Can I Retire at 60 With $250,000 Saved For Retirement?
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- เผยแพร่เมื่อ 24 ก.ย. 2023
- 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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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.
Very true
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.
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.
I’m 56, two of my siblings are already dead one at 56 and the other one at 60 😢. I want to retire today!
We are all lucky and blessed to live to 60. My Beautiful wife past at 42. Live your life
Thank you for sharing
Thank you
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 “
Love this title!! Video coming soon!
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.
Thank you!
Another great video Drew! (Minus the sound effects 😂)
Thanks! 😃
So interesting! I really appreciate how you explain each of the steps.
Glad it was helpful!
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.
Awesome! Thanks for commenting and watching!
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.
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..
Thanks and your welcome!
Great job, Drew. Appreciate how you layout the data
My pleasure!
I agree. This was laid out in a very easy to understand way.
Thanks for keeping it real Doc. 👍
You bet
This is the EKG I'd been hoping for. Single, no pension, no TSA - just an average 401k/IRA and a little side income.
Yes!
@@yourfinancialekg 18:33 18:33
Great helpful videos. Thanks
Glad you like them!
As a widow trying to retire asap, your videos are super helpful & realistic. Go Rays!
Glad they help!! Go Rays!!
Fabulous as always Drew👏👏👏💰💰💰
You rock!
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?
WE are! Sorry, the link was not working but we have fixed it. Here you go: pearlwealthgroup.com/contact/
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...
Thanks for watching and commenting!
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
Your welcome!!
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'
Thanks for sharing!
Work part time till 80 ? That’s not retirement.
Everyones retirement looks different.
Agree!
Agreed 😢
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.
I've never seen an 80 year old stewardess...have you??
Rates of return can be projected out at lower rates but the working is also the protection from market loss
@@darlenepaul2918she’d be coming down the aisle with her walker😂
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.
@@melvinbarnes6652Especially at 10,000 feet. 😮
Sad because $250k is not nearly enough but it’s way higher than the median amount saved at 60.
True
Many are retiring with zero. They can make it work. The next few years are not guaranteed.
@@mmmd3429 “The next few years are not guaranteed”…fortune cookie wisdom for the YOLO crowd that retires with no money. 😂
@@edhcb9359 They have $250k, that's not zero and no mention of Yolo.
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.
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??
Thanks for setting up a call!
Great video as always, SS COLA 2.4% ?
Thanks for watching!
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.
🤯
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.
Thanks for the info and comment!
Hey Drew.
Can I sign up for a retirement EKG?
I really enjoy your videos! Thanks. Steve
Yes you can! Please visit our website at pearlwealthgroup.com.
$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
This is constantly overlooked when doing these calculations.
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.
@@lynnellechappell3337 If it is included (likely not), she will have to worry about homeowners insurance skyrocketing in FL.
Retire in Philippines. Live like a king with $250,000 saved.
Video coming soon!
If your ok with going to hospitals with standards from the 1970’s…
@@Ww8.3 In Manila (Makati, BGC, Ayala), their hospitals are US-standard, even better than some.
Just please don't exploit the local culture/people and become a nasty, rude, bigoted expat that are sooo common in these parts.
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.
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.
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.
Perfect!
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.
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.
Thank you
You're welcome
~ Some retire in another country to make their money go further - and for a change in life . 😊✨️
How would RMDs affect the second scenario?
She is using the IRA for income already so wouldn't be affected
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.
I think you should include health care insurance in your calculations
Will do!
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
Good idea!
Your expenses and your other income is needed to provide an answer ( amount and is it pre tax)
@@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
I do have about 5K in taxable dividends
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!
Great!
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.
Good point
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.
I mean without any deth
Thanks for the comment! For specific advice, please contact us directly at pearlwealthgroup.com
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?
Wouldn't taxes from retirement withdrawal, SS and regular income make the scenario infeasible?
Taxes are included
What about medical expense pre Medicare? Isn't that a fixed expense, and a pretty big one, those first five years?
Yes it is!
@@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!
@@sullyone8373 Always excited to work with new people!
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?
Pensions do not count in the income limit, only earned income. COLA is 2.58% currently.
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.
@@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.
@davewebbtheauthor
yes but I was asking if it counts toward the SS Earned Income limits
@@josephjuno9555 Oh, ok.
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.
It is tight, but this is closer to real world examples today. Thanks for commenting Rob!
+
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.
Awesome!
Yeah but how long can we count on having 5% interest on investments?
This whole premise was for working until 80?? Assuming that is the highest risk
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.
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
Great idea!
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!
Get ready!
Life expectancy is only mid 70s go ahead and work forever
Live your damn life. Nothing promise
Why didn't;t you factor RMD and taxes in your calculations? It can significantly impact the projection.
Yes because the client is using her IRA for income which takes care of the RMD
The constant sound effects make this video unwatchable.
Thanks for the feedback
Yet you take the time to comment. Lol.
I enjoy the sound effects. They make a point.
Put me down as Team Sound Effects (cha-ching 💰)
Her income will increase along with inflation in this scenario. Helps a bit.
Yes!
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.
Hey Ginger, thanks for the comment!
Why are fixed expenses not included in these scenarios? Did I miss something?
They are in there.
