Tag: retirement
Things We Wished We Knew Before Retirement
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
Well it's great to be with you all again it's
another video day for us – It is – So things that we wish we knew before we retired almost
sounds like a country music song there Tina – And I guess you must be feeling lucky
today Norm – Oh yeah got my lucky shirt on so because we're filming been to
Costco – Got the great deals haven't we – We have so one of the things that we wish we knew
before we retired was how free it is how stress free no longer having to get up and go through the
morning ritual of preparing yourself to go to work and being accountable to somebody else all
day long it's wonderful to be accountable to your own self and your partner that's it
you're your own person and it's such a freeing feeling and we saw that with Tina when she gave
up work the amount of stress we hadn't realized until a few years after retirement just how
different she was she'd lost all that stress of meeting quotas and all that good stuff – And I think
I'll just add Norm that when you're actually doing the job you actually don't think it is stressful
you don't think you are under all this stress until you stop it do something else and
you think wow this is a lot better we like this it's great so just being accountable to ourselves
we love it don't we – It is totally life changing – One thing that we do think is very important
before you retire is you do need to have a discussion with your partner as to what it is
that the ideas that you're both thinking you have when you're going to retire you do need to
have some goals about, do you want to travel do you want to garden or do hobbies do you want
to stay home you really do need to have that conversation to make sure you're both on the
same page – I think it is it is important and we hear a lot from some comments especially
married women who are saying that their husband their frightened the husband will get under their feet
because he'll be hanging around all the time in retirement but that really isn't the case – Not
for us is it – We've been secure as a couple for the longest time and retirement hasn't changed
how we feel about each other and about what our expectations of each other is it's not as if
we've all of a sudden being locked up together in retirement (no) so it is important to figure out
what you both want out of retirement and to have that discussion a few years before you actually
do retire (yeah) one thing to bear in mind is the first few years of your retirement you'll
be your most healthy so just use that health and strength that you do have in the early years
to achieve some of the goals that you want – Yeah and if you want to be traveling do it while
you've got that – Don't think about traveling if that's on your list just do it right away – Yeah
absolutely and that's what we've done isn't it when we retired we just traveled everywhere
didn't we it was great – About two years before we retired we had an inspector come to the house
for I don't even remember what it was but it was some form of home inspection that we had to and
so we got chatting with him because he was a few years older than us but not that much and he told
us that he had a house very similar to ours that he had sold and now he was living an apartment
and he went through the whole process of them and how they moved to the apartment and how
it was such an improvement on their life and it was something we'd never ever considered
– This was big news to us wasn't it we never even thought about renting an apartment – We had been
homeowners since we were 19 years old so to rent we had that preconceived idea that it was throwing
money away but the more that we looked into it so after he left the next couple of days we spent
many hours thinking about this we did a budget of how much it cost to keep our mortgage free
home – Yeah crunched all the numbers – And what the rent would be and if we had sold the house and it
made more and more sense to us to sell the house to downsize into an apartment bank the money
from the house live off that as an investment and that's what we did – And that's what we did didn't
we – But had that guy not come to our house we might never have come up with that idea – No because
originally we had thought that we would just buy a smaller house didn't we – That's right yeah
– So part of our decision when we had actually now decided that we were going to rent and we realized
that would take care of we wouldn't have all this maintenance and stuff like that to do we decided
after we started looking at apartments that if we moved to a cheaper area could we benefit by
getting the same as what we wanted in an apartment but would it cost us less money so the more
we looked into it we did have a family member who lived in a cheaper place so we looked
at the equivalent of renting an apartment in this new place and it was so much cheaper
wasn't it Norm – Because we initially thought we would just sell our house and stay in
the same area so we started shopping for apartments to find out how much they cost and the
availability and we were pretty surprised that at the expense of them but we were prepared
to pay that (yeah) and then we came to a what you would call it a small town that's cheaper
(yeah) we came to visit a family member here and so we started looking around at the apartments here
and they were substantially cheaper about $800 a month cheaper than where we were initially going
to – Yeah and not only that Norm there was a lot of extras with it wasn't that we got there was
underground parking and what else a swimming pool – And laundry facilities in the apartment – And that
was one thing the gentleman had told us he didn't have on-suite laundry he had it in a laundry room
so we wanted that – But coming to the cheaper town it wasn't just the rents that were
cheaper everything was cheaper the Tina's hairdresser as we've
said in the past was cheaper it just permeated everything so our budget became
so attainable (yeah) by moving – That gave us a lot more money to be able to travel didn't it because
we thought if we can save money on a daily basis and it worked perfect didn't it – It did it was
great, take a look at that if you do have family that live in an area that might be cheaper or
just consider going not knowing anybody – No it's like a new adventure isn't it a new chapter in
your life because we've made friends here and they don't have any family just here but they've
made it a new place for them haven't they – A lot of people have moved out of the big cities to a
small town because it's it's far more conducive to retirement (yes) and friendlier another
thing that you really need to consider is where your friends are going to come from
in retirement because once you leave work those friendships tend to wither away because
the only common bond you have was your job your workplace so we've never
really had lasting friendships from work colleagues they've always been outside
of there so it's it's critically important to continue looking for friendships in retirement
and being outgoing and prepared to speak to people Tina when we moved to this apartment building
they did have a social room and they did a coffee morning and so she would go down there and we
found out so much information about the town and businesses to use – It was great wasn't it – It was – It
was kind of my mission wasn't it to find out new information and to try and make new friends
which we did and we made some fabulous friendships – Well in particular there was one couple that Tina
made struck up a friendship with and they in turn have introduced us to another couple yeah and then
they in turn have introduced us to another couple so that's how it goes – Yeah so now we've got
a group of really close nice friends that we socialize with don't we – And the thing that we have
in common isn't an employer it's being retired – It is isn't it – It really is so don't be afraid
of striking out to a new city a new town because it's relatively easy to make friendships
– Yeah you just have to push yourself out there a little don't you and be confident to going to
things and it's very exciting isn't it so we hope that everybody is staying safe – And keeping
well – Until the next time bye bye, bye bye
F.I.R.E – 6 Uncomfortable Truths we discovered about Early Retirement & how to mitigate them
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
foreign hey what are the ugly sides to
retiring early um aren't you bored every day just lying around doing nothing don't
you guys worry about running out of money hey guys welcome back to another beautiful
day here in Paradise Bali many of you have been asking me so many questions like the
above so today I'm gonna run through six uncomfortable truths about early retirement
as well as my suggestions for mitigating them based on our own experiences reaching fire and
being retired here in Bali Indonesia for the past two years so uncomfortable truth number
one retirement is a journey not a destination for the record lying around all day doing nothing
in retirement is a myth it's always nice to have a few days of that here and there but in reality
you do that for long stretches of time and you're probably going to be hit very very hard with
feelings of boredom lack of self-worth and you're gonna be missing a sense of fulfillment retirement
isn't a destination like Bali or Boracay it really is the start of a New Journey in your life it's
that stretch of time where you finally do those things you wanted to do but always couldn't
because you were so busy making money to survive it can be anything traveling the world
