Why You Should Retire ASAP! (10 Reasons)

in this video we discussed 10 reasons why you should consider retiring as soon as possible coming up next on holy Schmidt early retirement used to be for those that were born wealthy planned very well or were unlucky when it came to their careers but then about 20 years ago a fourth option came about called financially independent retire early or financial independent retire early depending on how you read it and which book you read the fire movement was born and with it there was nothing particularly new that was taught in terms of the actual Act of what to do with your money three minus two will equal one whether you're 35 or 65. but the sole difference was the view of time and the value of time Leisure Time was no longer for families like the Morgan Family summering up in Lake George or Cape Cod it was now for everybody in this video we're going to discuss 10 reasons why you should retire as soon as possible all right let's go but before we do please make sure you give this video a like YouTube uses the number of Thumbs Up in its algorithm to push a video up in the search results and I want to help as many people as possible Point number one your health and you know that something has happened and your time is now limited one of the saddest stories I've ever heard was of game show host Alex Trebek he was the host of Jeopardy for 37 years on air he was funny gentle playful and absolutely connected with his fans everything I read and heard suggested that he was a really good person off camera as well he never had rants at restaurants or out in the public he was often seen helping others and most people thought he was just a really good person Alex filmed his last episode on October 29 2020 and he passed away 10 days later on November 8 2020. Alex Trebek was 80 years old many would say that he did exactly what he wanted to do all the way up until the end and I would agree with that but part of me wonders and will never know of course if there was any part of his life that was left undone with only 10 days between the time he left the studio video for the last time and the time we left this Earth One wonders what could have been done if he had had a bit more time we all have the same number of hours in a day but not the same number of days in a lifetime that's just the way that it goes some of us have many of them and others are more limited and unfortunately no one tells us how many days we have left when we're healthy but it's pretty clear when we're not what the approximate Date Line looks like the best and I suppose the worst gift of medical technology is that once we know the diagnosis and we know the timeline we can definitely take care of the things that need to be taken care of this information helps us plan the single most important actions of Our Lives spending time with those that we love with the time we have left making amends with those that we quarreled setting things right because we have the time if one's health is compromised that is a very good reason to retire as soon as possible strengthening relationships transferring knowledge to others through stories and actions and in general doing what needs to be done between now and the day because you have the time the second point is to stay healthy when I started climbing the ranks in the financial services industry this was before the global financial crisis of 2007-2008 and it was a completely different industry than it is today my old boss who's actually a good friend of mine today said to me you can have the money you can have a good family life and you can have your health but you can't have all three at the time there was a lot of Truth to that the Go-Go years of Wall Street were colored by big nights out followed by early starts people with bad personalities doing things that they really shouldn't do federal changed about 15 years ago and bankers went from being well paid Masters of the Universe to reasonably paid white-collar workers they were respected just like everybody else who was a white collar worker by the way I think the same thing is happening today in the tech industry the point is a few minutes ago I talked about managing your time when you know your health is compromised and you only have a certain number of days weeks or months left but if your job is creating health problems and will shorten your life that is a very good reason to retire early Often by the way it's a job that's physically taxing a hair stylist for example stands on their feet for 8 10 12 hours a day sometimes and if you do that for 40 years you're not going to come out healthy in many cases number three is having a longer active part of your retirement for most people retirement is divided into three stages early stage middle stage and late stage the early stage is characterized by having a lot of energy and doing a lot of things travel seeing family doing the things that you couldn't do when you were working pursuing your passions the problem is that middle stage and late stage happens much more quickly let's say that middle stage for you starts at age 75. well it's pretty simple math 75 minus the year that you retired will designate how much time you have in the active portion of your retirement the earlier your year of retirement the longer you have with the energy that you need to be very active Point number four is that you just hate your job this is particularly prevalent for those that are hourly workers and they feel like a cog in a wheel think about someone who works in a call center for example who works on a production line at a factory other times it happens when someone has a great career but they have the weight of the world on their shoulders we see it happening now more than ever given the recent history of the world really whatever the case may be if you can't stand going to work that is a pretty good sign that you should retire early or at least switch jobs if nothing else Point number five is retiring as soon as possible to care for family during the pandemic in acquaintance of mine took time off in fact took a sabbatical from work to care for his son the working from home environment was not conducive to having a son at home as well and the son had special needs because his spouse made more than he did it was a clear indication that if one of them had to retire or at least take time off it was going to be him family needs a real and whether you're talking about caring for a special needs child an aging parent a sick spouse or even just a friend that needs your help 80 percent of long-term care is provided by family members not long-term care facilities that is a statistical fact and certainly retiring early to take care of someone you love is an act of humanity number six is relationships along those same lines one of the first casualties of work is family relationships and friend relationships too to a large degree this is almost Universal unless there's a strong social Community around making family relationships number one this often happens with families with a strong religious Foundation often with military families that move around every four years and only have each other every single time they move you get the point but for every matriarch and patriarch head of the family that puts Family First there are many more that don't at least not in that sense they work hard and they provide for their family so that they have opportunities that they didn't have of course and for many they think that's enough but children grow up and they often move away and parents adults will often retire early and follow their children to make up for lost time the opposite is also true children of Aging parents often move closer to them because they know that the number of years that they have left ahead of them is somewhat limited it happens all the time number seven is pursuing passions that you can't pursue while you're working