I'm 55 with $500K can I Retire At 62 Spending $6K per Month
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- čas přidán 21. 07. 2024
- Retiring at 62 with $1,000,000 in Savings. In this case study, Troy Sharpe, CFP®, starts off with a couple both 55, One spouse has $350,000 in an IRA and the other spouse has $150,000 in an IRA, Can they retire at 62 with $6,000 per month in income? When should they take Social Security? Should they do a Roth Conversion? How much can they save in Taxes?
00:00 Introduction
01:01 Maintaining Purchase Power
02:35 Social Security at 62?
03:08 What if Scenario
05:07 Cash Flow Charts
07:00 Monte Carlo Simulation
11:39 Cash Flow Chart 2
17:18 Bad Timing Scenario for Social Security
19:33 Is this Strategy Right for You?
21:49 Contact Us
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You can darn near live off of anything , so long as you don’t have a mortgage to pay for or rent to pay for.
@angie… Not for long at a “burn rate” of $72k per year from $500k in savings (even with zero mortgage). Unless her investment (savings) rate of return is 15-20 percent per year. If you know where we can get this kind of return, please let me know. Cheers. :-)
@@gwarlow While you are looking at things like ROR, I look at "backend" things such as: all-things-bills, rent/mortgage and last....retirement health that is covered by a job. Once someone has two of the most expensive things covered (Shelter and healthcare) then the importance of a ROR becomes smaller and smaller.....Oh I forgot to add what if they have a pension, too? Then your 'ROR" becomes even more insignificant.
@angieharris8015
It's always "Significant"
Pension notwithstanding
Thank you! I especially appreciated your comments about confidence and peace of mind.
I can prove many ways where waiting to take Social Security to 67 or 68 backfired. My own father did not even draw Social Security for 10 years. He waited until age 68 which was not right. His health was an issue. They say you need to be able to live way past 80 to make up the difference.
I'm retired with $250,000 and take out $2,500 a month.
12% withdrawal rate.. lol, ok, may want to rethink that
@evilzzzability
Unbelievable!!
With a 50/50 Portfolio, they'll only last 5-10 years!
I’m 78 and I’m doing real well with $2150 per month. $6k? R U kidding me?
Agree $2150 a month especially in places like Ecuador Columbia. 👍🏽
@@jermon983 will you believe California?
@@paulespinoza974 Whoa serious? I never would've thought California out of all places.
@@paulespinoza974 which dumpster?
@@easterlake O ye of little faith. The real issue is what you value when you get near the last 3rd of your life. As Randall above said it’s normal to spend more in the earlier years of retirement which I did, but now in retrospect I’m not into those things anymore. I prefer reading, writing and long walks.....and a good cup of tea to cap off each day. I’m very grateful for the life I’ve led and still lead and don’t NEED what you imply or would have others infer. Fair weather to you.
This is the best video on retirement I have seen, thanks for sharing this. Lot of good advice.
Thank you so much Morgan. Means a lot!
As a physicist, I find it interesting to see Monte Carlo simulations used in that context. I wonder what is used as a probability distribution in the sampling.
I’m 55 and retired with 500 k with 50k emergency fund. I have a 1500 a month pension. I moved to Mexico City from San Francisco. I have a budget of $3000 a month and live very comfortably. Plan to take social security at 62. I wouldn’t be able to live in the Bay Area with this budget.
Maybe you could stay with Nancy Pelosi. She probably has a spare room, or two. ;-)
@@gwarlow
Or even a House!
Thanks for the video. I agree sequence of returns is huge factor in planning. There is downside protection in products like IUL that can provide a source of cash in a downmarket rather than pulling from a portfolio. Something to consider for those that can afford to put some extra cash in a life insurance product like IUL.
Great video with in-depth explanations!
well done. A clear presentation, but the graphs were a bit small for viewing!
I like how you must have $500,000 before our money talks. Also, some people work in government positions and their social security is impacted by WEP/GPO. So many financial advisors don’t know or don’t understand this? Please consider this and make a video about it.
