You May ALREADY Have ENOUGH for RETIREMENT (and Not Even Know It)!

[@jafo461]

Retired January 8, about 2 weeks ago at 57. It's great to see your content and a few others, Joe Kuhn, Dwayne, Erin, etc. I think people are programmed with all of those bizarre ratios of retirement nest egg vs. income during your last year of work, etc. It just doesn't apply to many. It's all pretty much basic math and familiarizing yourself with expenses, obvious, hidden or potential. If people like to work, keep working, good for you. I want to hold down my couch so it doesn't blow away. Keep up the good work. cheers.

[@HappyonMonday]

Congrats!! 🎉Thank you! I love those channels too! Yes, it's crazy the formulas some peole use. You better hold your couch down! 😆I love that one! 😂

[@FionaMacDonald]

Good information! I retired at 51 because I realized I have enough. I was then able to prioritize my health - lot a ton of weight, learnt how to cook, got a personal trainer, and now I love researching nutrition and health subjects. Best thing I ever did was retire 🎉

[@HappyonMonday]

Thanks! That's amazing - good for you! You probably added years to your life doing that! 😀

[@juliannetaylor9989]

@@FionaMacDonald I've been improving my health too! Another bonus of retirement. 💕

[@juliannetaylor9989]

Man, I used to think I'd work until 70. I was married to someone that had to keep up with the Joneses. Got divorced, worked a ton of overtime. Work was getting so challenging. Looked at my numbers and realized - I could go way earlier than 70!!! Retiring early was the best decision ever!!! *no debt or mortgage or car payment makes this possible. 🎉🎉🎉

[@HappyonMonday]

That's fantastic!! Way to go and congrats! 😃

[@70qq]

bingo ! ... people dont realize , with zero debt , many can live on SS alone

[@michaelb.8953]

How did the extra baggage that you had to slug through life for a time end up today? Let me guess not retired.

[@juliannetaylor9989]

@michaelb.8953 He's told my son he's working until 70. He bought an unnecessarily huge house after the divorce and going through new cars. 🙄

[@ericlee2931]

@@70qq Agree that one should retire with zero dept. Not many can live off just SS. You gotta have a nest egg or a pension to go with that SS

[@nortonr]

I've retired today 🎉 Thank you for giving me the confidence to retire ❤

[@HappyonMonday]

Congrats to you - yay!! 🎉You are very welcome! ☺

[@juliannetaylor9989]

🎉🎉🎉🎉

[@bobmitchell1970]

I probably have enough, but I'm still waiting for 59-1/2 since all my money is tied up in my retirement accounts. Five years left to go! :)

[@HappyonMonday]

That was my goal too. I just couldn't make it quite that long! 😆

[@ibenglish]

That’s a good age to retire at Bob and around where I will be also. Great job of planning by you. Well done 👍🏻

[@70qq]

you probably already know this , but if your work has a "rule of 55" in their 401K plan like many do you can get out at 55 and use retirement accounts without penalty ... or with 72T you can set up a equal yearly paychecks from retirement accounts with no penalty ... both great options if you change your mind about waiting ... good luck !

[@michaelb.8953]

Too bad to didn't help yourself first and kick the government red tape to the curb and get yourself a taxable brokerage account to contribute to to bridge the gap until 59.5.

[@tonylevine2716]

@@70qq So many people don’t know about the “Rule of 55!”

[@nncadi1]

It’s a shame how many videos out there saying you need a million dollars to retire. So many people working when they potentially don’t have to. I’ll have close to $500,000 when I retire in May and fortunately won’t have to touch (will have a pension and another stream of income) it right away. Thanks for another great video.

[@HappyonMonday]

Yes and it's not just videos! Books, podcasts, all kinds of people say that. That's awesome! Congrats in advance! You're welcome! ☺

[@70qq]

to be fair , those videos are not talking about people getting a pension and another stream of income .... if you didnt have both of those how much do you think you'd need to retire ?

[@nncadi1]

@ have you watched Happy On Monday's 3 bucket strategy videos; she demonstrates and lives that you don't need to have a million dollars to retire.

[@70qq]

@@nncadi1 ive watched hundreds of videos on SWR and bucket strategies ... less than 4% of people even retire with 750K , so of course its possible ... i retired a year ago at 49 with less than a million ... but its all about expenses , not strategies ... so again ill ask , what do you think youd need to retire without your two incomes that most people dont have ? ... and whats your age ? ... because thats a huge part of the equation also when it comes to success ... the amount saved is only a small part of the equation for success , along with expenses , your SS amount and age you take it , pensions , other income , age , and how long you'll be retired (health)

[@nncadi1]

@@70qq yes, of course all that you listed is included; personally I have no debt and significantly lowered my expenses; I think we’re saying the same thing:), but maybe you’re original point (correct me if I’m wrong) is not all or majority of people can retire comfortably on less than a million? I’m 56 by the way.

