Can I Retire at 60 with $500,000 & Claim Social Security Benefits Early?
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- เผยแพร่เมื่อ 25 มิ.ย. 2023
- 🌟 Can I Retire at 60 with $500,000 & Claim Social Security Benefits Early?
In this video we will explore the question: "Can I retire at 60 with retirement savings of $500,000 and still claim Social Security benefits early?" It's a complex and personal decision, so let's dive into some key considerations.
First and foremost, it's crucial to acknowledge that retirement planning is unique to each individual. Factors such as retirement lifestyle choices, healthcare needs in retirement, and desired standard of living play significant roles in determining one's retirement readiness. However, I'd like to offer some insights based on general retirement principles.
1️⃣ Assess your financial situation: Start by evaluating your current financial & retirement status. Take into account your savings, investments, and any potential income sources. $500,000 is a substantial sum, but it's essential to determine if it can sustain you throughout your retirement years.
2️⃣ Calculate your retirement expenses: Create a detailed budget to estimate your monthly expenses in retirement. Consider essential costs like housing, healthcare, food, transportation, and discretionary expenses such as travel or hobbies. Understanding your financial obligations will help you gauge the feasibility of retiring at 60.
3️⃣ Explore Social Security benefits: While you can begin claiming Social Security benefits as early as age 62, it's important to note that doing so will result in a reduced monthly payment. On the other hand, waiting until your full retirement age (typically between 66 and 67) or even delaying until age 70 can lead to higher monthly benefits. Evaluate the trade-offs and determine the best strategy based on your financial needs.
Remember, retirement is a milestone that should bring peace of mind and financial security. While $500,000 is a considerable amount, it's vital to assess whether it can support your desired retirement lifestyle. A well-thought-out plan, coupled with informed decision-making, will pave the way for a fulfilling and worry-free retirement.
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Really informative. One of the best I have seen on TH-cam.
Wow, thanks!
Just a quick comment This is a great video. I do appreciate the time you put into informing people of something that's so important. Thank you again!! ✌️ Thx T
Thanks for watching!
Thank you,This is the video I have been looking for.Great explanation..
Thanks for watching!
Good vid! Like your presentation methodology. Thanks
Glad it was helpful!
Awesome, awesome. Awesome, as usual Drew. 👍🏻 💰
Thank you so much!
Truly fascinating, my friend! 😊
Thanks for watching!
Beautiful as always drew fabulous 👍🏻👏👏💰📈✏️📝
Thank you so much 😀
Great to know I did the right thing. I took SS in Jan after I retired at 63.
Awesome!
There is a fatal flaw with a lot of social security calculations which is the break even age with social security which is 79.8 years old.
I am using my situation as an example using my personal social security statement. If I retire at
62 I will collect $490,000.00 by 79
65 I will collect $504,000.00 by 79
67 I will collect $504,000.00 by 79
They are all quite similar and I did not calculate COLA increases as I do not know future expectations of inflation.
I see no benefit by waiting.
67
Thanks for sharing!
I look forward to all your videos.
Thanks for watching!
Great explanation as always, Drew. I really enjoy your videos.
Would it make sense, in this scenario, to do any Roth conversions while this couple is in their 60s paying little to no taxes? I'll hang up and listen. 😉
Yes great idea
Love your videos - thank you! The only part I can't follow is why the SS taxable amount is not the full year amount divided by 2? How are you getting that low figure there?
Great and very informative videos you do. Keep it up Drew !!
Thank you for watching!
TY. This was the best presentation. I have ever seen. This is my wife and I except I have small frozen pension that would kick in 600 bucks a month. Great job. Pulling the plug at 62 come hell or high water. Wife likes her job. I only tolerate my job.
Thanks for watching!
I think 6% return and 3% inflation is wildly optimistic. And you often get the explanation, "over the long term". When you hit retirement age, there is no long term. Ultimately, it's a crap shoot: Should I spend based on the average life expectancy (76 for me) and indulge myself? Or, should I plan to live into my nineties and me both very frugal, and still go low risk to protect my principle in both cases? This is the question both I and my peers have.
Both great questions! I think you can find a balance between the two. That is what I try to communicate to my clients. Life is short. We all know that. But we also have to plan for the unknown. Thank you so much for the great comment.
I dont think its widely optimistic as opposed to just being optimistic. Good points though!!
