TO, THROUGH, & PROTECTING Your Ability to STAY in Retirement! Hi, my name is Drew Blackston and I am the founder of Pearl Wealth Group and the Your Financial EKG™ financial planning systems. I started my career in 2009 when the stock market had just suffered the worst crash since the Great Depression. I saw families and individuals who lost everything because of poor retirement planning. I am dedicated to not allowing that to happen to my clients! Whether you are just starting to save for retirement or you're a seasoned investor already in retirement, my channel is here to help you. I publish videos that help you save money on your taxes, plan out your retirement income, invest strategically for your retirement future, and help you live out your dreams of being financially free in retirement. **To schedule your virtual retirement consultation with Drew: calendly.com/pearlwealthgroup/discoverycall ** Pearlwealthgroup.com 813-807-5060 info@pearlwealthgroup.com
How does one account for property tax increases? Either with a mortgage or not, if you own a house, the property taxes will go up at some point in most cases.
Have your local food prices gone up only 3% this year or last? Is rent or home insurance going up only at that rate? Didn't think so. The CPI is a highly politicized figure put out to make the government look good. True inflation is always far higher. If we measured present-day inflation the way we did in the 80's, it would be well over 10%. One of the worst aspects of that is that the COLA allowance for social security payments is made on the basis of those fantasy CPI figures. That way the government can keep printing money like crazy to effectively retire its social security "debt" to you while you think you're the one retiring. We need to be much more conservative if we want to take true inflation into account.
I say mike retire life is too short! I could be wrong or missing the hole picture SSI in ten years is going to be more then the 3300 with the cola increase's that should cover most your monthly spending except for the 58 dollars because right now you need 3358 that will be more in ten years also your still going to have $328,189 left in your retirement savings! take a couple hundred out of it each month! Start living!
If you can’t retire at 55 with $2 million you must have a decent drug and gambling problem. I know someone who at 55 who retired with just over $500,000 several years ago and doing great and loving retirement
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.
I took out my mortgage and PMI but kept property taxes, condo insurance, HOA and expenses since I will have my condo paid off by retirement. That is $23,528.34 or after 25x will be $588,456. Seems very doable! I might not have to work as long as I thought I would. I max my HSA, my Roth IRA, and 6% to my Roth 401k plus I get a 6% match by my employer. I'm also single and childfree so I expect my expenses to stay low until I'm older and know I'll have more medical expenses.
Thank you This was helpful and pretty close to my situation . Im 60 and own two homes with no mortgage and only $300 k in the market . I’m self employed and love my job , I know I can semi retire as I’m not a big spender and know how to be frugal
Agreed. I've heard her echo this "you need 5 million plus to retire" many times in the past and it's absurd. It's as though she is planning on Murphy's Law to curse every financial category of our lives. You may get 2 curses, but not 10! We are not all from the same cookie mold. Someone who wants to live off the land and hike in the Sangre de Cristo Mountains in a big part of his/her retirement years, won't need income generated from funds of that magnitude. We all uniquely need to craft our financial goals to realistically meet what's actually needed. And we typically adapt if there is an unanticipated shortfall - we find a way, not fold and go away! One quick tip I could give on getting health care costs down and quality of life up, is to suggest a well-planned exercise routine(proper resistance training strongly suggested) and a whole-foods type diet that is nutrient dense and high in antioxidants(this WILL cost more than a food high in processed foods!)
Why not reduce the $5,000 monthly expenses by 10%, 15%, 20%? Instead, you'd have him work longer. Time is our most valuable commodity. Not money. Retire while you're still alive.
I’m currently paying off my mortgage and the goal for that is December 2026. I want to retire by 60 also. And, I plan to retire with no mortgage payment. I was thinking of retiring at 57 but the penalty on SS is too great so I’ll just wait until I’m 60. I have my 401k, my savings and the equity in my home, my pension and SS too. I think I’ll be okay. I would like to find a part time job just to have pocket money and socialize 2 or 3 days per week. I’ll rely on my pension and SS to pay my minimal living expenses. I’ll have my property taxes and home insurance along with my regular basic needs to continue paying. I don’t think I’ll need to take out money from my 401k until much later on. I’ll be debt free which will be ideal.
@@NipItInTheBud100 I'm just saying WORK LONGER is almost always the answr in these videos, and BTW if you watch the video, other than part time work, I hit it right on the button. Watch enough of these and you know exactly what they are going to say.
@@asandrik3124 very true! It is one of the sad things about the financial industry! They all tell people they need $1.t million. If that were the case nobody would ever retire and plenty of people do! So someone is blowing smoke out their ass!!
@@NipItInTheBud100 The point is you better have enough I’m finishing up my first year in retirement and I’m taking a good hard look at this even with about 1.7 mil in savings a house and no debt fact is basic expenses like taxes food and insurance will be higher than you think you only win a prize if you don’t end up working at Home Depot when your 70
I'm 26, live by myself, make 70k a year and am able to invest about 30% of my income. It's not that hard to save money if you have a budget and you stick to it.
Good for you if that’s even true an fyi the job situation isn’t good for the majority since companies are firing like crazy an unemployment is up so saving isn’t possible for a lot of people. You should be investing not saving 😂
THIS is why you don't pay off your mortgage too early, people. He probably had a 3% mortgage rate, and the market return over the past 10 years was almost 10% AFTER inflation. Tim would be so much further ahead if he slowly paid it off and built up his retirement accounts. Obviously there's no way to predict the market, but letting a 3% mortgage ride is almost always going to be the right move.
I can't get enough of these! Admittedly that's at least partially because they make me feel really good about my own situation, but also because I just really enjoy seeing and thinking about the math behind it. I've even thought about totally switching careers and going for a CFP 😂
These videos are great! We are 7 years from retiring at 60, and plan to have 500,000 in 401k and a paid for house. Is this feasible? We expect our monthly expenses to be around $5000 a month. SS at 62 which will generate $3000 a month combined.
I am almost in the exact same position as this person but my baseline is only 1100 a month. Have 250k for retirement. I’m 59 and Social Security at 62 will be 1800..I don’t need anymore money because my expenses are less than what social security pays. Been retired for 2 years now.
I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like *Layan Talia Chokr* who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
If zero debt, mortgage paid and have a big pension, yes. If debt, no other income, probably not unless you plan to move to the philipines and have no health insurance.
At 60, usually there is no healthcare coverage. Unless I have other sources of income such as a pension, I wouldn't try. But hey. I'm sure there are plenty of gamblers out there. Roll the dice. What's the worse that can happen? You end up broke and then you go out and find a job at 65 for half of what you made. Nothing wrong with that. But I don't recommend it.
@@tonylevine2716 - Exactly. In my humble opinion, it's better to error on the side of caution. I've met formally retired people who had to go back to work. It often isn't pretty.
I retired in 2021 thinking 300 grand would be enough. Each withdrawal has made it harder for my nest-egg to recover through compounding returns. If i had started contributing to my IRA earlier, I could have saved more for retirement
