Retiring at 65 is a HUGE Mistake. Retirement Expert Explains​ Why

I wanted to go into healthcare as a profession. The market crash in ‘08 and then taking care of a parent prevented me from going back to school. At 60 I finally did. We lived my husband’s salary. Now I’m working and he just retired. I think eventually I will go to per diem work. I love my job but will want more spare time.

Not only should you invest in a pension....you should invest in your health , eating healthy & exercise, some people look after thier car better than thier own health.

Noticed the numbers of retirement has gone down over the years. This is because the expenses have gone up while the income has not matched.

The other corollary to "One house, one spouse", is "No kids outside of marriage if you have them". Parents who cohabitate have relationships that break up at much higher rates than married parents.

401k matures at 60 for a reason

With home and car insurance doubling, utility bills doubling, utility inflation, retirement is set back

Many of us rely on the work place for having a social life and to feel useful for the society

What is the magic dollar amount a couple needs to have saved up for retirement? I know there are variables that affect it but what would be the average amount needed?

To retire by 55 is the real goal! Still young enough to do things, spend your money and do what you want to do, sleep til noon and do whatever whenever.

I guess its like anything. Its what constitutes happiness for each person. I LIKE working and I'm 60. I definitely have hobbies so I'm not lost for something to do on days off by any extent. But for myself, I like purpose. I like staying busy and moving. I have too many examples of my family and friends retiring and they quit moving. From there it all goes down hill. Now of course you can modify lifestyle no matter what you're doing. But I think doing less is part of what some equate to retirement. Stagnation is the start of decline but I'm happy going at it and it makes me feel good. Its a choice, not a necessity. I have other friends who stopped working out of necessity because they didn't take care of themselves. Those people are on fixed incomes and really struggle to make it. I also have some friends who never kept stable employment and they're struggling at this age just to find employment to survive. So there are allot of perspectives to see life at that don't necessarily fit the stereotype for any age.

Very good set of points and advice Azul, thank you!

I am a CPA with my own firm for almost 23 years and I sing the same songs you do. Thank you for being so practical.

You missed a few...including 69.7 for Canada on the Canadian websitel

Hi Azul, if someone retire and do no work, how big is the tax when he wirhdraws tradirional IRA after 65 yr old?

Americans includes Mexico, Canada, Central America, and South America.

guy lost me at his "healthy life expectancy " bs. im sure his number is correct on a nationwide average from birth. a quick google on "healthy life expectancy usa 60yr old"
returns this, which sounds more accurate : According to the World Health Organization, a 60-year-old in the United States can expect to live a healthy life for approximately 16.4 years. This means the average number of years without significant illness or disability after reaching age 60 is around 16.4 years ...

My father retired at 65. He lived to 95.

These stats must be from the 1940s because Worldmeter has Hong Kong at 1st.) 85.63 yrs., 2nd.) Japan 84.85 yrs., 20th.) Canada 82.72 yrs., 48th.) U.S.A. 79.46 yrs.

Dad passed away @ 94 (his mother lived to 94yo, too). Mom just celebrated her 93 b'day. I'm 65, good health & planned to work a couple of more yrs. Also, loved my job until recently. I like my odds getting to FRA.

Mandatory age for retirement in Greece is 67 years old.

Because of it's diversity of population, US had always been lopsided in various studies. Education, health, crime etc. One study showed that if you take Chicago out of Illinois, the crime rate is very low, like a Scandinavian country. Put Chicago back in the mix, now Illinois has the crime rate of Guatemala. Same with education and obesity, minorities always perform modestly here. Stay educated and avoid obesity, and your results are going to be close to Japan's. It all comes to individual choices.

Sold home 50 travelled over 35 countries got daughter education. Cut down markedly work hrs and position. Rented beachfront then saved in retirement fund and life insurance only. Will finish altogether 65 with state pension and hundreds of thousands in bank. Had best of both worlds as husband died at retirement age

The one house, one spouse advice is solid. After retirement, my spouse and I separated a couple of years ago. This has been almost equal to divorce, in the form of financial support. The wife immediately relocated and has been partially (75%) financially dependent on me, which I don't mind too much. But, if it had been possible for us to stay together, we could have spent the extra money on travel and eating out more instead of funneling it into additional living expenses.

I am wondering when a person should collect social security. Right at 62 or wait until it grows at 65 or 67?

I'll be 65 next February I can't wait ❤❤😊

Ya should have done at 62

Be careful who you listen to. All of them say the same.

