I'm 50 with $1 Million | Can I Retire Early? [Case Study]
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- Опубліковано 10 лип 2024
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In this video, I will review a case study of a couple with $1 million in their 50s.
I will use detailed financial models to show how varying retirement ages and monthly spending affect their financial future.
We'll stress the importance of accounting for additional expenses like travel and healthcare and suggest considering part-time work post-retirement, which can assist in achieving a better and more sustainable early retirement.
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Time Stamp
00:00 Introduction
00:42 Case study introduction and asset overview
03:20 Modeling different spending scenarios
06:45 Importance of flexible planning
08:00 Buying new property
09:20 Impact of part-time income in retirement
11:29 Work With Us
12:05 Summary
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Ari Taublieb, CFP®, MBA, is the Vice President of Root Financial Partners (Fiduciary) and host of the Early Retirement Podcast.
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⚠️ "DISCLAIMER:⚠️
All content is not to be received as financial advice, and each individual should consult with their dedicated financial planner, tax preparer, estate attorney, etc., before making any financial decisions.
This video contains content I created and got permission from its creators to use. This Channel DOES NOT Promote or encourage Any illegal activities; all contents provided by This Channel are meant for EDUCATIONAL AND ENTERTAINMENT purposes only.
I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 3500+ units. I do not work.
I only contribute 5% to receive the full company match, and that's the extent of my participation.the 401K plan is structured to keep you working until retirement age, and fortunately, the government can't tap into it... yet!"
My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300K it starts to accelerate. When you get over 500K it can really accelerate as the stock market grows.
@lexiswilson436 Did you completely liquidate your 401K and IRA accounts, withdrawing all the funds? If so, could you share the reasoning behind that decision? I'm curious to understand your thought process.
I gained insights into govt. actions from Monica Mary Strigle a certified wealth manager. Sh enlightened me on the benefits of long-term Treasuries nd alternative invstmnts, which the govt. doesn't publicly disclose. Recently, they've been investing in promising startups, bonds, digital currencies backed by tangible assets, nd precious metals, while manipulating stck mrkt decisions influenced by Congress and driven by recurring events nd consumer sentiment ovr the past five years.
I agree the mrkt is manipulated that’s why I never contribute above 5% I try to enjoy the ride while I invest.
My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means. Thank you for your advice. I know it will help people. we are interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.
Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Deborah Lynn Dilling is the licensed advisor I use.Just research the name. You'd find necessary details to work with to set up an appointment
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I retired at 51 with a net worth of 800k. I will receive a pension at 57, social security at 62. Today I’m 53, net worth has increased to 850k. Moved to Mexico in Jan of 2022, which comparatively to the U.S. boasts my net worth by 35-40%.
One thing you didn't consider is what they could be doing TODAY. Based on the info provided, it looks like they are only saving $14K per year into their retirement account. They are grossing just under $20K/month today, so there is zero excuse for them not maxing out their retirement account contributions. They need to go into hyper austerity mode starting immediately so that they can retire comfortably before 60.
Thanks Ari for showing us the various variables to modify and the inpact that it makes to when you can retirement.
Thanks for the case studies
Make the example very practical
Thank you Ari! Our situation is entirely different, but this is encouraging to think through lots of possibilities. Being from SC, it would be a great place for them to settle because real estate is so cheap there compared to a lot of other places.
Just pointing out that once they hit 60, they can pivot their portfolio to a distribution model. Closed End Funds, REITs, MLPs all average 7% per year consistently... I'm pivoting most of my assets that way. It's great to watch your videos Ari even if I go a different route... would be great if you did a couple with $1M but has a dividend income focus.
Great video again Ari. The tool and your academy has been great so far, but I need to dig deeper and finish your tutorials. Work (bah!) got in the way and admittedly I was so excited I quickly went into self-explore mode.😅 The past few years I have been using some complex spreadsheets with macros and am trying to match the inputs (examples: variable yearly spending vs flat rate, laddered Roth conversions, etc.) The real time scenario updates, monte carlos and future dollar modeling are slick though! Way faster then Excel. Great stuff and thanks for helping this specific community with your knowledge and examples!
I’ve been doing too much retirement planning lately, didn’t need the calculator. I had an almost reflexive BIG NOPE when he said, retire at 55, spending 8K/mo with only $1M.
Totally agree. I have the equivalent of nearly 3x that amount at 60, and 8k per month is my max draw for a normal year.
Nice example! I’m so glad you didn’t do a generic example of a couple with kids and retirement focused on leaving something for their children. I’m a nurse approaching 50 and this is very similar to my situation.
You’re so welcome!
Nice video. I am interested in joining the early retirement academy but I have a couple of questions. In the software that we have access to, are there any parameters that are not adjustable, in particular, the inflation rate. Also is the rate of return set by the user or based on historical data of the asset allocation? Based on your other videos, we can use the software to investigate the effects of Roth conversion, correct?
1. There are a few parameters that can’t be adjusted for compliance reasons and can only be adjusted to advisors. The feedback so far is the access allows them to get what they’re looking for.
2. Rate of return set to moderate and assumptions are all shown in the academy (lesson 1, module 2)
3. Yes - access to same Roth conversion tool.
This is designed for those want to optimize and be their own advisor. See what people say about it here: ari-taublieb.mykajabi.com/early-retirement-academy
@@earlyretirementari Thanks for the quick response.
@@EC-pk1qb you’re very welcome!
Does the software link with actual brokerage accounts and zillow for instance to get a complete networth view? If it does - does it also clearly identify your asset allocations like stocks, bonds and cash?
Yes.
Real video:
Me: I have a million dollars, can I retire.
Ari: yes.
END OF VIDEO.
Is it possible to use the tool you were showing without being a root client? I am seeking a financial planner to do a one-time plan but found out on your website that you do not offer those services. If not offered to non-clients, do you have a recommendation for good one on the general market?
Yes - see here: ari-taublieb.mykajabi.com/early-retirement-academy
@@earlyretirementari Thank you, Ari. Really appreciate your quick response. Look forward to checking this tool out.
@@earlyretirementari Appreciate the link. Is the use of the RightCapital software limited in anyway? I'm considering this vs New Retirement and wanted to see if you had a perspective on comparing the two.
Ah yeah!!! It’s truely subjective pending on lifestyle.
I need a tax planner with the fancy software. I need to know if to sell, to work or 1031 a property.
If one signs up for the course and pays the one time fee, does he/she gets the access to the retirement planning software forever?
Yes.
In my opinion, I can retire early
You never got back to the health care ... is health care included in the monthly expense?
of course there is
You were wrong when you said that they can spend way more. At 2:00
Great case study...what would 7500 a month and retiring at 57 with 15k for travel per year for 15 years leave in the bucket at 90 years old?....400k to heirs or closer to 1 milion?
The system isn't taking into account Minimum distributions
Check out cash flows page. It does!