Can I Retire at 60 With $250,000 Saved For Retirement?

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  • Опубліковано 24 вер 2023
  • Can I Retire at 60 With $250,000 Saved For Retirement?
    🌟 Are you wondering if you can retire comfortably at 60 with $250,000 saved for retirement? 🌟
    Here are some factors to consider:
    1️⃣ Lifestyle and Expenses: Your current retirement lifestyle and expected retirement expenses play a crucial role. Do you plan to downsize your home, travel frequently, or have any specific retirement goals? Understanding your spending needs is key.
    2️⃣ Investment Strategy: Your retirement investment choices and asset allocation will significantly impact your retirement savings. Diversifying your retirement portfolio can help manage risk and potentially grow your nest egg over time.
    3️⃣ Social Security and Other Income Sources: Don't forget to factor in potential retirement income from sources like Social Security, pensions, or part-time work during retirement.
    4️⃣ Healthcare Costs: Consider healthcare expenses, which tend to increase with age. Having a solid plan for healthcare coverage is crucial.
    5️⃣ Longevity: Life expectancy is another essential factor. With advances in healthcare, people are living longer.
    6️⃣ Inflation: Account for the impact of inflation on your purchasing power over time.
    Remember, there's no one-size-fits-all answer to retirement planning. The best approach is to assess your unique retirement circumstances and create a personalized retirement strategy. While $250,000 can be a solid foundation, it's essential to have a comprehensive retirement plan in place to ensure a comfortable and financially secure retirement.
    If you're unsure about your retirement readiness or need assistance in crafting a retirement strategy, don't hesitate to reach out. Your future self will thank you for the peace of mind that comes with a well-thought-out retirement plan. 💼🌅
    #RetirementPlanning #FinancialAdvisor #PersonalFinance #RetirementStrategy #FinancialSecurity
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    **Enroll In Our Course: Can I Retire: A Foundation To Your Retirement Journey: drew-s-site-958e.thinkific.co... ** 🖥️
    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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    ❌ *Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.* ❌
    Pearl Wealth Group
    Drew Blackston, CRC® & RFC®
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    Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
    #retirementplanning #retirement #financialfreedom

КОМЕНТАРІ • 252

  • @yourfinancialekg
    @yourfinancialekg  8 місяців тому +4

    **Free Retirement Download: The Checklist to Retirement:** 📊
    pearlwealthgroup.com/

  • @devildog_usmc9384
    @devildog_usmc9384 8 місяців тому +106

    I would rather enjoy 55-70 rather than worry so much about 80-95 when you may or may not be alive. Statistically speaking if you are alive 80-95 you will likely not be able to do much. Retire as soon as possible life is fleeting.

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +5

      Very true

    • @Mitzi73
      @Mitzi73 6 місяців тому +1

      All my grandparents died in the mid-80’s with the exception of 1 who died at 91. My parents are in their late 70’s and are doing incredibly well. So I have to think about longevity. But I agree with your premise.

    • @quietearthMT78
      @quietearthMT78 3 місяці тому +4

      Yeah I was thinking the same thing.... statistically speaking, the average life expectancy for MEN in the US is 73 years old. Women are about five years longer.

    • @rocioocampo8735
      @rocioocampo8735 3 місяці тому +8

      I’m 56, two of my siblings are already dead one at 56 and the other one at 60 😢. I want to retire today!

  • @rockk973
    @rockk973 8 місяців тому +23

    We are all lucky and blessed to live to 60. My Beautiful wife past at 42. Live your life

  • @denniss3980
    @denniss3980 8 місяців тому +23

    I get tired of these “I have $$$ saved, can I retire” the correct question is “I need $$$ to live on, how much do I need to retire “

  • @bonanzatime
    @bonanzatime 8 місяців тому +23

    I've been watching retirement videos lately, and I have to say, you are one of the best and at this point my favorite. I like your logic and ability to communicate.

  • @falaniaae1835
    @falaniaae1835 6 місяців тому +7

    OMG, this is me! Thank you for having a video for us normal people. This senecio is where I am at but I want to keep working to max out my retirement fund as long as I can. I am projecting at 65 to work part time and collect my SS at 67 then I'll retire. I reduce all my expenses and no debts at all. I plan to live abroad where my living will be so much less than living in AMERICA and health care is way better abroad. I have a side gig as a Travel Advisor I work on when I can. It's pocket money for me now. I will be 62 in April and I am a single Flight Attendant who loves my job. When I retire I get lifetime benefit of flying.