one of my favorite TV shows of all time is The Big Bang Theory this show goes deep into pop culture and Sheldon and crew dress up like Star Trek characters play Dungeons and Dragons and they have the broad swords and the collections of the broadswords hanging on their walls everything from firing lasers at the Moon to see how long it takes for the laser to go there and back to trying to buy a comic store was on offer in The Big Bang Theory these are things that we would never do of course but these pop culture activities were very important to the crew I have a good friend who for whatever reason wanted to own a hot dog cart in Coney Island so he bought one and got the license and operated this card he still does this today I suppose living in Brooklyn near the amusement park may have had something to do with it it doesn't jump out at me as the ideal post career activity but for him it was very important I spoke to him recently and he told me that he was losing money most days but that's okay because he was doing what he wanted to do he was happy and that is all you can ask number eight is that your financial advisor says that you have enough by the way most people think it's never enough and by that standard you should never retire but when your financial advisor says that you've achieved the Target that you are trying to achieve or that you want to achieve it's something to pay attention to for those of you who've been watching this channel for a while you'll note that I've often recommended that you see a financial advisor now I'm not talking about someone who puts you in tech companies or put you in the latest IPO in fact that's not a financial advisor at all it's a stock broker I'm talking about someone who has your best interest at heart and arranges your life so that you achieve the financial outcomes that you're looking for I have a whole video on how to pick a financial advisor I'll put a link in the description so that you know what to ask if in fact you do want to pursue having a financial advisor of your own by the way when you read the comments in many social media sites you'll see someone who talks about how their financial advisor doubled their money in six weeks or created an avalanche cash flow from a modest investment when you read that particularly if it's followed Rapid Fire by other people who either agree with the person meaning that they know the individual they're talking about or who are dying to get the name of the individual write the name of that financial advisor down and never use them because when you hear about exaggerated returns astronomical returns like that it is very likely most likely anyway a scam would a good financial advisor actually does is put you in low or no fee mutual funds make sure that they match up with your risk tolerance introduces you to a good tax accountant a lawyer for Estate Planning and in general sets you up for success in retirement one step at a time so if you have the right financial advisor and they tell you it's time to retire or at least you can retire it's something to consider number nine one of the reasons to retire as soon as possible is to learn new things when you have 40 or 50 hours a week committed to a job your ability to go out and do other things is somewhat limited certainly something major let's say you wanted to learn a foreign language or a new skill if you want to learn how to code a computer for example all all of this is out there and anybody can learn it but not if you have limited time but one of the main characteristics of happy retirees is that they are constant Learners they're always learning something new they're learning a Nuance about something they thought they knew more of than they really do retiring is so additive to your learning because you don't need to learn something that's useful in your career anymore you can pursue passions now if you want to really learn about the history of the United States for example I'm not talking about what you learn in history books but reading Alexander Hamilton's actual letters about the formation of the country this is something you can pursue with rigor while you are in retirement if you want to pursue a PhD in something that's quite esoteric why not one of my biggest passions by the way is writing I write for business all the time but about a decade ago I wrote a book called The Busy adult's guide to making College happen it became very popular very quickly and frankly I donate all of the funds all of the royalties to charity so for whatever reason doing that made it fly off the shelves even more I don't know why I wrote the book outside of wanting to give back but once I started writing I didn't stop and it was three years later when I finished that book but along the way I worked with a copy Editor to really get the grammar correct in a publishing company to make sure that it was fit for purpose we learned along the way was how to write well learning how to write a book made me a good writer working with a publisher and a copywriter made me a great writer now I've got a question for you what is something that you want to learn number 10 super basic but I need to mention it you have your health insurance covered now to be crystal clear you can't retire without health insurance if you're age 65 that's Medicare but if you're under age 65 it's probably private insurance whatever your situation you can't go into retirement without health insurance is just way too risky now I've just given you 10 Rock Solid reasons why you should retire early but if there are 10 really good reasons to retire early why isn't everybody doing it well that's a good question the first is that you like your job there are a lot of people that get up every day and look forward to going to work maybe they don't like every aspect of work but they like work more at least the idea of work more than the idea of retirement so they continue to work they like the people that they work with the market in which they compete the things that they do at least some of the things that they do and they like being busy which brings me to my next point you don't want to retire if you don't have structure embedded in your retirement you don't want your day to consist of watching General Hospital looking forward to seeing General Hospital during the day and then going to bed at night and then doing it over again that's not a structured retirement and you'll get bored very quickly your mind will turn to Mush actually if you don't have structure for your retirement then you should consider holding off now I'm not talking about having the same regiment that you had while you were working but having a routine planned out every single day most days anyway will help you enjoy your retirement a lot more and the last point is that you just can't afford it I know a few people that if they stop working right now would slip over the edge and probably become homeless they're that close life is tough sometimes it's not their fault sometimes they plan poorly but whatever the case is they aren't ready to retire they don't have the finances to do it by the way if you find yourself in this situation click subscribe and turn on notifications because my next video is how to retire in five to seven years starting with nothing it's something that a lot of people encounter unfortunately but there is a very specific way to manage the road ahead also if you like this video check out that video on why most people take social security at age 62. this is Jeff Schmidt thanks for watching

Channel: Holy Schmidt!

Views: 238,740

Keywords: retiring early, retiring early, retiring early with little money, retiring early fire, why you should retire soon, why you should retire soon, why you should retire early, retire asap, retire asap, how to retire immediately, how much do i need to retire early

Id: pU4kQkpjCUc

Length: 15min 31sec (931 seconds)

Published: Sun May 21 2023