I’m 44 and had planned to retire moderately wealthy in my early 50’s but work has been weighing on me so much lately I’m not even sure I’ll make it to the end of this year. So I might just retire very frugally instead and enjoy the benefits of having all my time at such a young age. Best of luck with your transition.
Cingrats. I'm 40. I should be good by 50. Not super early but not bad either. 45 would have been doable with no kids but two kids pushed it back a decade.
This is exactly what I want to be doing soon. I feel like I am in a similar situation as you are (45, working for the same company for 23 years, etc). I am also almost there financially, however I have 5 children (age 5 to 13) that I need to continue to raise. Best wishes to you and your channel. I have been starting to level up on my options knowledge and hope to be doing more of that soon. I will check out your videos and hope to see more of this type of content form you in the future.
Probably one of the most relatable channels out there (for me, given my sitch) 11 yrs max away from retirement...i could pull that trigger at 50 or late 40s, but ahhhh! Such a leap! Thank you Duke!
Wow! I'm also 45 and in the same position. TH-cam's scary sometimes... :) I'm starting with a transition from full to part time work and hope to take the "final" plunge before the end of the year. Very interesting to hear your thoughts. Lot of overlap.
TH-cam must be serving it up to all the 45 year olds out there. Transitioning to part time seems like a great way to ease in. I think that work from home has helped me in that same way.
Thanks for the video. Being able to retire at 45 is crazy early. It is very impressive that you achieved this milestone and can decide when exactly to start the new stage of life. As for myself, I will retire much later, and that is if everything goes well. It would be very beneficial to move to a state without the income tax and with lower cost of living, but I guess, it is natural to feel attached to the place, where you spent the most of your life. And wive's job needs to be taken into account, too. 10:00 When I retire, I will say I work in the finance sector. Making a living from Robinhood options trading. 😎💰 7:24 SS has a slightly different meaning in Europe. 😅
Thanks! We'll see if I actually make it happen in 2024. Moving is a good strategy, especially once retired. We may move to a lower cost state or one without state income tax after our kid is grown up and out of the house. And oops, I didn't think about that other SS meaning!
State income tax does not mean as much if you are not bring in much income. If the property tax and sales tax is high then moving might make more sense.@@dukeofearlyretirement
I'm also pursuing early retirement. Thirty Five rn, and conveniently looking at 45 to bail. I'm going to try dropping out of the workplace day by day as my investments grow and help subsidize my freedom. I think too many people go from 40 to 50 hours a week to just boom retirement with absolutely nothing going on in their lives. This way you have more time to build hobbies, have financial security, and most importantly figure out what you truly want out of your retirement before you're too old to go out and do it.
Absolutely! It’s cliche but true, that you should retire TO something not just from something. Starting to build that post-retirement life now, and having a clear vision of what early retirement will look like is important. You’ve already figured that out, so you’re going to crush it at 45 and beyond.
I am in a very similar situation. The plan is to resign May. But honestly I don't know if I can wait that long anymore. My work motivation has dropped to pretty much zero.
Yikes. I live in Colorado, which I consider high cost of living these days, but I guess it's actually reasonable compared to the bay area. Moving to a lower cost of living area is a powerful tool. I hope to use it some day in the future.
Great question! 457b allows withdrawal at separation of service no matter which age. Roth IRA contributions can be withdrawn at any time. HSA funds can be withdrawn completely tax free if you have the receipts. And 401k and traditional IRA can be converted to Roth IRA and then withdrawn after 5 years. This is the super short and simple version. I have videos on each of these strategies with more details.
You should not retire at 45 IMO. Doing so would be a disservice to you and everyone that invested in you to get you to this point. You are likely at the cusp of entering into the peak earnings, value contribution and work/lifestyle balance years of your career. Further, if your profession/trade/vocation, what have you, has positioned you to be able to retire at 45, you have an implied ethical obligation to pass your knowledge and experience onto the next generation so that they can realize the benefits you have and progress upon what you did. Don't retire at 45. Retire much better off around 55. My thoughts anyway.
