Can I Retire at 60 With $250,000 Saved For Retirement?

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Can I Retire at 60 With $250,000 Saved For Retirement?
🌟 Are you wondering if you can retire comfortably at 60 with $250,000 saved for retirement? 🌟
Here are some factors to consider:
1️⃣ Lifestyle and Expenses: Your current retirement lifestyle and expected retirement expenses play a crucial role. Do you plan to downsize your home, travel frequently, or have any specific retirement goals? Understanding your spending needs is key.
2️⃣ Investment Strategy: Your retirement investment choices and asset allocation will significantly impact your retirement savings. Diversifying your retirement portfolio can help manage risk and potentially grow your nest egg over time.
3️⃣ Social Security and Other Income Sources: Don't forget to factor in potential retirement income from sources like Social Security, pensions, or part-time work during retirement.
4️⃣ Healthcare Costs: Consider healthcare expenses, which tend to increase with age. Having a solid plan for healthcare coverage is crucial.
5️⃣ Longevity: Life expectancy is another essential factor. With advances in healthcare, people are living longer.
6️⃣ Inflation: Account for the impact of inflation on your purchasing power over time.
Remember, there's no one-size-fits-all answer to retirement planning. The best approach is to assess your unique retirement circumstances and create a personalized retirement strategy. While $250,000 can be a solid foundation, it's essential to have a comprehensive retirement plan in place to ensure a comfortable and financially secure retirement.
If you're unsure about your retirement readiness or need assistance in crafting a retirement strategy, don't hesitate to reach out. Your future self will thank you for the peace of mind that comes with a well-thought-out retirement plan. 💼🌅
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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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❌ *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.* ❌
Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
#retirementplanning #retirement #financialfreedom

Опубликовано:

24 сен 2023

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Комментарии : 285

@yourfinancialekg 10 месяцев назад

**Free Retirement Download: The Checklist to Retirement:** 📊 pearlwealthgroup.com/

@devildog_usmc9384 9 месяцев назад

I would rather enjoy 55-70 rather than worry so much about 80-95 when you may or may not be alive. Statistically speaking if you are alive 80-95 you will likely not be able to do much. Retire as soon as possible life is fleeting.

@yourfinancialekg 9 месяцев назад

Very true

@Mitzi73 8 месяцев назад

All my grandparents died in the mid-80’s with the exception of 1 who died at 91. My parents are in their late 70’s and are doing incredibly well. So I have to think about longevity. But I agree with your premise.

@quietearthMT78 5 месяцев назад

Yeah I was thinking the same thing.... statistically speaking, the average life expectancy for MEN in the US is 73 years old. Women are about five years longer.

@rocioocampo8735 4 месяца назад

I’m 56, two of my siblings are already dead one at 56 and the other one at 60 😢. I want to retire today!

@peecmkr45 11 дней назад

I'd like to see computations that do not include part time work.

@denniss3980 9 месяцев назад

I get tired of these “I have $$$ saved, can I retire” the correct question is “I need $$$ to live on, how much do I need to retire “

@yourfinancialekg 9 месяцев назад

Love this title!! Video coming soon!

@WarriorMindset339 2 месяца назад

I am 63 and have 0 in savings, and no 401K. I am retiring next year and plan to live good on $1500 a month with my wife. We can get an apartment right on the beach in Da Nang Vietnam for around $400 a month. Average cost of a meal for two is around $2 to $3 dollars. You have to think outside the box.

@yourfinancialekg 2 месяца назад

🤯

@rockk973 9 месяцев назад

We are all lucky and blessed to live to 60. My Beautiful wife past at 42. Live your life

@yourfinancialekg 9 месяцев назад

Thank you for sharing

@Itseasierthanwemakeit 9 месяцев назад

Thank you

@paulreynolds2569 14 дней назад

Sorry to hear. My sister lost her husband 26 years ago to cancer. He was 42.

@rockk973 13 дней назад

@@paulreynolds2569 I'm sorry to hear, no greater pain.

@falaniaae1835 8 месяцев назад

OMG, this is me! Thank you for having a video for us normal people. This senecio is where I am at but I want to keep working to max out my retirement fund as long as I can. I am projecting at 65 to work part time and collect my SS at 67 then I'll retire. I reduce all my expenses and no debts at all. I plan to live abroad where my living will be so much less than living in AMERICA and health care is way better abroad. I have a side gig as a Travel Advisor I work on when I can. It's pocket money for me now. I will be 62 in April and I am a single Flight Attendant who loves my job. When I retire I get lifetime benefit of flying.

