My company paid a consultant to provide retirement classes when I was 24 and just started saving for retirement. The class was called "The Kids Table" and basically their advice was go with a target retirement fund that aligned with your 65th birthday. That was 20 years ago. It is the only thing I've ever invested in. How else can I grow my finance?
target date funds made me a multimillionaire but i also watched them drop 40% in a very short time and take a long time to recover. my best suggestion is that you seek the guidance of a fiduciary to avoid mistakes
Agreed, when it comes to retirement planning, following the steps of a well experienced advisor did the trick for me in barely 5 years, turned my $500k capital to 5 figure monthly dividends. If you want to keep it very safe, then Vanguard TDF may be for you.
bravo! mind if I look up your advisor please? only invest in my 401k through my employer as of now, but enthused about investing for my eventual retirement
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Sophia Maurine Lanting for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $350k in my 401k.
People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
I have purposely declined management to keep my health and stress levels lower! Something to think about. I make very good money as an individual contributing engineer and enjoy working on products and systems. I can do this and enjoy balance all the way to retirement. Don't allow yourself to be promoted into a stress filled hell job folks for prestige and more money! It's not worth it as your health will suffer. I know people with chronic diseases like ulcers and worse! I'm 53 and enjoy my work and plan to retire at 60 happy and healthy.
What's worse than going into management is seeing a GREAT engineer being pressured/forced to go into management! My lead was a great engineer and leader and eventually went into management. We all agreed that he changed and unfortunately morphed into a bad manager with terrible personnel skills. Eventually during a one-on-one I asked him why he decided to go into management, and he disclosured that if he didn't, this other person on the team would be selected (and yes, this person would have also made a terrible manager as well).
I accepted the management position because that's what the company needed at the time. I did retire early (56) because the stress was getting to be too much. I was also shooting for 60 but, the promotion added ~30k to my pension and ~20k to my yearly salary/overtime. The better financial position gave me an extra 4 years of retirement, so it was worth it to me.
THIS is some of best advice I've ever seen! Why in the world would you trade up to experience a daily hell for some extra money. Can't tell you how many times I've seen climbers who ultimately regretted the next level to the point of quitting or regressing back to their former position (if possible). Companies don't care about your mental well being, despite what they say in their employee handbooks. Know yourself and seek a position that is financially rewarding and mentally acceptable to you.
You said it. I've turned down management promotions several times, leaving a company once when they said I was being promoted and had no say in the matter. Bye bye! there's plenty of other good places to work and I don't mind voting with my feet. I went to school to be an engineer, not a bean counter or a paper shuffler. But even so it's time. The profession is changing and the company I'm at is changing. And at this stage of the game voting with my feet means retiring.
I just found your page with this video- I consider myself a high income earner so I'm curious to know how people split their pay, how much and in what order does it go into savings, spendings and investments, I earn around $120,000 per annum but nothing in my IRA to show for it.
In my opinion, IRA is a valuable strategy for retirement planning, providing growth and tax advantages. While the market is promising, expert guidance is essential for portfolio management.
@@Aurierserge50 I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.
@@Aurierserge50 I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.
@@Aurierserge50 I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments.
@@Aurierserge50 I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
@@errolm8313 Genetics, ate good, stayed active, completed every word puzzle in the newspaper every day. His brother lived to 99. We used to joke that His Uncle lived 3 centuries 1899-2004. I’m more like my Mothers side but I’ll be happy to see 80. All the best to you.
My mother is 76. I’m exactly 20 years younger. She goes on many “senior” trips that are always at a discount. She loves it. My wife and I have gone on a few or these trips with her. We qualified because we’re both 55+. Bus excursions, cruises and train trips all discounted. She has more money now than when she retired, all while enjoying herself. Live life folks. ❤️ You only get one.
I'm 68 and still work my residential contracting business. About 500 hrs a year. I don't need to, but its satisfying for me. Im pouring concrete today and fishing with 2 of the crew in the afternoon. Best part is that it keeps me using muscles I've always used. Everyones different
All great points. I’m a recently retired CPA a year ago at 64. My clients were shocked when I announced the news. I explained that I didn’t want the stress to get the better of me. I knew that I had pushed the envelope as far as I should. A year later I have no regrets and I’m enjoying a stress free retirement with plenty of physical energy to enjoy my life … finally !!
I hope you were able to milk all those clients enough to live a stress free retirement🤣 just kidding. I think most people know in the back of their head, if not getting smacked across their face, when it's time to leave work. Azul's other video on determining if the marginal value in additional savings is worth the extra years of work, which resonated. I recently quit another in retirement job because I'd rather spend time napping with my dog rather than looking at a computer screen all day, even though it was a well paying job.
@@hanwagu9967 haha … all is good. To your point, unless one’s favorite thing to do is work, it makes sense to forego earnings you’ll never need, so you can enjoy the time doing whatever you love doing the most. Once I got to the point where I was 100% confident I would never run out of money, while maintaining a comfortable lifestyle, I knew it would be foolish to risk one more year of stress for money that will never be spent by me. lol my kids will inherit something meaningful, with or without that extra year of earnings. And napping with your dog sounds like a perfect way to enjoy a day!!
I just retired December 2023 age 55 with a good pension. Best decision I made . Life train doesn't u-turn at the terminal...that train continues and seems to pick up speed as we age.
I planned to retire at 53 yrs but I love working so I will retire next year at 60. I used every short holiday (2x2 weeks/year) in the last 10 years to go abroad and have visited 30 countries and all provinces in my country. Don't wait until retire to be adventurous!
Great advice! I work part-time in palliative care. Can't count how many cases of "this person here was healthy, mowing his lawn or shoveling his driveway three weeks ago." I've also seen a lot of: "I love to travel, but I put it all on hold, until I have saved enough money. Now I have the money, but can't travel, as I have to be hooked onto this machine twice a week." So, fully agree. Planning is important. But we need to remember that those days you're planning for are themselves being shed, one day at a time. Every single day is actually meant to be lived. Yes, those regrets are real. I see them everyday.
We had someone have a heart attack at work, it was very scary. I’ve often thought of his missed retirement years with his wife. Another lady went home feeling ill, early 60’s, passed away the next morning. Makes you think.
Yeah. That's me although I had to retire early due to health reasons. I wish I could have worked at least a few more years (I'm 59 now). Yeah, poverty and low income changes everything.
@@kenyakiddo If one is single, in good health and have no dependent to provide for, then it's not hard to afford early retirement. Not so easy if you have to provide for old and broke parents and kids.
Three years ago I retired at 62 and moved to Central America. Not working is better than I imagined, my life is great, and I love the weather here. My two biggest fears are 1) I will run out of money and 2) I will die with a lot of money.
Granted I am in my 20s and have much to learn and life to live, but I would love to die with millions in the bank. I value a legacy and generational wealth. My parents immigrated to the US and I am definitely prioritizing that as I invest.
Even retirement has seasons, but you need to prepare long before each season arrives so that you can get the most out of each these seasons. We went at 52, Paid off 2 homes and live in eternal sunny and 80. That is our dream retirement and so far, so good 10 year later. Told our advisor we better not have 2/3 of our portfolio left at 70. We don't want for anything and do what we want when we want. But we killed ourselves working till 52... No regrets, but never going back....
