Early Retirement-Top 5 Myths...

Are you thinking about early retirement but feeling overwhelmed by the myths and misconceptions? In this video, we break down the top 5 myths about early retirement and share our personal experiences and insights from our 2 years of early retirement.

In This Video we look at:
Myth #1: You Need to Be Extremely Wealthy
We'll discuss how careful planning and budgeting can make early retirement achievable for many people.
Myth #2: You Must Work To The Age Of 67
Why do we feel that we must work up to the statutory state pension age?
Myth #3: You'll Be Bored Without Work
We share how we stay engaged and fulfilled with hobbies, travel, and new projects.
Myth #4: You'll Outlive Your Savings
Find out how we tried to create a sustainable financial plan to ensure our long-term security.
Myth #5: Early Retirement Means No More Income
We explore the ways we looked to generate income after retiring early

We are Richard and Jackie and we live in the UK. We retired from teaching at the age of 51 in the summer of 2022. Our plans for early requirement include relocating to the Yorkshire Dales, developing our forever home and travelling the UK, Europe and eventually the world in our VW campervan Nelson.

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Many thanks,

Richard & Jackie

Timeline:
00:00 Welcome to the Top 5 myths of Early Retirement
00:47 Our Early Retirement Story
02:03 Myth #1: You Need to Be Extremely Wealthy to Early Retire
05:04 Myth #2: You must work to the age of 67
07:32 Myth #3: You'll Be Bored Without Work in Early Retirement
09:14 Myth #4: You'll Outlive Your Savings if you Early Retire
11:20 Myth #5: Early Retirement Means No More Income
12:35 Our final thoughts on the Myths of Early Retirement

[labradoradventuresuk]

Excellent vlog which has inspired me and my wife, who are 57 and 54 respectively, to consider retirement as soon as we can. With our 2 labradors, we adore walking holidays and just generally being in the great outdoors. Best wishes on your retirement journey.

[fionaludbrook]

Early retirement truly is an individual thing. I still enjoy doing some casual teaching. I also had a blog for a while that was pretty successful, but I had a number of articles stolen by Australian publications, who failed to give me a byline, let alone any payment, so I pulled the plug on it. My dad early retired, but did end up returning to work as inflation really eroded my parents retirement income. He did get a fabulous five or more years in first though. Sadly my mum was busy raising my brother's children, so never got much of a let up from parenting in that same period. I have no idea how anyone could ever get bored in retirement. The possibilities of what you can do are endless and so many things are free. Life is for living. I never again want to return to being consumed and exhausted by a career!

[passplus]

Run the numbers and if you can do it - don't hesitate. So my husband and I had planned our retirement at him 58 and me 54. But his pension changed before retirement meaning to retire on the same planned income he had to work to 60. My state pension, due at 60 was changed by the government to 66 with very little notice, so deferring my retirement for 2 years whilst I tried to make up as much of my loss as possible was a necessity too. We dithered but in the end went for it. How glad we are. We managed 3 years of travel before Covid, my diagnosis with lung cancer after being a life long non smoker, being unable to travel much after Covid whilst looking after my husband's 100 year old mother and helping my son through a very difficult divorce. Finally, this month, we are back to being able to travel more once again. Do it as soon as you can whilst you have your health. You never know what is round the corner.

[Aaron_Frazer]

We've followed your channel for a while and are hoping to retire early ourselves at around 55. My Dad passed away very suddenly 5 weeks ago, he was only 67 and was very fit and healthy 😔 it's really cemented our decision to retire as soon as we can.

[guyelliott]

I enjoyed your very honest, balanced perspective instead of just saying “Living The Dream “. Thanks!

[dieselbushcraft]

I do love your philosophy on life and retirement, life does tend to throw us all curve balls. We are just weighing up our options for retirement, life threw me personally a curve ball or two which definitely made us realise that life is fragile and precious. We have two elderly relatives and as we would like to move and down size we are concerned about the impact on them but at the same time we cannot live our lives for others and do not want to suddenly wake up and it is too late for us if that makes sense. I think this is the biggest problem facing us.

