Retire at 55 | What It Takes to Retire Early
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- čas přidán 20. 07. 2024
- Do you want to retire at age 55? There are a few important steps to figure out before you can.
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
I want to!!!! Working with KFG to get there!
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, a lot won’t have a house to retire with either.
I believe Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
Melissa Jean Talingdan, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for this. I'll send her an email, and I hope I'm able to make something out of it.
Am 58 retiring next year but the thought of retirement gives me nightmares. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
@@edward.abraham I’m in dire need of guidance so i can salvage my portfolio due to the massive dips and come up with better strategies. How can I reach this advisor?
@@hunter-bourke21 “Julia Ann Finnicum” is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
@@edward.abraham Thanks for sharing this. I did my own little research, and your advisor looks advanced and experienced. I wrote her and dialed her twice but she didn't pick up so I scheduled a phone call. She is experience can't wait to have a chat. I hope she doesn't ignore me.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@JoyceSchingledecker However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@@martenolga Oh please I’d love that. Thanks!
@@JoyceSchingledecker Judith Ann peace is her name
Lookup with her name on the webpage.
I'm 57 and was unemployed for the past 6 months. This was a dry run for being retired. I was bored having so much time to myself. I went back to work. It feels good having a paycheck coming in, and after 90 days I will get health care. I'm glad I saved enough to retire, and I put half my earnings into the 401k at my new job.
Be careful not to let that 401K get too huge or you may face mandatory distributions that wipe out your social security (fwiw).
@@rogerwilcojr It's all inside a Roth.
Thats badass @@1ael346
i achieve my fire movement this month i told my manager i quit my job. i say i have enough money last for the rest of my life.
i am 34 years old now it took me 16 years to achieve financial independence retire early.
i retired on my birthday at age 55, no mortgage no car payment, debt free, military VA benefits.. it’s been 4 years 8 months since i retired and i saved 60k just on my pension and still going on cruise’s you need to budget and not live beyond your needs.
Well...not many have va stuff. Cheers
Be careful fellows, I have known too many men that retired to get bored, become morbidly obese alcoholics that died quickly. Practice retirement before you retire. Can you remain disciplined in maintaining purpose, mind, and body?
Wife and I are planning an early retirement in a couple of years- early 50’s. Great content. Thank you for clearly spelling out the income approach to consider regarding healthcare strategies and the affordable care act.
We're on year 3 of our 20 year plan to retire in our 50s. Military retirement pension and Healthcare makes it easy!
1. Healthcare/Insurance
2. Income
3. Tax Diversification
4. Start Early on Funding your portfolio, and save a lot.
I can’t wait to retire.
Thank you Tricare.
My husband and I are planning for 50, we are 39 now but if we are able to get our side hustles up I would say we should be good at about 47. We currently save over 60% of our income..
My plan is 45 yrs, currently working on it!
I always read the books behind the author, buffet and chris hogan i have. I love good books, some i end up reading twice.
Yes Mike I did it at age 55 back in 2019!! Don't regret it at all! You have to have a plan and be intentional! FACT'S Frank from Tennessee.
I am shooting for 55 too; My hope is to keep my job because at 55 there is health insurance benefit, still expensive at 55-65.
3:40 "That's NOT available to most. It USED to be. " - RIP Unions :(
Like the LOTTERY!!!
PEOPLE CAN DREAM!!!
Nice VIDEO!!
I retired at 56 years old and single. No wife. No kids. Life is great!!
My plan.
Im 30 with no kids aswell. Do you ever regret not having children when youve gotten older ?
@@mattbraga4033 I am 45 and I pretty sure you would know by 30. Ever guy I know that really wanted to be a dad was on that mission pretty early in life as they should be. A fantastic woman would really have to run some game on me to make me dedicate what would be the rest of my life to her and children.
What was your plan? To retire comfortably at 56?
@@vxenon67 I am planning retirement right around that time if I can stay away from a wife and kids.
I wasn't planning on retiring at 55 but just got laid off and really have enough assets including rental properties providing passive income to retire. Might do some freelance app development.
Retiring at 50 in 6 months. Wife will work a few more years and will retire at 50. If you plan you can do it.
Most people don’t realise it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than 10k returns from his investment monthly and it was completely passive.
