So I guess what I am coming to is realizing that our world changes when we retire and as long as we're healthy and financially able to support ourselves, their are different motivations for each of us, perhaps no magic age, but a state of mind.
I have to say Erin for myself that's been investing for along time and studied numerous books and videos on the subject, your material and explanations are so concise and just spot on.
Thank you 🙏
Ideally I would like to go at 60 which is 8 months away but I am also thinking of waiting until 62. Not planning on taking SS until 67 though. My Financial advisor says I can go anytime but I am a little squeamish about the economy since I would be living off a partial pension and investments until 67.
Must feel good to have your advisor say you can retire anytime!
59 1/2 which is about 6 months. Been saving since i was in my twenties. No debt. Biggest challenge will be medical insurance. Wish me luck!
I retired at 51 from Fed but was blessed to have a company that put me on a retainer for 4 years that ended in Dec 2021. I was not expecting that retainer but since I really didn’t do a lot of work for them it was a good gig.
Very early retirement!
38 now, want to retire before 50. Want to travel before before things go south with health. Just in case. Then come back and find something part time like consulting or something.
Good luck with your goal!!
Ideally for me retirement age would be 55 and no later than 60. However, things and mindsets change. Keep up the phenomenal content! 🎉
Thanks so much! 🙏
I had plans to retire at age 65 after what would have been a 40 year career with the same company. At age 63 1/2 years, I was offered an early buyout which included one years salary, a 4% bonus and $2,000 for health insurance. I couldn't accept the offer fast enough! My wife, who is of the same age as I, continued to work another 18 months before retiring. We now live on 2 SS checks and a pension. My wife has gone back to work PT where she makes 2 1/2 times the hourly rate she did pre-retirement. Hourly wise she works around 3 months a year. Retirement has been wonderful!
Nice!!! All the best to you and your wife!!
Some people live to work and if they love what they are doing that much - more power to them. But don't put off life experiences until "retirement" - temporary health concerns aside, you will never be has healthy as you are now. You have a lot more strength and energy in your 20s and 30s than you do in your 60s. I retired at 63 and have happily traveled in retirement but I cannot help but think that I could have done so much more and had longer lasting memories if I had doner some of my activities earlier.
The sooner the better get off the hamster wheel and live life. My retirment is scheduled for 2027, I will be 47. As a military officer I will receive a pension and disability after 24 years of service. The key is to be debt free at the time of retirement. In addition, we plan to move to a low cost of living country to make our dollars stretch. Thus, I can let my investments compound until age 70 plus. I started investing at age 23. Great video Erin as usual !!!
Thank you for your service!! 🙏 2027 isn’t too far off!
first thank you for serving the US for such a long time. Where do you think you will live and were you stationed there, helping the decision?
@@kevinkanter2537 we have our eyes on Portugal . Been monitoring the country closely. It’s no longer a hidden gem as more and more Americans packing up and moving there . If things are still favorable by 2027 we will comit to it. If not we look elsewhere, perhaps developed parts of central-south America .
@@carlosdasilva1709 Sounds good - i've looked at Portugal (and of course seen the writeups by Live&Invest as well as the YTubers @OurRichJourney - seems beautiful. Central America has a few countries as well. Thanks for the feedback and much success.
Still working
Was told at 57, I could retire, Covid made us say keep going. May go at 60.
Did you mean Make a lot of money or Save a lot of money.
Love the lip lift at 2:00 mark.
Erin your videos are so well thought out and produced.
Thanks Tony! It’s nice to be working optionally, rather than having to!
Retiring late comes with big risks. As people are living longer and dementia is becoming an epidemic you may find, as I am finding, that your retirement plans are out the window as you have a new full time job; caring for elderly parents who have lost the plot and there’s no end in sight.
I had always targeted retiring at 55. That didn't quite happen, but no regrets. I'm retiring in 1 month at 59. Recent market performance is a bit disconcerting, but this will pass and the time is right for me.
if you've been saving, the recent market performance shouldn't impact you, since the markets are still much higher than over the course of your savings history unless you just started saving 2 years ago.