    • @yourfinancialekg
      @yourfinancialekg  6 місяців тому +2

      Awesome! Thanks for commenting and watching!

    • @jml9550
      @jml9550 6 місяців тому +2

      I am also projecting to retire at 60. Home and rental all paid off. Should have $1M+ cash and decent 401k. Plan to withdraw SS at 62 with my wife. Also Plan to sell my primary home and rental at retirement worth around $2M, then move somewhere cheaper like a $6-700k home.

  • @24_Delta
    @24_Delta 8 місяців тому +10

    This is the EKG I'd been hoping for. Single, no pension, no TSA - just an average 401k/IRA and a little side income.

  • @scotth5357
    @scotth5357 8 місяців тому +14

    At 60, do you want all of your money in the market? A 2 year recession could toast your life savings. I think in this environment, I would convert to a stable high interest investment. 5% with no risk MAY be better than a MAYBE 6% with high risk. I agree about taking SS at 62.
    I have to smile about the 80 year old working part time. Only because, as an American male I likely died 8 years before then.

    • @darlenepaul2918
      @darlenepaul2918 8 місяців тому +5

      I've never seen an 80 year old stewardess...have you??

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +1

      Rates of return can be projected out at lower rates but the working is also the protection from market loss

    • @michelecurtis308
      @michelecurtis308 8 місяців тому +3

      @@darlenepaul2918she’d be coming down the aisle with her walker😂

    • @melvinbarnes6652
      @melvinbarnes6652 8 місяців тому +2

      That was my concern with the scenario. The math works but what's the reality of her being capable to work at 80. Her risk factors need to include the effects of age and health.

    • @bc_usa
      @bc_usa 6 місяців тому

      ​@@melvinbarnes6652Especially at 10,000 feet. 😮

  • @ursularandle683
    @ursularandle683 4 дні тому +1

    Finally a scenario for the most of us. Only one of my friends that I know of has a million plus portfolio. Thank you for this video

  • @everettcalhoun8197
    @everettcalhoun8197 7 місяців тому +3

    Real life. Retired at 55 with $375,000 in tax deferred instruments. Was going to file for SS at 62. When I got to 62 and had more in my tax deferred instruments than when I retired 7 years earlier. I decided to wait till 66 to apply.. When I got to 66 after withdrawing from TDI's I still had more in those accounts than when I retired at 55 so I decided to file for SS at 70. Now if I would have filed for SS at 62 I would have received $1700 a month at 70 I receive more than $4000 a month from SS . My point is the breakeven point for SS for me was 6 years. Not ten or 11. The biggest reason is the cola difference between applying it to a smaller number and a large number. My cola increase this year is $130 per month. You may not be able to match the market returns of the last 15 years. I am so happy to have taken money out of the market when you could make some money. For the average investor you cannot beat 8% year after year along with differential tax treatment. Just sayin'

  • @maelstrom530
    @maelstrom530 8 місяців тому +8

    Great job, Drew. Appreciate how you layout the data

  • @Murolo1020
    @Murolo1020 8 місяців тому +7

    Another great video Drew! (Minus the sound effects 😂)

  • @kimberlypickering5725
    @kimberlypickering5725 8 місяців тому +3

    So interesting! I really appreciate how you explain each of the steps.

  • @abrahams.lincoln6749
    @abrahams.lincoln6749 7 місяців тому +2

    Thanks for keeping it real Doc. 👍

  • @patrickjlouis6651
    @patrickjlouis6651 6 місяців тому +2

    I'm new to your channel an i love the wey you break the numbers down, i just subscribed .. thank you bro for keeping it simple..

  • @grcerosa
    @grcerosa 8 місяців тому +1

    Fabulous as always Drew👏👏👏💰💰💰

  • @jjdelamo6246
    @jjdelamo6246 8 місяців тому +8

    Retire in Philippines. Live like a king with $250,000 saved.

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +3

      Video coming soon!

    • @Ww8.3
      @Ww8.3 2 місяці тому +1

      If your ok with going to hospitals with standards from the 1970’s…

    • @jjdelamo6246
      @jjdelamo6246 2 місяці тому +4

      @@Ww8.3 In Manila (Makati, BGC, Ayala), their hospitals are US-standard, even better than some.

    • @bublysoda
      @bublysoda 2 місяці тому

      Just please don't exploit the local culture/people and become a nasty, rude, bigoted expat that are sooo common in these parts.

