I’m 60 with $2 Million, How Much Can I Spend in Retirement Without Running Out of Money?

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Nearing retirement and wondering how to make the most of your $2 million nest egg? The last thing you want is to run out of money and risk going back to work. In this video, we'll explore three high-level retirement income strategies for you to consider when doing your planning.
We'll break down how much a year you could spend in retirement if you want to:
💰Spend Frugally, Live off Social Security, Have a Large Estate
💰Spend Moderately, Enjoy Go-Go years, and Still Ensure Your Family's Financial Security
💰Spend Entire Retirement Portfolio, and Die With Zero. Is it as risky as it sounds?
But there's a catch! 🚨 One critical decision could wipe out all of these scenarios if you're not careful. Stay tuned until the end to find out what it is!
We'll also discuss essential factors like taxes, social security, healthcare, and more that you need to consider when planning for your retirement. You'll discover why a comprehensive plan like the RSP is crucial for a secure financial future.
🏃🏻 Jump right in:
00:52 Three Different Retirement Spending Goals We Usually See
01:57 Potential Outcomes of DIY Retirement Planning
03:35 Basic Parameters For This Planning Exercise
04:29 1st Scenario: $84,000/year + Additional $50,000 for First 15 Years
07:04 Common Mistakes We See People Make
08:03 Proposed Adjustment For a More Secure, Guaranteed Stream of Income
13:13 Don’t Rely on This Alone When Trying to Predict Future Possible Returns
15:02 2nd Scenario: $84,000/year
17:00 The Biggest Concern With This Scenario
17:48 High-Level Tax Analysis & Considerations
19:39 One Reason This Strategy May Not Be For You
22:22 A Possible Route to Much Higher Guaranteed Income
23:05 3rd Scenario: $150,000/year - A Risky Choice
24:37 BONUS: What To Have in Place Before Age 65
#retirementplanning #retirementstrategies #IRA
➡️ Do you need a Retirement Success Plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at (877) 404-0177 or fill out this form for a free consultation: click2retire.com/60-with-2-mi...
🍿 Dive deeper into the factors considered when Planning your Income for Retirement: • Step 2 of Retirement S...
💭 Have questions or specific scenarios you'd like us to explore in future videos? Leave a comment below, and we may feature it in an upcoming episode. Your feedback is invaluable to us!
🎥 Subscribe to our channel for more content like this! click2retire.com/subscribe
✉️ Sign up to receive our monthly retirement email series here click2retire.com/yt-newsletter
Disclaimer:
This video discusses fixed-income investing and utilizes the 10-year U.S. treasury as a general representative fixed-income investment. Conclusions reached, opinions stated, and downside risks and potential returns presented should not be construed as applying to other types of bonds or fixed-income assets. Other types of fixed-income products carry different levels of risk and return potential and should be evaluated as an element of a diversified portfolio with your specific risk tolerance, investment objectives, and timeline in mind. Nothing in this video is investment advice, an investment recommendation, or an offer to buy or sell any security. Investing involves risk.

Опубликовано:

13 июл 2024

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Комментарии : 144

@ilibertywomanchildofGod День назад

Thank you for sharing with us all these valuable information.

@Codadams 8 месяцев назад

Great video! Thanks for that explanation.

@user-ty2uz4gb7v 6 месяцев назад

If you have 2 million and you're 60 and you're worried about running out of money then you're just spending too much.

@thetradersam6157 2 месяца назад

or the financial advisor fees are too high...

@sjpavur Месяц назад

I personally have seen family members who were in early retirement and hit with serious medical conditions. One 62 year old cousin, who has leukemia, has already spent $1 million on his treatments. I think the fear of a serious illness (and the financial costs that would be involved) is what keeps most of us awake at night. Most healthy people have absolutely no idea how much of their savings a serious illness would eat through!

@andrewy4761 Месяц назад

@@sjpavurthis is why I spend most of my time taking care of my health

@geoffreymurphy72 8 месяцев назад

As always another great video. Very informative and well presented.