At minimum 57 years old. That's when I get my benefits at 100%
45 - ish if things go decently well. +/- 3 years depending on how much I want to spend each year in retirement and if my average rate of return ends up significantly different than my expectation. Also if there are sizable new things that are expensive in my life.
Great video! I retired this year at 48 and been living large off dividends in a taxable account and early withdrawal of IRA dividends at penalty (well, helping out my daughter with college helps avoid that penalty for now :) ). It CAN be done people! :) Now to plan that trip to Italy...
Enjoy Italy!!! And I hope your daughter appreciates the help 😊
70 is way too old! I am looking to retire at 58. I want to have as many healthy years as possible in retirement. I have known way to many people who have died in their late 60's/early 70's. Don't want to wait that long.
So thought provoking, Erin. As many people have mentioned, a huge factor for many ends up being health issues as they age, and having little idea how that will play out.
For most, between around 45yo - 65yo are their younger “older years.” It seems like many people who don’t start traveling and adventuring a lot more in their 40s and first half of their 50s end up regretting it.
I’m wondering thus if considering things like sabbaticals, “mini-retirements,” part time work, real estate rentals, having one’s own business and other creative solutions, especially starting in one’s 40s and 50s might be some options for potentially both having more freedom and time off while also elongating the length of time one is contributing to and allowing one’s wealth to grow?
I'm 50 and made a vow to myself at 40 that I would at least take one week long international trip every 3 years, more if feasible.
I can report that I have so far kept that promise. I don't regret it. I would like to retire by 60 but my husband is younger and would still be working, so I wouldn't have a travel companion. Once I retire i may step it up to an international trip every other year until he can retire and join me in more frequent/longer travel.
@@RandomJane104 Love this, Jane! I too am passionate about travel right now. Just wanting to take 1-6 month trips so hopefully I can work online while abroad.
I think mini-retirements are a wonderful addition to the working career!!
people and their new fangle definition of retirement, or we can just start defining retirement...it's all anarchy and chaos. you are either retired aka not working or not aka working in all of its derivations. I think we haven't really seen the impact of youngins who fake retire yet, because I think folks really underestimate what it costs to retire at an earlier age and have some delusion about costs, "experiences", and what is retirement. Not everyone is going to profit from vlogging and writing about i'm 35 and retired early with $700k nest egg by making millions more by telling everyone how I retired at 35 with only $700k. You lose three decades of earning while you are spending and then re-entering work force that is already biased against older employees not to mention out of the work force in terms of up to date work experience if and more than likely when you re-enter the work force. It also depends on your work expertise on how easy it is to re-enter the work force after a period of time off. I think 3-5 years is a doable pre-retirement in your early 40s which allows you to re-enter the work force at a respectable salary for another 15-20years then permanently retire. I suppose the fake retirement is the new midlife crisis. I tried retiring at 43 and got bored, then semi-retired with part time work, then unretired with full time work over the course of 7 years. I failed miserably at all of it: retirement, semi-retirement/fake retirement, and unretirement, not because I ran out of money (I have me a sugga momma and lots of mailbox money), but because boredom from all these "experiences" or lower tolerance of working b.s. I'm now 2yrs into my 5yr re-retirement, after which I will go back to work full time for another 7yrs, and then I will finally re-retire-retire after that. So, i guess I'll really retire at 62 once my sugga momma finally gets off her buttocks and can retire. So, I think folks looking at retiring early do a gap retirement based on their career field for 3-5years, which allows for being young enough whooping it up still and not being a creeper experience time, while easily re-entering work force to beef up that retirement savings until actual retirement.
62 from the big paycheck but I’ll work part time indefinitely.
I feel like I might do the same one day!
@@ErinTalksMoney I am semi-retired now, and the months I don't work I can't stand seeing money go out and nothing coming in. I don't think I'll ever get over it. 🤪
I retired at 63 due to frustrations at my employer, and I had mapped out my two pensions along with social security income to be more than enough to cover expenses. Between that and a large inheritance I am covered for the rest of my life. I worried I would be bored, but day to day life keeps me busy.
On the saving $500 a month - That's what my dad did. It drove my mom nuts, but he became a multi-millionaire as a result of saving money. He was able to retire at 55, and eventually had enough to dabble in some stocks, but not heavily. And he was an electrical engineer working for other companies when he saved the money, not an executive or business owner. Even my mom, who wasn't big of saving a lot of money, managed to still have $800k at age 87, with no debt. And she was a secretary who retired at 65, with no pension.