@yourfinancialekg 8 месяцев назад

Awesome! Thanks for commenting and watching!

@jml9550 7 месяцев назад

I am also projecting to retire at 60. Home and rental all paid off. Should have $1M+ cash and decent 401k. Plan to withdraw SS at 62 with my wife. Also Plan to sell my primary home and rental at retirement worth around $2M, then move somewhere cheaper like a $6-700k home.

@bonanzatime 9 месяцев назад

I've been watching retirement videos lately, and I have to say, you are one of the best and at this point my favorite. I like your logic and ability to communicate.

@yourfinancialekg 9 месяцев назад

Thank you!

@Murolo1020 9 месяцев назад

Another great video Drew! (Minus the sound effects 😂)

@yourfinancialekg 9 месяцев назад

Thanks! 😃

@24_Delta 9 месяцев назад

This is the EKG I'd been hoping for. Single, no pension, no TSA - just an average 401k/IRA and a little side income.

@yourfinancialekg 9 месяцев назад

Yes!

@robertmunoz4926 9 месяцев назад

@@yourfinancialekg 18:33 18:33

@terrybrian5943 9 месяцев назад

Work part time till 80 ? That’s not retirement.

@yourfinancialekg 9 месяцев назад

Everyones retirement looks different.

@sherryberry2394 8 месяцев назад

Agree!

@stevesilver7437 3 месяца назад

Agreed 😢

@kimberlypickering5725 9 месяцев назад

So interesting! I really appreciate how you explain each of the steps.

@yourfinancialekg 9 месяцев назад

Glad it was helpful!

@patrickjlouis6651 8 месяцев назад

I'm new to your channel an i love the wey you break the numbers down, i just subscribed .. thank you bro for keeping it simple..

@yourfinancialekg 8 месяцев назад

Thanks and your welcome!

@maelstrom530 9 месяцев назад

Great job, Drew. Appreciate how you layout the data

@yourfinancialekg 9 месяцев назад

My pleasure!

@sonbeamlaughlin7981 5 месяцев назад

I agree. This was laid out in a very easy to understand way.

@abrahams.lincoln6749 8 месяцев назад

Thanks for keeping it real Doc. 👍

@yourfinancialekg 8 месяцев назад

You bet

@jjdelamo6246 9 месяцев назад

Retire in Philippines. Live like a king with $250,000 saved.

@yourfinancialekg 9 месяцев назад

Video coming soon!

@Ww8.3 4 месяца назад

If your ok with going to hospitals with standards from the 1970’s…

@jjdelamo6246 4 месяца назад

@@Ww8.3 In Manila (Makati, BGC, Ayala), their hospitals are US-standard, even better than some.

@bublysoda 3 месяца назад

Just please don't exploit the local culture/people and become a nasty, rude, bigoted expat that are sooo common in these parts.

@mofreeman223 9 дней назад

I appreciate you showing the difference with when you take social security. Very helpful.

@yourfinancialekg 8 дней назад

Glad it was helpful!

@edhcb9359 9 месяцев назад

Sad because $250k is not nearly enough but it’s way higher than the median amount saved at 60.

@yourfinancialekg 9 месяцев назад

True

@mmmd3429 3 месяца назад

Many are retiring with zero. They can make it work. The next few years are not guaranteed.

@edhcb9359 3 месяца назад

@@mmmd3429 “The next few years are not guaranteed”…fortune cookie wisdom for the YOLO crowd that retires with no money. 😂

@mmmd3429 3 месяца назад

@@edhcb9359 They have $250k, that's not zero and no mention of Yolo.

@tyecooper4536 Месяц назад

250k is plenty because her expenses are low. If they are kept low she'll be fine. I will not be living to work. I plan on retiring early and getting ss as soon as i can.

@scotth5357 9 месяцев назад

At 60, do you want all of your money in the market? A 2 year recession could toast your life savings. I think in this environment, I would convert to a stable high interest investment. 5% with no risk MAY be better than a MAYBE 6% with high risk. I agree about taking SS at 62. I have to smile about the 80 year old working part time. Only because, as an American male I likely died 8 years before then.

