Can I Retire at 53 with $900,000 after being LAID OFF 😢 || BE CAREFUL
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- čas přidán 21. 07. 2024
- Can I Retire at 53 with $900,000 after being LAID OFF 😢 || BE CAREFUL
Facing a layoff can be a challenging experience, but it also presents an opportunity to reassess your financial situation and future retirement goals. Here are a few key considerations to help you evaluate the feasibility of retirement with $900,000 in savings:
1️⃣ Assess your financial and retirement needs: Start by evaluating your current financial obligations, including living expenses, healthcare costs, and any outstanding debts. This analysis will give you a better understanding of whether your savings can support your desired retirement lifestyle.
2️⃣ Determine your retirement lifestyle: Retirement dreams vary from person to person. Take the time to envision the lifestyle you desire during your retirement years. Will you be pursuing extensive travel or opting for a more modest and frugal approach? Clarifying your aspirations will help you gauge whether your savings align with your retirement goals.
3️⃣ Account for inflation and unforeseen expenses: It's crucial to consider the impact of inflation and unforeseen expenses on your retirement savings. Factors such as healthcare emergencies, home repairs, or other unexpected financial burdens can arise. Building a buffer in your retirement savings will provide security and help protect against unforeseen circumstances.
4️⃣ Seek professional financial advice: As a financial advisor, I strongly recommend consulting with a qualified professional. They can provide personalized insights based on your specific situation, evaluate investment opportunities, and help create a tailored retirement plan. Professional advice will ensure that you make informed decisions and maximize the potential of your retirement savings.
Remember, retirement planning involves more than just financial considerations. It's also essential to find purpose and fulfillment in this new phase of life. Engaging in meaningful activities, pursuing hobbies, and maintaining a strong social network contribute to a fulfilling retirement experience.
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I just turned 61. Single, no kids, ZERO debt, with $900,000. Monthly expenses around $3700. If I was ever to get laid off, AND chose to retire, I would guess my scenario would be quite a bit more positive and doable since I am 8 years older.
👏 👏
Why hasn't she immediately moved the money in savings to a HYSA or a MM within a taxable brokerage. They're paying ~5% right now and that $300k could be earning $1250ish a month vs $0 or barely zero??
Rob, you are hitting the nail on the head!!
Id love to see this example but with no pensions....most people dont have those which makes this example not as useful! Thanks for the great information and videos!!
Good point
She is smart for getting a job with a pension. Many pension jobs are hiring.
@@torchy187 the only jobs that still have pensions, at least most of them, are government jobs. Funded by taxpayer dollars! Gee whiz, I wonder why that’s the case!!
Very helpful video! Thanks
Glad it was helpful!
Layoff doesn't necessarily mean forced retirement. Nobody is forcing her to not work another job, she just doesn't want to.
True but that’s not bad either
I am 55 hoping to retire sooner than later. Growing up in Pittsburgh and thought Bradenton might be an option. Work at Pirate City too. Much like my situation but I gained employment to use rule of 55. I am looking forward to watching this video.
Come on down! ⚾️ 🏝️
Great video. 53 and looking to retire early.
You can do it!
I retired at 55 with 600k. Have $1500 a month pension and moved to Mexico City last year. I have a 3k a month budget. Living the dream!
Awesome!
would taking s security at 62 make any difference ? u should do a quick 62 65 67 and 70 on your videos
LOVE the videos btw. just found u and am binging the old ones
Great content idea!
I noticed you did not mention anything about Healthcare in your video. She would need that I am sure. How does that factor into the calcs? Healthcare is my main concern until I reach 65 when Medicare kicks in.
Healthcare is a factor but for her the company is carrying it. That’s a benefit for her.
Same here. If it wasn’t for healthcare I could easily retire.
@@yourfinancialekgthat’s a huge benefit above her pension!
At a quick glance she has enough in cash to bridge her expenses until she collects her pension. That will give the invested money more time to grow. Once she gets her pension then she is already set. Once she gets social security then she is just flying high.
Thanks for watching and contributing!
Expenses are the single most important factor in retirement planning, not assets. There is ample proof that spending DECREASES over time in retirement, even net of inflation. Not a fan of software that does not allow for this fact. I would bet that if we try to replicate this by lowering the inflation factor down to 1% or so to slow the expense growth and make it more realistic then this would fix the problem.
Thanks for the comment and contribution!
So, yes, she can. At 93 with a home and SS (and pension?!), I think you are still in the winning category. I'd say it would be a win just to live to 93.....it is realistically a small percentage (life expectancy is 30 years at 53).
Very true! Thanks for watching
But at 93 Social security will keep giving her money as long as she is alive
If you told me I would make it to age 93 before selling my house… I would buy a freaking lake house and not worry. I’m dead at 85 and that house is very sold with me in an apartment.
The question is: do you buy a jet ski or boat first?
@@yourfinancialekg ski boat. Then tritune, then jet ski.
@@gentrybrown2032 Good choice!
I saw a click bait article on Suze Orman saying the 4% rule should not be used and is "dangerous". What is your take on the 4% rule?
It’s a good rule but not the bottom line
Suzie Oman also says no one should retire early. Well unless you have at least $5 million. She is not a good source for retirement planning nor does she do it professionally. I would listen to financial advisors and planners who have done financial planning as a living for hundreds of not thousands of regular people before I listen to an out of touch celebrity.
@@ariefraiser140 Totally agree. Educational content is great but practical application is better.
At 93 she has been dead for 10 years
Not necessarily
She needs to consolidate all her money vanguard TD Ameritrade all over. Simply your life asap.
Well TD Ameritrade itself consolidated with Charles Schwab as of Memorial Day weekend, all Charles Schwab now.😉
Great advice!
You had me until you said the Bible says.
Well, it does say...
Doesn’t Mary have to work till 65 to get amount ?
Also will there be penalty for not working or contributing 10 yrs before collect SS?
Factored in with no cola increases
Also has Msry met the requirements of 40 points or 35 yrs of working ?
Yes