How Much You Need at 62 to Retire Comfortably? 

The key is no mortgage, no car payments, no cc debt...this from a retiree 3 years in.

600k at 62, retired and living the dream. Even with cc debt but with a paid off house. Keep on truckin' Josh!

I retired at the end of 2020 at age 64 with no debt and around 10x my salary in retirement funds. My total expenses are just under 60% of my pre-retirement salary and things are going great. Thank you Josh for all your great advice and services over the last five years.

Does not matter your net worth,as long as you are comfortable in retirement ,you will be okay.

I’m 59 , nearing retirement, but my plans are in disarray. I have a 30k annuity and a depleted 401(k) with only 150k left, leaving me uncertain about my financial future. Considering my circumstances, would it be wise to seek the guidance of a financial advisor to help me get back on track and make the most of my resources?

Josh, thank you for making these videos and sharing your knowledge with us. Media makes it seem like middle income people can never retire. If you have no debt, low expenses and paid for home, can retire with moderate income.

It's all about sustainable cash flow that you can create through your productive life. Never tolerate letting yourself earn less than you spend.

I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer.

dude. the orange sweatshirt with with the white t shirt looks like you are broadcasting from prison. LOL

There is no real answer to this question. We all lived different life styles some are overly fussy and some managed to live a simple life

Invest in the financial markets before retiring by diversifying across assets, allocating a small portion of your portfolio, staying updated on market trends, and considering long-term holding to balance risk and growth....

Love the channel ...been watching for a few years now....Josh, the only improvement i can suggest is an external microphone that will help us old people hear you better !

I didn't manage to hit 10x my salary at retirement time, I'm poor at planning, I wound up with 16x. And that's not counting a paid off house and such. We maybe could have spent a little more on our todays and not saved/invested quite so much for out tomorrows. But now that tomorrow is here I'm not totally sad about it.

As you point out, since the answer to the question "How much do I need to retire [at age "X"]?" is completely dependent on the answer to the question "How much do you want to spend in retirement?", most (all?) people would be much better served figuring out their expenses and formulating a budget, than watching videos about how much they need to accumulate.

I’ve always felt like net worth doesn’t mean squat. I’ve always said like you said Josh, you have to live somewhere!!! Our paid off house is supposedly now worth $500k and ironically my 401k is $500k portable pension account of $116k but at 61 I don’t feel like I can retire for a couple more years even with zero debt.

Us stocks up almost 2 percent today 🎉

Thanks Josh! That word 'comfortable' is the pricky part of any discussion. Everyone has their own idea of what comfortable is. There is no standard. If I were to go by this example Josh shows I'm ahead of their suggestions. Good? I hope so.

For the nth time Josh, define “comfortable” first please. We have easily 20x of my current salary in investments, zero debt including a cash purchased house. Two pensions and will collect two SS. Plan to work a couple more years to be comfortable. The possibility of long periods of high inflation and uncertainty of medical related expenses before Medicare scares me.

If you’re old enough, the key to reverse mortgage, especially if house is paid off, is to get the reverse mortgage, move to a cheaper country, rent the house until the loan is paid off then give bank the house when you die. You can still use that address as a USA address but have your mail, etc. sent to you in whatever cheaper country you’re in via many legal and safe methods. Your mail never goes to the house address of your reverse mortgage. More than you think are doing this. Successfully. And, your money can go 40-60% farther in a country that takes less money to live in.

I would subtract the main home from net worth when figuring this retirement number.

No one has a the same income thru out their working life. If you adjust your withdrawal yearly you will never run out of money. You may have less to spend some times but never Zero. SS checks are for life. Don't work until you are dead.

So, our salary at retirement between my wife's pension and my ssn will be around $60K. 10x of that will be $600k....I guess that is doable... LOL!

Thanks Josh for keeping things REAL for average folks. I love how your videos just cut to the FACTS and do not promote the SCARYYYYY, you need a Gazillion dollars to retire narrative!

Opened a Coors Light my friend Josh, I haven’t heard a video from you in a month- sun is setting give it to me!

Most people are not as thorough as you Josh. I don’t think this person look at all numbers before writing this article. He definitely didn’t think things thru.

So much of the calculation of retirement is individual. How much are you going to spend ... Have enough to fund those expenses taking into consideration inflation and spending behaviors changing over time. Also ask yourself your end goal of dying with nothing or passing along generational wealth.

The net present value of your social security is close to the 8x annual income threshold.

I'm debt free across the board and have 13x / I retired at 62 I'm now 65 so I do have a fiduciary who talked me into retirement I was a little weary at first but I'm glad I did give up working my crappie job just my social security pays all my monthly bills not to mention that I haven't even touched my liquid assets and other income stream that I have on hold until I have to start spending down , yes life is good now , and I sleep good at night knowing that I made the right investments and don't have to worry about running out of money ..

I don’t think anyone has that much money at retirement! Great video - love your insight as my husband and I are less than 2 years from retirement ❤

No matter what the number, it should never be “you need to save X times your salary” when it’s all about expenses.

