Thanks Drew. Nothing trumps expenses. Walking into retirement with no debt is a huge hedge against future losses. I like these scenarios, but I feel for most people expenses will go down through retirement and although this is meant to be a basic "can you make it" set up I would think that as one ages spending less will come naturally. -Just my 2 cents.
Thank you Drew. I love these scenario videos. I'm 49 with $580K so retirement at 55 with $750k looks very appealing. I have absolutely No debt (not even a mortgage) and one year worth of emergency funds so $3100/month will be more than enough until SS kicks in. 🙂
Drew, I was wondering if you should place a Social Security Cola on the $2800 dollars over the first 12 years. I believe that would be more realistic and help the cause for the $500k and the $750k example.
@@davidfairchild1640 That can be on one of the reasons why it is possible there. It would be much more difficult for a family with kids in a high cost of living area unless they live on rice and beans lol
I enjoyed this video, especially with the $1 million example. Gives me a good idea where I am on my journey to retirement. Luckily, I will be able to include my wife's SS in the future. Thank you for all you do.
To add to what everyone else has said, why wait until 67 to start collecting ss? Change that to 63, that will lower the withdrawal rate and would stretch it out quite a bit
Great video Drew. I’m 53 y/o with $1.5 million and seriously considering retirement at 55. My biggest expense would be health insurance. How much do you think that would be per month?
Use an affordable healthcare calculator for your State. It's your AGI that will determine this. If you can control your AGI you can get good cost for health insurance
How healthy are you? Are you willing to live in another country? America has the most expensive and worse out come for health care. If you are not sickly now, GET OUT!
@@yourfinancialekgcorrect, but if there’s little to no COLA, then there’s also little to no inflation. I don’t think you should inflate expenses if you aren’t inflating the COLA.
In the $1M scenario, once the social security COLA is added in, it would likely carry that invidual into their early 90's. I think that for my retirement gig, I want to work part-time for Drew! 😊
The income needed is flawed I bet they do not account for emergency and market down turns and the assumption that the person does not have back up money instead of depending on stock market.
Math has to be wrong. Social Security has a COLA and his inflation per month has to calculated wrong as well. There is no 3% inflation per month. It’s yearly. I’m sure he’s doing the math wrong
Sorry, have to rant here. "Daily inflation...to get down to the penny"?... C'mon man. Absurdly low values like the 6% ROR will totally overwhelm anything you are trying to show with daily inflation. I'd suggest getting to a realistic (accurate) answer FIRST. Then you can tweak things to see how it changes. You are trying to be accurate, but the best you can hope for is precision. I know it is just an example, but you are quoting statistics that are simply not true. And it is hard to not nit-pick when that happens. I hope you can take this as constructive criticism.
Thanks Drew. Nothing trumps expenses. Walking into retirement with no debt is a huge hedge against future losses. I like these scenarios, but I feel for most people expenses will go down through retirement and although this is meant to be a basic "can you make it" set up I would think that as one ages spending less will come naturally. -Just my 2 cents.
You’re right!
Thank you Drew. I love these scenario videos. I'm 49 with $580K so retirement at 55 with $750k looks very appealing. I have absolutely No debt (not even a mortgage) and one year worth of emergency funds so $3100/month will be more than enough until SS kicks in. 🙂
Thank you for watching!
Thanx 4 the heads up. Keep doing what Ur doing, helping the ppl. .
Thank you!!
Drew, I was wondering if you should place a Social Security Cola on the $2800 dollars over the first 12 years. I believe that would be more realistic and help the cause for the $500k and the $750k example.
I am weary with the state of ss to be to optimistic and that is why I don't do that. Great comment!
Great video! Thanks for sharing. I'm 51 and hope to retire at 53 with ~$1.8M and house paid off.
Thanks for watching!
Great! Are you located in a low cost of living area?
@@IrisP989 yes! Suburban Midwest.
@@davidfairchild1640 That can be on one of the reasons why it is possible there. It would be much more difficult for a family with kids in a high cost of living area unless they live on rice and beans lol
I enjoyed this video, especially with the $1 million example. Gives me a good idea where I am on my journey to retirement. Luckily, I will be able to include my wife's SS in the future. Thank you for all you do.
Thanks for watching!
To add to what everyone else has said, why wait until 67 to start collecting ss? Change that to 63, that will lower the withdrawal rate and would stretch it out quite a bit
Great comment!
Great video Drew. I’m 53 y/o with $1.5 million and seriously considering retirement at 55. My biggest expense would be health insurance. How much do you think that would be per month?
I use about $1000/month
Stephen is right on point! About 1k
@@yourfinancialekg ouch!!! Certainly a lot more than $350
Use an affordable healthcare calculator for your State. It's your AGI that will determine this. If you can control your AGI you can get good cost for health insurance
How healthy are you? Are you willing to live in another country? America has the most expensive and worse out come for health care. If you are not sickly now, GET OUT!
SS has a COLA. His math is wrong. He needs to increase the SS with the CPI as well
He explains in the last example why he doesn’t include COLA.
Cola is not guaranteed. Ask anyone from 2008-2019.
@@yourfinancialekgcorrect, but if there’s little to no COLA, then there’s also little to no inflation. I don’t think you should inflate expenses if you aren’t inflating the COLA.
@@yourfinancialekg COLA average in that timeframe 1.58%/year. Inflation average in that timeframe 1.57%/year.
@@daveharness70 which gauge of inflation do you use? Government or real life 😂
In the $1M scenario, once the social security COLA is added in, it would likely carry that invidual into their early 90's.
I think that for my retirement gig, I want to work part-time for Drew! 😊
Come on down! Just watch out for hurricanes 🌀
Is the social security adjusted for future value
Not until it is taken. I am weary with the state of ss to be to optimistic
@@yourfinancialekg gotcha
8% return since 1950? My sources say it is over 11%. What is your source?
David, I think you need to start your own TH-cam channel.
@@yourfinancialekg I had such high hopes. I guess I'll go back to trying to stomach Josh's videos.
@@daveharness70 Josh?
@@daveharness70 Heritage Wealth?
Did you factor in taxes
Yes
The income needed is flawed I bet they do not account for emergency and market down turns and the assumption that the person does not have back up money instead of depending on stock market.
Good point
That’s why we have to start collecting social security at 62 and 1 million last forever.
Exactly
So says Sarasota Tim
Who?
Math has to be wrong. Social Security has a COLA and his inflation per month has to calculated wrong as well. There is no 3% inflation per month. It’s yearly.
I’m sure he’s doing the math wrong
Math is right, thanks for commenting!
Sorry, have to rant here. "Daily inflation...to get down to the penny"?... C'mon man. Absurdly low values like the 6% ROR will totally overwhelm anything you are trying to show with daily inflation. I'd suggest getting to a realistic (accurate) answer FIRST. Then you can tweak things to see how it changes. You are trying to be accurate, but the best you can hope for is precision.
I know it is just an example, but you are quoting statistics that are simply not true. And it is hard to not nit-pick when that happens. I hope you can take this as constructive criticism.
Thanks for watching!
No, just no
Maybe?
Can you retire at 55 with $1M? Yes. Should you? No.
I agree!
@@yourfinancialekgok what about working part time? Or should you work.until 62 years old?