@darlenepaul2918 9 месяцев назад

I've never seen an 80 year old stewardess...have you??

@yourfinancialekg 9 месяцев назад

Rates of return can be projected out at lower rates but the working is also the protection from market loss

@michelecurtis308 9 месяцев назад

@@darlenepaul2918she’d be coming down the aisle with her walker😂

@melvinbarnes6652 9 месяцев назад

That was my concern with the scenario. The math works but what's the reality of her being capable to work at 80. Her risk factors need to include the effects of age and health.

@bc_usa 8 месяцев назад

@@melvinbarnes6652Especially at 10,000 feet. 😮

@teresaslack4750 4 месяца назад

Great helpful videos. Thanks

@yourfinancialekg 4 месяца назад

Glad you like them!

@everettcalhoun8197 9 месяцев назад

Real life. Retired at 55 with $375,000 in tax deferred instruments. Was going to file for SS at 62. When I got to 62 and had more in my tax deferred instruments than when I retired 7 years earlier. I decided to wait till 66 to apply.. When I got to 66 after withdrawing from TDI's I still had more in those accounts than when I retired at 55 so I decided to file for SS at 70. Now if I would have filed for SS at 62 I would have received $1700 a month at 70 I receive more than $4000 a month from SS . My point is the breakeven point for SS for me was 6 years. Not ten or 11. The biggest reason is the cola difference between applying it to a smaller number and a large number. My cola increase this year is $130 per month. You may not be able to match the market returns of the last 15 years. I am so happy to have taken money out of the market when you could make some money. For the average investor you cannot beat 8% year after year along with differential tax treatment. Just sayin'

@yourfinancialekg 9 месяцев назад

Thanks for sharing!

@grcerosa 9 месяцев назад

Fabulous as always Drew👏👏👏💰💰💰

@yourfinancialekg 9 месяцев назад

You rock!

@MrIndyJones 9 месяцев назад

$3000 a month in expenses, but you need to add an additional $500 - $750 a month for health insurance for 5 years, plus rate increases if she retires at 60

@TKsandtrooper 9 месяцев назад

This is constantly overlooked when doing these calculations.

@lynnellechappell3337 9 месяцев назад

How do you know health insurance is not included? I can live off $2k in Florida and still have $ left for insurance, less if I have a roommate. $3k/mo is doable for sure.

@bublysoda 3 месяца назад

@@lynnellechappell3337 If it is included (likely not), she will have to worry about homeowners insurance skyrocketing in FL.

@Callie_FL 3 месяца назад

As a widow trying to retire asap, your videos are super helpful & realistic. Go Rays!

@yourfinancialekg 3 месяца назад

Glad they help!! Go Rays!!

@ursularandle683 Месяц назад

Finally a scenario for the most of us. Only one of my friends that I know of has a million plus portfolio. Thank you for this video

@yourfinancialekg Месяц назад

Your welcome!!

@michaelcoudriet5896 3 месяца назад

Thanks for your take on this topic. It's a good conversation starter but not complete. Much left out in these calculations. Health insurance, buying another car, car maintenance, fixing or replacing an a/c unit, refrigerator, carpet, oven, roof issues, etc...

@yourfinancialekg 3 месяца назад

Thanks for watching and commenting!

@dannyknapp515 9 дней назад

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

@yourfinancialekg 8 дней назад

Awesome!!

@katsadventures7027 21 день назад

I sure wish you would do my plan. How much do you charge?

@JayanthUkwaththa Месяц назад

Thank you

@yourfinancialekg Месяц назад

You're welcome

@donettesis6155 9 месяцев назад

Drew, you are the first person I've found who makes it very easy to understand. My husband and I are looking for some help, but your link is not working. Are you no longer taking new virtual clients?

@yourfinancialekg 9 месяцев назад

WE are! Sorry, the link was not working but we have fixed it. Here you go: pearlwealthgroup.com/contact/

@767bob 9 месяцев назад

A Flight attendant salary goes up every year unless they are topped out. But still she might get a 2% a year increase, so if she is putting in the same hours, her salary is higher every year. This will change the math on how much savings will exist after each 10 years. Same with the Social Security, it will go up every year. So yes, taking SS at 62 will work better than waiting for 67, the numbers will be better than shown on your example. But still, great job on your video.