4:09 you nailed the prediction!! Subscribed 💯
Very useful information; just subscribed because of this video.
Me too
I've been enjoying watching your videos the last few days every since YT suggested your channel. Good content and food for thought! I like seeing the on-screen computer generated calculations and text better than your handwriting though, lol. (No offence intended.)
Thanks for the great video.
I'm 53, not married, and have no kids and I don't plan on getting married or having kids. I'm going to have a federal pension and hopefully around 600 to 700 thousand in my tsp when I retire in 6 years depending on how the market does. I'm going to draw down my tsp and live off of that and my pension until I reach 70. Then from 70 until whenever I shuffle off this Mortal coil I will start taking Social Security and pension and whatever is left of my tsp. My grandfather lived until 92 and my father is still alive at 86 so I'm confident I'll be around hopefully at least that long to enjoy it.
very good investment .I retired at 54, sold my house in the city move to 30 miles away of city. my pension is $2600, sold saving bond 2000 dollars a year until now... I am 65 right now, TSP from $90k to $165k. my pension plus social security are $3300, I am blessing. I traviel twice a year, but after 80, maybe that will be defferent story...
That is a lonely life, if you are not going to get married, make sure you have a girlfriend; otherwise, you will die quickly, I am not praying for that. Please have a child so that your blood lineage can continue in this world.
6k a month would have to include taxes and medical/dental premiums and costs. Those two areas of expenditures will significantly reduce the 6k. Also things like home maintenance must be considered. How about long-term care? And then there is inflation. On paper it might look like enough but so many things can exhaust your income budget fast. I suggest to determine what you need and then add 25% more for more security. If you can't do that then do not retire unless you have to due to health issues.
I can’t imagine spending $6k a month. I’m still working and with taxes and 30% contributions to retirement accounts, I’m living on 50% of my income. I have no debt and just not a spender. My biggest challenge will be drawing down on my accounts in retirement. Perhaps in retirement I’ll pick up a hobby and will loosen my purse strings but doubt it will be $6k a month.
Who knows what the future holds, you might run into some medical issues that can increase your monthly expense as you age. Better to have more than less just in case.
Where do you live Gina? And what is your income? Own outright or have a mort? Rent? My wife and I spend about 6K per month and we don't live lavishly. Everything but the house is paid for. A few cars, a small boat, it all adds up. Everyone's situation is different.
I could live on 6,000 a month quite comfortably. I will not have a mortgage as it would be paid off before I get into retirement age so my only expenses would be a erage household bill such as property taxes, a d utilities and so forth. Not having a mortgage save me a out 1300 a month.
@@michaelcarter7079 You will have to pay health insurance
Geography is core issue. 6000 a month is luxury living in Oklahoma and. Poverty scraping by in coastal California.
Hi Troy. What happened to the plan by Congress to eliminate post-tax contribution, regardless of income. Is it included in the recently signed Infrastructure bill by the President ?
4:15 well that aged like fine wine. Totally called it!!!
I guess this calculation is not considering people who will get a lifetime pension when they retire
Please do more single projections, there’s a lot of us That no longer have a spouse
I believe we have one coming tomorrow morning!
I agree! I lost my husband almost 2 years ago, and currently desire to stay on my own.
Good info.
I have hardly any money! I’m 61. Worked all my life and will continue until I die! No car payment but owe a mortgage. I live a minuscule lifestyle. Don’t need that much. I’m happy with less! No funeral! Will get cremated! No burden on anybody! Good luck!
My wife and I are in a similar situation age wise and all of our retirement money is in retirement accounts. Did you have your clients start putting money at age 55 into non-qualified accounts? Right now we 54/51 do not have any non-qualified account either.
Great video like always, somehow I see that your videos are of couples that are about or the same age, I couldn't find any where the difference in age is 10 or so. Evidently I am asking because that's my case. I am 10 years older than my wife and it makes harder to run the numbers....
