I'm 65 with $800K Saved For Retirement. Can I Retire?
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- เผยแพร่เมื่อ 16 ก.ค. 2024
- TAKE THE QUIZ: HOW MUCH DO I NEED TO RETIRE?
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Can I retire now with what the $800K I have saved for retirement? Can I continue to afford traveling if I retire? How much income will I need? How will I get my income? We'll answer these questions in todays case study.
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00:00 - Intro
01:08 - Client Profile/Goals
02:47 - Income Planning
05:16 - Investment Strategy
08:14 - Withdrawals
09:13 - Plan Success
10:27 - Long Term Care
11:35 - Stress Test
#retirement #retirementplanning #howmuchtoretire
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It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately over a million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Financial -advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
I really don't like making such recommendations, because everyone's situation is unique. But there are plenty of independent financial advisors you could check out. I've been working with “Colleen Janie Towe” for about four years and she's very, very good. If she meets your discretion, then you could go ahead with her. Most likely, her deets can be found on the net, so you can confirm yourself.
Thank you for this tip , I must say Colleen, appears to be quite knowledgeable. After coming across her webpage, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Scaring people into working their best senior years because they might run out of money when they are 90(!) is what the retirement companies WANT. I am retiring at 62 with at best $300K plus SS plus two pensions. I have no debt and modest tastes. I'm not wasting my 60s because of what might happen 25 years from now.
Market is down still, I've been looking up strategies and apparently both bull and bear market condition provides equal avenue to accrue massive gains, and a news article particularly mentioned a 54 year old that made $180k in 5weeks, how do I learn these strategies, my portfolio has been stagnant for months.
You wait for.... THE NAME DROP!
My experience was based on retiring at 55. Your advisor is hungry to get your $$$ to start his stream of commissions. If another Great Recession comes along your 800K can drop 40% in a hurry. Assuming the advisor takes the usual action….nothing.
Excellent presentation and spot on. Thank you.
Thank you!
Nice lecture. Thanks.
I did a ratio exercise today online. I had not been counting how much we had saved and invested until 9/2022. But I estimated that we had roughly $150K in the summer of 2022. By June of 2023 we had $250K. So, I found an online ration calculator and plugged in 150 is to 250 as 250 is to??? and hit calculate. It calculated 400 which is what we currently have. Then I plugged in 250 is to 400 as 400 is to ??? and it came out to 640. That MIGHT be where we are in summer 2025. I know the markets fluctuate and anything can happen. But there were times, specifically between March and October of 2023, that the market and our growth was rather flat. But on the whole, we hit 400 last week.
Has anyone thoughts on this? I have seen a video where the presenter stated that, due to compound interest, the halfway point to 1 million dollars is actually 300 thousand. It has me wondering just what kind of monster I am dealing with.
I have a couple of 5 year fixed index Annuities doing well and I have a 4- CD ladder I am not needing to touch either and my S.S. monthly. I have an emergency fund in a money market account too. Tell Bob he will be fine.
Bob, you'll be fine!
You know your video did well when the scam bots show up. haha nicely done video
if you can't retire on 800,000 you are doing something wrong. or you are just bragging you saved that much
Just hit 50, I plan to retire at 60, project to have around $1.2M in cash and $0.5M in 401K. Home and rentals all paid off worth around $3m. I will most likely start withdrawing SS at 62 together with my wife, she is 6 months younger than me.
Taxes are way overstated @ 9,000
most of these " financial advisors" havent seen a real bear market yet, they think its just an average annual rate of return, totally misleading
Why not use the home equity in the last years if your life for long term healthcare?
medicare cost, healthcare, tithe-donations not built-in
Your link to the quiz doesn’t work anymore.
Sorry about that! We reached the max number of responses. It should now be working. Here's the updated link: carlsonfinancial-22092252.hs-sites.com/how-much-do-i-need-to-retire
Easily. Unless you spend like crazy. Traveling the world for 4 months a year on just a little more than that.
Nonsense. What person who knew how to make good money and how to save and invest it would not know how to answer this question? I'm about half stupid, and I knew I could retire.
No
I retired at age of 62 and have $80.00 dollar only. Now I am 77 and make $4000.00 a month pension.
A pension that pays $4,000/month is roughly the equivalent of having $720k in the bank.
Buy me a beer?
$800K invested at 10% is $80K per year plus social security and pension income. Especially if he is debt free, then yes. He can retire. Leave knowledge to the heirs. Teach them to duplicate or surpass your financial success. Long-term care insurance can be purchased. The average stay in long-term care is less than 3 years. BTW, he owns a $400K house that will continue to appreciate in value. Worst case scenario, he can sell his home and downsize into a condo with very low maintenance costs.
That all sounds great up until you realize you cant guarantee a %10 return....ever!!
How do i engage you?
Buy him a ring?
just when he retires the maket goes down 25% 22% and 19% the first 3 years...then what?
Then he budgets better, spends less, and invests more money into the market because it's 25% off fire sale prices. Over the rest of his life, the market will make him about 10% per year on average.
@anthonydooley3616 sure...chase the market when your trying to retire..thats the last thing you should do
I would hope he wasn't 100% invested in the market going into retirement and spread his portfolio to bonds, cash, and other investments such as REITs to mitigate such drops. It's advisable to have 2-5 years worth of living expenses in cash just for scenarios such as this.
There are stable companies and or ETFs that pay monthly and quarterly income. $800k can generate $3,400/monthly, conservatively invested. That's enough to live comfortably in a state run by Conservatives!
@@2ten2 treasuries are 5 1/2 %....why mess with equities ?
"Right. You worried about running out of money at age 90 🤦♂️ you ain't even made it to age 70 😂 dude you're entitled to social security will always be around.... 800k is plenty enough to retire on"
I never understood the big deal because when he dies it will go to his son’s. These ppl want you to think you have to retire a millionaire lol everyone doesn’t retire a millionaire
@@maritoreyes6392 "People are so dramatic and over exaggerate this junk. Both my grandparents get social security, and they're living a normal life just fine they're traveling, and all on social security"
@@maritoreyes6392 exactly 💯 you know how many people aren't millionaires when they get that age 🙄
Someone should tell Bob he needs a better tax guy.