Retirement Income Strategy for 60 Year old with $600,000 in a Stock Market Crash
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- čas přidán 21. 07. 2024
- Retirement Income Strategy for 60 Year old with $600,000 in a Stock Market Crash
In this video, I want to talk about a retirement income strategy when the stock market is going down! What do you do if the stock market is losing money and you still need retirement income? How should your retirement income plan be built to withstand stock market volatility. That is exactly what I want to discuss today. We are looking at a 60 year old asking the question, Can I Retire with $600,000 in retirement savings and retirement investments.
When planning out retirement income streams, its important to consider when social security benefits are going to start, how long retirement savings and retirement investments are going to last, and how inflation on our expenses interact with our planned retirement income.
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 their retirement. If you are looking for early retirement planning tips or trying to save for retirement, You Financial EKG™ is a great tool to help you understand where you are in your 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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market drops 30 percent... "where's my work boots"
Great comment Iron 12! Thank you for watching!
Great video, Drew. Its easy to listen to videos filled with good news but a financial plan is only as strong as the weakest scenario that its tested against! I love these scenarios where bad market conditions present themselves because thats a potential reality for all of us!! Thanks!!
Thanks for watching!
Congrats on 1K subscribers! Another great video!! The good thing is that a 20% correction doesn't happen often. But, if it does history tells us that we're going to get much more than 4% the following years.
So true Rob! 20% has only happened 4 times in the last 13 years, but 10% or more happens about 55% of the time. Thank you for the congrats and watching!!
Would it be beneficial in either scenario to consider taking social security earlier?
Great question! Yes it could be beneficial. Since this individual is single, we were trying to delay Social Security as long as possible. That way his income is protected. Hope that helps. Thank you so much for the question!
Given your setup, you have expenses going up in the 10 years prior to retirement, but doesn't SS also go up each year as well? If it was worth $3300 (at age 70) at the start of his retirement when he was 60, and he waits to age 70 before taking benefits, the $3300 should have gone up by the SS COLAs each year as well.
Steven you are correct! Social Security has an average cole of 1.5% since the 1970’s. I usually don’t use that in my illustrations in order to give an assumption that is very conservative. I never want to over assume and then have to back track on a retirement plan. Sometimes you don’t get the luxury to start over. Thank you for commenting!
hey man, pretty good video, my head hurts now :-/
Thank you John! I hope it wasn’t too much information all at once. Just trying to encourage others even if the stock market goes down.
@@yourfinancialekg naw you good brother, just a lot of numbers lol
@@johnb1571 numbers are my specialty!
Ya like this last year 2% down since apr 22..yuck
So true!
Hi. I am a single 60 YO woman who is still working and has asserts of close to $400,000 in investment yet lately loss a great chunk, like almost 20%. Not sure what to do! Any advise?
Great question Sammie! I understand the concern. Markets have been volatile. I would be patient. If you are going to work for a few more years then hopefully markets recover. Lots of factors to consider. When are you going to take SS? How long do you plan on working? Contact me at info@pearlwealthgroup.com or 813-807-5060 and we can go over in more detail. Thanks for watching!
What about RMD's at age 72? Wouldn't that change the balance at age 80?
RMD is more of a tax issue to me. I use the RMD in the retirement income planning process using the distributions as income. Thank you so much for the comment!
@@yourfinancialekg Thanks Drew!
$35,000 expenses? What about taxes...and their only going to go up? Hmmm...not sure this is a pretty picture.
Thank you for your comment and engagement. Taxes are fairly low since he is getting 40k a year. After standard deduction he is in 12% bracket.
I'll let you in on a little secret. If you only withdraw something like 35,000 a year from a 401k with Social Security your taxes will be extremely low. Will taxes go up probably, but not for the lowest tax brackets. Do you think they will tax a lower tax brackets and poor people more?
@@johngill2853, Thank you for your comment and engagement with the channel!