Haven’t read all the comments, but studies have shown that as you get past 72-75, spending is less - this counteracts inflation. Completely agree with your sequential risk, it why the bucket strategy makes sense. - need to have 3 years cash to use during down markets.
Medical spending in later years goes through the roof, even with good insurance. The co-pays may mean she outlives her money.
You are talking about the retirement smile that breaks down into the Go-Go, Slow-Go and No-Go years. You spend more in your first years, then slow down spending, then increase spending due to medical and assistance.
@@RobertLinthicumAh, a “system” where medical expenses impoverish average citizens: USA, who would want to live anywhere else? ;-)
what are the portfolios built by ? that is a HUGE part of the discussion.
When a person plans for retirement, it is vital that he knows what his expenses are at that moment and what they will become later. Choosing to spend $6000 per month now will not necessarily mean that all those expenses will increase due to inflation. Meals out may naturally decrease as well as gasoline to get to work and professional wear for the office. Family weddings, school loans and mortgage may be paid off before retirement. Travel may start out at a frequent rate but decrease within a few years. Not only will these expenses not increase but will likely decrease or disappear completely.
My advisor wants me to stay 100% in stock for "growth and income" since the tax bill is the same on gains and dividends. I do not agree with it. It is a managed fund so it is easier for him to do it that way. I am 56. In about 2 more years I am going to change by 70/30 stock mix to more like 35/65 leaning toward income. I also think the 4% rule is outdated. You should be resourceful enough to get 5 ro maybe 6 % average return on 500k .
Why don't they invest in high yield funds so they don't spend their capital and use dividends instead?
I am fifty and all I can do is invest in etf or just create a Roth IRA but I am not greedy because I refuse to influenced by blood suckers. The binary options thing bonds, and what have you. This all to familiar but I continue to not want high risk because people don't know how to act with a sudden change of lifestyle.
When do you expect the livestream on new taxes to be coming out.
Once the Build Back Better legislation passes and we have concrete discussion points.
at 9:45 where you change the calculation from getting distributions from SS at 62 vs 66. Did you factor the fact that although the amount of disrtibution calculated shows up as more, it only shows up as more because there is the assumption that you will work for a longer period of time? If you don't work between 62 and 66 then SS will actually pay a SMALLER amount because the SS calculation will be based on 4 additional years of no income.
It will be higher. Your social security benefit is based on your highest, 35 years of work income adjusted for inflation. So if you work for 45 years will will only look at the highest 35 years and ignore the rest. It won't matter if they don't work from 62 to 67 because because it doesn't remove any of existing years of work history. To get the most social security benefit you want to have a high income for 35 years.
Age 67 is the full retirement age for most people. So you get your full social security benefits at that age. If they collect it at age 62 then they get 70% of the benefit they would have gotten if they waited, and they are locked in. However, it still adjusts due to inflation (COLA) each year.
I really don’t like the huge cost of living increases. As we age we spend less even though inflation makes things cost more.
Where is Oak Harvest Financial Group located?
Excellent
Depends on one's life style and if you have a home mortgage etc.
I like your video but how do you make money from your advise
What calculator are you using?
that analysis is for those who don't get retirement checks.
One thing I never see in these types of analyses: Learn to live with less.
A lot of people don't want to live with less. And if a couple of more years of work is what it takes that's what they will do.
@@ariefraiser140 That's the path, then. Work until one drops. Many die at work.
Or immediately after retirement ( 6 months or so )
@@RobertLinthicum Well there's a lot more options between work until you drop and retiring with less isn't there? Depending on market returns and the size of the portfolio as little as 1-3 years of work can get someone to their number.
Exactly. $6K per month is $72K per year. I am 56, and live entirely upon the $40K from my rental properties. I reinvest all the income from my stock portfolio (which is almost exactly $500K).
Its just interesting to see we have bring the bar down to $500,000 in everyone's videos. Used to be if you make $1 MM then we can talk. So, what's up wealth planners?
