I Wish I Knew This Before Retiring Early

[@TylerMohn-g9l]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[@johnawara9719]

@@FlorentGulliver MARGARET MOLLI ALVEY Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@FlorentGulliver]

@@johnawara9719 She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.

[@retirethisway]

It is rough out there for many! When do you think you will be able to retire?

[@meemka8251]

A bit gloomy but very plausible predictions. Do you have a plan to mitigate these circumstances in retirement?

[@superman9772]

so totally true...this feeling of "no paycheck" is part of "the culture shock"... glad you are discussing it... it's vital to understand the emotion of waking up to that feeling before you experience it....

[@retirethisway]

@@superman9772 indeed! These are important conversations to have. There’s a mindset shift that I wasn’t expecting and I am still working my way through!

[@robbiewillford4601]

Well said about the fear and anxiety. Planning will keep that in check. There are always options if you are willing to make them.

[@retirethisway]

I agree!

[@QueenieSantos-sf3rh]

Remember, you only live once. So, treat yourself to coffees, lunches, and dinners with friends and family every now and again. After all, you have worked most of your life to be comfortable enough to retire. Now enjoy the fruits of your labour, dont live beyond your means but live well cause life is too short.

[@retirethisway]

Well said!

[@crispyduck1706]

I am and have been since my twenties - not rich but always made sure I enjoyed myself

[@meemka8251]

I think the 'recent retiree anxiety' you described is brought about by fear of the unknown (future inflation rate, one's state of health, etc.), as well as lack of sufficient budgeting and planning, and not practicing retirement, i.e.- living on the budget one intends to follow upon retiring while still collecting a paycheck. Control the controllable and plan/account for worth case scenario for the rest. Great, informative video, as usual!

[@retirethisway]

Well said! I appreciate you sharing your perspective.

[@kathyokinaga9888]

I retired 3 years ago, age 60. I planned on waiting another 5 or 7 years, but unexpectedly got burned out as a nurse during COVID. I completely agree with the initial anxiety of looking at every dime spent, especially when the stock market was down. When inflation did go up, I was okay-because so did the stock market. I adapted to the market, as planned. When the market is down, tighten your belt. When the market is up-as it has been for the last 2 years-then travel, relax, drink the pina coladas. Don't dwell on the price of milk and eggs when your savings is doubling.

[@retirethisway]

Great advice! And I'm sorry to hear you got burned out, but I completely understand. Nursing is already such a hard job, then throw in COVID and it's probably like being in a war zone.

[@thullraven1]

I retired early. I have a small Government pension (and I mean small) and healthcare for life. I have VA Disability as well. I have an emergency fund set aside for when bad things in life happen. I haven't filed for SS yet but I will next year. What made it possible was being completely debt free. I own my home, car, and anything else I have. If I want something and don't have the money for it, I get it the old fashioned way: I save up and get it when I have the money.

[@retirethisway]

I'm sorry to hear about your need for disability. But I am delighted that you have set yourself up so well. AND you have a mindset that will keep your retirement secure. Kuddos!

[@notyet2345]

I retired last year at 59 with 500k. Having enough was my concerned but my expenses are so low that SS can pay all monthly bills and leave me a few hundreds dollars left. Right now I’m living off rental income and side hustle income. That is what is sustaining me until I start collecting SS. Being debt free including mortgage and having low monthly expenses is the main reason why I feel so comfortable and stress free in retirement

[@retirethisway]

Good for you! I am happy your retirement journey is going so well! Please feel free to share any tips or lessons learned along the way so we can all learn from you too!

[@michaelsherman6492]

I was a federal employee so I have a pension, some VA disability and my TSP. Retired at 58 and have not looked back… I enjoy my free time and sleeping late.

[@retirethisway]

I'm happy to hear you are set up so well!

[@harrisonkyunghee]

Do not listen to anyone telling you to work on beyond 67. I hit my 35 years of national insurance contributions when I was 55. I'd prepared my path ten years earlier. I invested (£95k with the help of my Fa Dianne sarah olson). We sold up in the UK at 55 and have lived on the proceeds since then. I have a private pension which started aged 60. My full State Pension finally starts in 3 weeks (I plan on investing it all for my grandkids secret nest egg) Every day is absolutely amazing. Don't work a day longer than you have to. The clock is ticking. We are not slaves to the system. No Government can tell you when to stop. Go find your own freedom.

