5 Reasons Why You Should NOT Retire

5 Reasons Why You Should NOT Retire

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The decisions on how to invest, when to retire, and other financial planning topics are some of the most important financial decisions you will make in your life. I urge you to seek professional financial advice as you make this decision. Ideally, from a financial adviser, AND a CPA AND an attorney. Having the perspective of all three professions will help you make the right decision for you and your family.

This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and may NOT be suitable for all investors.

This information is NOT intended to, and should NOT, form a primary basis for any investment decision that you may make. Always consult your own legal, tax, and/or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.

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[divyagulati]

40 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $900k, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.

[kayeh]

I walked away from my job at 62 and never looked back. I don’t miss it at all and I love all the new things I’m doing now.

[Kmangod]

Retired at 56, house paid, no debt, no loans. Living off $2k a month easily. Been that way for 2 years now. I live a simple life, got rid of the wife 17 years ago and never going back. I loved the work I did, but not who I did it for. Still not going back. My health has improved and stress is almost zero.

[DorathyJoy]

I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.

[BardWannabe]

My father “one-more-year”ed until he was 80. They are comfortable now, but he is realizing there is a lot of stuff his body won’t let him do.

[BigORat]

I hate my job... I hate forcing myself out of bed at 4:15 am every morning when I really want to keep sleeping... And force myself to go to a place where I don't want to be... And force myself to do a job I don't want to do.... AND DO IT ALL DAMN DAY LONG. Am I the only one?

[timsilva]

No kidding, I laughed pretty hard about the employment survey.
Somewhere on a hard drive is the exit survey that I took after I retired. I was professional, but it was very satisfying to express my thoughts about the corporate culture that had infested a great family company.

[blujeans]

I retired "early" - but only by one year, so the hit on my SS was minimal. I knew I had to wait for Medicare to kick in - since the cost for insurance just wasn't feasible. I would have loved to stay longer - because I really loved my job; never once dreaded going to work in the morning. But when excellent employees who weren't 'under 55' were starting to be dropped, and folks started setting me up with calls into HR - the message was loud and clear. My 'pride' told me after so many decades of an exemplary work ethic - with never a blemish, to be fired from my last job would never set well. I knew I had 2 years of my mortgage - but that was it. The first year or so I did take from my savings for much needed major repairs to my house (that I knew couldn't be sold without it), but it's been 5 years and I don't regret leaving for a minute. Loved the look on my manager's face when I told her I was giving notice (but my work ethic said to give them 3 months so they could find someone and I would train them). But, lots of good advice, sir.

[robertf]

There are two schools about work/live balance. You either work to live, or live to work. Americans notoriously are the “live to work” people. We spend so much time working we don’t have things we do we actually enjoy. Europeans are the exact opposite they “ work to live”. Life is about working hard and saving enough to live off your money and do what you enjoy. I retired at 60. My job was very stressful and I couldn’t wait to retire.

[bricefuqua]

As a public school teacher, I decided to work a year longer than I originally planned, because doing so added an extra $100 a month to my pension. Any public employee with a pension should crunch the numbers and see how much your pension will increase by delaying retirement.

[pataleno]

I don’t hate my job. I don’t love it either. It pays well and it’s not stressful. However., , ,
I do hate the fact that I have no choice with what I do with my time. That’s why I look forward to retirement in about 5 years.

[masterofnone]

I’m with you. I know a guy.. He had simple surgery on one Wednesday. Restaurant owner and main chef. At age of 66. On next Thursday.. He died. He worked on Tuesday all day. Kicker is.. He has 2 kids that are almost 25 and 23.. Wife is same age 66…

[stephendibari]

Awesome video as always Azul. Point #5 hit home. Can’t change the past and don’t put yourself down for it. I’m 59 years old, over the last year and a half I got rid of approximately $65, 000 in credit card debt and personal loan debt. I’m at least 3 to 5 years away from retirement and my goal is to be debt-free except for my mortgage when I retire. Thank god I have a great pension and a healthy 401k (currently about 500k) otherwise I couldn’t retire on SS alone. Key is changing my spending behavior. Its all about needs vs wants

[davefish]

I retired over six years ago. Done all my calculations and could afford it, then COVID hit and everything went up in price. Luckily I had savings to fall back on.
I get my UK state pension now and my wife will start getting hers in the new year.
We both enjoy not having to work and I will say if you can afford it do it, you never know what
will happen in the future

[BigORat]

I recently asked a Truck Driver who was in his 70's, "Why don't you retire"? He said, "What would I do? Sit on the porch and look at the f*cking birds?" 😆

[mrdoodle]

Thanks for reminding us about the real things that matter. Flash cars or other showy stuff can be a trap for some.

[GwenMotoGirl]

I said I love my job to psyche myself up to keep doing it until I became eligible to retire. Now I say the truth, that I can’t wait to get out. I have a countdown app on my phone that is getting me through the next 4 months 23 days 1 hour 10 minutes. But who’s counting.

[greenteajiang]

I really like your views on why you should not retire. What I want to add is health. I am 78 and still work as a tenured full professor. I plan to retire at age 80, just as some of my colleagues do. We love our job and will not retire simply because of winning a lottery - life has to be meaningful other than what money can bring. I also don’t like the idea of living the simplicity life style by cutting most of your belongings, because I want to be good to myself. I think my colleague and I are the lucky ones - although we are not rich, we enjoy 5-free months a year to do research and travel. Our education taught as to live without debt and save for retirement. This is what I also teach my students. My husband and I just bought a new ranch home, and we will move to our new home when I retire. I may continue to teach online as a part time faculty.

[jamesmaduabuchi]

I'm not kidding when I say that the market crash and high inflation have me really stressed out and
worried about retirement. I've been in the red for a while now and although people say these crisis has it
perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.

[Chris_at_Home]

I had a great job as a telecommunications technician that I worked at till I was 67. I hated the commute and didn’t want to live near my work. About 7 years before we retired we sold our big house and started an owner built duplex. We finished one half in a summer with lots of hired help and then the garage and we will be done with the other half in about a year. No mortgage, almost top SS pay and a good pension and $1, 500 a month gross potential rental income when it’s done. Life is good. We might become snowbirds.