Seems to me that this is a pretty common scenario, however all of his reviews always include the assumption that there is a mortgage to pay for. This skews the estimates needed to retire by a huge amount. Also, his estimated yearly income is always extremely high. $70k - $120k per year. How about the single person with no debt and only wants to spend $35k - $45k per year. How about those numbers? Assuming $550k, One could start withdrawing at 62 and have $4100 per month coming in which includes SS. Considering no mortgage or other debt, that seems like plenty to kick around to me.
I'm fiftynine with 12 million dollars. If I retire will I have to sell my jet?
Nice sarcasm. ;-)
I don’t know if I agree with the need more money because of inflation, my company doesn’t increase my wage because of inflation they have not raised our top out in eight years.
Title versus the content is misleading. "I'm 55" "can I retire" then joining a partner in the scenario for the computation isn't accurate to the premise. Please address matching titles to content. "I" & "We" are usually pretty easy to understand concepts.
Inflation is the Feds way of stealing your hard earned savings. Interest rates should be higher than inflation.
once you owned you house,and no house payment. you can do just $2500 for good retired life.
Depends on the value of the house. Property tax is not cheap.
@@RozsaAmplificationLLC Not everyone like to live too far from civilization like proper hospital, airport, costco etc etc. $100 per sqft for a house is unheard of even 30 years ago in anywhere I lived. Right now an average new home is around $180 sqft. My 5300sqft house is double that easy in price per sqft. Medical expenses get real even if you are in Medicare, part b, c, d are all not free. I budget $40k for yearly medical expenses alone and I have no medical issues but you never know and besides the premiums, there is also out of pocket expenses to consider.
So true, you can live off less if your home is paid for. Taxes and other expenses are less at 65. You can't have a lot debt.
6k a month at 55 w 500k in the bank to live off of.. no way you could live off of it to 75. Health insurance and inflation would kill you nest egg..god forbid a major medical issue..
what about if you figure you are gonna die by 65?
It's a tricky question to answer. You have to make three assumptions. How long you will live, the inflation rate, and your return on investment. These are all difficult if not impossible to guess even for a financial planner. Look up the equation for a geometric gradient series. Assume a PV of $1,000,000, an i of 5%, a g of 2.5%, and n = 20 to start. The i value is your monthly rate of return or 5%/12, g is the monthly inflation rate or 2.5%/12, and n is the number of months you expect to live or 20*12 = 240. Play around with numbers to get a worst and best-case guess. Good luck!
Engineer? We have a number of engineer clients. There is a lot more to it than even that, but what is true is that we have to make the best decisions annually with the given information we have compared to non-action and the short and long-term results of both. Throw in personal goals, estate planning, health care, Social Security and it is complex. These are the types of conversations we consistently have with clients and plan for. If everyone could do it, or wanted to do it, we wouldn't be needed! Thanks for watching!
2022 is a rocking time to make 5%
Why there is a need to earn $6000/ month, if you are retired?
Not spending nearly $6,000 a month. Paid off new home and cars. Take great vacations.
I did and I am doing great
Just go where Andrew Henderson recommend for retirement!
Very ez!
Would be great to throw a pension payment in the mix, say $4500 a month and also state income tax effect on sample scenario. Thank you.
I made sure I was dept free when I retired. If you have a mortgage and car payments it's evident you need more saved.
For three mounths my wife and I experimented by living bare bones. In our three mounth average we saved
70 % of our fixed income.
But of course we don't do that .
GET DEPT FREE !
Title of video a little misleading. Using the words "I'm 55" made me think you were talking about a single person, like me. I suggest starting videos with "We" when you are featuring a couple.
I guess it kinds of builds in a safety buffer if you are counting on inflation for your entire spending. But if you want to spend $6K/month, and $2500 of that is going to your mortgage, then there will be NO inflation on $2500 of your $6K/month that you plan to spend. Another thing that I never see him address, but maybe they are taking that into account, and he is not just mentioning it, is that while I have a mortgage right now, in 15 years, that will be gone. So my $6K/month, could drop to $4K in 15 years.