I am fully retired 62 with good finance and paidoff Mortgage /Totally Debt Free! I know travel world in seek of new adventures, the freedom is unreal! Remember Time is Priceless! Time waits for No One. 🔱🐸Just my 2 cents 😊
True story, Mom travelled to Italy for the 4th time with her University Alumni. She was 60 but one guy was 80. He was ex-military and in good physical shape but his mental sharpness was not there. He would wander off and barely make it back to agreed tour locations. Don't wait until 80 to travel the world!
your anecdote is more a function of mental faculty not of age. I just came back from a trip hiking up 4500m mountains and there were plenty of 80yo+ hikers doing the same.
Yes, but I guess my point is that you pray it doesn't happen to you but to hedge your bets save those international trips to occur by the time you hit 70. Just a thought...@@hanwagu9967
Retired from a high stress Senior Management position last year at 56. Never been happier or healthier. It’s been an adjustment to switch from saving to spending but have been on several big trips with many more planned.
I'm 54 and I've never been one of these people to overvalue their job. I do work hard, but I don't work overtime and I value my personal time far more than working. I've always seen working as merely a means to retirement, nothing more. It is a uniquely American sickness to obsess about work (often without choice for many low income workers) and to neglect building a meaningful life. That said, I didn't become a diligent saver until about 10 years ago, so I'm behind on retirement planning. I'd happily retire today if I had the means, but I can't unfortunately. As of right now, I hope to retire in 8 or 9 years, no later than age 63. I won't be rich by any means, but I'll have enough for a comfortable fun filled retirement and that's enough for me. Young people, please take advantage of your early working years and build an investment portfolio that can compound over your entire career. Don't wait until you're 40+ like I did. You will have many more retirement options if you start planning early!
That's a noble goal. I'm 62 and a half, and I'm waiting for Medicare. One major illness can wipe you out. I can get Cobra next January, but I'll see when I get there. It's hard when you finally get to your prime earning/savings years, and just look at how much more I'll have saved if I can make it to 65.
@@bigjohnson7415 You are right about health being a major consideration. This is why I so appreciate Azul's comments about taking care of your health throughout life. This was an issue for me, as I never really paid much attention to my health until 3 or 4 years ago. Now my health is my top priority because retiring with money is pointless without good health to enjoy it with. That said, I got wise about 6 years ago and started to fund a HSA. I'll still have to cover insurance out of pocket until I reach Medicare age, but my HSA will cover all other healthcare costs. If you have access to a HSA, I highly recommend it. They are very flexible accounts.
I totally agree with you saying that South America is safe to travel. For my 60th birthday in Sept of 2021 , I took a six month sabbatical in S.A. and loved it! I even spent Christmas on Antarctica. I met many single women of all ages who were traveling alone and asked them if they felt safe. All of them said they felt completely safe in S.A.
I retired 16 years ago at 58 and have no regrets. I have enough money to live as I wish and will not run out of money. I, too went to Ecuador for a month to the Andes city of Cuenca. In fact, my retirement accounts grow each year. I don't regret not spending more. My kids will get my swag.
I had to medically retire. At 56. Wanted to work til 60. Fortunately I was debt and mortgage free. My expenses are covered by my Ssdi. Now almost 3 yrs later. I travel 3 x a year. Nationwide. Not interested in traveling abroad. I get out and move daily. Enjoying my life in retirement. My net worth has grown as well in the last 3.5 yrs.
Several years ago, my great-great aunt retired at 79. She was so devoted to her job that her employer gifted her with a cabin on the lake for her 80th birthday. Unfortunately, she didn't enjoy many years in retirement as she died a few years later, aged only 86.
I retired recently at 57, after 34 years teaching. Best decision I’ve ever made! Didn’t quite realise the immense amount of stress I was under. I’m learning to play tennis and swim a lot now. Feel a million dollars!
We quit our jobs at 39 and 50 and went around the world for 10months. Best decision ever. Came home almost broke, moved to a new town, got good jobs and saved a lot, invested well and retired at 56 and 67, still able to do a two month camper trip to Canada and Alaska. Now 71 and 82, comfortable, debt free and active. I say DO NOT wait to do what you dream of...be smart but do it when you can. No guarantees you will be able to later.
Boy, spending money is hard! I have to force myself to take trips and enjoy my hard earned money. Die With Zero is the best money book, I wish I had that information decades ago.
I retired at the end of 2023 at age 53. I feel great, mentally and physically. Eating better quality food and lower volumes. Added 60-75 mins of exercise daily. Quit drinking soda/caffeine. Today I went to a funeral of a friend who died of a heart attack this week (age 56). He was starting to talk about retiring. Heart breaking.
@@travelseatsyellowlab I wasn't talking to you I was asking the original poster. What his friends vaccine status was. Its relevant in this day and age.
@@rrf6747 People are talking on a public forum, so, when you draw your agenda into the discussion, you're inviting others to give you their input regardless to whom you're speaking. Clearly, the poster his hurting, and there are thousands of other ways a 56 year old person can die besides what you're pushing. I knew a 53 year old man who suffered a cardiac arrest and died in 2016. Was this guy jabbed? No. He died of natural causes. It's time for you to grow up.
I like you and your channel but I think video mostly applies to people who are well off. I am 59 and am not well off. I am retired a few years ago due to health reasons and don't know if I'll ever be able to work again so I need to be super careful to budget what money I have left. I have time right now but not the money or energy to travel or do much. Still love financial advice and will keep watching your channel. I do knit and read and walk and cook so even for poor people, there is nice stuff to do.
Going back to Columbia for the 3rd time this Spring. It is beautiful and the people are nice there. US Media has it wrong. Glad you saw what a nice place it is.
This is why I am so into my health! I am 53 and just started saving for a retirement, I have never had a job long enough to have a pension! So it’s a Roth IRA! But I have not regret anything in my life thus far
Ironically 2 retirees that I’m close to, 85 & 90 yrs old, both said they wished they had worked longer. Both retired at 62. I think they live comfortable but very simple retirement lives. Not the jet setters so many attain to be. The biggest trip these folks take is to the grocery store. But you know…. They weren’t enslaving themselves at work and that in itself IMO was great enough.
It's right for some. I remember a chemistry prof I had. He was about 70 at the time and he worked for almost 10 years after that. He LOVED teaching. Taking that away from him would have been a punishment, not a reward. Me on the other hand I've enjoyed what I've done often getting in early and/or staying late just because I liked what I was doing. But companies and professions change and in the past couple years I've gone from planning on working to 65+ to planning on calling it quits a few years earlier.
jet seting or traveling ain't for everyone. In fact, I think most people who have a vision of travelling in retirement find that it's not for them. Having travelled and worked overseas on six continents for most of my career, I actually looked forward to not being a jet setter. We still travel frequently overseas, but I tend to just want to get back home.
Yeah I could imagine myself taking like a 5 yr hiatus from work and doing a bunch of stuff I love. But let's say I'm 55 when I do that and finish at 60. What then??
@@watamuthado you mean if you come back at 60 you won't have a job? If your job will still be there, why not do the hiatus? But here's the thing: after 5 years of traveling gaining new experiences and life adventures, you will not want to go back to that job. You will have outgrown that job and become a new person😄.
I am a 60 year old barber. I can retire now and live off of the dividend and rental income, but I enjoy working and interacting with my clients, so I don't see myself retiring unless I become immobile.