@MrAesir1 6 месяцев назад

You are compensated in life based on the value you provide to your fellow man. I hope the folks that provide services from this firm live without want based on this type of info and value. The thought provoking information on this channel is fantastic.

@reneekoster4620 5 месяцев назад

Thanks for another great video! We (61 and 58 yo) are executing ladder ROTH conversions. Our current financial planner helped us set up the strategy where we can withdraw from the ROTH after my husband retires at 65 and I need health insurance for 3 more years. It is nice to see that strategy confirmed in your video. I think one of the most overlooked advantages of the ROTH conversions is related to estate planning. If we left significant assets to our children in a traditional IRA, they could be in their prime earning years when they were forced to withdraw the money within 10 years at a potentially very high tax rate.

@EnduroTrails71 6 месяцев назад

Great video, Thank you. What software / calculator are you using to run different scenarios?

@swright5690 8 месяцев назад

River analogy. Good one.❤

@OakHarvestFinancialGroup 8 месяцев назад

Thanks @swright5690! Hopefully you enjoyed the little clip in the video of the man and the barrel at Niagra Falls 😂

@garywandrie5845 8 месяцев назад

Interesting. Can you include IRMAA and RMD distributions. The additional IRMAA expense made looking at Roth conversion much more expensive. And if your account is high enough, you may need to take more out of your account due to RMD requirements

@OakHarvestFinancialGroup 8 месяцев назад

Hey Gary! This was definitely a high-level look at the 3 options, so we didn't get a chance to get into IRMAA and RMD distributions, however both are something we factor in when running these simulators and building out plans. We can definitely add it to our list to dig a little deeper into just one of the options and discuss these things, maybe the "spend moderately and enjoy go-go years" option since that tends to be the most requested. Thank you for the idea!

@kellanhills1972 2 месяца назад

Of course most tour guides won’t take one percent of your portfolio every year just keeping it on autopilot. YOU can do the same thing with tools at the major online brokers for a fraction of the cost.

@MikeSTGL 8 месяцев назад

Another great video . Who has a simulation to where the SS randomly changes ( could reduce )? Especially for people with high value in 401 like this test case ?

@OakHarvestFinancialGroup 8 месяцев назад

Thanks Mike! Our models run all kinds of simulations - feel free to set up a complimentary consultation with us to explore these questions with our team - click2retire.com/60-with-2-million

@bulletsponge64 8 месяцев назад

are you factoring in healthcare cost from 60-65 before medicare kicks in?

@erinhellebuyck7527 2 месяца назад

Thank you

@OakHarvestFinancialGroup 2 месяца назад

You're welcome Erin!

@timduffin5600 3 месяца назад

What about the investment returns that aren't drawn down when taking SS at 62? This seems to be ignoring the ability to invest the SS funds that are received for those 8 years. Practically speaking, it's the same thing to receive early, and keep your investments growing as it is to directly invest the SS funds. I calculate that making over 6 - 7 % return, I'm better off with taking early. Thoughts?

@JoeHan268 4 месяца назад

We get Social security, medi-care, and food stamps in Cali. Really don't need too much to live on if you know how to cook. It doesn't get too hot or cold to turn on heater/ac. Caveat is you have to be smart enough to renew those benefits every year. I'll grab a side gig at the local Asian stores to supplement if trips. It's quite easy n simple than people think.

@OakHarvestFinancialGroup 4 месяца назад

Hi Joe, thanks for watching and sharing your experience!

@scottb6269 8 месяцев назад

The bonus content is the best. Saving extra already taxed money is how we are paying 0 for healthcare from 62 thru 65. If people plan properly it makes it much easier.

@OakHarvestFinancialGroup 7 месяцев назад

👏🏻👏🏻👏🏻 We love to hear this, Scott! Keep up the good work. Thanks for watching!