68 - that’s when it will be most practical for me.
Thanks Erin, for another great video.
There is no ideal age for retirement. Each person is unique. There are just too many variables. Don’t get hung up on comparing yourself to averages. Just focus on recognizing what allows you and your family to to live you and their best lives. When you retire (or don’t retire) should no depend on a chart or program like social security. It depends on your health, your dreams, your financial situation, and how you wish to spend each day. If you are watching videos like this, you probably have the financial situation under control. Focus on the other factors and don’t worry about the stats or comparing yourself to averages. Just decide what you want to do with the rest of your time on this earth, make your best plans to do that and go live them. Retire early or work until the glorious end. Either way make it the best it can be. 👍
I will soon be 55 and retirement will be financially feasible for me at 56. I am uncertain whether I will jump right at 56, but I cannot imagine working beyond 60. I've started thinking in terms of six month chunks of time. A January 1st retirement means that I racked up another year of service in my pension (I started in November all of those years ago). But a July 1st date means that I can get the full COLA for that year (which can only be gotten after the close of the fiscal year). So after next year I will be assessing each six-month chunk of time directly in front of me. I have a retirement account in addition to the pension, so there is no concern about bridging the years until I can take Social Security.
I retired at 56. While I saved and invested for many years prior, I put my early retirement plan in high gear at age 50.
Since retiring, all has been well. Never bored. Do what I want when I want. Every day is "Sunday".
A word of caution. Carefully plan for medical insurance premium costs while in early retirement. Once age 65, can convert to Medicare, which has a more reasonable expense.
Sounds like you are prepared nicely!
At the start of 2022, I retired at age 58; no mortgage, no vehicle payment. My investment mix is 75% stocks & 25% bonds/cash. All is good.
im 59 1/2, net worth of 1.5, no debt, not including home. Do you think I can retire? what is your net worth James?
That’s awesome!!! Congrats!! 🎈
@@clancymufning Depends on how big your mortgage is, and how many years to pay it off. My net worth is about the same, and I have "mailbox money" every month. But honestly, I think you can retire.
@@jamestomlinson2378 not really, since it depends on retirement income stream amount not mortgage amount. If bulk of networth is tied into home equity, then the only way to tap into that for retirement is to get rid of the home. I don't use networth because of this fact. $1.5m net worth for @clancy mufning isn't the same as $1.5m net worth for @James Tomlinson, since you aren't neighbors with same costs (or are you?). Say $500k is home equity and $1m is invested, theoretically that gives you $40k/yr at 4% withdrawal rate lasting for 30yrs on the $1m. Depending on when you take ss and how much you are eligible, then add that in when you are going to take it, remembering that if you retire at 59.5 there is going to be a gap for you to make up. If that is enough gross income to cover your retirement needs, then you probably can retire at 59.5.
I retired at 43 and had (still do) a 30yr mortgage @4.25%. There was no financial benefit then and even more so now to paying off early given my 30yr @2.375% fixed when refi in 2021 at 50% of home value.
It is a good idea to give yourself the option of retiring early even if you want to keep working indefinitely. Health or other issues can force you out of the workforce before you want to retire so having a backup plan is smart. It is true you can go on disability or take Social Security at 62 or something like that in some cases but having an adequate nest egg is more likely to lead to a financially comfortable retirement rather than a retirement filled with financial stress and fear.
Great point!! 👍
Nice discussion of how railroads shaped the history of retirements. I work in the railroad industry (in the USA) and pay into Railroad Retirement instead of Social Security, on top of my 401(k). The way the rules are in Railroad Retirement today (and for the past few decades), you can retire at age 60 with unreduced benefits if you have 30+ years of service in the industry. And the benefit is higher than Social Security, and Railroad Retirement has less solvency risk than Social Security. Sounds great, but the downside is: Railroad Retirement takes another 4-5 percent in withholding out of each paycheck above and beyond what you would normally get taken out for Social Security.
