Can I Retire at 55 With $1.1 Million? Live Case Study!
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- เผยแพร่เมื่อ 19 ม.ค. 2024
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Retiring early is not simple!
You need a dynamic withdrawal strategy, tax plan, portfolio management, etc. or else you will not feel confident that you never have to go back to work. You never want to retire TOO early.
Email from Jonathan:
"My wife and I are thinking about early retirement this summer (me 55, she 53)
I've been doing some research and following our progress in Empower (personalcapital) and NewRetirement.
I also have come to appreciate the RightCapital software and would love for you to use my situation as an example.
I am a minister, I turn 55 in February, I have 500,000 in my 403b account, which I can withdraw a set portion as a tax free housing allowance in retirement. (I am guessing about 18,000/year)
We also have 300,000 in pretax IRAs and 360,000 in a Brokerage account, and 150,000 in cash.
The IRAs and Brokerage are invested with Fisher Investments.
We are planning to sell our house and buy a house in a lower market with the proceeds, so we don't have a mortgage.
We would like to spend 5,000/month. also estimating 800/month for health insurance.
We would love to have 10,000/year for travel for the first 10 years.
We are thinking we will work part-time for 5 years, at 25,000/year
What I can't figure out is how to model the tax implications/savings of the tax free withdrawal from my 403b.
If you would be willing to model something like this, I haven't seen anyone else do it on youtube. I'm sure there are other ministers out there ... :-)"
Ari Taublieb, CFP®, MBA is the Vice President of Root Financial Partners (Fiduciary) and host of the Early Retirement Podcast.
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![This Is What A Real $5M Portfolio Looks Like In Retirement [Case Study] ᴴᴰ](http://i.ytimg.com/vi/OH3lBFfGkA8/mqdefault.jpg)
This is the video I mentioned at 4:07 👉🏻 th-cam.com/video/bNAbDLXyai4/w-d-xo.htmlsi=sawDbH-KdS0AGP3x
Enjoyable case study. I don’t mind the zooming in.
Thank you for sharing.
Very informative Ari. plan to retire at 56 on 1.4 million. A little over a million in IRA/401k and $360,000 in laddered 26-week T-bills. Live in NorCal, home paid off, no debts. My average monthly recurring expenses over the last four years are only $1,200 a month. $60,000 a year seems to be the magic number for yearly spending and Roth conversions. It is just below the 12/22% tax bracket ($61,750) , just below the limit for me to get a ACA high deductible Bronze health plan + HSA fully subsidized ($60,850). It's fits a lot of the rule of thumbs of retirement planning 4% rule, 80% of current salary and is more than enough to fit my lifestyle, running, cycling and hiking. At this point, I have a bucket plan, a conversion strategy, a withdrawal strategy. I just need to allocate my investments to beat inflation. Sequence of returns is my biggest concern.
You’re so welcome! I recommend watching this by my partner if you haven’t seen already (Sequence of Return): th-cam.com/video/3gvvuNG8f6c/w-d-xo.htmlsi=96e6xep6xhBaxFC6
@@earlyretirementari Haha, been subscribed to James for the last couple of months. That is probably how your channel came up on my recommendations.
@@Cfrancis1968 love it!
Sounds good.
48 here, $2M in post-tax investment account, $650k in 401k/IRA. I have a 3 bucket plan with my 401k/IRA focused on equity growth while my post-tax account is focused on dividend growth and current income. My third bucket is $100k in money market/CDs. My annual dividends in my post tax account are about $120k but my wife and I still have young kids. Planning on retiring at 52.
I love it. I retired at 58.5 years old. I had a ton less than you at the beginning of Covid. I tripled my pre retirement income and assets after I retired and I am living on the pension and banking all the rest 😊
Wow great job! I believe you can retire now but what ever makes you comfortable. 2 mill in VOO which has an avg of 11 % historical avg thats 210 k a year plus your 401 k money and your emergency fund of 120k if the market goes down. Its great Depending how expensive lifestyle you have. But me i would retire. But kudos to you done great. In my case When i get to 1.3 mill i will retire i think in 1 year il be there.
Arie, could u share the dollar amount gained (annually and in total) as a result of the housing allowance here?
And, just a note that most ministers are greatly underpaid, and so this benefit just helps us be able to make it and continue serving ppl.
Well, I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered and I don't know where to go here out of devastation.
Great video, would love to hear your approach in a video to rate of return assumptions when markets are at all time highs, like the S&P500 today, versus when they are in correction or recovery periods. Enjoy your content!
Great idea and will add that to my list!
Any comments on why a future dollars scenario was not used for comparison?
I like to know how a minister has that much saved 1.3 million, yes I'm included the 150k cash he has saved as well.
Thanks for the case study. The zooming in and out is very distracting
Thanks for the feedback. Others have mentioned the desire for zooming in to see it all more clearly, so I’m sorry for the distraction!
@@earlyretirementari I would have preferred you just allow the text to fill the screen. The amount you zoomed was rather small, and you could have taken down the video of yourself from the side of the screen and been left with plenty of room for the text.
@@j10001 thank you for the feedback!
Absolutely, move to a low cost area, this million will last for 20 years.
And then join the Flying Pattaya Club 😂
Ari what age are you planning to retire at?
I believe in RE. RE = Recreational Employment. Most people don’t want to sit on the couch in retirement, they want fulfillment and they’re not getting it through their employment. I’m very lucky in that I love what I do and feel I never actually work - and that’s what recreational employment is all about. Working because you want to, not because you have to. When are you planning to retire?
So ministers get tax free distributions from their traditional 403b accounts as long as it's used towards housing costs?
www.ntsa-net.org/news-resources/tech-talk/403b-plans-and-minister’s-housing-allowances
@@earlyretirementari damn, the church really loves dodging taxes.
@@donaldcedar7574my husband (second marriage) was a minister. His salary was so low he basically worked for free. I’m shocked the minister in this video is so wealthy. My husband is most definitely not.
@@dnk4559 I don't really care? Don't involve the government with your religion.
@@donaldcedar7574yep, and their ministers
Did you factor in SSN in your calculations?
Yes sir!
What if the dollar collapse ?
Health care cost is insane in America. Retire in an Asia country .
Ha ...live till 90! Mist middle-class males live till around 74.
Don't ministers have to take a vow of poverty?
Don't people have to go to school where you're from?
No.
I hate all hte videos that say can i retire in “some amount of money”…. its all bogus.. cause everyone has difffernt income needs.. so these types of videos are worthless… every couple is different…this vidieo might match 1% of actual people.. so its of no importacne...
I’d argue that this makes watching specific case studies like the one in the video even more useful, as you can pick elements from each to put together a game plan for one’s own retirement. I personally watch them to create the framework for how I can approach it in the future.
Uh. This video was torture. I need to lay down. lol