[@ellieraggs]

Retiring next Friday! I did wait until I can collect SS at 62. Since I work from home I don't see my expenses going down, in fact I think they will go up a bit since I'll be out of "jail" and I'll be out and about more. Also I had to buy some new shoes and clothes for my new life out of the house! But like you, I project I can do this on 3.5 to 4% of my investments. Can't wait to be happy on Mondays! Thanks for the encouragement!

[@HappyonMonday]

Congrats to you!! 🎉That is so exciting! you are welcome! ☺

[@7SideWays]

Exactly. The purpose and emotional factor isn't talked about enough. We retired early because our expenses are low. A paid off primary +ADU rental was key. No housing expense.

[@HappyonMonday]

I agree! Good for you - enjoy life! ☺

[@karp1248]

Thank you so much for posting these! I'm a teacher following in your footsteps. :) The link was very helpful!

[@HappyonMonday]

You are very welcome!! I'm so glad it was helpful. I love data and graphs! 😁

[@henram36]

I think if more people learned the correct 25x rule, the more people would relax about it. It's 25x expenses, not income. People have control over their expenses more so than their income. Cut out the un-necessary items from the budget and that 25x number goes down substantially.

[@HappyonMonday]

Yes the 25 x expenses rule is a good one. I have also heard people say 25 x your salary, which is not a good formula!

[@kennethwers]

I retired at 58. 8 years later I learned that I could have likely retired sooner. Investment firms have a vested interest in you continuing investing (not retiring).

[@HappyonMonday]

That is very true! At least you didn't wait to retire until you were 65! 😀

[@leisure057blank3]

Thanks for the link, great, fun new retirement calculator

[@HappyonMonday]

You're welcome! It is a fun one! 😁

[@Coach2win]

Yes!!! I plan to retire happy, not rich.

[@HappyonMonday]

Awesome!! 😀

[@theresaegbuniwe5808]

Great info!!

[@HappyonMonday]

Thanks! ☺

[@elziemcmillion]

Great info my girl!! almost there myself the key like you said "My # "

[@HappyonMonday]

Thank you! Yes 100%! 😀

[@karengacke3787]

Hi Julie. Great video as usual. I figured out why you can't change the percentage of the withdrawal rate on that calculator that you linked. It's the percentage of what you put as your spending in relation to your savings.

[@HappyonMonday]

Oh ok thank you! I knew someone would figure it out!! 😁

[@thelanceman]

This is one of your best videos on retirement and the hammer hits the head of the nail on this one! So much of this video is what I have experienced. After being retired for 4 months my portfolio is higher than when I left work! (I'm age 60). I was very nervous about not having the weekly paycheck come in. Finally found a part time job starting soon so hopefully this will be what I'm missing, at least of this stage of retirement! Cheers to these videos! 🙂

[@HappyonMonday]

Thank you!! That's awesome that your portfolio is growing too! A part time job might be just what you need. ☺

[@tracyaf6084]

I think “it depends” is really the answer for most questions about retirement. I won’t have a pension, so I need more in my retirement accounts than someone who does. I will have a paid off home so I’ll need less than someone who doesn’t. My youngest will be starting college when I retire so I need money for that, while someone else won’t need to consider that at all. There is really no one size fits all.

[@HappyonMonday]

I agree 100%! Well said! 😀

[@kevinsmith9899]

I got laid off in my late 50s, and at that point, I didn't really consider retiring. After 6 months unemployed, I took a new job. A few months later, Boldin helped me realize that I could retire, so after lots of planning, I did (almost exactly a year after getting laid off). Part of me wishes I would have retired rather than going through that painful job search. But part of me is happy to have had that additional 6 months of income (plus the unemployment pay for a few months). For sure, I wish I had been in a position to make an informed decision, rather than searching for a new job on autopilot.

[@HappyonMonday]

I'm so glad you got it figured out! I love Boldin! 😃

[@FIRE_DrNinjaTurtle]

You will have a higher than 8% safe withdrawal rate as you have planned well and your income will continue to grow. You are building a social media empire 😊 I love it.