So for now I hope to retire when I turn 60, though I might work another year or two in order to pay off the rest of the house (have a 30-year mortgage on a house bought in mid-30s), and have some runway to save money after my youngest child finishes college before I retire. As you mentioned, it's easier to save when one is an empty nester...
The railroad system still has among the BEST benefits out there. Many of our friends are railroad workers - some very tough gifs, but great benefits for sure!
Great video Erin. I retired last Friday at 64. We are in good shape thanks to compounding. My only advice to those with 20-30 years to go. Think long and hard about what you spend money on. Invest as much as you can because one day as Erin discussed, you'll be able to miss a few investing years and it wont hurt you much.
CONGRATULATIONS STEVE!!! 🎉🎈I hope you enjoy a wonderful retirement!!
i am 55, hoping to work for close to one more decade. I know I'm well behind the average savings for my age, but I'm saving what I can whenever I can.
Good job and good luck! I encourage my relatives and friends to think about this and to make sure to have their own Roth IRAs, if they qualify, as part of their plans.
70, am 66 currently. To give my wife the maximum benefit when I pass.
Retired at 62 bec of medical reasons. Dont regret. Was debt free from that moment on. Can save a good amount $ staying within a budget
I hope you are enjoying retirement!
looking at 1.5 more years = 66, 3 pensions, SS and401K. Enjoy my work just getting tired. Been blessed.
Sounds like a wonderful position!
I retired from the federal government at 62, started SSA at 66 and two months.
Semi-Retired at 63, was planning retiring at 65. Worked from 16. Ideally, will contract work till 65, but will see.
Hopefully you get some gigs that excite you!
I plan to fully retire at age 63. I started to invest when I was 30. I tell my nieces and nephews to start investing ASAP!
great quality presentation, very informative for a 10 min. video!
Thanks 🙏 so much Marty!!
Erin's video editing skill !!! Getting fancy!!! I would like to retire at 62.... but being healthy is more important than early retirement. I could retired now at 41 but what would I do with my time??
And who would I spend my time with if your partner does not want to retired at the same time
Exactly - I want to retire at the same time as my hubby!!
I'm looking at retiring at 62, when I'm eligible for the pension from my work. Currently 49, and really pushing money into my Roth and employer 457b.
Since I just paid off my CC bills, I took that money and am now putting into my 457, allowing me to push my monthly contribution to $1,000.
Looks like your dog made a surprise appearance at the 10 minute mark! Looks like a nice dog....
Bonus points for spotting Peanut 🥜 🐶 - he was asking to go out on the porch to sun himself and I had his doggie door closed. He was patiently waiting for me to get done filming 😊
I'm 40. My realistic (maybe) goal is 60. My dream goal is 55-57. I'm really not sure if I am anywhere on track for either goal.
Good luck 👍
Great to listen at the very start of you : retirement at 55: that what exactly I already selected too and what is amazed me further still at times a bit wavering why : May be get bored without job routine life :why not push it a bit further for Compound Effect..?
2. So lots of stuff ll go to the calculations/ planning : the current sky rocketing inflation rate ..!
3. Compound Effect ( 8th wonder): the longer your investment stays in ,the better it’s certain: you don’t want to leave this supporting wall: that always tempts you to linger it long/ on:
4.Besides saving and frugal living after all is certainly not sexy and cool: you need some change for good :
5. Another crucial thing is you need to retire at better stage when you are physically fit your reflexes are still fast : in case you plan to go on world tour like stuff you must be fit enough to reasonably enjoy such activities..!!
Again topic selection is really relevant : that’s what the majority of FIRE followers are engage in: Thanks / Appreciated ..!!
Thank you for sharing your insights!!
The financial numbers are easy to find for the spreadsheet. The dates for bad health, death, possible divorce, accidents, etc. are harder to know. I had a 28-year-old colleague and a 40-year-old neighbor die suddenly of brain aneurysms. They both seemed healthy at the time. I would suggest saving for retirement, but also enjoying life as well.
Very great point!
I'm retiring at 60, mainly because I started late
The goal for most people is to be financially independent before they retire, that's all. Once you've reached FI then do whatever you want. If you want to keep doing what you are doing until your last day, then do that.
