Here’s the #1 Trap That Will Ruin Your Retirement

Retirement is often seen as a golden period in one's life, filled with opportunities for leisure, family time, personal growth, and giving back to the community. However, there is a common trap that many retirees fall into that jeopardizes the quality of their golden years.
The Pitfall - Singular Focus on Wealth Accumulation: While there is nothing wrong with aspiring to be financially secure and building wealth, fixating on becoming as wealthy as possible can lead to a miserable retirement. 😕💲
The Pursuit of Money and Its Consequences: The relentless pursuit of wealth during retirement can manifest in various ways that hinder our ability to enjoy life to the fullest, such as delaying retirement, restrictive spending, and misguided portfolio growth.
✅ To avoid falling into the retirement trap of singular focus on wealth accumulation, it is crucial to adopt a different mindset that prioritizes what truly matters. Here are some steps to consider:
1. Define your retirement goals
2. View your portfolio as a means, not an end
3. Embrace a balanced approach
4. Overcome tax concerns
Retirement is a unique chapter in life that offers countless possibilities for personal growth, connection, and happiness. By avoiding the trap of obsessing over wealth accumulation, we can create a retirement experience that truly reflects our values and aspirations. 🤔💭🙂
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⏱ Timestamps ⏱
0:00 Intro
0:48 The trap
3:19 Example
5:29 Income strategy
6:20 2 instances
8:08 Your portfolio
9:30 The problem
10:22 Start with what matters
11:07 Taxes
13:20 Conclusion
Other videos we think you'll like:
About Root: • Financial advisors wit...
Worried about retirement? Start here: • Worried About Retireme...

[@rickchandler2570]

My father-in-law took us aside one day and asked how our retirement planning was coming along and when we said it was going well, he said well good, we don’t plan on leaving you anything. They were quite well off. I said I was happy to hear that as it meant they were going to enjoy themselves and spend as much of their money as possible. I think he was surprised to hear us say that.

[@teatree6228]

Exactly-- “the time we have left” is a depreciating commodity, irreplaceable and cannot be purchased

[@focusedfreebird]

When you retire, you have less time left, so might as well enjoy some of your money before you die.😮

[@AntyTiff]

Maybe he was thinking of giving to charities.

[@gbb82]

I get he may want to give most of it to charity, but nothing to his child, in-law and possible parents of his future grandchildren? That is cruel.

[@jackierumph2779]

Perhaps... he was concern regarding the stable foundation of retirement. And, because you had taking care of it. He probably felt you can continue to build upon it.😊

[@tcwaz]

This video is the exact pep talk that I need. I reach a goal, and the goalpost moves. "If I had just a little bit more, then I will feel more secure" I will prob watch a few more times so I can really let it sink in. Thanks!

[@TheOriginalMarimoChan]

I feel the exact same as you

[@deciduous_99]

Me too Tyler

[@roxanneprice7687]

Same here. I really, really needed to here this...now I need to internalize it!

[@jaynelson8304]

Great video! The shift from saving to spending is almost traumatic. It took me more than a year and I finally came to the conclusion that we did everything we could to prepare so as long as we don't do stupid things we should be okay. So we need to enjoy what 45 years of work provided.

[@RootFP]

Thank you! That transition is much harder than people would expect.

[@wolfy7531]

Retired last week and watched many KZbin videos regarding retirement. This is hands down the best advice I have seen. Great job on focusing the audience on what is really important!

[@RootFP]

Wow, thank you!

[@Honestandtruth007]

​@@RootFP This Video is GREAT Great Advice my friend 👏👍❤️

[@sorenminoush145]

I wonder if you are a believer:)

[@mtnshelby7059]

I'm in this mindset right now. Keep working, keep saving, keep slaving...I'm trying to break that cycle of fear because thats what it is. Fear.

[@tholm4307]

Fear=False Evidence Appearing Real. When we view fear from this lense we can overcome it much easier. Cheers!

[@machintelligence]

It is better to retire too early than too late.

[@alansach8437]

Until you are in a nursing home and have to rely on puplic assistance...which means basic, crappy care.

[@kathycook1140]

My advisor recently assured me that I'm "more than prepared" financially to retire but I've been hesitant to give notice. I think it's more difficult if you come from a lower income background; it's harder to believe you're financially okay even when the numbers say you are, if you've had an uphill struggle to get to that point. Thanks for the always well rounded examples of how to know and trust when you've reached that secure point.