I agree with some. of this. Retirement is NOT for everyone. And for some, retiring as young as possible makes sense. To me how much money you have, is what I call your choice variable. If you don't have enough money, then you have fewer choices. You only can choose between working and living a very frugal retirement. If you have money then you can choose to continue working, have an exuberant retirement, or spend below what your portfolio can generate in retirement. I chose the latter. I travel as much as I want. In the way that I want, which is not usually first-class, or 5-star hotels. I do any activities I want to do. But I still will likely leave an 8 figure portfolio. So do I have regrets? nope, I enjoyed my job and the people that i worked with. And no I really don't think. I would enjoy the really expensive stuff any more than I enjoy the "average stuff". One example that some might understand what I am saying is::. Is if you had the opportunity to sit in a suite at a baseball game, away from the other fans, would you? part oft he excitement of the game is the crowd. Yes, you might get better food, or perhaps a better view, from the suite but I don't think you would have as good a time at the game, as the person enjoying the game with a bunch of other fans. So in conclusion, leaving a nest egg, should not cause you to regret stuff. Just be true to who you are. And build that portfolio that would give you choices.
Game point is well argued. But having been in several suites (F1, soccer, tennis etc.) I can say that many don't watch the game (closely) because their main objective is to connect with the others in the room. So two very different things.
@@meibing4912 Thanks for the reply. And I agree that suites are enjoyable, and a good way to meet people for business. I have been in several. My point is, that not always the most expensive thing is the best. I had more fun out in the stands. (even bleachers)), As I like examples, let me give a couple more to explain my point. Last year, our friends and my wife and I toured Portugal. On that trip we DiD stay at several 5 star hotels. Why? because they all wanted to travel that way, and I wanted to go And I really enjoyed myself, (and the Pestana Vintage Porto is in an amazing location) But on my trips to Barcelona, I stayed in 3 star hotels, and my most memorable parts of the trip were meals near the pier, having " platos de días": and a bottle of the house wine. Enjoyed that much more than a 5 star restaurant where I would be pampered. My point is with a portfolio, you have a choice. Without one, you don't. And if you dont spend it all. Its OK. As long as you are making the choice.
@@robertowhyte2836A major medical event could cost you hundreds of thousands if not a million plus dollars so you need insurance. Maybe you could get a catastrophic plan with like a $10,000 deductible to cut back on the premiums but you really can’t go without.
@@robertowhyte2836 it depends on the person's risk tolerance. If they were in a low cost country say, in South America, They actually could put that $2400 a month away in a low risk investment and fund their medical out of pocket and feel safe in doing so.
The affordable, care act, aka Obamacare . you purchase it on the exchange in my county there’s 42 plans to choose from base on projected income so it has qualified tax credits.
I would have moved the health aspect to the #1 spot. It is fundamental and foundational to all the other factors you stated. Particularly managing the risk of running out of money. If I'm healthy and vital I can work. And after a long career of developing in-demand skills, I can find a way to get paid to add value. Great summary!
Those kids might be the catalyst for him remaining fit, active, and useful and could add years to his life. Governor Edwards was 86 when his fifth child was born and he had a lot of time, more than most, to make memories with his child. He was so busy pursuing a career at a younger age that he spent comparatively little time with his oldest four children.
I retired at 48. Was blessed to be home for my sons high school years as well as time for my daughters home schooling. We are very close. I don't have 3 million dollars but I do have a nice 6 figure pension
My eating. Times have drastically changed since i retired now i eat late in the day and when im hungry,,,,,,since i retired my health is coming back,,,,,,wow this is fantastic!!!!!! God knows how many days i drove to work and no one was on the road because of the fudging godless hour i was to start....no thanks dont misss all the bs at all. helll To the no!!!!!
i retired in my 40s (thanks to my stocks deposits mainly) and never looked back to the corporote mess). I ive modest but no longer have to deal with psycho bosses play and colleagues....
I laughed when Azul opened this video (as he does all his videos) stating that as we all know he's been a financial advisor for over 20years, because he never has provided nor provides any bona fides to confirm this. Aside from that, it's a given that life is full of regret. No matter how good your financial advisor and monte carlo simulators are, the fear of not having enough is a pretty strong countervailing force. All the listed regrets come out of fear.
As soon as I owned my house outright and had a decent amount of money in the bank, I went part time. Don't work Mondays and I will never go back to full time work.
Prioritize your enjoyment of life. You don't want to be on your death bed saying, "Well, at least I paid my bills.", or have it written on your gravesite headstone, He paid his bills. Realize that this life is a game, a simulation in which we were all programmed to think about in a certain way, making our behavior predictable for the purposes of others. We now know this simulation as the matrix. Scientist have proven it's existence
I’m 62 and want to retire in 6 months. I have a 30K annuity, plus a 401k depleted to 150K of money that I’m not sure what I can do with at this point. My retirement plans seem to be out the window. i am currently seeking professional help?
With everything going on, consider financial planning, … that is okay. You can get your money to work for you. but I would say delay retirement a little.
I have heard how they can help you make the best decisions and to be honest I don’t want to lose money anymore or I will have to work a job in retirement to sustain for God knows how long.
It’s a good idea to look for a fiduciary who has a legal obligation to work in your best interest and can’t recommend products or services just because they’ll receive a financial kickback for doing so. I and my spouse work with a retirement planner, Under the planner guidance, we split our investments, traditional IRA and the individual brokerage account where she copies her moves on our account from her master. We have been up by 74% precisely in the past year She rebalanced again when the year began, we still hold cash and are cautious with how much we let into the market at this point.
Monica Mary Strigle’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'm always amazed why people work their whole lives working a job they hate so they only think about when they can retire. Work can be fun, fulfilling and satisfying with low stress. Worked for me and I officially retired at FRA 4 years ago and have no regrets. When I look at my investments, sure I have money I'll probably never spend but I actually enjoy doing things that don't cost a lot of money like riding my bike and working part time at a local bike shop. Only thing I might buy is a full size sailplane which I used to fly as a teenager or maybe a couple more RC gliders which I enjoy, both pretty cheap hobbies. Everyone is different, what makes you happy doesn't make everyone else happy, happiness is for you to decide. Good luck!
Keep 18 months living expenses in a 5% interest baring account and the rest invested in index funds (S&P and total market). Evaluate Roth conversions and when to start taking Social Security. You're welcome, no charge.
@@hogroamer260Please, which interest-bearing account offers 5%? Also, how long should the money tarry in that account? For the S&P, which one would you recommend? Some of us are late starters, yet it is better to start late than not to start at all. God bless your wisdom for freely sharing.
Work...for money to buy things you don't need. To impress people you don't even like.... Yesterday was always the best time to realise you're getting played...just don't let it be tomorrow... As "tomorrow" is not always guaranteed...
Happily retired when I was 53. ZERO regrets. Have plenty of money and still young and healthy enough to enjoy it. Old and broken down with a big portfolio is kind of a pathetic way to live. No thank you. Traveling wherever, whenever I want for the foreseeable future. Skiing, mountain climbing, rock climbing, etc are a lot easier in my 50's than they will be in 10-20 years, if I'm not already dead by then. Retire the first minute you can, get off your ass, and go have fun!!!
