Retire at this AGE with $500,000 in Retirement Savings (Sooner Than You Think!)
VloĆŸit
- Äas pĆidĂĄn 21. 07. 2024
- Retire at this AGE with $500,000 in Retirement Savings (Sooner Than You Think!)
đ„ Watch this eye-opening video to discover how you can retire at a surprisingly early age with $500,000 in retirement savings! đ°đŒ
Are you tired of the traditional retirement age looming far in the distance? Do you dream of breaking free from the 9-to-5 grind and enjoying financial independence sooner than you ever thought possible? If so, then you've come to the right place!
In this enlightening video, we delve into the secrets of early retirement and show you practical steps to reach your retirement goals faster than you can imagine. Imagine the freedom of retiring years ahead of schedule and embarking on your dream adventures, pursuing your passions, or simply enjoying quality time with loved ones in retirement.
You'll learn proven techniques for maximizing your retirement savings, optimizing your retirement investments, and leveraging the power of compound interest to accelerate your path to financial freedom and retirement.
Whether you're a young professional just starting out or someone who has been working for years, this video offers something for everyone. Our tips and tricks are actionable, practical, and designed to empower you to take control of your financial future and retirement planning.
Don't settle for a retirement that feels light-years away. It's time to redefine what's possible and realize that early retirement can be within your reach.
*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
Itâs all about what lifestyle you are willing to live. Iâve seen countless articles that actually show spending decreases as you age. I have several family members that lived on ss and a very small pension with no debt and lived a care free retirement.
Very true Jeffrey!
I think one important missing detail here-is that the older you get-your expenses go way down. So the likelihood of being successful with either of these plans increase substantially. đ
Exactly!
I am 61 have 340k all tax free our home is paid off basically no debt we are retiring at 63
Awesome job!
I really enjoy your retirement planning videos, Drew. Keep fighting the good fight. God bless!
Thank you Mike!! Appreciate you watching and commenting đ
Thanks for the video
I'm cheap. No wife, no kids. Pretty sure I could retire at 55 with 500k. Occasional trip to beach or mountains with no fancy restaurant bills is all I need. Expenses under 25k a year now at 49. Still worry a bit about health insurance if I retired at 55 (49 now) but I'll run those numbers closer to time.
Health insurance is a big expense. Thanks for the comment!
Affordable healthcare act with 25k income should be cheap
Obamacaređ
Thank you! This is the closest example to my future reality that I have been able to review.. we are at 500k, 401 k, 61 yrs old and want to retire at 63, we will have two Soc. Sec. Checks, and should hit 650k by 63, home is paid off, one truck payment to knock out by this time next yr... this example was very helpful ..thank you...I will retire at 63, may 2026!
Awesome!! Glad you enjoyed.
Hello Sir. Just subscribed to your channel. Great presentations and your retirement videos are very informative. đ
Thank you for subscribing!
Great video. It always comes down to expenses.
Expenses are key!
Something is wrong with the math. If your return rate is 6%, inflation is 3% and w/drawl is 3.2%, you'd be at a deficit. The only way you have more money at the end of 10 years is if inflation lags return rates or you're not applying each rate to the same period of time.
Thanks for a great video, Drew. This is close to home for me. $40k/yr in retirement but I plan to work part time to keep from taking too big of a hit to my retirement assets. **I appreciate that you decided to add COLA increases to SS in this video.
Thank you đ so much for watching! I appreciate you watching and commenting so often.
Manage the gap years if you retire early. Retired 16 yrs before 59.5. Manage debt and invest in what you know outside of 'retirement'.
Awesome comment!
Good vid. I like the fact that you give a somewhat definitive answer on 'can they retire'. Much better than "It Depends" which becomes laborious.
Overall though, the situation looks bleak for most boomers as the vast majority don't have near $500K and it doesn't take into a account large expenses like the need for new cars or a roof etc...
Thanks for watching! Yes, there is some work to do if you want to retire at an early age. Avg retirement age is 66 right now.
Everyoneâs been preaching investing lately as a source of passive income but with a 70 hour weekly jobs and limited knowledge of financial instruments, how can I actually stay on top of things, I see every CZcams video saying BUY BUY! But when and how do I sell for profit at the right time?
It helped a lot. Thank you. You provided great facts. So 66 is the average. For some FRA for others close.
Glad it helped!
Just subscribed to your channel. I liked the way you take specific examples and show the numbers taking into account things like inflation and savings. How do I contact you regarding my situation? I am 61 and would like to retire in 2 years from now. How much do you charge for consultation? Thanks so much for your helpful videos. Keep up the good work.
Thank you for subscribing! You can contact us at pearlwealthgroup.com
Good video
Thanks for watching!
Thanks for the video, is there a "better" software that will show yearly gains & losses with the investments and with drawls? Also, could you average in the "GOGO" years (based on average age), SLGO year age and then NOGO year age? I only say that, because the monthly withdrawl will be higher during the GOGO, less with the SLOGO and then minimal with NOGO. Lastly, the software would allow additional income from pensions/retirements to determine retirement age.
Doug, great comment and questions! Yes the software we use does exactly what you are talking about.