@chrisp3913 7 месяцев назад

The key item that i have not seen anywhere is how to choose the holdings to draw down within each account. Ok, i have $2 million in an account and within that account i have a 70/30 mix of stock to fixed. Now the stock portion has 15 holdings some were up 15% this year while others are down 10%. Do i sale and equal amount of each or do i sell winners and keep losers. in my fixed income portion, do i sell the lower yielding items or the higher yielding items. Those are the real strategies that i have not found

@OakHarvestFinancialGroup 7 месяцев назад

Hey Chris! We have an in-house investment team that helps guide our clients through questions like this! Here's a link to who we have on our team - oakharvestfg.com/investment-team/. In fact, we have a whole drop down on our website under "Investment Management" that goes through our investment philosophy, risk management process, asset diversification recommendations, and more! You should check it out, and if you have any questions, feel free to give us a call and set up a compliemntary consultation with our team. We'd love to help. click2retire.com/60-with-2-million

@shoobidyboop8634 6 месяцев назад

Is the $84K basic living expense post-tax?

@mowieboy 5 месяцев назад

The hardest part is pulling the trigger, no matter how much you’ve got. I’ll be 59, single with no kids and only charities to leave anything left to. Currently with 1.6 million in retirement accounts, a 2k/mo pension with 100% health coverage (dual insurance right now), and a 1.2 million home with 200k mortgage. And I still can’t pull the trigger!

@Parrottptg 2 месяца назад

pay off your mortgage !

@Parrottptg 11 дней назад

yep im 57 2.8 mill. in brokerage. 2 mll in real estate. zero debt. wife gets 120k pension forever. heath ins covered and im still working. Im actually scared of running out of money one day. its really diificult to pass that threshold of spending instead of saving. been saving my whole life.

@mowieboy 10 дней назад

You’re outpacing me….but I can relate with the difficulty of going from a saver to a spender. It’s not easy especially if you e been a dedicated saver for decades. Hard to change ingrained habits. Good job on your progress!

@bluecollarbudgets 8 месяцев назад

Such a great video from Troy and the team at Oak Harvest! I always learn something each time I watch your videos! Discounting future portfolio projections is very much underappreciated with social media and DIY investors these days! Wow, account value $4M, purchasing power $1.5M, ah shucks! One example I don't think I have seen you all cover would be something similar to this (this isn't an actual scenario for me, just haven't seen one covering a large cash account): Married Couple - Same age is fine (say 65) $1M tax deferred (401k or IRA accounts) $500k - $1M in cash (perhaps downsized house or sold a business or its just lifetime savings balance) Is it better to withdraw from cash until *almost* depleted? Can taking SSI early help offset 'negative' monthly cashflow (allow cash to last longer)? Is it okay to open a new brokerage account with say 50% of cash and invest (possible capital gains complications)? Should you use some of cash to pay taxes for Roth Conversion? (will reduce balances but can provide better flexibility later in life)

@OakHarvestFinancialGroup 8 месяцев назад

Hi @bluecollarbudgets, these are some great ideas, we'll add them to our list! Thank you for watching and sharing!

@youarehere1251 8 месяцев назад

The best hikes are the ones that we have no idea what to expect at the end.

@OakHarvestFinancialGroup 8 месяцев назад

Hey @youarehere1251, in hiking, that certainly sounds exciting! Everyone has differing levels of risk tolerance when it comes to their livelihood in retirement, though. Thanks so much for watching and commenting!

@deanc2000 7 месяцев назад

According to the Trinity Study, if their investments were 100% stocks, and they had ONLY the $2 million to work with, they could withdraw $140K very comfortably (about 7%), with over 87% success rate over 30 years. This is NOT INFLATION ADJUSTED however. Just 140K every year. So I think they are in a nice position. The social security income will just make their situation even sweeter.

@OakHarvestFinancialGroup 7 месяцев назад

Hey @deanc2000, thanks for watching and sharing your ideas!

@JM-gk1kp 8 месяцев назад

Great video Troy ! How does your firm charge your fees?