finally writing that book or studying that say cross stitch side hustle if you never get past the
myth you'll probably end up getting bored and then end up going back to work and missing out on this
Amazing Life Adventure so like every other journey start planning what is this epic adventure you
want to spend your retirement time and money on number two if you got bored during your
retirement stuff maybe you're doing it wrong so for a lot of people their retirement Jam
is about traveling the world right that's a super common one and it's amazing fun you never
feel more alive and it's such a great challenge because actually you need so many different skills
to travel properly right you need Street smarts to navigate the towns and scams and other issues
on the road you need to be able to plan your itinerary book the best travel deals know how
to haggle your prices not to mention stuff like riding a motorbike and scuba diving and at the
start it's always epic it's so incredible but on excitement and sense of achievement starts to
plateau and then you're gonna hit that point of diminishing returns and it wasn't just
in travel either it was also my painting my businesses my surviving The Nomad life thingy I
find that when love to remain largely undirected most Pursuits actually tend to lose their flavor
with time another way of putting this is perhaps you feel yourself falling into stagnation or
mediocrity thing is if you're early retired on your own efforts then you're probably more of
the go-getter and achiever type of person and the aspect of your personality doesn't
change just because you're tired you'll still be looking around and judging if you're
spending your time meaningfully and productively to this fix personally I found two solutions
that worked really well for me one either I start drilling deep down into the details of
what I'm doing or two I make it into a business take my dad baking is his great love in retirement
but he's not just begging anyhow for the fun of it the last few years he's in pursuit of baking
a tastier sourdough bread anyone has ever come across out of 365 days in a year he is probably
baked about I'm guessing maybe 400 sourdough loaves two loaves each bake he tweaks the recipes
the starter the technique the ingredients he does some reverse engineering of sourdough bread that's
commercially sold outside it's been maybe three years and he's still going strong so he set his
own special sourdough bread goal and Target and standards instead of just serving and yogurting
for fun I became qualified instructors in both and eventually started both a yoga business and
a surf school and you know I learned so much more about both in the whole process whatever
Pursuit out there if you start really drilling down there's always more Improvement to be had
more personal growth to pursue please say you love Pottery don't just do it aimlessly to pass time
polish up your skills enter competitions become a professional Potter do commissions as your
retirement side hustle or teach pottery classes when you keep pushing yourself to those higher
standards because you're either really drilling down into the craft of it or you're running it
as an Enterprise you'll find new measures of productivity therein and you will be bored not to
mention if you're actually like us on lean fire whatever site income you generate will help defray
the cost of your interests and hobbies so you don't need to tap on your long-term Investments
isn't that a really good deal so two years ago at the age of 38 I retired with my husband here
in Bali it's pretty early by most standards and it's been a completely amazing journey we've
learned a lot and I hope the insights we are sharing with you guys are useful if you're on
your own fire Journey or already neck deep in retirement smack that like button share with us in
the comments below what your retirement looks like so far how you're keeping busy and whether you
agree or disagree with the points we made here now on to the third uncomfortable truth it's
hard that you must defend your time you probably retired so you can spend your time doing however
you please whenever you please most of us will have spent the vast majority of Our Lives
thus far making a living which means usually someone else is directing your time either your
boss or your clients and we get really used to that so then in retirement self-directing your
time becomes something new and kind of foreign and if you look at retired folks in Singapore
after working jobs that entire lives most of them graduate on in retirement working as free
child care services for their grandchildren if that's their ultimate dream and for some
traditional older folks it definitely is then it's wonderful I'm really happy for them but
for some it may not really be that but they find themselves doing it anyway kind of like by
default because they're just so used to allowing someone else to direct their time for them there's
always going to be people around who will try to take advantage of your free time asking you to
run errands for them perhaps or like for us here in Bali we get so many requests from both people
we know personally and complete strangers of the internet asking us to do stuff like plan their
holidays show them around Bali Etc of course we love hosting close friends and family and we
enjoy helping people generally but sensibly speaking our own private lives would just vanish
if we were to entertain all the requests we get you'll need to learn how to say no to people and
how to strike balance retirement is as much about sharing your time with the people who matter
to you as it is about having time for your own personal growth and development just be aware
uncomfortable truth number four it's probably gonna be just you and your significant other from
now on out so upon retirement your social scene is going to change drastically everyone else is at
work or busy with their own stuff you're either gonna have to learn to enjoy your own company
a lot or if you're lucky enough to have retired with your significant other that's who you'll
probably be spending majority of your retirement with so best learn to get along companionably good
communication is key as it's just generally being a considerate and respectful human being through
the pandemic and on the road this past decade I've seen so many people who seem really surprised
by the person the other half truly is when they start retirement and start traveling together
24 7 a day but building that Comfort to do stuff by yourself and building that wonderful
relationship with your other half can also possibly be the most rewarding part of your
retirement journey and your personal growth before I share with you the fifth uncomfortable
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uncomfortable truth number five your money plans are never as foolproof as you think all retirement
whether it's the regular kind or fire really all boils down to the financial planning behind it
right and the most uncomfortable truth of all may be that your retirement funds are never
as foolproof as you plan for especially if your plans are supposed to spend 30 40 even 50
years in the case of early retirement expert predictions and assumptions go wrong you made a
mistake in your portfolio planning because of all the buyers that we all carry Bear markets happen
blacks on events gray Rhino events so many things no matter the plan no matter how much stress
testing you did before you dove into it the unexpected often happens and the sooner you come
to terms with this uncomfortable truth the sooner you can move on to hatching against the risks
You can predict most retirees they're working their financial planning and less Aid around
the four percent drawdown rule right so the U.S stock market has had a phenomenal Run for the
last 10 12 years or so now of course things are looking a little different for the foreseeable
future so those who have been conservative and who have refrained from tapping their long-term
investments will have more breeding space now to ride out this bear Market however long it may
last friends who have been following our journey for a while now know that a dominant portion of
our retirement here in Bali consists of rental income from a number of real estate Investments
and unfortunately in the last two years since we started retirement Europe is a game at War
soaring Energy prices have driven up the cost of living across the world and everywhere massive
inflation is now a huge issue thankfully we have so far managed to resolve whatever disruptions
we've experienced but basically yet another uncomfortable truth in retirement is that managing
your money to make it last till the end takes up more time than you think don't just go to sleep on
it continually look to diversify the eggs in your basket and be open to adjusting your money plans
like rebalancing your portfolio or changing how you invest your retirement Arsenal as different
opportunities present themselves for time you may not need to work for money any longer but doing
stuff that fuels your personal growth and that generates some extra side income as a bonus is
never a Bad Thing uncomfortable truth number six no point sweating the small stuff y'all know I'm
a big fan of simple frugal living and no pretenses whereas happy dining in a fancy restaurant
as we are eating at the local War rooms here sometimes more happy actually but many of us
can also easily get carried away diving into with the itsy bitsy details of frugal living you
know spending two hours here looking up deals and coupons that end up saving you 10 bucks three
