What Would It Take To Retire at 65 With $7,500/Month?
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- เผยแพร่เมื่อ 12 พ.ค. 2024
- Setting a goal for retirement can be a huge motivator. But sometimes it can feel a bit open ended. How much do you need? What's your magic number?
In this video we're going to take a look at a goal of spending $7,500 a month in retirement, and what it would take for a couple age 65 to do it in a traditional way, using just social security and what they've saved and invested.
We'll look in 2 ways: 1) with a fixed monthly amount only adjusted for inflation. 2) with a flexible spending amount that adjusts on something called the retirement spending smile.
What will they need to have saved up to make it work? Let's find out...
#money #investing #retirement #finance
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Timestamps:
00:00 Intro
00:52 Notes & Assumptions
02:06 Jumping Into the Example
04:35 Breakdown On Social Security
07:04 First Look at Chances of Success
09:01 How Much do They Need for 90% Success?
14:19 How Much if They Use A Flexible Spending Approach?
15:52 Final Thoughts
17:50 Where to Find Us
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Next Video: Taking Social Security at 62 vs 70, What's The Difference??
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Finally! A sane, reasonable, on point, retirement analysis. Too many of these guys get off on a tangent and struggle to stay focused. It’s all about retiring early and how to work the system. That’s not for everyone.
Good job on this video Curtis. You didn't complicate the portfolio and you made your point. My plan for when to start drawing SS is to make it to full retirement age, then take it a year at a time after that. Hopefully, and God willing, I bridge it out to age 70.
You can take it a month at a time
Good Lord!!! They have $60,000 in SS so only need an additional $30,000. For only 25 years! Plus $180,000 in pre SS income. That is only a 2% withdrawal rate. I personally wouldn't buy an annuity but for about $925,000 you can buy an annuity that would pay $60,000/year for both lifetimes. $30,000 inflated at 2.5 for 25 years would never get to $60,000. If this was my CFP, I would be looking for a new guy.
I personally think buying a annuity is the way to go. I bought one at 62 years old single life time and getting $1407.00 a month for life the money it cost was $275,000. The day 65 I can get $2,250.00 a month for a $350,000 investment.
Do one for single folks
very nice analysis, but I'm afraid I have to disagree with the 90% probability. The way I have set up things is to very dynamic in my spending and make sure we always have zero debt from the minute I retired (retired at 58). The last thing I would want is to have millions left when I die. Also for those of you reading this, long-term care in the USA is a joke, actually better said is a robbery. Travel in your earlier years to places, make friends and connections. In places like Panama, Mexico, Thailand, Philippines you can live alike a king with much less. Heck in all these places if you take in a family and tell them as long as I am alive you will have my SS, they will take care of you like their own grandparents.
HiCurtis , did you take RMD into consideration ?
A lot of cash!
What percentage of people have 1.5 million dollars ???
That is the percentage of people you helped with this video ... probably missed
A lot of folks ...
You’re missing the point. The numbers are arbitrary. How much money do you need a month in retirement? How much money does SS provide? What other sources of income do you have? Such as cash, IRA, brokerage accounts, rentals, etc. The concept is the same regardless if you have a million dollars or not.