3 Reasons Why I Retired Early

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This is an overview of the three principle reasons why I chose to retire early from my career and pursue my creative interests.
Disclaimer: The provided information is intended solely as an informational resource and should not be construed as investment advice or recommendations. For professional financial guidance, it is advisable to consult with a fee-only financial advisor in your vicinity, accessible at www.napfa.org.
Decisions regarding investment strategies, retirement timing, and other financial planning matters represent pivotal choices in one's financial journey. I strongly encourage you to seek advice from professionals, including a financial advisor, CPA, and attorney. The combined perspectives of these experts will assist you in making well-informed decisions for yourself and your family.
This information is presented without taking into account the investment objectives, risk tolerance, or financial circumstances of any specific investor, and may not be suitable for all individuals.
It is crucial to note that this information is not intended to serve as the primary basis for any investment decision. Always consult with your own legal, tax, and/or investment advisor before contemplating any investment, tax, estate, or financial planning considerations or decisions.
#retirement #earlyretirement

[@jesuscrespo-diaz956]

Cliff, I'm 56 as well and retiring 1 July after 38 years on active duty. I'm debt free and quite happy with my financial strategy and achievements, but I just can't sit at home. I'm taking a 12-month sabbatical to travel commercially and SA. Then putting my doctoral degree to good use by becoming a part-time nursing school professor, not out of necessity, but an innate desire. Love your channel. Keep up the good work!

[@CliffWagner]

Jesus, again congratulations on a well-deserved retirement. You began you military career early, like myself. Clearly you made some very good decisions and maximized all opportunities presented to you - well done! I sincerely hope that you get to enjoy your sabbatical and take full advantage of every opportunity for adventure as your new retired life unfolds. There is so much to see and do and fortunately, you are still young enough to enjoy what lies ahead for you. Best of luck and thanks again for supporting my channel!

[@dc-yq2mt]

Great mindset 🎉 Congrats on retirement. I have a few more years to go, but it's going fast. Thanks for the videos.

[@CliffWagner]

Thank you for your comment and for visiting the channel!

[@JRRob3wn]

Agree with you about the “seasons of life.” Once I neared the end of my career and hit a certain level of savings I just felt all the career ambitions dissipate. Many people, some family members included just can’t wrap their brain around the fact that I’m not working anymore. I think it’s that good old middle class work ethic impulse…you’re supposed to work until you’re 65 - that’s what is done. Frankly if I worked until I was 65 I would likely wind up with an 8 figure net worth and I have no idea what I would do with that kind of money in my late 60’s/70’s.

[@CliffWagner]

For me, the timing of this decision was critical. It allows me the opportunity to have the heath and physical ability to enjoy this season of my life with little to no stress. All of our needs are met and we live well. We will leave a financial legacy for our kids and grandchildren, but how much is enough? Think the more important "legacy" will be the bond of the memories of spending time with them, encouraging them and being present and engaged in their lives. Thank you for your comments and perspective - and good luck in your retirement adventure!

[@Bob-yh7ir]

Same thinking here. Going out this year at 58. Even though I have a great job, work remote most of the time and like the people, at this point I am just trading time for money. I am still chained to a laptop and cannot get out to hike a trail or visit with family and friends, etc. So looking at our budget and numbers and we are ok to pull the plug on working for a paycheck. Worst case scenario, I can always make some money should we need a little, but I cannot make more time. Realizing that there are more days behind me than in front of me has made up my mind.

[@CliffWagner]

Great points all around and I think you are exactly right. Now my time has to become the most important tool that I have. I plan to use it with family, friends and all of the personal priorities that I put on the back burner for so long. Thanks again for your comments and for supporting the channel!

