3 Reasons To Retire As Soon As You Can - Retirement Planning

Why is NOW the best time to retire? Here are 3 big reasons.
Dave Zoller, CFP®

00:00 The Big Question
00:30 The Best Years of Life?
01:30 Reason 1
02:25 Reason 2
03:00 Why So Many Retire ASAP
04:00 Reason 3
04:23 Biggest Regrets
05:13 3 Essentials of Retirement
5:50 When Not To Retire
06:35 The Number 1 Piece of Advice From Retirees

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#retirement #howmuchtoretire #retirementplanning

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[jazzjokesjalopies]

Six months in, I realize I should have retired when I was seven. 😊

[jdollar]

Spot on.
I retired at 58.
I started working at 14 for a paycheck. I played high school and college sports, worked when I could, and then got into the workforce. I worked for 35 years.
My brother had a stroke at 55. He's on disability and struggles financially because they always had new cars and a bug house. His plans to build his retirement funds died when he had the stroke.
We bought a farm. We fish, hunt, have fruit orchards, grow a lot of vegetables, and raise virtually all of our own meat. We have an RV. We have a place in Montana. We were never "high earners". Instead, we focused on living within our means.
We designed our retirement plan to draw an income that matched our bring-home pay while we were working.
We drink our coffee, watch a little YouTube, and then do the things we want to do.
I am in touch daily with the guys I ran around with in high school. We all fish and hunt and hang out together. Many of us were out of touch for 30 years, living all over the world, and we've all gravitated back together.
Here are 2 more examples.
A family friend. MD with an income over $400k. He died in 2022 at age 71. He owed $600k in back taxes and we don't even know how much to other lenders. His daughter won't get a penny as everything in the estate goes to the IRS.
Good friend from high school. We were college roommates. He was GM of a major beer distributor and made the income you'd expect. 4 kids all got new cars at 16, wife drove a new SUV every couple of years. Million dollar house and the mortgage to match. 2 years ago, at age 58, the owners sold the business and he was laid off. He will be 61 next year and he got a job with a different company at about 1/2 his previous income. Thats still more than i ever made in one year. Still has one in college and his wife doesn't want to downsize. His retirement funds took a beating in 2022 so, despite making a lot of money, he will have to work until he's 65 or longer.
Those are just 3 examples of why you need to be planning for retirement early, and don't assume things will keep going well with everything.
I started saving heavily at age 51 and was fortunate that the stock market had meteoric rises in my highest earning years. I had a solid plan to retire at age 62 but the market allowed me to retire at58. Hard work and a little luck can go a long way.

[mvnorsel]

As a nurse it is heartbreaking to nurse people who have just retired, full of cancer. Retire ASAP if you can.

[TTrojcak]

I retired from nursing recently (1/2023)at 63 1/2. Nursing can definitely be very stressful mentally and physically. I wore lead all day for long hours working in the cardiac cath lab. My back and hips finally were feeling it. My house is paid off, no debt, enough money to be comfortable, so I just decided to retire. Some days I get a little bored, but I ask myself if I would rather be at work, and the answer is no! So, cheers to drinking lemonade on the porch!!!❤️😃

[Dana-eepb]

I retired at 56 and have absolutely no regrets! I'm in much better shape now because I have time to sleep, eat well, and excercise. If I could have done it sooner, I would have! Your health is far more important than "things"!

[dorothypeck]

Two weeks in and drinking coffee and tea on my deck! I have never been bored in my life! My job was becoming RIDICULOUS and I am out at 62 with early SS - FREEDOM means more to me than anything! This feels so amazing!! Loved your video - one of the best!!😍

[NewEngland]

- No man ever said at the end of life, I wish I spent more time at the office.

[bernie]

I retired 7 years ago at age 62. The question I was asking myself at that time was: "why did I go to work in the first place?" Seems like a silly question right? It really isn't. It's a question you should ask yourself to gain some perspective on you retirement journey. I think most of us would answer the question like this: I went to work after going to school because I needed income to live. That's a good reason for sure. So doesn't it follow that once you no longer need the income from work to live, you retire. Made sense to me and that's just what I did. I mean if you think about it, don't you enjoy your weekends, vacation time and holidays off? Well being retired is endless weekends, vacations and holidays. What could be better than that?