Stop gloating about yourself, be humble you won't live forever either, tommorrow is not guranteed, where will u spend eternity,??? Money won't save you from death hows that for humbleness...😂
Great Video Azul, I like the thought of retiring early, if I could feel more at ease with the health insurance cost situation, prior to 65. However, because of being in my 50’s and the health insurance cost for my spouse and I, I don’t think that would be wise, at this point. After reading of how so many retirees return to some kind of work just due to health care insurance cost to pay for, I am concerned that I would need to wait until I am at least in my early 60’s, to be able to draw from my 401K to help with that cost. This way I would just have to cover the cost for only about 5 years until Medicare kicks in at 65. Otherwise, I would have if I try currently, it would be about 10 years of covering the cost of approx 22K / year.. (Approx. just health care insurance for 2 people) Azul, any thoughts regarding my concerns? Thanks in advance!!
My farher worked hard all his life. He started working at the age of 12 years old after his father passed. He grew up West Texas and worked and studied all his life. He retired at 59 ended up with Alzheimer's 13 years later. All his hard work a savings just being spent by my stepmother and her kids.
I love working. I got bought out at 59-1/2. We have a net worth of around $2M, with $1.1 million investable and a pension and social security that pays all the bills plus allows us to continue saving. My “retirement” has been starting and building a business. I want to die with a big pile…I will be happy if my grandchildren never have to worry about money.
The plan was always to get out at 55. I started early. Nobody believed me at work. The day I turned 55 At one of are useless morning 9am production meetings. I put my company phone down and walked out. After 4 states. 3 company buy outs and shut downs. I was done. After 39 years. It's all about greed. The people at work are not your friends. I did my job. But I was done.
Before cell phones 2004. I felt safe going to work. Not any more everyday i was scared someone would drive me off the road loaded,,,,now retired trucker zero regrets,,,home and safe is a milllionairs life,,,,
I am 70 and I have no intension of retiring. I am very concerned about keeping fit which is expensive. I need good food and good medical treatment which can be expensive. I get well paid and I have had a few medical issues over the last 10 years which I was only able to sort out by paying for expensive medical treatment. I also do a lot of weight training and I have a personal trainer for that. Retiring and taking it easy is a killer. My identity is tied up with my work and I am in front of the public all the time so I have to look good and wear good fitting clothes. During lockdown I was not working for a year and I hated it.
Love your content AND I don't understand why 100% retirement success isn't the goal? Heart surgery, I want a Dr. who's closest to 100%. Cancer treatments, give me the highest ranked treatment modalities not just some lower ranked approach. Parachute (or any other significant statistic)…I’ll take as close to 100% please. Yeah, I understand nothing is guaranteed and underspending can be a remorse, but (more) so is running out of money. Remorse over underspending is a luxury of the statistical winner. I'd opt for gratitude over remorse and think of all the ways I can benefit others when I'm gone. And if I had to tradeoff one against the other...ending up with too much money wins every time over running out. I think about it as insurance. The extra money, well I hope to "have it and NOT need it". The alternative of "needing it and not having it"...oof. Maybe that's just me:). That being said, I didn't want "fear" to run my life and end up in a perpetual "one more year" syndrome. I left bad jobs in corporate america to "retire" at 50. Though I prefer to think of it as "financial independence" rather than retirement. Done with situations that don't fit AND happy to be of service on my own terms where it's a good fit all around.
Video summary: 1. I wish I had retired earlier. 2. I wish I had spent more money. 3. I wish I had been more adventurous. 4. I wish I had had more balance. 5. I wish I had had better health.
I have had a great time with my family and at work with lots of amazing adventures - and have still been able to build a large nest egg. Take care to make every day a happy and motivated one. Many Americans need to take longer vacations. Most Europeans trade salary for time off - seems to give a better life cycle than working like crazy for 30 years only to draw down to zero after your kids have grown and your body (and sometimes sense of adventure) diminishes. Think about it.
This is pretty insane advice. There will always be the conundrum that you'll never have exactly as much money as you need. Because life isn't so predictable. You don't know how long you're going to live. Everyone either has too much or too little money to last them through retirement. But having too much and not using all of it is a lot better than running out of money. Honestly living a life where you've ran out of money and can't earn more probably isn't worth living.
I traveled to the EU and elsewhere during my 20s and 30s, including cross country drives visiting all of America's national monuments. I have no desire to travel long distances anymore. I'm not planning to retire although I'm now in my 60s because I love my profession and intellectual challenges. My next plan is to get another degree. Retirement in the traditional sense is not in my vocabulary. Cutting hours yes, stopping my career, never.
Regret is nothing but self torture. The only regret you should have is if you harmed someone in some way. Other than that it’s just life and your life went the way it was supposed to.
If you worked too long , you obviously needed to or you enjoyed it. So why the regret ? I can’t retire because I have bills, I did not plan my life accordingly. That’s on me .
My company paid a consultant to provide retirement classes when I was 24 and just started saving for retirement. The class was called "The Kids Table" and basically their advice was go with a target retirement fund that aligned with your 65th birthday. That was 20 years ago. It is the only thing I've ever invested in. How else can I grow my finance?
target date funds made me a multimillionaire but i also watched them drop 40% in a very short time and take a long time to recover. my best suggestion is that you seek the guidance of a fiduciary to avoid mistakes
Agreed, when it comes to retirement planning, following the steps of a well experienced advisor did the trick for me in barely 5 years, turned my $500k capital to 5 figure monthly dividends. If you want to keep it very safe, then Vanguard TDF may be for you.
bravo! mind if I look up your advisor please? only invest in my 401k through my employer as of now, but enthused about investing for my eventual retirement
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Sophia Maurine Lanting for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $350k in my 401k.
People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advisor? I'll be happy to use some help.
Credits goes to "Sonya Lee Mitchell" one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you
I have purposely declined management to keep my health and stress levels lower! Something to think about. I make very good money as an individual contributing engineer and enjoy working on products and systems. I can do this and enjoy balance all the way to retirement. Don't allow yourself to be promoted into a stress filled hell job folks for prestige and more money! It's not worth it as your health will suffer. I know people with chronic diseases like ulcers and worse! I'm 53 and enjoy my work and plan to retire at 60 happy and healthy.
I'm with you, management is not for me, I prefer actually making things. Any extra money would not be worth it.
What's worse than going into management is seeing a GREAT engineer being pressured/forced to go into management! My lead was a great engineer and leader and eventually went into management. We all agreed that he changed and unfortunately morphed into a bad manager with terrible personnel skills. Eventually during a one-on-one I asked him why he decided to go into management, and he disclosured that if he didn't, this other person on the team would be selected (and yes, this person would have also made a terrible manager as well).
I accepted the management position because that's what the company needed at the time. I did retire early (56) because the stress was getting to be too much. I was also shooting for 60 but, the promotion added ~30k to my pension and ~20k to my yearly salary/overtime. The better financial position gave me an extra 4 years of retirement, so it was worth it to me.
THIS is some of best advice I've ever seen! Why in the world would you trade up to experience a daily hell for some extra money. Can't tell you how many times I've seen climbers who ultimately regretted the next level to the point of quitting or regressing back to their former position (if possible). Companies don't care about your mental well being, despite what they say in their employee handbooks. Know yourself and seek a position that is financially rewarding and mentally acceptable to you.
You said it. I've turned down management promotions several times, leaving a company once when they said I was being promoted and had no say in the matter. Bye bye! there's plenty of other good places to work and I don't mind voting with my feet. I went to school to be an engineer, not a bean counter or a paper shuffler. But even so it's time. The profession is changing and the company I'm at is changing. And at this stage of the game voting with my feet means retiring.