[@HappyonMonday]

Possibly. I can't imagine pulling that much out though! 😆

[@FIRE_DrNinjaTurtle]

@ you will take more trips and fly first class. I am going to watch you double and quadruple your net worth 😁

[@BurritoSupreme42]

I have like 6 or 7 scenarios laid out in Boldin right now, and they all look favorable. My biggest tweak in my plan is to max out an HSA starting my next open enrollment period later this year. I'll be investing the money i put there and leaving it alone until i need it way into the future (past 65) so I can let it grow and then use it when I really need it for medical expenses and to work for me when it comes to RMDs since I have a number of pre-tax accounts. Nothing is guaranteed, of course. So all my fancy plans could change at any time lol. But my biggest fear is probably healthcare. With this new administration, I'm being a bit proactive when it comes to future healthcare costs

[@HappyonMonday]

That's awesome - a great plan! Once you're over 65 you can use HSA money for anything too! 😁

[@Ethan-bu2zy]

Pretty sure I’ve got enough but I have a kid in school and expensive hobbies. Planning to wait till she graduates and then re-assess. Even then I’ll still only be 57.

[@HappyonMonday]

That's a great plan! 😀

[@azteca6695]

I just hung up with my husband. He's frustrated and stressed out. He wants to step down. But it will be less pay. I'm going to tell him about the 55 1/2 rule of the 401K

[@HappyonMonday]

Yes, the rule if 55 is a good one! But have him check if his 401k provider will do that. They don't all! ☺

[@FIRE_DrNinjaTurtle]

I am in a meeting, but I will watch as soon as it is over. I just wanted to be the first to comment 😊😊😊😊😊

[@HappyonMonday]

Nice - thank you! Have fun at your meeting! 😁

[@reneesoli5345]

Hello, i must be doing something wrong? When i tap on more i don't see a link.

[@HappyonMonday]

It's there! I just checked. It's right underneath the 2 video links. ☺

[@zonykel]

The 25x formula is based on your expenditures, not on income. It's derived from the 4% rule.

[@HappyonMonday]

Yes, I said it wrong. Thanks! 😁

[@golt4576]

Financial intelligence is key. Companies or corporations, financial institutions, etc.. keep workers working by being gaslite into not knowing they have enough money. Lack of education and everyone is different with similarities with others.

[@HappyonMonday]

Agreed! 😀

[@MrKlawUK]

I’ve been doing some experiments with cashflow models and testing the edges. ‘what if I retired earlier’ ‘what if I was forced to take a lower paid job right now’ ‘how about if I go part time at 60’ that kind of thing. I think we may be ok so its more a case of rolling with things for the next 5 years to 60 to save as much as possible which will give us more options like helping the kids or more buffer for flexing with any punches from the market. But its given me some confidence in case I have issues in this market getting another job if I lose this one - these kinds of tools are very helpful for those kinds of what-if scenarios

[@HappyonMonday]

That's great! Yes, just "knowing" you'll be ok even if you continue to work is a huge stress reliever! 🙂

[@ProfChris]

Data nerds unite!! 😃😃

[@HappyonMonday]

🤣Ha ha! Yay!

[@stevegorkowski3246]

Great to see you retired early. I retired at 62 years of age. I am glad I did it. My hobbies gardening, Ebikes and repairing things around the house have placed me in a position of living on $20k a year. I am starting to spend more on house updates to spend down some of the money. In the few years that of retirement my 401k is up 30%. If things grow at that pace the 401k will double in 5 more years. I feel I saved too much money.

[@HappyonMonday]

@@stevegorkowski3246 Thank you! Sounds like some great hobbies that keep you busy! Yes, it's great when your money keeps growing! 😊

[@reneepagano2631]

Retired and hoping my husband retires soon. I’ll miss him more than money for retirement, time when he’s healthy!

[@HappyonMonday]

Yes! You want to enjoy your healthy years together!! 😀

[@woodsparker7902]

Finding contentment in the simple pleasures of life is important if you wish to break yourself from chasing after more and more material stuff. When at a restaurant, I find pleasure in ordering a glass of tap water instead of a $2 Coke. Not only is water the healthy choice, but I now have $2 extra I can leave as a tip for the waitress.

[@HappyonMonday]

@@woodsparker7902 I agree & that's great 👍

[@ericlee2931]

First, I say yes there are possibilities with choosing the 500K number as a minimum number. Embracing the 500K number while in your 50s means you have a pension, you have other income, have zero dept and plan on working while retired to earn survival money. I don't think that the one-million-dollar number is a random number. The one million mark earns you $40,000 for life (4% rule) and assures you never have to work unless bored. The one million mark means you don't need no pension. And as far working longer to hit that million, the idea is having that million at the age that you planned to stop work verses working into your senior years to hit the million.

