The MOST Important Retirement Decision You Will EVER Make

There are so many decisions that go into creating a strong, healthy retirement. In my opinion, this is the most important one.

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!

[robertlewis]

I live in the same town I was born in, never left. I used to travel but done with that. I’m getting baby chickens in the spring for the eggs. Fish, hunt, and exercise. I’m living more simple more and more. Repair everything myself and pretty much keep to myself. Being an introvert is great after retirement. Life is good.

[danielkendall]

Most important thing going into retirement, no debt #1, good health #2

[richardhawkinson-ys]

DUANE! I'M newly retired. I'VE BEEN using my time now to self reflect and transition. HERE'S WHAT I'VE Learned: IM FAT! I can't date, can't walk on the beach so therefore can't travel- obesity really hinders me from living my best life! MY NO. 1 GOAL IS to lose 100pnds. I've been hitting the gym 5 days a week, bike 🚲 riding and portion control. Duane i typed ALL my expenses out on paper and when I look at it all I'm amazed when I see everything and this taught me about REALITY and being mindful of costs associated with responsibility retiring NO MORE STARBUCKS or DUTCH BROS coffee! I'M using my HOME coffee maker now! KEY TO RETIREMENT: tracking THE EXPENSES

[oldmanonthehill]

I’m going on 4 years of retirement. Being happy is number one . I was thinking of retiring the first day I started working . I tell any one that asks me how I like retirement . I tell them it’s not as good as I was told. It is BETTER !!!!

[arth.]

I just celebrated my 1-year exercise anniversary. I'm investing time and energy studying about fitness and I exercise practically every night. I especially enjoy my Sunday night jogs. I used to literally hate Sunday nights because of my miserable job. Now I love my Sunday nights.

[vernshird]

The happiness I felt when we became debt-free before COVID hit, including a paid off home, has turned into thankfulness. I see so many people struggling in debt, some have themselves to blame while others have just had bad luck. It has taught me humility and not to take anything for granted.

[stevegorkowski]

I've seen people buy big homes in a big town. I decided to live in a two bedroom home in a smaller town. The home is just big enough for me. The sunroom has passive solar glass and this makes the heating cheap. Back yard is big enough for a garden . This caused last month's food bill to be $95.

[delawariand]

I want to retire in 5 or 10 years. These videos are great because you get to see someone's real life experience. Can't beat that!

[Roadmappingtofi]

I think the most important retirement decision is to start as soon as possible and know you numbers so you will have enough to live on.

[Arizona-Sonoran-Desert-Guy]

As a resident of the greater Tucson area to the North, I strongly advise against moving into the city of Tucson. Instead, consider the outskirts and neighboring towns. These areas offer a safer, less crime-prone environment, and are better managed politically.
On the retirement channels, there is always an emphasis on having/needing friends in retirement. If one is an introverted personality, such as an INFJ type, according to the Myers-Briggs Personality Types scoring, they won't need or even want friends or socialize much.
Introverts thrive on being alone and having solitude and are actually healthier for it.
It is not the purview of this channel to discuss personality types in depth, but I wanted to bring this up because, for an introverted type, it will absolutely affect happiness in retirement.

[Michelle-bwxg]

Retiring pre-Medicare, managing health care costs is a major decision maker, at least in my specific case.

[lawcat]

You chose well based on that scenic landscape alone! Hang out on the deck with a cold drink and a book, feet up and appreciating the view. My location is good on paper, but I'm not comfortable here. I'll give it time.

[daniellem]

I wasn't thinking the most important was where to live but you've made some great points!! I was thinking make your health a priority and live below your means!

[RickB]

I appreciate your input and Im so much at peace, retiring in Palm Springs. I have so many things on my bucketlist and I hope to learn guitar and other creative endeavors that I didn't have time to do when I was working. My medicare will soon kick in and I have been involved in a chorus group. Love my life, friends and acquaintances and soon will be in travel mode cruising on a ship or two, each day is becoming an adventure and Im as pleased as punch!

[randolphh]

Planning both location and the actual residence are equally important. Please have an age friendly home if you intend to stay there. No major steps or an elevator are very important.
Preferably a paid off residence.

[montanarich]

Very good points as usual. We already live at the best place on earth. We were fortunate to have reasonable cost of living with medical close by.

[Constellasian]

Your retirement story was inspiring. During 2015, I began watching videos from other YouTubers on a similar path to yours and came across the FIRE Movement. I had a rather late start in the race to hit FIRE because I was approaching my mid 30s. My parents were immigrants from Thailand and I'm 1st Generation. My parents were uneducated and lacked skills for good paying jobs in the US. I didn't know how to build wealth until 2014, and didn't take it seriously until 2015.

My rigorous investing allowed me to leave my W2 job last year. Some dumb luck was involved, but I wouldn't have gotten lucky if I wasn't dipping my hands into the investing pool. I'm also currently living in the Southern CA high desert, but closer to the Joshua Tree area. I'm leaving the area once the renovations on my property here are done.

[noreenn]

Answer before watching - Location? Live below your means?

[MidlifeCrisisManagement]

great video, Duane. living in a one-story house near great medical facilities nearby, friendly neighbors, and plenty to see and do. the more I see, the more it's making sense to maybe just stay put. retirement is 5-7 years away.

[AgingOnYourTerms]

This is so true. My in-law's thought they had it figured out because they would just live in their current home, but didn't want to do anything to get it ready to age in place. Eventually they're environment turned on them. Once we figured out what was happening, we swooped in, but it was too late for my father-in-law. He didn't get to enjoy the modifications that would have increased his quality of life.