I just found your page with this video- I consider myself a high income earner so I'm curious to know how people split their pay, how much and in what order does it go into savings, spendings and investments, I earn around $120,000 per annum but nothing in my IRA to show for it.
In my opinion, IRA is a valuable strategy for retirement planning, providing growth and tax advantages. While the market is promising, expert guidance is essential for portfolio management.
@@Aurierserge50 I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.
@@Aurierserge50 I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.
@@Aurierserge50 I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments.
@@Aurierserge50 I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
My Dad is 94, retired 32 years ago. Still lives on his own.
I pray to be like your dad when I'm 94. What was his life/his habits line that got him to 94
@@errolm8313 Genetics, ate good, stayed active, completed every word puzzle in the newspaper every day. His brother lived to 99. We used to joke that His Uncle lived 3 centuries 1899-2004. I’m more like my Mothers side but I’ll be happy to see 80. All the best to you.
Wow, that's great.
My mother is 76. I’m exactly 20 years younger. She goes on many “senior” trips that are always at a discount. She loves it. My wife and I have gone on a few or these trips with her. We qualified because we’re both 55+. Bus excursions, cruises and train trips all discounted. She has more money now than when she retired, all while enjoying herself. Live life folks. ❤️ You only get one.
I guess you never forget her birthday then.
I'm 68 and still work my residential contracting business. About 500 hrs a year.
I don't need to, but its satisfying for me.
Im pouring concrete today and fishing with 2 of the crew in the afternoon.
Best part is that it keeps me using muscles I've always used.
Everyones different
All great points. I’m a recently retired CPA a year ago at 64. My clients were shocked when I announced the news. I explained that I didn’t want the stress to get the better of me. I knew that I had pushed the envelope as far as I should. A year later I have no regrets and I’m enjoying a stress free retirement with plenty of physical energy to enjoy my life … finally !!
I hope you were able to milk all those clients enough to live a stress free retirement🤣 just kidding. I think most people know in the back of their head, if not getting smacked across their face, when it's time to leave work. Azul's other video on determining if the marginal value in additional savings is worth the extra years of work, which resonated. I recently quit another in retirement job because I'd rather spend time napping with my dog rather than looking at a computer screen all day, even though it was a well paying job.
@@hanwagu9967 haha … all is good. To your point, unless one’s favorite thing to do is work, it makes sense to forego earnings you’ll never need, so you can enjoy the time doing whatever you love doing the most. Once I got to the point where I was 100% confident I would never run out of money, while maintaining a comfortable lifestyle, I knew it would be foolish to risk one more year of stress for money that will never be spent by me. lol my kids will inherit something meaningful, with or without that extra year of earnings. And napping with your dog sounds like a perfect way to enjoy a day!!
I love it!!
I just retired December 2023 age 55 with a good pension. Best decision I made . Life train doesn't u-turn at the terminal...that train continues and seems to pick up speed as we age.
The train of life goes into many tunnels, The caboose is just as important as the locomotive.
What about medical insurance
@@yunx3997 Medical is like a freight car
@@slicksmith856 Absolutely!!
I planned to retire at 53 yrs but I love working so I will retire next year at 60. I used every short holiday (2x2 weeks/year) in the last 10 years to go abroad and have visited 30 countries and all provinces in my country. Don't wait until retire to be adventurous!
Great advice! I work part-time in palliative care. Can't count how many cases of "this person here was healthy, mowing his lawn or shoveling his driveway three weeks ago." I've also seen a lot of: "I love to travel, but I put it all on hold, until I have saved enough money. Now I have the money, but can't travel, as I have to be hooked onto this machine twice a week."
So, fully agree. Planning is important. But we need to remember that those days you're planning for are themselves being shed, one day at a time. Every single day is actually meant to be lived. Yes, those regrets are real. I see them everyday.
You’ve opened my eyes
I totally agree same for my job I see a lot of it
We had someone have a heart attack at work, it was very scary. I’ve often thought of his missed retirement years with his wife. Another lady went home feeling ill, early 60’s, passed away the next morning. Makes you think.
Stay healthy
Must be safe and effective policies
Avoid refined sugar, highcarbs and food with seed oils. Google it. Thank me later.
Life is short. We will all die very soon if not tomorrow
Excellent reminder ❤❤❤
Some people do not have the luxury to not work too long.
That is, the vast majority of people in the world.
Make that luxury. It really is up to you. Don't give that much control to your environment.
Any more obvious observations?
Yeah. That's me although I had to retire early due to health reasons. I wish I could have worked at least a few more years (I'm 59 now). Yeah, poverty and low income changes everything.
@@kenyakiddo If one is single, in good health and have no dependent to provide for, then it's not hard to afford early retirement. Not so easy if you have to provide for old and broke parents and kids.
Three years ago I retired at 62 and moved to Central America. Not working is better than I imagined, my life is great, and I love the weather here. My two biggest fears are 1) I will run out of money and 2) I will die with a lot of money.
Where in Central America.
@@steve75889 Costa Rica
🤣🤣🤣
Hope for option 2. The point is to leverage money for maximum enjoyment of your life.
Granted I am in my 20s and have much to learn and life to live, but I would love to die with millions in the bank. I value a legacy and generational wealth. My parents immigrated to the US and I am definitely prioritizing that as I invest.
Even retirement has seasons, but you need to prepare long before each season arrives so that you can get the most out of each these seasons. We went at 52, Paid off 2 homes and live in eternal sunny and 80. That is our dream retirement and so far, so good 10 year later. Told our advisor we better not have 2/3 of our portfolio left at 70. We don't want for anything and do what we want when we want. But we killed ourselves working till 52... No regrets, but never going back....
I am fully retired 62 with good finance and paidoff Mortgage /Totally Debt Free! I know travel world in seek of new adventures, the freedom is unreal! Remember Time is Priceless! Time waits for No One. 🔱🐸Just my 2 cents 😊
Thank you for sharing your real-world experience! Much appreciated.
I have a question
I'm glad to hear this. I retired early too no matter what happens, no regrets enjoy life and breath easy
True story, Mom travelled to Italy for the 4th time with her University Alumni. She was 60 but one guy was 80. He was ex-military and in good physical shape but his mental sharpness was not there. He would wander off and barely make it back to agreed tour locations. Don't wait until 80 to travel the world!
your anecdote is more a function of mental faculty not of age. I just came back from a trip hiking up 4500m mountains and there were plenty of 80yo+ hikers doing the same.
Yes, but I guess my point is that you pray it doesn't happen to you but to hedge your bets save those international trips to occur by the time you hit 70. Just a thought...@@hanwagu9967
it s about probabilities.....@@hanwagu9967
I just retired! So happy.
congrats!
Retired from a high stress Senior Management position last year at 56. Never been happier or healthier. It’s been an adjustment to switch from saving to spending but have been on several big trips with many more planned.
Will be retiring in a couple months in my late 40s, and looking forward to it and avoiding many of these regrets. Thanks for sharing these 🙏🏼
Kenny, do you have a retiree medical option or doing the ACA route?
@@NewGuy2024 Will do the COBRA extension for the rest of year and then likely ACA going fwd.
Do you have to move out of the US to cut costs and be able to retire?
