10 Mistakes to Avoid if You Want to RETIRE EARLY

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10 Mistakes to Avoid if You Want to RETIRE EARLY

Рет қаралды 18,362

Күн бұрын

This video discusses many of the big things you need to get right if you want to retire before age 65. Many of these routinely missed, yet hiding in plain sight.
Retirement mistakes happen, that's just human nature. But some can hamper your ability to progress toward a safe, comfortable and happy retirement. We point out ten of these costly retirement mistakes in this video.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

Пікірлер: 69

@BradleyMaurice226 Ай бұрын

I'm 61 and retired about 3 years ago. I have lost 45 pounds, and my blood pressure has dropped into normal range. A take a walk or bike ride almost every day. I make music and art, garden, cook, read, write, travel, and get to follow my muse wherever it may lead me. I haven't been this happy and healthy since childhood. Retirement is paradise to me. Thanks to my financial advisor and your videos.

@RichardGeorge-pz3wm Ай бұрын

I retired at 57, 7 years ago. My wife and I saved and invested early allowing me to exit the workforce when I did. We are not special and believe most people can do this with the appropriate information and help of an elite financial coach.

@EdwinBoettcher Ай бұрын

It's true. I'm currently in my mid-50s. My wife and I were on the same track. Over the last two years, I've taken my money and invested it with her financial manager. I haven't caught up with her profits throughout the years, but I do make more money. I'm making money before I retire, and my retirement fund has increased far more than it would have if I only had a 401(k). Haha.

@ktube2020 Ай бұрын

Unfortunately, the majority of people do not have such information. I don't blame individuals who become panicked. A lack of information can be a major barrier. I've made over a million dollars by simply investing through an advisor, and I don't have to do much effort. Even if the economy is misbehaving, great wealth managers will always produce returns.

@tomj528 Ай бұрын

A lifetime of frugal living not only equates to a financially prepared retirement but also the mindset to enjoy a low cost one. So many activities that are free or extremely low cost, even ones that save money like cooking from scratch and gardening.

@LucianSpelta99 Ай бұрын

wiped out credit card and student debt....whew retiring in 8/2025 at 62

@SaintCuthbertoftheCudgel Ай бұрын

A healthcare plan for many does not include taking steps to lead a healthier lifestyle. Annual physicals, blood tests annually, low impact exercise, reduced weight, and healthier eating should reduce healthcare costs for most who work at it.

@Charlesman_T Ай бұрын

I'd be retiring in 5 years and have saved about $350,000 outside my pension account. Given the long term nature of pension investments, how can I optimize my retirement account for maximum growth?

@fromthebirchwood Ай бұрын

you can max out your 401k or Roth IRA and still make a fortune with stocks, my top 5 picks are APPL, TSLA, NVIDIA, AMD & PALANTIR

@LupeBaptista Ай бұрын

I have 30 or so stocks as of now. I'd suggest you consider financial advisory. Working with an advisor can save you the cost of blunder

@arlenehill4ril Ай бұрын

I agree, if you lack market knowledge, your best bet is to seek financial advice. At first-hand experience, I've stayed afloat in the market since the 2020 pandemic crash to date, accruing over $700k ROI after subsequent investments. IMO, nothing beats expertise.

@okaydamian Ай бұрын

@@arlenehill4ril how to put my money to work has been my daily thought, did my research and most suggestions pointed at the stock market, the thing is i'm an absolute noob at investing.. mind sharing info of the advisor guiding you please?

@arlenehill4ril Ай бұрын

Karen Lynne Chess is the licensed advisor I use. Just google the name and you’d find necessary deets. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

@dipaknadkarni62 Ай бұрын

For me the bottom line for retirement is could live on my assets. I retired at nearly 30 years on active duty as a senior naval officer in 2021. In 2022, I retired at the age of 62. Just remember, you can retire when your assets work for you.

@cathyblasco4497 Ай бұрын

Thanks for your service. ❤

@jumemowery1050 Ай бұрын

Another GREAT video!! Thanks!!!!!!