hours there figuring out how to maximize your air miles should you lock in that 3.5 fixed
deposit rate now or wait till next week where maybe it might be 3.7 I mean it can be fun
and then it can also be a lousy use of your time you can do it if you enjoy the challenge
just know that so long as you get the big stuff right your retirement is probably going to work
out just fine so don't sweat the small stuff big things include stuff like keeping on top
of your overall General expenses you know doing your taxes right maintaining a balance then
Diversified portfolio so as long as you keep on top of all of that I think that's about 95 of
the big picture really conversely what I'm also saying is that if you blow up your retirement
finances by for example trying to go big or go home on crypto no amount of coupon cutting is
gonna save you from having to go back to a job so yeah that's my take on not sweating the small
stuff we're all retire at some point of Our Lives whether early or late voluntarily or unwillingly
it all boils down to choice and advanced planning just what I've personally observed is that if
you cut out all the noise and distraction in life what do you think are the real currencies we
truly traded the way I see it is four things it's money time Youth and health just think about it
everything we do throughout our entire lives is really us trading one of these for the other an
early retirement is that one anomaly where you are in a position to spend all four currencies at once
simultaneously and that maximizes your experience of life a really clear illustration of this is
traveling you can travel in your 60s and 70s sure that's what most people will end up doing and it's
great you know you see these folks really enjoying seeing new things being very happy but it's often
in the form of like lots of cruise trips around the world and that's cool too but they'll never
experience what it's like to try learning to surf or sail and getting all salty and burned and
muscle achy but happily exhausted oh they'll never try anything more vigorous and adventurous
like say backpacking your way through Europe you know crushing in new hostels meeting crazy people
from Iceland or wherever and doing silly things together we all have two lives the life that we
currently live and the life we could possibly live so then which life would you choose tell me in
the comments below and don't tell me you wouldn't retire early because you just wouldn't really know
what to do that's just a cop-out answer because yeah well you're too lazy to do the legwork
and try new stuff and understand yourself thanks for watching as always speak
again next Saturday bye foreign
Instead Of Downsizing your Home for Retirement, TRY THIS!
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
because downsizing isn't for everyone or maybe there's reasons why downsizing doesn't work for you and we're going to cover that in a few minutes you know if you're not in agreement with your partner or you don't have the time or money or your home is actually the perfect size for your new life then this video will give you new hope and inspiration for what we call right sizing [Music] i'm gonna retire soon and the first thing we're gonna do is downsize our house who died made you boss what do you mean this is what we're gonna do we gotta downsize everyone downsizes right a lot of our clients come to us in this quandary and while downsizing is a word that most people associate with retirement it also causes stress in a relationship when one partner wants to downsize and the other does not and then if you have children they're going to have an opinion too and this can end up being a divisive issue and tear apart a relationship and a family but there is hope because downsizing isn't for everyone or maybe there's reasons why downsizing doesn't work for you and we're going to cover that in a few minutes you know if you're not in agreement with your partner or you don't have the time or money or your home is actually the perfect size for your new life then this video will give you new hope and inspiration for what we call right sizing and stay to the end where we're going to share 10 quick low-cost changes that can help bring life back to your current home all right so today we're going to step back from the idea of selling your current home and give you some options to think about and stay in that home but before we go further we want to introduce ourselves particularly if you're new to this channel my name is mark rollins and i'm jody rollins and we started retirement transform in 2017 not only for us but for all of you and the 10 000 people turning 65 each day now we don't focus on any of the financial aspects of retirement but rather lifestyle health relationships and more and if you're new here please hit the subscribe button and the notification button so you'll get notified when our videos come out now if you do want to downsize we did a great video and the link to that will be below and that actually comes with a worksheet to help you go through that but today we want to talk about not downsizing staying in your home we actually downsized what we went through a process that we talked about in the first video where we actually had to clean the entire house out to sell it so we eliminated clutter we eliminated furniture we made one of the bedrooms a den painted the entire house inside and out right what else did we do and i was looking at the house thinking to myself with all that work done honestly why do we want to sell it but ultimately it made sense for us to do so let's discuss the reasons why selling your current home and moving may not make sense and the first thing is you might not like i didn't want to you might not want to leave your current area your friends your family or your volunteering community well the other thing is your home may actually be the perfect size for this phase of life sure the kids are moved out and you have some extra bedrooms but you don't want to move into a smaller house right now you don't want to move it can be stressful could be stressful and you actually enjoy having a little bit of a yard to do some gardening maybe doing some home repairs there's enough room for friends to visit or grandkids to stay over so maybe your current house is just the right size and some clients come to us with this reason financial considerations maybe your mortgage is paid off and your property taxes aren't so bad and your financial planner thinks it makes sense to stay where you are that's a reason not to sell yeah and another reason not to sell maybe your home has an apartment either in the basement or upstairs that you've been renting out for a while and your plan is to move into that and give this house to one of your kids down the road or sell it to one of your schools or sell it to one of your kids but it gives you an option to keep it and then actually be able to get common agreement with your children that you get to stay there or downsize one day down the road but right now your home is fine the reality is however all of us will either downsize or be downsized at some point in our life so let's dig into some ideas that we came up with to allow you to stay in your home but make it feel like you right size now listen this will take some work and it may feel like at times you want to quit but we want you to listen carefully and take a few notes and imagine the possibilities for you and your family in your current space and don't forget at the very end of the video we're going to share 10 quick fix tips to help you make your home feel better and one that you really want to stay in so let's say you've decided to stay for whatever the reason and you and your partner are on the same page right sizing to us means sprucing up your home inside and out make believe that you're gonna sell your house so it needs to be fixed up and by the time you're done you will have a new updated home that you won't want to leave so let's start outside so maybe because you've been working so hard for so long your shrubs and your gardens and your overall property really feels overgrown tired and in need of a redo yeah there are some simple things you can do you know you can trim the bushes you can pull your weeds you can add some mulch and nothing looks better than a crisp edge around garden beds right you can actually claim part of your yard if you're industrious as a vegetable garden or maybe buy a bench and stick it in the corner or make a small pond or fountain in area of focus now that you have more time think of your property as an oasis and a place for you to really spend your time and if you're not really sure how to do that hire a landscape architect get a real plan and agree with your partner you're going to do this over three or five years again don't make it feel like a huge job with a lot of money but do something with an architect that's professional and do it slowly what you want to think about is curb appeal you want to think about when you pull onto that driveway you feel great to be there you can't wait to walk around the property and get into the house so let's move inside the house keeping with the theme of getting your house ready to sell if the inside has been ignored because of lack of time or wear and tear from the kids now is a great time to spruce things up you can start room by room if you're doing it yourself or if you're ambitious you can hire some contractors and maybe just to try it start with one room an easy room an easy room let's say you have an extra bedroom and you want to convert it to a den and use or you have a den that you spend a lot of time in together as a couple