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Ready For Retirement

Unconventional Retirement Strategy: How to Save Less AND Retire with More

Ready For Retirement

James Conole, CFP®

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

5706 Ratings

🗓️ 3 December 2024

⏱️ 15 minutes

🧾️ Download transcript

Summary

Chris was burned out. Despite enjoying aspects of his work, the relentless grind of long hours and aggressive saving left him exhausted and longing for retirement. His goal was to save as much as possible, retire in a few years, and finally spend time with his wife, travel, and enjoy life. However, James, founder of Root Financial, offered surprising advice: stop saving for retirement. After analyzing Chris’s portfolio, James discovered that the growth of Chris’s investments was outpacing hi...

Transcript

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0:00.0

I gave some really simple advice to a client one time that completely changed his retirement

0:03.6

and also completely changed his quality of life.

0:06.2

Here was my advice to him.

0:07.5

I told him he should stop saving for retirement.

0:10.2

In today's video, I'm going to walk you through why that actually made sense for his specific

0:13.7

situation in the five instances where it might make sense for you as well.

0:19.4

This is another episode of Ready for Retirement.

0:21.9

I'm your host, James Cannell, and I'm here to teach you how to get the most of

0:24.8

life with your money.

0:26.2

And now, on to the episode.

0:29.8

So let's call his client Chris.

0:31.2

Chris came to me and he was burned out.

0:33.1

He actually kind of liked what he did for work, but he was really grinding because

0:36.1

he could not wait to get to retirement. He felt like he didn't get to spend enough time with his wife. He wanted to do things

0:41.1

that work was preventing him from doing because he was spending so many extra hours working and

0:45.8

grinding trying to save as much as possible, invest as much as possible so that he can reach the

0:50.6

promised land of retirement. So I ran some numbers for Chris. I looked at his projections.

0:54.7

He wanted to retire in a couple years and he was saving a lot of his paycheck.

0:58.9

Now after running some projections and looking at some different options, I came back to

1:02.4

Chris and I said, Chris, my advice to you is to stop saving for retirement.

1:07.6

And he kind of paused for a second, not really knowing what to take of that advice.

1:10.0

And I continued. I said, Chris, the reason you should stop saving for retirement is because what you are doing is you are burning yourself out as you continue to save and invest so aggressively.

...

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