5 Things I WISH I Knew Before Starting Retirement

There are a ton of things I wish I knew before retiring. These are my top 5.

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

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[liveslisa]

Retirement is awesome! But it probably is not for everyone. Some people can't handle being alone. Some people have to stay busy whether it is necessary or not or they go crazy. Me, I like being alone and I don't get bored. The fact that my time is my time to do whatever I want to do with it is priceless to me. Priceless.

[ChristopherAbelman]

My spouse and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[melanieswift]

I worked for the same company for thirty years. I retired at age 52 to take care of my elderly parents. My father passed two years later at age 90. I had my mother another five years. She passed at 95. I sold my big house, moved to Vermont and bought a small place in the country. My pension is small and without the social security that came in from my parents it was tough going until I could start collecting myself. Once that kicked in it was a lot easier to now be able to enjoy retirement. Now, the days go by so fast that I wonder how I found the time to work when I was younger. I have hobbies I never even thought about before. I have a website that I spend most of my time on, and I'm the one that hated computers. Other than taking walks in the countryside there are times when I don't leave my house for days. I couldn't be happier. The main thing I discovered about retirement is that I don't need as much money as when I was working. I save on clothes, gas, eating lunch out and a dozen other things that working people seem to need to buy.

[Esmeraldalunamaria]

inspired content!! Every small contribution towards your retirement is like planting a seed. Nurture it wisely, and when the time comes, the tree of financial security will bear the sweetest fruits. spend more and invest less before your retirement.

[jimhallissey]

I retired in 2020 and I have never been so happy, I ran a roofing company and had to deal with psychopaths sociopaths and narcissist from being threatened with a axe being put into my head to individuals wanting to push me of a roof and people not paying. I now have an allotment and a potters wheel my two hobbies. My wife and I have become a lot more closer I love growing flowers and bringing them home or dropping them off to my daughter. I go and see my aunt twice a week who has dementia in a home, I found more love and laughter there than I ever did at work. This Christmas the staff asked me to be Father Christmas the pay was a cup of tea and a mince pie, it was the best job I’ve ever had. I have just made 25 cups with 2 handles for some of the residents in the home because they have trouble with coordination and lifting my payment is to see one of the residents using my cups. So for me At 64 I just love retirement.

[allentempleton]

I retired at 62. I was financially secure but made only vague plans as to what to do. I was totally unprepared emotionally. The " honeymoon" phase was great but once that was over I was lost. The lack of personal contact, the lack of feeling needed, spending 24hrs a day with my wife, the lack of purpose and the realization that I would never have enough money to fulfill some of my dreams took alot of getting used to. After about a year I was on the verge of a nervous breakdown. It has taken alot of work to even start to feel normal again. I would suggest that before considering retirement everyone should do some serious research into how to prepare yourself emotionally. I have tried to explain this to some people who were close to retirement and they actually got mad at me. People just don't want to see it. Of course there people who have no adjustment issues but I'm very sure there are many more that do.

[kathrynbaker]

I retired at 55 from the company where I worked for 30 years. The day after I retired I started volunteering at the local animal shelter - at least 4 hours a day. I volunteered there every day until I turned 70. It was a perfect transition!

[jimm]

My coworkers were a big part of the reason I retired😜
I retired from a local government job at age 56. I am currently 68. Retirement has been awesome. Doing what I want when I want when I want is priceless. At age 36 working as a mechanic I decided that a government job made sense because of the benefits. I took a pay cut going to the government job. In hindsight I wish I had gone civil service sooner. Pensions are hard to come by these days but if you can get a job that you like and it has a pension plan my advice is do it now. Happy New Year!

[daviddean]

Hello Duane. I retired four years ago at age 60. I'm single and I do not miss work but I do miss the income and benefits I do not miss the constant rushing, getting up early, and being in stores when they are swamped. I now walk a few hours a day and I find plenty to do just grooming myself, washing clothes, making meals, grocery shopping, and keeping my little condo clean. One of my greatest pleasures is getting into my freshly made-up bed and reading a book until I am sleepy regardless of what time the clock reads.

Oh, that's another thing: when I was working if I had a sleepless night my mind would start thinking and worrying about what had to be done at work and what one of my coworkers had said to me. Retirement lets me spend time stretching and making all my meals from scratch. It also affords me to watch old films which I love. Duane, may 2023 be awesome for you. I also must mention the comments by your subscribers are wonderful to read. I'll leave you with a favorite saying that I know for sure after a person retires: Do it if you want; don't do it if you don't.

[billbrock]

Just discovered your channel and subscribed. Retired on June 2, 2022, from public education as a high school teacher at age 59 with 33 years of service, which led to a pension. Was also a part time actor during those years. Been divorced with no children for 20 years. My current “kids” are my two precious rescued dogs. With the house and two sports cars paid off, along with no debt, retirement has been a breeze. Really enjoy my time off, don’t miss my work colleagues, and am now an aspiring screenwriter with 7 completed feature scripts (3 dramas, 3 thrillers, and 1 comedy). Retirement now affords me the freedom to enter my home office and write. No stress, plenty of freedom, and blessed without a care in the world.