@yourfinancialekg 9 месяцев назад

Thanks for the info and comment!

@brianbunk9057 9 месяцев назад

Great video as always, SS COLA 2.4% ?

@yourfinancialekg 9 месяцев назад

Thanks for watching!

@Nadex2015 9 месяцев назад

you can retire with 250k if you can make passive income after Retirment. diversify the saving to bring in new income stream. like spare 30k on nadex trading, compounding the profits. you can still make living on the profits.

@michaelherring4310 9 месяцев назад

Hi Drew! I'm thinking of retiring next Spring when I hit 59. I've got approx $500K in investment accounts (403B, Traditional IRA, Roth IRA). My part-time job in SC annually is about $50K. I've got rental property that adds about $40K to that income on my 1040. I have no debt. My biggest question mark is Health Insurance. I'd like to live off the rental income. I'm working a budget to live off $30K, but no longer adding to any retirement accounts except my Roth IRA (which I love because it grows tax free). Does this sounds doable??

@yourfinancialekg 9 месяцев назад

Thanks for setting up a call!

@shade0762 9 месяцев назад

Hard NO! I would be worried into an early grave if I only had $250,000 saved...I can live cheap but not that cheap!

@yourfinancialekg 9 месяцев назад

Get ready!

@devildog_usmc9384 9 месяцев назад

Life expectancy is only mid 70s go ahead and work forever

@brianjackson8668 8 месяцев назад

Live your damn life. Nothing promise

@stevestich4991 9 месяцев назад

Hey Drew. Can I sign up for a retirement EKG? I really enjoy your videos! Thanks. Steve

@yourfinancialekg 9 месяцев назад

Yes you can! Please visit our website at pearlwealthgroup.com.

@marcopolo3109 9 месяцев назад

Awesome videos. In my situation I am on my 30s and I already retired. For the past 12 years I invested aggressively in the stock market, and I gained excellent returns. I saved most of the time and i don't overspent. This helped me to retired at this young age with $520,000. Thank you for the videos are really helpful.

@bublysoda 3 месяца назад

How are you able to retire w/ $520k in your 30s? You must live in a LCOL area or somewhere internationally that is LCOL. Good for you.

@cdmorrissy3692 8 месяцев назад

+ I'll be retiring at 66 1/2 (1/2024) with $220,000 in savings ($1,000 monthly interest), NO debt, $2,200 Social Security, and approx. $2,400 for 60-70 hrs. of monthly remote work. I'll be in The Philippines, where I can live VERY well for under $2,000 monthly, and be able to save at least $3,000 every month.

@yourfinancialekg 8 месяцев назад

Awesome!

@jml9550 7 месяцев назад

Yeah but how long can we count on having 5% interest on investments?

@paulreynolds2569 14 дней назад

Interesting, I'm in a similar situation. But, with$420,000 at 59 and earning PT-type income of only about $10-15,000 per year(i don't have hard numbers). Also, my SS at age 62 is projected to be only $1070 per month(in 2023 $$). Monthly expenses are currently about $2300. I live in pricey California and my rent could jump after about 3-5 more years, with expenses jumping to about $3300 per month in today's dollars. I'm not in a hurry to retire my PT work, anytime soon. Was wondering, In your example what would have happened if her $1000 per month was also indexed to inflation?

@yourfinancialekg 12 дней назад

Thanks Paul. Indexed to inflation it would be much better for her

@jamescalifornia2964 9 месяцев назад

~ Some retire in another country to make their money go further - and for a change in life . 😊✨️

@preparingforretirement 4 месяца назад

Great analysis but don't you have to take the COLA increases into account with social security in the first example if you are adjusting expenses for inflation also? As of now her future payment is calculated for 67 at 2500 but that isn't taking into account 7 yrs of COLA.

@yourfinancialekg 4 месяца назад

True, but I am just conservative in my estimation. COLA is not guaranteed, but inflation is probably going to be there no matter what "COLA" calculation the gov uses.

@Will67267 2 месяца назад

Yes , at 55 retired in the Philippines with 250k plus I have a pension of $1800 a month. I have a $2500 a month budget and living like a king!

@yourfinancialekg 2 месяца назад

Great!