In my world retirement means I have no need to generate money just spend what I saved. If you still need to “think” of ideas to make money then This is not retirement it is a part time flexible job. Let’s be realistic unless we all move to Thailand we cannot truly retire at 45. Based on this nobody here is truly retired they just play around with the words to make it sound like this. I will 100% retire before 60 that’s a fact and without need to generate any more income with side jobs! THATS the meaning of retirement! The rest I read here is blah blah blah blah blah!!!
@@Deltron6060 agreed abroad In an Asian country is very much possible nowadays ! I have been to Thailand and it is very affordable and even I thought about it! I want to retire to Greece but it is not so cheap these days like it used to be. Europe is gone very expensive even in the south now
Less than you'd think. But between my wife and I, we make enough to save aggressively. More importantly, we didn't inflate our lifestyle much over the years, and we prioritized saving.
@@dukeofearlyretirement yes, hard-core savings is the key. If I took a 25% pay cut, that'd suck, but I'd still be a hardcore saver. You can still have a fun life if you're a saver. I'm actually going to Europe this fall
I have been retired since early 40s. I use the term permanent sabbatical instead of saying Im retired. :)
Im 48 and basically been retired since my early 40s! Join all us expats in southeast Asia! Your money will last you two lifetimes here! :)
I’m 45 I’m jealous because I’m burnt out and I have no savings have had to start over several times I really want out
I’m 44 and had planned to retire moderately wealthy in my early 50’s but work has been weighing on me so much lately I’m not even sure I’ll make it to the end of this year. So I might just retire very frugally instead and enjoy the benefits of having all my time at such a young age. Best of luck with your transition.
I became a morning person around age 39. Couldn't agree more with your position on it. Just a better way to live.
Cingrats. I'm 40. I should be good by 50. Not super early but not bad either. 45 would have been doable with no kids but two kids pushed it back a decade.
Kids definitely change things. Good thing they're worth it!
Same. 1 kid here. She's 6.5 rn, so I have a ways to go. But when she's off to Uni, I'm going balls to the wall wild
This is exactly what I want to be doing soon. I feel like I am in a similar situation as you are (45, working for the same company for 23 years, etc). I am also almost there financially, however I have 5 children (age 5 to 13) that I need to continue to raise. Best wishes to you and your channel. I have been starting to level up on my options knowledge and hope to be doing more of that soon. I will check out your videos and hope to see more of this type of content form you in the future.
RIP early retirement with a 5 yr old.
@@Deltron6060 He will be six next month. 😂. Ya, still have some years before I can hang it up.
Probably one of the most relatable channels out there (for me, given my sitch)
11 yrs max away from retirement...i could pull that trigger at 50 or late 40s, but ahhhh! Such a leap!
Thank you Duke!
Wow! I'm also 45 and in the same position. TH-cam's scary sometimes... :) I'm starting with a transition from full to part time work and hope to take the "final" plunge before the end of the year. Very interesting to hear your thoughts. Lot of overlap.
TH-cam must be serving it up to all the 45 year olds out there. Transitioning to part time seems like a great way to ease in. I think that work from home has helped me in that same way.
Right there with you, 41 and moved to part time semi-retired this year.
Thanks for the video. Being able to retire at 45 is crazy early. It is very impressive that you achieved this milestone and can decide when exactly to start the new stage of life. As for myself, I will retire much later, and that is if everything goes well.
It would be very beneficial to move to a state without the income tax and with lower cost of living, but I guess, it is natural to feel attached to the place, where you spent the most of your life. And wive's job needs to be taken into account, too.
10:00 When I retire, I will say I work in the finance sector. Making a living from Robinhood options trading. 😎💰
7:24 SS has a slightly different meaning in Europe. 😅
Thanks! We'll see if I actually make it happen in 2024. Moving is a good strategy, especially once retired. We may move to a lower cost state or one without state income tax after our kid is grown up and out of the house. And oops, I didn't think about that other SS meaning!