  • @teresaslack4750
    @teresaslack4750 3 місяці тому

    Great helpful videos. Thanks

  • @MrIndyJones
    @MrIndyJones 8 місяців тому +10

    $3000 a month in expenses, but you need to add an additional $500 - $750 a month for health insurance for 5 years, plus rate increases if she retires at 60

    • @TKsandtrooper
      @TKsandtrooper 8 місяців тому +1

      This is constantly overlooked when doing these calculations.

    • @lynnellechappell3337
      @lynnellechappell3337 8 місяців тому +3

      How do you know health insurance is not included? I can live off $2k in Florida and still have $ left for insurance, less if I have a roommate. $3k/mo is doable for sure.

    • @bublysoda
      @bublysoda 2 місяці тому

      @@lynnellechappell3337 If it is included (likely not), she will have to worry about homeowners insurance skyrocketing in FL.

  • @terrybrian5943
    @terrybrian5943 8 місяців тому +11

    Work part time till 80 ? That’s not retirement.

  • @Callie_FL
    @Callie_FL Місяць тому +1

    As a widow trying to retire asap, your videos are super helpful & realistic. Go Rays!

  • @WarriorMindset339
    @WarriorMindset339 19 днів тому +1

    I am 63 and have 0 in savings, and no 401K. I am retiring next year and plan to live good on $1500 a month with my wife. We can get an apartment right on the beach in Da Nang Vietnam for around $400 a month. Average cost of a meal for two is around $2 to $3 dollars. You have to think outside the box.

  • @edhcb9359
    @edhcb9359 8 місяців тому +14

    Sad because $250k is not nearly enough but it’s way higher than the median amount saved at 60.

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +1

      True

    • @mmmd3429
      @mmmd3429 2 місяці тому +2

      Many are retiring with zero. They can make it work. The next few years are not guaranteed.

    • @edhcb9359
      @edhcb9359 2 місяці тому

      @@mmmd3429 “The next few years are not guaranteed”…fortune cookie wisdom for the YOLO crowd that retires with no money. 😂

    • @mmmd3429
      @mmmd3429 2 місяці тому

      @@edhcb9359 They have $250k, that's not zero and no mention of Yolo.

    • @tyecooper4536
      @tyecooper4536 День тому +1

      250k is plenty because her expenses are low. If they are kept low she'll be fine. I will not be living to work. I plan on retiring early and getting ss as soon as i can.

  • @michaelcoudriet5896
    @michaelcoudriet5896 2 місяці тому

    Thanks for your take on this topic. It's a good conversation starter but not complete. Much left out in these calculations. Health insurance, buying another car, car maintenance, fixing or replacing an a/c unit, refrigerator, carpet, oven, roof issues, etc...

  • @JayanthUkwaththa
    @JayanthUkwaththa 12 днів тому

    Thank you

  • @michaelherring4310
    @michaelherring4310 8 місяців тому +3

    Hi Drew! I'm thinking of retiring next Spring when I hit 59. I've got approx $500K in investment accounts (403B, Traditional IRA, Roth IRA). My part-time job in SC annually is about $50K. I've got rental property that adds about $40K to that income on my 1040. I have no debt. My biggest question mark is Health Insurance. I'd like to live off the rental income. I'm working a budget to live off $30K, but no longer adding to any retirement accounts except my Roth IRA (which I love because it grows tax free). Does this sounds doable??

  • @donettesis6155
    @donettesis6155 7 місяців тому +1

    Drew, you are the first person I've found who makes it very easy to understand. My husband and I are looking for some help, but your link is not working. Are you no longer taking new virtual clients?

    • @yourfinancialekg
      @yourfinancialekg  7 місяців тому +1

      WE are! Sorry, the link was not working but we have fixed it. Here you go: pearlwealthgroup.com/contact/

  • @767bob
    @767bob 8 місяців тому +2

    A Flight attendant salary goes up every year unless they are topped out. But still she might get a 2% a year increase, so if she is putting in the same hours, her salary is higher every year. This will change the math on how much savings will exist after each 10 years. Same with the Social Security, it will go up every year. So yes, taking SS at 62 will work better than waiting for 67, the numbers will be better than shown on your example. But still, great job on your video.

  • @preparingforretirement
    @preparingforretirement 3 місяці тому +1

    Great analysis but don't you have to take the COLA increases into account with social security in the first example if you are adjusting expenses for inflation also? As of now her future payment is calculated for 67 at 2500 but that isn't taking into account 7 yrs of COLA.

    • @yourfinancialekg
      @yourfinancialekg  3 місяці тому +2

      True, but I am just conservative in my estimation. COLA is not guaranteed, but inflation is probably going to be there no matter what "COLA" calculation the gov uses.

