10 SIGNS That You Are Ready to Retire

This video discusses 10 signs that you are ready to retire. Retiring is not a decision that one should take lightly. The fact is, deciding when to retire, whether it is today, tomorrow, this year or next, is not straightforward. More importantly, it is difficult to un-retire, so it is important to get it right.

This video discusses the common gatekeeper questions that, when answered in the negative, suggest that it is not yet time to retire. It is important to note that it would be rare for someone to say "yes" to all of these so this information is directional rather than absolute.

FREE Retirement Ready Checklist:

Holy Schmidt Book Club:

Important Links:

Follow Me on Instagram:

Geoff's Facebook Page

Federal Reserve Board Survey of Consumer Finances:

Social Security Administration Application for Benefits

Current Social Security Cost of Living Adjustment

Social Security Payment Estimator

THE CHANNEL’S MOST POPULAR VIDEOS

Should You Take Social Security at Age 62 and Invest it?

7 GOOD REASONS to File for Social Security Benefits at Age 62

Average Retirement Savings by Age 60. Are You Almost Ready to Retire?!?

The BEST AGE to File for Social Security Retirement Benefits

3 Social Security "Little Known Facts" That Are REALLY Important

Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[HolySchmidt]

LIKE & SUBSCRIBE for new videos twice a week

[jimv]

#11 should be if you clicked on this video immediately when you saw the title without even having to decide if it was video worth watching....

[chessdad]

When time becomes more valuable than money.

[UnkleAL]

I recently took the plunge and retired. I have most of the points of this presentation covered. However, I have to comment on the stress - I always loved my work, and my immediate co-workers, and problem solving. However, the stress piled upon a person by management who always wants more more more from your soul...is far more great than it was in the past 80's, 90's, etc. I felt the effects of this real stress and also observed older co-workers before me who outright died on the job, or died shortly after they left retired because of the compounding affect took a negative toll on their health. For me it was worth it even if I left a little early (age 60) and will need to live a little more frugally. So far I have not regretted it.

[stevemccartney]

I like your opinion on retirement!!!! I listen to Dave Ramsey & he makes me feel like I feel like I'm doing okay & proud of my small financial accomplishments!!! I'm disabled & do my best!!!! Thanks for being optimistic & positive!!!!

[cindyvitale]

I related to most points, but #10 jumped out at me. I used to have such a passion for my job. But the last couple of years, mostly the last year, was torment, because I didn’t care anymore. I don’t think that getting paid to do a job you don’t care about anymore is good. I also knew it was time to go. I haven’t regretted retiring early.

[ArnoldToporowski]

#11 You find yourself watching a lot of videos on Youtube about retirement 😀

[paulc]

I meet all 10 signs. I'm tired of working but will do volunteer work to keep busy and a little bit of fishing....

[cashflow]

All the boxes were checked when I fully retired at 59. At my former job, I actually loved what I did, but I didn't like all the politics, gossiping and quiet quitting that exist. My manager was great but I felt he catered more to the ones who produced the less. The less they did, the more they ask of me. No regrets. I did an honest day work, never called in sick in 38 yrs and loving my retirement.

[howellomaha]

1. Know spending
2. Know cash flow
3. No credit card debt
4. Home paid off
5. No other support
6. Optimize social security
7. Emergency Fund
8. Health Insurance
9. Post retirement social
10. Disinterested in work

[Mexicobeanpole]

I’m so going through the motions with work. As little as 2 years ago, I still liked it.

[BoxOfRain]

I might broaden the social networking aspect to include hobbies and other interests. You can have a lot of time after retirement - I retired in 2015 and began working on a family history, volunteering, taking the dogs on walks in the park, traveling, engaging in church activities and a number of other things that always wanted to do but never found the time for. It gives my life a sense of purpose.

[southernbelle]

You're a wise man and I appreciate your advice. I've followed you for a good bit now and it really helped me make my decision to go ahead and retire early - no regrets!!

[desimo]

I'd say a good sign is that when the company is considering layoffs, you are hoping and praying that you get selected! You just need someone else to pull the trigger for you.

[tacies.]

My first step to retirement is to leave a salary position to a full time hourly position. A 40 hour work week with zero expectations of me once I leave work sounds like heaven. The unhappiness and stress isn’t worth it. I just need the medical benefits for another couple years until Medicare.
I appreciate your videos to keep me grounded and feeling positive about my retirement.

[July..]

11. 🤔. I am working a swing shift position for three more months that swings shift every two days except on the weekends when you stay on a shift for Friday, Saturday, and Sunday. It’s kicking my tail, and my wife it hates as well. I told them I would help out, but I regret ever saying yes at this point. Counting down the days till I return to day shift. Looking forward to retirement not to far out on the horizon. 👍

[stingray]

I've been watching your videos for a while and you have helped me to understand what I should be looking for and what to expect, thank you. I plan on retiring at 62, been debt free for years and saving as much as I could. I look forward to watching more.

[KristineT]

I’ve taught for 32 years, children ages 3-6. I’ve got 9 of your 11 items taken care of. The cost of insurance is always a worry but I’m covered thru August and am working thru options to be ready. I am retiring early (56) but can collect my pension and substitute teacher or work someplace else. Your videos have been extremely helpful in getting my head wrapped around all of this! Thank you so much!

[johndbro]

I went ahead and tried to rough-out my monthly costs. I was astonished to discover that once I pay off my house and car, cancel my life insurance and stop assisting my (adult) children, that my monthly costs go down to roughly $2300, which is astonishingly low (to me)

[zoomzoom]

I was passionate about my job, for nearly 18 years; I had the second highest pipeline and was closing in on first place when my employer decided my position was no longer needed. Now someone else will get the benefit of my work.

That said, I have an "emergency fund" in cash that will cover me for awhile, but that was money I planned to use when I retired in 2-5 years to get my oceangoing sailboat.

Actively looking for a new job, and I'm finding opportunities.

Just be prepared if you're employer or your business makes the decision for you before you're ready.