Yes I would not plan for 6/3% I’d be more conservative
pretty good odds you will live longer than you think....but waiting for the largest benefit from ss isnt a bad thing...no one ever said..wow I never needed this much money....
For those replying to this saying 6%/3% is optimistic, please provide what you feel would be realistic. Are you suggesting a 4%/4%? Then that would mean you better have a ton more money saved for retirement, since you will not have any net gains. I doubt we are all saving $1,000,000-$3,000,000 for retirement to allow for zero gains in retirement. My investments have a lifetime average of 11.5% to 13% return. I will reduce risk and returns after retirement to about half that. However, I will reduce my expenses by half, and have an additional stockpile of cash to augment changes as necessary to avoid harsh market downs. All on a single income in a high cost area of California, as an average high-school graduate. It's not what you make, it's what you spend. Live on less than you make, don't over consume on wants, and you will be fine to retire easily by 65, when Medicare helps reduce your medical premium costs. Even earlier if you are aggressive with investments and savings like I have. I grew up financially in a middle-lower class to upper-lower class, and now we are in the upper-middle class. Not a bad jump in one generation. No inheritance, gifts, lottery winnings, etc.
Brilliant! Bravo!
Thank you!
Awesomesauce! Nothing better than using the tax code to your advantage. They could still even do some Roth conversions and still be well within the 10-12% bracket and avoid RMDs altogether. Small bites every year to avoid higher SS taxes of course, but still, they may actually avoid most if not all of the taxes they might otherwise have to pay. Great video Drew.
Great idea Ray!
Love Love Love it! ❤
Thanks for watching!
Just found out about this Channel a few days ago, and it is great! Seems he is very popular because my call is not until 28 Nov. I would like to see a video on those of us who have a military retirement pension and VA disability check. I'm 55 now, would like to retire at 60 and take SS at 62.
Thanks for being patient! Yes, we can certainly work on a scenario like that.
What a great perspective. One would never know if it would be better to take ss income early without this analysis for this couple from their tax standpoint. One reason ROTH accounts may be better is because it doesnt impact the provisional income effecting tax on your ss income whereas traditional IRAs and traditional 401k will. Also ROTHs have no RMDs.
Another thing to consider is since they run out of their savings at some point, a deferred income annuity as part of their portfolio would provide lifetime income that would never run out and provide a death benefit, so they wouldnt be forced to sell their house or get the dreadful reverse mortgage.
Thank you for watching! Roth IRA's are great!
The annuity sales person’s pitch.
Before i would ever purchase an annuity i would defer my social security and use that as my annuity since it has a COLA ...
Great video
Thanks!
If they are in such a low tax rate when taking SS early, would it make sense to do Roth conversions, or would their tax rate still be low even with RMDs? Nice video!
Would be a great consideration
They need to take out more from the IRA to maximize the lower tax bracket in my opinion.
Great idea Allan!
All my money is safe in the bank.
How... how does that werk?
@@jamesof7sevendepending on your situation, if you’re married filing jointly and no otherwise taxable income in retirement, you can take up to $27,000 out of your IRA and not pay a dime of taxes
are qualified dividends in a investment acct we own taxes when we retire. Luis living in florida
Im there now but have decided to go another 10yr. It = 1mil in income or 400k saved. + the 900k will last longer. "Based on current cost/ earnings levels. Presently I'm doing alot at home before I start my night shift, I tell my wife I'm going to work to rest. I've seen others work past 70 doing what I do. 😊
Keep going strong!
one point I cannot remember you addressing in any of your videos is what happens in the case of a deceased spouse. My mother died at age 66 and my dad is still alive at age 88. In the case of this video where there are two social security benefits involved it seems it may be prudent to take the benefit for the lower income spouse at age 62 and allow the higher income spouse's benefit to increase for as long as possible to reduce the negative exposure to a deceased spouse situation. The only way to know for sure is to run the numbers for each scenario in the software. For me (age 61 & wife 65) there is only a 10 percent chance I live past 92 (30 years) but there is a 10 percent chance or greater that either my wife or I is deceased within within five years. It seems that a premature death consideration is a MUST in any retirement plan.
Good point and great retirement video idea!
My husband and I are doing this. He took SS at 68, which for him was late(1948 baby). I will take mine at 62. Then if he goes first, I will switch to his(1965 baby). His amount is the same as mine would be if I waited to 67. But in the meantime. I can draw down an extra 126k( not including COLA adjustments) in that 5 years that I take it early.