[rmcwchandler]

When we retired we found we spent a lot less money on eating out. It wasn’t deliberate but when you have time to shop and cook, making your own food is a lot more enjoyable and we often prefer it to restaurant food now

[FrugalMrB]

Great insight from your perspective. I was initially concerned that I may run out of money by retiring early, but creating a realistic budget was key to allaying that fear. Another issue I thought I may have was a lack of social interactions once I had left work. Being a single person, although I am fine with my own company, I worried that I may become lonely. I have tried to make new connections - for example, I started doing parkruns last year and have now gained a new social circle there - and I'm getting fitter as well! 🏃

[bsljkvh]

Thanks for such good content. I am planning to retire early at 55 (in the US) in just a few months and can’t imagine being bored!

[Billyboy]

You guy’s and your channel are such a breath of fresh air! Thank you🙏

[HopeToProsper]

You nailed these 5 myths. I have experienced similar questions and comments from my friends and family about my early retirement.

[susanharkema]

We are launching into early retirement in two weeks! Thank you so much, Richard and Jackie, for all your sharing and heart you put into your videos. They are quite comforting in our run-up to this new adventure. Your personal stories give your retirement plan real drive! I worked so hard as a youth and missed out on so many things that many young people experience and I'm making up for lost time at age 53. Cheers!

[Burn-Out-Or-Fade-Away]

Few in the UK private sector can retire early only public sector workers have those gold plated pensions. Best of luck for the future the rest of us need to grind a little longer.

[gillianh]

I had always wanted to take early retirement
and get a Campervan.
I procrastinated for a couple of years worrying about finances.
Then I lost 4 family members, 2 inside 6 days then another 2 in the next few months.
I realised tomorrow isn’t guaranteed for anyone. Having worked all their lives my relatives never got to live long enough to receive their occupational or retirement pensions or to see out the plans they had in their heads for when they retired.
In a few months it will be 10 years since I took early retirement, last year I bought my second Campervan 😊
I would encourage people not to just plan for the future & let today pass them bye, but to live for the day whilst keeping an eye on the future.

[gcsScotland]

As always you make many excellent points. I retired from teaching at 55 and have just turned 65. I honestly don’t know where those 10 years have gone or how I found time to work. I would encourage anyone who can to go for it.

[finbo]

I am glad I came across this. I have been wavering on early retirement at 55. I finally spoke to a financial advisor a few days ago, and we are going through monthly spending budgets to see what income is required. My wife retired 3 years earlier and I am looking forward to joining her in retirement. She is a great role model, as she volunteers on a couple non profit boards and reconnected with friends and made new ones since retiring.

[fionaclark]

Hello, fellow teacher here. May I say how well you both look. You look so much younger, happy and radiant with health since retirement. It suits you both very well.

[crivensro]

Thank you for an excellent and inspiring video! I have just retired at the regular age of 64 (for women in Switzerland). I had the immense privilege to have a very fulfilling work and now I am looking forward to the next adventures.

[debbiealston]

Thanks Richard and Jackie. Love your channel and videos. Our situation is a little different due to our age difference. My husband reached state retirement age last autumn and I early retired from a teaching job at the same time ( aged 51). We also moved houses to a different part of the country, now living in my parents house after my Dad passed away last year. I struggled to find a new purpose to start with, but we soon got involved in volunteering locally and have just bought a camper van, so we couldn’t be happier. We never lived an extravagant life anyway and managed to pay off mortgages and save over the years as we have planned this for at least the last 5-10 years . Life, including early or normal age retirement, is what you make it. As long as we both have our Heath, I hope our joint go-go years will last for a good number of years to come.

[azizizzar]

Loved you video, great insight on importance of budgeting, I just put notice for my early retirement, it now due in proximally 10 weeks time😊😃