10 LIES About Retirement

Don't fall for these 10 lies about retirement.

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 RETIREMENT PLANNER. THIS CHANNEL IS MEANT TO PROVIDE GENERAL INFORMATION ONLY THAT MAY INTEREST YOU. PLEASE CHECK WITH A PROFESSIONAL BEFORE ACTING ON ANY OF THE OPINIONS STATED ON THIS CHANNEL OR IN THE COMMENT SECTION OF THIS CHANNEL***

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

[johncarlson]

I'm eternally grateful I prepared for retirement decades ago while attending College. I chose to save, invest, and most important, live well below my means. Retired at 61, answer to NO ONE and living a level of personal freedom that can't be articulated, it has to be lived to be fully appreciated and understood.

[lovechangesus]

Those celestial clouds in the background are so beautiful

[stevemaggs]

In my 14+ years in retirement, I've noticed that my wife's and my yearly expenses have been approximately the same as when I was working. Regarding taxes, my real estate and income taxes, combined, eat up 31% of my yearly expenses. Also, even if you own a paid-off home, it still needs to be maintained and the cost to repair/replace things is very expensive.

[paulbagley]

Thanks! Retirement Vodka on me 😂 I retired at 62 and 11 months 3 months ago. All is good and have definitely been enjoying your videos for a long time ❤

[vickiwest]

Hey Duane! Congrats on the interview. Well done!!!!

[Oilfieldscout]

You better understand what you are retiring to. Retiring is not an escape. It is just an evolution of your life.
Be willing and open to something new because there are a bunch of opportunities if you have your mind open. Three years ago I left welding and construction. Now at 67 I am working with ROBOTS! People less than half my age pick my brain and they buy me lunch. Person who owns the company flies me around to watch over these young people. Out of left field dropped into my lap.
Be open but always, be grateful.

[KathleenCernetich]

Retirement is being happily" broke"

[SpookyEng]

Great words as always!Save early and often, reduce expenses. Debt is the bane of a secure retirement!

[liverpool]

I am 51, still not retired with $600k invested. If you are in 20s or 30s or 40s the most important part of your life should be NOT living paycheck to paycheck. Do everything possible and impossible to break this cycle. And if you do this, your future retirement funds will be right in front of you. Invest everything extra from paycheck. Raise it to 10%, then 15%, then 20%, then 25%. First 10 years you are going to see nothing. And then COMPOUND INTEREST starts its magic.

[ubiquitousdiabolus]

The only difference is you don't have to deal with work. But then you have to find something fulfilling to do in that free time.

[lostboi]

I knew a guy that sat on his thumbs expecting a huge inheritance. He squandered his best years. When he found out he wasn't getting anything after the family member passed away, he snuffed himself out. Dont be that guy.

[timelesstourist]

Thumbs up Duane. I appreciate the way you bring reality into retirement for mod income retirees. Lots of crap out there from retirement planners and not enough reality from people actually living it. Keep it coming!

[antjuju]

Good stuff Duane. I retired at 52 yoa 6 months ago. The key is to save as much as you can as early as you can. Maintain a somewhat healthy lifestyle. My family has sustained a few health hiccups through the years, but thankfully we got through those hard times. A little bit of luck helps but ultimately we have to make responsible decisions and save for our own retirements. I am currently withdrawing 6.1 % of my retirement funds and so far so good.

[martinguldnerAutisticSwanGuru]

I had an older brother pass away in 2020 inherited $325, 000. For me the inheritance was the mashed potatoes of my net worth what I earned is the gravy.

[conanthelib]

Good stuff as always, Sir. Being skilled in retirement brings similar pleasure to being skilled in any other area of your life.

[RetiredLovingIt]

We agree about not counting on Social Security

[SamBalducci]

Retirement requires the same type of planning as anything else.

I have a plan from the time I get up to the time I go to sleep.

Morning walk with the dog, then home or some place with friends for breakfast or lunch. Then clean the house, I clean one room per day and repeat each week, so I am not doing anything but the kitchen every day. Then around 1pm I am either working on my hobbies or garden or yard work depending on how I am in the mood. My dinner is planned as I have been going through some cookbooks one recipe at a time and keeping the ones that I like to share with company or holidays. In the winter I work so that keeps me busy. In the evening it is more hobby or some movie. Weekly I make contact with friends near or far.

Because I work for 6 months of the year and make a good income, I am only using my savings for 6 months which is way less than 4%. At some point I know I will have no desire to work at all, but I have extended my savings a few years while I did want to work.

I plan on vacation every year and trips to see friends or family for the holidays.

I try to read one new book I get from the library at least one per week. Sometimes it takes me longer.

The people who fail at retirement have no daily agenda or plan. That is most of the problem for many.

Understand that as you get older most people do not want to be friends especially if they are younger than you. Agism is real. You need to be comfortable with doing things by yourself or comfortable about going out and doing some group activities where you can meet others for some time. I play pickle ball, learned billiards, in a shooting league at a gun range. Nobody I would call a friend, but I have a lot of people to occasionally hang out with.

[MattLintz]

While I'm aiming for early retirement I do have great insurance and that is one of the main things I worry about for early retirement.

[Jupiterplus]

Tell me it is the green screen behind you! 😊Vow! I want to be there!! Beautiful! Lots of good info BTW.👍

[gregoryprice]

#8 is key. Get started young. Invest early and let time do all the work for you. 10, 000 invested today is many times better than 10, 000 invested 30 years from today.