Retiring On JUST $750,000! How Long Will It Last? 🤔
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- Опубліковано 11 лип 2024
- Are you planning on retiring with less than $1,000,000? Today we're going to do some in-depth retirement planning and covering somethings you have to know before you retire. We'll also cover how much your retirement money could last you in each state, based on average expenses. What are the cheapest states to retire in? What are the most expensive states to retire in? At the end of the day, know your expenses and know your numbers! If you like these retirement planning and financial planning type videos let us know in the comments!
Article From Video www.nasdaq.com/articles/how-l...
0:00 - 0:51 Intro to retiring with less than a million dollars!
0:52 - 2:03 Article breakdown (article in bio)
2:04 - 2:26 The most expensive states to retire in
2:27 - 2:39 The cheapest states to retire in
2:40 - 5:40 $750,000 Retirement Planning overview based on expenses
5:41 - 6:16 Outro/bloopers/comments appreciated! :)
Jazz Wealth Managers helps individuals and families achieve financial security through retirement planning and investing strategies. Our videos offer actionable guidance on navigating Roth IRA's, 401ks, IRAs, Social Security, and more. Whether you're approaching retirement or just getting started, learn how to make informed financial decisions for a prosperous future. Subscribe for more!
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Thanks for watching! What'd you think of the style of this video? In particular, trying to cover a 'smaller' dollar amount compared to other videos out there. Let me know! 🙏
Definitely like seeing "smaller" dollar amounts analyzed. Thanks!!
When in doubt of how to close a video: "and that's how the cookie crumbles"
This amount is more encouraging to those that have less than $1,000,000. My contributions would have been pretty small thirty years ago in comparison to my ending wages. Forty years ago there was not a 401k offered at my employer. So while many people have a had defined contribution plan their entire career many of us older folks did not as it was not as prevalent decades ago.
The key is expenses. Low expenses, low amount needed for retirement. I have only averaged $50,000 a year over the last three years. Home paid off and no debts.This is less than 1% of my portfolio. Did all major work to my home back in 2020, new roof, siding, paint, along with renovating the bathrooms. Can get a fully subsidized ACA plan, keep my AGI in the 12% bracket and still live the life I currently do as a successful business owner. Just gotta keep that "Just one more year" voice out of my head. Retirement date, May 30th 2024.
Once you turn 65, you become eligible for Medicare, That "just one more year" feeling is common, especially for business owners like you. But it's important to strike a balance between work and enjoying retirement. Have you thought about talking to a trusted financial advisor about your retirement plans? They can give personalized advice to help you transition smoothly into retirement while making the most of your finances. Best wishes!
Totally agree! Having a financial advisor can make all the difference. I've seen firsthand how they've helped me grow my portfolio from $120k to $5m through stock trading. This was especially important for me because I'm new to investing and getting closer to retirement. It's great to have someone knowledgeable to guide you.
I am nearing retirement with $250K to plan for, I'm feeling the pressure to secure my financial future. i would like to know who your advisor is, Can you share his/her name ?
She is well known as - Chasity George Charles. please do your own research.
I am on the look out for experts and after doing my research online will say she meets my requirements, Thank you for sharing with us. I already sent her a mail hoping she can make out time in her busy schedule to assist me.
From paying for day care and college, to managing mortgage payments. I'm approaching retirement yet inflation is getting worse. How can I generate more income to retire with at least $3m for long term care? I have about $800k in savings.
Agreed, getting the right financial services is invaluable, my portfolio is well-matched for every season of the market, and since early last year to date, has yielded 140% off $350k. I and my CFP are working on a 7-figure ballpark goal, tho this could take another year.
''Karen Lynne Chess'' she's a renowned figure in the financial industry with over two decades of experience. I'd suggest you research her further on the internet.
Great work. Proof that financial media can paint whatever picture they want depending on what variables they do and don't use.
Thank you! That includes a lot of 'youtubers' as well! Just depends on how they want to cherry pick the numbers to fit their story.
Always appreciate you folks providing information and reviewing scenarios. Cheers.
Thank you! Appreciate your input!
Kind of reminds me of some of the early Jazz videos that really inspired me to focus more on my finances. Great job Eric!
Man, I appreciate that! Happy to help and thanks for you input. Now get your dough straight! :)
I'm solution and sustainability driven, so this was right up my alley. Getting my clients to think further about their long-term goals is going to give them the best chance of success. Well done!
🤔 I think people would adjust their standard of living to allow it to last. They made need to move or delay their age of retirement..
Great Job Eric! 💪
Thank you Luis! 🙏
nice job Eric!
Thank you Mark!
How about "That's all folks!". Works for me. :)
That certainly would have worked better 🤣
Good for those that are in or near retirement.
Yes indeed!