tackle that room do a simple light clean reduce the clutter but maybe you know the carpet and the furniture needs to be cleaned as well paint the walls in the ceiling do something to give that room new life or go a step further and maybe buy a new tv or install a sound system so you have music or go out and buy some comfortable light up-to-date furniture and maybe clean the carpet or think about a new carpet or even peek under the carpet to see if there are hardwood floors under there now if you do this one room it's going to give you a taste for what can be done with the rest of your house it will get you excited and inspired to do more you can also empty several rooms at one time you know putting everything into a garage or a space make things go a little quicker we're not trying to spend your money but hiring a contractor will help that and remember if your plan is to stay here for 20 or 30 years it makes sense to do this because just think about it every year that you're in there longer and you don't update it it just gets actually worse and if you need ideas what is it pinterest is a great place to go or house to get ideas set a budget an annual budget each year to begin to plan out what changes you want to make to your house here are some other ideas that came to us from a few clients you know in your kitchen pop in some new counters or paint those dark cabinets a light color even purchase a few new appliances or clean all of your cabinets inside and out and definitely donate what you're not using we have clients that the wife is a great cook been cooking forever and loves it she went out when they retired and bought a brand new oven and um cooktop the the original ones were like 40 years old she has these new ovens down and she actually has a whole new feeling and inspiration to cook now so that that's a good thing to do now if you have an extra bedroom in the house let's say the kids have moved out claim that as a home office or another den you can always put a pull out couch in there we have one of them in florida and it's still it gives you another room to go to but it also allows if if kids or grandkids want to sleep over there's a bed there the thing is to step back into your home and think of the changes you can make so it can feel to you like a new home and thank you for staying till the end so here's what we promised 10 quick changes you can do to your home that are relatively inexpensive the first thing is clean all your closets every single one and i'm telling you when you take one closet and say we're going to empty it all out we're going to put the stuff back in that we want and everything else gets donated the feeling you get is incredible it is so the first thing is to clean your closet and the second thing you touched on which would be donate it's a no-brainer it always makes you feel good donate what you don't need because other people do need it the third thing is and this one might sound silly but we've done it a couple of times you'd do it every week if you could change your kitchen cabinet knobs just the knobs and it is totally transform your kitchen just by changing the knobs now lighting in your house maybe you have heavy drapes maybe you don't really have bright light bulbs or many lamps add some more modern lighting pull down your drapes let some natural light in it'll make the world of difference as you walk around your house the fifth one is a big one for me buy yourself a new mattress when is the last time you bought yourself a new mattress sleep is so important your old one probably needs to go the mattress companies say what every eight or ten years you need a new mattress if yours is 15 or 18 years old you definitely need a new mattress the other thing you can do is you know on top of the new mattress get some new bedding and linen for your for your bedroom new towels in the bathroom whatever it is again a very low cost change but it feels new so the seventh thing that you can do is just simply rearrange your furniture in your living room or your den or your dining area or your kitchen just move it around take a whole new look at each one of those rooms and move kind of point and shoot and move furniture around now the other thing you can do is take part of your garage or your basement or a spare room and turn it into a home gym i'd mention a home office before but you know in retirement we talk a lot about physical wellness so instead of going to a gym put the gym in the house so i'm gonna go back outside and just reinforce clean up your property on the outside think curb appeal and that's number nine and number 10 is jody's favorite she's so good at this we have candles all over our house and when jody you know late afternoon she lights all the candles in the kitchen and the den she also has this scent machine i wish i knew what the name is you remember i don't but it just it just pumps out put water in there a little drops of oil and it just makes the house smell so fresh well we also have a dog and i never want you to come into our house and say oh god you have a dog so those are ten quick fixes we don't want you to feel locked into having to downsize but if you're going to stay where you are do something to make the home that you live in feel new and fresh do some of the 10 quick fix tips and enjoy your fresh update at home and if you enjoyed this please share with your friends and please subscribe by clicking the subscribe button it really means a lot to us to get this message out to as many people as we can and finally join our free facebook community the link is in the notes below thanks for listening and we look forward to being with you again
Read More6 Retirement Essentials (Most people only prepared 2 or 3)
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
I'm planning for retirement most people focus
mostly on marshaling together enough money you know Financial Resources so that they can last
the distance and then maybe at the back of their heads they have some vague plan right perhaps
two or three things to fill the time with a lot of the times this is stuff like travel family
well unfortunately I'm gonna say that's not quite nearly enough for Preparation we ourselves
have been retired for two years and going looking back on the past two years I kind of see like
six essential things that if you prep for it beforehand before your retirement starts I think
this can really make such a positive difference to your retirement so that's what I wanted
to bring up and discuss with you guys today number one first and foremost of course we have
to talk about money most people's concern is the amount of money that they have in retirement
whether it will last them till the end come comfortably and allow them to afford the Hobbies
like travel good food Etc but I actually think after going through the last two years building up
our financial Acumen is just as important if not more so what do I mean by Financial Acumen I mean
stuff like budgeting tracking projecting investing I mean if you think about it the money in your
bank account can always be squandered we all know that story I think more importantly what's
going to make your retirement more fireproof is having an ability to generate more money where
it came from in the first place so the second essential thing that you can prepare for so that
you have a wonderful retirement it's definitely the ability to be self-directing and disciplined
self-direction definitely helps so much with spending your retirement days meaningfully right
after all there are no more like work schedules or like demands from colleagues or bosses to help
shape your days anymore you have to be the person to take charge in retirement there's a study out
there actually that shows that for happily retired folks most of them actually have about 3.6 core
Pursuits that's what they say and the unheably retired folks tend to have less than 3.6 corporate
suits coming in at about 1.9 call Pursuits that's what the study reflected I guess it kind of just
shows in retirement you really need to fill your life to the brim and keep busy with activities
you love and that is a really great formula for happiness and self-direction will help you
to achieve that state as well as discipline because if you think about it like discipline
directly affects the state of your finances right it affects whether you stick with your retirement
planning whether you keep fit and active and you get to maintain your health in retirement even
whilst you're left up to your own devices even to find your cover suits if you don't have any
when you're starting or in your retirement so discipline and self-direction will be like
the building blocks for enjoying your life in retirement the third essential thing you might
want to work on and cultivate or happy retirement is people skills right so studies and research
have reflected very consistently that the main determining factor for happiness and Longevity
for most of us is actually relationships Human Relationships friendships relationship with
your spouse and with your family I guess if you look at most of us you know we all have
a little need of work on some social skills in some aspect I mean some of us are a bit shy
paper hats or graph or maybe socially anxious working on our people skills really will help us
to get along and live happily with our spouse and family members and also importantly to make
new friendships at whatever age we all know that making new friends gets a lot more difficult
as we get older I mean I haven't heard anyone say otherwise for me personally making new friends
as I get older is the biggest challenge there's this huge feeling that nothing can replace
