Retire with LESS than $500,000 in Retirement Savings
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- เผยแพร่เมื่อ 23 ก.พ. 2024
- Retire with LESS than $500,000 in Retirement Savings
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Is retiring with less than $500,000 in retirement savings a realistic goal? In this video, we delve into the strategies, tips, and insights on how you can retire comfortably even if your retirement savings falls short of the half-million-dollar mark.
Join us as we explore practical ways to make the most out of your retirement savings, including retirement budgeting techniques, retirement investment options, and retirement lifestyle adjustments.
Whether you're nearing retirement age or just starting to plan for your retirement future, this video offers valuable advice to help you achieve financial security and retirement peace of mind in your retirement years.
Don't let a smaller retirement savings account deter you from living your dream retirement lifestyle - watch now and start planning for a fulfilling retirement with less than $500,000 saved!
Ready to schedule your virtual consultation, click here: pearlwealthgroup.com/contact/ or email us at info@pearlwealthgroup.com
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Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for "retirement planning at 30", "retirement planning at 40", "retirement planning at 50", or even "retirement planning at 60" understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called "Your Financial EKG™." What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50's, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.
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Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
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The majority of Americans will never have $500k in retirement savings. But good video as example sounds realistic for a middle class couple.
Thanks for watching!
I have never understood why they use your average salary to gage if you are saving enough or have enough to retire. I would think that your average annual spending would be the most important number to use as a gage.
Both are good ways to gage your retirement readiness.
Need the Single version of this.
I can do that, videos coming!
I dont get it. You are NEVER at ZERO or "run out of money" because you will STILL have monthly SS check for life at 85!
SS money was never meant to be relied on that heavily. Yes it’s a nice little chunk but it shouldn’t be the only thing keeping you semi afloat
@@Ww8.3Of course! But for Drew to say you will be at ZERO and "run of money" is inaccurate!
Very true
@@Ww8.3 funny thing is I actually spend less than my estimated benefits at 70(because I am a heavy saver and current taxes)
You’re the Best TH-camr about finance advice out there.👍🤑
Glad you think so! And I really appreciate you commenting and watching!!
$5k per month after taxes is too high for that amount of assets. They definitely need to reduce that to about $4k/month or think about a part-time job, just to be safe. Or, recognize that later in retirement they’ll need to live more simply.
Yes!
What about health insurance that you need till 65. That is a big expense. You have this formula that this couple will run out of money at 92. If they have to go into long term nursing care in there 80's, guess what, by by nest egg and say hello to title 19. Living abroad(if possible) is a better option financially.
Great point well explained
Thanks!
Also, remember that your financial retirement advisor will charge you 1% of the total value off of your retirment account. Therefore if you attain a 6% gain, you will only have 5% available to work with.
Good point
Thank you for the mini-series of scenarios.
Go 'Stros
Your welcome! Go Rays!!
So glad i will have no taxes after we retire nxt year.. all ROTH money
🤩
And you will be in a lower tax bracket with no taxes in retirement
@@johngill2853 yep can't get better than zero
@@johngill2853 yep. No income taxes after next year
@@bruceeigsti5274 and the standard deduction and lower tax brackets you could have taken advantage of?
Expenses will go down as you age. This is proven and you need to adjust the expenses. Not linear
Besides Medical
Maybe so
Not proven. It's statistically
put 400k in QYLD, that will provide 4k/mo in dividend income. put 100k in S&P500 index for growth.
Good point!
Why is inflation always at 3% in these calculations? I know my insurances and food is far greater than 3% each year. Maybe because I live in Massachusetts ?? 🤷🏼♀️
We use the 109 year average for inflation projections which is around 3.27% right now. Thanks for asking!!
How do we get Congress to stop taxing social security benefits?
vote
Like when you do SS early And a couple.. when you run numbers.
My scenario (unique scenario. Age difference) I'd like to see.. Retire in five years at 55-56, Wife will be 61-62. Should have just over 2 million if things gi OK. Collect social security early...Just because and see how it looks.
Sounds like a great scenario to run an EKG
Retired at 55 with $200K. Have a mortgage, car payment, and funding my son in college. No problems. Never invested a penny. No IRA, Roth, or 401K. All my money safe in the bank.
😮
Hi Drew, I have a few questions. If you live 30 years in retirement, are you figuring for the follow in expenses? 30 years at least three cars? At least one roof on the house you’re living in? At least, three hot water tanks? Three dishwashers? ( no I don’t mean me as the dishwasher) 😂Three microwaves? Two stoves and/or cooktops? Three washer and dryers? Just wondering how you figure these types items into the retirements. I figure maintenance or repair of these items is figured in their expenses. But not the replacement. Love your videos. Go Yankees.
I approved this question...till I read the last sentence 😅😊😂
Lol
Great question. FICalc (worth a google) lets you figure big chunks of money in. And hopefully you have kids to take your car away at 85 so you will only have to buy two future cars!
Great question! We can figure in as detailed as someone would like. Normally I have a misc column for the house stuff and then we can factor in cars as well. Go Rays!
Yes, Go Rays!
Tax rates revert in 2026 and not 2027 (provided the sunset happens).
Thanks!
I would really like if you could give me a picture of my future with what I have saved and invested I do have a financial advisor, but I’m trying to learn on my own and see what other people are saying.
Please reach out to us at pearlwealthgroup.com/contact/ we would be happy to help!
Please remember that a person that has only $150,000 when nearing retirement is most likely not good at budgeting and controlling expenses. If you are relying on that person to solve their own problem by suddenly changing, then as a financial advisor, you are doing them a disservice.
Just creating a plan to help
@@yourfinancialekg that's all you can do. Hopefully they appreciate it and follow.
TCJA expires at the end of 2025, so it's 2026 (not 2027) when rates revert. Suspect.
Suspect who?
@@yourfinancialekg You Drew, lol 😆. Thanks for the info.
You sidnt account for the reduction of social security in 2033. It is most likely that they will not pass a bipartisan fix for the funding issue.
The financial planners need to not rely on the comment that congress will fix it.
Thanks for the reminder
Most likely they won't fix it? No way,it will be fixed. The only question is who will pay for it