  • @brianbunk9057
    @brianbunk9057 8 місяців тому +1

    Great video as always, SS COLA 2.4% ?

  • @josephjuno9555
    @josephjuno9555 8 місяців тому +1

    Do Pensions count as part of that income limit? I have a Fixed $22,080 pension, Bo COLA THAT Alone wud put me over the Limit? I wud like to work Part-time but not if it wud affect my Soc Sec that much? When projecting Soc Sec do they add in COLA?

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +2

      Pensions do not count in the income limit, only earned income. COLA is 2.58% currently.

    • @josephjuno9555
      @josephjuno9555 8 місяців тому

      Ok, good! I want to work Part-time to get some income and full Healthcare. If Pension doesn't count I can stay under limits by only working a few days per week.

    • @davewebbtheauthor
      @davewebbtheauthor 5 місяців тому

      @@josephjuno9555 Pensions in fact do count as taxable income. Some states don't tax it, but there are federal taxes, so you should include it in the mix.

    • @josephjuno9555
      @josephjuno9555 5 місяців тому

      @davewebbtheauthor
      yes but I was asking if it counts toward the SS Earned Income limits

    • @davewebbtheauthor
      @davewebbtheauthor 5 місяців тому

      @@josephjuno9555 Oh, ok.

  • @jamescalifornia2964
    @jamescalifornia2964 8 місяців тому +3

    ~ Some retire in another country to make their money go further - and for a change in life . 😊✨️

  • @jamesof7seven
    @jamesof7seven 2 дні тому +1

    OFCOURSE YOU CAN (mutters under breath) *if you own your home...

  • @stevestich4991
    @stevestich4991 7 місяців тому

    Hey Drew.
    Can I sign up for a retirement EKG?
    I really enjoy your videos! Thanks. Steve

    • @yourfinancialekg
      @yourfinancialekg  7 місяців тому

      Yes you can! Please visit our website at pearlwealthgroup.com.

  • @marcopolo3109
    @marcopolo3109 8 місяців тому +1

    Awesome videos. In my situation I am on my 30s and I already retired. For the past 12 years I invested aggressively in the stock market, and I gained excellent returns. I saved most of the time and i don't overspent. This helped me to retired at this young age with $520,000. Thank you for the videos are really helpful.

    • @bublysoda
      @bublysoda 2 місяці тому

      How are you able to retire w/ $520k in your 30s? You must live in a LCOL area or somewhere internationally that is LCOL. Good for you.

  • @denisep.98
    @denisep.98 8 місяців тому +1

    How would RMDs affect the second scenario?

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +2

      She is using the IRA for income already so wouldn't be affected

  • @Will67267
    @Will67267 Місяць тому +1

    Yes , at 55 retired in the Philippines with 250k plus I have a pension of $1800 a month. I have a $2500 a month budget and living like a king!

  • @sullyone8373
    @sullyone8373 8 місяців тому +1

    What about medical expense pre Medicare? Isn't that a fixed expense, and a pretty big one, those first five years?

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +1

      Yes it is!

    • @sullyone8373
      @sullyone8373 8 місяців тому +1

      @@yourfinancialekg I really appreciate your videos and analysis. It is truly helping me assess my situation. So much so that I might be a client in the near future. Keep up the great work!

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +1

      @@sullyone8373 Always excited to work with new people!

  • @greenlantern1986
    @greenlantern1986 8 місяців тому +8

    The constant sound effects make this video unwatchable.

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +2

      Thanks for the feedback

    • @5222k
      @5222k 8 місяців тому +3

      Yet you take the time to comment. Lol.

    • @josephmoodler2711
      @josephmoodler2711 8 місяців тому +1

      I enjoy the sound effects. They make a point.

    • @AkweliParker
      @AkweliParker 8 місяців тому +1

      Put me down as Team Sound Effects (cha-ching 💰)

  • @steventhomas9355
    @steventhomas9355 18 годин тому

    Nobody ever mentions health insurance. That's why I'm not retired

  • @shade0762
    @shade0762 8 місяців тому +9

    Hard NO! I would be worried into an early grave if I only had $250,000 saved...I can live cheap but not that cheap!

  • @kennethsouthard6042
    @kennethsouthard6042 2 місяці тому +1

    This sounds like what I like to call a Netflix retirement. You can do this one if your home is paid for and you don't have any real expenses and don't do much other than stay home and watch TV. You essentially burn through a fair amount of the $250,000 until you take Social Security at a minimum age of 65. Then you live off of that and whatever may be remaining of the $250,000.

