Should I retire NOW? 5 Questions to Help You Decide

[@foundryfinancial]

What factors do you consider when thinking about retiring?

[@Keenok]

I am tired now. I have a demanding job that has me working crazy hours supporting annoying customers world wide (recently 10am to 4am). I have the opportunity to retire at 60 in Thailand. I believe I need to take the opportunity even though I would have more money if I waited. I believe having less monthly income is less important than enjoying my life. I plan on being a gentleman farmer on a nice spread I have purchased in north central Thailand and experiment with alternate crops without worrying that one bad crop will hurt me.

[@stephfoxwell4620]

Enough is the key word. Enough Time is crucial. Enough money is desirable.

[@papasmurf9146]

Not health, but mortality. I've seen too many people shuffle off this mortal coil before they could retire.

[@jimhoge3252]

New subscriber. Our attitudes towards work change over time. 20 years ago I love my job and worked 60-70 hrs a week. No problem. 10 years ago i worked just as long of hours but resented the time commitment. Two years ago I retired early because, I did not want to give up so much time…

[@foundryfinancial]

Thanks for subscribing and leaving a comment. And you’re exactly right. Were all trading time for something.

[@edwardpate6128]

I retired 3 months ago at 64 and so far I am absolutely loving it! Having the freedom to do whatever I want on a daily basis just can't have a price put on it. I'm finding I really don't have to spend much money to do all the things I enjoy such as daily walking, planning and cooking my own meals which I seldom had times to do before. Reading all the books I never had time to read and keep a daily journal as well as taking some time to write my memoirs.

[@davidmixson4983]

I have to say, I'm amazed at the wisdom of this video. I retired almost two years ago, and he nails some of the most important topics. Well done. Thank you for sharing your insights.

[@foundryfinancial]

Thanks, I really appreciate it.

[@dadlovestofish]

New subscriber. You mention some great points to consider. I'm 54 and contemplating retiring at the age of 57. I've worked a retail grocery job with the same company that is privately owned for 38 years. Lot's of hours per week over the years and lot's of hard physical work that I've done since I was 16. It's way worse now than it was back when I was in my 20's and 30's and 40's but I keep going. My ESOP is enough to retire today, (around $2.4M without my house that is paid for) and I'm deeply involved with food banking with a Feeding America affiliate. I plan to go three more years in my job and maybe go to work with the food bank. I keep kicking around why to quit my high paying job to do the same thing in the non profit world but your advice helps me consider why I should sooner than later, as this job I'm in has taken its toll on my body. (two hip replacements and crazy hours). Thank you for making this video.

[@rickbradley9159]

Very good! - 70-year-old here and finding some joy in driving a school bus, but sacrificing my health a bit …

[@nh7879]

This is great Kevin. I love that you consider ALL aspects of retirement and not just financial. Keep up the good work!

[@KarenSchuessler]

I’m a 70 year old musician who, if I weren’t working for money, would do the same thing for free. It brings me and everyone around me tremendous joy. So l’m not retiring per se, but I am reprioritizing to make self care-workout, nutrition, skin care, etc-no. 1. Everything else comes after that. It’s tricky, but it’s working and I feel great. I just have to stay organized and I take whatever opportunities for experiences come my way. I like your focus-new subscriber, even though I live in Canada and the rules are a bit different. 😊

[@EdwardGatey]

I wasn't certain for two days, Saturday and Sunday, of trepidation. Monday morning, I knew I was correct.

[@LaughingAtTheEgo]

I play music for a living so I will never retire God willing I will always write, play, perform, and produce and hopefully travel to the places I want to go to do it.

[@McCRBen]

Also a musician, I will be choosing which gigs I do. I am not going to be taking on two five hour gigs in the one day. Whether a gig is paid or not is becoming less of an issue, it’s whether it’s enjoyable.

[@alchobum]

Questions 4 and 5 are a big deal. For me, this quote: "if you are doing what you love, you will never work a day in your life." And I got there. Not my whole life, but there for the last few years. So for q5, there are people who when they retire and lose purpose, it's that they might feel that at that point they are only putting in time until they die. And die sooner - if in your mind you have given up, your body might too. And you might lack the motivation to stop it or even care. In my case, I can scale back if I need to, still doing what I love. Self employment or owning a business gives you that. People as employees often do not have that option. So very much yes, they better have goals and a plan.

[@icedteamama176]

Really good questions! Someone at work retired in December 2022, passed away in January. He’s been battling cancer for years but enjoyed working until the last few months. 😢

[@foundryfinancial]

Thank you for sharing your story. It's moments like that where we really recenter on what matters most.