@OakHarvestFinancialGroup 8 месяцев назад

Hi @JM-gk1kp! At Oak Harvest we have a flat-rate advisory fee, which is based solely on the value of the assets we manage for you. If you'd like to learn more about what that fee is and the comprehensive services it includes, we'd be happy to talk through it with you on a complimentary appointment - click here to set that up! click2retire.com/60-with-2-million Thanks for watching and for your compliment!

@leftyk072 6 месяцев назад

I talked to them. Was disappointed. They want minimum of 500K in assets....but OUTSIDE of 401ks , so it has to be in IRAs or cash like a regular taxable brokerage account. My husband+ I have over a million dollars saved, but 90% is in our 401k,. We r 50 + 51. We cannot access that money for them to work with us till my husband reaches 59.5 + can roll over money to IRA, . Not many people have a half million or more outside of 401k/403b at our age bracket. We wanted to work with them now so we can retire early (55/60) just thought you should know the details.

@chrisschultz9929 4 месяца назад

@@leftyk072 one of you needs to switch your employer. Then you can move the 401 to a managed IRA in fidelity and they can buy any stocks or bonds or CDs.

@teddyruxpin7876 19 дней назад

@@leftyk072 this is normal

@markbernhardt6281 7 месяцев назад

When married it almost always makes sense to wait on the higher SS earner. Do not lock in a lower payment by taking it early. If you die or your spouse dies, either one can then take the FRA level from the higher earning spouse.

@OakHarvestFinancialGroup 6 месяцев назад

Hey Mark, thanks for watching and sharing your ideas!

@joyblevins8712 3 месяца назад

If i have 2 million i will never talk to a financial advisor

@OakHarvestFinancialGroup 3 месяца назад

Hey @joyblevins8712, thanks for watching! Ultimately, the decision to work with a financial advisor is a personal one, but it's worth considering the potential benefits they can bring to your financial journey. If you ever have questions or need guidance, feel free to reach out!

@ibrahimseth8646 7 месяцев назад

If can insured,Capital=2,000,000 Insurance: Payout(10 Year)=4,000,000 Premium=? Yield=12% Year=10 Premium=4,000,000/1.12^10 Premium=1,290,000(Bal=710,000) Expenses(Bal)=710,000 Yearly Expenses=710,000/10 Year Yearly Expenses=71,000 Thank you.

@OakHarvestFinancialGroup 7 месяцев назад

Thanks for sharing your perspective!

@Joseph-fr1rs 8 месяцев назад

Fantastic video packed with deep insight and knowledge. People retire once in their lifetime, Troy does it 20 times a day. Experience matters

@OakHarvestFinancialGroup 8 месяцев назад

Thanks so much for your kind words, Joseph! We agree with that insight!

@josephjuno9555 8 месяцев назад

Oak Harvest sells annuities...

@OakHarvestFinancialGroup 7 месяцев назад

Thank you for your comment. We may recommend certain types of annuities where they make sense as on piece of a retirement plan. Check out our video Intro to Retirement Annuities to learn more.

@harrychu650 7 месяцев назад

Expenses are too high for a 2 million net egg. They should go all in on Tesla stock to make up the difference.

@OakHarvestFinancialGroup 7 месяцев назад

Hey Harry! Thanks for watching and sharing your ideas.

@Dantursi1 7 месяцев назад

I have been retired for five years now. Although I've been adhering to the 4% rule, things are challenging as I did not anticipate. 30% of the $600K I invested in st0cks is lost to the market. How can I diversify my portfolio for retirement

@OakHarvestFinancialGroup 6 месяцев назад

Hi Greg! Feel free to give us a call, we'd love to see how we'd be able to help. Set up a complimentary consultation here: click2retire.com/60-with-2-million

@MrR2 7 месяцев назад

Watch to the end -> Watch your health. Take care of yourself. Any major health condition will throw this planning aside. Expecting to live forever, leave to estates and charity are positive and commonplace but fuel the wealth transfer business. Your "go-go" years and tax mitigation strategies may not last as long as you may plan....

