Thanks for the videos focused on retiring at 55 with 500,000. They were helpful. After watching the video's I'm wondering what would be the minimum someone would want to have saved if they wanted to retire at age 55? I understand that everyone's situation is unique but just using the average monthly expenses that retirees have in the United States, it would be great to have just a ballpark number that someone might want to have saved to be able to retire at age 55. I'm considering retiring at age 55 and have more that 500,000 and I've been trying to determine this for awhile now. A video like that might be helpful to a number of people.
Thanks for the question - I can't really answer this because it is strongly dependent on where you're living, how much you're spending and lifestyle factors. If you're really focused on this goal, it's totally worth paying a CFP® to do a customized retirement plan for you and go through and answer all your questions. No one on RU-vid will be able to give you a meaningful answer without knowing a lot of detailed factors
In this example, in the beginning were you drawing money down from the Roth IRA or using the rule of 55/? Also can you do a video on long term care insurance and maybe alternatives to purchasing long term care insurance.
I’d probably not touch the Roth IRA. I didn’t speak about this, but it would be my lowest earning years in Spain. While my taxes are low, it makes more sense to take it from the traditional Ira and pay the taxes. I’ve done a few videos on long term care, but there are content creators that are expert in long term care that can do a better job than me
@@YourRichAuntie I would also delay taking from a Roth. I'm kinda planning on my Roth being the last account standing. I'll try not to touch the Roth until SS kicks in at 70 God willing.
Your calculations may require a rework. You wouldn’t have any RU-vid income from years 2003 - 2009. RU-vid didn’t start the Partnership Program (monetization) until 2007 and to get monetized back then was extremely difficult.
just remember, the more materialistic you are, the more money you need. If you are not very materialistic, it's very easy to live off 500k - 1 million. But if you have to drive fancy cars and live in big houses, you need a lot of money to maintain that. I downsized my mcmansion and now I live in a medium cost of living area, walkable and bikeable area. For every 100.00 you cut out of your budget permanently is 30k less you need to retire. If you cut out 200.00, it's 60k less you need......... People who value freedom retire early. People who value materialism.....can never stop working.
It's not scary. With some careful planning, you can thrive off 1 million or even 500k. I should know, I'm doing it. I retired early with only 500k and it was the second best decision I ever made..........living my best life.
I’m not doubting you - but come back and say that thirty years in to retirement. At that point I am sold on the idea that early retirement with $500,000 is a good idea for some people
Thanks for the video. I don't think I could move out of the country even though it would likely be cheaper than living in NY state. I'd much rather grow old with my high school buddies.