@lroberts4162 Ай бұрын

Geoff great video! Thank you. Really enjoy your channel

@jdenino6022 Ай бұрын

Nice concise video.

@JBoy340a Ай бұрын

Thanks for doing this. I recently passed FRA and am getting ready to take SS. I could have retired earlier but had almost the same list as you for reasons not to retire. The biggest one is that the income I made while working before FRA would pretty much wipe out my SS check.

@discoverglobeliving 5 күн бұрын

I've noticed that financial planners are often unwilling to engage with you unless you have substantial investments. They seem to avoid dealing with those who aren't high-net-worth individuals.

@ryan_dylan6650 Ай бұрын

I'm trying to avoid new buys now in order not to get sucked into a bear trap. On the other hand, l'd love to know best possible areas and ways to invest amid downtrend, my goal is to retire comfortably at a ballpark of $1.2M

@Elina_H Ай бұрын

good luck! comfortable retirement all comes down to how you want to live your life, if you pinpoint a particular amount to retire with, then it's only right to plan with a well-qualified advisor

@danialwiren2403 Ай бұрын

I agree, the role of advisors can only be overlooked, but not denied. I remember few summers back, just after my awful divorce, I was in dire need of investing guidance to keep my head above water and thankfully, I came across someone of grit, helped a lot to grow back my reserve notwithstanding inflation, from $360k to nearly 7figure as of today.

@WEi45635 Ай бұрын

great gains there! mind sharing details of your advisor pleas? i've started gaining more cash flow with my employment and looking at putting money into stocks and alternative assets that can help build wealth over time

@danialwiren2403 Ай бұрын

Jennafer Beaver Turner is the licensed expert I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

@WEi45635 Ай бұрын

Wow, I just typed her full name and came across her platform on the net, Truly thanks for bringing this to light will definitely reach out to her.

@cathyblasco4497 Ай бұрын

Early? 66 and 8 months is my date, November 2024. House and car paid off, no debt. As a widow, I have *no goals*. You know, like traveling... i plan to work at the company until I just don't want to anymore. I will take SS and contribute that same tax deferred amount (while getting the SS) until I am where I want to be. I would like comments but NO referrals. Full Part A, Part B and a whole prescription plan.

@JosephMcEntee99 Ай бұрын

It’s always advisable to have a backup plan on your plans

@cathyblasco4497 Ай бұрын

@@JosephMcEntee99 I don't understand. My 401k says I have funds to carry me until I'm 92. Drawing SS plus working would double my monthly income. Why not stash it pre-tax as long as I can?

@Barbara-te7xz Ай бұрын

Retiring means lots of time for maintaining the stuff you have accumulated. Not much need to hire someone as most of the repair instructions are here on KZfaq and right to repair is the law of the land. If you no longer like to work on cars and have come to the realisation that honest mechanics are nearly nonexistent, you will want to consider bike commuting. You will have the time and can always rent a vehicle the few times a year when it is necessary.

@July.4.1776 Ай бұрын

Healthcare is a big deal. We are allowed to stay on our company plan , but we have to fund the entire premium ourselves.

@richardc488 Ай бұрын

Thank you Mr S, first. Retired Mr S, pension, 401K and SS (62). My pension and my SS gives me more money then I made during my last years working. My 401K is my funny money and we are off to a world cruise next year!

@william-fla-321 Ай бұрын

Sounds like you’re sitting pretty good. Enjoy your retirement and getting out of the rat race.

@Steve-gx9ot Ай бұрын

Bragging I'd ugly

@user-rv8lg5oc6w Ай бұрын

It seems the way to have perfect retirement is where one never encountered any hardships of life . No loss of job or business, no medical problems no 2 children in college at the same time a huge salary where you can save have no debt and of course a wife who never wanted some of the better. things in life!

@rosalindhb Ай бұрын

I have found financial planners don't want to talk with you unless you have large investments. They don't want to deal with the little people.

@douglasmontgomery6315 Ай бұрын

Yup...Just recently used a link from a young YT CFP and their link ask my assets. Because it was under $1,000,000 they wouldn't talk to me.