50k in expenses is madness. If you got payments, you probably shouldn't be retiring. When I retire, we won't have mortgage and car payments
That's a great mindset!
What BS. I retired at 55 six years ago with $200K. Six years later I’m doing fine with a mortgage, car payment, and sending my son to college. You don’t know what the hell you’re talking about.
@miketheyunggod2534 how much of that 200k you got left?
How much is your mortgage payment?
How much is your car payment?
Do you have health insurance?
How much income are you generating from 200k?
Enquiring minds would like to know.
@@craigschray4486dude ppl are on ssi and living just fine. You ppl are so dramatic
@@craigschray4486some ppl also pick up a part time job! If that’s all you had in retirement,you would make it work. You continue to work and listen to Dave Ramsey and suze orman they’re killing you with all this investing lol 😂work til you 100 years old and die and not enjoy your money🙄🙄
I toil over the question of whether to take SS at 65 or waiting and pull from my IRA until I hit 67 or 68. I get 8% on my SS every year I wait. Doubt I will get 8% return on my IRA yearly.
It is a tough decision!
You read our life.
Glad it helped!
At 9:25 you may have the classic mistake of calling the Provisional Income their Taxable Income.
This plan sounds great, if both live to their 90's, what happens to the taxes if 1 person dies early and then the IRA needs to be withdrawn in ten years greatly increasing the taxes because you lose the filing joint deduction, and as you age your spending more than likely will go down, at that point with both SSI the yearly spend may be covered with including the IRA, seems planning is very specific to each individual or couple.
That is why we do so many examples on this channel. Thanks for commenting!
Not if it’s a spouse
You never mentioned Roth or Roth Conversions? W their low brackets early cud they be doing Roth Conversions to lower their future RMD?
Yes they can! Just so much and not enough time in a video.
Wouldn't the $5500 age 67 SS benefit also increase when the couple wait taking from age 60 to age 67? SS doesn't account for this increase on your current statement when they estimate future benefits. Also seems like your calculations of provisional income is off, it is not simply 50% of your SS amount.
What about the widow's tax trap? Would it have been an option for the higher wage earner to delay until 70 while the other spouse took SS at age 62?
Of course! So many different options. That is why we need a flexible plan.
$50,000 for a couple is about is about $2200 tax not $5,000 or $7000
The standard deduction knocks down that $50,000
Time stamp 7:20
Good video! do they get a tax refund from federal and state?
No unless they have earned income.
Where did those initial numbers come from? The $2100 and $1750 ? The video just kicked off with those numbers on the board.
Those are collecting SS at 62.
This is a great video I'm not sure if my first post went through so I'm putting it on there again. I did the math on for myself taking it at 62 versus 67 1:41 . If I take it at 62 I will have drawn out 130k The difference between starting at 62 and 67 130k It's roughly around a $900 difference between the two different age draw points. It will take me roughly 12 years before it starts making sense as far as amount of money you've drawn out. Then of course you will start gaining 900 per month beyond that point so after 67. My thinking is I'm going to draw as soon as possible because you never know when they're going to change the rules and raise the age of when you can start drawing a minimum amount. What are your thoughts on this scenario? I would be in a single situation living with my girlfriend. She would more than likely continue working. I know there's more factors that go into all this but what is a rough opinion? Thx T ✌️ I apologize for any misspelling or wording not making total sense I'm posting this on my phone. 😎
Great analysis! Thank you for contributing to the video.
When you calculated the difference between 62 and 67 did you include the annual COLA of approximately 2.5% annually to come up with your number at 67 ... many don't ... also,of course we never know what our lawmakers might do, but i kind of doubt that they will develop a backbone and say we need to give less to seniors and risk upsetting them and thus endanger their own political fortunes ...
@@bobackerman54 No I didn't factor in cola. Does it get factored in on 62 and 67. Is it really going to make that big a difference though maybe a year at most? Still seems to me the younger you are the more things you're going to be able to do. What are your thoughts? Can you figure cola into those numbers? I'm set up to do an evaluation with you in October 10/2 hopefully we can go over some things. Thx ✌️
I thought when figuring the provisional income the first $32k was taxed at $0. $32k-$44k is taxed at 50%. Anything above $44k is taxed at 85%. So wouldn't the example be $3800 (IRA Wd) plus $23,100 (half of SS) = $26900. Because $26900 is under $32k then $0 SS would get taxed.