Retired this year at age 50. The exchange plans are quite reasonable if you can keep your earned income below 4x the poverty line (not hard to do!). Income is not an issue. The key is to save 30% or more of your after tax income during your earning years. Do that and you won't even need to worry about rate of return (as long as the portfolio is at least keeping up with inflation). The assets will be there and will be sufficient to support lifestyle in retirement.
Being retired, how are you having any taxable income to count towards MAGI?
@@jimjam36695 my wife still works and we have investment income
Does selling stock count as income or just dividends
@@kurt2296 Dividends and capital gains are included in the formula for determining adjusted gross income but they are taxed differently than ordinary earned income.
@@jimjam36695 I do an IRA Roth Conversion to boost my income to the sweet spot for health care subsidies. Interest, dividends, and capital gains don't make it (unless I sold a lot more stock).
Plan on retiring at 55. Wife will continue to work. Will have passive income from rentals. Will rollover my 401k. And a side hustle too
What would be an example of very low risk short term investment. Does such thing exists in today's market?
I retired at 49 ,it takes planning, hard work and plenty of overtime and will power. I didn't need any help from financial experts. Its common sense that's all you need. I love every day I do as I please every day and listen to no one about how to retire early .
I’m 55 now. I only worked for one company in my whole career that offered me a 401k. I contributed to that for 16 years until I changed jobs during lockdown. My new company offers no 401k. At 55 I only have 75K in my old 401k because I lost a ton of money due to the market/pandemic. I have no pension. I’m alone. No kids. I’ve been paying on my home for 16 years, so I’m only halfway through. I currently work 45-50 hours per week in a toxic horrible job, and I drive (commute) 10 hours per day. My mental health is suffering. There are no jobs in my field where I live. I feel completely stuck, scared, and alone.
Nice video. Perhaps you can do one on covering medical more. I mean medical for people who do not have medical continuation from a job or union. The average person does not have that or pensions.
Thanks for watching! Here is a link to our video covering Health Insurance option in early retirement! czcams.com/video/jmN22cmq8TU/video.html
Hopefully this can answer any questions you may have. Feel free to reach out to us if you need any additional help.
Christian Ministries Healthcare great gap insurance til Medicare.
I’m working until 95! Yeah! 👍
What if your 54 and my pension was froze 2 yrs ago ..20 yrs of a factory workers pension before the freeze but my body is used up..so if i retire at 55 im penalized...but is it worth it?
I love working and plan to live to 105 so might retired around 85.
Does having an HSA help solve some of the insurance issues?
52 and out. Scary but living it
Thanks for the great video. Wondering if you could please give me an opinion on this... My wife and I are 55 year old Australians dearly wanting to retire but scared we don't have enough. We have a net worth of $1.6Mil Australian dollars invested in the stock market ETFs, plus $100K in a bank account, and a paid off home, and have been spending $55K AUD a year on expenses in recent years. We realise you may not be across Australian information, but do you have a sense for whether we can retire now, not run out of cash, and leave our home as inheritance for our 2 kids? There are so many variables it seems impossible to know.
I am near this age and have looked at retire. Conclusion is bad to not work emotionally and very risky strategy, I have $2.5m of investments and own property. Leaving 3-4 years later sounds small change but will dramatically change equation.
If you have $2.5 million and you're worried about retiring early, you're just not that bright.
Here's a weird take...it may be easier to retire at 45 than it is at 55. I retired 20 years ago at 45. No idea what I was doing. At 45 and as a software engineer I felt I could always go back to work if needed. I may not have felt that confident at 55.
Thank you for your video. I just made 30 years in 2022. Will be 56 years old in July. What are your thoughts about semi-retirement? Want to leave my 30 yr job, and start a side hustle. Thanks again.
It's not rocket science. Do the math.
Hi 👋 K.F.G. BEST I could @54, 5 months away. Good luck with the future...THANKS
Don't forget you can withdraw from a Roth IRA as long as you only withdraw what you've made and not principal prior to 59.5.
Early retired at 54 and time does fly at 62 now so get out at soon as you can because time doesn’t lie and you can do just so much because of physical aging I know from real experience 🤣
I have 401k with my employer. I got laid off and I am 55 year old. Company is giving me 6 month of severance pay (paid Bi-weekly). Am I able to utilize the rule of 55 now or do I have to wait for 6 months (after my severance pay ends)?