I do not like assuming you can work past 65. That seems risky. Health or corporate shifts may make it impossible.
Very true
Something doesn't look right to me. $364x12x10 should not empty her account even with inflation ...Am I wrong???
Don't forget taxes
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.
Yes I did!
Additionally, SS gets a COLA to help with inflation.
True
Can I retire at 53 with $600,000 ..and my wife is still working making 70k+? My health insurance is covered.
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?
You are correct!
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
Even if you collect ss early, once you hit full retirement age you can earn as much as you want.
Yes!
Probably need to wait in this case until age of 65 to retire and take Medicare and start SS. Medicare is very key.
Good idea!
She could go on Obama care, because of her low income. Then go on Medicare at 65.
Healthcare? How is she accounting for that
At 2:40, "...her current annual expenses are $3000..."? ANNUAL expenses are $3000?
I just misspoke. Thanks!
Nobody ever mentions health insurance. That's why I'm not retired
We mention it!
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.
Good point!
What about healthcare costs? Medicare doesn’t kick in until age 65.
Very true!
healthcare costs about $1200 monthly with maximum 12k deductible a year for husband and spouse.
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.
True Raechel!
Always retire at 62. The govt even knows you probably wont live to make waiting worth it.
Yep, I plan to retire at 60 and withdraw SS at 62.
Goods point
I haven't relly decided when i want to retire
That's ok
I'm only 34 I want to try to not fully retire, that's why I'm building up my dividend income
Man at this rate I’m never gonna retire 😢
You can do it!
@@yourfinancialekg if only I was as smart as you when I was younger but thanks I’ll keep working on it.
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.
Good point!
OFCOURSE YOU CAN (mutters under breath) *if you own your home...
Truth
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.
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.
The monthly income of 1,000 would increase over 20 years.
Yes we would hope so!
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
I was assuming she was working fewer hours so she still had a $1,000 paycheck each month. I mean, she is getting older.
@@DAVE-THA-PLUMBER I just flew Southwest to Nashville from Tampa and my flight attendant was in her 70's working full time.
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 $15000 in investments with a more reasonable return of 4% in the current real world 🌎
She has 10k in the bank. Thanks for commenting!
@@yourfinancialekg ok missed when you said that. That’s not much though.
If your house is paid off, the taxes on it are extremely low, your utilities are near zero, and you love to eat beans and rice/rice and beans, and you never have health issues, then sure!
6% is high for ROR , especially in these unprecedented times. I’d rather not back test and be conservative in deciding that big step to retire at 60 .
market turn, need a car$, medical$, fix the furnace$,...... will tank all her plans.
Good point
I’m thinking right off the Start she shouldn’t be thinking about Retiring if her expenses are $3,000 😳😳
What if she took her s.s. at 65 ? She wouldn't lose that much , not 30 % .
Very true!
The answer is NO!
Thanks for the comment!
@@yourfinancialekg no problem, good video
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.
Hopefully not let go due to age. That is illegal. Lots of older adults working these days. The data shows us that.
she needs to work till 62 minimum
and working till 82 just isnt very realistic is it?
The age of workers working part time has gone up over the past few years. Health is obviously the big concern.
Why would anyone want to retire before 62 unless you just have to
Some do
I'm trying to picture a 80 y/o plus flight attendant...
I've seen and know a 70 y/o flight attendant. If you are physically able to do the job, you can do it
Just retire at 67 for your peace of mind
Good point
This is all assuming no major medical expense. One expense can take this person out.
Yes it can!
😂 🤦🏽♀️ There's 0% guarantee that her body or boss will allow her to continue to work PT into her 70s! I would not include that $1k except as a possible cushion. Remove it 100% from the calculation! 🤷🏽♀️
Thanks for the comment. The job allows you to work at any age if your body can keep up with the demands.
Yes she can retire at $250k, just spend $36k a year until she 67
Thanks!
I think that just to be safe, Joe Ann should kick the can at 63. Just saying.
ouch
doesnt she have to pay fed taxes
Nope. SS is not taxed. If she is only working part time for $12,000 a year that is below the standard deduction of $13,850.
Fed taxes would be very low if any
Only 50 percent of your SS is tax. Her federal income tax would be very low.
@@jayoman4453 After factoring Provisional income, she still pays no Fed Tax on SS. I come up with her initial $12,000 of wages then $1,000 of Provisional income, 12,000 wages+ (30,000/2) SS = $27,000. 0 to $25,000= 0% tax on ss, $25,000 to $34,000= 50% She only has $2,000 in the 50% bracket, so only $1,000 provisional added to her wages of $12,000 =$13,000 total. Standard deduction is $13,850 for 2023, so no Fed Tax. Drew correct me if I am wrong.
I wonder if she knows anyone still working in their 70s?
You can always retire. How well can you live, is the question. 😂
Good point
Work part time as a flight attendant to 80? That’s unrealistic and unreasonable.
Not really.
@@yourfinancialekgI don't believe for a min that an airline will allow a flight attendant to have a job in a plane at 75, let alone 80... way to much chance for injury...
No. If you are married. Maybe.
Thanks for watching!
@@yourfinancialekg We are gay married men.
So the answer is no because she has to keep working.😆
Gina, good answer!