How do people have $50,000 in expenses in a year? I make just under $80,000 a year and put close to $50,000 into Vanguard every year. Yes, my house is paid off but even if it wasn't I would have a hard time spending $50,000 a year.
This continues to be one of the best retirement income channels out there. I appreciate that you cover a variety of retirement incomes, ages, and marital statuses. Additionally, you aren’t just spouting out verbiage but are showing us the math on how you made the analysis, so we can replicate our own scenarios. You may not have pixie dust but you provide hope and encouragement. Happy Thanksgiving!
Someone can get a little job , perhaps part time or seasonal to make extra $$ at 62. What are people going to do at 62 without much money and lots of time...boring - no travel- no eating out or going to shows etc.
Good discussion and looks familiar. Definitely going after the expense side of the equation is good as we have more direct control of that than fluctuations in market returns.
i am at 61.5 years old with just over 500k ... how i would like to approach this would be to keep expenses at 50k for 10 years then reduce to 40k ... and that would likely get me 10-12 additional years ... if still living i would like to take advantage of the fact i am a home owner ... i have never seen you or any other financial professional show how this might work on youtube ... COULD YOU BE THE FIRST TO SHOW HOW THIS MIGHT WORK ... i know i could sell 200k house and then rent ... that would likely get me another five plus years ... or are there other approaches ... if so, please demonstrate so i will be more confident in my retirement process ... THANK YOU ...
If you have 750K in retirement savings, and plan on a seasonal work at home job which would pay 30K take home until 72, after taxes, at 50K in expenses, while taking SS at Full age at 67, would you make it to 99?
The math doesn't add up $500,000 start at 62 spend 50k per year... does not leave you with 408k after 10 years - that twang just threw me off completely, also you cannot guarantee 6% return per year in the stock market you're fooling people as a financial advisory, why are you saying that
How do people have $50,000 in expenses in a year? I make just under $80,000 a year and put close to $50,000 into Vanguard every year. Yes, my house is paid off but even if it wasn't I would have a hard time spending $50,000 a year.
Seems to be the national average
That would depend on were you live and your lifestyle.
This continues to be one of the best retirement income channels out there.
I appreciate that you cover a variety of retirement incomes, ages, and marital statuses.
Additionally, you aren’t just spouting out verbiage but are showing us the math on how you made the analysis, so we can replicate our own scenarios.
You may not have pixie dust but you provide hope and encouragement. Happy Thanksgiving!
I appreciate that! Have a great Thanksgiving!! And thank you for watching!
Sounds like a part time job would make a Huge difference….
Yes, for sure!
It also depend on where you live. We live in King county Washington state. $50000/year is not enough here! But this is a good presentation. Thanks
Thank you for sharing and commenting!
If we retire abroad the annual expense is a lot less
Yup. Doing that and it makes a huge difference. My day-to-day expenses and a little frivolity thrown in from time to time is around $1000/month.
No doubt!
Someone can get a little job , perhaps part time or seasonal to make extra $$ at 62. What are people going to do at 62 without much money and lots of time...boring - no travel- no eating out or going to shows etc.
Agreed!
Good discussion and looks familiar. Definitely going after the expense side of the equation is good as we have more direct control of that than fluctuations in market returns.
Yes! Expenses are key.
Seems to me if you want to retire erly and not really run out of money being a dividend investor is a good choice.
Dividends do help
you have not added healthcare cost
Thanks!
i am at 61.5 years old with just over 500k ... how i would like to approach this would be to keep expenses at 50k for 10 years then reduce to 40k ... and that would likely get me 10-12 additional years ... if still living i would like to take advantage of the fact i am a home owner ... i have never seen you or any other financial professional show how this might work on youtube ... COULD YOU BE THE FIRST
TO SHOW HOW THIS MIGHT WORK ... i know i could sell 200k house and then rent ... that would likely get me another five plus years ... or are there other approaches ... if so, please demonstrate so i will be more confident in my retirement process ... THANK YOU ...
Good content idea!
Hi what is the allocation of 500 thou? How much percentage stocks?
If you have 750K in retirement savings, and plan on a seasonal work at home job which would pay 30K take home until 72, after taxes, at 50K in expenses, while taking SS at Full age at 67, would you make it to 99?
I believe so
My money would, I wouldn't 😂
also got the reverse mortgage option??
True!
Look at the reverse mortgage interest rates. 😮
The math doesn't add up $500,000 start at 62 spend 50k per year... does not leave you with 408k after 10 years - that twang just threw me off completely, also you cannot guarantee 6% return per year in the stock market you're fooling people as a financial advisory, why are you saying that
Thanks for the comment. No guarantees. Just using averages and projections. Used a future cash flow calculations for the math. Hope that helps!
Who can retire with 40 or $45,000 a year probably in 20 years from now?
I think he factor in a 3% inflation rate per year... so that 45k will be more like 65k , 20 years from now ... plus SS payments will increase .
We are factoring in inflation on all numbers. Thanks for the question!
Im not retired yeat i I own house .i only spend 6k if that yr live on. Key is got own your house
Yes!