  • @purplemoose6431
    @purplemoose6431 7 місяців тому +2

    I think you should include health care insurance in your calculations

  • @denniss3980
    @denniss3980 8 місяців тому +4

    Here is one for your white board, 64 retired widowed receiving 20K a year survivor benefits, but at 70 will switch to my SS at 52K, before that happens and while tax rates are lower should I be draining down my IRA of 500K, is a Roth conversion the best option, I also have 150K outside my IRA, thanks

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +1

      Good idea!

    • @sergiosantana4658
      @sergiosantana4658 8 місяців тому +1

      Your expenses and your other income is needed to provide an answer ( amount and is it pre tax)

    • @denniss3980
      @denniss3980 8 місяців тому +1

      @@sergiosantana4658 expenses 3200 a month, I make up the short fall from a taxed brokerage account with 150K balance, healthcare plan prevents me from IRA withdrawals this but next February I start Medicare and will start drawing down my IRA, I am just looking for the most tax effective way of doing that

    • @denniss3980
      @denniss3980 8 місяців тому +1

      I do have about 5K in taxable dividends

  • @alejandrosteele9632
    @alejandrosteele9632 8 місяців тому +1

    Wouldn't taxes from retirement withdrawal, SS and regular income make the scenario infeasible?

  • @blkman1576
    @blkman1576 7 місяців тому

    I just saw your video and don't understand you increasing her expenses by 3% but assuming her pay does not increase
    at all for the same amount 0f work every year. Also if inflation is counted into the equation, you do know that social
    security gets a cola every year right? that $1750 goes up by an average of 2% every year. That is not even taking into consideration
    the tax implications.

  • @helciocampos
    @helciocampos 8 місяців тому +2

    Hi Drew.
    My name is Hélcio.
    I'm american citizen, but i was born in Brazil. We live in USA for 33 years.
    My wife and I are 58 years old.
    We live in boynton Beach Fl.
    I would like to know your thoughts about our situation.
    We decided to stop working at 60 in 2 years, and go to Brasil.
    If we stay here we have to work until 70.
    We have a great place near ocean paid off to live in in Brazil.
    We have a house here paid off too.
    Without any doubt.
    We have about 120k saved IRA.
    We will leave this money invested until we come back.
    Maybe for 15 years or so.
    We can sale the house and invest the money, or we can rent it out for
    2400 monthly, take 1000 to help us increasing our income in Brazil. (We have investment in Brazil, plus 1000k dollars monthly will feel the gap until we retire.
    The rest of it we can put away for emergency and taxes, etc.
    We will file social security at
    67 or 70.
    If at 70 probably will be around 4200 monthly for both of us.
    exchange rate, 1 U.S. dollar (USD) is approximately equal to 4.97 Brazilian reais (BRL).
    We will travel to America once a year to see our sons.

    • @helciocampos
      @helciocampos 8 місяців тому

      I mean without any deth

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +1

      Thanks for the comment! For specific advice, please contact us directly at pearlwealthgroup.com

  • @seaor2k122
    @seaor2k122 24 дні тому +1

    Working PT into your 70s and 80s is a bit much. How are you supposed to enjoy your golden years? Would it benefit her to work until age 65 when Medicare kicks in?

  • @roburb73
    @roburb73 8 місяців тому +1

    That's just to tight, IMO. Good think she decided to work a few more years and get a good amount more in her accounts.

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +1

      It is tight, but this is closer to real world examples today. Thanks for commenting Rob!

  • @sergiosantana4658
    @sergiosantana4658 8 місяців тому +2

    Having to work as a stewardess in your 80s and relying on a linear 6% return on your portfolio is not a viable retirement plan.
    Opening up the hecm reverse mortgage at age 62 ,to get the line of credit growing should be a strong consideration.
    The growth on the reverse mortgage will cover many of the obstacles that are not accounted for in the current retirement plan

  • @fdm2155
    @fdm2155 7 місяців тому +2

    I do not like assuming you can work past 65. That seems risky. Health or corporate shifts may make it impossible.

  • @cdmorrissy3692
    @cdmorrissy3692 7 місяців тому +2

    +
    I'll be retiring at 66 1/2 (1/2024) with $220,000 in savings ($1,000 monthly interest), NO debt, $2,200 Social Security, and approx. $2,400 for 60-70 hrs. of monthly remote work. I'll be in
    The Philippines, where I can live VERY well for under $2,000 monthly, and be able to save at least $3,000 every month.

