Can I Retire at 61 with 550k after being LAID OFF?!?
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- Опубліковано 11 чер 2024
- 📈 Can I retire at 61 with $550,000 after being laid off? Key Steps for a Secure Retirement! 📉
As a financial advisor, I often encounter individuals facing unexpected career transitions, like being laid off, leading to questions about their retirement plans. Today, I want to address a common scenario and provide actionable steps for those considering retirement at 61 with $550,000 in savings.
Assess Your Financial Situation: Begin by thoroughly evaluating your current financial & retirement standing. Take stock of your savings, investments, debts, and any potential sources of income during retirement. Understanding your financial landscape is crucial before making any retirement decisions.
Set Clear Retirement Goals: Define your retirement lifestyle and financial goals. Consider factors like your desired standard of living, travel plans, healthcare needs, and other retirement expenses. This clarity will help you determine if your retirement savings align with your retirement vision.
Create a Comprehensive Retirement Budget: Develop a detailed budget to estimate your post-retirement expenses accurately. Factor in essential costs like housing, utilities, healthcare, and discretionary spending. Be realistic and leave room for unexpected retirement expenses.
Optimize Retirement Investment Strategy: Tailor your portfolio to align with your risk tolerance and retirement goals. Consider a balanced approach to manage risk while aiming for growth.
Mind Inflation and Healthcare Costs: Account for inflation and rising healthcare expenses in your retirement plan. Healthcare costs tend to increase with age, so ensure your plan addresses this critical aspect.
Delay Social Security if Possible: If you can afford to wait, delaying Social Security benefits beyond the minimum age can lead to higher monthly payments in the future. Consider the long-term impact on your finances.
Stay Informed About Tax Implications: Understand the tax implications of different retirement accounts and withdrawal strategies. Minimizing tax burdens can help preserve your savings.
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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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Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
#retirementplanning #retirement #financialfreedom
**Free Retirement Download: The Checklist to Retirement:** 📊
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Short answer, by living below your means, no debt = YES, you can retire. The fear of layoffs was the reason I save so much during my 50-60s. I retired at 63, my decision.
Great job and comment!
This is your best video. Thanks for the clear and informative examples and using realistic numbers (vs. someone having millions).
It's going to be really hard to beat that lol
Great job Drew. My long term care plan is to bribe a niece or nephew. I.ll tell them I can give my money to a nursing home or to you 😂
😂
$2,700 per month expenses? A paid for house still requires maintenance and upkeep -- replacement of appliances, HVAC, and roof, plus yard work, painting, plumbing, etc. Then, the paid-for cars eventually need replacement, and probably more than once before you die since you are only 61 now.
Very good point!
What if what if what if? The couple is 61. They should enjoy the rest of their life in retirement. Their social security is practically enough to cover expenses. Also they could withdraw minimally. And a paid off house could be used to cover ltc cost. Don't give them anything to worry about. They are in better situation than most people.
Very true Gary
Yes!!! I wish these commission guys stop the day is falling...
I agree.
Cant yolo your retirement because your scared to look at scenarios. The more covered bases, the more peace of mind. He even said hes trying to say your bullet proof. Its just thoroughness. Hints, THE EKG!! Keep it up Drew!
Great video.😊
Thank you! 😃
All "early" retirees must find a way to pay for their health insurance premiums, prior to Medicare. For many retired people that is the ONE consideration not taken seriously by these "so-called" retirement gurus.
This is very, very expensive and is getting more so every year.
In order to even consider it, the retiree should understand a LOT about personal health, and take their own health very seriously. This means exercise regularly, NO alcohol, NO drugs and avoiding excess habits of any kinds.
Sanjosemike (no longer in CA)
Retired surgeon
Thanks for the comment! That is why we touch on health care expenses and long term care in our videos.
How the hell do they make it on 2,700 a month and their home is estimated at being 600,000? The taxes, and health care premiums would take a HUGE chunk out of that 2,700 alone for my wife and me.