@BrandonGolets Месяц назад

Interesting. But I think that $1000/month for income would increase a little bit with raises, and shouldn't net income be used instead of gross?

@denisep.98 9 месяцев назад

How would RMDs affect the second scenario?

@yourfinancialekg 9 месяцев назад

She is using the IRA for income already so wouldn't be affected

@dtr579 29 дней назад

I currently have $400K saved for retirement at 55, and I dont think I have enough to retire. My projections say at 62 I should have $750K saved between my IRA & 401K. I plan to drawdown on my 401K for 8yrs, then draw from my IRA when it crosses the $1MIL mark when I'm 70yo.

@yourfinancialekg 28 дней назад

Perfect!

@purplemoose6431 9 месяцев назад

I think you should include health care insurance in your calculations

@yourfinancialekg 9 месяцев назад

Will do!

@helciocampos 9 месяцев назад

Hi Drew. My name is Hélcio. I'm american citizen, but i was born in Brazil. We live in USA for 33 years. My wife and I are 58 years old. We live in boynton Beach Fl. I would like to know your thoughts about our situation. We decided to stop working at 60 in 2 years, and go to Brasil. If we stay here we have to work until 70. We have a great place near ocean paid off to live in in Brazil. We have a house here paid off too. Without any doubt. We have about 120k saved IRA. We will leave this money invested until we come back. Maybe for 15 years or so. We can sale the house and invest the money, or we can rent it out for 2400 monthly, take 1000 to help us increasing our income in Brazil. (We have investment in Brazil, plus 1000k dollars monthly will feel the gap until we retire. The rest of it we can put away for emergency and taxes, etc. We will file social security at 67 or 70. If at 70 probably will be around 4200 monthly for both of us. exchange rate, 1 U.S. dollar (USD) is approximately equal to 4.97 Brazilian reais (BRL). We will travel to America once a year to see our sons.

@helciocampos 9 месяцев назад

I mean without any deth

@yourfinancialekg 9 месяцев назад

Thanks for the comment! For specific advice, please contact us directly at pearlwealthgroup.com

@blkman1576 9 месяцев назад

I just saw your video and don't understand you increasing her expenses by 3% but assuming her pay does not increase at all for the same amount 0f work every year. Also if inflation is counted into the equation, you do know that social security gets a cola every year right? that $1750 goes up by an average of 2% every year. That is not even taking into consideration the tax implications.

@teebirds7152 9 месяцев назад

This whole premise was for working until 80?? Assuming that is the highest risk

@kennethsouthard6042 3 месяца назад

This sounds like what I like to call a Netflix retirement. You can do this one if your home is paid for and you don't have any real expenses and don't do much other than stay home and watch TV. You essentially burn through a fair amount of the $250,000 until you take Social Security at a minimum age of 65. Then you live off of that and whatever may be remaining of the $250,000.

@yourfinancialekg 3 месяца назад

Good point

@sergiosantana4658 9 месяцев назад

Having to work as a stewardess in your 80s and relying on a linear 6% return on your portfolio is not a viable retirement plan. Opening up the hecm reverse mortgage at age 62 ,to get the line of credit growing should be a strong consideration. The growth on the reverse mortgage will cover many of the obstacles that are not accounted for in the current retirement plan

@yourfinancialekg 9 месяцев назад

Great idea!

@seaor2k122 2 месяца назад

Working PT into your 70s and 80s is a bit much. How are you supposed to enjoy your golden years? Would it benefit her to work until age 65 when Medicare kicks in?

@yourfinancialekg 2 месяца назад

You are correct!

@josephjuno9555 9 месяцев назад

Do Pensions count as part of that income limit? I have a Fixed $22,080 pension, Bo COLA THAT Alone wud put me over the Limit? I wud like to work Part-time but not if it wud affect my Soc Sec that much? When projecting Soc Sec do they add in COLA?

@yourfinancialekg 9 месяцев назад

Pensions do not count in the income limit, only earned income. COLA is 2.58% currently.

@josephjuno9555 9 месяцев назад

Ok, good! I want to work Part-time to get some income and full Healthcare. If Pension doesn't count I can stay under limits by only working a few days per week.

@davewebbtheauthor 6 месяцев назад

@@josephjuno9555 Pensions in fact do count as taxable income. Some states don't tax it, but there are federal taxes, so you should include it in the mix.