[@RootFP]

It’s very difficult to do! We think it’s just a financial decision but it’s far more than that.

[@bigjohnson7415]

I can relate to that. I turn 62 in a few weeks, and could be okay retiring, but one major health issue could blow me out of the water. So my goal is to work to 63 1/2 and qualify for Cobra to bridge to Medicare. Previously I was resigned to 65, but this is what I've figured out recently. 18 months to get everything in order, new roof on the house, new Water heater, A/C unit, appliances and I'll be in good shape for the rest of my life most likely.

[@michellem8284]

@@bigjohnson7415 I've also considered the Cobra bridge to Medicare scenario but do not want to work that long.

[@larryjones9773]

@@michellem8284 Obamacare subsidies.

[@JaySmith-pv2mw]

I appreciate how you talk about quality of life instead of just maximizing finances. The whole point of retirement is to enjoy your well-earned freedom from working. So many other retirement advisors claim we all have to work until 72 while saving 50% of income, just in case. Yes, there is risk in retiring but unexpected things can happen when working, also. I've seen too many people who never get to retire or enjoy their "golden" years and that will NOT happen with me.

[@RootFP]

Well said!

[@Honestandtruth007]

​@@RootFPGREAT Great Advice and Great Video 👍❤️👏, Some people do Really need this ❤

[@JayRay9999]

This video is just 100% true, every word of it. You are a financial therapist. Thank you!

[@NoSenatorson]

When hit by inflation or healthcare costs near retirement, it puts a damper on retirement dreams.

[@d.williamvitt3869]

I took age 39 to 49 off and taught school when our kids were young so I’d have the summers off with them and when I was still physically strong enough to have real fun. Now I will need to work 67 to 77 to make up for missing that decade of strong retirement savings. The interesting thing (I am now 68) that I am finding is our life really isn’t any less fun than our friends who are retired. Especially the 27 colleagues who already died between the ages of 57 to 67. And those couples still alive, well their health and the young age of their grandchildren means they really don’t travel more than we do; they just get to “flex” that they aren’t working. But in reality at my age working is all I’m really healthy enough to do anymore as I’m really too old to have any real fun. But I don’t feel cheated because I had that fun between 39 to 49 and I did it WITH my kids vs. waiting to do it 62 to 72 or 67 to 77. IMHO you’re too old then to really have any fun, as you’re too close to the average age of death among US which is now 77. P.S. Delaying the start of adulthood and having fun 18 to 28 isn’t as good as taking 39 to 49 off as you can’t appreciate it yet as you haven’t had to waste twenty years working. I see no Financial Advisirs recommending this ten year sabbatical in mid-life. I call it the “20/10/20 Plan” where you work 18 to 38, then coast 39 to 49 and work hard again 50 to 70. I’ll still get to do the typical retirement stuff 70 to 77 but I can tell you that what you can do 39 to 49 is WAY BETTER physically than anything you can do 62 to 72 no matter how fiscally “strong” you are. “Retirement” is a cruel joke, what Americans need is a midlife Sabbatical when your still physically strong enough to enjoy it and psychologically mature enough to appreciate it. You can always go back to work later!

[@RootFP]

Thank you for sharing!

[@heidikamrath1951]

You spent those 10 years “coasting” as a teacher-yet, from what I’ve read, teachers RULE at retirement savings/planning.

[@katrinalove5704]

Great point of view. Never thought about it like that. I think people should create their own retirement instead of following the cookie cutter approach to it. Who decided 65 was the official retirement age, anyway?

[@CalmerThanYouAre1]

I think a better goal is to save and invest with a plan to be FI by 40 with the option to work part time or only as needed seasonally. No need to take a sabbatical. Just be done “needing” to work at all. Or keep that teaching job and rol those summers with the kids into summers with the grandkids!

[@JD-tn5tb]

@d.williamvitt3869 - Your way is certainly very interesting and that's great that you have those 10 years to look back on great experiences. But in my case, I can't even imagine working my stressful, awful job from 62 to 72. Also, people can't always just quit their jobs for 10 years and expect to be able to be hired in their 40's and 50's. But, that just goes to show how great teaching jobs can be as I think you have a more flexible job. If I could go back and do it over, I would have tried harder to pay off a house earlier and retire in 50's instead of 60's. But that's still risky as less in ss and longer time period pay for medical. It's also great that teachers can have the entire summer off - that's more than most can spend with their kids!