[@Delta922]

Wow!! Our situation is pretty much identical!! As I write this response, I'm doing exactly what you described and it sucks. My yearly salary will be replaced by a pension from my job and I will collect my SS at 62. Like you said, it's time to stop trading time for money and live life on my own terms. I planned and saved for a long time and it's about to pay off. I have coworkers still working in their 60s, 70s and 80s. Not me, I'm done with all the nonsense and office politics. 42 days and counting 🎉🍾🎊🍻

[@JohnBowl14690]

Fairly similiar situation here, but I am electing to keep working because I only work about 24 hours per week and have enough time to goof off. Plus I like having some structure in my life. And of course, having the extra money allows me to splurge when I feel like it. There's no right answer. Some people who retire end up taking a part time job later. So why retire unless you hate your job?

[@Bob-yh7ir]

​@@JohnBowl14690true. Some people just downsize their job to part time or contract work here and there. Others did not think about retiring to something instead of from something. We know what we will be doing. Months away on travel. I am planning hikes now for Hadrians wall, the Wicklow mountains and iceland Sumner hike, back country camping or glamping. Then back to New Zealand for a couolr months a year. Reason for hanging up the career now is so I can do those things while I still have my health and can hike that mile uphill without issues. At some point I won't be able to do those things. I might only have a decade or so where I can be that active or it might only last a few years or 20 years. Thing is none of us know when we will move from our go-go years to slow or no go years. If you have things you want to do, go do them now. Don't wait to execute on them.

[@CliffWagner]

Sorry for the delayed response here. Glad to hear that you are closing in on your R date - I hope that you get to fully enjoy this new season of your life. I really feel for folks who wake up at 55 - 60 only to realize that they have no retirement, no pension and are facing having to work until they no longer can. Time is precious - make it count! Good luck!@@Delta922

[@joethecomputerguy1]

Like your matter of fact approach. Congrats on retirement.

[@CliffWagner]

Hey thanks brother!

[@Delta922]

I'm 58, debt free and retiring next month.

[@CliffWagner]

Awesome - hope you have a great experience!

[@Delta922]

@@CliffWagner Thanks!

[@altitudealex9678]

🎉🎉🎉

[@CliffWagner]

Yea man!

[@abrahams.lincoln6749]

Nice work, dawg. 👍

[@CliffWagner]

Thank you!

[@nkosanamsibi7182]

I'm 36 I wish to retire around early 40s

[@CliffWagner]

That is the dream right. Good luck to you!

[@b.coxemba6799]

I retired at age 51 in August 2021 two months before my birthday. Two federal government pensions. Department of Justice and Veteran Affairs. 1.) Reason If I would have stayed in the DOJ until maximum amount of time, I could have probably gain a extra $600 monthly in my pension. That meant 10 more years of working. Tradeoffs: I'll will be collecting over $300,000 in pension income. Meanwhile $300k ÷ $600 breakeven point 41 years. 61+41=102 (102 years old) This is just using round numbers. $300,000 ÷ $700 = 35 years break even point age 96 $300,000 ÷$1,000 = (300 ÷12 = 25 years) 61+25 = 86 yrs old break even. ‐--------------- 2.) Reason How much investment savings I would need to cover my fers pension? $750,000÷4%=$30,000 I'll need minimum 750k to cover $30,000. But am drawing early age 51 not 62 with cost of living adjustments. So probably a lot more funding needed. How long will it take to gain another $750,000 in retirement savings? Much longer than 10 years. ______________ 3. Reason Passive income ÷ liabilities > 1 My pensions must covered *my take home salary. * than I could stop making earned income. ----------------------- 4. Reason I didn't have another 10 years in me. I was eligible for passive income. I won the game. Why continue to play in the rat race? ------------------------ 5. Reason Average life expectancy is 77. Most of my family died by 65 and the one who lived passed 70 died by 80. Remember that break even point. ---------------- 6. Reason People over 75 don't spend as much on entertainment their busy managing their health. Your first six years of retirement probably be the greatest experiences. The next six years probably good. Now you're 74 or older. Long overseas travel doesn't mean as much.

[@CliffWagner]

Sounds like you broke the code my friend. Thank you for your service and your career, I sincerely hope that you enjoy every day of your life to the fullest! You could absolutely be a retirement advisor/coach. All the best!