One could also bridge the gap age 55-65 by working a part-time gig (that you enjoy). If you earn a lousy 20k a year (equates to an additional $500k in an investment account @ 4% withdrawal rate). Supplement with after tax monies and your good. 20k of earned income also happens to be a sweet spot in the ACA for a single individual where you will pay little to nothing for healthcare (in a healthcare expanded state) that is likely better than what you have now. This is a recording.
4% rule is not for people who retire at 55. This is a recording.
I probably retired too early at 55. At this point, I have to either move to The Philippines for the duration, or go back to work.
If you own a property with no mortgage left on it and you have no children I think working part in a high paying trade is fun it's not as taxing as full time and you feel like you have a purpose that's what i'm aiming for and that's even sooner then 55
Im 35. I want to retire at 55. Do you think if I have 4 million dollars at 55, will that be enough to retire?
First step dont have kids.lol
Health care..thats the kicker!!
Best thing about this vid is that he mentions Health Insurance. Number 1.
So many who claimed to have retired early are uninsured. There are those who of course worked for a governmental entity and thus have their medical insurance covered which is great.
Others hope for Obama Care and are basically stealing from the hard workers who work for companies that subsidize the insurance premium but yet have to pay in more to the insurance companies overall to pay for the freeloaders.
Don’t complain you’re paying 25k in premiums because combined employer and employee premiums is like 35-40k. The employer is forking out the majority while the employee pays between 4-8k.
Why would you praise those who worked for the government getting continuing medical coverage and curse those using Obama Care when BOTH are paid for by the taxpayers?
@@jwil4905 I didn’t necessarily praise those who work for government.
The whole point is that historically it’s always been that way where medical is covered. Yes?
The trade off for being a public servant is low pay but good long term benefits.
It’s Trash Democ Rats who are always trying to change something. Here in CA you not only get the long term benefits but we are seeing outrageous salaries and pensions.
The same can be said about ACA. It wasn’t there before. People get brainwashed it’s a form of entitlement.
And you pull the same card of “deflection” as usual. Can’t admit to your own guilt so point the finger outwards. Yes?
Start saving/investing in your 401k right out of college. I did and retired at 56. New car and new vehicle. Plenty of resources.
I'm confused on if you have to actually be 55 years old. The 401k rule says you must leave your job in the calendar year you turn 55 or later. Does that mean you can retire on January 1 in the calendar year you turn 55 even if you turn 55 in August?
Yes, if your final day of employment is Jan. 1 or beyond in the year you attain Age 55, you may withdraw 401k funds penalty-free.
Not all retirement plans offer this.
Health insurance is cheap. Stay under 62000 a year. It is very affordable.
Great stocks and I just bought in on them, but I'm interested in making short term profit, let say turn a $150K to $500k in 6months, I'd appreciate tips on how what stocks to buy to make this much profit.
@Chu Tjia That sounds great and how do i connect with her ?
@Chu Tjia Okay i just found her website and left a message for her. thanks.
Even Medicare isn’t free 300$/ month does not include vision dental and prescription
Sick of commuting and working is pushing me into retirement. Yep 55 here.
I'm 48. All my family are retired
I was lucky to acquire a job with benefits early in my life. I became good friends with one of my coworkers who encouraged saving for retirement. During my time, I made personal goals of retiring by 55. However my job was cut to part-time w/o benefits few years early then planned. After a month off I took a part-time job that offered benefits while applying for full time jobs. Health insurance has been my biggest struggle. I learned that I could role over my 401k and still retire early but with everything happening in the economy today makes it very difficult. So maybe now, I hope to retire by 60 but health insurance will still be a major issue.
It's literally almost a non-issue now thanks to the Affordable Care Act, you just want to adjust your withdrawal so that your taxable income puts you at the level for a large subsidy. Play around with the Affordable Care Act calculator from the nonprofit Kaiser Permanente to see what your premiums might look like at different levels. Congrats on early retirement
@@sweethomechicago Thanks for your reply. We are still few years away and now with market drop makes it a difficult choice but I will keep that in mind.
what 55? because of the Rule of 55, take distributions from latest 401k penalty free. that is what we are doing in 3 yrs 1 month 25 days(not that we are counting). this will cover us for ~12 yrs plus military retirement and then take SS at FRA. 55 RULES!!
Also a military retiree, plus another small company pension, I just retired at 56 using the Rule of 55. I'm waiting until 70 for SS due to the higher survivor benefit.
@@Paul-fs1fk ty for your service. aint nothing wrong with waiting till 70.
Okay help me, I’ll be 55 in 7 months.
