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Ready For Retirement

5 Things People Regret About Early Retirement

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5706 Ratings

🗓️ 29 October 2024

⏱️ 21 minutes

🧾️ Download transcript

Summary

Many dream of retiring early, but you would be surprised to learn that many people who retire early regret doing so. James reveals five things that lead people to regret early retirement and provides practical tips to avoid these pitfalls. He explains why many individuals who retire before 65 struggle due to a lack of planning, overly conservative investment strategies, and failure to envision life beyond work. He highlights the importance of aligning financial plans with personal goals, mai...

Transcript

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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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