How to Retire on $500k
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- เผยแพร่เมื่อ 28 ส.ค. 2024
- Do you need a lot of money to retire? A recent survey shows nearly 60% of adults believe it will be difficult for them to save $500k for retirement. If you can reach that amount, can you retire on it?
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
This isn't difficult. It's not the income -- it's the spending.
Yep
Good stuff. I use retirement planning software and exactly as you indicated, 2 of the most influential factors that contributed to a (Monte Carlo) % chance of high success of not running out of money in retirement were: a) The age you retire (ex. - 67 vs 62) and b) Your monthly expense level after retirement.
I think if your debt free and own your house $500k is enough plus SS. Assume you live 20 yrs and you get $2600 in SS. $500k / 20= $25000 a year. SS @ $2600 x 12= $31,200. $25,000+$31,200=$56,200. Can you live on $56,200 a year less taxes?
Providing your investments keep up with inflation
@@bwheming if you average 3-4% on investments and SS provides yearly cost of living increase of 2-3% you should be fine.
I appreciate your confidence. I'm concerned when interest rates 😜go down, so will bond yeilds.
@@bwheming inflation is 2-3% only when interest rates r down,
Keep in mind people spend about 60-70% less in retirement
I think if I have to wait till 70 to retire I’ll just kill myself now.😂
the job will probably do the "job" for you long before
The vast majority of Americans have absolutely nothing save and still retire on just social security. If you have no debt and a paid off house then 500k should be enough in a part of the country that has low costs
Suppose you have 460k in savings and a monthly income in SS and small pension that equals 4k a month. Debt free with $900 a month rent. Can I retire with those numbers?
After watching 100+ retirement planning vids by you and your top tier peers on YT - in the last year as I approached retirement - my takeaway has been that a couple should plan on $1.5m to retire at 65. For every year before, add $100k each yr, every year after reduce $75k each yr. Assumes needing $85k each year (after taxes) to live on. Assumes debt free. Assumes no pension. Exceptions are living in CA or NY. Of course YMMV and depends really on how much money you will need each year AND how long you expect to live.
My Pension and Soc Sec will be about $1.1 million over 20 years and I have $350K IRA. I Wont have $1.1 Mill at beginning but will recieve it spread out in Retirement. I plan to Retire in July🎉 be Re-hired In the Fall while still receiving Pension and will put as much ss possible in savings! Plan to Retire again by next summer and Travel!
Did your plan work?
@@Oglulubell ill let you know in 30 years?
@@josephjuno9555 did you retire again and traveling this Summer? 😉
@@Oglulubell yes! LOVE IT!
Going to Alaska and Iceland next - unless the volcano gets worse? I plan to alot of Amtrak Trips like California Zephyr and Alaka RR!
The average cost of a room in a nursing home costs $120,000 (today), so if you need a nursing home in the future, where does that money come from? That is a real cost many people will face. If they are lucky, and you only need assisted living in your home and you need half of that, it's still could be an annual bill of $60,000 in today's dollars. So, where does that money come from if you have only $500K?
You spend all of your savings and then with no assets left you qualify for Medicaid.
@@Sookisushibingo
A million is 40 grand per yr. 500k is 20k per yr
I cannot even imagine retiring with only 500K. That is peanuts. I have $3.2 million and am only 47 and I feel like I have a long way to go.
Work until you die guaranteed you will not run out of money. 😅