Can I Retire at 55 with $1,000,000 Saved For Retirement? || Retirement Planning

Can I Retire at 55 with $1,000,000 Saved For Retirement? || Retirement Planning
It is possible to retire at 55 with $1,000,000 saved for retirement, depending on a variety of factors such as your expected expenses in retirement, the age at which you begin receiving Social Security benefits, and the type of lifestyle you want to have in retirement.
To determine if $1,000,000 is enough for you to retire at 55, you should consider creating a retirement budget that outlines your expected expenses in retirement and compare it to the amount of income you will receive from sources such as Social Security, any pension benefits, and the income generated by your retirement savings.
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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
[e-mail]
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Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
#retirementplanning #retirement #financialfreedom

[@yourfinancialekg]

**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: calendly.com/pearlwealthgroup/discoverycall ** ☎

[@doraklein6951]

I love your channel. Thank you☀️☀️☀️

[@yourfinancialekg]

Thank you for watching!

[@yasinkibria1363]

Great job 👍

[@yourfinancialekg]

Thank you!

[@johngill2853]

Under 10% tax rate, the traditional can be great for many people

[@yourfinancialekg]

So true!

[@NipItInTheBud100]

This is what Im not understanding i guess. If you subtract $1,960.00 (social security at age 62) from $3,750.00 (monthly expenses) and multiply that by 12 you get $21,480.00 (pulled from accounts). If you multiply that by 25 (or divide by .04) you only get $537,000.00 needed to retire based on the 4% rule. So $1,000,000.00 should be more than enough. I guess Im not understanding why they run out of money so early!! And yes I understand the 4% rule is not an exact science!

[@joaocolen7768]

I love your Chanel. Please show us how to withdraw from 401 k . And how do the income tax

[@yourfinancialekg]

Great content idea!

[@aj-qr6xc]

Are expense costs a static amount for entire retirement life? I would think as you get older it lowers?

[@yourfinancialekg]

New stats show that retirement income actually DROPS about 1.8% per year. Great comment!

[@jamesjames2070]

Guys listen to drew he knows his stuff

[@yourfinancialekg]

Thank you so much James!!

[@rda9441]

What would have happened if started social security at 70 years old in scenario

[@yourfinancialekg]

Great question! The money runs out a year earlier because of inflation and using the retirement assets for income. SS is higher and guaranteed but liquid assets run out.

[@rda9441]

@Your Financial EKG™ that is interesting because most people would think taking ss later in life would work better for you, but the data shows that taking early at 62 is a better option it you have other retirement income. Really good information.

[@yourfinancialekg]

@@rda9441 Thanks for commenting. Yes, everybody's situation is different!

[@sondersrn8061]

What happens if you he needs to be in assisted living facility? Dx Dementia stroke Alzheimer’s Heart attack

[@yourfinancialekg]

Great question. I did not include the house in this example. That is an asset that could be sold to pay for care.

[@dgasmd1]

“Live to a 100”???? Seriously?? That’s where you lost me on credibility and the reality of your analysis! First of, unrealistic. Second, why in the hell would you want to live to 100? Quantity of years? Possible. Quality? NONE past 82-83 y.o. Reality, no possibility of plain hope!!

[@yourfinancialekg]

Not sure how credibility is eroded because I want to have a solid plan for the client. Thanks for the comment!