I retired at 55 in 2011. While you might like your job now, once you've been working at it for 30 years you are likely to be able to walk away from it easier because maybe enough is enough. You are also retiring to something so the change to something new may be more enticing than do the same thing again and again. Whatever you retire to may be a paying job even though you don't need the money or it may be volunteer work or it may be the travel/relax/socialize stereotypical retirement. I did volunteer work, for about 5 years, teaching science classes to seniors then I moved to Thailand and transitioned to a more traditional travel and relax retirement.
55, and that is in three weeks. But I am going to 'wait' until the first of the year.
Would you care to share what your retirement portfolio look like ballpark ? I’d love to set that target.
@@Netizen_101 let's just say we have gotten to 7 digits, but not much over.
@@CraigandMandy1 oh good for you! I’m only 50% there without my property. I need to step it up!
CONGRATULATIONS 🎉🎈 it’s so close!
@@CraigandMandy1 7 digits spans from 1,000,000 to 9,999,999.
63... Three years from now. Tick... Tick... Tick...
So close!!!
50s, plan on taking a job that is less stressful, lower pay, good health insurance and fewer responsibilities that will allow for travel. I still will be doing something but not a typical 8-5. Maybe freelance consulting or otherwise self employed
Also, a lot of workers my age started off with a job that had a pension then companies switched to 401K and people just were not saving enough.
Absolutely what happened to me. After 16 years of working, my employer did away with the pension plan. Some were grand-fathered in. Mine ended up getting cut in half. Fortunately, I was contributing significantly to the 401k and my employer adds an additional 6% over and above the company match to compensate me for pulling the rug out from under me.
This is one of your best!
If I could afford it I would retire at 65 a couple of years from now. Just not sure about the economy and my retirement funds even though I have been saving since I was in my mid-twenties. Our government really doesn't support retiring they just keep taxing us to death
57, 11/1/28! Need to get kids out of college and then I am done!
Tell those kids to study hard!
Semi-retire at 35 to my next endeavor!
Wow! Nice!
I’m 58 and plan to work for at least another decade. I like working and think I’d be bored without it.
I think a good litmus test for retirement was during COVID, and whether you enjoyed teleworking from home or not. So many people hated teleworking because they liked the structure and ritual of going to the office, being away from the family, etc.
“DINK” has been around since before you were born, and has no relation to the ethnic slur. It was first popularized about the time of “yuppie.”
i think DINKs came about during the yuppie backlash of late 80s, since yuppie was early 80s and DINKS was late 80s. Personally, I prefer the term urban haute bourgeoisie or simply UHB over yuppie. 100 points if you know the reference.
55 would be great. Basically, before my health starts failing and I cannot enjoy my hard work.
I have a specific retirement goal though, so it’ll be whenever I reach that number, hopefully while I’m on the younger end of the spectrum.
Good luck on reaching your number, and I hope you have many, many healthy years in retirement!!
After hearing the average life span after retirement is only 10 years I’ll probably wait till 70.
Work can give your life meaning 😊
I want to retire at 55....but realistic is more 58. Still would be awesome at 55.
58 is still great!!
planning to retire between 50-55.
My wife and I are planning on retiring at the end of 2023. We will both be 65 in 2024. House will be paid off in July and we will pull in about $7,100 per month with SS and pensions. Going to pull about 3% from 401K if needed the first year of retirement. Currently 401K at 1.1M. We both had zero in our 401Ks in 2000.
I plan to retire between 45-50. I currently have enough income from rentals to pay all mortgages and about half of my month to month expenses. This however doesn’t cover a lot as I will have to pay my own benefits and such when I am no longer receiving a large amount of help through an employer. I figure in 10-15 years I should be able to double my rental income making it easy to pay all month to month bills and save about 20% of my income allowing me to travel and do what I want while continuing to grow my real estate business.
Sounds like you are building a nice second career!
I'm 34 and the current plan is to retire at 50. My current yearly spend is 0.4% of my projected liquid net worth at 50, but I'll have flexibility to retire later if major life changes cause my burn rate to go up or I want to spend all of my take-home pay building my dream house while my investments grow in the background. (50 is the minimum age I can retire and still get some pension.)
Going by the comments, there're a lot more people than I expected that watch your videos who are already retired.
