Retirement Income Strategy for 66 Year Old with $350,000 || Can I Retire

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Retirement Income Strategy for 66 Year Old with $350,000 || Can I Retire & Retirement Income Planning
In this retirement income strategy and can I retire video, I want to examine a 66 year old with $350,000. She is newly retired and wants to know if her retirement income and retirement savings are going to last throughout her retirement. We are also going to look at 2 different rates of return on her retirement investments while also adding 3% inflation to her spending and 1.5% COLA to her social security.
When planning out retirement income streams, its important to consider when social security benefits are going to start, how long retirement savings and retirement investments are going to last, and how inflation on our expenses interact with our planned retirement income.
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 their retirement. If you are looking for early retirement planning tips or trying to save for retirement, You Financial EKG™ is a great tool to help you understand where you are in your retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.
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Опубликовано:

21 окт 2024

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Комментарии : 74

@yourfinancialekg 2 года назад

**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: calendly.com/pearlwealthgroup/discoverycall **

@glockman99 8 месяцев назад

Love your videos. We’re looking at retiring in 5-7 years. Your videos are very helpful.

@yourfinancialekg 8 месяцев назад

Great to hear!

@shade0762 Год назад

She's fine. Don't forget .. that $250,000 house will also be appreciating ... over 20 years it might even double- at that point she sells and moves into nice assisted living facility

@yourfinancialekg Год назад

Great comment!

@zvw444x3zefa 7 дней назад

Yes.

@Volvo8Fifty4Life Год назад

Another great video, Drew! I’ll be visiting your website for you to runa scenario on my case. Thanks.

@yourfinancialekg Год назад

Thank you for watching. Looking forward to connecting!

@johnb1571 2 года назад

good video Drew, dont recall if house is paid off and if it is, reverse mortgage that puppy and smooth sailing from there.

@yourfinancialekg 2 года назад

Great comment John! Something to consider for sure.

@investmentinrentalproperti2163 2 месяца назад

Hi Drew, is $ 4000 is after tax dollar, is the calculation taking into account or taking more money out to pay taxes ?

@yourfinancialekg 2 месяца назад

Yes, taking the taxes out

@metrocabinet Год назад

Drew, I'm 63 and I plan to work until I'm 75. At that point I will have a paid house and 400,000 minimum in retirement savings. I will also receive 1600 Social Security monthly. No other income whatsoever. We have longevity in my side of the family I will likely live till at least 90. What do you think? Danny in Michigan Michigan

@yourfinancialekg Год назад

I don't want to give specific advice without knowing more but it sounds like you are on the right track!

@donaldkennedy4235 23 дня назад

Love the common sense way those numbers do work. I just turned 60 this year plan on working to 66 when I’ll receive just under 3000 a month S.S. I may wait until full retirement at 67 and get 3100. I’ll have roughly the same as the example here, say 300-350,000. I need about 5000 - 6000 a month to live so minus my S.S. I would need about 2500 a month from my investments / PT work. So that could be anywhere from 500-1000 a month. My condo should be pd off by 70 so that 5000-6000 a month to live on would go down over a 1000 a month. The value of the property now is 320,000. And by that time i would only working P.T. P.T. Say a couple days a week few hours a day just to keep my sanity.

@sergiosantana4658 Год назад

The 6% example is way under valued . With her withdrawal rate at 3.75% and the portfolio growing by 6% her ending balance at age 76 should be much more than the 361k that is stated 7:55 .

@yourfinancialekg Год назад

Thanks for the comment Sergio. I just used a future cash flow calculation to get the value at 76.

@terryB4713 Год назад

Thank you very helpful. What are your costs to evaluate a person retirement plan

@yourfinancialekg Год назад

Great question! There is no cost for calls, but to create a detailed retirement plan we charge between $1,700 and $2,000.

@terryB4713 Год назад

@@yourfinancialekg Thankyou for your information

@yourfinancialekg Год назад

Thanks for asking and watching!

@kevinfestner6126 Год назад

Well done, again!

@yourfinancialekg Год назад

Thank you for watching, again!! Really appreciate you 😀

@Kayak-fz6mj Год назад

This is a good overview of the money, however there is an assumption that monthly expenses are fixed through her remaining life, though we don't have a view of what those current expenses are. I believe it is generally understood that we tend to be less active after (let say) 85 and potentially spend less on travel or other entertainment related activities.

@yourfinancialekg Год назад

Great contribution to the video!

@lshwartz3167 2 года назад

She is ok in both cases, she can get a reverse mortgage at at 86-96. That will give her more income.

@yourfinancialekg 2 года назад

Great comment and suggestion! The Reverse does make a lot of sense in this case.

@Enjoywatchingyoutube8227 Год назад

Agree or sell it and purchase something less and bank the balance

@rueman84 Год назад

I would strongly advise, staying away from reverse mortgage if possible

@bryanwhitton1784 2 года назад

OK, here is my situation 67(m),married, my wife is 53 and working, retirement savings approximately $900K, my SS $3003, my wife's retirement is greater than mine. Home is in San Jose, CA it's worth 1.1M $400K still owed monthly payment is about $2800/mo. No debt other than normal living expenses. My wife wants to retire at 62 if possible. I do have a side gig that nets me about $600 / mo that I don't mind continuing. Can I retire?