@OakHarvestFinancialGroup 7 месяцев назад

Hey Robert! Planning for healthcare costs is step 4 of our Retirement Success Plan, and one we take very seriously, because you're right - unplanned medical expenses can defnitely throw a wrench in your savings. Thanks for watching and commenting!

@mattben 6 месяцев назад

Well we don't have as much money is this lucky couple, but enough. I am glad I thought ahead and had both retirement and cash accounts. Present plan is take out taxable money first as long as it stays low or no taxes.

@manuvns 6 месяцев назад

3-4% 🎉

@ChrissyCAGirl 8 месяцев назад

Good video but c’mon, how many couples have 2 million to retire? A lot I’m sure but probably many more that are not even close! Can you do a single person with $500k? Many people have less than that. I think you do a good analysis but I want to see something more realistic.

@OakHarvestFinancialGroup 8 месяцев назад

Hey there Chrissy! Thanks so much for watching, we're glad you enjoyed! If you check out our channel, you will find many different scenarios and case studies, including many for singles, that we workshop in this same fashion! We try to make videos that cover many different situations so that there's something out there for everyone. We can definitely add your specific case study topic idea to our list - we appreciate your feedback. Take care!

@jpmiller99 6 месяцев назад

It's not a tax "problem". IRA assets are generally not taxed, so taxes are due as income tax on distributions. You can manage those distributions, with after tax, to try to minimize taxes, or do Roth conversions early in retirement. Also, no one can predict the future, so all of the in depth "planning" is not really worth it. It's just Monte Carlo simulations consisting of many possible outcomes. The key is to take a conservative, simple approach and you will never run out of money. The "math" need not be this complex. Rather than do all of this complex "planning", the answer is that they need to spend less money early in retirement. Sorry.

@xlerb2286 3 месяца назад

I don't care to die with too much money left. We don't have any relatives that need it. But I'd like to leave a bit to some charities as one final gift. We're in a similar situation. We're ~3 years older, and we've got a little more in investments and a modest income stream from some land rental. We did our plan with a very pessimistic rate of market returns and inflation, and without taking social security into account at all.

@OakHarvestFinancialGroup 3 месяца назад

Thanks for watching and sharing your goals @xlerb2286!

@michaelfitzgibbons2739 5 месяцев назад

Helpful video. Could you make to computer screen easier to read? Also, you have the camera focus too much on you and not on the content of what you are saying. The camera moves very quickly on the parts of the spreadsheet you talk about and then it flits back to you. This gives me the overall impression that you don’t want your viewer to dwell on the spreadsheet. Sort of like asking the viewer to find the pea under the shell. Now you see, now you don’t. I realize you are a financial planner, but it’s really both about educating as well as ‘selling’. To some extent the more you make it about the education and the less you make it about you, I think the more you would sell. I get it that you want to be identified as ‘the guy’, but it’s the numbers that do the talking really.

@dagobaker 7 месяцев назад

even if you convert 100% of retirement through roth conversions how are you paying zero SSecurity taxes on like 80 to 100K a year in SSecurity?

@OakHarvestFinancialGroup 7 месяцев назад

Hi @dagobaker, generally speaking, Roth conversions are typically taxable events in the year of conversion, but the converted amount is not counted as part of your provisional income for determining the taxation of Social Security benefits. Plus, The thresholds for taxation of Social Security benefits are based on your provisional income. If your provisional income is below a certain threshold, your Social Security benefits may not be subject to income tax. That said, tax laws and regulations can change, and individual circumstances vary. For the most current and personalized advice, we always recommend working with a qualified professional! We're here to help - set up a free consultation here: click2retire.com/60-with-2-million

@chelseawhaling1205 5 месяцев назад

@@OakHarvestFinancialGroup Are you sure about the roth conversion not counting towards your provisional income total? I've read multiple articles stating otherwise. If you're correct, that would be quite the boon!

@OakHarvestFinancialGroup 4 месяца назад

@@chelseawhaling1205 Hi Chelsea, just to clarify a little further, Roth conversions are considered part of provisional income in the year of conversion, but in future years the amount previously converted and interest earned on those dollars, when withdrawn, is not considered provisional income. You can pull out 100k of Roth money and have zero impact on your provisional income as long as the 5 year rule is met.