When figuring Federal taxes on 1040 - $3800 (IRA) plus $0 (SS) = $3800 minus $27700 (standard deduction) = $0 taxes would be due. Am I wrong on this?
No, you are right. He didn't do the provisional income calculations correctly. In addition, there is some room for a tax free Roth conversion while staying under the standard deductions in the early years, which a glaring basic oversight. I don't believe his later calculations for running out of money by delaying SS are done correctly either, but I didn't deconstruct it. If you look at the initial scenario, the inflation proofed SS total at age 70 is $31K/yr surplus over projected $50K spending, so I suspect he didn't account for SS being inflation proofed. It would need a deconstruction to say if and where there are errors. You can't run out of money when your inflation proofed income stream is more than your spending, which is sort of the point for delaying SS. A rough rule of thumb is that the utility of SS/annuity income diminishes once you exceed the income need. In this scenario, I would probably delay SS to meet 100% of my projected budget and claim there. Then I would model Roth conversions to levelize tax percentage over the whole plan.
One of the basic mathematical objectives of this type of analysis should be to levelize the effective tax percentage over the whole plan. Anytime you see 0% federal income tax for some years but not others, you haven't optimized the tax part of the question.
Is that for married? I'm single and the brackets are 25, 34, and greater than 34.
Would doing annual Roth conversions improve the situation?
Certainly couldn't hurt
I got a question his benefit retirement benefits same thing social security do I have to file for social security retirement I’m 65
You can file for SS whenever you like between 62-70. I think that is what you are asking.
Here on the work planet I'll have to keep on working past 70.
Is there an impact with RMD bumping income and increasing taxes?
Could be for sure
I do not understand where you get two SS amounts $2100 and $1750 = $3850??at 62. Explain where those amounts came from. There is only one ss payment??Right??
You sound so much like David Blackston, are you related??
😃
For a single male (which I am) the brake even point between 63 and 67 is around the age of 79 brake even between 67 and 70 is around the age of 82. The life expected age for a male to die in the US is 81. At the age of 99 there is not really that big of a gap between taking SS at 67 and 70 now there is a really huge difference between taking SS at 62 and 67 or 70 at the age of 99.
So for the vast majority of single males it really does not really matter all that much of when they take SS "IF" they live to be 81. What matters is if they will die before 78 or live well into their late 80s
Both of my parents died in their mid 60s from genetically passable diseases that is extremely common on both sides of the family. So my question for my self is not will I live an extended life but will I stop working and be retired at 62 or will I still be working until I am 67. Me living into my 80s is extremely unlikely. Now if they change the rules and there is no income penalty for collecting SS at 62 and continue working me taking SS at 62 would be a no brainier.
Great contribution!
Indeed! Isn't the average life expectancy for an American male like 77? Take it ASAP!
A person's life expectancy statistics means zilch because only God knows how long we're going to live. So therefore, we can't take life for granted because we don't when we're going to pass away.
@@slimdude2011 You mean there's really this old man who lives in the clouds that knows everything? Sorry, my friend, not everyone shares your beliefs. But you do you, and everyone else will do themselves.
FYI, He's not in the clouds He's in Heaven. A 5-year knows that! If you're going to be ignorant, educated yourself and learn something before you incorrectly challenge someone's else's comment again.
Although these videos are VERY informative, I have yet to see one where the retiring person, or couple, reduces their expenses by selling their million dollar NY or CA home, and move to the Smokey Mountains, pay cash for a down-sized home, and sock away an extra $500,000, all while living at a greatly reduced cost of living! Could someone with no mortgage, no debt, and $500,000 of retirement savings actually retire at age 55 if they lived frugally, in an area with a low cost of living?
What would be the monthly expenses?
@@yourfinancialekg I really don't have an educated answer, other than.. no mortgage, no car payments, just utilities, food, entertainment, and the big question... health care from age 55 to Medicare age... Take an area near Jamestown, TN... The cost of living is 25% below the US average, and considering there would be no housing expenses like mortgage or rent, and property taxes are literally only a few hundred dollars a year, I can't see monthly expenses being significant... What am I missing?
You can be retired and have a side hustle working when you want to work.