[mamajudesays]

I am very, very much looking forward to sitting on my porch, drinking lemonade, people watching and reading novels for a good portion of my retirement. Single working mom of two who is so tired reporting from Philadelphia. Also, I'm anticipating being Mom's caregiver in my go-go years, so there's that. But, um, ok if you say so, I'll be bored. 😂 I joke, but I find your content very helpful and easy to follow. You're a talented teacher and speaker. Thanks for your videos.

[lazvt]

got 10 more months....62....and have many pals retired...not one regrets it... can't wait....

[clairefrewman]

I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle in the stock market made it possible for us this early even till now we earn weekly. Thanks to FIRE movement.

[Garda]

The commute outweighed the three positives listed. I’m done at 61 effective 6-1 !!

[masterlee]

Excellent video. Turning 65 this year, still working, not collecting yet.Everything is paid for and with the market down turn over the last 2 years I still have about $550k in IRA Accounts. Now I do have it all in mostly stocks. My social security at 65 would be right at $2, 600 a month. My biggest issue is I love my job. If I retire not sure what I will do with my time as I have no real hobbies to speak of. Also no one talks about what it will be like spending down your money. I mean all my life I worked on being debt free and building my retirement. Now in the final chapter it will be about spending it down. As far as advice, well this would be for anyone in their early 20's. Invest the max if you can in your companies 401k plan or put into IRA Accounts. The sooner you start the more the money will grow. Great Job! "The Cajun Ninja's Dad"

[schrodingerscat]

Debt free 51, retired 53. Only worked half the time during my career (engineer). Drove employers to distraction and stressed them out (turned the table) but did the work of three and it was easy. Living well is the best revenge. Keep learning, keep exercising and say no to stupid.

[jj]

Agreed. I'm not even close to retirement, but I started thinking about retirement the moment I started working. You also have to be financially able to retire too and that is where financial planning early on comes into play. No one wants to retire then find out however many years later you gotta get some kind of job because you can no longer financially support yourself. I plan to retire at 57 so I'm on track to do that.

[rozaliapapp]

Retired at 61 and it's been the most fulfilling one year since. Moved to Florida and the opportunities are endless, sometimes I ask myself: when did I have time to work? lol
One thing I found very important is to retire debt free, and I mean mortgage and all, have a cash reserve (in my case helps with inflation balancing) and never look back. Peace of mind will teach us that there's more to life than hassle.

[rayanderson]

I got to agree. I'm 53 and two years out from retiring ang things are looking "cheerier" every day in my opinion. The light at the end of the tunnel is a real inspiration.

[rickbackous]

I started working young (12). Played some sports while I was young but that wasn't my main focus. I managed to retire at 59 with no pension or health insurance parachute. My wife and I took good care of ourselves, and we are living the dream.

I heard some great advice leading up to retirement. List the top 10 things you want to do on a regular basis and see what it cost. When I did that, I figured out that the things I really wanted to do in retirement cost hardly anything.

The huge costs are eating out, golf and travel and I don't really have any interest in any of that. We have a very active exercise and social schedule every day. So busy that we actually had to start keeping a calendar for the first time in our lives.

[srconrad]

Good stuff and it cements my decision to retire at the end of this month at 60 years old. I’ve been trying to live my retirement life for this last year of work. Been working out consistently for a full year and spending time on my hobbies when possible. I can’t wait to have even more time to dedicate to what I want to do and to travel when I want to travel and for as long as I want to travel. And this is from somebody that does have the three Cs at work but I will have them in retirement too to an every higher degree. So excited to start the next chapter. Thanks for your content, Dave. It’s right on the money. No pun intended. (Well, maybe a little. 😊)

[pensacola]

Retire when you no longer wish to work AND you are positive you can afford it.
I retired 16 years ago at age 57. Having a ball and living a good life.