    • @yourfinancialekg
      @yourfinancialekg  7 місяців тому +1

      Awesome!

    • @jml9550
      @jml9550 6 місяців тому

      Yeah but how long can we count on having 5% interest on investments?

  • @CaptainQueue
    @CaptainQueue 8 місяців тому +2

    Probably need to wait in this case until age of 65 to retire and take Medicare and start SS. Medicare is very key.

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +1

      Good idea!

    • @jayoman4453
      @jayoman4453 8 місяців тому +1

      She could go on Obama care, because of her low income. Then go on Medicare at 65.

  • @matthewprather7386
    @matthewprather7386 6 місяців тому +1

    Her income will increase along with inflation in this scenario. Helps a bit.

  • @chriskelley845
    @chriskelley845 Місяць тому +1

    Why are fixed expenses not included in these scenarios? Did I miss something?

  • @JM-vx9fu
    @JM-vx9fu Місяць тому +1

    Why didn't;t you factor RMD and taxes in your calculations? It can significantly impact the projection.

    • @yourfinancialekg
      @yourfinancialekg  Місяць тому +1

      Yes because the client is using her IRA for income which takes care of the RMD

  • @sjpavur
    @sjpavur Місяць тому

    Wait, did I hear you say she intends to work up until age 80 as a flight attendant?? I have done a decent amount of flying, over the years, and have never seen any flight attendant that even appeared to be in their 70s, much less in their 80s. I don’t know how safe I would feel with an 80-year-old flight attendant, especially if she had to perform CPR, or some of the other emergency procedures that they are trained to do.

  • @teebirds7152
    @teebirds7152 8 місяців тому +1

    This whole premise was for working until 80?? Assuming that is the highest risk

  • @RandlMikeska
    @RandlMikeska 6 місяців тому +1

    Something doesn't look right to me. $364x12x10 should not empty her account even with inflation ...Am I wrong???

  • @Nadex2015
    @Nadex2015 8 місяців тому +1

    you can retire with 250k if you can make passive income after Retirment. diversify the saving to bring in new income stream. like spare 30k on nadex trading, compounding the profits. you can still make living on the profits.

  • @RB-gt8bf
    @RB-gt8bf 8 місяців тому +1

    Additionally, SS gets a COLA to help with inflation.

  • @brianskinner9521
    @brianskinner9521 3 місяці тому +1

    At 2:40, "...her current annual expenses are $3000..."? ANNUAL expenses are $3000?

  • @robertpatti3138
    @robertpatti3138 3 місяці тому

    Even if you collect ss early, once you hit full retirement age you can earn as much as you want.

  • @sneakyquick
    @sneakyquick 7 місяців тому +2

    Always retire at 62. The govt even knows you probably wont live to make waiting worth it.

    • @jml9550
      @jml9550 6 місяців тому

      Yep, I plan to retire at 60 and withdraw SS at 62.

    • @yourfinancialekg
      @yourfinancialekg  Місяць тому

      Goods point

  • @suzukiman8964
    @suzukiman8964 8 місяців тому +1

    I haven't relly decided when i want to retire

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +1

      That's ok

    • @suzukiman8964
      @suzukiman8964 8 місяців тому

      I'm only 34 I want to try to not fully retire, that's why I'm building up my dividend income

  • @htran18
    @htran18 2 місяці тому +1

    Man at this rate I’m never gonna retire 😢

    • @yourfinancialekg
      @yourfinancialekg  2 місяці тому +2

      You can do it!

    • @htran18
      @htran18 2 місяці тому

      @@yourfinancialekg if only I was as smart as you when I was younger but thanks I’ll keep working on it.

  • @dwight5937
    @dwight5937 8 місяців тому

    Can I retire at 53 with $600,000 ..and my wife is still working making 70k+? My health insurance is covered.

  • @brendacarey5207
    @brendacarey5207 7 місяців тому

    What about all the taxes she will owe for withdrawing investments? I don’t think they want a 72 year old flight attendant. So $1,000 will be lost within first 5 years

  • @hogroamer260
    @hogroamer260 2 місяці тому +1

    She's surviving, not living. She needs to work to 65 and be done. Odds are a health issue will not allow her to work to 80. Also, you need to add inflation to her salary.

  • @scottc3029
    @scottc3029 26 днів тому +1

    I'm trying to picture a 80 y/o plus flight attendant...