I'm 54 and I've never been one of these people to overvalue their job. I do work hard, but I don't work overtime and I value my personal time far more than working. I've always seen working as merely a means to retirement, nothing more. It is a uniquely American sickness to obsess about work (often without choice for many low income workers) and to neglect building a meaningful life. That said, I didn't become a diligent saver until about 10 years ago, so I'm behind on retirement planning. I'd happily retire today if I had the means, but I can't unfortunately. As of right now, I hope to retire in 8 or 9 years, no later than age 63. I won't be rich by any means, but I'll have enough for a comfortable fun filled retirement and that's enough for me. Young people, please take advantage of your early working years and build an investment portfolio that can compound over your entire career. Don't wait until you're 40+ like I did. You will have many more retirement options if you start planning early!
That's a noble goal. I'm 62 and a half, and I'm waiting for Medicare. One major illness can wipe you out. I can get Cobra next January, but I'll see when I get there. It's hard when you finally get to your prime earning/savings years, and just look at how much more I'll have saved if I can make it to 65.
@@bigjohnson7415 You are right about health being a major consideration. This is why I so appreciate Azul's comments about taking care of your health throughout life. This was an issue for me, as I never really paid much attention to my health until 3 or 4 years ago. Now my health is my top priority because retiring with money is pointless without good health to enjoy it with.
That said, I got wise about 6 years ago and started to fund a HSA. I'll still have to cover insurance out of pocket until I reach Medicare age, but my HSA will cover all other healthcare costs. If you have access to a HSA, I highly recommend it. They are very flexible accounts.
Good advice
boy...I love your channel. I can't stop watching. You are almost picturing my retirement life. Thank you so much!
I totally agree with you saying that South America is safe to travel. For my 60th birthday in Sept of 2021 , I took a six month sabbatical in S.A. and loved it! I even spent Christmas on Antarctica. I met many single women of all ages who were traveling alone and asked them if they felt safe. All of them said they felt completely safe in S.A.
Where in South America?
I retired 16 years ago at 58 and have no regrets. I have enough money to live as I wish and will not run out of money. I, too went to Ecuador for a month to the Andes city of Cuenca. In fact, my retirement accounts grow each year. I don't regret not spending more. My kids will get my swag.
How much is your nest egg?
@@joem.7621that's none of your business. Would you, in a public forum, tell a stranger how much your nest egg is?
I had to medically retire. At 56. Wanted to work til 60. Fortunately I was debt and mortgage free. My expenses are covered by my Ssdi. Now almost 3 yrs later. I travel 3 x a year. Nationwide. Not interested in traveling abroad. I get out and move daily. Enjoying my life in retirement. My net worth has grown as well in the last 3.5 yrs.
Learning from retirees' regrets helps us plan better for our future. Thanks for sharing these valuable insights!
Several years ago, my great-great aunt retired at 79. She was so devoted to her job that her employer gifted her with a cabin on the lake for her 80th birthday. Unfortunately, she didn't enjoy many years in retirement as she died a few years later, aged only 86.
so many just wasted years...
@@-free_time Sadly. I pray that I'm never in the position of having such a short retirement or no retirement at all.
I retired recently at 57, after 34 years teaching. Best decision I’ve ever made! Didn’t quite realise the immense amount of stress I was under. I’m learning to play tennis and swim a lot now. Feel a million dollars!
We quit our jobs at 39 and 50 and went around the world for 10months. Best decision ever. Came home almost broke, moved to a new town, got good jobs and saved a lot, invested well and retired at 56 and 67, still able to do a two month camper trip to Canada and Alaska. Now 71 and 82, comfortable, debt free and active. I say DO NOT wait to do what you dream of...be smart but do it when you can. No guarantees you will be able to later.
Boy, spending money is hard! I have to force myself to take trips and enjoy my hard earned money. Die With Zero is the best money book, I wish I had that information decades ago.
I retired at the end of 2023 at age 53. I feel great, mentally and physically. Eating better quality food and lower volumes. Added 60-75 mins of exercise daily. Quit drinking soda/caffeine.
Today I went to a funeral of a friend who died of a heart attack this week (age 56). He was starting to talk about retiring. Heart breaking.
Pretty young to pass away. Vaccine status?
Is that your first inclination when there are many, many ways to die@rrf6747 ?
@@travelseatsyellowlab I wasn't talking to you I was asking the original poster. What his friends vaccine status was. Its relevant in this day and age.
Curious on why you quit caffeine, no coffee?
@@rrf6747 People are talking on a public forum, so, when you draw your agenda into the discussion, you're inviting others to give you their input regardless to whom you're speaking. Clearly, the poster his hurting, and there are thousands of other ways a 56 year old person can die besides what you're pushing. I knew a 53 year old man who suffered a cardiac arrest and died in 2016. Was this guy jabbed? No. He died of natural causes. It's time for you to grow up.
I like you and your channel but I think video mostly applies to people who are well off. I am 59 and am not well off. I am retired a few years ago due to health reasons and don't know if I'll ever be able to work again so I need to be super careful to budget what money I have left. I have time right now but not the money or energy to travel or do much. Still love financial advice and will keep watching your channel. I do knit and read and walk and cook so even for poor people, there is nice stuff to do.
One of the points could be: if you love what you do, it’s not work at all.
Going back to Columbia for the 3rd time this Spring. It is beautiful and the people are nice there. US Media has it wrong. Glad you saw what a nice place it is.
Columbia, South Carolina, or Colombia the country?🤣
Where in Colombia?
This is why I am so into my health! I am 53 and just started saving for a retirement, I have never had a job long enough to have a pension! So it’s a Roth IRA! But I have not regret anything in my life thus far
Thank you I am African American female. I retired 9/ 2 3. Age 61 from state of ms. Will start my ss benefits age 62. I want to live .
Ironically 2 retirees that I’m
close to, 85 & 90 yrs old, both said they wished they had worked longer. Both retired at 62. I think they live comfortable but very simple retirement lives. Not the jet setters so many attain to be. The biggest trip these folks take is to the grocery store. But you know…. They weren’t enslaving themselves at work and that in itself IMO was great enough.
It's right for some. I remember a chemistry prof I had. He was about 70 at the time and he worked for almost 10 years after that. He LOVED teaching. Taking that away from him would have been a punishment, not a reward. Me on the other hand I've enjoyed what I've done often getting in early and/or staying late just because I liked what I was doing. But companies and professions change and in the past couple years I've gone from planning on working to 65+ to planning on calling it quits a few years earlier.
jet seting or traveling ain't for everyone. In fact, I think most people who have a vision of travelling in retirement find that it's not for them. Having travelled and worked overseas on six continents for most of my career, I actually looked forward to not being a jet setter. We still travel frequently overseas, but I tend to just want to get back home.
Yeah I could imagine myself taking like a 5 yr hiatus from work and doing a bunch of stuff I love. But let's say I'm 55 when I do that and finish at 60. What then??
@@watamuthado you mean if you come back at 60 you won't have a job? If your job will still be there, why not do the hiatus? But here's the thing: after 5 years of traveling gaining new experiences and life adventures, you will not want to go back to that job. You will have outgrown that job and become a new person😄.
Thank you for the great advice , from someone who is 62 and retiring in may , this as been informative 😊
Hello Azul, Glad to hear to visited my home country of Uruguay. Hope you enjoyed a good "asado" and some great red wine!.
I am a 60 year old barber. I can retire now and live off of the dividend and rental income, but I enjoy working and interacting with my clients, so I don't see myself retiring unless I become immobile.