friendships with people who have known you all your life but it is also a challenge as I
have chosen to exercise through Arbitrage in our retirement and we've moved away from home
so those friends aren't with us in our present I find that it takes a lot of intention I have
to consciously push myself to broaden my Social Circles and make the effort to get to know people
on a more intimate basis I am also very happy to be able to say that it has paid off in that for
the last two years in Bali I have actually made two or three new friends that I'm happy to say are
kindred spirits and not just social acquaintances so that's very nice and it's a huge Comfort to our
daily life here in a foreign land away from home now before we move on a big thank you to
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MooMoo ad using my link in the description below now back to the video the fourth essential
thing that you can definitely work on and that will benefit your retirement tremendously it's
actually courage you're definitely gonna need lots of courage in retirement and I guess this isn't
a skill exactly it's kind of more of a quality but in retirement you need a lot of courage
to even plunge into retirement you need the courage to you know take that leap of faith to
stop putting it off due to fear of the unknown feel or financial insecurities so then it's all
about courage at that stage not let fear and insecurity rule your life and your decisions it
is also the courage to recognize that in life at the start at the end in the middle the Domino's
you need are never all nicely lined up you know at some point you just got to jump into it and
then learn to cross the obstacles as they come so for retirement long term I guess the
biggest issue most commonly is always money but my perspective on this is that hey budgets
can always be reduced money can always be earned or recouped or whatever happens so I still
think that you know it is actually beneficial to Advocate an approach whereby you get to
a point where you feel that you have most of your Ducks lined up you've planned well you've
prepped for it grab hold of your courage with both hands and then take the plunge people tend
to think of retirement as the end but it's not it's the start of a new phase where you should be
trying so many new things new Pursuits new ways to live and for each of these new adventures
you're gonna need courage to take action and once you have taken the plunge you'll find the
next fifth thing very very useful and that would be a mentality of resilience especially in early
retirement there are a lot more decades ahead of you you know and therefore a lot more chances that
they things can go wrong whether it be down to bad financial planning or perhaps an unexpected Health
catastrophe or even sometimes natural disasters whatever comes I guess you will always need that
strength of Will and the resilience so that you can roll with the punches and then get back up
you want to know that you have the mental strength that even if things go pear-shaped you won't just
give up and lose hope and certain Corner you've got to Marshall what you've got inside you go out
there find Solutions perhaps if necessary you've got to go back to work but know that later on
you can return to retirement and try again so the sex essential thing that I believe will benefit
everyone in retirement is to cultivate an attitude of gratitude we all know life is a very long
journey hopefully at least and so much of what we Chase using most of our years actually doesn't
really matter in the big picture once you have taken a step back and then at that point is when
you start realizing the earlier you cultivate and attitude of gratitude and that appreciation for
the simple little things that are probably around you everywhere every day the happier you probably
will be and it sounds silly but it's not really automatic I mean we all live and grow up and
work and go to school in a society that kind of innovates us with messages that we need to reach
for more have more ambition gives us you know that High definitions of success in life that we
have to try to jump to reach and nobody sings the Praises of the pleasures of a simple cup of
tea you know the importance of family time with your loved ones or or just the pleasure of being
able to take an evening walk on the beach with your dog so I think that it's very important that
somebody reminds you that you know you can not overload what you already have what you're already
surrounded by growing that muscle of appreciation so that in each and every moment you are present
in your own life you see all the little Joys that you're surrounded with every day and if you
live life like that I think that will help you achieve contentment with just the small stuff
around you and that's what majority of your life in retirement may be about is just a small stuff
every day but in my own retirement here in Bali it is what makes me so grateful and so happy every
day that I am surrounded by my loving husband and very interesting and independent little dog
that's very very cute you know that we have very comfortable a bit simple house we have the ability
to enjoy good food even if it's simple stuff from the war rooms locally we have a garden and
beautiful things are growing around us every day the weather is great you know stuff is good yeah
I think this is one of the most essential simple things that's often overlooked simply because it's
a matter of mentality but I believe this essential quality or characteristic could make all the
difference for you so these are the six essential things that I believe are very very important for
you to cultivate and prepare for in the leader to actually taking the plunge into a return then I
think that if you have these six strong skills and qualities going for you you will be in a position
much more well placed to make the best out of your retirement however long that period may be let me
know what you think of my suggestions whether you agree or if you think they suck let me know why
but in any event I really appreciate you tuning in and sharing my thoughts for this week and
wherever you are in the world I'm wishing you a happy Saturday evening and let's speak again
next week till then you take care and bye for now
Planning for Your Retirement with CPF – Part 1 (Growing Your Savings)
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
Hi everyone, I'm Caroline from CPF Board and today I'll be sharing how you can plan your retirement with CPF. Your CPF helps you to be ready for your golden years by supporting your three retirement needs. Home Ownership, Healthcare Financing and Retirement Income. Let's start with Home Ownership. For greater peace of mind, your home should preferably be fully paid out so you don't have to worry about the mortgage or interest going up. It can also be used to supplement your retirement income by renting out your flat partially or fully. Another option to monetize your flat is by moving into a 3-room or a smaller flat for the Silver Housing Bonus or selling part of your lease back to HDB through the Lease Buyback Scheme. The proceeds are then topped up to the retirement account savings to enjoy lifelong retirement payouts through CPF LIFE. Next, Healthcare Financing. As you grow older, chances are you're likely to spend more on your Healthcare needs.
This is where MediShield Life comes in to provide health insurance to help pay for your large medical bills. You can also tap into your MediSave savings to help pay for your healthcare expenses. Last but not least, Retirement Income. Apart from housing and healthcare, your CPF also provides you with a steady stream of monthly income to help pay for your daily expenses like food, transport as well as savings that you can withdraw for more immediate needs. Speaking of which, how much do you think you need every month for your retirement and how long should your payouts last? So we know how much we have saved but we do not know how long our savings need to last because nobody can predict how long we can actually live.
Spend too little and we might deprive ourselves from fully enjoying our hard earned savings during our lifetime. Spend too much and we might not have enough for our retirement if we live longer than we thought. Have you heard about CPF LIFE? CPF LIFE is a national longevity insurance annuity scheme. It insures you against running out of your retirement savings by providing you with monthly payouts no matter how long you live so you don't have to worry. At 55, a Retirement Account will be created for you using your Special Account savings first and then your Ordinary Account savings to set aside your retirement sum. This sum is used to provide you with monthly payouts no matter how long you live from your payout eligibility age, which is currently 65 years old. You will be automatically included in CPF LIFE if you are a Singapore Citizen or Permanent Resident and have at least $60,000 in your CPF Retirement Account when you start your monthly payouts.
If you're not automatically included in CPF LIFE, you can still join anytime between age 65 and 80. All you have to do is to choose one of the CPF LIFE plans when you're ready to start payouts anytime from age 65 to 70. If you do not choose a plan before age 70, we'll automatically start your payout under the CPF LIFE Standard Plan. So how much do you think you need in your
Retirement Account to achieve your desired monthly payouts? Think about how much you need for basic expenses in retirement. If you want monthly payouts of about $1,400, you need about $285,000 in your Retirement Account at 65.
