Can I Retire at 55 with $400,000 in Retirement Savings?!?
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- เผยแพร่เมื่อ 12 มิ.ย. 2024
- Can I Retire at 55 with $400,000 in Retirement Savings?!?
Thinking about early retirement? This retirement video dives into the reality of retiring at 55 with $400,000 in retirement savings. We explore what it takes, the retirement challenges you might face, and retirement strategies to make your dream a reality. Is it enough? Watch and find out!
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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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Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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Great vid Drew! I know the names are changed to protect the innocent but I’m so sorry Candace is going thru something so difficult. I wish her well and glad she has a champion of finance in her corner!
Thank you so much for watching and commenting!!
Well if the last video was correct and they couldn’t retire at 55 with $1 million then I’m guessing the same is true with only $400,000!
Gotta watch to find out!
Depends on expenses.
@@Ethernet480if you can’t retire on $1000000, unless your expenses are $10000/ yr, you couldn’t retire with $400,000 no matter what!
Depends on where you live & the lifestyle that you desire. That same $400K won’t go very far here in California & with a joy for traveling: Hawaii, Italy, & Poland.
Living in Kansas; driving a Ford Explorer & keeping things “modest” will probably allow for retirement with that bank balance.
Kansas is nice this time of year
In the state of Colorado, the person paying the alimony (we call it maintenance) pays the taxes. The receiver does not pay taxes on alimony.
Wow, awesome!
When I looked up the rules for federal income tax, it appears that this is now true of all states (depends upon divorce date but within last 5 years or so) Worth a double check for your client.
400k…..but…it’s a pension or its alimony or a trust. Yes they can with 400k with a pension or alimony or a trust
Thanks for commenting!
I retired six years ago at 55 with $200K. Still have a mortgage, car payment, and sending my son to college next year. No problems.
Wow Mike! Would love to know your strategy and scenario
You must have a heck of a pension
You didn’t mention that with ex-spousal benefits, the ex-spouse must be at least 62 before the divorced person can receive the benefits. I must wait until I’m 69 for this reason.
Good point!
Drew, where do you put hard assets such as precious metals etc? Would you place these under cash or under investments and try to calculate a rate of return on it?
I usually calculate those as protected or non-liquid just like real estate. Yes, I do put an ROR on them as well but keep it conservative.
@@yourfinancialekg Thanks Drew!!
Also, if the estimated SS amount is $1800/month today, it will be slightly higher by the time she receives it in 12 years due to COLA increases. Can this be estimated?
Yes it can but we are conservative with these projections.
Hey Drew, not a big fan of reverse mortgages, but in her case, what if she did a reverse mortgage at 62 to get rid of the mortgage payment?
That's not a bad idea Stephen, but yes, I am not a huge fan either
Divorce sucks, feel sorry for Candace😢
Yes it does.
These are very conservative assumptions. Immediate annuities typically pay ~6%... even 5% would be low, so 4% is way way to conservative and setting the analysis up to look bad.
I'd rather be conservative and come in higher than the other way
@@yourfinancialekg i would think that regular reviews of your clients portfolio and spending goals would be more beneficial. This would allow your client to spend more when they are younger and more healthy, and adjust accordingly as they get older, and see how the investment returns look like. This would be much more beneficial to clients who want to retire early. Predicting the future is hard, but overly conservative (or optimistic) assumptions ultimately will hurt the client.
She ain’t retired!!! She just ain’t working!!!!
Good point
I won't retire at 50 with $3 million.
Thanks for commenting!
400K in retirement, but she's a "homemaker" her entire life?? How the hell did she get $400K..... oh ya: divorce payout. Gentlemen, protect your assets if you ever go down that road.
Cleaning, cooking, shopping, caretaking have value. But yeah, partners can split these responsibilities and both work good paying jobs, with assets protected by prenups. Don’t know how people do it on one income anyway.
@@CarrieV9 Our household has been one income for 20+ years (of the last 25 we've been married). 5 kids. I told my wife to stop working because it was too much drain on the family and my stress level. Midwest, never really made more than $150k. It can be done.
her (ex) sugar daddy makes good money.