That’s a really good question
I;m sure the house is more along the lines of $300K. The wealthy parts of the state really crank up the 'average'. If he lives in the western part of the state, he could have a really nice home with acreage for less than $300k. I live just outside of Boston and most of the houses in the neighborhood are less than $400k.
another option on the taxes is he may live in an area where seniors are exempts from paying school tax. That is like 75 percent of the property tax bill. So that drops seniors property tax bill. And there is no max out. So it doesn't matter if the house is worth 250K or a million. No school tax will be added.
@@jgray690 usually need to be at least 65 to get any breaks in Taxachusetts. Typically, it’s just a reduction and not an exemption.
@@jwall62 in my area, it's 62 and it's a full exemption from the school tax, not a reduction. And the school tax line(when I look at the breakdown) makes up a significant portion of my property tax bill.(like 75 percent of it) So my only point was it will depend on where the house is located. They could have a sweet property tax situation depending on where they live. Which would significantly lower their tax burden.
Thank you
You're welcome
Looking forward to this one! I am 61, with 890K retirement. Wonder if I could retire if I got laid off. Single, no kids, ZERO debt.
Sounds like a great video idea!
If you have no debt and income needs at 50K or less I bet you can.
@@fvvfvbbbb I project my yearly income need to be between 45-48K.
Of course the numbers need to be run on a sophisticated software package to verify and optimize your plan, but i was in a similar situation and i assumed zero inflation (my portfolio and social security COLA should exceed the inflation) and no growth ... for you, if you hold off on social security till 67 you will spend 50k/yr for six years and spend 300k ... that will leave you at 600k remaining ... if your social security was 2500/month that would give you 30k/year from SS ... you would then need 20k/year from the portfolio and that means you would be good for 30 years before having zero money (600k/20k/yr = 30yrs) ... I too am 61 and we have only about a 1% chance of living to 97 according to longevity statistics ... you should be good ... as mentioned above please verify your plan With a professional or at least sophisticated software package... good luck
Yep, you can
Sweet program you have there! Do you have any stats on how many people need long term health care? What's the percentage and for how long? And how many people are so scared of the 'long term care' costs they work the best part of their retirement away. And then, like you said, things happen, and they wind up dieing after a year of retirement when they could have had 5. I think this is one of your best videos.
Thanks for watching! Last I saw, 2 out of 3 individuals will need some sort of "care." That doesn't mean LTC. Just some sort of care.
Quick search shows that on average those that do need LTC spend 3 years in it before passing. Women longer than men. So for most people that have a paid for house and perhaps some retirement money plus SS, they are fine with covering those costs. It's those who have no assets that are really in a pickle when it comes to LTC
😂 Drew that’s where I’m from Massachusetts small world 🌎 keep up the great job and thinking outside the box and finding all sorts of examples of can I retire at such an such an age with such, and such a dollar amount
Awesome thank you!
I can't help but wonder if they are math challenged? How in the hell, can you have monthly expenses for two people of only $2,700 including health insurance? Do they chop all the wood to heat the house during those long cold winters and grow their own food too? If so, how long can they keep that up? It's nice that the car is paid off, but I'm not sure it's going to last forever, especially in a state like Massachusetts where rust never sleeps.
Thanks for watching!
Sell the house. I find houses to be a burden and financial drain. Live small.
Wouldn't he be able to collect unemployment for a period of time? That would potentially offset the whole 1st year.
Maybe he could, great suggestion
Great job as always Drew thinking outside the box and going to other sources to say hey do I have enough money to retire?
Thanks for watching!
i am pretty sure the state has property taxes which i did not see included, this will throw off the numbers. reverse mortgage later in life as well. so many options. still a good video though.
Thanks for watching!!
Think I saw a flaw in the software on the retirement numbers. First it shows $149K and then $199K on $3,300 of expenses.
I'll check it out!
20% tax?? 350k even at an aggressive 5% withdrawal rate is $17,500 a year
What is standard deduction for a married couple ?????
