Retirement Strategy At 50 with $500,000 Saved For Retirement
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- čas přidán 4. 02. 2024
- Retirement Strategy At 50 with $500,000 Saved For Retirement
Are you doing Retirement Planning at 50 with $500,000 saved for retirement?
*Free Retirement Download: The Checklist to Retirement:* 📊
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Congratulations! Now, it's time to fine-tune your retirement strategy and set the stage for a fulfilling and financially secure retirement. Join us in this insightful video as we delve into effective retirement planning tailored to your unique retirement circumstances.
In "Crafting Your Ideal Retirement," we'll cover:
🔍 Assessing Your Retirement Landscape: Understand where you stand financially and discover the key factors that will influence your retirement plans.
💼 Creating a Realistic Retirement Budget: Learn how to create a retirement budget that aligns with your retirement lifestyle, ensures financial stability, and allows you to enjoy your retirement years without unnecessary stress.
📈 Retirement Investment Strategies: Explore smart retirement investment options to grow your $500,000 nest egg, minimize retirement risks, and maximize returns over the long term.
🏡 Housing Considerations: Whether it's downsizing, relocating, or staying put, we'll discuss housing choices that complement your retirement goals.
🔄 Health and Insurance: Navigate the world of healthcare and insurance to safeguard both your well-being and your finances during retirement.
📆 Timeline for Transition: Plan a smooth transition from your career to retirement, ensuring a seamless shift and a well-deserved break.
📚 Resources and Tools: Discover valuable resources and tools that can aid in your retirement planning journey, empowering you to make informed decisions.
Join us on this journey to unlock the secrets of a successful retirement at 50 with $500,000 saved. Your golden years should be a time of joy, exploration, and peace of mind. Let's make sure you're well-prepared for the adventure that lies ahead!
*Free Retirement Download: The Checklist to Retirement:* 📊
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Ready to schedule your virtual consultation, click here: pearlwealthgroup.com/contact/ or email us at info@pearlwealthgroup.com
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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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❌ *Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.* ❌
Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
#retirementplanning #retirement #financialfreedom
*Free Retirement Download: The Checklist to Retirement:* 📊
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I don't live to work, I work to live. I'm retiring the minute I can and am enjoying life until that time comes. If I make it to 80 I'll be shocked and if I do I am probably not going to be needing much to live on. No way in the world I would ever consider needing to plan to live into my 90's. Realistic assessment of your health and expected longevity is important, as is what matters to you in the short time you have on this earth alive.
Right now the average man who makes it to 65 will live to aprox. 84.Its 87 for women.You better plan for at least that long.
Thanks for sharing!
agreed...i retired last year at 49 ...if i was this guy id retire today , sell that 375k house and get something in a cheaper area for 150k and pocket 225k to go along with the125k he has now to total 375k to live on until age 59.5 to access the 401k money (hopefully alot in Roth ira by then)...do roth conversions each year to show income to get insurance on ACA ...and take SS at 62 .....work part time NOW if he chooses....he has 2 kids , and you cant leave them your SS you delayed until 70 , especially if you never see 70 yo ...but you can leave them your portfolio you didnt bleed dry by using it until age 70 to make SS higher .....i lost one parent to health issues at 66 and the other to an accident at 67 , im glad i convinced them to take SS at 62...at least they got back SOME of what they worked their whole lives for and enjoyed a small amount of retirement from age 62 on
@@darlenepaul2918 First problem with what you are saying is that life expectancy you give is based upon making it to age 65. You have to make it to 65 for that to be a valid starting point. Starting from a younger age leads you to have a lower life expectancy. According to the SSA actuarial tables, someone at my age is expected to live to age 78 and someone at age 65 is expected to live to 81.
The biggest problem is you missed where I said you need to be realistic about your individual health and genetics. Exactly one male relative has ever lived to 80 and most never made it out of their 60's. Based upon my genetics and current health it is simply stupid to plan for living to 90 or 100, and this is true for the vast majority. This is why I say it is important to have a realistic assessment of your health and longevity in mind for this type of planning. If you are in good health and longevity runs in your family, then absolutely plan for a longer horizon.
You want to go a step further, it is 100% verified fact that spending DECLINES over the course of retirement (generally .8% annually), even after adjusting for inflation and across all income distributions. Using inflation adjusted straight-line expense planning is unrealistic and creates a distorted expectation of having a worse plan than you actually do. What this means is if you make it 30 years into retirement, you can expect to be spending 75% less then than you did when you started your retirement, NOT over 100% more.
Thanks for the example. This is closet example to my situation. Puts some things in perspective. Appreciate the content.
Glad it was helpful!
My TD Ameritrade acct is now Schwab. Anyway, we retired before 50. Maybe a gap video for retirees younger than typical retirements accts and social insecurity can be accessed? Lots of us facing 10+ years. Thanks!
Great idea 😊
I feel like this is a good argument against focusing on paying off the house early. I know that's not always a finance first decision, but I guarantee he could have made more in the market than his interest rate.
It's not a bad argument green lantern. I agree in some cases.
Awesome explanation of this example and it fits my criteria perfectly.
Thank you.
Glad it was helpful!
Love your use of the EKG software in this video, Drew. Long time follower here… I hope you keep growing your channel and followers! 👍
Awesome, thank you!
Plumbing can be devastating on the body if you plumb homes and install septic tanks
Yes it can. Tough job.
Great start.
Thanks!
Thank you
You're welcome!
He can always dabble with side work when ever he *wants* or needs.
I like that idea!
Moral of the story. Be a plummer in Montana.
Dude, you aren't too far from the truth
Hello from St.Louis
Hello from Tampa 🏝️
He can live overseas as well
Yes🎉
I will be 55 in May 2024; I was laid off in the summer of 2023. I merged my 401K to a traditional IRA in October 2023 and decided to retire ASAP. We are moving abroad to live life to the fullest (I had a STROKE a few years ago, life is too short and I'm fearing another stroke). I am confused though, if moving “monthly” dividends earned from a traditional IRA to a Roth IRA will help at all? I can’t figure out if there is a mathematical benefit? I'm assuming to just pay the 10% penalty from my traditional IRA on what I take out before 59 ½? Monthly dividends are about $5500 and plan on needing $1000 from the $5500. My wife and I will have another income of about 3K per month from remote work. We will be in the 12% tax bracket at the end of 2024 until I dip into social security at the age of 62. I’ve watched dozens of videos and I’m not 100% sure if moving $ from a traditional IRA into a Roth IRA makes any sense at all? Your videos are EXCELLENT and thank you for any advice 😊😊
Anything moved from IRA to Roth IRA is not considered a penalty, it's a conversion. Sometimes its just about doing a little here and a little there. Thank you so much for watching!
The title is me
Awesome!
He should switch the SEP to a Solo 401k
Great advice!
I wan t a soft retirement when am 50. What can I do? Am 42 now
Work a couple more jobs or make over 6 figures putting 50% into the market
Keep contributing and bring your expenses down.
Drew, it is 24% increase not 124%. Please correct.
From SSA.gov: The increase is based on your date of birth and the number of months you delay the start of your retirement benefits. If you start receiving retirement benefits at age 70, you'll get 124 percent of the monthly benefit because you delayed getting benefits for 36 months.
www.ssa.gov/benefits/retirement/planner/1960-delay.html#:~:text=The%20increase%20is%20based%20on,getting%20benefits%20for%2036%20months.
@@yourfinancialekg 1.24%. Not 124%. 8% per year.
I’m confused. Single man having $1M at age 60 with a nice SS check coming in at 62 and owns a $400K home paid off. This money should last. Stop working at 60.
Taxes & inflation are something to think about