Just general information not good. If you talked about scenarios it would be great. I have real estate, I have a pension, I got 39 units for social security, I need 40. I want to know about a ball park money anountI need to retire. I wasted my time by watching your video.
All systems go for 55 in 31 months!
get to it please….
widow or widower
Funny how we, the richest country in the world, can’t figure out health care. Almost every other country in the world has this figured out. This is why I’m moving out of the US in order to retire early. I doubt I’ll return.
Bye. Don't come back.
@@jwil4905 I certainly hope not!
I’m with you. The cost of purchasing healthcare overseas is minimal and depending on the country it can be excellent care at a fraction of the cost sometimes. Insurance and healthcare are the largest expenses in the US for retired people. Good luck and I hope you enjoy where you are going. I’ve known people that have headed to France and Portugal and they are happy as can be.
Embarking on this new chapter of retirement in Canada? Remember, proactive financial planning is the key to unlocking a secure and fulfilling future. Instead of solely relying on CPP, OAS, and GIS, consider staying invested with a trusted financial advisor. They can guide you towards strategic investments, ensuring your retirement is not just stable but prosperous. Take control of your financial destiny and embrace the retirement you've always envisioned!
Absolutely! Planning ahead is vital for a prosperous retirement. A dedicated financial advisor will help navigate the complexities, making your golden years not just secure but truly fulfilling. Here's to taking charge of our financial future and enjoying the retirement we've worked hard for!
Glad to have stumbled on this comment, Please who is the consultant that assist you?.
*Jenny Pamogas Canaya* is her name. She is a genius when it comes to diversifying holdings. You can verify her for yourself by looking her up online. She is well knowledgeable about the financial markets.
thanks you for sharing . It was easy to find her on internet, seems very proficient and flexible. I booked a call session with her.
Sound like a sales pitch.
you can pull from a Roth
I want to invest roughly $700,000 in stocks since I've heard that even in challenging times, investors may turn a profit. Any excellent ideas for stocks?.
It's crucial to have a well-thought-out strategy and not make impulsive moves based on short-term market fluctuations. Patience and a long-term perspective are key. You should consider a market expert to guide you.
I rely on my advisor for daily investment decisions. They leverage long and short positions, using risk for upside while hedging against downturns. With their exclusive insights, outperforming is almost certain. I've trusted them for over 2 years.
I rely on my advisor for daily investment decisions. They leverage long and short positions, using risk for upside while hedging against downturns. With their exclusive insights, outperforming is almost certain. I've trusted them for over 2 years.
Agreed, and if you still want to go it your own…Step into the market through low cost index funds so you get an average of the ups and downs of market over the next several years. Think long term, 10+ years and have the stomach to watch the account go either way. Easier said than done….do your research, Intelligent Investor, Warren Buffet, etc.
Mr. Bernard spoke wisely about the reality of what it takes to retire at age 55. I'm retiring this year at age 55 without having all the medical and financial items he discussed.
Instead, I'm taking a short cut by moving to Thailand. I will be living on a paradise island for a third of the cost with all the conveyance.
But what will you do if you have a medical emergency. You’re just rolling the dice.
Rule of 55
4 years left till 55 62 probably be Dead
Dude, slow your speech. Specify in the title that you plan to discuss "US retirement". What is said is not relevant to Latin America or S.E. Asia. Living on a small cash budget is all you need outside of Uncle Sam land.
Regardless of when you retire, you should wait until 70 to begin collecting Federal welfare, SS.
I don’t feel like ss is welfare. I paid into it. I feel I was robbed but not as though it’s welfare.
@@PawPaws_Place You paid in for others, not yourself. You never had an account. It is a Federal transfer, welfare program, just like food stamps.
Take it at 62 and receive 96 payments before your first at 70. Break even may be about at 78 years old, and a lot of people don't even live that long. If you wait to 70 and make it to 90, you'll get about 40% more in total, and it only goes up from there. That's assuming SS is still around.
@@PawPaws_Place You paid in to it for others. Others are paying into SS fo you. It is not an IRA or 401-K. You never had an account. It is a huge Federal welfare program for the elderly.
@@rogerwilcojr Why wouldn't it be around?
I figured out how myself.
Save 2k a month for 5 years. Buy a nice home 🏡 in a country that is cheap to live, and you will have damage near 100k to live on. 10 years after that you get your pension paid into your bank account and boooom.