I agree with some. of this. Retirement is NOT for everyone. And for some, retiring as young as possible makes sense. To me how much money you have, is what I call your choice variable. If you don't have enough money, then you have fewer choices. You only can choose between working and living a very frugal retirement. If you have money then you can choose to continue working, have an exuberant retirement, or spend below what your portfolio can generate in retirement. I chose the latter.
I travel as much as I want. In the way that I want, which is not usually first-class, or 5-star hotels. I do any activities I want to do. But I still will likely leave an 8 figure portfolio. So do I have regrets? nope, I enjoyed my job and the people that i worked with. And no I really don't think. I would enjoy the really expensive stuff any more than I enjoy the "average stuff".
One example that some might understand what I am saying is::. Is if you had the opportunity to sit in a suite at a baseball game, away from the other fans, would you? part oft he excitement of the game is the crowd. Yes, you might get better food, or perhaps a better view, from the suite but I don't think you would have as good a time at the game, as the person enjoying the game with a bunch of other fans.
So in conclusion, leaving a nest egg, should not cause you to regret stuff. Just be true to who you are. And build that portfolio that would give you choices.
Game point is well argued. But having been in several suites (F1, soccer, tennis etc.) I can say that many don't watch the game (closely) because their main objective is to connect with the others in the room. So two very different things.
@@meibing4912 Thanks for the reply. And I agree that suites are enjoyable, and a good way to meet people for business. I have been in several.
My point is, that not always the most expensive thing is the best. I had more fun out in the stands. (even bleachers)),
As I like examples, let me give a couple more to explain my point.
Last year, our friends and my wife and I toured Portugal. On that trip we DiD stay at several 5 star hotels. Why? because they all wanted to travel that way, and I wanted to go And I really enjoyed myself, (and the Pestana Vintage Porto is in an amazing location)
But on my trips to Barcelona, I stayed in 3 star hotels, and my most memorable parts of the trip were meals near the pier, having " platos de días": and a bottle of the house wine. Enjoyed that much more than a 5 star restaurant where I would be pampered.
My point is with a portfolio, you have a choice. Without one, you don't. And if you dont spend it all. Its OK. As long as you are making the choice.
My question is what does one do when they retire early how do they pay for medical without employment insurance?
We are paying 2400 a month for 2 for health insurance
@@lvlv1225 but I mean at that price per month would it just be easier to save that and pay out-of-pocket when you go see a doctor?
@@robertowhyte2836A major medical event could cost you hundreds of thousands if not a million plus dollars so you need insurance.
Maybe you could get a catastrophic plan with like a $10,000 deductible to cut back on the premiums but you really can’t go without.
@@robertowhyte2836 it depends on the person's risk tolerance. If they were in a low cost country say, in South America, They actually could put that $2400 a month away in a low risk investment and fund their medical out of pocket and feel safe in doing so.
The affordable, care act, aka Obamacare . you purchase it on the exchange in my county there’s 42 plans to choose from base on projected income so it has qualified tax credits.
I would have moved the health aspect to the #1 spot. It is fundamental and foundational to all the other factors you stated. Particularly managing the risk of running out of money. If I'm healthy and vital I can work. And after a long career of developing in-demand skills, I can find a way to get paid to add value. Great summary!
Retire to Thailand guys awesome channel mate😊
Azul- you are a God Send 🎉
Very welcome to my beautiful country again! Paraguay
Thank you for your channel helps me a lot , it’s not yet late for me to do all your advice
My coworker works in the hospital and they just hired someone new to the team. He's 67 years old with a 17 and 13 year old kids. Dang....
Moral of the story: Don’t have kids.
Lol... especially after 50...
He's a fool
Those kids might be the catalyst for him remaining fit, active, and useful and could add years to his life. Governor Edwards was 86 when his fifth child was born and he had a lot of time, more than most, to make memories with his child. He was so busy pursuing a career at a younger age that he spent comparatively little time with his oldest four children.
Vasectomy
I retired at 48. Was blessed to be home for my sons high school years as well as time for my daughters home schooling. We are very close. I don't have 3 million dollars but I do have a nice 6 figure pension
Spending in retirement is my issue. I'm retired before 50 so I'm a little nervous about touching the money.
Well I’m 70 still working gives me plenty to do very fit for my age home gym etc travel interstate every year use it or lose it
My eating. Times have drastically changed since i retired now i eat late in the day and when im hungry,,,,,,since i retired my health is coming back,,,,,,wow this is fantastic!!!!!! God knows how many days i drove to work and no one was on the road because of the fudging godless hour i was to start....no thanks dont misss all the bs at all. helll To the no!!!!!
i retired in my 40s (thanks to my stocks deposits mainly) and never looked back to the corporote mess). I ive modest but no longer have to deal with psycho bosses play and colleagues....
I laughed when Azul opened this video (as he does all his videos) stating that as we all know he's been a financial advisor for over 20years, because he never has provided nor provides any bona fides to confirm this. Aside from that, it's a given that life is full of regret. No matter how good your financial advisor and monte carlo simulators are, the fear of not having enough is a pretty strong countervailing force. All the listed regrets come out of fear.
Ha , yeah , he hardly ever mentions it :)
Appreciate the insights, so easily overlooked with age.
Yup, waited too long at 48. Saw a guy get laid off after 27 yrs at 58 and I was like congratulations! This is a good thing!
As soon as I owned my house outright and had a decent amount of money in the bank, I went part time. Don't work Mondays and I will never go back to full time work.
That's all fine and dandy, but what about outstanding bills?
Prioritize your enjoyment of life. You don't want to be on your death bed saying, "Well, at least I paid my bills.", or have it written on your gravesite headstone, He paid his bills. Realize that this life is a game, a simulation in which we were all programmed to think about in a certain way, making our behavior predictable for the purposes of others. We now know this simulation as the matrix. Scientist have proven it's existence
In a way life is work and work is life
I’m 62 and want to retire in 6 months. I have a 30K annuity, plus a 401k depleted to 150K of money that I’m not sure what I can do with at this point. My retirement plans seem to be out the window. i am currently seeking professional help?
With everything going on, consider financial planning, … that is okay. You can get your money to work for you. but I would say delay retirement a little.
I have heard how they can help you make the best decisions and to be honest I don’t want to lose money anymore or I will have to work a job in retirement to sustain for God knows how long.
It’s a good idea to look for a fiduciary who has a legal obligation to work in your best interest and can’t recommend products or services just because they’ll receive a financial kickback for doing so. I and my spouse work with a retirement planner, Under the planner guidance, we split our investments, traditional IRA and the individual brokerage account where she copies her moves on our account from her master. We have been up by 74% precisely in the past year She rebalanced again when the year began, we still hold cash and are cautious with how much we let into the market at this point.
i appreciate the recommendation. 🙏. Can I get the contact info of the planner you work with?
Monica Mary Strigle’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'm always amazed why people work their whole lives working a job they hate so they only think about when they can retire. Work can be fun, fulfilling and satisfying with low stress. Worked for me and I officially retired at FRA 4 years ago and have no regrets. When I look at my investments, sure I have money I'll probably never spend but I actually enjoy doing things that don't cost a lot of money like riding my bike and working part time at a local bike shop. Only thing I might buy is a full size sailplane which I used to fly as a teenager or maybe a couple more RC gliders which I enjoy, both pretty cheap hobbies. Everyone is different, what makes you happy doesn't make everyone else happy, happiness is for you to decide. Good luck!
