Can I Retire at 55 with $500k, $750k, or $1,000,000?
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- čas přidán 29. 08. 2023
- Can I Retire at 55 with $500k, $750k, or $1,000,000?
The prospect of early retirement is an exciting goal for many of us, and the big question often revolves around the numbers. Can you truly retire comfortably at 55 with different retirement savings milestones? Let's dive into the retirement possibilities together!
💰 $500,000: While it might seem challenging, retiring with $500k at 55 is possible with careful retirement planning. Consider your expected retirement expenses, potential side income, and retirement lifestyle adjustments. This could involve downsizing, relocating to a more affordable area, or pursuing part-time work to supplement your savings.
💰 $750,000: With this sum, your retirement options expand. Careful retirement investment strategies can help your retirement savings grow over time, giving you more financial flexibility. Think about creating a diversified retirement investment portfolio that balances risk and potential returns, ensuring you're set for a fulfilling retirement.
💰 $1,000,000: Hitting the million-dollar mark by 55 significantly boosts your retirement prospects. It opens doors to greater travel, leisure, and potential philanthropic endeavors. As always, seeking advice from financial professionals and crafting a comprehensive retirement plan remains crucial.
Remember, these figures are just starting points. Retirement planning is highly personal, and factors like healthcare costs, inflation, and unexpected retirement expenses must be considered. It's never too early to start your retirement journey, and engaging in open conversations about financial & retirement planning can lead to valuable insights.
🔑 The key takeaway? Regardless of your initial retirement savings, a well-thought-out retirement plan, disciplined retirement saving habits, and informed retirement investment decisions are your allies. Let's inspire each other to make informed choices and work towards the retirement of our dreams!
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Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for "retirement planning at 30", "retirement planning at 40", "retirement planning at 50", or even "retirement planning at 60" understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called "Your Financial EKG™." What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50's, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.
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Drew Blackston, CRC® & RFC®
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Info@pearlwealthgroup.com
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Thanks Drew. Nothing trumps expenses. Walking into retirement with no debt is a huge hedge against future losses. I like these scenarios, but I feel for most people expenses will go down through retirement and although this is meant to be a basic "can you make it" set up I would think that as one ages spending less will come naturally. -Just my 2 cents.
You’re right!
Thank you Drew. I love these scenario videos. I'm 49 with $580K so retirement at 55 with $750k looks very appealing. I have absolutely No debt (not even a mortgage) and one year worth of emergency funds so $3100/month will be more than enough until SS kicks in. 🙂
Thank you for watching!
Thanx 4 the heads up. Keep doing what Ur doing, helping the ppl. .
Thank you!!
I enjoyed this video, especially with the $1 million example. Gives me a good idea where I am on my journey to retirement. Luckily, I will be able to include my wife's SS in the future. Thank you for all you do.
Thanks for watching!
In the $1M scenario, once the social security COLA is added in, it would likely carry that invidual into their early 90's.
I think that for my retirement gig, I want to work part-time for Drew! 😊
Come on down! Just watch out for hurricanes 🌀
SS has a COLA. His math is wrong. He needs to increase the SS with the CPI as well
He explains in the last example why he doesn’t include COLA.
Cola is not guaranteed. Ask anyone from 2008-2019.
@@yourfinancialekgcorrect, but if there’s little to no COLA, then there’s also little to no inflation. I don’t think you should inflate expenses if you aren’t inflating the COLA.
@@yourfinancialekg COLA average in that timeframe 1.58%/year. Inflation average in that timeframe 1.57%/year.
@@daveharness70 which gauge of inflation do you use? Government or real life 😂
Drew, I was wondering if you should place a Social Security Cola on the $2800 dollars over the first 12 years. I believe that would be more realistic and help the cause for the $500k and the $750k example.
I am weary with the state of ss to be to optimistic and that is why I don't do that. Great comment!
Great video! Thanks for sharing. I'm 51 and hope to retire at 53 with ~$1.8M and house paid off.
Thanks for watching!
Great! Are you located in a low cost of living area?
@@IrisP989 yes! Suburban Midwest.
@@davidfairchild1640 That can be on one of the reasons why it is possible there. It would be much more difficult for a family with kids in a high cost of living area unless they live on rice and beans lol
Great video Drew. I’m 53 y/o with $1.5 million and seriously considering retirement at 55. My biggest expense would be health insurance. How much do you think that would be per month?
I use about $1000/month
Stephen is right on point! About 1k
@@yourfinancialekg ouch!!! Certainly a lot more than $350
Use an affordable healthcare calculator for your State. It's your AGI that will determine this. If you can control your AGI you can get good cost for health insurance
How healthy are you? Are you willing to live in another country? America has the most expensive and worse out come for health care. If you are not sickly now, GET OUT!
The income needed is flawed I bet they do not account for emergency and market down turns and the assumption that the person does not have back up money instead of depending on stock market.
Good point
Is the social security adjusted for future value
Not until it is taken. I am weary with the state of ss to be to optimistic
@@yourfinancialekg gotcha
8% return since 1950? My sources say it is over 11%. What is your source?
David, I think you need to start your own CZcams channel.
@@yourfinancialekg I had such high hopes. I guess I'll go back to trying to stomach Josh's videos.
@@daveharness70 Josh?
@@daveharness70 Heritage Wealth?
That’s why we have to start collecting social security at 62 and 1 million last forever.
Exactly
So says Sarasota Tim
Who?
Math has to be wrong. Social Security has a COLA and his inflation per month has to calculated wrong as well. There is no 3% inflation per month. It’s yearly.
I’m sure he’s doing the math wrong
Math is right, thanks for commenting!
Did you factor in taxes
Yes
Sorry, have to rant here. "Daily inflation...to get down to the penny"?... C'mon man. Absurdly low values like the 6% ROR will totally overwhelm anything you are trying to show with daily inflation. I'd suggest getting to a realistic (accurate) answer FIRST. Then you can tweak things to see how it changes. You are trying to be accurate, but the best you can hope for is precision.
I know it is just an example, but you are quoting statistics that are simply not true. And it is hard to not nit-pick when that happens. I hope you can take this as constructive criticism.
Thanks for watching!
No, just no
Maybe?
Can you retire at 55 with $1M? Yes. Should you? No.
I agree!
@@yourfinancialekgok what about working part time? Or should you work.until 62 years old?