@yourfinancialekg 2 года назад

Bryan, thank you so much for this information. I need just a little bit more info: 1. Current monthly expenses 2. Wife SS at 67 That should be enough to give us a good start. Looking forward to putting this together. Currently about 2-3 months out on content.

@donlarson3884 17 дней назад

You should be taking less from your investments than they earn. You also need some higher yielding investments in your portfolio. If you do this you will never run out of money. You have to continue growing your money or inflation will eat it up.

@bruced.370 8 месяцев назад

Expenses go down as you age in retirement. It is not linear. Expenses go down so she should be ok.

@yourfinancialekg 8 месяцев назад

Yes, but not always. Trust me.

@TheFirstRealChewy Год назад

The fact that her monthly expenses would be $4K a month and social security would cover almost 75% of her expenses, she would be fine. Without social security she would need about $1200 in liquid assets to achieve a similar outcome. With social security covering 75%, that reduces her portion to $300K.

@yourfinancialekg Год назад

Thanks for watching!

@stewdogg42 5 месяцев назад

Another reminder to go into retirement with no debt.

@yourfinancialekg 4 месяца назад

Yes!

@brindacockburn4033 2 месяца назад

Debt and expenses

@troystockdale1024 3 месяца назад

You didn't subtract Medicare expenses and Medigap if that route is her choice

@TheRealEdStoner 2 года назад

With $2904.00 SS at 66 she must have had a decent income. This video should show people that they need to save more when they are young.

@yourfinancialekg 2 года назад

Ed, great comment and idea. This video is explaining specific retirement strategies BUT I did do a recent video addressing younger individuals and saving for retirement. You can find it here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-TElRytaAx7Y.html

@katsadventures7027 4 месяца назад

I would like for you to give me a picture of mine. I would appreciate it. 57 years old I have 365,000. I don’t work. My husband just passed. I get 700 of his CPP that’s it. I own my own home a tiny home 444 ft.² valued at about 170,000. My bills are very cheap here I can live and pay my bills in full for less than 1000 a month. I’d like to know how much I can take out and for how long I would be happy if I could reach 85 with it.

@katsadventures7027 4 месяца назад

And of course, when I turn 60, I can have another portion of John’s pension, which could be a good amount

@yourfinancialekg 4 месяца назад

Thank you for sharing. Reach out to us at pearlwealthgroup.com/contact/ and we would be happy to help

@charleshughes2487 8 месяцев назад

In retirement savings ,?

@lovelyone1675 2 года назад

I don’t understand why her monthly expenses are so high? Can you explain?

@yourfinancialekg 2 года назад

Monthly expenses are individualized to each situation. For her, living in NJ with a mortgage, this is her lowest monthly expenses. Thank you for the question!

@lovelyone1675 2 года назад

@@yourfinancialekg thanks! I plan to have my mortgage paid off at least by 60 years old. Do you think that will make a big difference for me….being debt-free by retirement?

@yourfinancialekg 2 года назад

@@lovelyone1675 I always encourage my clients to try and be debt free by retirement. You are doing awesome if that’s your goal!

@lovelyone1675 2 года назад

@@yourfinancialekg thank you so much for responding.

@yourfinancialekg 2 года назад

@@lovelyone1675 😊

@TinOakM 5 месяцев назад

Not sure how expenses could be so high with a home that is paid for...i retired at 60 still owing 60k on my home and a 445 car payment, I barely spend 3k a month, My car is now paid for and home should be with in 4 years.

@yourfinancialekg 5 месяцев назад

Everyone is different, thanks for commenting!

@SidinPhilly 2 года назад

It all depends her expense!

@yourfinancialekg 2 года назад

Yes, if you know how much you spend and monthly expenses, you can retire at less than you expect. Thank you for your comment!

@kenjordan5750 4 месяца назад

Why is COLA not equal to Inflation? The gov't sucks!

@yourfinancialekg 4 месяца назад

Is the reported inflation number even true?

@cynthiadeg9206 Год назад

Why are her monthly expenses so high?

@yourfinancialekg Год назад

She lives in a high tax state as well as high cost of living.

@rickredfern5459 7 месяцев назад

If she was at the point to where she was debt free, she may be able to live off just her social security and not touch her investment accounts...

@yourfinancialekg 7 месяцев назад

Yes!

@michikoiesaka3365 4 месяца назад

She should dump the house now she has 650k. Her expenses will be cut in half no prop. Tax no insurance no maintenance. She has now additional income of 24k

@yourfinancialekg 4 месяца назад

Bingo

@watcher9997 2 месяца назад

Did I miss something? 350k + 250k = 600k

@Judes121 7 месяцев назад

I tgink she is projecting her expenses too high

@yourfinancialekg 7 месяцев назад

Yes!

@bernie9728 10 месяцев назад

He should have retired 4 years ago. Why wait?

@yourfinancialekg 10 месяцев назад

Thanks for commenting!

@chessdad182 2 года назад

She had $350k on Jan 1st. Now down to $300k. LOL. I had to make a funny. I'm lucky and have a few more nickels than this.

@yourfinancialekg 2 года назад

Thank you for the comment and engagement! Yes, markets have had some extreme volatility the last few weeks. Something to seriously consider when doing retirement planning: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-rO4xuGRVmbk.html