I would hang in there for a pension!
Today. Sadly, my plan of retiring immediately has failed so I have to go to plan B - retire tomorrow. I'll check in when I know how that goes.
I’m 38. Shooting for 50. If the investments justify it, 48. I love my job but I’m tired of working so much all year long. I want to travel and do things before I’m to old. I might call it quits at 48 and just do part time work just a few months of the year so I can enjoy life a little more.
I’m in the same exact boat. Same age and same benchmarks. I feel like I’m about a third of the way there.
Good luck!!
I'm turning 54 in a few weeks and I would retire today of I could, but sadly I won't get there for at least another 8 years. I have LOTS of plans for retirement, so I won't miss working at all, not even a little bit.
I’m 66.5. My retirement date is in August. I’ll still have a part-time position, 401 and social security for me, my wife has a small pension, social security and 401. We think we’ll be fine.
Congrats Frank!! August isn’t far away!!
I’d like to be able to retire by 52, but have a job I don’t want to retire from so that I can feel fulfilled
Great position to be in!
I retired at 43 and now doing a side hustle. As soon as you can lock in pay time to lock in and move to something else.
if you retired, isn't the side hustle just a job and not a side hustle?
@@hanwagu9967 Could be but work when you want I consider a hustle.
@@ClassicCanoes well a hustle is a hustle not a side hustle. you'd have to have a hustle and another hustle to be a side hustle to the hustle.
@@hanwagu9967 well If you feel that passionate about it. Then that what it shall be.
I retired at 64 but was going to retire at 62. However due to COVID and being furloughed, I decided to work another year to earn another year of 401k contributions. After being furloughed, I was brought back to work for about 4 months which I used to 100% max out my 401k contributions for the year. Three weeks after announcing my retirement, our entire department was being "eliminated". At this point I received a wonderful option. If I stayed one additional week at work, I would fully qualify for the severance package. Given that I was with the company for 20+ years, this was a surprise financial opportunity so, of course, I stayed an additional week. My wife and I have been planning our retirement for over 10 years so we were well prepared financially. We both will be receiving pensions (private company, a rarity these days), social security, traditional and Roth IRA's.
You can't just wake up one day and decide to retire. You need a financial plan and start years before your target date. We targeted several goals before retirement could be a reality. No primary home mortgage. No car payments. Six months or more of cash on hand (emergency fund) and plenty of savings both cash and investments. While we do not have long term care insurance, we do own two cash flow positive rental properties which have appreciated significantly in value and could easily be sold if we needed the cash.
All the points Erin made in the video are very valid but everyone's ability to implement the suggestions may be a challenge for some. I think it was Dave Ramsey who said, "you need to live like no one else so you can live like no one else".
I plan on retiring at 55 and am very fortunate my work provides a pension. I still contribute a large amount to my 401K to help reach my retirement goal. My husband can retire this year at the age of 51 (but he is going to work a couple more years).
Hey Erin (great name!) A pension is a blessing for sure!
50s seems like the ideal age to retire if you've prepared ahead of time. Best time to retire is while you still have your health.
55 is my FI goal, but plan to work part time, maybe as a personal finance coach
55-58 is when I hope to retire. Too much stuff I want to do that work interferes with. We will have over 2 mil buy than, so should be good with cash. We are currently 46 and 47.
One decade left!! 👍
Its all about reaching your number if you had a lot of life "bumps" just work longer :). But yeah investing early is sooooo crucial if someone reaches 100k at/before 30 it really sets them up regardless of extra contributions aka coast fire.
I bit dark, but most of my fellow civil structural engineers seem to retire late and then kick the bucket soon after they retire. The profession is very rewarding but the workload is impossible to predict and leads to late nights from time to time which seem to destroy sleep/eating / exercise / productive work for at least a week afterwards, and challenges with bean counters when it comes to taking off some time to make up for the long hours prior to deadlines. So there are times when throwing in the towel has its appeal.
I'm 55 and have been trying to sell my business and retire since last year. Still hope to retire before I hit 56! 🤞😎🤞
My goal is to retire at 58. Currently on track for that.
Nice!
I would like to retire at 70 are later I be doing the same good for 45 years and I still enjoy working every day