Yeah, I've looked at a lot of his videos. I like them and he's good, but one critical video he hasn't done is the Single person with no mortgage or other debt. Seems to me that this is a pretty common scenario, however all of his reviews always include the assumption that there is a mortgage to pay for. This skews the estimates needed to retire by a huge amount. Also, his estimated yearly income is always extremely high. $70k - $120k per year. How about the single person with no debt and only wants to spend $35k - $45k per year. How about those numbers?
I'm retiring in three years with a sequence of return risk this is why I cashed out 5 years of living expenses and put it in a stable value Fund in my 401k so I won't have to pull from stocks
Diversify. Bonds, stocks, cash. Index funds.
I agree with you Kenny. That is my strategy too. 5 years of living expenses in stable value is 30% for me. The rest is in stocks. I don't have anything in bond funds. From my experience bond funds are not giving much of a return and they still loose in downturns.
Yep, agreed, the bucket method. A buffer for market adjustments. Can decide whether 3 years of buffer is enough or more is needed.
401k is at big big risk right now move your funds
@@markwilhelm168 : No, with bonds, your principal amount is secured.
Good financial advice ..but been Obese will mean you don't need as much money as you will statistically die younger . Is this factored into your future plans? or are you only thinking millions of $$$$$$ Health is THE most important factor in future planning . I am no Dr nor a financial advisor ..But I am logical.. and I am not obese and I am not a millionaire ,but I did semi retire at 36, thats 14 wonderful years ago and I should have enough money and health to move forward a few more decades with a smile .All the best .
Is the answer yes or no?
You lost me at the 10:10 mark. Couple has 500k in 401k at 55 years of age and continue to contribute to their 401k for 7 more years, 62 years of age and they will reach 1 million??? Really???
Just live a simple and you will be ok for less than 6thou a month.
The blue letters are not legible
I would have preferred if you also put in 65 as well as 67
If you take Social Security early, you will have to withdraw from your assets early ??? For this couple or in general ? $6000.00 a month, That sounds like a couple who does not live in the real world or live beyond there means. For me, no questions asked and no doubt about it, 62 ( 9 months away) I will be taking S.S. I am fortunate we’re working past 62 make Zero Sense.
How about a video for a single guy, 52 who wants to retire at 55? $1m in 401k currently and $300k of that is Roth. 401k plan has the Rule of 55. Contributing $15k annually to 401k until retirement while building cash bucket to about $30k upon retirement. $6k a month will be needed for expenses and health insurance...asking for a friend lol. Thanks!
To account for taxes and inflation you need to retire with $2M to draw that much down. Start saving some more in a non qualified brokerage account. You’re looking at this money to last you 40 years.
Inflation is going to be the killer variable.
@@curtissharris8914 And up to 85% of the social security income is taxed for those with more than $44k a year income. You have to be very conservative when projecting your spending needs to not run out of money.
@@RozsaAmplificationLLC From Investopedia: “The Four Percent Rule is a rule of thumb used to determine how much a retiree should withdraw from a retirement account each year. ... The Four Percent Rule seeks to provide a steady income stream to the retiree while also maintaining an account balance that keeps income flowing through retirement.” If he draws down 10% he’ll run out of money before he’s 70 and will have to live off of social security. The most he can draw down from that $500k nest egg is $2k a month. You are clearly a high stakes gambler.
I think Mona is correct to retire at 55 you’re going to need more money and I think 2 million is a good target to shoot for If he wants 6K a month.
How do we account for the Great War of 2022?
Lol...$6,000 a month in retirement. Plenty don't earn that each month while still working.
I earn way more than that and I can tell you that it is very achievable
@@harolddavid4731good for you but learn how to read 😂
How do you assume that $500k gets to $1m in 7 years?
He said you would need a 10% return which puts you close to a million. Big assumptions of course on that return but thats what he said.