[@retirethisway]

You are spot on! And thanks for tuning into the channel!

[@cato451]

I'll follow you. You seem to have truly retired on $500K. There is another youtuber who claims to have retired on $500K too but the fact is he didn't. His KZbin channel income covers most of his monthly costs. That isn't retired on $500K. I retired at age 58 three years ago. Best decision I ever made. Covering health care was my biggest challenge but I figured out a way to qualify for an ACA subsidy. I'll be watching!

[@retirethisway]

Welcome to the channel! I am happy you are here. And congratulations on your early retirement!

[@stevennovakovich2525]

I love my current job. I get up at the crack of dawn every day and go to work. I can't imagine life without work. I'm almost 63 and will likely work until at least 67, if I physically can. I think I can do it emotionally. Everyone is different and no blueprint is for everyone.

[@retirethisway]

That is awesome! You are one of the lucky ones who loves their job. You are very blessed!

[@robertk5441]

I hear you. I loved my job. Retired at 64. My job was demanding and dangerous. Got lucky to be able to avoid injury, unlike many of my coworkers. I just didn't want to push my luck anymore. My father worked till 85. His job was his hobby. He was the happiest man I've known.

[@striperkid]

My Pops retired at age 52 and lives on a small pension (no SS). He's 83 now and has more money than me !!

[@retirethisway]

that's awesome!

[@robertk5441]

Lovely video. I can tell you're speaking from your heart.

[@retirethisway]

Thank you so much! I appreciate you checking out the channel!

[@karenbenning2166]

I wish videos like yours were around yrs ago instead of Susie Orman videos telling us we needed AT LEAST a million dollars to retire and to keep working until at least 70. I could have retired financially years before I did because I was afraid I did not have enough money to quit. Retired 4+ years ago and haven't looked back. I think the secret to a happy retirement is no debt, good health and having a small(not a million dollar) nest egg.

[@retirethisway]

Absolutely! And Suze is now saying that even 2 million is not enough. 🤣

[@huy3967]

Love the video! Please keep more of them coming.

[@retirethisway]

Ah, thanks! I’m so glad you are finding them helpful!

[@transitengineer]

This was an excellent video. When you retire prior to social security and have no pension ... oh my this can be very scary. Lucky for me now in my early 60's, I retired last year with a private sector pension, public sector pension, and if needed was also old enough to apply for social security. So, I do not plan to touch any of the money in my Rollover IRA and 457 plan until, my mandatory withdraw age of 75 (smile ... smile).

[@retirethisway]

@@transitengineer wow, that is great! Sounds like you did an amazing job setting yourself up for a successful retirement!

[@markpalmer2562]

Great Video! I'm still at least a decade from retirement, but I love the advice. Financial discussions need more consideration of the emotional component. Financial security isn't all about the math. We are people, not numbers.

[@retirethisway]

I am glad you are finding the information helpful! And I agree whole heartedly about the emotional component. We need more open discussions about financial security, and how to achieve it.

[@e79422]

Nice short video!

[@retirethisway]

thanks so much for watching!

[@mattlaeff724]

Here is the deal: I don't have a car. I don't have cable or any streaming services or subscriptions. I never eat out -- breakfast, lunch, or dinner. I don't drink anything but water --- ever. I don't gamble, smoke, or do any drugs. I don't go on vacations. No coffee or booze, as noted earlier. I don't use the internet to buy anything -- ever. Practice this and you can easily live off of about 20k a year. Practice this, and truly retire early or retire stress free. What I do: Library, outdoor exploring/hiking, Reading, Exercise, Cook, Love, and Tennis.

[@retirethisway]

@@mattlaeff724 kudos to you! You are so disciplined!

[@dyates6380]

Wow, I thought I lived cheap. I get by, very easily with money left over, with three grand a month. I do indulge in a few of the things you don't though, like traveling and I do enjoy my beer, and also I'll order or eat out a couple of times a week. I have more than enough to get me through the rest of my life so my philosophy is to enjoy my time I have left. I worked hard for 48 years and I saw too many coworkers not even make it to retirement, so I'm going to enjoy this last chapter. Best of luck.

[@mattlaeff724]

@@retirethisway - You really don't miss what you do not have. I also recently gave up eating Meat & Fish, so there is big savings there as well.

[@mattlaeff724]

@@dyates6380 - Great job. Yes, I like to challenge myself. I stay competitive that way.