[@1175drh]

Wow, spot on! Retire wealthy is more than money in your portfolio. Being Wealthy is more about happiness.

[@pianoplayer2692]

Outstanding advice. This will help me very much! I fear I would have been exactly the person afraid of spending down the money, Thank you!

[@jackiebennett3762]

new subscriber here. bretiring in 8 months at 56. worked 30 years for the state government. taking a 2 year loss in my pension because of my age. Cant fall into the trap os staying for another twi years. health is more imporant than money anyday.

[@dforrest4503]

I just retired at 55 in a similar situation. Three and a half more years would have gotten me a lot more pension. Not worth it! I have more than enough. Good luck!

[@RootFP]

Thanks for subscribing!

[@JC-21470]

I will be 59 this year and thinking about retiring at the end of the year. GREAT video to help put things in perspective, thanks James!

[@davewithad4166]

Very timely video for me. I told my wife last night I’ll probably be one of those people that die with plenty of money in the bank, while living on a diet of dollar store dog food. She agreed.

[@chavale2]

Just a common sense: every day should be a Retirement day: that is a LIFE DUDE

[@barbiec4312]

Your poor wife…lol.

[@virginiavargas1649]

What actually matters and what I actually need at retirement...I needed to hear this today to determine my retirement right now... Thank you, James!

[@RootFP]

I’m glad it was timely for you.

[@robskully3539]

I just turned 69 and plan on working until 70… or longer but reduced hours/days. I love what I do and my work is easy for me after doing it for 34 years now.

[@AntyTiff]

Do tell: What’s your work?

[@scottr4457]

Great video James! I'm in my early 50's, planning to retire at 65 and really starting to think about what I'd like retirement to look like. I've recently come across your channel and finding great value in your videos. Thank-you so much for putting out these videos and sharing your level-headed approach to finances and a fulfilling retirement!

[@johnyjsl9219]

65 is too late brother because after 70 things start to break. Retire at 60 for at least 10 good years of health.

[@royjones8012]

I retired at 55. Glad I did. I have a pension, some Roth IRA, & now 61. Was going to collect at 62 SS, but can delay that cause my Roth has done so well. It helps that my expenses have lessen, car & credit card paid off. Mortgage will be paid off next & still make trips.

[@scottr4457]

​@@johnyjsl9219definitely food for thought

[@chipcranford48]

At first I was skeptical about hearing financial advice from someone so young. I couldn’t have been more wrong! Thank you!

[@RootFP]

Thanks for taking the time to watch 😃

[@ggpp6252]

@@RootFP That thought crossed my mind also. But when listening to a few of your videos, you have a wealth of knowledge and can articulate well the message that we need to hear. Thank you, James.

[@ericolens3]

heres a major thought age doesn't always mean wisdom. some wiser nuggets are literally locked into certain aspects of time. im 34, and in 30 years, I'll be 64, the age for retirement. if the average young looking 34 year old did not plan for retirement, then the people between ages 55 and 65 wouldn't have optimized their youth. whole life insurance policies are lower at lower ages, and dont bear the same penalty as term life. All that to say, younger looking faces may very well have better knowledge since they didn't take as long to "crack the code" for life.

[@robbystelly]

I like the quote you gave at the beginning of this video. Someone I used to work said her dad would say, “I’ve never seen an armored car following a Hearst!”

[@RootFP]

True!

[@anthonybutler3157]

Great video. Encourages me in my retirement ( 5 years) that i have made the right choices. Reminds me of a quote by Nelson Rockefeller when asked of how much money is enough, he replied "just a little bit more"

[@CS-pu4ti]

Great advice James! Recently I quit working, and wanted to pursue my hobbies, & talents. Every time when I talk to my relatives or some friends, the first question they ask is whether I’d be looking to work. It’s interesting to see how most people sometimes mindlessly focus on work.. Yes, I stopped working before even the earliest age that one would be eligible for social security, but I’ve chosen to live somewhere for less cost of living than I lived before, and I feel I’ve saved enough. These type of videos made me feel better about my decision, and less anxious when someone asks me the typical question about WORK.😊.

[@bruce7255]

Great video! I am 67 and retired late last year. I had the fear of not having enough money to retire but I realized I do have enough. This video is now helping me to take some of the golf vacations I always wanted to take. Myrtle Beach here I come!

[@RootFP]

Wonderful!