@eleanor0714 8 месяцев назад

I will take SS as soon as I turn 62.

@OakHarvestFinancialGroup 8 месяцев назад

Hi @eleanorlee3618, thanks for watching and sharing!

@michaelstewart6371 8 месяцев назад

With those asset and spending needs why wouldn’t you put that into a 30 year treasury yielding currently 4.99% and not have uncertainty of the market.

@agates9383 8 месяцев назад

Sounds great until the govt continues to deficit spend us into hyperinflation and the govt defaults on the bonds - and yes it CAN and WILL happen unless CONgress has a come to Jesus and stops - but they wont - $33Trillion and counting...

@agates9383 8 месяцев назад

ANd by default I mean youll get your money - they will of course print it - but it wont have any purchasing power - AKA DEFAULT!.

@lloydchen1697 8 месяцев назад

It is not a liquid situation.

@fishmojo865 6 месяцев назад

What is your fee structure?

@EdNichols-qj4xk 8 месяцев назад

$50k per year in the Go go years? Are they planning on traveling around the world every year?

@edhcb9359 8 месяцев назад

No because in a few years $50k will probably take you to the Grand Canyon and back if you stay mostly at Motel 6. 😂

@OakHarvestFinancialGroup 8 месяцев назад

Hi Ed! There's all kinds of things that they might want to finally be able to do now that they have the time and the money saved up - you can obviously spend less than that, but this was just an option to show how much you could comfortably potentially spend with this amount of money. Thanks for watching and commenting!

@me-lg1yw 8 месяцев назад

And that’s 50 grand on top of their normal spending of 80 grand a year. That’s nuts.

@user-pv1ee5os2g 7 месяцев назад

😮 if I need to spend $25,000 per month nursing home care, I will tell me family member to unplug me and don’t wait.

@OakHarvestFinancialGroup 7 месяцев назад

😬😬😬😬 Might want to start doing some research to see what typical costs in your area are and start planning now.

@MaryOlson7 7 месяцев назад

It's amazing to see AMC doing well after all the doomsday analyses from naysayers. The stock market is a device for transferring money from the impatient to the patient - warren buffet. It's good to remind people of this right now; you buy on fear and sell on greed or just hold through it all for the long term. It’s easy but lots of people forget.

@drewyoung2102 7 месяцев назад

One of the humble lessons I learned is buying BRKB index after leaving a job. 12% annualized quadruples nest egg in 10 years while loyalty staying at a job barely doubled it in same time. It has to be by design...

@OakHarvestFinancialGroup 7 месяцев назад

Hey Mary and Drew! Thanks for watching and sharing your thoughts.

@missgui4400 6 месяцев назад

AMC? Lol 😂

@josephjuno9555 8 месяцев назад

No, you are Right! No way you can retire! You and wife better get 2nd jobs! Work alot of overtime time until u drop dead at your desk? Maybe w $5 or 10 MILLION by then! Get a clue Ebeneezer? Marley?

@OakHarvestFinancialGroup 7 месяцев назад

Thank you for your comment. A person's cost of living varies substantially depending on what part of the country (or what country) you plan to spend your retirement. We tailor retirement plans to the needs of each client to create a solution that addresses their unique situation.

@shou635 7 месяцев назад

At 88, I’m not going to be doing that much. I’d rather enjoy my retirement while able.

@OakHarvestFinancialGroup 7 месяцев назад

Hey @shou635! Everyone's got different situations, goals and risk tolerances! Thanks for sharing yours. :)

@corpojp6624 7 месяцев назад

I love how he just talks about saving millions of dollars? How oh how does the majority of people manage to do this? Is this amount in cash? or in a fun or with a house etc included? Saying to have 1 or 2 M saved is extremely triggering when he does not elaborate what the amount actually is or how its made up.

