When It Is Time To STOP Saving For Retirement?

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Be careful of scammers. In the comments section, I will NEVER ask you to contact me, offer any investment products, recommend a stock broker, or anything similar. Some scam bot commenters 'ask' for investment help, and later, other comment bots reply with "how great X idea/investment/person is" in the replies. These are scam threads. Do not fall for them.

🚨 Azul's VIDEOS ARE NOT FINANCIAL ADVICE (Disclaimer) 🚨

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.

Spoiler Alert: There are no "get rich" programs. Rather, just basic blocking & tackling and putting in time and care. Do your homework, choose wisely and (IMHO) work with experienced professionals who are fiduciary to you 100% of the time.

*221 (C){Hammad}[NE] Here is When It Is Time to STOP Saving for Retirmenent

[kevinm]

Looked at my portfolio one day while working and realized that I had more than my goal for retirement saved, it was like a slap in the face! Asked myself what I was still working for...and then handed in my notice (after consulting my wife 😉). That was four years ago. NO REGRETS!

[jerrycampbell-utyf]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[Benjaminarmstrong]

I'd retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $120K per year but nothing to show for it yet.

[reesesha]

Thank you, Azul, for your words of wisdom!!! Would you consider doing a video on losing your job in your late 50's totally unexpectedly? Ageism is real and getting worse.

[Hawkeye]

I met my goal at about 61yo. Hung around one extra year. Been out now for 6 years. Living within my means, my accounts are still in line. I'm try hard to "Enjoy the youth of my senior years"

[chrismd]

Been recently wondering why I’m saving as the account is growing way more than contributions! A very timely video! Protect this man at all costs!

[glasshalffull]

I recommend that when you hit “the magical number”, that you stop contributing to the retirement account and build an emergency account (laddered CDs) that could sustain you in a multi-year downturn. In this way, you can avoid selling in a downmarket, but stay 100% in stocks to take advantage of the growth.

[KathleenMcNe]

I was so accustomed to working hard, living very frugally, and saving and investing aggressively that my CPA finally put things in perspective for me and encouraged me to spend money on myself. So I retired with zero debt, an eight-figure net worth, and multiple income streams. My perks are a couple of new vehicles, traveling, and making significant monetary gifts to worthwhile nonprofit organizations.

[MidlifeCrisisManagement]

totally agree with you, Azul - that point when your money grows faster than you're putting it in is magical.

[Raniyanhunter]

I just turned 47 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $80k

[jrm]

Wife and l are at about 800k age 61. I’m planning on really maxing my savings the last few years, but was really surprised when my advisor said it wasn’t necessary. Never thought I’d hear that

[melvano]

My wife continues to work part time at 58 even though I show her that our bills are only 9 percent of our retirement income. She grew up very poor and says that the shoe could always drop.

[Bestjudy]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing below the $100k mark and in the first 2 months, my portfolio was reading $234, 800. Crazy right!, I decided to reinvest a huge percentage of my profit and it got more interesting.! For over a year we have been working together making consistent profit just bought my second home at the beginning of summer.

[ravjohn]

I'm about to turn 65. I have a comfortable net worth. I have no expenses, with modest home and cars all paid off. I have no passive income streams, and won't take SS until I turn 67. I have only been out of work for two months, and have already been scrambling to find a new full time job. To me retirement is a bore fest and I am not comfortable spending money uncontrollably. I am having a horrible time moving from saver to a spender. I wish I was able to let go of that stigma and fear. I have no heirs except my younger wife to worry about. I wasn't born wealthy as all of my money was made through slow time tested ETF's and 401K contributions and matching. I was a middle manager employee who always lived beneath his means. So now that I have the means it feels uncomfortable to be economically irresponsible. What I am finding is that decision's after 65 seem more emotional than financial yet I seem unable to get there after two months of not working. Thanks for the video.

[AG-sogl]

Moving from saving to spending is tough

[dennism]

At 61 I am considering cutting out early, compared to my plan. At 56 my 20 year employer was bought out, switched the 401k manager right at the initial COVID crash, losing me money I would never get back. The losses were locked in and it was big. Three weeks later they laid me off, along with many coworkers. That changed my life and my retirement plan at the time. Fast forward 4 years and we have clawed back some and now are back in the game. I did lose some time but see the light at the end of the tunnel.

[sachdevaghosh]

That "magical point" is actually not a permanent state that once attained, lasts forever. In a bear market, you could be regularly saving as much as usual, and yet your net worth stays stagnant.

[jonathanfoster]

the last year of savings I realized the extra I Was saving in my 401K was not moving the needle. I reduced my 401k saving down to the match and I decided to put that extra into a cash reserve to increase my secondary emrgency fund to be equal to a year of income in a HYSA

[DJ_USA]

Yes, I agree with enjoying the journey to retirement.

[mcoxeter]

Great video and a good point. I’m still working and enjoying it. Planning to scale down the hours I work and to increase my spending to really enjoy my 50’s and 60’s