5 Reasons to Retire as Soon as You Can

We've all had a moment when it starts to cost us more to continue working than to

retire

, but how do we know when that moment might be good? In today's video, I'm going to share with you five

reasons

why it might be time for you. to

retire

, the first reason why it might be time for you to retire is that time is the only non-renewable currency, we can always earn more money, regardless of how difficult it may be, it is always possible to do it, time is the only thing we can. Not getting more is the only thing we can't get back and it's the only thing we have no idea how much more time we have left.

I worked with several people who prepared and prepared and prepared and they were tired and they were financially prepared to do it, probably even more than financially prepared to do it and as sad as it is to say that in a couple of years and even in some cases in a couple of months they became ill and finally died, now none of these people in their final days worried about the size of their wallet. None of them cared about how much they had made in Roth conversions. None of them cared about whether or not they were optimizing their social security.

The only thing they worried about was how much longer the thing would last. The thing about time is that we don't fully appreciate it until it's taken away from us and what everyone is starting to discover is that the older they get, the less valuable money becomes and the more valuable time becomes now if you're watching this and Well, James, that's great, but I'm in my early 60s and at least 30, chances are that could be true, but also consider the fact that not all time is the same, I'm guessing it will be the next 5 to 10 years.

You are going to have a lot more Health, Energy, Vitality than you will have in the last 5 to 10 years, so it is not just about the period of time you have, but the quality of the time you have to earn money. Decisions The temptations to make them only from a financial perspective How big is my portfolio? How much income can I generate? What will my tax situation be during retirement? And granted, those are all incredibly important things to do, but you can't help but take into account how important it is. Time is also how much time you have to do what you want to do, and in some cases, after taking an honest assessment of where you are, you may find that time is becoming more and more important, even more important than money. , so you have To strike a balance, you need to make sure you're in a financial position to support the lifestyle you want to have when you retire, but assuming you're there, start taking a very close look at time and what want. what to do with the time we have left knowing that none of us knows how much more time we have left.

The second reason it might be time to retire is to improve your health. Now, this kind of ties back to the first point I mentioned, where if you're 30 years old, even if you knew for sure that we made those 30 years not everyone was created equal let's go back to the example I just used let's say you're 62 years old and somehow you had a crystal ball and you knew you were going to live to be 92 years old. Well, you could say that it's not so bad to keep working for a few more years, even if you are financially healthy, until you start to understand the importance of your health again.

How much healthier will you probably be at age 60? In your mid 60s, then maybe you will be in your 80s or 90s, so not all years are the same, it's not just about how much life expectancy we have left, but also how much health we have left now, not only that but In many cases, the longer we continue to work, the worse our health becomes due to stress due to the demands, because many times it is easy to not prioritize health. When we work busy work weeks, our health begins to deteriorate even faster the longer we go. continue to work, while those of us who can step away from that step off the hamster wheel or perhaps be able to prioritize health to a greater extent than we would have otherwise, so let's keep that in mind it's not uncommon that in the end When you really retire after 30 or 40+ years of working, working and raising a family and all the responsibilities that fall on you, it is not uncommon to have health problems, whether they are things like high blood pressure, illnesses heart, anxiety, depression, diseases.

In this way, stress can play a very important role in our situation, so retiring when it is time to retire can not only help us enjoy the time we have left, but can also make the quality of that time better. even more pleasant because we can prioritize. Health to a degree that maybe we couldn't have or at least it was much more difficult to achieve while we are still working the third time, maybe it's time to retire, now is that you can finally spend more time with friends and family, the quality of Our Lives depends largely on the quality of our relationships.

Now let's think about that for a second, since we just mentioned what happens when you spend an extra 40-50 hours a week working another few hours a week and traveling another few hours a week running. Errands Doing Chores Doing the things you need to do to keep up with the daily rhythm of life How much time do you really have for your friends and family? I'm sure you'll probably see your coworkers. Sure you'll probably see your friends and family, but what's the quality? of that time, like when you're constantly worried about deadlines you have to meet, when you're constantly worried about that project you're behind on or those things you have to do when you're retired, assuming you're in a financial situation.

If you are in a position to do so, you can fully dedicate not only your time, but all of your attention, focus, and energy to those relationships so that they can flourish in a way that perhaps they never have before. While work has many tremendous benefits, one of the main benefits of retirement is that you get your time back and you can be incredibly intentional about how you spend it and one of the ways you will have the most joy spending that time is by connecting with the people who matter most to you, connect with friends. connect with family connect with those around you because that will be one of the most important indicators of your happiness and retirement.