I did at 55 with 311k 5 years later still doing great
Thanks Drew fir your informative financial advice videos -- minus getting politically correct 😂
Thanks for watching!! 😃
I highly doubt a couple that live the life style they are used to can live off even $55,000/year. The amount they are getting from SSI puts them in the top 5% of income in the USA. The other thing missing from your estimates is insurance. This couple is not 65, so they will have quite a bit of expense for insurance before Medicare kicks in.
Thanks for the comment!
Cudnt I use those early low tax years for Roth Conversions ? I will be 62 in 2024 so low tax in Trump Cut and before the IRMA 2 yr Reach around?
Sure can!
So when one of the spouse passes, and you're left with one SS income does this blow the math up?
It needs to be calculated in.
Currently, in U.S. with $500,000 plus social security would be No cause of inflation and other unexpected health issues. This will only be feasible if living abroad like in South America or Southeast Asia. Also what if social security drys up in the year 2034? How do we account for that? Informative information and assuming its a case by case depending on an individual.
Very true. Keep in mind, Social Security is not going bankrupt in 2034, it just can’t pay 100% of benefits at this point. It would be more like 75% of benefits.
Wow! I guess everyone should just work till their Dead….
And if anyone thinks SS is going away, imagine what politician even suggests it! They'd be gone! Wait, didn't Rubio and Jim Jordan mention that? Never mind!🤣🤣🤣
@@hillbillysportsman5818I'm already a dead zombie cause I work to much 😂
One thing to consider is your spouses benefit. If you are the breadwinner and you take it early, then if something happens to you, your spouse will get the reduced rate the rest of their life.
Great comment!
Could they not take the $500K (retire at 62) and get 4.5 - 5.0 % interest and not not touch the principal 😊?
Maybe right now, but not forever and not adjusted for inflation. Good question though!
It would be more beneficial for you to say right away at the beginning that this is for a couple, it took me a second to figure out that it was for a couple, not for a single person
I’m also not sure why you’re using the sum of 23,000 instead of 46,000 because this is for a full year?
Jane, first year they retired mid-year so retirement income is less. Thank you for watching!
The couple thing confused me at first too. Partly because a lot of us are single, and partly because couples often are different ages or consider taking Social Security at different times.
What about health insurance?
Indeed! Medicare isn't free.
These numbers don't work for me. Are you talking about a single individual because as stated they're impossible. If you're talking about a couple who typically don't take SS at the same time it still doesn't work.
For a couple? Thats two Social Securities.
Didn’t see health insurance in the factors……
Health insurance is a huge factor correct!
Can, I retired 21 years ago at 45 with $400k in home equity and $100k in cash. That's it.
However I doubt seriously most people could do the same. In fact if we jumped into a time machine and went back and asked 2002 me, he would have thought you were crazy I could have done this.
Originally I was only taking a few months off to work on software I wanted to develop. I noticed I spent very little. So a few months turned into a year, then 3 years when I realized spending was the difference.
In that first 3 years my spend was about $3k/mo ($2200/mo mortgage). I sold that San Jose CA house and bought in Phoenix with no mortgage. Slowly scaled back other spending that didn't add happiness. Past 10 years average spend has been $600/mo. $133/mo prop tax, self-insure house. I don't invest so income is basically $0 which qualified me for Medicaid (now Medicare) so $0 healthcare cost (greatest insurance I've ever had too), free smartphone (LifeLine) and recently free home internet (ACP).
I haven't eaten out in 4 years. Eat low-carb, like cooking more. Doubt most Americans would consider that option.
For fun I walk 2 hours a day...midday in Phoenix. No way people are going to consider that "fun". I do. I also garden and slow flip the house I live in for fun. Some people like gardening...but most of those spend a lot of $$$ in supplies. I gather almost all my plants and even fertilizer.
Slow flipping has financed my retirement so far. The profit is excluded from income tax so I pay no income tax (don't even need to file). Getting house #4 ready now and planning a move to SE Asia. Sell or rent my house will generate about $2500/mo either via rent or interest on sales profit. Waiting to take SS until 70 which is $3600/mo in today's dollars.
Just don't see most people would take a similar path.
Thank you for sharing!
Hello from Fremont California still trying get out of this terrible State.
So you’re living off the rest of us taxpayers? Thanks
@@wdeemarwdeemar8739 Come to Florida!