[@Aldo-d6z]

Just think how much you would save if you cut out eating😂

[@martywilliard]

Very cool! Very refreshing ! Bravo on your channel ! You will succeed beyond your expectation! Congrats

[@retirethisway]

@@martywilliard thank you! I’m so happy to hear you are enjoying the channel!

[@7SideWays]

Great tips! Looking forward to more videos from you.

[@retirethisway]

@@7SideWays I real appreciate you taking the time to watch!

[@walktravelanddiscover3945]

Thank you!!🙏

[@retirethisway]

@@walktravelanddiscover3945 thank YOU for tuning in!

[@kytacomaguy]

Great video!

[@retirethisway]

thanks so much! I appreciate you checking it out!

[@SarahFox-y1f]

Beautiful top you have on!

[@retirethisway]

Ah, thank you!

[@martywilliard]

Buying a coffee! Love it !

[@retirethisway]

@@martywilliard thank you so much! I’m so glad you are enjoying my channel!

[@68re852]

I retired 7 months ago at 64 and I'm planning on taking SS in 2 years. I have no pension. What has been your strategy? Do you have a pension? Are you using the 4% rule on your investments?

[@retirethisway]

I plan on evaluating taking SS at 62. I do not have a pension. The first couple of years before SS kicks in I will exceed the 4% rule. then once SS kicks in, I will be taking a little less than 4%.

[@dyates6380]

How does "a regular paycheck" stop in retirement? I get Social Security each month in addition to my retirement account payment from my financial advisor. I actually "make" more in retirement than I did while working, including overtime, at my job. Confusing.

[@retirethisway]

I've retired at 59 and so the regular paycheck stops for those of us that retire early, before we can tap into social security. I'm glad you are set up so well! Kudos!

[@binski5986]

Some people have to stop working for health reasons.

[@scotland99]

Congrats!!

[@kathrynp7595]

Great video 👍🏼

[@retirethisway]

Glad you enjoyed it! Thanks for watching.

[@robertkonczal7406]

Want a better retirement OR work life? Look at everyone as a person who needs a teaspoon of love, and share a teaspoon with them. Yes some will have their mouth clamped shut, but must folks really respond to a friendly interaction, and YOU will be blessed in turn.

[@retirethisway]

@@robertkonczal7406 that’s a great way to go through life! Thanks for sharing!

[@mplate1792]

I don't withdraw from my retirement account as needed. I have the same amount sent every month. It feels enough like a paycheck.

[@retirethisway]

That is wonderful! Sounds like you have planned well. Kuddos!

[@dougholdem2898]

This video is about the psychological experience you had going into retirement, not about the numbers. If you are paying for health insurance for just yourself, which can easily eat 1/3 of your 20k annual budget, and still able to live, good for you.

[@retirethisway]

Thanks for tuning in, I appreciate your time! To clarify, by annual budget is > $20k. Also, I have a video dropping next week about affordable health insurance options. I hope you check it out!

[@NOMORERATRACE]

I retired at 33 years old I am 37 years old now. Retired as soon as possible there is no guarantee people can live until 65 years old.

[@retirethisway]

Wow, glad to hear you were able to retire so young!

[@pamelawayne4114]

great video

[@retirethisway]

Glad you enjoyed it. Any other topics you'd like me to do a deep dive on?

[@maxb9315]

I wish I HAD KNOWN this before retiring early.

[@retirethisway]

Well, thanks so much for tuning in!

[@maxb9315]

@@retirethisway You're welcome. Now you have the correct grammar.

[@rkw2917]

500k I suppose maybe in some circumstances Where I live multiply by 3 or 4

[@retirethisway]

@@rkw2917 yikes! What state do you live in?

[@davila1978]

The trick to get subscribers is to use numbers, how much you spend a month, how much you have on investments and portfolio allocation, then I will suscribe, people are curious about those things, not general ideas, just a suggestion, your channel popped up and I watch a couple of videos, anyway, good luck in your retirement.

[@retirethisway]

Thank you for the feedback, I appreciate it!

[@davila1978]

@@retirethisway I follow 3 channels of people that retire with 500k, I look forward to their monthly number updates.

[@kaitlinmoore1420]

​@@davila1978Would you mind sharing which channels?