@suzanneemerson2625 Ай бұрын

If you have under $1M, you don’t need an advisor. You can do better on your own with a simple portfolio and no advisor fees. In fact, you can do it all yourself with 10-20 times that amount. It doesn’t have to be complicated. Read John Bogle.

@richarddonald-gc9rb Ай бұрын

The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?

@jeffpersinger1924 Ай бұрын

Great video. Off topic question, why does the lamp behind you keep cycling on and off?

@HolySchmidt Ай бұрын

lol. I think it was on the wrong setting

@wildfoodietours Ай бұрын

Simply invest early and often to plan for an eventual retirement. Take the thought out of retirement planning by actually planning ahead.

@DrSchor Ай бұрын

i dont get it. how can you plan ahead without thinking about your plan. how is the thought taken out?

@wildfoodietours Ай бұрын

@@DrSchor Passive investing through index funds consistenly.

@tedjohnson4451 Ай бұрын

Retiring in 27 Work/ +21 Vacation/ 68 Calendar Days with a 70% Pension at age 62. I'll deplete my 403b BEFORE I file for Social Security, probably at Age 65 when I take Medicare. I'm headed to SE Asia on a Six to Eight Month Vacation to visit Friends & Family. I'll base myself in Cebu City, Philippines & visit Indonesia, Malaysia & Guam. In April 2025, I'll decide IF, I'm coming back to the US or filing for a Retirement Visa.

@islandhopper100 Ай бұрын

Check out Thailand... great food, cheap housing, and best inexpensive medical care in the world and you do not have to wait for testing. No stupid tariff wars in se asia.

@tedjohnson4451 Ай бұрын

@@islandhopper100 If I can adapt to the Climate... Thailand, Vietnam & Cambodia are on my list to visit.

@islandhopper100 Ай бұрын

@@tedjohnson4451 i am sweating out the sins of my past!

@scottyshields9876 Ай бұрын

COBRA only lasts 18 months in most cases.

@ryanmonti4903 Ай бұрын

You can self-insure if you retire to a country outside of the States where healthcare is not that expensive.

@lucybell1487 Ай бұрын

Another retirement cost is burial plot and memorial stone which must be paid out of pocket...life insurance covers funeral expenses only

@FaceInstitute Ай бұрын

What happens if you have the strategy of taking the lesser earner's SS at age 62, and waiting until 70 for the greater earner, BUT the greater earner dies suddenly at age 68 or 69? Can the survivor benefit still be claimed?

@Alvarez-m3q Ай бұрын

I just turned 23 and want to devote myself into becoming a millionaire by 30, I already have £80k saved, £65k lump sum following the death of my father and £15k in personal savings. So far ive come across dropshipping, stocks, and real estate as the most popular means of doing so but i was wondering if any of you guys had any other suggestions, at this stage im just trying to learn about the most viable ways of achieving success within 10 years

@ElizabethWashington516 Ай бұрын

My only advice is : Read some good books on investing

@squidward66 Ай бұрын

if you marry, make sure she's rich, smart, and healthy

@scottholt694 Ай бұрын

any news on 2025 roth ira limits for someone 60 years old ?

@Bum_Hip Ай бұрын

The answer came right up when i googled it.

@william-fla-321 Ай бұрын

I believe it goes to 10k and 2024 is 8k. You can also contribute 30.5k in a Roth 401k.

@islandhopper100 Ай бұрын

fiduciary sounds great but in reality their income depends on selling you products...self education can save you hundreds of thousands of dollars...keep the certified financial parasites out of your retirement accounts. Retiring with debt is a recipe for disaster.

@JBoy340a Ай бұрын

Definitely. I should have taken Geoff advice and just bought S&P 500 index funds. It is not the size of each year's gain, but that fact there is a gain that matters. I should have trusted Einstein, "Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it."

@user-yq7je1op3t Ай бұрын

If they are selling any product whatsoever then they are not a true fiduciary. They are lying to you or to themselves, trying to wear two hats, fiduciary and sales person. Avoid THAT fiduciary like the plague.