@OakHarvestFinancialGroup 7 месяцев назад

Hey @corpojp6624! Troy goes through the parameters of account composition for this example at 03:35! Check it out :)

@ibrahimseth8646 7 месяцев назад

Please plan for your family.

@OakHarvestFinancialGroup 7 месяцев назад

We agree! Lots to make sure you consider when planning for retirement. Thanks Ibrahim!

@travgal9903 Месяц назад

In 2034 SS will only pay 80% so that needs to be accounted for when you are forecasting the SS of years past 2034. It's not a guess. They are now stating it clearly on the statements.

@OakHarvestFinancialGroup 25 дней назад

You are correct. Based on the latest figures provided in the OASDI Trustees Report, retirement benefits will be reduced by ~20% in 2033 if no changes are made. www.ssa.gov/people/materials/pdfs/EN-05-10229.pdf? However, it also states that these figures are “estimates [based on] current law, which Congress has revised before and may revise again to address needed changes”. This is not the first time that the fund has been on the ‘brink of depletion’. Each time (1977 and 1983), “Congress made substantial changes…..”. We recently hosted a webinar that discusses this topic. www.bigmarker.com/oak-harvest-financial-group/Strategies-to-Optimize-Your-Social-Security-Benefits-cfc84601d26b0b2a4b6b988d We believe that substantial changes will be made by Congress. However, there is a high probability they won’t come until closer to 2030 or later. Thanks for your comment!

@bernie9728 7 месяцев назад

Spend it all. You can't take it with you.

@OakHarvestFinancialGroup 6 месяцев назад

Careful - That could be a very risky choice if you live longer than you estimate!

@sigsauer3719 7 месяцев назад

Your odds of living until after 80 are 28.6% plus you can’t take it with you so why worry…

@OakHarvestFinancialGroup 7 месяцев назад

Hey Sig! We always recommend running on the safe side - because what if you spend all your money and then end up living another, 3, 5, 7 years? What will you do? We work to find a solution that allows you to enjoy the money you've saved during retirement while managing risk so that you'll always have enough. Thanks for watching and commenting!

@barrypalmquist8304 7 месяцев назад

$2MM for retirement takes quite a bit of long term discipline.

@OakHarvestFinancialGroup 7 месяцев назад

Hey Barry! It defnitey does take discipline, and we see so many achieve it all the time! Don't give up - saving for your future is always worth it. Thanks for watching and commenting.

@reaganviking 8 месяцев назад

Im counting on social security being bankrupt bu the time i retire. Probably not available until 70 and then pay 50% of the previously promised benefits.

@edhcb9359 8 месяцев назад

Wow, with that kind of fortune telling ability you must already be very rich!😂

@BobSmith-zd2nv 8 месяцев назад

That’s a good idea… leaves more for me! 😀

@OakHarvestFinancialGroup 8 месяцев назад

Hi @reaganviking! We hear this concern a lot. No one can know the future, but as of where we sit right now, we think there's a good chance it'll be a benefit most will be able to take advantage of. Thanks for watching and commenting!

@user-br7rm3ol2s 8 месяцев назад

If that happens, the government has probably already destroyed the currency and all that money you have saved is just paper

@rickyricardo9917 7 месяцев назад

Hmmm, a tour guide who will charge 1+ % aum fee to rebalance your money once per year ? No thanks

@OakHarvestFinancialGroup 7 месяцев назад

What we do is so much more than that! We know not everyone will come work with us though and that's ok - we hope you enjoyed the video content anyway :) Take care

@curiosoneee 8 месяцев назад

your sixty with two million , and wondering how much you can spend . Come on man think about that !

@OakHarvestFinancialGroup 8 месяцев назад

Hey there @curiosoneee, you'd be surprised how quickly $2 Million can disappear 😉 Just offering a few yearly income payout options to try and keep you on track. Thanks for watching!

@whatsupwithsteve 7 месяцев назад

You better think about it! $2M ain't much when you calculate taxes, inflation and unexpected expenses! Keep itaround3.5% and you'll probably be fine. More than that and you may find yourself close to zero after that 30 years flies by! Just sayin'...