For monthly payouts around $2,100, you need about $425,000 in your Retirement Account at 65. As you can see, your retirement payouts are determined by the retirement sum which is the amount of savings that you set aside in your Retirement Account. Now these figures may look huge at age 65, but the good news is with attractive CPF interest rates, you only need to set aside a lower sum at age 55. This is why at 55, we set aside your Full Retirement Sum, or FRS. Take for example the current FRS of $192,000. With the power of compounding and attractive CPF interest rates over 10 years, this amount will grow to about $285,000 in your Retirement Account at 65 and gives you monthly payouts of $1,400. If you do not have the FRS, there is no need to top up. It just means that you have lower monthly payouts.
At this point, you may also be wondering if your CPF savings can be withdrawn for more immediate needs. From age 55, you can withdraw up to $5,000 from your Ordinary and Special Accounts, and you can withdraw more after you set aside the Full Retirement Sum. Your Full Retirement Sum can be set aside fully in cash, or you can just set aside the Basic Retirement Sum if you own a property. You can make as many withdrawals as you like from your withdrawal savings so there's really no need to take everything in one go. Do note that if you set aside a lower retirement sum in cash, your monthly payouts will also be reduced. Let me now share with you three tips on how you can enjoy higher monthly payouts in retirement no matter how long you live.
#1, reduce your CPF outflows. #2, retirement sum topping-up. #3, defer your CPF payouts. Let's start with reducing your CPF outflows. Your CPF savings earn good interest and the government pays extra interest to help enhance the retirement savings of Singaporeans. If you're below 55 years old, you enjoy an extra 1% per annum on the first $60,000 of your combined CPF savings, capped at $20,000 for Ordinary Account. If you're 55 years old and above, you get an extra 2% per annum on the first $30,000 and an extra 1% per annum on the next $30,000 of your combined CPF savings. This means that you can effectively earn up to 6% per annum on your CPF retirement savings from age 55. To maximise the interest you can earn, you can consider reducing your CPF outflows. To reduce outflows from your Ordinary Account, you can consider paying off your monthly mortgage before you retire or using cash to fully or partially service your loan.
Secondly, think twice before using your Special Account savings for investments. Unless you are quite sure that your investment returns can exceed 4% per annum, you might want to leave your savings in the Special Account which can earn you a minimum of 4% per annum. Lastly, you don't have to take out all your withdrawal savings at one go. At any time after 55, you can choose to withdraw your savings partially or fully and as frequently as you like. With PayNow, the savings that you withdraw will reach your bank account almost instantaneously. If you do not have an immediate need, you can choose to leave your CPF savings in your account to continue earning attractive interest of up to 6% per annum instead of leaving it in a bank account with lower interest rates.
Tip #2, boost your retirement savings through cash top-ups or CPF transfers. To enjoy higher payouts, you can consider topping up to your CPF Special Account if you're below 55, or Retirement Account if you're 55 and above. You can top up your Enhanced Retirement Sum if you are 55 and above or the Full Retirement Sum if you're below 55. You can view the amount of Full Retirement Sum and Enhanced Retirement Sum in the description box below. For cash top-ups to yourself, you can also benefit from a tax relief of up to $8,000. Do note, the top-up monies is purely for the purpose of building up your retirement savings and increasing your monthly payouts. Therefore, they cannot be withdrawn in a lump sum. In addition, cash top-ups from the Full Retirement Sum to the Enhanced Retirement Sum do not attract tax relief. Another option is to transfer your monies from the Ordinary Account to the Special or Retirement Account to earn higher interest. Now, do plan carefully before making such transfers as they are irreversible. Ensure the monies that you transfer are not needed for other purposes such as your housing instalments.
Please also note, that there is no tax relief for CPF transfers. After taking care of your own retirement needs. you can also consider helping your loved ones. For spouse, parents and grandparents, you can transfer your Ordinary Account savings after setting aside your Basic Retirement Sum. For your other loved ones, you can transfer your Ordinary Account savings after setting aside your Full Retirement Sum. So if you're making cash top-ups for yourself, you can enjoy tax relief equivalent to the amount of cash top-ups made, up to $8,000 per calendar year. If you're also making cash top-ups for your loved ones, parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings, you can enjoy additional tax relief of up to $8,000 per calendar year. That's $16,000 in total. For those who have yet set aside the Basic Retirement Sum from age 55 to 70, the government launched the Matched Retirement Savings Scheme in 2021 to help boost your monthly payouts in retirement. You'll get a dollar-for-dollar matching grant from the government for any top-ups received in your retirement account if you are eligible, up to an annual cap of $600.
The top-up can be made by anyone including yourself. This scheme will first run for five years from 2021 to 2025. The intent of this scheme is to help senior Singaporeans who have yet to set aside the Basic Retirement Sum to help build up their retirement savings for more monthly payouts in retirement. Besides MRSS, the government has put in place other schemes such as the Silver Support Scheme and Workfare Income Supplement Scheme to provide greater assurance for seniors. For more information, you can check out the description box below. While you can start your CPF payouts from age 65, you also have the option to start your payouts later. Under CPF LIFE, for each year that you defer, your monthly payouts will increase by up to 7%. Thank you for watching, I hope you found it useful! Please remember to subscribe to our channel to catch part 2 of our Planning Your Retirement video on CPF LIFE..
Read MoreThe 4 phases of retirement | Dr. Riley Moynes | TEDxSurrey
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
Transcriber: Zsófia Herczeg
Reviewer: Peter Van de Ven Everyone says you have to get ready
to retire financially. And of course you do. But what they don’t tell you
is that you also have to get ready psychologically. Who knew? But it’s important
for a couple of reasons. First, 10,000 North Americans
will retire today and every day for the next 10 to 15 years. This is a retirement tsunami. And when these folks come
crashing onto the beach, a lot of them are going to feel
like fish out of water without a clue as to what to expect.
Secondly, it’s important
because there is a very good chance that you will live one third
of your life in retirement. So it’s important that you have
a heads up to the fact that there will be significant
psychological changes and challenges that come with it. I belong to a walking group
that meets early three mornings a week. Our primary goal is to put
10,000 steps on our Fitbits, and then we go for coffee
and cinnamon buns – (Laughter) more important.
(Laughter) (Applause) So as we walk, we’ve gotten into the habit
of choosing a topic for discussion. And one day, the topic was, “How do you squeeze
all that juice out of retirement?” How's that for 7:00 in the morning? So we walk and we talk, and the next day,
we go on to the next topic. But the question stayed with me because I was really having
some challenges with retirement. I was busy enough,
but I really didn’t feel that I was doing very much
that was significant or important. I was really struggling. I thought I had a pretty good idea of what success looked like
in a working career, but when it came to retirement,
it was fuzzier for me.
So I decided to dig deeper. And what I discovered was
that much of the material on retirement focuses on the financial
and/or the estate side of things. And of course, they’re both important
but just not what I was looking for. So I interviewed dozens
and dozens of retirees, and I asked them the question, “How do you squeeze
all the juice out of retirement?” What I discovered
was that there is a framework that can help make sense of it all.