State income tax does not mean as much if you are not bring in much income. If the property tax and sales tax is high then moving might make more sense.@@dukeofearlyretirement
I'm also pursuing early retirement. Thirty Five rn, and conveniently looking at 45 to bail.
I'm going to try dropping out of the workplace day by day as my investments grow and help subsidize my freedom.
I think too many people go from 40 to 50 hours a week to just boom retirement with absolutely nothing going on in their lives. This way you have more time to build hobbies, have financial security, and most importantly figure out what you truly want out of your retirement before you're too old to go out and do it.
Absolutely! It’s cliche but true, that you should retire TO something not just from something. Starting to build that post-retirement life now, and having a clear vision of what early retirement will look like is important. You’ve already figured that out, so you’re going to crush it at 45 and beyond.
You've got a good plan. I'm retiring in '25 @ 42. This year I went to part time with work, 3 days only to ease into retirement.
I am in a very similar situation. The plan is to resign May. But honestly I don't know if I can wait that long anymore. My work motivation has dropped to pretty much zero.
It's like "seniroitis"... but for us working middle-aged people!
@@slmunney7760 It's was not the job. it was a job in general. It's too late anyway. Already resigned and enjoying my retirement and freedom very much.
@@chrisj699 Congratulations. Glad you are enjoying it.
Do you share your monthly budget like other channels?
Did you do a portfolio review of your investments and returns per month?
Nope
It’s impossible for a non-tech worker to retire early in the Bay Area. I desperately need to move 😢.
Yikes. I live in Colorado, which I consider high cost of living these days, but I guess it's actually reasonable compared to the bay area. Moving to a lower cost of living area is a powerful tool. I hope to use it some day in the future.
Geo arbitrage - just do it!
For your portfolio - what % will you allow yourself to spend? And whats your stock/bond allocation?
How can you pull from tax advantaged accounts at 45??
Great question! 457b allows withdrawal at separation of service no matter which age. Roth IRA contributions can be withdrawn at any time. HSA funds can be withdrawn completely tax free if you have the receipts. And 401k and traditional IRA can be converted to Roth IRA and then withdrawn after 5 years. This is the super short and simple version. I have videos on each of these strategies with more details.
Maybe i missed it, but what line of work are you in Duke?
Public sector. Training, Learning & Development. I've already said too much 😉
You should not retire at 45 IMO. Doing so would be a disservice to you and everyone that invested in you to get you to this point. You are likely at the cusp of entering into the peak earnings, value contribution and work/lifestyle balance years of your career. Further, if your profession/trade/vocation, what have you, has positioned you to be able to retire at 45, you have an implied ethical obligation to pass your knowledge and experience onto the next generation so that they can realize the benefits you have and progress upon what you did. Don't retire at 45. Retire much better off around 55. My thoughts anyway.
🤘
In my world retirement means I have no need to generate money just spend what I saved. If you still need to “think” of ideas to make money then This is not retirement it is a part time flexible job. Let’s be realistic unless we all move to Thailand we cannot truly retire at 45.
Based on this nobody here is truly retired they just play around with the words to make it sound like this. I will 100% retire before 60 that’s a fact and without need to generate any more income with side jobs! THATS the meaning of retirement! The rest I read here is blah blah blah blah blah!!!
I'll retire abroad in '25 at 42 years old. It's possible.
@@Deltron6060 agreed abroad In an Asian country is very much possible nowadays ! I have been to Thailand and it is very affordable and even I thought about it! I want to retire to Greece but it is not so cheap these days like it used to be. Europe is gone very expensive even in the south now
How much do you make?
Less than you'd think. But between my wife and I, we make enough to save aggressively. More importantly, we didn't inflate our lifestyle much over the years, and we prioritized saving.
@@dukeofearlyretirement yes, hard-core savings is the key. If I took a 25% pay cut, that'd suck, but I'd still be a hardcore saver.
You can still have a fun life if you're a saver. I'm actually going to Europe this fall
Don’t worry about going bald…it’s all good
You know, it's kind of growing on me at this point.
Hello 🫐
Pay attention to video editing also.
This is quite low, edit in good style.
Because it is very important in your video.