[@jingjingkong4560]

Just like our best friend working as restaurant owner for 35 years , retired last year and now dying in no longer this year from cancer 😢now I’m looking this like my husband’s future. My husband needs to retire now because I feel the overwhelming on both of us ( together we run a restaurant within we work to much hours every day, but he won’t listen to me) . I mostly just want to walk away from him, but he can’t survive by himself. His 53 and I’m 48 . Three kids with 2 are age only 11 and 13 . Older is 20 in uni now. We owe our house and paid off two investments house. Or we should sold our business and just work part times . But he won’t listen. He got 2 diabetes and when busy he got stressed than will abuse me and the kids. I don’t want to deal with that anymore.

[@sammyday3341]

The day your career feels like work, it’s time for a change. I felt as though I have been paid to do my hobby. Then over a period of the past year, I lost all interest in the career I’ve loved. It suddenly was difficult to even try to fake any interest. I knew THAT was when to retire. Maybe instead of being a civil engineer on railroad projects, I’ll get into model railroading!

[@andreawales1938]

I volunteer as a Sunday School teacher and will continue to do that into retirement, but I'm dreaming of retiring from my regular job. Please put out a video on how much debt one can have in retirement and still keep your head above water. (I don't think I can wait to retire until all my consumer debt is paid off because I'm running out of steam.)

[@BradBeck-f5b]

Excellent thought-provoking questions. I’m surprised that this was published a year ago with only 21,900 views. Excellent content and short.

[@Scott-be1cq]

This is exactly why I am considering retirement right now. I am thinking of retiring for a few years until 62 then grabbing social security early and spend that time and money while I am healthy. I just don't think waiting until I am 70 or 80 is a good idea.

[@educatedwanderer9293]

I'm 55 and I have expenses of 88k a year, and retirement savings of $2.9 million. My employer provides health insurance with 50% paid by them from age 60 to 65 so I will wait to retire at 60. I jog 2 to 3 miles twice a week to stay fit and I'm careful to not injure myself.

[@grantedgar1844]

Make sure you have interests developed before you retire. Too many people retire with nothing to look forward to. They are just waiting to die. I have lots of projects on the go. I will have to live until I'm 150 to get them done.

[@stephfoxwell4620]

My motto is Don't Just Do Something. Sit There.

[@RC-Flight]

I have the same problem so many interesting hobbies to keep me busy, but work gets in the way of my fun. Will be retiring in two years.

[@johnurban7333]

This video is right on the mark. You make a lot of sense. This video is helping me to decide. I’ve seen a lot of videos the last few years. You seem to explain things the best. Looking forward to watching more of your videos

[@foundryfinancial]

Glad it was helpful! Thanks for your kind words. I’ve got a bunch of other ideas I’m working on. Now for the time to film.

[@lindareinking5326]

Appreciate this . Retiring next June. Your video helped me sigh with relief that i have made the right decision! Subscribed!😊

[@foundryfinancial]

Thanks, Linda!

[@CheckThisOut77]

I worked until 72. I loved my job and was at the top of my game. I fell into the “just one more year” trap. Decision Maker: I created a matrix: Reasons to Work/Reasons to Retire. I listed about 25 reasons under each and scored them (1-5) each month. The answer became obvious. Even though my income has been cut 65% in retirement, all the numbers are working. NO debt is essential. One change: I don’t go to the coin shop as frequently as while working. Those were always expensive, albeit enjoyable, visits.

[@foundryfinancial]

Love the matrix! Thanks for sharing.

[@mikjeuitbranant]

Can I ask what those 25 things on that matrix were..?

[@CheckThisOut77]

@@mikjeuitbranant The list is 100% personalized. Reasons to Retire: Leave on High Note, Getting Tired, Driving Danger, Commission Cuts, Open Schedule, More time for Hobbies, Start Pension, Some memory trouble, Involvement in Ministry, Hit my $20MM Goal, New Tech Snags, More Family Time, Job Getting Harder, Advice from Friends. Reasons to Stay: Top-of-Game income, Repeat Customers, Wait for next Quarter, Company 401(k) match, Dental Ins., Company Recognition, Company Trips, Meet Interesting People on Appts, Wife’s physical limitations, Current Home-Improvement Boom, Give More $, Enjoy Job. First, I noticed it was easier to come up with “Leave” categories and there were more of them. Next, I scored each 1-5 each month. EG: Retire: Leave on High (5), Start Pension (2), Tired (4), Driving Danger (1), Schedule (4). Stay: Income (5), Dental (1), Wife’s physical (5), Meet (5). Scores: 56/48 (Retire/Stay), then 59/44…. The right decision was to Retire and it has all worked out great. One of my maxims: “What does the math say?” This was a BIG decision, thus, I had to get it right. Thanks for asking. Cheers, John

[@DoubleTFishing]

Great presentation of the information!!

