Can I Retire at 50 with $1,500,000 in Retirement Savings? Retirement Planning at age 50.
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- čas přidán 4. 07. 2024
- Can I Retire at 50 with $1,500,000 in Retirement Savings and Retirement Investments? Retirement Planning at 50.
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In this video lets go through a Can I Retire scenario for a 50 year old with $1,500,000 in Retirement Savings and Retirement Investments. His retirement concerns are when should I claim social security, how much retirement income should I spend, and what about taxes in retirement. We are going to address all these retirement questions and look at how long his retirement savings and retirement investments are going to last throughout his retirement.
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.
0:00 Can I Retire at 50 with $1,500,000 in Retirement Savings and Retirement Investments?
4:47 Retirement Planning at 50
9:25 How Much Retirement Income Do I Need
13:25 Tax Planning
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I've been using the 72t rule since I was 50 , taking withdrawals without penalty.
Awesome 👏!
Drew, like always great video. Question, why not setup the $1.5 million @ 5% dividends? That eliminates the need to sell from the beginning. I really would like to know your thoughts
That is a great idea. Keep in mind the software projections and eventual investment portfolio work together to achieve the overall plan. I normally don't show the investment portfolios on here because the market changes daily
Your adding in inflation over the years in your calculations but factoring in cola adjustments?
I think your asking why don’t I add cola for SS. With so many unknown variables with social security over the next decade, I like to keep my projections very conservative. Thanks for the comment!
This showed me that this guy should not retire right now imo. Great content
Thanks for watching!
If you live to see 90, RMDs is going to blow up his taxes.
Mayyybe, maybe not
another good video Drew, keep it up!
Thank you sir! Hope you have a great day!
The rule of 55 is not guaranteed for all 401k at employers
Yes!
Looking forward to this one....
Thank you for the comment! I’m looking forward to sharing this retirement income plan!
Yes please involve Jesus with my money
Just FYI: Did you know that there are roughly 2,350 verses concerning money in the Bible? That's almost twice as many as verses about faith and prayer combined. Jesus had a lot to say about money: Nearly 15% of everything Jesus spoke about related to money and possessions.
Still watching the video, so don't know if it was mentioned, but he could roll over his 401k to a Roth and withdraw in 5 years at 55 without any penalty. Convert some each year and he could draw that amount each year so long as it's been 5 years for each conversion.
Great comment Stephen! Yes he certainly can do that. The tax hit would be heavy if he did it all at once, so I would recommend doing it in portions to spread out the tax burden. Great suggestion sir!
Your analysis seems flawed unless I am missing something... You are keeping his social security benefits constant while his expenses are going up by inflation. If you re-run your analysis with his true social security benefits at 70 (3200 in todays dollar, inflation adjusted to 20 years from today), you will see he should be able to withdraw 5K a month starting at 50 no problem and he won't run out of money.
Great comment! Projected values for for social security payments are based on current figures until benefits begin. Once the begin, they are given a 1.8% cost of living adjustment which is the 35 year average. I always want to run my scenarios at a conservative level. Social security is also going to look very different 20 years from now. Don’t forget the program needs an overhaul by 2033 or only 75% of benefits will be paid. As an advisor I’m going to always use caution with Social Security. Thank you so much for the great question and comment!
I guess I am not understanding how you are projecting his social security benefits. If he is supposed to be getting 3000 in benefits when he turns 70 that is in todays dollars. So in 20 years from today it should be $5260 if we assume a 3% a year inflation adjustment(I believe that is the rate you used for his expenses). Even at 75% of benefits that is almost $4000 instead of $3000 that you show in your table at age 70. Am I thinking about this incorrectly?
@@emregulbay Ok I see what you are saying. Yes the 3,000 is in todays dollars but Social Security has not gotten a 3% inflation increase. Inflation has averaged 3.29% but Social Security COLA has only risen at 1.9%. I think in the projection I’m trying to focus more on the retirement savings because I’m not sure exactly what Social security will look like in 20 years. Maybe I can be more clear on that. Thank you so much for the comment and conversation!
As always - Great video!!
Man, if I could vacation on $12K annually - I'd be rich! Haha. The past 4 years I've averaged $35K-$40K. 😂🤷
Rob, I want to go on vacation with you!!!
We were spending that too....But not much spent during the thick of Covid...
@@pensacola321 COVID really changed the spending of most of my clients. In reality I haven't seen them spending more now either. Thank you so much for the comment!
@@pensacola321 , I took about 6 months of from April to October 2020, but after that we've traveled as normal.
@@roburb73 Looking back I wish I would have traveled more once everything opened in 2020. So much cheaper! 😂
He might consider SEPP withdraws. Might get some money out of the 401k and taxed prior to 59.5. Probably accomplishes about the same thing as doing a series of Roth conversions, but it's something to look at.
Always a good idea to consider multiple scenarios. Thank you so much for your comment and engagement!
His expenses seem pretty high for being single and debt free. I'm assuming he's debt free minus the house? Thanks for the video 👍
Great comment! You are correct no debt and the house is paid for too. He just has higher expenses right now. They should go down over time but with inflation running where it is now, I would rather project at this level. Thank you so much for the comment and engagement!
Its about expenses and debt.
So true Brinda! Get out of debt and your expenses will lower automatically!