Should I retire NOW? 5 Questions to Help You Decide

In this video, we'll discuss five pivotal questions to consider that will help guide your decision to retire.

Remember, retirement isn't just about financial readiness; it's about life readiness. Our goal here isn't to talk about numbers or the financial aspect of retirement, but rather to help you have the framework to decide whether the timing is right for you.

We'll explore questions like:

Is it worth trading your time for more financial resources?
How is your health affecting your daily routine?
Are you spending enough time with family and friends?
Does your job give you life or drain you?
Do you know what you want to do next after retirement?

Retirement can be a big step, and without a retirement plan, it could lead to depression instead of being the best time of your life.

It's essential to live with purpose and work towards a goal, even in retirement. So we'll also discuss the importance of knowing what you want to do next and preparing for it.

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*ABOUT ME*

I've always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission - pushing products that were not in my mother's best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money - so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!

📅 *THE BASICS OF RETIREMENT PLANNING*

Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.

Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it's never too late to start retirement planning. Even if you haven't so much as considered retirement, don't feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.

Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.

Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund - especially if you have an employer retirement plan that matches any portion of your contributions.

Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.

Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It's often helpful to talk with an adviser to discover the right mix of stocks and bonds.

❣ *SPONSORED* No, this video was not sponsored.

⚠️ *DISCLAIMER:* ⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome

[foundryfinancial]

What factors do you consider when thinking about retiring?

[edwardpate]

I retired 3 months ago at 64 and so far I am absolutely loving it! Having the freedom to do whatever I want on a daily basis just can't have a price put on it. I'm finding I really don't have to spend much money to do all the things I enjoy such as daily walking, planning and cooking my own meals which I seldom had times to do before. Reading all the books I never had time to read and keep a daily journal as well as taking some time to write my memoirs.

[dadlovestofish]

New subscriber. You mention some great points to consider. I'm 54 and contemplating retiring at the age of 57. I've worked a retail grocery job with the same company that is privately owned for 38 years. Lot's of hours per week over the years and lot's of hard physical work that I've done since I was 16. It's way worse now than it was back when I was in my 20's and 30's and 40's but I keep going. My ESOP is enough to retire today, (around $2.4M without my house that is paid for) and I'm deeply involved with food banking with a Feeding America affiliate. I plan to go three more years in my job and maybe go to work with the food bank. I keep kicking around why to quit my high paying job to do the same thing in the non profit world but your advice helps me consider why I should sooner than later, as this job I'm in has taken its toll on my body. (two hip replacements and crazy hours). Thank you for making this video.

[jimhoge]

New subscriber. Our attitudes towards work change over time. 20 years ago I love my job and worked 60-70 hrs a week. No problem. 10 years ago i worked just as long of hours but resented the time commitment. Two years ago I retired early because, I did not want to give up so much time…

[KarenSchuessler]

I’m a 70 year old musician who, if I weren’t working for money, would do the same thing for free. It brings me and everyone around me tremendous joy. So l’m not retiring per se, but I am reprioritizing to make self care—workout, nutrition, skin care, etc—no. 1. Everything else comes after that. It’s tricky, but it’s working and I feel great. I just have to stay organized and I take whatever opportunities for experiences come my way. I like your focus—new subscriber, even though I live in Canada and the rules are a bit different. 😊

[alchobum]

Questions 4 and 5 are a big deal.
For me, this quote: "if you are doing what you love, you will never work a day in your life." And I got there. Not my whole life, but there for the last few years.
So for q5, there are people who when they retire and lose purpose, it's that they might feel that at that point they are only putting in time until they die. And die sooner - if in your mind you have given up, your body might too. And you might lack the motivation to stop it or even care.
In my case, I can scale back if I need to, still doing what I love. Self employment or owning a business gives you that. People as employees often do not have that option. So very much yes, they better have goals and a plan.

[rickbradley]

Very good! - 70-year-old here and finding some joy in driving a school bus, but sacrificing my health a bit …

[icedteamama]

Really good questions! Someone at work retired in December 2022, passed away in January. He’s been battling cancer for years but enjoyed working until the last few months. 😢

[growsinhouseherbiculturali]

Then one day you find, ten years has got behind you. No one told you when to run, you missed the starting gun.

[andreawales]

I volunteer as a Sunday School teacher and will continue to do that into retirement, but I'm dreaming of retiring from my regular job. Please put out a video on how much debt one can have in retirement and still keep your head above water. (I don't think I can wait to retire until all my consumer debt is paid off because I'm running out of steam.)

[Scott-becq]

This is exactly why I am considering retirement right now. I am thinking of retiring for a few years until 62 then grabbing social security early and spend that time and money while I am healthy. I just don't think waiting until I am 70 or 80 is a good idea.

[davidmixson]

I have to say, I'm amazed at the wisdom of this video.

I retired almost two years ago, and he nails some of the most important topics. Well done. Thank you for sharing your insights.

[EdwardGatey]

I wasn't certain for two days, Saturday and Sunday, of trepidation. Monday morning, I knew I was correct.

[FIRED]

I retired to do what I want when I want with whom I want.
I just planned a long overdue oversea trip to start less than one week after my partner anticipates calling it quits in the upcoming year (I've been done with work for a few years now, getting used to the new life as my partner in life gets his fill working, earning a paycheck)

[grantedgar]

Make sure you have interests developed before you retire. Too many people retire with nothing to look forward to. They are just waiting to die. I have lots of projects on the go. I will have to live until I'm 150 to get them done.

[nh]

This is great Kevin. I love that you consider ALL aspects of retirement and not just financial. Keep up the good work!

[BradBeck-fb]

Excellent thought-provoking questions. I’m surprised that this was published a year ago with only 21, 900 views. Excellent content and short.

[LaughingAtTheEgo]

I play music for a living so I will never retire God willing

I will always write, play, perform, and produce and hopefully travel to the places I want to go to do it.

[sammyday]

The day your career feels like work, it’s time for a change. I felt as though I have been paid to do my hobby. Then over a period of the past year, I lost all interest in the career I’ve loved. It suddenly was difficult to even try to fake any interest. I knew THAT was when to retire. Maybe instead of being a civil engineer on railroad projects, I’ll get into model railroading!

[johnurban]

This video is right on the mark. You make a lot of sense. This video is helping me to decide. I’ve seen a lot of videos the last few years. You seem to explain things the best. Looking forward to watching more of your videos