Who's spending $6000 ($10,000) a month in retirement? Assuming no mortgage or auto loans, that seems like way too much. $3000.00 a month to spend with no debt seems quite reasonable to live on
How is this couple getting so much in SS given their incomes? He is getting over $4,000 a month on 80K.
Hes not......maybe combined H and W, but not individually.
Well, if you want to live that lifestyle, if ssa is $20k/yr, you will still need $52k/yr pulled from that account. If you make little interest, it might only last 10-12 years. Either live much cheaper or keep working.
Hey Christopher! Thank for watching and sharing.
Hi Christopher! Thanks for watching and sharing!
That will last about 5 years in California
personally I would not say SS is a secure source of income. Did I hear they are thinking about taxing you on the value of your IRA, 401k before you start making withdrawals?
For people with more than $44k annual income in retirement, they will be taxed on up to 85% of their social security income. Their Medicare premiums will be higher also. It’s not pretty and you have to plan for it.
@@monarene44 wow-their greed has no bounds
@@sophiamiller2682 ok. Thx!
I'm interested to find out why you think your ignorant opinion would be of value to anyone else.
@@everettcalhoun8197 looks like more care than u- u must be a wokey
Great video. I am two or three years away and I’m terrified. I worry about everything from inflation, who will be the next president to the over all economy. Thanks sir.
If your retirement situation terrifies you, you may want to keep working.
She doesn't need 72k a year, that's too much.
We need 30-35k per year in NYC, depending if we travel. No debts, I became minimalist, my hubby was already one. Buy only what we need. Sold some of my stuff, now that I don't go into the office anymore, I don't need to dress up anymore.
Glad that works for you, but it's not for you to say what someone else needs. I haven't worked hard my whole life to live as a "minimalist". I could live on 30k, but I don't want to, so I plan accordingly.
Sounds like a living hell
Not everyone who work hard their entire live wants to retire as minimalist. There is a reason why the average age of Porsche 911 owners is over 50.
Have you checked the cost of long term care? It cost a minimum of $100K a person a year. As long as you are in good health, you are OK but ............
@@jlouie8835 Exactly, and the medical expenses on top of that. Guess some people opt for plan B, a gun and a bullet.
how nice! =)
I think you may want to expand the retirement options to overseas with cheaper cost of living for folks don't have enough saved fore retirement.
The vast majority of Americans are not considering retirement overseas. Of those that do, the majority are actually wealthy enough for it to be a second home situation. And for the lower income Americans who do retire abroad hoping to take advantage of third world economies in places like Mexico or the Philippines, the majority end up returning after discovering that the downsides outweigh the good.
What if we like our kids and grandkids? So, no.
@@M22Research If you retired in Mexico or Panama and your family lives in TX or FL. It's fairly close. It's actually closer than coming from Alaska or NY.
@@jwuhome …and how did those Texas-Panama visits go during the pandemic?
@@M22Research You can't plan on those once a century events. Are you not going to NYC ever because of 9-11? Besides that, elderly visiting their families is discouraged during pandemic by health institutions anyway.
Why the hell would I need a million in retirement if I been working for living off of making 70,000 a year working
You see how greed set in.
The answer to that question is NO!. You can retire at (60 years old) and retire with $2,500 per month for the rest of your life. And never have to work for anyone.
I appreciate that as a financial advisor you are willing to suggest spending down retirement savings to defer/improve social security. Most advisors won’t do that because they don’t want to disturb their personal stream of income or assets under management. But, I can also promise you that people living primarily on social security do not enjoy “peace and comfort”. They are constantly worried about America’s politics and economy. For that reason I do not recommend trading real dollars(retirement savings) for a promise(social security).
Well put.
Thing is, it’s all a trade off one is forced to make. Doing it wisely takes some analysis.
@@candlesbypurplerose1010 Yes, except a lot of people retire before they are eligible for social security.