@user-br7rm3ol2s 8 месяцев назад

I guess if you run out an buy a 2 million dollar yacht, your money will last......let's see....................one day.

@OakHarvestFinancialGroup 8 месяцев назад

Hi @user-br7rm3ol2s, I think you're right ;) Thanks for watching and sharing some comedy! In all seriousness though, this video does give three yearly spending options in retirement that you can consider with this amount of money saved up. Hope you enjoy!

@mathew3267 28 дней назад

If you die at 88 your still ok

@OakHarvestFinancialGroup 26 дней назад

Thanks for watching, @mathew3267!

@missgui4400 6 месяцев назад

Our goal is $15M 🙏🏻

@santiagovasquez1404 7 месяцев назад

2 million dollars is it not obvious.

@OakHarvestFinancialGroup 7 месяцев назад

Surprisingly enough, it's not! Did you get a chance to watch the video? What did you think of the different options Troy laid out?

@drumsnbass 7 месяцев назад

My simple retirement solution. When I can’t wipe my own @ss, I’m doing a “Thelma & Louise”. Could I make it roughly 20 years on $2MM total wealth until checkout time? Highly likely.

@TheFirstRealChewy 7 месяцев назад

The safest option is to keep working until 70. If you can do this while not feeling like you are wasting your life, then you'll have a lot of money. You'd delay social security to get the max, your investments would be higher, and your money would have to cover less years in retirement. So don't aim to retire early. Aim to transition to something that's rewarding.

@OakHarvestFinancialGroup 7 месяцев назад

Everyone has different situations, goals, and risk tolerances to consider! Thanks for watching and commenting about one of the many options out there!

@backcountyrpilot 7 месяцев назад

60 with $2,000,000 means you need to keep working, bub. That’s about $400k in 1970’s money, and not nearly enough now.

@drumsnbass 7 месяцев назад

Nah, very doable if you don’t plan on being a high cost vegetable the last few years of your life.

@Bob-ut 11 дней назад

All based on longevity and relying on the government not screwing SS recipients 😂

@brahmmauer7437 7 месяцев назад

60 with $2 million is a unrealistic example. Do something that’s more realistic. This is a waste of time.

@OakHarvestFinancialGroup 7 месяцев назад

Hey Brahm! We know it might seem that way, but it's actually quite possible if you start saving enough, early enough, and if you take advantage of employer matches. Thanks for watching and commenting!

@josephjuno9555 8 месяцев назад

If you are 60 w $2,000,000 and u cant make ends meet? C'mon man? The Vast majority of us cant spend in a year wbat u will blow in a month? Your Soc Sec alone shud be enuff? You can spend $100,000 p yr, $7500 p month in ADDITION to Soc Sec, pensions ect! You are just bragging!

@OakHarvestFinancialGroup 7 месяцев назад

@homanasiri843 Месяц назад

you should get a young wife have more kids to save money

@ibrahimseth8646 7 месяцев назад

Age 57 Year, Retire at 60 Year, 3 Year to go. Government Please give me second chance. Loan=100,000,000 Yield=5% Year=3 Loan(3 Year)=100,000,000*1.05^3 Loan(3 Year)=120,000,000 Insurance: Premium=100,000,000 Yield=8% Year=3 Payout(3 Year)=100,000,000*1.08^3 Payout(3 Year)=125,000,000 Try this method. Payout(3 Year)=123,000,000 { Loan(3 Year)=120,000,000 Income=3,000,000 } Insurance: Payout(3 Year)=123,000,000 Premium=? Yield=8% Year=3 Premium=123,000,000/1.08^3 Premium=98000,000(Bal=2000,000) Loan=Premium+Balance(Bal) Loan=98,000,000+2,000,000 Loan=100,000,000=100% Thank you.

@OakHarvestFinancialGroup 7 месяцев назад

Hi Ibrahim! Thanks for watching and commenting!