[@Paul-GrnHil]

I was doubly blessed. I had a 35 year career as a senior executive for a company that I loved that was sold to a much larger corporation when I was 64 years old. I was financially secure at that point and the job I had was eliminated in consolation. That meant I left with no regrets at a time I was financially able to do so. I was never plagued with the thoughts of “woulda, shoulda, coulda” stayed for another year to have more in retirement savings. I was able to focus on the transition to retirement rather than looking back at what once was.

[@RootFP]

That is a big blessing to avoid any second guessing.

[@glendacastillo6504]

I retired at 47 years old from the military. I'm happy that I have TRICARE and VA health insurance for life.

[@JD-tn5tb]

James, this is a great video and very important things to think about. It's just so hard to know whether you will have enough or not. I'm pretty sure even if I screw up, I will have enough because of my pension and holding off on getting social. But for people who don't have a pension and take their ss too early and haven't saved much, I think they are taking a huge risk.

[@jordanmadden7388]

100% agree with some people trying to be as rich as possible. I think this applies not just to those in retirement, but those also saving for retirement. Figure out your number, develop a plan, hit the plan. And use the excess for good.

[@muubie]

I’ve watched this video several times in the past few weeks. You put out great videos but this one really resonated with me. I forwarded it to my wife and it’s led to some great conversations. We were planning on retiring in 2 years but now it may be earlier. Thanks!

[@RootFP]

That's great! I'm glad it led to productive conversations.

[@darelkrupanandham7478]

Brilliantly said James.I identify with everything you've shared. Thanks so much.

[@sarahcobetto5613]

Eccl 5:10

[@oahuguy3918]

I love this video! It's a unique angle on how our mindset affects our retirement that's not mentioned anywhere else. I re-watched it - TWICE! Thanks man!

[@CheckThisOut77]

Great words of wisdom. I followed your advice and am renting a motorhome RV in two weeks (something I have always wanted to do). I was falling into the “one more year” trap (since I was at the TOP of my game). Since retiring, my INcome has dropped about $100k BUT the numbers are all working out (no debt is a key).

[@teritran_theTurtleTraveler]

Retired last month and now beginning the best time of my life--enough is enough❤

[@RootFP]

Congrats!

[@ShamileII]

Brahh.....this is so on point! This is the same as when we were young guys, would always think we could only get the girl with a better car. We needed more to get what we wanted....same with retirement. Financially retired at 54 and now semi-retired at 56. I basically pictured how I wanted to live in retirement and worked back to see how much monthly income was needed.

[@cjeccher8128]

Some people are saying you are too young lol I would take that as a compliment. You are a very impressive young man ! Obviously very intelligent and knowledgeable

[@joecutro7318]

There is great wisdom in this content. Thank you James for supporting us to get the balances right and the priorities set with freedom as the goal. 👍🏼

[@RootFP]

I appreciate that!

[@cathyspiegel6765]

Financial books have been so helpful. I’m 54 and my wife 50 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. No longer putting blames on FED for our misfortunes. Saving and investing lifestyle in the stock market made it possible for us this early, even till now we earn weekly.

[@juliuserving7841]

Hey but u can't take it with you, can you ???those 3 million that u brag about, ain't buying u more time arrogant person, 3 million ?? Death is non negotiable , death doesn't discriminate, all graves 6 ft deep, u will get sick one day just like any human being that's alive now, u ain't special money can't save u from death, . so don't give me that mumbo jumbo prideful talk, u can't buy time let that sink in ..!!!

[@dandawson8128]

“How to Die with Zero” by Bill Perkins. Do not have regrets at the end, but yet a “large” back account. Spend it now, on all the experiences you want. Live each day intentionally. Live and save wisely, but do not save and save ….

[@danspencer4235]

I think if you surveyed people who have been retired for a few years, most of them would say that the earlier you can retire the better your life will be.

[@DavidFlores-kq5hz]

It's a good reminder for those of us whom have lost the reason why we saved in the first place.

[@Honestandtruth007]

To PUT and to make this particular Video There are a Lot of Consideration and knowledge to give people GREAT Advice about Money and Life Happiness 👍❤️👍 I must say Bravo Bravo 👏👍👏

[@intellectualgladiata]

The tax issue can sometimes get a little complex. I'm at a point where the government has let me down so much and so many times that the thought of paying them aggravates me. Even though it might not be worth it sometimes I do get personal satisfaction from minimizing tax.