Right on Josh

your net worth is not really relevant as you point out and ed jones advice made ed jones rich while his clients paid for his ranch in hawaii. the bottom line is knowing your expenses to a great level of detail and having a budget that allows for that plus a reasonable amount of unexpected expenses and misc discretionary expenses. you then should have a tax advantaged portfolio that generates enough income to provide whatever you need that SS and pension does not. i personally am not comfortable relying on drawing on principal for retirement due to sequence of returns risks so i have set up a 3 year cash bucket fed by the portfolio dividends to ride out any market downturns. ya probably not the most performance driven method but now that interest rates have gotten more reasonable for savers, i can sleep at night when the market dumps 30%. i'll take 5.3% MM returns as long as i can get it.

Simple, and if timed right, kids college paid, no mortgage and debt free. Downsize, pay cash, and bag the rest of the equity.. 😊

A couple= one and a half ss check ($3000?). No payments. Paid for house. 7% adjusted yearly from a $500k retirement fund. Will be a very good retirement for the average guy.

That prison orange looks good on you Josh. Just don’t drop the soap……

money managers do it to convince you to keep giving them your money to manage, Josh. you more you give them, the more they make.

Pensions use to be a big deal. There are people retiring today who are grandfathered into their pension. Then you consider social security and a household where some people are retired, some are not. For example, one spouse works, or the retired person lives with other family members. It't not straight forward. What we do know is that things are changing. Those retiring in the future will need to rely more on their own investments to retire comfortably. It will be a gradual change.

I think the amount shouldn’t be 10xs your gross salary. It should be 10xs what you were living on. By the time you back out taxes and savings most will be living on less than 50% of their salary.

I have no real 401K--but one pension coming in and a second in 2 years. I decided to wait until 65 to retire only to get another two years service for my second pension--it makes a difference...LOL. With two pensions, VA disability, and SS, life is not going to have one worry--income. The key for you pension plan folks is to pay off your debts. No debt plus pension is a great place to be.

When it came to my retirement, (age 59) it was ready or not. Time to hang it up. As for us laborers, we generally retire once our bodies fall apart, (bad back). Thankfully, I have a vested pension that I’m hoping will be there when I go to collect it, (age 65). Also, savings in excess of 100K and a house value of approx. 250K. The downside, of course were my medical and insurance costs in the first year of retirement. Thank God I have enough in savings to cover those costs. Also, all thanksgivings to our Holy Father who made our, (my husband and I) later in life marriage work. So, as they say…God bless and good luck with that! 😂

Josh, Dave Ramsey told us how horrible reverse mortgages are, and annuities too, and we’re supposed to drive used Camrys

I think the answer is: "It depends."

Better not consider retiring, even if your net worth is 10 million, if you're not watching Josh.(Watching on my lunch break)

Sorry orange is not a good color for financial advisors…

I don't like the X times your salary. I know people who are living beyond their means and others who are saving half. Only your expenses and other income (SS) count to determine how much you need.

"Comfortably" is subjective...so there is no answer.

I k ow more about retirement planning than my Edward Jones guy, but he’s a great financial advisor not a retirement planner

"Kamala, Kamala, Kamala, Kamala, Kamala chameleon, you come and go, you come and go." -culture club

I was fortunate to start in the 401-k plan my company started due to my manger talking me into it at age 21. That was in 1980, 15% every week and still working today. At 65 debt free I have just shy of 14 times my annual salary. It can be done. It's never too late to start, but the earlier the better. Stay the course and it will grow. I am living proof. Great Video!

I am a poor planner. I only have a 35 times my annual salary and no debt. Should I retire.

Josh on point again. A question if anyone could please help. I purchased an FIA annuity last year on 7/1. In 4 years the payout rate would be 6.60, in year 5 it would be 6.74. Can I choose to begin payments after 4.5 years (1/1), would the payout rate be 6.67? Thanks

This sounds encouraging for me, but I would like your opinion. I turn 62 in 10 days, with just a tick over 1 million in retirement savings, which is almost 13 x times my salary saved for retirement. I am debt free, healthy, single male with no kids. I plan on working one more year and retire next August at 63. My employer's health insurance continues in retirement for life (employer pays 80%, I pay 20%). I would like my assets to last till mid 90's. Can I retirement comfortably in one more year at 63?

Comfortably numb -Pink Floyd

Obviously you can’t do more than you make. I think a reasonable retirement needs a minimum of $50k a year. Sure you can survive on less but that probably means working part time and driving a vehicle into the ground.

It's monthly net income vs expenses (in both working life and retirement)....simple math. If you've planned right you'll NEVER have to touch your retirement nestegg....save it for your kids! Lol

Josh - Question - what is 1 additional year of work worth in retirement? I heard 1 additional year of work = 6 years in retirement. It might also depend on what is considered and what age the 1 additional year is worked.

If you're not counting your cars in your net worth can you also exclude loans on them too?~ 🤪 Why not include them as assets - as long as you account for depreciation? They are reasonably liquid. Obviously agree on n/w vs investable assets.

63, single. Just retired in April 2024. Debt free, but don't own a house (big mistake). Got health care. and a pension (7500 a month) from the job. About to signup for social security soon. Have about 350,000 saved up. So far so good.

Sound is bad

It’s important to have everything available for retirement whether it’s heloc, reverse mortgage. I’ll even borrow against the value of my taxable account like the rich do to tidy me over until my ss starts at age 62. I can use my sweet sweet SS money to repay my heloc. I’m retiring with irs rule of 55 and may use a heloc to tidy me over with my savings 😊

Does this guy ever offer anything of significance? All he does is click and ramble