I am 53 and had rough times I am open to any solid and factual advice on what I need to do before I am 60. God willing.
Hi Azul, can you address the subject of using a financial advisor entering retirement or DYI
Thank you. Always love your videos
Keep 18 months living expenses in a 5% interest baring account and the rest invested in index funds (S&P and total market). Evaluate Roth conversions and when to start taking Social Security. You're welcome, no charge.
@@hogroamer260Please, which interest-bearing account offers 5%? Also, how long should the money tarry in that account? For the S&P, which one would you recommend? Some of us are late starters, yet it is better to start late than not to start at all. God bless your wisdom for freely sharing.
Excellent advice . Thank u so much for this video
Work...for money to buy things you don't need.
To impress people you don't even like....
Yesterday was always the best time to realise you're getting played...just don't let it be tomorrow...
As "tomorrow" is not always guaranteed...
Thank you for this precious message.
As you reach around 70-75, you will need more for medical needs but probably a lot less for lifestyle needs.
Happily retired when I was 53. ZERO regrets. Have plenty of money and still young and healthy enough to enjoy it. Old and broken down with a big portfolio is kind of a pathetic way to live. No thank you. Traveling wherever, whenever I want for the foreseeable future. Skiing, mountain climbing, rock climbing, etc are a lot easier in my 50's than they will be in 10-20 years, if I'm not already dead by then. Retire the first minute you can, get off your ass, and go have fun!!!
Stop gloating about yourself, be humble you won't live forever either, tommorrow is not guranteed, where will u spend eternity,??? Money won't save you from death hows that for humbleness...😂
Exactly how I think. I’m in my late 30s but hope to retire like you in my early 50s.
Number 2g What about leaving money for your children ???!
Great Video Azul,
I like the thought of retiring early, if I could feel more at ease with the health insurance cost situation, prior to 65.
However, because of being in my 50’s and the health insurance cost for my spouse and I, I don’t think that would be wise, at this point. After reading of how so many retirees return to some kind of work just due to health care insurance cost to pay for, I am concerned that I would need to wait until I am at least in my early 60’s, to be able to draw from my 401K to help with that cost. This way I would just have to cover the cost for only about 5 years until Medicare kicks in at 65. Otherwise, I would have if I try currently, it would be about 10 years of covering the cost of approx 22K / year..
(Approx. just health care insurance for 2 people)
Azul, any thoughts regarding my concerns?
Thanks in advance!!
My farher worked hard all his life. He started working at the age of 12 years old after his father passed. He grew up West Texas and worked and studied all his life. He retired at 59 ended up with Alzheimer's 13 years later. All his hard work a savings just being spent by my stepmother and her kids.
😢
Сумно 😢
Sorry to hear
Thanks!
Thank you Azul!
I love working. I got bought out at 59-1/2. We have a net worth of around $2M, with $1.1 million investable and a pension and social security that pays all the bills plus allows us to continue saving. My “retirement” has been starting and building a business. I want to die with a big pile…I will be happy if my grandchildren never have to worry about money.
The plan was always to get out at 55. I started early. Nobody believed me at work. The day I turned 55 At one of are useless morning 9am production meetings. I put my company phone down and walked out. After 4 states. 3 company buy outs and shut downs. I was done. After 39 years. It's all about greed. The people at work are not your friends. I did my job. But I was done.
Not only that , but in your sixties , your health could take a turn for the worse any time.
Great vid, good advice which i use in myself funding retirement in the philippines
Returning in my 50s!
Amen, brother!
Before cell phones 2004. I felt safe going to work. Not any more everyday i was scared someone would drive me off the road loaded,,,,now retired trucker zero regrets,,,home and safe is a milllionairs life,,,,
I was looking to move to the Philippines I have been there 3 times, i have no problem leaving this country
Very well said!
I am 70 and I have no intension of retiring. I am very concerned about keeping fit which is expensive. I need good food and good medical treatment which can be expensive. I get well paid and I have had a few medical issues over the last 10 years which I was only able to sort out by paying for expensive medical treatment. I also do a lot of weight training and I have a personal trainer for that. Retiring and taking it easy is a killer. My identity is tied up with my work and I am in front of the public all the time so I have to look good and wear good fitting clothes. During lockdown I was not working for a year and I hated it.
Check Dr Eric Berg for health related stuff, he makes you an informed person.
A good book is “The Number” by Lee Eisenberg
Love your content AND I don't understand why 100% retirement success isn't the goal? Heart surgery, I want a Dr. who's closest to 100%. Cancer treatments, give me the highest ranked treatment modalities not just some lower ranked approach. Parachute (or any other significant statistic)…I’ll take as close to 100% please.
Yeah, I understand nothing is guaranteed and underspending can be a remorse, but (more) so is running out of money. Remorse over underspending is a luxury of the statistical winner. I'd opt for gratitude over remorse and think of all the ways I can benefit others when I'm gone. And if I had to tradeoff one against the other...ending up with too much money wins every time over running out. I think about it as insurance. The extra money, well I hope to "have it and NOT need it". The alternative of "needing it and not having it"...oof. Maybe that's just me:).
That being said, I didn't want "fear" to run my life and end up in a perpetual "one more year" syndrome. I left bad jobs in corporate america to "retire" at 50. Though I prefer to think of it as "financial independence" rather than retirement. Done with situations that don't fit AND happy to be of service on my own terms where it's a good fit all around.
Where is the family in all of this?
Video summary:
1. I wish I had retired earlier.
2. I wish I had spent more money.
3. I wish I had been more adventurous.
4. I wish I had had more balance.
5. I wish I had had better health.
I have had a great time with my family and at work with lots of amazing adventures - and have still been able to build a large nest egg. Take care to make every day a happy and motivated one. Many Americans need to take longer vacations. Most Europeans trade salary for time off - seems to give a better life cycle than working like crazy for 30 years only to draw down to zero after your kids have grown and your body (and sometimes sense of adventure) diminishes. Think about it.
Yep, I just sucked it up to spring for a trip to Cancun for the whole family. It might even be worth retiring a bit latter to enjoy life more now!
Well said!
This is pretty insane advice. There will always be the conundrum that you'll never have exactly as much money as you need. Because life isn't so predictable. You don't know how long you're going to live. Everyone either has too much or too little money to last them through retirement.
But having too much and not using all of it is a lot better than running out of money. Honestly living a life where you've ran out of money and can't earn more probably isn't worth living.
How many years average American work?
Quit the day you have enough
What’s enough?
You can lose half and still live the lifestyle you want.
I traveled to the EU and elsewhere during my 20s and 30s, including cross country drives visiting all of America's national monuments. I have no desire to travel long distances anymore. I'm not planning to retire although I'm now in my 60s because I love my profession and intellectual challenges. My next plan is to get another degree. Retirement in the traditional sense is not in my vocabulary. Cutting hours yes, stopping my career, never.
Easy to look back and say i should have spent more.😅
Thank you. ❤
Regret is nothing but self torture. The only regret you should have is if you harmed someone in some way. Other than that it’s just life and your life went the way it was supposed to.
I started working 30 years ago.... I started investing and saving 2 years ago = I don't get to retire on my $50k annual income.
Annoying captions: why do you feel you need those?
If you worked too long , you obviously needed to or you enjoyed it. So why the regret ?
I can’t retire because I have bills, I did not plan my life accordingly. That’s on me .
Thank you so much for your guidance and mentoring. You are a wise person...we need more people like you!!