@josephjuno9555 6 месяцев назад

@davewebbtheauthor yes but I was asking if it counts toward the SS Earned Income limits

@davewebbtheauthor 6 месяцев назад

@@josephjuno9555 Oh, ok.

@alejandrosteele9632 9 месяцев назад

Wouldn't taxes from retirement withdrawal, SS and regular income make the scenario infeasible?

@yourfinancialekg 9 месяцев назад

Taxes are included

@CaptainQueue 9 месяцев назад

Probably need to wait in this case until age of 65 to retire and take Medicare and start SS. Medicare is very key.

@yourfinancialekg 9 месяцев назад

Good idea!

@jayoman4453 9 месяцев назад

She could go on Obama care, because of her low income. Then go on Medicare at 65.

@denniss3980 9 месяцев назад

Here is one for your white board, 64 retired widowed receiving 20K a year survivor benefits, but at 70 will switch to my SS at 52K, before that happens and while tax rates are lower should I be draining down my IRA of 500K, is a Roth conversion the best option, I also have 150K outside my IRA, thanks

@yourfinancialekg 9 месяцев назад

Good idea!

@sergiosantana4658 9 месяцев назад

Your expenses and your other income is needed to provide an answer ( amount and is it pre tax)

@denniss3980 9 месяцев назад

@@sergiosantana4658 expenses 3200 a month, I make up the short fall from a taxed brokerage account with 150K balance, healthcare plan prevents me from IRA withdrawals this but next February I start Medicare and will start drawing down my IRA, I am just looking for the most tax effective way of doing that

@denniss3980 9 месяцев назад

I do have about 5K in taxable dividends

@roburb73 9 месяцев назад

That's just to tight, IMO. Good think she decided to work a few more years and get a good amount more in her accounts.

@yourfinancialekg 9 месяцев назад

It is tight, but this is closer to real world examples today. Thanks for commenting Rob!

@matthewprather7386 8 месяцев назад

Her income will increase along with inflation in this scenario. Helps a bit.

@yourfinancialekg 8 месяцев назад

Yes!

@sullyone8373 9 месяцев назад

What about medical expense pre Medicare? Isn't that a fixed expense, and a pretty big one, those first five years?

@yourfinancialekg 9 месяцев назад

Yes it is!

@sullyone8373 9 месяцев назад

@@yourfinancialekg I really appreciate your videos and analysis. It is truly helping me assess my situation. So much so that I might be a client in the near future. Keep up the great work!

@yourfinancialekg 9 месяцев назад

@@sullyone8373 Always excited to work with new people!

@robertpatti3138 4 месяца назад

Even if you collect ss early, once you hit full retirement age you can earn as much as you want.

@yourfinancialekg 4 месяца назад

Yes!

@greenlantern1986 9 месяцев назад

The constant sound effects make this video unwatchable.

@yourfinancialekg 9 месяцев назад

Thanks for the feedback

@5222k 9 месяцев назад

Yet you take the time to comment. Lol.

@josephmoodler2711 9 месяцев назад

I enjoy the sound effects. They make a point.

@AkweliParker 9 месяцев назад

Put me down as Team Sound Effects (cha-ching 💰)

@JM-vx9fu 3 месяца назад

Why didn't;t you factor RMD and taxes in your calculations? It can significantly impact the projection.

@yourfinancialekg 3 месяца назад

Yes because the client is using her IRA for income which takes care of the RMD

@fdm2155 8 месяцев назад

I do not like assuming you can work past 65. That seems risky. Health or corporate shifts may make it impossible.

@yourfinancialekg 3 месяца назад

Very true

@mward5616 6 дней назад

So, her expenses rise, but there’s no SS COLA? There’s no raise in 20 years for her part time job?

@yourfinancialekg 5 дней назад

Very conservative projections, but yes. Remember COLA is not guaranteed and with the state of SS currently, we are just being careful. Thanks for commenting!

@sjpavur 2 месяца назад

Wait, did I hear you say she intends to work up until age 80 as a flight attendant?? I have done a decent amount of flying, over the years, and have never seen any flight attendant that even appeared to be in their 70s, much less in their 80s. I don’t know how safe I would feel with an 80-year-old flight attendant, especially if she had to perform CPR, or some of the other emergency procedures that they are trained to do.

@yourfinancialekg 2 месяца назад

Yes I did!

