What No One Tells You About Early Retirement | 7 Secrets You'll Wish You Know Before Retiring Early

Early retirement sounds great. You have no boss and with no job, you can fill the day however you want. If you plan to sit on the beach drinking pina coladas, that’s just fine. Golf seven days a week, that's absolutely your choice. But you might be surprised to hear that early retirement may not be what you expect. The good news is that knowing any potential challenges is the first step to overcoming them, and so in this video, I’ll share some of the truths I’ve come across in my own early retirement and secrets from people who have been retired for a few years have shared with me. And with that, let’s get into the video.

Timestamps

00:00 Intro
01:05 Money isn't everything in retirement if you have enough of it
02:21 You won’t have all the time you think
03:45 You might lose your identity
04:53 Early retirement can be lonely
05:56 You might not like retirement
06:31 You can continue to work
07:11 Your costs could increase
07:45 Retire to something
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Disclaimer: Any information provided in this video is meant purely for entertainment purposes and does not constitute any form of recommendation, They are simply my opinions. If you want financial advice tailored to your circumstances please consult with a licensed professional.

#earlyretirement #retiredat40 #retireearly

[Farmwald]

As a beginner, educate yourself: Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.

[commuterbranchline]

I have just turned 54 and am aiming to jump ship at 55. I look back and see just how much I ignored retirement planning, buying new cars, motorcycles and luxury holidays. I was also overly generous with one or two friends and family members, bailing folk out on several occasions and while it was in some way the right thing to do it was an expense I needlessly incurred. I am very close to being mortgage free on our beach side family home and will be ok. I just regret that I didn’t actually sit down and plan things a little better, we will continue to muddle along…..

[DanTheManIOM]

Spot On ! You have to move to something, for me it's property renovation, and working on my cars - while youtube plays in the garage !! Introvert as well and like being alone. I really enjoy taking care of stuff I could not get to since I did not have the time. Just don't retire. You have to keep on learning, growing, contributing.

[dominic]

Hi Connor, great content!
I was fortunate enough to retire 8 months ago having just turned 54. Getting into a routine is critical and looking to stay healthy is key.
Worry does move to ensuring funds don’t run out and I can tend to look at the balance too often! Hopefully this will ease as time goes.
Wish everyone success on their own journeys and look forward to your future posts. 👌🏻

[stevegeek]

Good video. I am 55 and leaving my job in just over 2 weeks. I keep pinching myself to make sure it’s not a dream! I have been planning for early retirement for the last 10 years or so, pumping as much as possible into my pension and savings. Since I’ve been working from home for the last 3 years, I won’t be missing the social side of work. I have several hobbies and clubs where I’ve made good friends, so I won’t be lonely. I think the most difficult thing for me will be switching from saving money to spending money and seeing my pension / savings going down. It feels like a huge event but I think I’m ready for it!

[cbjones]

Wow! I retired 9 months ago at 52. Everything you said is spot on. I’m still adjusting to this new schedule, and I thought just not working would give me so much freedom - and it has. But, so much choice is also new to me. Thanks for sharing your thoughts.

[psaxton]

Thanks for the video. A lot resonated with me. I retired early at 60 in Jan and my wife in Feb. We’re both loving the freedom to do what we like without any of the stress from work. The weeks fly by and our days are busy with visits, talks, gigs, coffee, supporting parents, gardening and I’ve taken up woodworking so have new skills to learn.

[zeitgeist]

I retired at 46 and couldn't be happier. There was some adjustment mainly to a move out of state and less contact with work friends but I am so much happier, more relaxed and travel with great satisfaction and relaxation vs the forced rush of a vacation from work knowing I had more work when I returned. I took a 30+% pay reduction when retiring but I have more money saved and to use monthly now than I did when working. The cost, stress and factors of the commute, eating at work, rushed breakfast or order out dinner because you are tired add up beyond what you think. Weekends were a 2 day period to get all the chores done to be ready for the next week not time to spend with family, relax or enjoy. Retirement made all of that so much better.

[guyr]

Aiming to retire at 64 next April. Will have ten months until a DB scheme kicks in then another year before state pension.
I’ve crunched the numbers numerous times it works. Golf grand kids the house school runs etc will fill my time that’s for sure

[wildfoodietours]

Early retirement sounds great, but as you said, one definitely has to retire to something. Cheers to the fire movement for that game changer.

[misterr]

I retired with a small property portfolio, I’m about to take a big hit due to the BoE playing out the interest rate hike lie so they can get their money back after the pandemic...BUT....I always budgeted a lifestyle well below what I retired with as I knew it could fluctuate. I’ll get through until things settle and I can’t imagine taking another job on, I’ve learned as long as I have food in my stomach and a roof over my head i can remain free and true to myself. ...i enjoy a VERY simple life, I read, draw, watch movies, walk, exercise, educate myself on random things....I won’t trade that it again. Your ego is the most expensive thing you will own.

[herb]

I waited until I was 66 out of fear of the unknown. Now after 4 years I see that I could have done it earlier but I have a better ‘ piece of mind’. My goal 40+ years ago was to live a lifestyle at least as well as I did working. I wanted to spend at a 110% rate or better. I did not and don’t want to count nickels & dimes. We had a plan and so far it has worked. It sure helped to start early though. The years sneak up on you quickly.

[schallrd]

I really don't know how people can retire so early but I give them credit.

[MatthewYoung-nnek]

Life is moderation. Work that is enjoyable keeps you going even in later years...physically and mentally. It's about balance and not stagnating.

[wytchend]

Retired at 55, & 60 now. Invested heavily in property to managing those is the side hustle for me. Loving life more I've quit alcohol. It can become too prevalent once you have time on your hands? I'm looking forward to your content

[GrnXnham]

I retired 3 months ago at 54. So far it has been awesome but I realize that I am still in the honeymoon phase.

[kwaichangcaine]

I'm from Nardren Ireland where are yeu frrem

[ginacardarella]

I have a bucket list just cant retire yet😑🙃

[johnd]

I woked around a golf course, and the number of people playing golf under 50 during the week was far greater than you would imagine. I would say over 70 percent are under 50, most were in their 30's. I dont know what they do for a living, but it sure wasn't a normal job. I suspect most owned businesses and had others working for them, while they played all week.

[zxpceqw]

The greatest challenge to retiring early is inflation. Lots of people simply run out of money.