I'm 52 with $250,000 saved for retirement, WHEN can I RETIRE?
VloĆŸit
- Äas pĆidĂĄn 21. 07. 2024
- I'm 52 with $250,000 saved for retirement, WHEN can I RETIRE?
Looking forward to retirement but not sure if you have enough saved up to retire? In this video, we answer the burning question "I'm 52 with 250,000 saved for retirement, when can I retire?"
Retirement is a major financial milestone, and it's important to know if you have enough saved up to comfortably retire. We'll discuss factors such as your desired retirement lifestyle, healthcare costs in retirement, and claiming Social Security benefits to help determine if retirement is within reach.
If you're in a similar position and looking to retire soon, this video will provide valuable insights and actionable advice. Don't miss out on the opportunity to retire comfortably and with peace of mind. Tune in now and start planning your retirement today!
*Free Retirement Download: The Checklist to Retirement:* đ
pearlwealthgroup.com/
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 EKGâą." 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 EKGâą 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.
Click Here For More Retirement Planning Videos: bit.ly/3wH3mgb đ
**Ready to get your personalized Financial & Retirement EKG: pearlwealthgroup.com/ **đ
Ready to schedule your virtual consultation, click here: pearlwealthgroup.com/contact/ or email us at info@pearlwealthgroup.com
**Visit our Website: pearlwealthgroup.com/ ** đ„
**Connect with us on Facebook: / pearlwealthgroup ** đ
**More Retirement Information Here: pearlwealthgroup.com/blog/ ** đ§
**Meet Your Retirement Planning Team: pearlwealthgroup.com/about/ ** đ
**Worried That Your Retirement Strategy Is Missing Something: pearlwealthgroup.com/services/ ** đ€
â *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.* â
Pearl Wealth Group
Drew Blackston, CRCÂź & RFCÂź
Office: 813-807-5060
Info@pearlwealthgroup.com
pearlwealthgroup.com/
Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
#retirementplanning #retirement #financialfreedom
**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: calendly.com/pearlwealthgroup/discoverycall **
It looks like you don't have any availability in the next several months.
When the U.S. Government rewards me to wait to retire at 70, then I know they are hoping I die before then. Iâm taking SS as early as possible. Iâd rather collect less longer than have full benefits for only 4 or 5 years.
Very true!
why have 17 months expenses in cash 10 years before retirement ? ...and he has 4 times the median saved (average doesnt matter ever) ....no kids to leave anything to ...his expenses are 3k monthly , and 1800 SS at age 62 and 2500 pension = 4300 monthly...no kids and health issues , with 1300 extra each month in guaranteed money , PLUS a paid for house by then worth 350k , which would mean his monthly expenses would drop by alot ...PLUS his investments of prob 500k by age 62 ????? ....id get out the DAY his pension is guaranteed to be there even if it was in the future..... if youve already won the game , stop playing ..... tomorrow is not promised buddy , enjoy your life while you can
Great comment!
Precisely my sentiment; $4000 a month is great living outside the US. I've lived well in Vietnam and Mexico on half that amount.
@@tdgdbs1 Awesome!
@@tdgdbs1 Make it $5000 per month and you will be able to live in the US if you live frugally (paid house and medicare assumed).
You need to start a channel
Awesome. So well explained Drew. I really wish I could see my numbers up there, but I really like the nuts-and-bolts videos that you do for people. It makes me feel like mine is a slam dunk. Thanks again.
You are a slam dunk my friend! đ
Drew. Great video. Gives my hope.
I believe in you!
Good job. Stayed positive
Thank you for your comment and engagement with the channel!
Drew, thank you for sharing your knowledge. It is helpful for people receiving a pension, but not a huge nest egg.
Thank you for watching Sherry!
Jake and Janine donât want to travel any where today especially to work on a Monday.đ
đ
Another good video, thanks for sharing. What does it cost to have a personalized EKG done? Thanks.
Hey John! Great question. We charge a one time fee to create the personalized ekg. Please email me at info@pearlwealthgroup.com and I can give you more specifics.
Good stuff as always, I wonder what Al would need to do if he didnât have the pension.
Probably work longer.
Thank you so much God bless and 61
Same to you!
Drew when we set a consultation through your site here do we get to work with you or is it one of your associates?
Also wanted to say you have great content and an easy to understand approach to laying out the data.
Directly with me. Thank you so much for watching!
Never, not enough......he'll need at least 1.25 million. If he gets a pension, he's fine. Use the fire movement as inspiration.
Well done. Moi, I'm doomed working until I die. I figure I need 1.25 million without running out of funds.
I think most of us will need that much because housing 30 years from now might cost 800K if not 1 million per average house!!!!
