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Money Guy Show

Is Retiring Early Really Worth It?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 26 June 2024

⏱️ 37 minutes

🧾️ Download transcript

Summary

"I'm 42 and want to retire early at 45. I’ve stress-tested my plan and everything looks okay, but I’m having a hard time mentally stepping away from the job. I know I want to spend more time with my kids (they’re my ‘why’).So why is it so hard to make the switch?"

We'll walk you through that question and more in today's Q&A episode!

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Transcript

Click on a timestamp to play from that location

0:00.0

Here's a question. Is retiring early worth it? But I am so excited because I love that people ask us these kinds of questions.

0:15.9

These aren't like necessarily the deep analytical questions.

0:19.0

They're kind of the bigger picture, bigger idea questions and boy, do we have some thoughts? A matter of fact, we have some thoughts a matter of fact we have

0:23.2

thoughts on a lot of stuff so much so that we love that we can answer and add our

0:27.3

thoughts the things that you guys care about so right now we have the team out in

0:31.2

the wings collecting your questions and we would love

0:33.4

to load you up so with that creative director Ribi I'm gonna throw it over to you

0:39.0

you have thoughts we've got lots of good questions coming into the hopper so

0:42.4

keep them coming put him in the

0:43.6

chat but we're gonna kick it off with Tim's question about early retirement he says

0:47.9

I'm 42 and want to retire early at 45 I've stress tested my plan and everything looks okay. But I'm having a hard time

0:56.3

mentally stepping away from the job. I know I want to spend more time with my kids

1:00.9

before they leave the house. They're my why. So why is it so

1:04.5

hard for me to make the switch? So okay a lot of things going on there.

1:11.2

42 looks like he wants to retire early at 45.

1:15.4

You know, first I want to commend him.

1:16.7

He said he's done some stress testing.

1:18.0

So at least tested his plan to make sure.

1:20.7

Now, one of the things I'd really want to know

1:22.4

is I would imagine that even at

1:25.2

45 years old. I don't know how old his kids are, but there's still a lot of variables that have not

1:28.8

been solved for yet. There's still probably a lot of outstanding questions.

...

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