When are you guys going to realize you could have 1 million and with virtually zero interest return you’re losing 3 to 5% through inflation every year how long is that gonna last you . Not that long
There are plenty of sound investment strategies the offer returns well above inflation.
Yes
People spend too much is the problem.
$500,000 ... can she reitre. This presentation is an insult to millions!
Great video… Love your content….You seem out of breath just talking… You may want to consider investing in your most valuable asset; your vessel/ body…
Hi William! We're happy you watched and enjoyed!
What does it cost to have a investment advisor these days. We are retiring next year and have not looked in to a advisor yet. Our combing 401k is around $700,000 and only around $80,000 cash on hand and our SS is around $7,000 a month for both of us.
@@johnb1571 You actually paid $1k just to talk to an advisor and get a feel of what you should do and give you an idea on a plan
Congrats on retiring Middle Class...
A year late, but I think is worth it; skip financial advisors and move all your retirement savings into Vanguard index funds, like VOO, or total stock index market, with low expense ratios, then when retired, withraw 0.4-0.5% monthly (based on a 6%/year withrawl rate.) Beter to withraw 12 times at 0.5% a year/monthly, rather than onse a year, at 6%, is like dollar cost averaging, but in reverse.
What about single 62 no family. 700k IRA rollover, 300k in bank, 300k 401k. No pension. About 5k month burn rate. Would like to retire now.
You’ve done well. You can retire now if want to.
I did at 56.5
You go man..take a nice break somewhere in Thailand, brother
You may want to do ROTH conversions to bring down the tax liability. I am assuming you also have equity on your home.
@@joyjoy534 no home just co-op apartment. Yes been converting IRA to Roth over 4 years now. Thanks
most of people cannot retire living in california.
Don't worry, dumbocrat backed you up
Add 3 more zeros
I'm 68 with $4, almost $5 how much can I spend?
Spend it all on a bus ticket to an overpass of your choice.
It’s hard I think. With health insurance, property tax(assume this person owns a house), daily cost and travels, 6k should be good. A year should be 72k. Then 500k should only last 8 years then this person would be 62 years old. What is he or she going to do after that? 😣😣😣
Buy a tent and camp under the bridge of their choosing.
@@joyjoy534 😂😂😂
I'm 62 retire with no savings account.
$1.600.00
@Randall Swanson 1500
You need to get a job, brother
Mickey D's hiring near you. Practice ' would you like to make that a meal? and like any fried with that?
@@joyjoy534 A jobs a job...
Need 10 million
I am taking SS at 63. The break even age is approx 80, and I am female (longevity). May take 4% from my 403b, so my stocks can grow.
…Might have missed the point of the video.
why at 63? Every year you wait garners a social security increase of 8% until age 70.5 and then there's no benefit to waiting. Of course, if you have one foot in the grave and another on a banana peel, then take it asap.
@@dumbharrymeghan9464 while I agree in principle on waiting unless you expect an early death, not to split hairs but I believe the annual benefit gain of 8% is for the years from full retirement age (66 to 67) until 70. The annual benefit gain for the years from 62 to full retirement age is about 1% less than 8% per year.
@@M22Research True, that 8% increase I mention is from your full retirement age. However, by taking early (before full retirement age) you're also taking a permanent reduction in benefits that you'll never recover NO matter how long you live. It's an individual decision and if you're ill or do not expect to live long, then you may want to take it early or as soon as you're at full retirement age. However, IF YOU CAN WAIT and are still working or have other retirement income to rely upon, why not get the 8% increase and just wait till 70.5 and then get the max benefit you're ever going to get. It's not that easy to get a consistent 8% in this or any market unless you're willing to take risk and many are unwilling or unable.
@@dumbharrymeghan9464 ‘not sure what your debate with my comment is - I agreed for most people who have another source they can tap, waiting is a good thing. But the 8% claim is not accurate for the timeframe from FRA to age 70.
Transfer of wealth in 2022 :)
No
Live simple dont buy a bunch of junk
Porsche 911 is not junk.