Is this taking into consideration the depletion of the social security trust fund by 2034, or is this only for those who are retiring before that year? Can you do a video on how that will affect those of us who will retire after the depletion and resulting reduced benefit?
Don't vote Republican if you don't want SS touched for the worse.
Yes, I can certainly make a video
Jimmy Buffett died today at 77. A man dying at that age would not have broken even on social security. If you have assets in tax sheltered accounts that would benefit from a longer simmer, consider taking Social Security early.
Come Monday....I'll be alright
I dont think the goal is to "get even" with Social Security. It's a safety net that protects the vulnerable, not something to "beat".
Isn’t there an issue that if one is only withdrawing 3,800 per year from a 500,000 IRA then in reality this never decreases.
Even a 3% rate of return if $15,000. If one is only taking our 3,800 then the balance would be perhaps 550k at 75? What about RMD.
At some point you have to withdraw nearly 20k a year. What about single tax torpedo. One spouse dies. It’s risky.
Either way is a bit of a gamble. My strategy is to spend down the 401k/IRA to a lower level then take SS later. Will perform Roth conversions too.
What if one claims early and the other took spousal benefit early then at 70 took their own benefit.
Here is the answer: faq.ssa.gov/en-us/Topic/article/KA-02011#:~:text=If%20you%20qualify%20for%20your,that%20equals%20the%20higher%20amount.
Did you miss something? If the Trump tax cuts do not get extended and the standard deduction reverts to obamanation rules you should also add in the personal exemption amounts of 4150 each, no?
True! The software and myself only have so many variables that can be applied. But yes you are right!
My God, how much income did this person make to be eligible to collect that much from SSI ??
This question is what confused me. I thought you had to have a lifetime income amount to start the equation to get an estimated SS monthly amount. I was like how did we just start with those numbers on the board???
What about their medical cost?
Great question!
@@yourfinancialekg you didn't answer that one for them?
are you calculating in taxes?
Yes!
Don’t Obama era taxes have personal exemptions?
Yes. Obama era taxes are about 25% higher but it's not a bad tax code, just something we have to navigate.
@@yourfinancialekg lol
Good for you for homeschooling your kids.
My wife is the hero...I just support her!
?? If 2100 is from the SS benefit, where is the 1750 coming from? I'm sure I'm missing something.
The husband and wife’s social security makes up the 2 amounts
@@shawnlittle9234 Thank you!
I’m going for 65. Many friends I have didn’t even make that. Especially in the past 3 years with the 💉💉💉💉
Thanks for watching!
You can. Move to the Philippines 🇵🇭.
💥
I have never seen a Biden tax plan that proposes reducing the standard deduction. Where did you get that?
That would be a reversion back to the Obama era taxes of 2012. Sorry for the confusion.
@@yourfinancialekg But why even mention that as a possibility for someone to consider?
Ask again
Most people tend to die between the ages of 60 to 80.
True
Indeed!
I calculate an absolute minimum of 1.7 Million to retire bare bones
It’s awesome you’ve got that calculation already done
@@yourfinancialekg yup, I am adding in the cost of healthcare before 65 as well as long term care and using real inflation number and high probability of a huge pullback in January 2024
I thought you had to be at least 62 before you can collect Social Security.
That is true. They are retiring at 60 and claiming at 62. Hope that helps!
@@yourfinancialekgsometimes a husband or wife can claim at age 60, if one of them passes away, if they had already reached the minimum SSN age to draw benefits
Our plan is to retire at 55 and start withdrawing 401k to cover expense and get ss at 62. We should get the max amount and hopefully that would keep the 401k afloat. And at 65 get medicare would help cut insurance expense.
Great plan!
Can you explain what you mean by 'max amount'? Conventionally speaking, max SS amount occurs at age 70.
@INTERNETVID i meant for ss @ 62. max amount for early retirement on ss should be $2572 at age 62, this should lessen our withdraw on 401k
you delayed social security 5 yrs not 7. Great video otherwise! Thanks again!!
Thanks for watching!
Avenge yourselves, live long enough to be a problem to your children.😅
😂
“I” implies a single person, with one social security check. Please, consider either changing the title of your video, or the content.
Not having debt in retirement is an absolute must. I am also trying to build wealth and consider all my options so I can go into retirement with confidence. Another great source for retirement planning is @PlanningBeforeInvesting he explains things very well.