8 Timely Reasons You Should Retire As Soon As Possible 🗓

Timestamps:
0:00 Why Right Now is A Great Time to Retire
0:23 #1 - Overestimating Your Income Goal
2:23 #2 - Tax Opportunity
3:31 #3 - Your Best Years
5:28 #4 - The Age of Overblown Uncertainty
6:43 #5 - Higher Interest Rate Opportunities
7:32 #6 - You're In a Better Spot Than You Think
9:58 #7 - The Retirement Benchmark
11:48 #8 - Moving the Goal Posts Again?

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Always remember, "You Don't Need More Money; You Need a Better Plan"

[alphamale]

"Today is the youngest you'll be for the rest of your life."

[kevin]

I retired at 57. The key message I would communicate to others is don't delay retirement if you have the financial wherewithal to do so. Too often I have seen many people delay retirement and then experience health issues which constrain the very things they wanted to do post-retirement. Moreover, the most significant benefit of retirement for me is that I no longer have to deal with people I do not want to. That has proved to be the ultimate blessing.

[reebeeable]

Great insight. Shifting the goal posts really resinated with me. During a super stressful time at work I reviewed my numbers, realized I’d already exceeded my targets and turned in my notice. I’ve been retired two years and am healthier and happier than I have ever been. It’s like being 14 on summer vacation with no responsibilities and no stress. Freedom and joy🎉

[raya]

I’m 60 yrs old, planning to retire at end of year December. I’m debt free, still have my health and more importantly mentally I’m ready, God bless to all.

[wickedbird]

😮😮I retired at 64. I was a bit concerned because my pension plus our SocSec would be about $500 less per month then my working wage. But I failed to realize I am in a lower tax bracket and I am spending less money because I am not commuting, not eating out at lunch everyday and I am dressing more casually. I have more savings now than I have ever had in my life. 😊😊

[Jacq]

Im about to retire in 4 months at 62.5 Every single day my brain says keep working. But its a trick. I have to combat that panic feeling...that moving the goal posts. Last year i went on a trip of a lifetime but found it physically challenging. I plan traveling and setting physical challenges. No more sitting at a desk! I here its the new killer.

[jdollar]

Good video!
I have a lot of friends who are focused on the financial part of retirement and I keep telling them to switch that focus. Being financially secure is important, but being able to enjoy that money is just as important. What good is $2 million of you work until you're not physically able to fully enjoy it?
I've been retired 3 years and my wife a little less than a year. We are enjoying every minute of our free time. Get up when we want, drink coffee on the deck, work on the farm, go fishing every day we want, etc. We leave Monday for a month in Florida, fishing.
August we head to Montana in the RV for 3 weeks.
October to Africa.
November to Vegas.
We figure, at ages 61 and 59, that we have about 10 years left to really explore the world. After that it's very possible that we will have to slack off a bit.
Time will tell

[christopherhennessey]

Retired in 2014 at 55. Claimed RN pension, which is a decent amount.Claimed Social Security at 62 .Glad I retired when I did.Four former coworkers have died since I’ve retired .I’m a retired RN who worked in a Trauma ICU, at a busy urban teaching hospital.

[MidwestMoney]

I'm taking the retirement plunge at 49. My end of career 401k goal was met 5 years ago. The next 6 years are going to be hard but the sweet taste of freedom will keep me going.

[johnhaller]

My company decided they no longer needed me at age 64. While that was disappointing, it was the best thing to kick me into retirement, or I would have kept changing the goalposts. My mother is 93, with some dementia and heart problems, and no energy, so I know I won’t be jet setting at that age. I’ve already outlived my father who died at 62.

[jjdelamo]

Retire in the Philippines. Live like a king on $3, 000/mo.

[chessdad]

Time doesn't go backwards. Once it is gone... it is gone. And the probability of health declining with age keeps going up. You may be fine one day, then the next it is "oh no...".

[johnb]

haha i am retiring at the end of May under rule of 55. I made a roth ladder (5 yrs) which completed last yr. i did a reverse roll over from my last Traditional lIRA to my current 401k and use that until 60 when my Roth will take over and use that until 65 when SS to kick in. I have military retirement and tricare for health, so everything is taken care of.

[georgeberntsen]

"Teach us to number our days, that we may gain a heart of wisdom " Psalm 90:12

[williamwilson]

Keep in mind you may not have a choice as to when you retire. Buddy of mine had to retire before he wanted to at 56 due to medical reasons. He became 100% disabled and it’s greatly reduced his quality of life.

I retired a few months later at 56. And loving every minute.

[SammifromMiami]

You have been knocking it out of the park the last few weeks. Putting these retirement projections (the math) into various different contexts of life, lifestyle and lifetime considerations really gives a sense of security and freedom in trusting that our plans will work out and that there is not much need to be a worry wart.

[meredithalbion]

This channel is such a great antidote to the FIRE community! Your explanations are clear, well-researched, and calming. I so appreciate it.

[dforrest]

I remember watching this when it first came out right before I retired at 55 at the end of May. This video and a few other things really reinforced that I was making the right decision, as if I’d gone 4 more years I would have had a much bigger pension payout. Teaching in my district had gotten way too stressful, for a variety of reasons. What I didn’t anticipate was having the chance to teach part-time at a much smaller private school. So far I really enjoy still working, getting a pension, and having much less stress.

[randolphh]

Great content! Totally agree on the essential vs add on. We are 100% certain to have the essentials no matter anything other than death. The higher levels look pretty safe if not certain, and thus, we pulled the triggers over the last 2 years. So far we are doing better than expected, and have not lost any net portfolio value, despite all the recent problems.

[pensacola]

Outstanding insight, Eric. You are definitely ahead of your years.
I am in my early 70s, healthy and very much go-go.
But I will say as we get older, most of us are willing to give up some turns or experiences for security and safety.