[@HappyonMonday]

Yes, everyone has different goals and different numbers! Each person should do their own research and decide what's right for themselves. ☺

[@leisure057blank3]

2nd, lol. A lot changed between the time I started investing for retirement and when I retired. Where I worked, I could collect a pension at 25 years. There were all sorts of penalties based on your age and the sum of your age and years of service. I found a statement from like 2012, I think. It said I would get like $15,000. What….. I wasn’t going to retire then anyway, but when I did retire in like 2018 it increased to $38,000. I knew how to figure it out with the formula used. But the formula never mentioned penalties, but everybody knew they were there. Like with social security. When they sent statements, I was not very happy. And I planned on waiting till 70, but then the number jumped. When you reach a certain age, they go back and adjust your history to current dollars. Like how $24,000 in 1995 is worth almost $50,000 today. So you get more than you think you will. I watch thus one guy who talks about social security a lot but I don’t really care about bend points. When I started investing, there were no Roths. I just kind of set that up and let it go, and did the same amount all those years on automatic withdrawals.

[@HappyonMonday]

Pensions are funny things. And they make the formulas so complicated! I'm glad the amount went up for you! ☺

[@billjones4986]

Live in California probably not have enough.

[@HappyonMonday]

Yes, California has a high cost of living but it's beautiful there! ☺

[@v_DICE_v]

Love the content however camera angle makes the video appear as though you're having your mugshot taken.

[@HappyonMonday]

@@v_DICE_v Thanks. How so? What makes it look like a mug shot?

[@v_DICE_v]

@HappyonMonday I think it's a combination of the camera being slightly high and your big, wide eyes making you appear to look up a bit sheepish against a somewhat bland backdrop. I kept picturing you being booked for a DUI except you didn't look dishevelled. Just my thoughts, thanks for the content.

[@HappyonMonday]

@@v_DICE_v Thanks for the honesty!

[@robertvolk5252]

May I suggest that you bring the camera down a bit so it is level with your eyes.

[@v_DICE_v]

@@HappyonMonday I can see you sitting at a table or bench with a cup of coffee, a little bit of natural light and a leafy plant in the background.

[@VTLovesSF]

I wish I did have enough to retire now, only have a fraction of what you have. Living below my means and saving like crazy. Hopefully can retire by 70, sigh

[@HappyonMonday]

I wish you did too! Keep saving and don't forget about Social Security! 🤞

[@VTLovesSF]

@@HappyonMonday I just used that calculator, it confirmed I dont have enough, sigh.

[@HappyonMonday]

@@VTLovesSF Well keep going - you got this!! 👍

[@ibenglish]

My railroad retirement is based on the 5 highest earning years and the last 3 have been based on 120k to 150k verses around 105k prior to those years. Obviously I need to keep the ball rolling for the higher income upon retirement and I will need 2 really good years out of the next 3 to hit that number. I also want to max out both the 401k(maybe) and Roth(definitely) if possible while building up that savings cash bucket. I am a bit on the fence about pumping up the 401k too much more TBH as my IRA conversions may not be fully realized prior to hitting the RMD age. Financial planning is fun but also mentally taxing at times, especially when it involves Uncle Sam getting his hands on my hard earned money. What to do? Thank you Julie for another great video! 🌹👍🏻

[@HappyonMonday]

Great planning! It is hard to decide how to invest. Whatever you do I'm sure it will work out great! You're welcome! Hope you and your car are doing ok! ☺

[@ibenglish]

@ Ha! You remembered. Whiplash, concussion etc. The offending party insurance was supposed to call yesterday but did not. Due to work tomorrow and don’t really want to do so but also don’t want a setback in my debt free timeframe. Almost walking upright so I will probably tough it out. 😬 Two doctors have recommended I do physical therapy but that would mean I take 6 weeks off work. Not gonna happen.

[@HappyonMonday]

@@ibenglish Oh no that's awful - I'm sorry! Just be careful, you don't want to make it worse! 😬

[@Alex-jx5bx]

I don't have enough money working a full-time😊 job. Retirement, for me, is a formula to become poor 😂

[@HappyonMonday]

@@Alex-jx5bx 😂

[@Retired-jr3qs]

Most people do not have enough according to most reports. Consider yourself blessed. Most baby boomers don't have 200k for retirement.

[@HappyonMonday]

Oh I do! I worked very hard to get here. 🙂

[@billyrayband]

Bingo..the only number you should look at is YOUR number.

[@HappyonMonday]

Yes!! 100%! 👍

[@rolandosouffrain7957]

Ok im the 2nd to comment. Lol. I will wait longer because i have nothing to do all day long. I need to retire in to something. I haven't found that yet. 😭😢😥😰😨

[@HappyonMonday]

😁That is a really good idea to find something to retire to!! 👍

[@jadecom6]

Volunteer. That is what I want to do.

[@DonnaWard-vd1tt]

There are so many volunteer opportunities out there.