Can I Retire at 61 with $550,000 in Retirement Savings (IRA & Cash)
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- Опубліковано 6 вер 2024
- Can I Retire at 61 with $550,000 in Retirement Savings (IRA & Cash)
Today, let's explore an intriguing scenario: Can one retire comfortably at 61 with $550,000 in combined IRA and cash savings? 🔄💰
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Retirement planning is a nuanced process that involves assessing financial health, goals, and Retirement risk tolerance. With $550,000 in Retirement Savings, the analysis becomes a delicate balancing act between sustainable Retirement income and fulfilling Retirement lifestyle expectations. 📈✨
During my Retirement consultation sessions, I've delved into countless variables - market trends, withdrawal strategies, and potential investment opportunities. Each individual's situation is unique, demanding a personalized Retirement approach. 🤝🔍
The intersection of financial stability and retirement dreams requires careful consideration. It's not just about the numbers on paper; it's about crafting a roadmap for the next chapter of life. 🗺️🌅
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The big thing about retirement early for us is health insurance, thru work it costs 100/ month for me and my husband, if he retires early it would cost us north of 1000$.
You can't control your taxable income to get ACA substitutes.
I'm figuring about $200 to $300 a month
@@johngill2853 when I quit my job 3 years ago to be a stay at home wife I got quoted from same company 500$/ month, much cheaper being on my husband insurance plan for like 50$
Easily. Times 2 for both of you for Healthcare.
Thanks for commenting and watching!
@@johngill2853 Yes you can. We are doing just that.
Thank you for doing a scenario with a consevative rate of return...very well done
Glad you liked it!
Great video - really easy to follow and realistic example for most people.
Glad it helped!
I think you got your spousal benefit figures wrong. At least according to the IRS website. Spousal benefit should be about $950 by my calculation.
I their age it is 32%, not 46% which is the number we used.
Here is IRS wording: A spouse can choose to retire as early as age 62, but doing so may result in a benefit as little as 32.5 percent of the worker's primary insurance amount. A spousal benefit is reduced 25/36 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.
I think the key is that spousal benefit is computed off the FRA of the high earner even if they retire at 62. PIA. You can actually use your own mysocialsecurity account get these numbers. My numbers are SS=2200 at 62 and my wifes spousal benefit will be 1086 when she turns 62 a couple years later.
May be you should change the title. Anyone can retire at any time. What will be their life after retirement is then should be discussed.
Good point!
This was very good, ty
Thank you for watching!
i am 61, with 579,000 in my 401k and going to retire next month with a wife who will end up using a spousal benefit based on my earnings... i can truly relate with this couple ... i appreciate the fact that you considered a surviving spouse situation ... it often happens and did so in the case of my mom and dad ... the one strategy you did not explore that we are going to utilize is deferring Social Security till at least 65 and possibly 67 ... in the case of your couple here, if they had deferred for just one year they would be receiving an additional 5% from social security while only costing them 2% growth in their cash fund ... they could also benefit from an increased amount they could move into a Roth ... at the very least those numbers NEED TO BE RUN for all ages 62-70 to determine what is best age to begin withdrawals ... thank you for all you do ... i also enjoyed the reference to Lazarus in your video ...
Correct me if I’m wrong, but don’t you want to unload all your assets by the time you need assisted living or a nursing home? When I’m ready I’m going to make sure I have zero money and have the government pick up the tab.
That's up to you!
When should we start a bond ladder before retirement?
The ladder should be based on when you want the income to start.
Sure u can with no debt
Yes!
If everyone listened to this guy's fear mongering, no one would ever retire 😂
Not fear mongering, just facts and being prepared. Good luck!
This is not fear mongering, it’s better to what’s instead of blind hope
@@yourfinancialekg👍
@@yourfinancialekg5:49 👍
lol 😂
Thanks for watching!