5 • 706 Ratings
🗓️ 29 October 2024
⏱️ 21 minutes
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0:00.0 | In my role as a financial advisor, I see far too many people retire early and then ultimately |
0:04.6 | end up regretting their decision to do so. And out of all the times I've seen people regret their |
0:09.4 | retirement, there tends to be a few commonalities as to why they end up regretting that decision. |
0:14.3 | So in today's podcast, I'm going to walk you through the five most common reasons I see people |
0:17.9 | regret their early retirement, as well as what you can do to |
0:21.3 | avoid these regrets. |
0:24.6 | This is another episode of Ready for Retirement. |
0:27.3 | I'm your host, James Canole, and I'm here to teach you how to get the most of the life |
0:30.5 | with your money. |
0:31.6 | And now, on to the episode. |
0:34.9 | So to start, let's unpack what I mean by retiring early. What is early? It can be very much a |
0:40.3 | relative thing. Well, what I'm going to say is anything before the age of 65. Why is 65 typically thought |
0:46.1 | of as common retirement age? Well, for a number of reasons. Number one, that's when Medicare starts, |
0:50.3 | so you're eligible for health insurance coverage. Number two, that used to be the age |
0:54.4 | at which you could collect Social Security as your full retirement age. That age has since been |
0:58.0 | pushed out. Number three, a lot of pensions, not pensions are less common today than they used to be, |
1:02.4 | but a lot of pensions would start at the age of 65, and it's just a nice round number. So a lot of |
1:06.8 | people think of age 65 as the traditional retirement age. Of course, many people retire |
1:11.8 | later, but a lot of people retire earlier. And that's what I want to focus on today. If you're |
1:16.4 | retiring before the age of 65, what are the common mistakes we see people make? So when you retire, |
1:21.6 | you don't need to worry about these things and can instead focus on everything that you're excited |
1:25.1 | about with your retirement. So let's jump right in. |
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