    • @yourfinancialekg
      @yourfinancialekg  26 днів тому +1

      I've seen and know a 70 y/o flight attendant. If you are physically able to do the job, you can do it

  • @lisagrace667
    @lisagrace667 3 місяці тому

    What about healthcare costs? Medicare doesn’t kick in until age 65.

    • @yourfinancialekg
      @yourfinancialekg  3 місяці тому +1

      Very true!

    • @ngoichoi976
      @ngoichoi976 Місяць тому

      healthcare costs about $1200 monthly with maximum 12k deductible a year for husband and spouse.

  • @bruceeigsti5274
    @bruceeigsti5274 6 місяців тому

    Healthcare? How is she accounting for that

  • @josephchau3517
    @josephchau3517 6 місяців тому +1

    I watch your many videos, they're so far so good with number. However when talking about EXPENSE you or candidate Never ever including the HEALTH-CARE cost that is a issues with people plan to retire before 65 (Medicare Kid In). So your final video is not really accurate regardless of Software/Simulation you're using.

  • @RaechelMaelstrom
    @RaechelMaelstrom 2 місяці тому

    You didn't take into account that what she's going to get paid for her part time job is inevitably going to go up over the years.

  • @justhere3794
    @justhere3794 8 місяців тому +2

    Why would someone with only $25000 invest ALL the money in the market? You are including all her money and not taking into consideration that part of that money might be in a checking and stodgy low risk bank savings account. You need to say $15000 in investments with a more reasonable return of 4% in the current real world 🌎

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +1

      She has 10k in the bank. Thanks for commenting!

    • @justhere3794
      @justhere3794 8 місяців тому

      @@yourfinancialekg ok missed when you said that. That’s not much though.

  • @harryhankins1338
    @harryhankins1338 8 місяців тому +2

    The monthly income of 1,000 would increase over 20 years.

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +2

      Yes we would hope so!

    • @DAVE-THA-PLUMBER
      @DAVE-THA-PLUMBER 8 місяців тому +1

      Correct, this is the one big flaw in this case. There are an other few minor issues, the 1000 monthly over 20 years is unrealistic. The content was still good

    • @themonogrammom
      @themonogrammom 7 місяців тому

      I was assuming she was working fewer hours so she still had a $1,000 paycheck each month. I mean, she is getting older.

    • @yourfinancialekg
      @yourfinancialekg  7 місяців тому

      @@DAVE-THA-PLUMBER I just flew Southwest to Nashville from Tampa and my flight attendant was in her 70's working full time.

  • @marilyn8700
    @marilyn8700 Місяць тому

    Your assuming a company will want to keep you when you're that old. They don't usually keep people on into their late 70's and 80's. Unless you're in amazing body shape at that age with all perfect cognition, and maybe in union that protects your job. But it's just not the norm.

    • @yourfinancialekg
      @yourfinancialekg  Місяць тому +1

      Technically, that would be illegal: The Age Discrimination in Employment Act (ADEA) prohibits employers from firing people based on their age, as long as the age limitation is not a necessary occupational qualification. The ADEA protects people who are 40 or older from discrimination in all aspects of employment, including hiring, pay, promotions, layoffs, training, and benefits.

  • @user-rb6ef6nw7i
    @user-rb6ef6nw7i Місяць тому

    I’m thinking right off the Start she shouldn’t be thinking about Retiring if her expenses are $3,000 😳😳

  • @robedmund9948
    @robedmund9948 8 місяців тому

    If your house is paid off, the taxes on it are extremely low, your utilities are near zero, and you love to eat beans and rice/rice and beans, and you never have health issues, then sure!

  • @terryh1811
    @terryh1811 7 місяців тому +2

    Just retire at 67 for your peace of mind

  • @George-hl2xm
    @George-hl2xm 3 місяці тому +1

    Why would anyone want to retire before 62 unless you just have to

  • @JDRichard
    @JDRichard 7 днів тому +1

    The answer is NO!

  • @amandawright3808
    @amandawright3808 28 днів тому

    What 80 yr old flight attendants are there out there? She may wanna work but there’s no guarantee she won’t be ‘let go’ due to age. And you keep saying social security like it’s guaranteed. Well it isn’t really.

    • @yourfinancialekg
      @yourfinancialekg  27 днів тому

      Hopefully not let go due to age. That is illegal. Lots of older adults working these days. The data shows us that.

  • @EdA-bz3bu
    @EdA-bz3bu 7 місяців тому +1

    market turn, need a car$, medical$, fix the furnace$,...... will tank all her plans.

