Can I Retire at 55 with $1.6 Million?
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- čas přidán 19. 11. 2023
- 🌟 Can I Retire at 55 with $1.6 Million? 🤔💼
👋 Dreaming of retiring at 55 with $1.6 million? Let's break down what it takes to turn that dream into a reality! 💰🏡
1️⃣ Financial Planning Precision: Start with a detailed financial plan. Factor in living expenses, healthcare costs, inflation, and unforeseen circumstances. Precision is key!
2️⃣ Investment Strategy: Diversify wisely! Consider a mix of stocks, bonds, and other assets aligned with your risk tolerance. A well-balanced portfolio is your friend for long-term growth.
3️⃣ Lifestyle Assessment: What kind of retirement lifestyle are you aiming for? Understand your spending habits and determine if adjustments are needed. Balance is crucial.
4️⃣ Emergency Fund: Ensure you have a robust emergency fund. Life doesn't always go as planned, and having a financial safety net is essential for peace of mind.
5️⃣ Healthcare Plan: Don't underestimate healthcare costs. Research insurance options and plan for potential medical expenses in retirement.
6️⃣ Stay Informed: Keep an eye on market trends and economic changes. Being well-informed allows you to make strategic adjustments to your financial plan.
7️⃣ Adaptability: Be ready to adapt your plan. Life is dynamic, and flexibility is crucial when unforeseen changes occur.
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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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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!
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If it helps. I retired 7 1/2 years ago at age 62. To date, I have not touched a dime of my retirement money. At this rate, how long will my retirment funds last? It's not magic, it's math. You have lived your whole life to retirement age. You should know by now exactly how much money it will take and you should have been preparing for this starting with your first ever paycheck. What none of these videos seem to want to tell you is that it isn't so much about how much you have as it is how much you owe. Debt is the retirement killer. You have your whole working life to prepare for retirement. The single best gift you can give yourself is to be debt free by the time you walk away from work. My wife and I paid off all our debt before we retired. We own our home free and clear. We have three vehicles and a travel trailer that are paid for. We can pretty much do anything we want anytime we want. Being debt free is what makes that happen. Worry about how much you owe before you worry about how much you will need. Just do the math and rest easy.
Thanks for sharing!
It’s is real easy to fix a car BUT not every one is a mechanic or *wants, wants” too. Some people think “eat healthy exercise and die anyway. Beauty of freedom of choice.
Way to go Bernie!
Appreciate the real life experience shared, Bernie. Really helps to hear from those who have lived it, very encouraging.
Hi Bernie, But you still have to pay the house bills, Health insurance, taxes etc. What does that cost you a month ?
Thank you so much for doing these videos. I feel like you are much better than my financial guy.
Glad you like them!
Vary good. Learn a lot
Thank you!
Bro if I have $1Mil today. I retire and live in Colombia like a fat King. Good on you guys for saving all that money.
You know what they say don't bet it all on one race.
Wow!
I'd be curious to also see how much his scenarios would change looking at taking social security at 67 or 70. And would delaying social security change the ideal timing for the roth conversion? Guess that would also still primarily depend on what the tax code looks like in a few years.
Yes, it would but we could also look at some of those different options!
Interesting to see these calcul.. Obviously a huge estimate... Depending on how you live, issues, family issues, health, How's your car maintenance or replacement, etc?
Good point! You want a category for misc expenses
That's a pretty similar scenario to me. I've got a similar amount of savings/investments, and I've got a farm I inherited from my parents. I'd rather not sell it, it's been in the family since the 1880's. Though if I had to it's nice to have it as an option. Biggest difference is I'm retiring at 63-64 so I'm got a lot fewer years before I can start dipping into Social Security.
Thank you for watching!
I like the "elephant" in the room. LOL
Thanks!
