I'm 50 with $150,000 Saved For Retirement, When Can I Retire?
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- เผยแพร่เมื่อ 16 มิ.ย. 2024
- I'm 50 with $150,000 Saved For Retirement, When Can I Retire?
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Dreaming of early retirement but unsure if your retirement savings are enough? You're not alone! This retirement video dives into factors affecting your retirement timeline, analyzes a $250,000 retirement investments, and offers retirement tips to maximize your chances of an early retirement from the workforce. Learn how much you REALLY need to retire comfortably and create a personalized plan for your retirement years. ️
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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 retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50's, 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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If I work till my lunch break on the day of my funeral, I won't need to worry about having anything saved for retirement.
HAHA
So you’re just going to call in sick for the remainder of the day? 😂
🤣🤣🤣🤣
Good plan. The only problem is that what if you are not healthy enough to work.
@@markmurrell1894LMAO
Waiting to take social security is letting years of incone go. Most people will take until they are 76 to break even for the years of payments they missed waiting until 67. Take your money. You never know how long youll live.
Very true
Not screwed. I retired at 51 last year to the Philippines with 200k. No rent or debts and play the stock market and living comfortably here.
Day trading your life savings and moving to a third world country is probably not the plan/advice most people are looking for. 🙄
Thanks for sharing your scenario
There are a lot of levers to pull at age 50. The people that I feel sorry for are those age 60+ with nothing saved and high debt. This guy in the case is not in bad position.
Agreed, this guy is ahead of the curve $150k working in the market for 15 years could turn into $800k. At that point he would be a net millionaire…
Thanks for sharing!
@@chriswb7the market will not increase 5x in 15 years.
Tim needs to increase his income with a higher paying job, side hustle, etc. I don’t agree with taking SS at 70! All those yrs not taking SS for an extra $1K or more. And no guarantee he will make it to 70 and now he’s in his slow/go years.
Tony, thank you for commenting and contributing!
You are correct. I would take at 62 and get my side gig till 70 maybe more and COLA 3-5% will add up too. Detailed calculations give me the great idea what I have to do.
I know several 67 and 77 years old still working full time where i am. My body is not planning for that, if you like working just keep going.
Very true!
Drew, Good luck to your Wildcats tonight. Game time!
Watching right now!!
Thanks for your content.
My pleasure!
Thank you, for walking us through this example. It appears that, Tim should plan to retire at age 67. Not sure, how many government jobs (Federal, State, County and City) there are in his State of Idaho but, over the next five years from age 50 to 55, I would apply as openings occur. Because, with most government jobs you get both a traditional pension and a 457 plan (which, is like a 401k) plus, you also get an excellent health care package in your retirement even if, you leave prior to the age 65 for Medicare benefits (smile...smile).
Thank you for watching and commenting!
You should do a video for someone with lower class income, at the same age, with no house, little in savings.
I can do that! What do you recommend?
I love all your videos. But out of curiosity, isn’t through retirement covers stay on retirement 😅
Everybody says "through retirement," but I want to PROTECT your ability to get THROUGH! Thanks for watching!!
I'm new to trading, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.
Buy 100 shares of a company that love and never want to sell - then write covered call options every single weak on those shares. That will give you steady money week after week. I would use that premium to buy more shares of that company you love and the law of compounding applies.
Sure, if you are single and not paying any support...and move to the Philippines...
You blew it when you mentioned Dave Ramsey.....
He's ok. Grain of salt.
Not sure what age he wants to retire and what his living expense are but that seems like a grossly inadequate amount if he is wanting to retire soon. If he saves aggressively and can keep working till at least 65 then things are looking better. A lot of people make a big mistake of assuming their income will match their costs in retirement. Most people will have (at best) a stable income, but count on costs going up.
Thanks for commenting!
Remember, he has no mortgage (and no rent). Living expenses can vary DRASTICALLY depending upon the area you live. I'm not far off from Tim's situation, and I plan on retiring at 55. I'll be selling my home and relocating to a lower cost of living area. If he can move somewhere less expensive, he can invest the proceeds from the sale of his home, and live happily ever after, IF he is careful and frugal in his spending!
My husband and I retired at 65. We have 550,000 in an IRA, 4600 monthly in SS and a small pension. We have no debt. Our home is paid for. Life has been great
I am going to retire at 78 😂
Maybe sooner?
@@yourfinancialekg I doubt .
Live long and prosperous
If Americans severely under save for retirement, then why would reaching the age-adjusted average be reassuring?
Did you factor in the taxes on his post-retirement income?
Yes
150k saved with a paid of house.
Pretty sure he can get a part time job at any minimum wage employer (where they offer health insurance) and make that work with some serious compromises.
Also 5%? Really? why bother with any of this just pickup some treasuries and call it a day . Aim for 5% is not even a bunt.
5% on treasuries is a new thing remember? What happens if the Fed lowers rates again?
$150k at 55 ??? You might as well just plan on working several more years.
at least 10 more
You have to wait and see
I retired at 51 with 200k. Just a matter of life costs and working the stock market to make income.
@@terryh1811try 20 years!
@@musictomotion I LOVE your comment. I plan on retiring at 55, and I'll have about 250k. People think I'm crazy, but living in a low cost of living area, and careful investing along with frugal spending, I really think it can work!
Tim is SOL, shouldn’t even be asking the question with only $150k saved… get to at least $500k and then can start inquiring
He has zero debt and makes 85k he needs to be maxing that 401k out for next ten years he could be Rocking the 401k by the time he’s 60 and he could easily retire then hold out to 67 to take his social security.
Thanks for commenting!
$150k? Sorry dude, never.
Tim is screwed this man have him working to 85years old
Math doesn't lie, but he can retire sooner than 85 😂
Seriously, my oldman retired this year at 62. Has only 100k saved and Collects social security and works part time at the local hardware store. Has zero debt and lives a very non flashy lifestyle. Has plenty of money for what he enjoys doing which is camping, hiking and fishing.
Your screwed
Nah
😂😂😂
Tim better stay single. Being with a woman is why he’s struggling to retire