@@yourfinancialekg , is there a free or customer paid version we can use for scenarios?. If so, maybe a video on those options ?
Do you have a video on when an individual can pretty much live off their compound interest in a retirement fund? An individual or couple who won't spend too much in retirement, maybe take a trip a year. Thank you for doing these videos. They are informative.
Great suggestion! I can work on that!
Clear and great presentation.....but. Assuming a 6% rate of return going forward, in my opinion, is very unrealistic. I would use more like 4.5%. As you know, USA is in stunning, crushing debt and i think the days of assuming 6-10% returns are LONG gone! The debt bubble is gonna burst in the coming years and MANY American's retirement accounts will suffer great losses. Just my opinion! With that said, I think I might be a good shape as I am 61, NO debt, currently with $850,000 in retirement savings and plan to retire in 4 years at 65. I save 32% of my salary towards retirement. I project my monthly expenses in retirement to be about $4000 a month. My employer's health insurance continues in retirement and I will retire with ZERO debt.
Thanks crimson! You are looking good. đ Thank you so much for watching and the great comment!
I loved this video as I would like to retire when Iâm 60 or 62 the most. I donât have the financial advisor yet, but I will be looking for one soon. Just curious what the taxes looked like for withdrawing money from the 401k account?
Taxes are taken out and the distribution is a net figure. Hope that helps!
Most people can retire at 62 with 500K if they are in good health, debt free, own their house, live in a low property tax state, start collecting social security and know some simple option strategies to sell covered calls on part of their index holdings or buy index covered call strategy ETFs that maintain their NAV.
Thanks for sharing!
Drew, could you please check your retire at 66 scenario? You started with $4166 of expenses, no way the expenses in 10 years are over $8000. They would be the same in either scenario, right? I believe you may have increased $4166 by 6%
Thank you SO MUCH for your videos ... in your retire at 66 scenario it appears to me you used an inflation number very close to 7% ... it also appears that the social security COLA you used was about 3.8% which is just about what the average COLA since inception in the mid 70's ... i have no doubt you are FAR SMARTER than those of us about to retire but please let me offer a couple suggestions which would help at least some of us: #1 instead of using an apples to oranges comparison with inflation and the Social Security COLA where you use the 108 year average for inflation and the 1975-2021 average for the COLA instead use the same time frame for both (i.e. 1975 - 2021 or 2022) ... I believe the value for both is about 3.75% ... #2 specifically show which buttons are hit on your calculator when calculating your values i.e. where you go from 500000 at age age 66 and end up with 571000ish at age 76, as well as expense numbers at 66 to where they get to at 76 and Social Security value at 66 and then 76 with the COLA ... one thing i never doubt is how good your heart is ... God Bless you and yours ...
Harold Coleman I was thinking the same thing about the expenses. That didn't make sense to me.
I agree. I had to go back and calculate it and Iâm not getting the 8k in expenses. đ glad others noticed that too 7:44
@@eduardomuller7307 yes hes way out ,they wont double I 10 years .
Please run an example with median expenses, thanks.
Will do!
**Free Retirement Download: The Roadmap to Retirement:** đ
pearlwealthgroup.com/
Good vid Vanguard has a great Monte Carlo calculator online
Always trust a man with an HP calculator đ Seriously, I have some questions on the assumptions used in your analysis:
1. When you are estimating expenses in retirement, does that include necessities and luxuries?
2. When estimating what to pull from retirement funds, were you adding in taxes owed?
3. For a preservation of retirement fund assets strategy, is a rate of return of 6% figure even realistic? What would that be at 4%? Might be interesting to compare the differences.
Bruce thanks for the comment!
1. I include baseline expenses like food, gas, etc. And then I include luxuries as a second line item, an estimate a day of ending.
2. Taxes are always included depending on the type of vehicle the retirement income is coming from. For example, IRA versus Roth IRA.
3. I believe using a rate of return somewhere between 4 and 6% will be sufficient.
@@yourfinancialekg thank you for the clarification. This does help understanding your analysis more clearly.
Have a hard time believing at 76 Iâm spending 8000 a month
I do this now with 3 teens still in the house
Inflation is a beast over time
Itâs not 8k. The math is wrong.
OK Drew, can you please run these numbers for me? I'll be turning 55 soon and I'm really trying hard to retire then. I'll be totally debt free and live in a very low cost of living area. If I have $300,000 saved in 401k and Roth IRA, my annual expenses are only $27,000... and my full SocSec (at 67) is $3000 / month... Can I squeak by and make it from 55 until I claim Social Security, and would it be better to take SocSec early at 62, or wait it out until 65 or 67? (My very simple math says that $300k saved with $27k per year of expense should last me 11 years, and at that time I can take my SocSec... of course, this simple math doesn't include any return on investments, future COLA, or inflation... What's your opinion please?
Reach out to us directly at: pearlwealthgroup.com/contact/ Would be honored to help!
I want to know if I can retire at 45 with a state pension, a rental property, and about 200k saved in an IRA. I just turned 42. My pension will be about 4k a month, and rental property pays for my mortgage and an extra 1k.