[@RootFP]

Agreed. It’s not a simple issue.

[@user-vs3jj5wn3y]

Finally a financial advisor who gets it and knows how to find balance in the force. Kudos, sir.

[@karenmccoy5819]

You are brilliant young man! Thank you! Your advice has helped us tremendously.

[@RootFP]

Glad to hear it!

[@joycewright5386]

I don’t want to die as rich as possible but after saving my entire life and finally retired I’m afraid to start spending it. How do I switch from a saving mindset to a spending one?

[@RootFP]

We’ve got a video for that 😃 kzbin.info/www/bejne/nne8knyaiK9-i9E

[@katrinalove5704]

Sadly this is a real problem for some. My aunt abs uncle are multimillionaires and act like paupers. It’s really sad.

[@prydegirl]

Work out your withdrawal strategy on paper. Put on guardrails, then enjoy.

Been watching your videos recently. I like that yours are about to live a little and save a little - balance is the key !!!

[@marthabarrett2479]

I've been eligible to retire for eight years now but I'm one of those who kept moving the goal post. The most recent being I was going to work till I reached full retirement age for SS, which was another year from now. Then the beginning of this year a new manager was brought in who we all refer to as "the prison guard." That's what finally convinced me it was time to go. My last working day is this Saturday. June 1st being my first day of freedom. Hallelujah!

[@Honestandtruth007]

That's Why Life Must Be BALANCED from A-to-Z even in A Relationship. Even a car tires must be balanced properly to drive SMOOTHLY 😅❤😂

[@davehope9144]

I could probably retire tomorrow but my wife and adult kids aren’t willing to make that sacrifice

[@bmoshareholderappleshareho855]

One of my uncles recently retired after forty years of working. Now he is depressed all the time because he has too much time on his hands and not enough to do. Also, I know a few people who are in their late 60s and early 70s are still working. They simply cannot afford to retire.

[@gordonkleinpell8150]

This is spot on for me, James! Thank you for bringing all these points to my attention. I will definitely take many of these ideas into account. Thank you so much for your great videos, with warmest regards, Gordon

[@RootFP]

Glad it was helpful! Thanks for watching, Gordon.

[@cjeccher8128]

My father died a millionaire but littetally would not buy a cup of coffee outside of the home. I benefited from an inheritance but I wish he would have enjoyed that coffee lol. I am aware that I am following in his footsteps but at least I am aware of it

[@JohnTovar-ks8dp]

I couldn't feel good in retirement if younger generation family members with kids were living in an apartment because they couldn't afford a house. Also, there should be some extra money floating around the family in case someone has a disabled child. It's not just about me. A small farm or somewhere with a barn would add to the entire family"s wealth just because having somewhere free to store something valuable could stop one from having to sell valuable consumer goods at fire sale prices due to temporary circumstances. This has happened to me and even my father. Building up some generational wealth is definitely worthwhile.

[@jpturner171]

Great video and advice James! Videos with advice like this has convinced my wife and Me to stop next year. Semper Fi!🇺🇸 11 months and counting!

[@RootFP]

Right on!

[@andrews2441]

I have not finished this video yet, but I think it would be worth mentioning that you’re more likely to die after you retire. It’s like buying a new car and driving away. As soon as you retire, your life expectancy drops significantly. It’s a valuable piece of information that most people are unaware of or choose to ignore.

[@lawrencelai6614]

Great points. I decided to retire my wife four years ago at 46. Good job with your videos.

[@northbridge2298]

In my experience, many people think all of their financial problems would be solved if they only had twice as much money as they currently have. And it doesn't matter how much they have, doubling it is what would make everything better.

[@heidikamrath1951]

I feel called-out, lol.

[@leo290702]

more wealth is not worth it if one has no heath & happiness, it takes wisdom to be self-sufficient.

[@TM-li7bl]

I always worry about leaving assets behind for my kids…, I worry about their retirement when I’m not even retired yet…, I’m 63, plan on retiring in a year or so. I know this is bad.

[@RootFP]

It’s tough! You want to provide but also have to take care of yourself first.

[@FrankRizzo401]

One of the best financial Utube channels out there.

[@drticktock4011]

...I think and smile of the financial legacy for my kids, grandkids,...

[@hawhee]

This is wise advice. I just want to retire with enough money to pay all my expenses.

