The 'RETIREMENT CRISIS' Is a LIE

There's no retirement crisis going on. It's just fearmongering. But, if you want to increase your peace of mind about your finances, here are 7 ways to do just that.

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 PLANNER. THIS CHANNEL IS MEANT TO PROVIDE GENERAL INFORMATION ONLY THAT MAY INTEREST YOU. PLEASE CHECK WITH A PROFESSIONAL BEFORE ACTING ON SPECIFIC FINANCIAL OPINIONS***

If you received some good info from this video, feel free to buy me a coffee!

[chessdad]

I went for a retirement bike ride at lunch. Bought some tasty Chinese dumplings at a nearby restaurant. Enjoyed the food in the park while sitting on the park bench. The only crisis was I found I dropped a glove earlier in the day. Found it on the way back. Crisis solved.

[marcstilson]

LOVE THIS GUY. HIS WISDOM IS MAKING MY TRANSITION FROM WORK FORCE TO RETIRED FORCE, SO MUCH EASIER. LOVE THIS GUY.

[KathleenMcNe]

I always lived frugally and noticed how different my spending was compared to that of my co-workers. They would purchase expensive, new vehicles every 3-4 years while I bought inexpensive, used vehicles that I kept for 15-20 years. They went out to lunch every day while I brought home-prepared lunches to work every day. They bought a Starbucks coffee on the way to work every morning (and would often pop out to Starbucks mid-afternoon to purchase another coffee) while I bought a Starbucks coffee once every 6 weeks. So, I was accustomed to keeping my expenses low long before retirement. I invested the money I saved in the stock market. As Dave Ramsey would say, I lived like no one else, so later I could live like no one else. I've been retired for 3½ years and have zero debt, multiple revenue streams, and a significant net worth. And now I can spend money!

[danielkendall]

I live in apartment, I vacuum the hallways once a week and take out the trash in the laundry room, saves me $150 a month.

[alexsteven.m]

Currently I'm just being smart and frugal with my money, I'm in the green 47% over the last 23 months and l've accumulated over $700K in pure profits from DCA’ing into stocks, ETFs, dividends and futures. However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait.

[davidbobo]

I'm 58 practicing retirement with only 200 k. I was a cook once long time ago . It helps now

[Random-ldwg]

our department where i worked for 11 yrs was dissolved in May '20(non pandemic related). After learning about it my wife and i started writing down all expenses starting Feb '20 with belt tightening and totaling them every month. i had a 5 month gap between full time work and then went back to work for 8 months full time before deciding to retire. i already knew how much we spend per year before that but this reinforced what we could live on so the info helped in decision with retiring. we are still doing it to see how we are doing with our spending relative to our SWR.
when we lived in a state with harsh winters the plan was to keep vehicles for at least 10 yrs and alternate buying another car every 5 yrs but after moving to the southwest, we extended it to 15 but went to 17 instead. current oldest vehicle is 18 now passed on to my 19 y/o son but i bought a new vehicle to replace it.

[franktirelli]

Love the confidence you instill for us that are sitting on the fence about retirement. Hope I can clock in with some positive news to share in about six months. I am very close, and very scared.
Many thanks
Frank

[Bxmmtabus]

I was so scared to retire....but did it at 48 year old....and I am loving it....a budget is a must during retirement....we got this....love your channel!

[Bob-yhir]

Know our numbers. We live on so little for our household that we spend almost as much on travel as we do on base household spend. It's awesome ! the peace of mind that comes from knowing money is not an issue is so freeing.

[nickisnyder]

As an RN I do always see the medical side of things. Many people lose their health & that's when they learn they don't own their homes...the bank does. Glad you made it to retirement without a health crisis...keep exercising. YOU'RE DOUNG GREAT

[casmithc]

My hair is falling out. Rather than spending money on prevention methods, I am looking forward to having a haircut like Duane's. Less expensive.

[wapitgood]

As I was typing up my retirement letter after working in corp america for xxx years, I bought a small software company. Its been about 9 months now and I still toss and turn and sweat balls weekly thinking about the budget.. lol, I figured it would be better to be a business owner then worry about investments. I can control what's going on with my business more so then the stock market or even bonds. Out of everything you said.. "We Got This" resonated the most! I consider you a bro! The backdrop is perfect. Thanks!

[thullraven]

Good advice, Bro. I'm debt free and trying to stay that way. I own my home, my car and everything else I have. Retired at 59. I plan on keeping my paid off 2018 Mustang GT until it drops or I do. I'm not in the rat race, so I don't care if someone has a "better" car than me. They probably don't anyway. 😁

[coppertone]

I feel All the fear is to keep people working. I have not missed anything by retiring. I considered working until 66 but the work environment was just not worth the effort.

[tonks]

Great advice Duane, especially about picking up a part time job post retirement and keeping your cars (guilty as charged)! Keep motivating buddy. Awesome

[austinburns]

Thanks Duane. I completely agree on figuring out your expenses today (from the ground up is best); a painful exercise but how else are you going to know? I also recommend pressure testing it on paper with a few 'reasonable' what-if scenarios. What if your pension was cut in 1/2? What if you need a new roof, replacement car, new HVAC unit? Side income is king in those scenarios, then relax. Also, make health insurance a priority before Medicare - don't risk it. Stuff happens, and when you least expect it. My (adult) son required a kidney transplant last year which cost around $450, 000, and I had a cancerous kidney removed (unrelated coincidence), for a little over $100, 000. I think I paid about $7K and my son $0K. Gotta have insurance to sleep at night.

I greatly admire your ability to chill Duane! I'm working on it but have a long way to go to easy this worrying mind.

[scottsmith]

You hit it out of the park again! While not sexy choices a good Camry or Accord will run dang near forever with proper maintenance. So will Corollas and Civics. There's always somewhere cheaper to live too. In extremes you could always expat in Mexico, the Philippines, etc. Thanks for posting!

[cmbooks]

Hey, Duane. You are absolutely right. People know they will retire so you would think they would devise a plan. If you stick to a sensible plan why all the fear? This fear, and feeling of lack is what sends us into crisis mode. I am subscribed to several retirement channels and I am sick to death of all of this whining. Sometimes I have to unplug.
I just got back in town a week ago, west coast vaca, Mexican Riviera cruise. We'll spend September in Hawaii. I am retired with a little over 100k nestegg and 3k ss. How do I do it? I budgeted and eliminated debt. My monthly expenses are minimal. I buy what I want, I go where I want.
During my work life I was always stressed about money. Holding down a job is expensive and stressful. Once I got off that hamster wheel life is easy. There is no way in hell I'd do any kind of work anymore. I think it's great that there are so many ways to side hustle for those who need or want that. I've worked over 40 years and I'm done.
Please excuse the rant. I'm charged up from relaxation and overindulgence

[circlesthesun]

In first year of retirement. It's joyous. Researching for a used, good shape, low mileage, Subaru Forrester to explore my rural geography. Teaching online. Thanks, Duane.