Drew: Is your software correct by using 2023 threshold dollar limits (brackets) (base and base over) for the year 2044. You got off easy for this Rancher because he has no pension. But I have pension and that will have a COLA each year -- so if you use 2023 dollar thresholds on 2044 you are going to give me "bracket creep" - and I will pay more in taxes. How come your software doesn't assume a Chained CPI-U of some "inflationary" percent each year. For you not to adjust the TCJA bracket threshholds , then that is inconsistent with giving a COLA on this rancher's Social Security (which you did a COLA on). That is very inconsistent. You cannot have one and not the other - ((The CPI-W adjustment for SS and the Chained-CPI-U adjustments for TCJA are relationary to each other.) Also the IRS has not changed the Provisional income threshold limits in 20 years for SS. And that provisional income is 1/2 of SS even with no MAGI --- are you checking for that - that is to say that in the year 2045 there is no taxes , but again if you give a COLA to SS - eventually you will hit that Provisional income for up to 50% or up to 85% - since Congress hasn't changed that limit and probably never will. Again, you got off easy because you gave the rancher his SS at age 62 - but what if you had the rancher wait until 67 -- coupled with a COLA on SS - you will surely hit that limit. Also, I would like to you to have shown your analysis for age 62 SS start versus some over age to start SS. You are missing that.
Thanks for the comment. The brackets will get adjusted in 2026 but I don't know the future of taxes. Just trying to give this person a good foundation. Let's keep it simple.
I live in New York City and needed 3 million to retire. My budget is 120k a year. It really depends where you live.
Yes!
I’m 57 with about $3M in investment accounts, IRA and 401k. And primary house paid off and a secondary house with rental income that’s almost paid off. Wife wants to work and that will bring medical insurance in. I’m in a crappy situation at work and want to quit. Just need the courage to do it. Any thoughts from the community here? Thanks.
Sounds like you are doing great. If you want complete confidence, let's get an EKG!
I rolled over my 401k fund from previous employer into my current employer. I’m under 59.5 years old. Can I convert the rolled over fund to Roth without penalty?
You might be able to INSIDE the 401k if that is allowed, but you can't roll anything out now that it is in the new employer unless you sever service.
When you make vides of can I retire at $x, make x reflect net worth, not savings. Renter with 1.6MM is different than homeowner free and clear with 1.6MM
That is very true
Jerry is in great shape. At his current expenses excluding SS, taxes & healthcare, he will only withdraw 3% from his assets per year. If he doesn't substantially inflate his lifestyle, he will die with a ton of money. He should retire today!
Yes!
No need to raise taxes. They will just print more and let inflation pay.
True!
Yes unless you’re a conspicuous consumer
Can't you simply contribute to your 401k to reduce your taxes today and contribute to you Roth? Wouldn't this allow one to enjoy the lower taxes today and tomorrow?
You can do both depending on your income threshold
In New Mexico he has to be in the top 1% of earners.
Lots of high earners in New Mexico. Gene Hackman lives out there!
@@yourfinancialekg I live here.
Good video. If he is so conservative how did he get to 1.3 million at age 53? 🤔
Compound interest and consistency
@@yourfinancialekg that’s why I’m asking I’m familiar with the territory and I did not get there by being conservative 😂
Paying a “professional” to tell us when we can retire is like getting your expiration date from your doctor.
Well, not so sure that is an accurate statement, but thanks for watching!
I'm not a conservative guy. I'm either going big or going to the bank... with a ski mask.😅
😂
The answer is: hell yea Jerry can retire!
Yes!
Re Roth Conversion- how the heck are you at $1.6 million and only are at a 14% tax rate. Makes no sense. High income earners that can reach $1.6 million have higher income working than in retirement
Welcome to our tax code
Just say no new taxes and yes to pro growth policies and cutting government spending!
Yes!
And more importantly say no to an authoritarian government being promised by the right wing candidate.
Begin by ending all public assistance, both to individuals and corporations.
What do you mean? BiDEN iS going to forgive student loans now, OR KEEP TRYING.. That will help. Lol.
No you cant retire on that alone, you need assets too.
He has a farm and house 1M. Please ellaborate
@@robdabiere651 Hes not talking about himself he's talking about anyone in general. You need assets or your money will run out.