@RB-gt8bf 9 месяцев назад

Additionally, SS gets a COLA to help with inflation.

@yourfinancialekg 9 месяцев назад

True

@katsadventures7027 21 день назад

I’m in Canada

@scottc3029 2 месяца назад

I'm trying to picture a 80 y/o plus flight attendant...

@yourfinancialekg 2 месяца назад

I've seen and know a 70 y/o flight attendant. If you are physically able to do the job, you can do it

@gingermonette7455 Месяц назад

There are a lot of shaky assumptions here. Be a flight attendant lifting suitcases overhead at 80? What about big expenses like home maintenance, a new car, medical expenses as you age? $3000/mo expenses seems very low.

@yourfinancialekg Месяц назад

Hey Ginger, thanks for the comment!

@chriskelley845 3 месяца назад

Why are fixed expenses not included in these scenarios? Did I miss something?

@yourfinancialekg 2 месяца назад

They are in there.

@bruceeigsti5274 8 месяцев назад

Healthcare? How is she accounting for that

@brendacarey5207 9 месяцев назад

What about all the taxes she will owe for withdrawing investments? I don’t think they want a 72 year old flight attendant. So $1,000 will be lost within first 5 years

@sneakyquick 9 месяцев назад

Always retire at 62. The govt even knows you probably wont live to make waiting worth it.

@jml9550 7 месяцев назад

Yep, I plan to retire at 60 and withdraw SS at 62.

@yourfinancialekg 3 месяца назад

Goods point

@RandlMikeska 8 месяцев назад

Something doesn't look right to me. $364x12x10 should not empty her account even with inflation ...Am I wrong???

@yourfinancialekg 8 месяцев назад

Don't forget taxes

@dwight5937 9 месяцев назад

Can I retire at 53 with $600,000 ..and my wife is still working making 70k+? My health insurance is covered.

@randall8379 13 дней назад

Is her $2,500 Social Security before or after Part B is taken out?

@yourfinancialekg 12 дней назад

Before in this scenario

@randall8379 12 дней назад

@@yourfinancialekg Thanks. I often read about SS averages but they never state if it's net or gross. It makes a difference, especially for people at the lower end of the scale.

@Skerticus9521 4 месяца назад

At 2:40, "...her current annual expenses are $3000..."? ANNUAL expenses are $3000?

@yourfinancialekg 4 месяца назад

I just misspoke. Thanks!

@josephchau3517 8 месяцев назад

I watch your many videos, they're so far so good with number. However when talking about EXPENSE you or candidate Never ever including the HEALTH-CARE cost that is a issues with people plan to retire before 65 (Medicare Kid In). So your final video is not really accurate regardless of Software/Simulation you're using.

@yourfinancialekg 8 месяцев назад

Good point!

@htran18 4 месяца назад

Man at this rate I’m never gonna retire 😢

@yourfinancialekg 4 месяца назад

You can do it!

@htran18 4 месяца назад

@@yourfinancialekg if only I was as smart as you when I was younger but thanks I’ll keep working on it.

@steventhomas9355 Месяц назад

Nobody ever mentions health insurance. That's why I'm not retired

@yourfinancialekg Месяц назад

We mention it!

@hogroamer260 3 месяца назад

She's surviving, not living. She needs to work to 65 and be done. Odds are a health issue will not allow her to work to 80. Also, you need to add inflation to her salary.

@yourfinancialekg 3 месяца назад

Good point!

@RaechelMaelstrom 3 месяца назад

You didn't take into account that what she's going to get paid for her part time job is inevitably going to go up over the years.

@yourfinancialekg 3 месяца назад

True Raechel!

@lisagrace667 4 месяца назад

What about healthcare costs? Medicare doesn’t kick in until age 65.

@yourfinancialekg 4 месяца назад

Very true!

@ngoichoi976 2 месяца назад

healthcare costs about $1200 monthly with maximum 12k deductible a year for husband and spouse.

@marilyn8700 3 месяца назад

Your assuming a company will want to keep you when you're that old. They don't usually keep people on into their late 70's and 80's. Unless you're in amazing body shape at that age with all perfect cognition, and maybe in union that protects your job. But it's just not the norm.