[@davila1978]

@@kaitlinmoore1420 Retire Early with me, retirearly500k, Happy on Monday, Buzz’s retirement garage. They all share their monthly retirement/ pre-retirement numbers, just curious on how they make it with small investments.

[@Mary-tj5qx]

I’m very interested to know how you are supporting yourself from.a 500k nest egg, assuming that’s your only source of income and you don’t have pensions or rental property.

[@retirethisway]

Hi! I’m working on a video that details my retirement budget. Stay tuned!

[@MrOsasco]

What tool to use for financial planning?

[@retirethisway]

Are you looking for a budgeting tool? If so, I have one available in the video description.

[@MrOsasco]

@retirethisway looking for a tool to calculate how much it is okay to take from the 401k in addition to SS for the monthly expenses

[@retirethisway]

@@MrOsasco there are a lot of factors to consider to calculate this. So far, the best free calculator I have found is www.omnicalculator.com/finance/retirement

[@MrOsasco]

@@retirethisway thanks. Its

[@bradleyvanzile1111]

Retired early at 37 on SSDI comfortably

[@retirethisway]

Good for you!

[@kevinhays2142]

Research Social Security. At age 62, you get some money, but if you work, you can only make a certain amount (18K) before they tax you dollar per dollar. Wait until age 67, you get much more money and if you work, there no extra taxes. Something to consider.

[@retirethisway]

Thanks, I appreciate your input. I have done the research - In 2024 you can earn up to $23,320 before social security benefits begin to be withheld. I am choosing the path that makes the best sense for me, and that is collecting at 62.

[@horacepierce9210]

@@retirethisway Unless you have a health condition that is likely to shorten your life, it is best to delay social security as long as possible and ideally to age 70. Social Security has a guaranteed increase each year you can delay. There are no guarantees in the market. Delaying social security will allow for Roth conversions, assuming your retirement is in 401Ks/IRAs. When Monte Caro simulations are run to determine whether a retirement will be successful (i.e. not running out of money), taking social security later, with the guaranteed benefit almost always increases the likelihood of a successful retirement. Some will argue that SS may run out of money. However, that will decrease benefits, not eliminate them and those decreases will be relative to your defined benefit size anyway, so you'll still get a higher benefit by waiting. Given the strength of the senior vote, I doubt Congress will allow SS to go unfunded anyway. I wish you well.

[@retirethisway]

@@horacepierce9210 I appreciate your perspective. For me, I prioritize other things more than getting the highest amount of social security possible. I am choosing to enjoy life now!

[@jml9550]

I just hit 52 and will collect SS at 62 for sure. Plan to retire at 60 with around $3M net egg. Home already paid off at 50 and no debt whatsoever.

[@kevinhays2142]

@@jml9550 You are in great shape. For you, SS at 62 makes sense. There are others who take SS at 62 and work part time (up to the amount allowed, 23K? ) Still others must work full time until 67 or 70. Sad. But at least they will get much more SS by waiting. Some poor people take SS at 67, then work full time (because they don't penalize you after age 67) Again, sad that they have to work, but for them, they now have much more money than they ever had.

[@awesomekj5812]

I just came across your channel ...did you like retired with 500k + Paid off house ?

[@retirethisway]

Thanks for visiting the channel! I retired with $500k but I do not have my house paid off yet.

[@dapperlygrungy3189]

Whaaat? Retire at 59. How did you pay for health insurance as Medicare doesn't kick in until 65?

[@retirethisway]

Great question! I have a video dropping next week all about health insurance options for early retirees. Stay tuned!

[@reneesoli5345]

If you live frugally you can get ACA heavily subsidized. You can pull money from a roth and that doesn't count towards income, also if your spouse is collecting ss this doesn't count against you either. Try to take $19,000 out per year out of IRA (401k) annually, to keep ACA under $100 per month.

[@dapperlygrungy3189]

@@reneesoli5345 If I have a good amount of personal savings, can I still apply for ACA without the need to withdraw from a 401K or Roth? I have both and am single. (What is ACA?) Thanks.

[@reneesoli5345]

@@dapperlygrungy3189 Yes, ACA (Obama Care) Affordable Care Act.

[@dapperlygrungy3189]

@@reneesoli5345 Thank you. I do remember looking into premiums under Obamacare years ago. And the ACA premiums for similar coverages when employed is $500. It's the high deductibles that decreases the monthly premium. Sadly, you never know what life brings you.