And that’s what I want
to share with you today. You see, there are four distinct phases that most of us move through
in retirement. And as you’ll see,
it’s not always a smooth ride. In the next few minutes, you’ll recognize
which phase you’re in if you’re retired, and if you’re not, you’ll have a better idea
of what to expect when that time comes. And best of all, you’ll know
that there is a phase four – the most gratifying,
satisfying of the four phases – and that’s where you can squeeze
all the juice out of retirement. Phase one is the vacation phase,
and that’s just what it’s like.
You wake up when you want,
you do what you want all day. And the best part
is that there is no set routine. For most people, phase one represents
their view of an ideal retirement. Relaxing, fun in the sun – freedom, baby. (Laughter) And for most folks, phase one
lasts for about a year or so, and then, strangely,
it begins to lose its luster. We begin to feel a bit bored.
We actually miss our routine. Something in us seems to need one. And we ask ourselves, “Is that all there is to retirement?” Now when these thoughts and feelings
start to bubble up, you have already moved into phase two. Phase two is when we feel loss, and we feel lost. Phase two is when we lose the big five – significant losses
all associated with retirement.
We lose that routine. We lose a sense of identity. We lose many of the relationships
that we had established at work. We lose a sense of purpose. And for some people,
there is a loss of power. Now, we don’t see these things coming. We didn't see these losses coming in
because they happened all at once. It’s like, poof, gone. It’s traumatic. Phase two is also when we come
face to face with the three Ds: divorce, depression and decline – both physical and mental.
The result of all of this is that we can feel
like we’ve been hit by a bus. You see, before we can
appreciate and enjoy some of the positive aspects
associated with phase three and four, you are going to, in phase two, feel fear, anxiety
and quite even depression. That’s just the way it is. So buckle up and get ready.
Fortunately, at some point,
most of us say to ourselves, “Hey, I can’t go on like this. I don’t want to spend the rest of my life, perhaps 30 years, feeling like this.” And when we do, we’ve turned the corner to phase three. Phase three is a time of trial and error. In phase three, we ask ourselves, “How can I make my life meaningful again? How can I contribute?” The answer often is to do things
that you love to do and do really well. But phase three can also deliver
some disappointment and failure. For example, I spent a couple of years
serving on a condo board until I finally got tired
of being yelled at.
(Laughter) You see, one year the board decided
that we were going to plant daffodils rather than the traditional daisies. (Laughter) And we got yelled at. Go figure. I thought about law school,
thinking perhaps of becoming a paralegal. And then I completed a program
on dispute resolution. It all went nowhere. I love to write. So I created a program
called “Getting started on your memoirs.” That program has met
with “limited success.” (Laughter) It’s been a rocky road for me too,
and I told you to buckle up. Now, I know all this can sound bad. But it’s really important to keep trying and experimenting
with different activities that’ll make you want
to get up in the morning again because if you don’t, there’s a real good chance
of slipping back into phase two, feeling like you’ve been hit by a bus. And that is not a happy prospect. Not everyone breaks through to phase four, but those who do
are some of the happiest people I have ever met.
Phase four is a time
to reinvent and rewire. But phase four involves
answering some tough questions too, like, “What’s the purpose here?
What’s my mission? How can I squeeze
all the juice out of retirement?” You see, it’s important that we find
activities that are meaningful to us and that give us a sense
of accomplishment. And my experience is that it almost always
involves service to others. Maybe it’s helping a charity
that you care about. Maybe you’ll be like the old coots. (Laughter) (Applause) Yeah. These folks took a booth
in the local farmers market and were prepared to give their advice
based on their vast years of experience to anyone who came by.
So one of their first visitors was a kid
who wanted help with his math homework (Laughter) on his tablet. (Laughter) They did the best they could. Or maybe you’ll be like my friend Bill. I met Bill a few years ago
in a 55 plus activity group. In the summer, we golf together
and walk together and bicycle together. And in the winter, we curl. But Bill had this idea that we should exercise
our brains as well. He believed that there was
a tremendous pool of expertise and experience in our group, and so he approached a number of folks and asked if they would volunteer to teach some of the things
that they love to do to others. And almost invariably, they agreed.
Bill himself taught two sessions, one on iPads and one on iPhones, because we were smart enough to know
that a number of our members had been given these things
as gifts at Christmas (Laughter) by their children, and that they barely knew
how to turn them on. The first year, we offered nine programs,
and there were 200 folks signed up. The next year, that number
expanded to 45 programs with over 700 folks participating. And the following year,
we offered over 90 programs and had 2100 registrations. Amazing. (Applause) That was Bill. Our members taught us
to play bridge and mahjong. They taught us to paint. They taught us to repair our bicycles.
We tutored and mentored local school kids. We set up English-as-a-second-language
programs for newcomers. We had book clubs. We had film clubs. We even had a few golf clubs. Exhausting but exhilarating. That’s what’s possible in phase four. And do you remember the five losses
that we talked about in phase two? The loss of our routine and identity and relationships and purpose and power? In phase four, these are all recovered. It is magic to see, magic. So, I urge you to enjoy
your vacation in phase one. (Laughter) Be prepared for the losses in phase two. Experiment and try as many different
things as you can in phase three, and squeeze all the juice
out of retirement in phase four. (Applause).