  • @davidbobo9740
    @davidbobo9740 8 місяців тому +1

    What if she took her s.s. at 65 ? She wouldn't lose that much , not 30 % .

  • @lynnellechappell3337
    @lynnellechappell3337 8 місяців тому +1

    😂 🤦🏽‍♀️ There's 0% guarantee that her body or boss will allow her to continue to work PT into her 70s! I would not include that $1k except as a possible cushion. Remove it 100% from the calculation! 🤷🏽‍♀️

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +1

      Thanks for the comment. The job allows you to work at any age if your body can keep up with the demands.

  • @khuongle877
    @khuongle877 7 місяців тому +1

    Yes she can retire at $250k, just spend $36k a year until she 67

  • @Ww8.3
    @Ww8.3 2 місяці тому +1

    This is all assuming no major medical expense. One expense can take this person out.

  • @dagobaker
    @dagobaker 6 місяців тому

    she needs to work till 62 minimum
    and working till 82 just isnt very realistic is it?

    • @yourfinancialekg
      @yourfinancialekg  6 місяців тому

      The age of workers working part time has gone up over the past few years. Health is obviously the big concern.

  • @lisagrace667
    @lisagrace667 3 місяці тому

    Work part time as a flight attendant to 80? That’s unrealistic and unreasonable.

    • @yourfinancialekg
      @yourfinancialekg  3 місяці тому +2

      Not really.

    • @Stitch-smart
      @Stitch-smart 2 місяці тому

      @@yourfinancialekgI don't believe for a min that an airline will allow a flight attendant to have a job in a plane at 75, let alone 80... way to much chance for injury...

  • @gemmarosato3789
    @gemmarosato3789 8 місяців тому

    6% is high for ROR , especially in these unprecedented times. I’d rather not back test and be conservative in deciding that big step to retire at 60 .

  • @mashacamashaca877
    @mashacamashaca877 8 місяців тому

    I think that just to be safe, Joe Ann should kick the can at 63. Just saying.

  • @parler8698
    @parler8698 8 місяців тому +1

    You can always retire. How well can you live, is the question. 😂

  • @teams3345
    @teams3345 Місяць тому +1

    No. If you are married. Maybe.

    • @yourfinancialekg
      @yourfinancialekg  Місяць тому +1

      Thanks for watching!

    • @teams3345
      @teams3345 Місяць тому

      @@yourfinancialekg We are gay married men.

  • @ginacardarella
    @ginacardarella 8 місяців тому +1

    So the answer is no because she has to keep working.😆

  • @joebush5463
    @joebush5463 8 місяців тому +1

    doesnt she have to pay fed taxes

    • @Cfrancis1968
      @Cfrancis1968 8 місяців тому +1

      Nope. SS is not taxed. If she is only working part time for $12,000 a year that is below the standard deduction of $13,850.

    • @yourfinancialekg
      @yourfinancialekg  8 місяців тому +1

      Fed taxes would be very low if any

    • @jayoman4453
      @jayoman4453 8 місяців тому

      Only 50 percent of your SS is tax. Her federal income tax would be very low.

    • @Cfrancis1968
      @Cfrancis1968 8 місяців тому

      @@jayoman4453 After factoring Provisional income, she still pays no Fed Tax on SS. I come up with her initial $12,000 of wages then $1,000 of Provisional income, 12,000 wages+ (30,000/2) SS = $27,000. 0 to $25,000= 0% tax on ss, $25,000 to $34,000= 50% She only has $2,000 in the 50% bracket, so only $1,000 provisional added to her wages of $12,000 =$13,000 total. Standard deduction is $13,850 for 2023, so no Fed Tax. Drew correct me if I am wrong.

  • @kchillhall1968
    @kchillhall1968 4 місяці тому +1

    Wow she still gotta work…ouch

  • @charlesdowell4505
    @charlesdowell4505 6 місяців тому

    This is all bogus, no food, auto expenses fuel/ins, medical costs, home ins/taxes, etc come on man.

    • @yourfinancialekg
      @yourfinancialekg  6 місяців тому

      It's all built in to the expenses. Thanks for watching!

  • @mvue1794
    @mvue1794 Місяць тому

    You just need work until the day you DIE!

  • @marcelah505
    @marcelah505 Місяць тому

    What an annoying ping every so often, it ruined it for me.

    • @yourfinancialekg
      @yourfinancialekg  Місяць тому +2

      Thanks for the feedback!

    • @marcelah505
      @marcelah505 Місяць тому

      @@yourfinancialekg thank you for the great content otherwise. Glad ping isn't in your other videos 🤣