Time stamp 1:58
I would move thier 200,000k to Ecuador and put them in tier1 credit unions that pay 9.75 to 10 percent interest and rent thier house out in the USA not sure if it's paid off but assuming it is if it isn't they can still rent it out and keep paying off thier mortgage. Thier expenses would drop drastically moving to Ecuador as health insurance would cost them only 80 a month in the public system and they could still use private top notch hospitals if need be. Transportation costs run about 25 to 30 dollars a month without a car as Ecuador has excellent bus ,trams, and taxis that are dead cheap to use. Like 35 cents a ride cheap. Transportation in the USA with a car is outrageous between gas,maintenance car payments and insurance your looking at at least 500+. So thier expenses would drop drastically and than they could always move back to the USa at the age of 67 or 70 and begin thier social security at the older ages . Living on 20k a year on the CD income in Ecuador would have them living like a king and queen affording anything they desire.
Thanks for the comment!
Sell the house, never rely on tenants for your financial well being. Not reliable, many bad tenants out there.
Long term care is something like 33% likely for each spouse. I have investigated getting insurance but I have a medical risk factor that they will not cover me reasonably for. I have over saved and I'm setting aside 500k to self insure for a shorter long term care for one of us. If we both need it then the money will likely be cut in half or down to nothing.
Great planning. Consider using LTC alternative products that don't go through underwriting.
Can I retire at 65? I am married age 60, my husband is 74 he is retired with a pension about 4k a month in guaranteed $ with pension and SS. We have a paid off house and car, and have 685k in IRAs 401k etc in the bank. Our house is worth 275k
Karen, sounds like you are doing awesome. Please reach out to us directly for individualized advice: info@pearlwealthgroup.com. Look forward to helping!!
I wish you would show tax implicTions if spouse stays working and makes big money
I can do that!
Can we retire now at wife 63 me 62 with 380 thousand in 401ks? Is it better to live on 401k then collect social security at full retirement age
Not sure. For a more detailed approach, please contact us directly. Love to help!
Sure if debt free
It’s always risky to live off of real dollars in exchange for the “promise” of additional future dollars.
@@edhcb9359 #truth
Better to collect SS, and have the 401k invested conservatively. (Index funds)
I retired at 63, now am 65. In the 2 years my 401k has increased even with $2k withdrawal monthly.
Just do what you can. Afterall, you've been doing that all this time.
Wisdom
@ 85 she still has $740,000 in a house
Bingo!
Long Term Care in my families last four generations have always meant our families children. Just saying.
True and for many that’s the situation
why make us wait 10 days......this is the Instant gradification Internet days after all. Thats 10 days earlier we could retire.....
😂 Be patient young Jedi
@@yourfinancialekg LOL....hit 60 this year somehow....not so young anymore...times a wasting....
Do you guys realize how many people retire successfully for decades on much less than 500k! Most people successfully do it on less than 100k! We all need to stop the fear mungering. Ask a bunch of retired people over last 30 yrs and see what they had. I'm sure not alot.
Good comment!
I got just 10 bucks after getting laid. (expensive date) Can I retire?
Yes, do it!
The combined social security benefit is incorrect.
The social security at age 62 should be over$3000.
The mistake was made in reducing the spousal benefit by 30% from the higher earners reduced benefit benefit.
The 30% spousal reduction should be taken from the higher earners pia which is approx $2900piax30%=
$870 spousal benefit .
Thanks for the comment. If the primary earner takes SS early, then the spousal benefit reduction is based on the reduced amount.
@yourfinancialekg Drew, please check/correct your comments on the Spousal Benefit. The Spousal Benefit is based on the Primary Earners PIA, yes it is only 50% at their own FRA, and if the spouse takes it at @62 it drops to 32.5%, but it is 32.5% of the PIA amount, not 32.5% of the Primary's early benefit amount. Thus, if the Primary was to get $2,035 @62, their full PIA would be $2,907, thus the spouse would receive $944 instead of the $651 you had listed.
how about a single person with no ex wives no kids.... no home...... living in an apartment ... how does long term care effect that? obv if i die i wont care about money left lol
True, everyone's situation is different
Running low on money at 92. AND................
They need to work longer and earn some money.
Hold off on SS for at least 3 years.
They really don't have enough money to retire.
Agreed
I don’t agree. Why do they need a big house? Sell it and there’s plenty to live on.