Retired at 38: 5 strong reasons to retire as soon as you can (Retirement Planning)
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
so early retirement has actually improved our
health so much that I actually think we'll be avoiding higher health care costs down the line
that may actually lead into our retirement funds and then early retirement has also allowed us
to achieve a state of intuitive living which has been absolutely awesome financially the
conventional wisdom is that early retirement could potentially be disastrous but frankly
I think so far two years into retirement that our early retirement has been great for us
financially these plus two or three more are just some of the very strong reasons why I would
Advocate that anyone considering retirement should do so as early as possible let me explain why
down below hey I'm Jean and for the past two years I've been retired in Bali Indonesia
with my husband today I wanted to discuss about all these reasons why I think retiring
as early as you can is a brilliant idea [Music] so Health basically don't wait till it's too late
I think that when most people think about health and retirement planning they just kind of hope
and assume that they will be in good health when they enter retirement and then that they pray it
remains status quo until the end but I guess most of us pre-retirement might be involved in jobs
that might be high stress with long hours at the desk and then naturally Fitness just isn't
what ideally it should be so all my life I've been struggling with skin rashes and allergies and
these issues tend to pop up every time my immunity gets low because I'm stressed I'm tired I'm taxed
but truly in the two years since we have been retired the manifestation of all these problems
have just gone down so much in retirement mode I'm happily keeping very fit doing all the things
that I know of like surfing walking the dog with the hubby eating better overall probably further
down the line maybe I might be avoiding higher healthcare costs having this health is actually
so much wealth it allows you to live life to the fullest because frankly all the stuff that you
want to do in your enjoyment of Life probably involves a lot of Health you want to travel
you want to scale that mountain at Sunrise to see that incredible view you need your help even
just to enjoy good food if you like us you like to eat you need your health I mean I know so many
people who have dietary restrictions because of high cholesterol or diabetes improving health is
actually one of the biggest and strongest reasons why you should retire early so the second big
reason for wanting to retire ASAP is actually intuitive living basically intuitive living is
really connecting with yourself and listening to your garden stings and your feelings as to stuff
like eating and rest and meditation relationships even your spending habits perhaps I don't know
how it is for you guys but I was generally living my life governed by a lot of shirts right I
mean I should be at the office by 9am so that I won't piss off the bosses I should stay in
the office stay late and postpone my workout postpone dinner so I can meet the deadline set by
my clients I should carry branded Handbags and of course I should be a corporate lawyer I mean why
would I want to be anything else right finally in retirement we are free from the demands of the
pursuit of money to listen to ourselves to truly tune in and understand what is the optimum cause
in life you can chart you really want to wake up every day without an alarm clock naturally because
you've had enough sleep you want to eat only enough and not too much I mean you want to make
better choices food wise intuitive exercise you know you're doing what really only appeals to you
maybe you don't like sweating in the afternoons so then you know get a gym membership or play
indoor record Sports whatever works for you I only wish that more people have the opportunity
to experience living life this way intuitively away from the entanglements and distractions
from regular running the hands the real life the third reason why you might want to retire
as soon as possibly is just that the earlier you retire the more time you gain in life I
mean if you think about it most of us live life as though we are invincible as if life
itself will never run out and therefore we do things like squander our time or sell it away too
cheaply in exchange for material things we each only have so long to live right and the money you
make in your lifetime you can't bring that with you when you go home so well might as well you'll
be the one to spend it when you can right Society feeds us like so many different narratives
about success and what it should look like but actually I think success is really not
about the achievements per se but it's just really a Feeling and I like to think that at
the end of our Lives when we're there in our last dying moments what we'll be thinking
about probably wouldn't be like stuff like oh I closed that three billion dollar deal I
think it would more be along the lines of like I had good friends and I loved my family I had
a good life you know I ate good food I laughed Lots I took care of my kids and my dog stuff like
that so don't squander the time that we each have maybe you have personal goals that you really
want to achieve stuff like learning Spanish or scaling the Great Wall of China or just
watching your kids grow up that's just a million places that are better to spend your
time at then at a job which you don't really particularly care for and which maybe you're just
doing just cause that's what everyone else is before we move on a big thank you to
skillshare for sponsoring this video so skillshare is an online learning community with
thousands of classes for anyone who loves learning if 2023 is the year you promised yourself
you're gonna finally explore new career or side hustle options or work on personal growth
then skillshare is the perfect place to start for me one of the ways we have fun in our
retirement is making YouTube videos when we first started skillshare was instrumental
in teaching us so many of the basics like videography storytelling and more till today
one of the best classes I ever sat through online anywhere is still the class by Sorel Amore
YouTube success build an authentic Channel that's worth the follow so her advice about finding my
Niche valuing authenticity over Beauty creating meaningful messages and providing value to the
audience really changed our perspectives on what we were creating back then for the better of
course we've gone from like 40 Subs to the 143 000 Subs of today and from time to time I still
pull up sorel's worksheet when I'm creating my videos just to check that I'm on track for
making something good for our people our audience it's always super easy to take whatever you learn
on skillshare and apply it directly to your life Pursuits whatever those may be I highly recommend
checking out skillshare and if you want to do that you can use my link in the description below the
first 1000 people will get one month of skillshare absolutely free you can try it out learn something
new move a step closer to your 2023 goals reason number four the earlier you start your retirement
the better you'll get at it with every other change in life we expect that we all need time to
learn how to do it well so things like becoming apparent for the first time even if like us it's
just a fur kid or transitioning from being a student to being a working adult and then there's
the transition from being and actively working adult to retirement mode it seems ridiculous and
silly even at first I mean it's like saying who doesn't know how to spend their free time right
but if you actually truly observe things around you retirement Falls really differently for
different people we all know the people who have retired and in their retirement seem a
little lost lonely left behind and uninspired and then there's the other kind of retired people
right the ones who go like when we're talking that I'm gonna grab Life by the balls and Max things
out a big part of that may actually be the point in life at which you retire whether at that point
where you retire you still have your zest your Zeal your energy your health your Fitness to help
you max out the happiness potential of that free time and freedom in retirement and then there's
the thought that retirement supposed to stretch out for a few good years at least right if not
for a few decades and doing that requires skills you know you need so many different skills to
have a successful retirement I think that's a topic for another day but basically you need time
to learn those skills whether it's Financial money management or social skills you know building
relationships and stuff but basically you need time to get all that down pat in order to have
a successful retirement so then the earlier you retire the better usually you will probably
turn out for you so the last and possibly the most controversial point I think that early
retirement could possibly be great for you financially and this is controversial because it's
directly opposite to what a lot of the experts say right you retire too early there's so much risk
that you miscalculate your finances or that world events take an unexpected turn and then you know
things go belly up and then you're destitute in your last years but I mean underlying all that
seems to be this assumption that in retirement we're all just going to be like one dead lazy log
and I think that these days especially if you're an early retiree that is just so not true maybe
like us with YouTube in our retirement in your own retirement maybe you'll learn new skills pick
up new side hustles and stay busy doing something that you're doing for the love of it for the fun
not for the money but having the money come in as a result of your side hustle is a nice bonus and
you know what it becomes an additional buffer for your later years so retiring early also allows you
to take advantage of things like dual Arbitrage Right Moving overseas to improve your financial
situation and yeah so like us I'm from Singapore but I'm now retired here in Bali Indonesia we're
not just here because life is more affordable but the fact is that our retirement sums in fact our
whole entire retirement is only possible because living here is so much more affordable as compared
to back home you know this wouldn't be possible at all if we retiredly and ended up having health
concerns right mobility issues for example retiring early and then using the time to keep up
with current affairs learning hedging strategies to minimize risk learning how to diversify our
Investment Portfolio I feel that the time in our retirement has been well spent to actually make
us more resilient and the fact that we retired so early also means that if anything goes badly up
time and youth are on our side if our financial planning for retirement had just sucked or you
know things unexpectedly go failure so prepare you know if we have to U-turn and go back to work or
maybe start another business it's not a big deal and then we'll go off Marshall the resources
that we lack and then we'll come back again and second time around third time around will
definitely be better each time at doing this so in terms of confidence and the feeling of
resilience that we will be able to make this last all the way I think that starting
early doing it early diving into it and understanding the parameters the potential
the boundaries of what we face in retirement actually really really helps well guys so
these are the few takeaways from our last two years living in retirement here in Bali and
I mean if you have any thoughts or objections or contributions to the points that I've made in
this video I'll love to hear them let's start a little discussion in the comments below you
guys have a good week ahead wherever you are and let's chat again next Saturday thank you
for watching and bye-bye have a good weekend