Retirement Income Strategy for 56 Year Old with $1,800,000 💸 & Wanting To Start A Small Business 🏢
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- čas přidán 25. 04. 2022
- Retirement Income Strategy for 56 Year Old with $1,800,000 💸 & Wanting To Start A Small Business 🏢
In this video, I want to look at a scenario for a 56 and 52 year old couple asking the question, Can I Retire with $1,800,000 in Retirement savings and retirement investments? Not only do they want to retire, but they want to retire and start a small business. We need to analyze their current retirement investments and retirement income and ask a few questions:
1. Where will our retirement income come from?
2. How long can we use our retirement investments for retirement income before running low on retirement savings?
3. How much in monthly retirement income will we need? Can this be adjusted?
4. When will the small business start paying out income?
5. Will taxes be a factor in this retirement scenario?
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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Drew Blackston, CRC® & RFC®
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Info@pearlwealthgroup.com
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sometimes small business turns out to be a money pit and one would not let their dream go by keep throwing money at it,
Very true!
i didnt think i would have liked the video because you was talking about a small business. healthcare covered by hte company was the kicker :-) quite surprised i did enjoy it. thanks and keep up the great work!
John, thank you so much for watching and enjoying 🙃. Have a great day!!
I live in CA evergreen district where is expensive houses and things but I think their expensive is too high. They should sale their expensive cars and downsize their house. Live frugally. Property tax their house by itself already equal one person minimum salary plus house insurance and earthquake insurance. If I was them I would not open business with my money at that age. I am not their age yet but my house already paid off. Now, I just live off $1500-2000 per month. And I downsize my house. I don’t make a lot like them but I am ok to live off $1000 per month sometimes as single person. I know they are couple and one of them are disabled. For that matter just sales the liability such as cars. Stop living like when you are making $300000 per year. Start downsizing their house. Do not get in any business at the age that close to retirement. That is not a good way to do. If you want open business you should think before making decisions. I know all jobs are stressful that why we call jobs. We are all deal with till we retire. And plus only few years for them to retire. I hope it helps.
So $3 million assets. 1.8 investments. Pretty good. Sell the cars.
Good idea!
The grease board was much easier to follow.
Thanks for the comment Brian! I will remember that for future content. I love using the board I just wonder if it's detailed enough for some. Thank you sir!
I think you missed the spousal benefit for her, it would have been 32% less... she claimed it at 63, her benefit is reduced 8% per year - 4 years early.
📝✅
GO SOX! That's Boston Red Sox!!!
HAHA. Rays took 2 out of 3 here in Tampa. Go Rays!
@@yourfinancialekg , Its early - give it time! Haha
@@roburb73 Totally agree. Last year's playoffs remind me of that.
Did you not factor Social Security income in this scenario?
If you start at the 6:20 mark you’ll see Social Security factored in. Thank you for the comment!
Dang...how the hell did I miss that? Lol 😆. Any great job and I appreciate the outstanding content you are providing 👏
@@kenqman No worries! Thank you for watching!
Gamble
Gamble what?