[vettechsrule]

I had to retire at 64 because I have an Autistic son, and Covid meant he had to stay home. 3 years, no day program for him. Retirement is one thing when you choose it. I loved my job, I miss it. No one talks about what happened to the disability world during Covid.

[bernaclischurchill]

I had already lost some of my work place pals thru illness, so the job no longer had the same flavor for me anymore. It was only the haters that were left, and I didn't want to be around them.

One of the things I did notice, which took me aback was the level of resentment & how people treat you once you are retired and when I announced my retirement. That, still shocks me. I actually had people who I had known for years stop talking to me, and say thing like, 'you wasted your time when you retired, when you did, etc.

On a different note, I don't miss getting up in the dark, which was the norm to go to the hospital where I worked in any type of weather (I live the colder part of the US); the restrictions on time off, hospital policy and procedure; the medical staffs demands, etc. I can't imagine working again and having to answer to anyones demands. I have lots of time, and it is mine, with no restrictions and that is what I value the most, more than anything.

Ms. B. Churchill.

[waynewaddell]

Co-workers. You nailed it. That’s was the biggest shock to me. And my days of saving money is over. That was a eye opener.
Retirement I love it. Stress free. Enjoy the moment and do the things that make up happy when you want.

[menow]

If you meet with a financial advisor to discover the investments that can produce the income you need from your assets, then you spend the earnings and not the principal. Capital gains and dividends become your new paycheck.
Honestly, I spent 20 years as a retirement income specialist. 90% of clients had zero clue how to manage their retirement savings to produce income, costing themselves future earnings by draining their principal. Balancing your income sources to limit taxation is also vital. Know the tax brackets. Enjoy retirement. I retired at 50. Never bored.

[CollegevilleJohnnie]

I was downsized from my career a year ago at age 60. I was in need of a break and did not work in 2022 and that was the plan. My wife said I was retired however I was never able to utter the word. With 5 daughters ranging 26 - 17 and a wife to support, and despite substantial retirement funds, I was coming up a bit short. With just my HS senior at home I was getting a bit bored. I’ve got plenty of friends and hobbies but really missed benefits and paycheck. I also found in contrast to what my financial planner told me I was spending lots of money. Haha. In a quick change of events an employer contacted me in early December and 3 business day later I had an offer. I fly out from MN tomorrow to TX for a week of onboarding. I’m looking out my bay window at the beautifully snow covered pines and looking forward to some sun. Ice fishing is on hold for the week. Bobber down! 🎣

[noman]

I retired late this past July and have rediscovered what I've known for many years: intellectually knowing is NOT the same as experientially knowing! So, I went into retirement KNOWING your big five but was still gobsmacked more often than not in LIVING those big 5. Your last one, though, is the best! I was pretty sure I'd do some kind of contract/part time/gig work within a few months, made myself wait til the New Year (now) -- and now I'm having too much fun and don't want any kind of work to interfere with stuff I'm doing! A happy surprise!

[collef]

Retirement for me is very freeing… living in the moment. Day to day. So much less stress. Yes losing people you thought were friends… that was hard. Took me years to realize that they were co workers not true friends. Once you removed the common thread of “work life” there was not much holding it together. Great video!

[bisem]

I retired one year ago at 63. As someone below said you have to find out who you really are because your career defines that for you. I had great co-workers but honestly I don't want to be around them anymore because when I occasionally am all they want to do is talk about work....I COULD CARE LESS! When I was working I would be thinking all day about all the projects around the house I could accomplish if I wasn't wasting 9 hours a day for a corporation. Now that I am retired I spent the last year accomplishing even less because I realized I never wanted to do any of that crap in the first place. The only regret I have is that the economy is taking a deep cut into my IRA retirement account. The future is tumultuous at best but I still love going to bed when I feel like it and waking up when I feel like it. Don't wait to retire if you can afford it. The Pacific Dessert Company in Seattle used to have a sales motto...."Have dessert first, life is uncertain."

[gardenbun]

Oh my goodness...right off the bat you hit the nail on the head. "Friendships" that I had cultivated through work and nourished for more than 30 years just disintegrated almost overnight. It was a shock as each passing month my friends texted and called with invitations less and less. I really tried to keep the friendships going, but they just didn't see me as part of the group culture any longer. I did move 30 min away to a beachside community, but still expected to be included in group activities. With your comments starting at 5:35 you took the words right out of my mouth.
I do agree with you about The Fun! I feel calm and peaceful 99.9% of the time b/c ALL my time is now my own.

[tbc]

All great points! I'd have to add that living expenses once you get to retirement, aren't as bad as you think. You just adapt to what comes your way. I've been retired for over six years, and I have no regrets. You're spot on about the work buds, but they are eventually replaced. Just never forget your true friends.