[@foundryfinancial]

Thanks so much! Hope it was helpful.

[@fairman14065]

Just found your channel. I like your energy and perspective! I'll watch your full series of videos.

[@hlic7941]

again, some very useful ideas. Sadly I did not think through early retirement in such a sensible way!

[@foundryfinancial]

Glad it was useful! Thanks very much.

[@floccinaucinihilipilifications]

Excellent, impactful reflections … thank you

[@OANHNGUYEN-vt7px]

Thank you for your sharing. It’s very useful for me.

[@kendoanything]

I do like the discussion and trying to plan but it all does come down to a role of the dice. How long do you plan to live? Will something pop up family issue, health issue? And the all encompassing do I have enough set away for retirement.

[@bellmattwebb]

Was hoping for something a little more definitive. Still some good insight. Thanks for putting this video together.

[@foundryfinancial]

Glad it was helpful! I’ve got another video planned where I’ll be a bit more pointed.

[@RS-un9hx]

I don’t have any friends, no social life, & yes, health does decline. I truly have the quiet life. It does get mundane. I was thinking of returning to work for the social aspect, money would be icing. Who knows if I can keep up with today’s advanced pace. I might have become too outdated?

[@snow40741]

Yes food for thought ..I have scaled back at work...I only work 4 days and I have to think what would I retire to? I been focusing on getting closer to retiring sooner than later...but what would do with all this free time...🤔

[@McCRBen]

If you like to sing in the shower, join a choir. If you like walking, join a walking group ..

[@growsinhouseherbiculturali1100]

Then one day you find, ten years has got behind you. No one told you when to run, you missed the starting gun.

[@user-yq2wk6yg8s]

Inspirational! Thank you!

[@thomasturner3834]

You're amazing! Thank you. I would like to learn more about roth conversions.

[@foundryfinancial]

Thank you! Very kind.

[@livkind3522]

How much do u need. To live say 20 years. I’ve already had serious health problems. I live kinda assuming I’ll die in next 5-10. I lost all the people I used to connect with. My kids will graduate soon. One who will most likely need me to care for him forever. Which it is my great pleasure and honour to do so. I just wish I could be in a lil cottage in the woods. Maybe with a unicorn and such. Is that too much to ask??

[@LaughingAtTheEgo]

New sub

[@rda9441]

Question..is there any projection tool that gets closer to smile model than the binary Monte Carlo model? I am trying gage how realistic retiring at 50 or 55 is and lasting through 90s.

[@foundryfinancial]

Great question. There is. It’s called Income Lab. Lots of financial advisors use it, but I’m not sure if they have a retail version. There’s a gap in the market for solid software that estimates more accurately.

[@rda9441]

From an estimate perspective using the Monte Carlo projection since no retail version of Income Lab. Would you say 70%, 80% or 90% is a decent gage on the smile model? Meaning, if you are hitting 80% Monte Carlo for example it equates to roughly 90 to 95% validity with smile model. I know so many factors so can't guarantee but also from statistics perspective one can estimate a decent probability.

[@jonathanisernhagen6515]

There is not "always more money." This is an unserious statement. What I want to understand, for full context, is what percentage of retirees (with what starting wealth) end up unretiring because they run out of money.

[@danielbarrera9450]

Working till I drop dead hallelujah 🙌 🙏

[@tim71pos]

United States is not a happy place for people who are chronically under-resourced in cash. My sister was a chronic over spender and died bankrupt. One of my brothers chronically under earned. Very frustrating for me, even though it was not my life to live, he never finished his undergraduate degree in mathematics because he was one course short. He died of heart problems at age 62. My oldest brother retired early but had a lot of issues related to service in the US armed forces. He is still going and I always enjoy talking to him but I think he's chronically short of cash and it limits what he can do. I know someone at work who retired early in periodically I see her picking up some temporary assignments because she retired a little early started the social security a little early and is of course, chronically short of cash. So I decided to delay social security to age 70 and I'm going to work a few years past that and if I die with cash in the bank that's okay. I have a good woman and a nice house and financial solvency is priceless.

[@jluis333]

Work til I die? Most certainly

[@edgardovillacorte7012]

Without money one doesn't even have friends and relatives.

[@johnpik2922]

shud i become a youtuber?