[@Hirogen24]

I also needed to hear this. Thanks James

[@RootFP]

I’m glad it was helpful

[@donnag7288]

I am going to be 67 in two months. My financial planner said I have enough to retire but I am still afraid to retire. My job is very physical which is difficult to continue at my age. And I really do love what I do. But I don’t want to be crippled either. So I will have to retire soon

[@davepaturno4290]

I know so many people who refuse to retire because they cannot fathom spending more than they are making. All too often, their retirement date is either when their doctor recommends retirement, or the person dies before ever having experienced a life of doing anything and at any time. There is so much to see and do out there. Being stuck at work and missing life's simple pleasures is often not worth it.

[@krishnadevulapalli315]

Retirement is a balancing act for thirty plus years. Having a proper mindset is the key. One can reap its rewards by allocating time for personal, social , spiritual & economic circumstances and taking it as wholesome journey.

[@ronmexico5908]

Various wealth levels were surveyed what wealth level would feel secure. The result was no one felt secure even having hundreds of millions. It seems we put much of life's value on money. Be careful who you invite into your life

[@craig2Afreedom]

Time, health and family. Yes money is needed. As I grow older money is less important.

[@tyjameson7404]

James is the bomb 💣 🙌🏾🇺🇸👍💪🏾❤️🙏👊🏽🇺🇦

[@RootFP]

😆

[@yarnpower]

Yes, greed can also make you vulnerable to Ponzi schemes, scams, etc.

[@karenkehler7331]

There is such a thing as “money hoarding”. 😂 I could retire now but love what I do but definitely need to adjust for more balance and fun. Being self employed meant I lost money when I wasn’t working with clients. Travel wasn’t a priority but you’re right. Do it while money is still coming in!

[@bernie9728]

Here's the key: You want enough money so you don't have to worry about money, but no so much money that it makes you stupid. The second key is knowing the difference.

[@Woodland26]

I am turning 59 and my passive income is about to exceed my regular wage. After 60 when I can start accessing my retirement fund (in Australia) I will definitely work less and draw from the retirement stream. Probably would feel too bored to stop totally. At the moment working 35 hours a week on something that I like.

[@chrisc9389]

Amazing! I love your content. I have never had things put to me this way as far as portfolio value, retirement, ETC.... Definitely making me think more about my goals

[@rambo-rb]

thank you James for this informative video - I like the idea of not keeping moving the goal post.

[@CheckThisOut77]

I kept working: Partly because my wife doesn’t really want to do much, thus, I thought “I might as well just keep working because of that and I do enjoy my job”. That kept me working a few extra years but I finally stopped (at 72). It was a good decision as I am mostly doing the things I wanted to do anyway.

[@davidless57]

Well said, at 62 with 1.55 mill in savings and 2.1mill in total assets. I took a buyout at work but also took another job, I’m addicted to my portfolio, it is something I nerchured by myself from having only 1000 bucks at age 40 and having to recover from a divorce, so it’s very difficult to start pulling money out. Been reading and studying on how to get over my problem of not spending my savings. Being single a dept free I have a problem ,I know. But I did order a 100g sports car, though having second thoughts Great KZbin!!

[@RootFP]

Thanks, David. And thanks for sharing your experience.

[@bigjohnson7415]

Hope it was a new Red Corvette! Gotta keep up the image, and average age of Vette owners!😜😜😜

[@davidless57]

@@bigjohnson7415 Superformance cobra, I think the fun factor is much higher, at least the re sale value is.

[@paul2081ok]

Make sure you avoid Thailand where life is pleasant and rents are 200/month for a nice modern apartment ❤😂🎉!

[@leannesampson3199]

Thank you for the excellent advice - as always 😊

[@RootFP]

You are so welcome!

[@PurvisTwiggs]

To keep up with rising cost we are beginning to see the equity of our home for what it truly is, Its becoming hard for us seniors not to ask the obvious question: “Should we cash in, invest the money, and rent?”

[@bigjohnson7415]

I'd say it depends. Renting is increasingly expensive, so would the return on the sale of your house cover that expense? Do you want to move to another State to retire? What about renting your house out and doing the other things? That said, being a slumlord ain't all it's cracked up to be either. Me personally, I plan on living in the house I bought 19 years ago, paid off 10 years ago, till I leave this earthly plane. Good luck whatever you decide.

[@Angel-nu7fm]

When asked how much money is enough, John D. Rockefeller said, " Just a little bit more". That can become self-perpetuating.