That is so true!
What about this scenario? Say you have 500k in 403b/401k, are almost at full SS req since you earned max since 17 (33 years max contribution) and have 300k in play money, 50k emergency funds and around 30k in HSA. The play money is invested mostly in S&P500 and SCHD, with 50k extra in high yield savings account for emergencies. Your yearly expenses are around 36k, willing to relocate to cheaper countries to maintain this or less. Could this person retire at 50 as long as they are ok using the full 300k until they reach 59.5? Granted I understand that the markets could crash and throw a wrench in the plans but working enough to make 36k a year wouldn't be too bad in a worst-case scenario, right?
Drew, is that budget analyzer software some thing that can be accessed?
Will, the software is called Retirement Analyzer. It is a professional based software program for financial advisors. Thanks for watching!
Drew, sorry sir but you do not seem to understand the U.S. Govât FERS Basic Annuity/retirement system.
1. Staying to 62 he gets 1.1% of his high three so his pension is different at 61 (1%) or 62 (1.1%)
2. Unless youâve already taken it out, he has withdraws for Health Insurance, Dental & Vision so at best his $2,500 should be $2K/month and more likely $1.8K/month.
3. If he has Federal Long Term Care subtract $150-300 more each month from his base annuity.
4. Make âAlâ a married Fed and you have to add a 5% reduction off the top for the spouse to receive 25% of the basic annuity as a survivor benefit. More likely, 10% off the top from the Base Annuity for a 50% survivor benefit. You MUST take one or the other for the spouse to keep health benefitâs if the Fed should pass first. Then subtract any life insurance (75% reduction is popular) and next thing you know that Married Fedâs pension is reduced to $1,000-1,250 or about 1/2 of what you are using!
5. Federal COLA is sliding scale (somewhat) linked to CPI but remember FERS gets a âDiet COLAâ and when you average long term FERS COLA weâre talking about 1.8%.
A GS-13 with 35-40 years should gross a Base annuity of $55-60K, especially in D.C. with higher locality pay, and should Net (including single Fed taxes) about $21-25K. This does not take out D.C. taxes.
Also if he went out prior to 62 âAlâ would have been eligible for the special supplement which would bridge his SS (about 80% of it) from his MRA until 62.
Adjust his Basic Annuity by those factors and include the Special Supplement & it will completely change your strategies!
Wow. That's crazy confusing.
đź
@@4040smokey Trust me it took me the better part of a career to learn this! đ
@@yourfinancialekg Seriously, if you ever want to speak about Federal Retirement I'd be happy to share a santized GRB retirement estimate with you. You would be shocked how much comes out of the FERS "Pension." Wouldn't be mine, but could estimate "AL's net."
Hello Drew.
Thanks for watching!
I work for the government. I have no pension. That is pretty much the norm now. Where are these people getting pensions from? It just is not offered any more.
Iâm 12 years old and I have $500 dollars saved. My expenses are zero, when can I retire?
Never...
what method do you use to value existing real estate owned (current asset value) when computing net worth?
Great question. I use home value - mortgage. I only give real estate a 1% rate of return annually. Probably will be more but Iâm being conservative.
@@yourfinancialekg appreciate it but where do you get the home value? for instance Realtor, Zillow, Redfin? For now, I use an average of these then reduce it by about 10%. Just wanted to know your method.
all great until the stock market tanks for a couple years , then so much for the average return
True!
Hi . Great video. Is that 5,000 a month for 10 years traveling? Excellent to still have that much money left at 100 years of age
Thanks for watching! It is 5k annually for travel.
Thank you. At 14:24 you said annual and then said 5,000 a month. I got confused but thanks for the update.
have to figure in RMD unless his investments are in a roth
Very true!
Isnt 10 years from now about the time that Social Security may hit financial issues?
Very true. Need to be prudent in your planning.
Ehat percentage of people who are about to retire have a pension??
Recent Fed Survey showed a low figure. I believe in the 20%. So not many but more than you would think.
We are a gay couple and retired with $3M and we are concerned. We do not want to leave any inheritances. We are 71 and 62 and take a month vacation each year. Usually cruising.
Thank you for the comment! Feel free to reach out to us if you would like to discuss your individual situation. Would be honored to help! Contact us here: info@pearlwealthgroup or pearlwealthgroup.com
4% of 3M is $120K plus you both qualify for SS. Enjoy life. Sounds like you're not considering your vital years. Do the math. Have some fun.
I sure hope Al Perkins isnât the clients real nameâŠlol
The names have been changed to protect the innocent. đ Iâm always looking for some ideas đĄ Any thoughts?
He can retire never
He will. Just takes baby steps
NEVER
It can be done!