First, I think this a great video because it is a bit more realistic for more people than some that base retirement on multi million dollar investments. Second, I think you point out an important factor that it varies so much on where in the country you’ll be.
I’d love to see an example of a couple where one has a pension,the other has a 401k with a lower investment than this video. For couples like my husband and I, because of his retirement benefit being tied up in pension so rate of growth doesn’t apply. My 401k will hopefully get to 450,000-500,000. It always seems hard to predict will we not have enough.
Thanks for watching and the kinds words! I love doing pension videos - let me see what I can come up with! Having a financial plan will help you to find whether or not your savings and pension will be enough.
Haahh!! That outro was great
Ha! Glad you liked that! Editors had their own creative freedom with that one 😅
Can you do the same thing with a Roth?
There are pockets of areas in states not mentioned that are very likely lower cost of living like southern Ohio. Areas of Appalachia for example.
According to the studies very few people have 750k no matter where they live and they are retiring in those places every day. Something is missing
That makes sense. Perhaps we should specifically look for cities instead of simply states as a whole. Most articles just generally cover states, but I'm sure you're right where there are areas in this country that have lower costs of living compared to what was shown. We'll see what we can find!
True ,seems to be a-lot of Scare mongering in the media .
I am curious, As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
Shame on Yahoo Finance for giving an article that is basically worthless ... FEAR MONGERING ...
Good for you for bringing context to what are realistic considerations ...
i would guess that very few folks that have a 1500 PIA have 750k saved at 65 ...
A more plausible number migjt be $2500 plus ... that being said, even with the LOW social security payout, the numbers do not look too bad as long as the state you live in has a reasonable cost of living ...
Thanks for watching! We got the Social Security number from Yahoo, but the actual $750k article was originally from gobankingrates.com. While I'd love to throw shade at Yahoo, we can't in this case ha ha. You are right about the higher potential Social Security though! Crazy how much different retirement looks depending on where you live.
If someone saved $750k they likely made high enough income that their SS benefit would be over that $1500 national average.
I live in a cheap state. I retired over ten years ago. I have not had to touch my retirement savings. I live on just my Social Security. I invest the extra in a brokerage account.
Congrats on that! Location makes a huge difference. Nicely done!
If, after SS, I only need $50K pretax and I have $1 million invested, how would my principle ever decrease if I average 5% returns?
Cheers. I have a 401k for about $4,700, I recently lost my job and need that money to cover some expenses. I understand that I will have to deduct a total of 30% of that fund. What's my best opinion to get that check?
Best regards
If you are under the age of 59.5(possibly just 55) you will get hit by a 10% penalty plus pay regular income tax on the amount you withdraw.
Sean is right - if you retired when you are age 55 or older, you should be able to avoid the penalty, but if you are still working and under 59.5, you will have a 10% penalty plus whatever your current tax bracket it. Never a good idea to cash out retirement, but if you do choose to do so, you will call the number on your 401k statement and reach out to them to help you. Best of luck!
What do the annual expenses include?
Good question. It's covered in the article but they said _the total cost of living in each state was used to determine how long $750,000 would last for retirees, while specific information about the cost of groceries, utilities, transportation, housing and healthcare for people 65 and older in each state was also analyzed for comparative purposes._
We only "need" a paid off bedroom bathroom suite on bus stops with housemates, and about 100k portfolio that's probably structured for long-term capital gains
Try to get to this milestone first ❤
I would like 2 million tbh. Inflation and all.
I don't have an IRA but don't they earn some sort of interest??? I have yet to see someone add that to the calculation, but it isn't like your using money that is sitting in a drawer.
IRA's grow at the rate of their investments and varies for everyone. Some people are more cautious in the markets while others throw caution to the wind. That could be why you're now seeing those calculations? Unless I'm misunderstanding your question, most people on UA-cam just take the total balance of the IRA and use that in their planning. Hope that helps!
Retiring on JUST $750k ..I am sure you realise nearly everyone on earth doesn't have anywhere near this .. The American mindset is gross. To use the term Only with 3/4 million dollars is gross . JUST!!!. Armed with this information what are the majority of Americans going to do ? The majority don't have ONLY !!! a Million $ in a savings account to draw $50k a year out of ?
OH the shame, here I thought you were doing so much better in your videos only to find out you been editing your flaws and failures out.....sort of like Govt numbers (cpi, unemployment....) with the stock market, all smoke and mirrors. Is there no truth in this world anymore.
What?
Huh?
Ha! Edited? We left it in for the sake of honesty and transparency! That was effortlessly done all in one take :)
@@Jazzwealth I took it as you guys were having fun, not sure why the original poster saw it as something nefarious. Great work Jazz, thank you for all that you do!
It's all in good fun! This Swamp Rat fella just has a weird sense of humor and flirting 'style'