I'm 65 With $5 MILLION, Can I Retire? ENOUGH ALREADY!

There are so many retirement videos asking this ridiculous question about people with similar, large amounts of savings. Uh, yeah, you can....easily. Watch the video to see how.

Hi, my name is Duane. After a career in the music industry, I retired early at 59 in 2021 with just over $500K. Soon thereafter, the stock market (and my investment portfolio) tanked. This is my early retirement journey.

***I AM NOT A LICENSED FINANCIAL ADVISOR OR PLANNER. THIS CHANNEL IS MEANT TO PROVIDE GENERAL INFORMATION ONLY THAT MAY INTEREST YOU. PLEASE CHECK WITH A PROFESSIONAL BEFORE ACTING ON SPECIFIC FINANCIAL OPINIONS***

If you received some good info from this video, feel free to buy me a coffee!

[donsteiner]

Everyday on MSN. I have 3M in a 401K, 1.5M in a Roth IRA and I have an annuity which pays me $50, 000 per month. Am I safe to retire?

[MuahMan]

LOL!!!! I'm so glad someone finally said it. I hate it. It's just them bragging like aholes.

[montanarich]

Come on Duane. Everyone know that you need at least 100 million dollars, all debts paid off, and be at least 82 years of age.... Another great video. Thanks

[judiashley]

Lol thanks for this. Yes l scream stfu when these asinine questions are asked

[badabing]

It's just an opportunity to humble brag.

[kimonharamis]

I think it’s worse to die with lots of money than to die poor. I wanna spend it all. Example: I wanted to go to Lakers but everyone I invited was too busy so I bought one awesome ticket fir $300 instead of two upper seats for $150 each and went solo. It was awesome

[davidblack]

The "I've 5 million and wonder if I can retire?" question is a classic retirement humblebrag. A way of drawing attention to and admiration of your wealth but without seeming too proud about it. Anyone smart enough to accumulate 5 million is almost certainly already aware of what they need to live on for their retirement years, or at least, is financially literate enough to hire expert help to assist with such questions.

[Uplift]

So true, its so annoying. Even videos with financial advisors saying $500, 000 is not enough and you need to work until 70

[stevemaggs]

For many, "retirement" brings with it a lot of anxiety about money. I successfully retired at age 56, now a month shy of 70. Never had any anxiety about money in retirement. The reasos are: A) I carefully monitor expenses against my yearly budget and B) through SSI, a very small pension and interest & dividends from my investments, my income more than offsets expenses. As Dwane always says, develop a sound plan and stict with it.

[Willsmith-qv]

love your a back the best from Scotland brother

[genglandoh]

I wonder if the real reason with a lot of money ask can I retire is because they are afraid to retire.
I have been working for over 50 years and even thou I have the money to retire I have this fear of not having a job.
Many of your videos have helped me get over my fear.
Thanks

[billykellum]

Excellent viewpoint. 👍 That question does get old in the YouTube retirement communities.

[Docjuice]

Hi Duane, another well thought out presentation. I am big on maintaining a budget. John C. Maxwell says, "A  budget is telling your money where to go instead of wondering where it went."When you know how your money is being spent, you can definitely live within your means. Nice job. I love your background.

[michaeledge]

They are just bragging. Some will do anything for attention.

[zeroflaghu]

And the answers are even more terrible. "No you can't, because of inflation and stuffs". It's ridiculous. In Europe I see this a lot too.

[greensombrero]

not only great financial advice - you are also funny, man - really fun

[JJLimagine]

Just too easy to say one more year. My brother in law is the perfect example of this…he’s 78 and still working as a physician. He’s been saying “just one more year”for the last 20 years. The poor bastard fails to understand that he’s already missed the “go go years” and he’s now well into the “slow go years” and still working because he’s afraid of outliving his money. My sister’s next husband, let’s call him lucky bastard, is going to have a wonderful time spending my brother in laws retirement savings.

[MyMileageMayVary]

A lot of wisdom Duane. On paper you can retire and then unretire but on practice its probably a bit hard to pull off. So retiring feels like a one way door if you haven't gone through it. And that aspect - the one way door aspect - is a bit well scary.

[fredquimby]

Thanks, once again. Key point for me is clearing as much debt as possible no matter what value you intend to retire on.

[todddunn]

Hey Duane, I am 75 and retired. I sold one of my yachts 2 years ago, can I sell the other one now and buy a bigger yacht?