[@fialee8ca132]

If that what makes someone happy trying to get there...that's great! Don't shame someone who enjoys savings. It's their choice.

[@RootFP]

No shame here

[@alexandrailnyckyj6059]

Have you ever considered that some folks do not spend their money because they really do not enjoy travel, do not enjoy hosting family parties and do not want to support any particular charity. They just want to sit on their porch and enjoy watching the birds.

[@hawhee]

James Conole makes sense. Wealth should represent freedom, not enslavement.

[@carolpool5583]

I relate to what James is saying. I am always worried about money and keeping working and saving rather than do what I love which is travel. Time runs out and you can drop dead at the job just as easily as on the beach in Spain. Which would you want?

[@stevenk195]

Wife retired at 51. I retired at 54. We worked, we saved, we sacrificed first. THEN....we retired early. 100% debt-free as well. You need to put your time in, just don't put too much time in! We both enjoy finances and tax planning in retirement. It's not everything to be sure, but it is something we enjoy doing along with continual learning about anything and everything. Did we have serious pain/suffering/loss in this life of ours? Absolutely. Raising children is like that. Planning and sacrifice can still increase of the odds of things working out, even with the set-backs in life.

[@kenhansen8186]

The 4% rule makes me want to lock in 5% guaranteed income in FDIC insured tradable CD's and long term Treasury bonds. Don't need the 1% advisor fee then because investing is streamlined. Laddering fixed income investments makes this easy to wait for the 4.5% to 5% rate goal.

[@Andrew-zh6jl]

Excellent video. You might be speaking to me.

[@ds61821]

A really good video. It's a helpful perspective as I plan to retire June 30, 2024 at age 69, postponing taking SS until age 70.

[@georgecon1466]

Why are you waiting that long?

[@darwinjina]

@@georgecon1466 I'm listed as the beneficiary. ;) At least he has a planned date. (I have a year but no firm date yet)

[@wesw1735]

Thanks James, I needed this pep talk!

[@arttherapy727]

My mother had a load of savings bonds that she would not cash in because of taxes. She said she'll leave them to her kids and let them pay the taxes.

[@valvend]

Money making is like Monopoly game. After the game is over every one has to put the Monopoly money back in the box. You don't need money in Heaven.

[@bigjohnson7415]

Or the other place!🤣🤣🤣

[@Northern_Squirrel]

Great video and resonates really well with me although I am not an American. Keep up the great work.

[@RootFP]

Thanks, will do!

[@robo800300]

Just found this video. Excellent subject. Very well presented, too. Subscribed.

[@RootFP]

Awesome, thank you!

[@alansach8437]

On the other hand, if you become a spend thrift..... It is very, very difficult to live your entire life frugal, and then suddenly tell yourself it's ok to spend. Especially when no one knows how long they will live, or what expenses the future might hold. Afterall, we saved all our lives primarily for security, not to play!

[@lonutifrim2750]

> When you read articles about financial freedom, you may hear people talk over and over again about how they spend next to nothing to be able to retire at a younger age like 30. Instead, they may have already achieved financial freedom and boast about how frugal they were in order to retire well before the typical retirement age.

[@educatedwanderer9293]

I'm still trying to figure out how much my budget is as it has increased from 5000 a month to 6000 a month. That in turn changed the minimal amount I need have in the portfolio and the emergency fund. Yes, I feel the goal posts moving and I am beginning to wonder if I'm going to have to keep doing this.

[@Sky1]

We have 18% inflation try and find a retirement calculator that will let you plug that in

[@mrbushlied7742]

I'm 67 and have a net worth of ~$3.5M and plan on working until age 70 to maximize my Social Security. Maybe I'll feel safe to retire when my net worth is $10M.

[@davepaturno4290]

Many people think that way until a heath issue arises while they are in their 60s, forcing them to retire without the health they need to do anything they want. I believe that our best retirement years are 65 -75. Why retire at 70 and have only 5 years of being physically capable of almost anything? I saved enough to retire at 63, primarily because the medical insurance in this state is very reasonable. Otherwise, I would've worked until 65 when Medicare kicks in.

[@ibelieveinjesuschrist8911]

true!!!! thank you

[@prydegirl]

I also hate to spend the principle. My goal is to live off dividends, and interest. My financial planner kept moving the goal post, 3 million, then 5 million now 10 million. My financial plan was to save as much as possible, work until I didn’t enjoy it anymore, end working for money by age 60.