As a statistician looking at this, I find the chart interesting but not the truly relevant information. Those healthy life expectancies are what are expected at _birth_. They include the impacts of people losing their health or their life at early ages. If you are, say, 55 years old and wanting to plan ahead on the timing of your retirement, what is most relevant is the conditional (healthy) life expectancy for someone in your situation (country, gender...), and of your age (sometimes called the "cohort expectancy"). One way to see why this is what you should look like is to imagine being a working 67 year old wanting to use life expectancy to time your later retirement. Obviously, this chart is useless to you—it says to expect you're already dead! That's because it offers a forecast from birth, when what you need is a forecast from your current age. This is not to discount your point that you need to consider your healthy lifetime as you plan. Also, this from-birth expectancy does suggest that expectations conditioned on a survival age will be lower in the US than in the green-line countries—and sooner than one thinks! But it would have been more valuable to show the chart for, say, expected healthy lifetime of current 50-year-olds.

I could only quickly find life expectancy numbers vs. age, rather than than healthy life expectancy, but the numbers will make the point. The life expectancy at birth in NY state (where I live) is ~79 yr for females and ~74 years for males. But the life expectancy for someone who is 70 years old is ~85/83 (F/M), 6 and 9 years longer than the expectation from birth. There's something to be said for surviving to retirement! 8-)
—Tom PS: I'm a recent subscriber and I'm very much enjoying your channel!

Title says one thing you’re taking nonsense. Man

It's interesting the notion of having the choice to retire, which obviously means you have enough money to support yourself for at least 10-20 years. This is 1st world thinking.

What's the point of retirement to a lower fixed income where you are simply loitering.

This is a very informative and important video. Thanks for sharing.❤

I retired 12 years ago and today, enjoyed a lovely day walking around the FREE 50 acre arboretum on the outskirts of town. From the age of 22, I never took out a loan with the exception of a home loan. I lived frugally and paid off my house note ASAP. I truly feel for people who have to depend on Social Security. The best of luck to you all.

He is a shell for the financial advisor industry. listen to him and work till you die

Teachers are basically trapped. If you retire before working for 34 years or before 65, you get severely penalized. I want to retire after 20 years of service at 59 and I will only get paid 44% of my salary plus no medical insurance. It’s most likely not doable living in Chicago.

I'm different. My job has enough vacation that I can travel before retirement. Both of my parents are age 90, and in good health. Knock on wood, I will retire in my late 70's

Giving my money to an advisor and staying the course and ridding the market down to the bottom doesn’t sound like good advice to pay for😮

I'm almost 63 and enjoy my job. I'm starting to pick up some hobbies and plan to retire at 65 but still work PRN. I can afford to retire now, but am in very good health and make a decent income for minimal work so will wait to tap my assets.

I was ready to retire at 62, my financial planner stopped me & said. You are good, but would your wife be? She explained. If you died first how would your wife be? My wife got HURT ON THE JOB at 41 years of age and went on SSDI. Not good for her. It kind of forced me to keep going. Luckily, I have a great financial plan & course. I’m just trying to look out for her! That’s my story! Oh, I forgot to say my wife has life insurance, but cannot get anymore due to her health conditions.

If you are a man waiting to retire is the most foolish thing you can do. I’m 58 years old now and I’ll be lucky if I see 75. I’m drawing my Social Security check the very second that I am legally able to.

I am 66 and still working because I got divorced and had to use my savings to buy a home and am mortgage free.
Daughter gets married next year etc
I am luckily still healthy according to my latest health check,my new partner is 6 years younger but doesn’t have much pension provision so will rely on me .
Going to keep working until 69 ,again I enjoy my job .
So, building up savings again and will have enough for a comfortable retirement.going to spend as much as I can afford until 75 ,if I make it .

Finally a true list not fictitious list putting north american countries at top 10. Am I Surprised that a year after retirement people are having health issues not really!
where i live canada it's a money driven country and at that age you are not contributing enough to the economy so you are pretty much trash. the motto here is what have you done for me lately, not what have you done for me before.

I retired at 55, great choice for 20 years now.

If you don't have the money to pay your bills, you can't retire. The majority who take it at 62 are the poorest and live in pure poverty.

I’m not sure if I should retire now at 63… my job is paying well and still enjoying it. I go on vacation twice a year for two weeks except during the pandemic. Fairly healthy, blood pressure is creeping up. Otherwise I’m okay.

Well, not everyone can just retire at 62 . Yes if you can afford to go ahead but im so annoyed with these videos that say oh just retire at 62 if everyone could im sure they would 😑 Warren buffet still goes to the office at 93 Martha Stewart still works! If you love what you do why retire? Stop telling everyone they should retire at 62 so ridiculous 🙄

keep healthy is not easy when the food you get is junk.

I’m done @ 65 due to health insurance, I workout daily, hike with my dogs and do yoga, eat healthy not the average American diet. If your lifestyle is healthy you can live well at 65 so you’ll have Medicare unless trump trashes it

I hope to retire by 50-55... I am in my early 40s. How much we need to retire really lies in what kind of lifestyle we want.

You have a full permission from your wife? And you call yourself a man?