I'd be careful retiring at 45 but planning now is a good idea!
Did this scenario figure out where Iâm getting money between 66-67 if I retire at 66 but donât collect SS until 67? If so, I missed that.
Yes it did. We would be pulling from investment accounts. Thanks for watching!
I see the idea that the average retiree spends $50k a year everywhere, but I wonder what the median amount is. People at both ends of the extremes skew averages. Im in the Midwest and feel confident I could live very well off less than $40k or less a year. My gross salary is not much higher than $50k now and I save almost 40% in for retirement, but the "average" makes me seem like im very far behind.
Paulette, you are right! Where you live makes a big difference. Here in Tampa, cost of living is higher than in Kentucky where I grew up. Thanks for watching!
Id feel comfortable retiring with only $500,000 if my life expectancy were about five years. Otherwise, if I hit a major health event and needed full time care or a nursing home, I'd be at the risk of depending fully on the government and I don't think that is a wise choice.
Eye opener for me, may need to work till 70 yrs old.
Glad it helped bring some clarity
Drew, you are a big spender! You expect everyone to have saved millions! Life gets in the way sometimes.
No way Craig! I have videos on all levels of savings from 150k and above. I totally get it! Thanks for watching!!
ââ@@yourfinancialekg even $150k might be more than some have saved. $100k example would be helpful, with seasonal or part time job
@@noreenn6976 You got it! Be on the lookout đ
@@yourfinancialekg thank you!
What if you have real estate valued on top of this that is valued at substantially more than this 500k? No debt and self sufficient.
Seems like a good spot!
Where did the $4166 come from??? I think you skipped that part in your video.
Great question: That is 50,000 divided by 12. So annual expenses broken down monthly.
How to retire before 65 with no health insurance? Medicare is my deciding factor.
It's tough but you have to manage your taxes from distributions
âCanât sprinkle pixie dust on your financesâŠ..â đđđ
Please tell Congress the breaking news that pixie dust doesnât work. Lol.
LOL đ I thought DC ran on pixie dust?
Does the expense figure include rent?
It certainly can!
What investment accounts can guarantee at least 6% ROR?
Nothing is guaranteed, although US treasury bonds are you living around 5%, 6% is a good benchmark since the stock market has averaged 8% last 55 years.
Right now one can get a 26 week T-bill for 5.3% Not mention, no state tax on T-bills.
If your single you cut the expense and other stuff by over half.
Did you forget to subtract a full $50,000 the first year since he did not take SS that year? That is the year between turning 66 and turning 67
No, itâs in there
Not sure if itâs just SoCal but so many people round here have no idea how to live good on the cheap, main reason, conspicuous consumption.
Also round here, most environmentalist$ are very materialistic
I think the spending is an American issue
you're making a lot of assumptions that are not true. Social security is NOT $2,800 on average. More like $1,800. Also average savings in 2019 for a lot of people were 280,000. You're also assuming that 6% is rate of return...well, maybe. Depends. And depends of year by year. So , no...bad advice
Thanks for the comment and watching! I said in the video we would use $2800 but never that it's the average. You are right, the average is $1800.
How did your expenses double in 10 years ???? thats crazy
Inflation + compound interest
Why don't dividend king & aristocrats get considered? A 500k portfolio could generate $12k to $15k dividends in year one. That's spendable money and you don't touch principal. Dividend growth raises the dividends each year to account for inflation. Ive got around 27 dividend aristocrat stocks that combine average almost 13% pe5 year dividend raises over the 1, 3, 5 & 10 year periods. Im not talking risky penny stocks either. Im talking Microsoft, pepsi, home depot, visa, t Rowe, united health, abbvie ...
I feel like dining on golden eggs in retirement makes more sense than killing off golden geese while hoping to die before running out ot geese feels better personally. Plus I can actually leave a growing portfolio to My heirs
Great comment!
And if you are married then you are golden as your SS will be 50% larger approximately at each interval.
Yes
TY again. I follow a great channel, retiring with 500000. He pulled the plug at 59.
I can't be so risky.
I have more than that, plan on pulling ss at 67, but my wrinkle, I plan on a seasonal job in which, to be conservative, I can take home 25000 per year. I think it'll work starting at 64.
Great plan Kevin!
If you retire with zero debt including a paid-for house (as should be the goal in most cases), you should not have to have $4,000+ in expenses per month. It is pretty common for a married couple to get $3,000 per month TOTAL in Social Security if they are both 62 and take it then. if you are living in a paid-for home with no other debts and no unusual big medical ongoing cost, you could live on that alone. You'd have to be frugal, but you could do it fairly easily. If you took 4% from your $500,000 stash, that would be another $1,666 that you could spend each month while still allowing your money to grow. You would get a COLA increase on the SS money each year and then you could adjust your withdrawal from the $500,000 and make that last a lifetime. This is EASILY done.
Thanks for the comment!
It doesn't seem fair that I have to live a really poor life in my so-called golden years
My God where do you live that it would cost 50k a year to live?
That's the average đ unfortunately
You don't discuss mortgage issues. Being out of debt either. WTF???
Lots of videos in the catalogue discuss these exact topics, check them out!