@yourfinancialekg 3 месяца назад

Technically, that would be illegal: The Age Discrimination in Employment Act (ADEA) prohibits employers from firing people based on their age, as long as the age limitation is not a necessary occupational qualification. The ADEA protects people who are 40 or older from discrimination in all aspects of employment, including hiring, pay, promotions, layoffs, training, and benefits.

@suzukiman8964 9 месяцев назад

I haven't relly decided when i want to retire

@yourfinancialekg 9 месяцев назад

That's ok

@suzukiman8964 9 месяцев назад

I'm only 34 I want to try to not fully retire, that's why I'm building up my dividend income

@jamesof7seven Месяц назад

OFCOURSE YOU CAN (mutters under breath) *if you own your home...

@yourfinancialekg Месяц назад

Truth

@harryhankins1338 9 месяцев назад

The monthly income of 1,000 would increase over 20 years.

@yourfinancialekg 9 месяцев назад

Yes we would hope so!

@DAVE-THA-PLUMBER 9 месяцев назад

Correct, this is the one big flaw in this case. There are an other few minor issues, the 1000 monthly over 20 years is unrealistic. The content was still good

@themonogrammom 9 месяцев назад

I was assuming she was working fewer hours so she still had a $1,000 paycheck each month. I mean, she is getting older.

@yourfinancialekg 9 месяцев назад

@@DAVE-THA-PLUMBER I just flew Southwest to Nashville from Tampa and my flight attendant was in her 70's working full time.

@robedmund9948 9 месяцев назад

If your house is paid off, the taxes on it are extremely low, your utilities are near zero, and you love to eat beans and rice/rice and beans, and you never have health issues, then sure!

@Revo2222-j2u 9 месяцев назад

6% is high for ROR , especially in these unprecedented times. I’d rather not back test and be conservative in deciding that big step to retire at 60 .

@justhere3794 9 месяцев назад

Why would someone with only $25000 invest ALL the money in the market? You are including all her money and not taking into consideration that part of that money might be in a checking and stodgy low risk bank savings account. You need to say $15000 in investments with a more reasonable return of 4% in the current real world 🌎

@yourfinancialekg 9 месяцев назад

She has 10k in the bank. Thanks for commenting!

@justhere3794 9 месяцев назад

@@yourfinancialekg ok missed when you said that. That’s not much though.

@user-rb6ef6nw7i 3 месяца назад

I’m thinking right off the Start she shouldn’t be thinking about Retiring if her expenses are $3,000 😳😳

@sw6118 Месяц назад

I wonder if she knows anyone still working in their 70s?

@EdA-bz3bu 8 месяцев назад

market turn, need a car$, medical$, fix the furnace$,...... will tank all her plans.

@yourfinancialekg 8 месяцев назад

Good point

@terryh1811 9 месяцев назад

Just retire at 67 for your peace of mind

@yourfinancialekg 9 месяцев назад

Good point

@davidbobo9740 9 месяцев назад

What if she took her s.s. at 65 ? She wouldn't lose that much , not 30 % .

@yourfinancialekg 9 месяцев назад

Very true!

@George-hl2xm 4 месяца назад

Why would anyone want to retire before 62 unless you just have to

@yourfinancialekg 4 месяца назад

Some do

@mashacamashaca877 9 месяцев назад

I think that just to be safe, Joe Ann should kick the can at 63. Just saying.

@yourfinancialekg 9 месяцев назад

ouch

@dagobaker 7 месяцев назад

she needs to work till 62 minimum and working till 82 just isnt very realistic is it?

@yourfinancialekg 7 месяцев назад

The age of workers working part time has gone up over the past few years. Health is obviously the big concern.

@dogegamer3288 10 дней назад

If you want to live in a grass hut without AC and eat bugs with a part time job as Walmart greeter. Then yes.

@yourfinancialekg 10 дней назад

lol

@khuongle877 9 месяцев назад

Yes she can retire at $250k, just spend $36k a year until she 67

@yourfinancialekg 3 месяца назад

Thanks!

@amandawright3808 2 месяца назад

What 80 yr old flight attendants are there out there? She may wanna work but there’s no guarantee she won’t be ‘let go’ due to age. And you keep saying social security like it’s guaranteed. Well it isn’t really.

@yourfinancialekg 2 месяца назад

Hopefully not let go due to age. That is illegal. Lots of older adults working these days. The data shows us that.