The fourth reason it might be time to retire today is that your best years are limited. Now this is kind of a label for another point. I did that before but let's assume again that you are 30 years old, today you are 62 and you know that you are going to live to be 92 and then you say okay, if I am going to live to be 92, it makes sense to me. to maximize my social security benefits by waiting until I'm 70, so if Social Security doesn't kick in until I'm 70, I'm going to work until I'm 70 because I still have 22 years to live, assuming you knew for sure that that was going to be Well, that might be the right thing to do, but you have to ask yourself: Yes, you're in that 30s, but 62 to 65 are probably the healthiest and 65 to 70 are probably the next healthiest.

Between 70 and 75 you're still doing things, but maybe not to the same extent, maybe not with the same enthusiasm or the same passion that you might have earlier in life, so you understand that it's not just a binary decision of how long. I have more and whether I should continue working or not, but there are nuances. To this, what is the quality of life that I have left and not only what is the quality of life all things being equal, but how can that quality of life improve if I make the decision to get off the hamster wheel today, assuming that Are you squared away financially? way to do it and assuming that you can prioritize the things that will lead to better health and not just physical health but relational health, mental health, all the things that contribute to creating the happiest retirement possible and then number five, the fifth reason why it might be time. for you to retire today, if you're financially prepared now, this may seem obvious, but I can't tell you how many people I've talked to who are financially balanced, we do the analysis, we execute the plan, we say yes.

You could retire yesterday if you wanted to, and not only could you, but you could spend more than you think you need or want right now. You would think that a lot of these people would say, "Oh, great, we'll do it automatically," but there is a challenge for a lot of people. There is a challenge: you spend your entire life working to achieve this point. You save in your 401k, you pay the mortgage and you pay Social Security and then you get there and it's a strange feeling to say, "I'm going to walk away from this thing I've been doing for over 40 years and into the unknown of retirement.

Now , for some people it is quite easy, but for many people it is a challenge and what they do is because it is something new, because it is something scary because it is something challenging, sometimes it is almost easier, even if they don't enjoy the work, continue working because it's what they know and even if they don't love it, it's less scary than that question of what I'm going to do with myself when I'm retired. What am I going to do with my time? How do I know I'm going to be happy? Sometimes it's easier to keep distracting ourselves with things like work rather than eliminate that distraction and discover who we really want to become.

I want to be very clear here. I'm not saying that work is bad. what I can do at work. I know many of you love what you can do. for work and if that's the case, there's no reason to stop doing it unless it takes you away from other things that are even more important. Who I'm specifically referring to are those of you who don't love what you do for work. You know it's taking a toll on your health, your friendships, your relationships, your family time, but it's hard for you to walk away even when you know you're financially healthy, it's time for you to walk away, but you have to think about the future.

Sometimes think about what your future self would like to have done. Think of yourself at 90 years old knowing that perhaps you are reaching your last days. Are you going to look back and say yes to yourself? I was very happy. I continued working at that job. I didn't enjoy it even when it didn't provide a financial benefit that was necessary for my well-being or are you going to be happier that you made the decision to take a step into something scary, something unknown, like retirement and see what I had to do? offer and make the effort to be intentional about what you wanted that season to look like.

I guess if you're honest with yourself, your future self will want you to take that leap, wanting you to take that step, acknowledging that it's scary, but doing it. So anyway, as we start to wrap this up, I'm not saying that work is bad, work can be wonderful for a variety of different

reasons

, what I'm saying is that if it works it doesn't represent that to you, if it doesn't work as a creative outlet or something you love to do or something that has an incredible impact on those around you, well, if any of these reasons resonate with you, you may be finding it harder to continue working than to stop working;

Now the last of these reasons is probably the most important. You don't want to retire if you can't financially and the final reason was that if you are financially able to retire then it may be time to do so well, which raises James' obvious question: Do I know if I am able to? retire well? That's why I made this video here. I include a link to this video. It will guide you through a framework that is based on the value of your portfolio. Based on your overall financial situation, what's an easy way to know if I can retire right now?

Watch that video to see if it resonates and connects so you can see if you're financially fit to retire. Then you can make the personal decision whether it's time to retire right now, once again. I'm James Canel, founder of Root Financial, and if you're interested in seeing how we help our Root Financial clients get the most out of life with their money. Be sure to visit us at www.ro Financial partners.com