Retire at 62 with $150,000 In Retirement Savings || As a single person
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- Опубліковано 27 чер 2023
- 🌟 Retiring at 62 with $150,000 as a Single Person 🌟
Join us on this journey as we delve into the key strategies and financial decisions that enabled this individual to reach their retirement goal. Here are some of the valuable retirement lessons covered:
1️⃣ Establishing a Realistic retirement Budget: Discover how creating a budget can help you manage your expenses effectively, prioritize savings, and work towards financial independence.
2️⃣ Consistent retirement Saving Habits: Learn about the importance of setting aside a portion of your income consistently, and explore strategies to automate your savings for long-term success.
3️⃣ Minimizing Debt before retirement: Understand the impact of debt on your financial goals and explore practical approaches to reducing and eliminating debt to accelerate your path to retirement.
4️⃣ Smart retirement Investments: Gain insights into different investment options, understand the benefits of diversifying your portfolio, and learn how to make informed decisions to grow your savings over time.
5️⃣ Lifestyle Adjustments: Explore the power of conscious spending, distinguishing between wants and needs, and making intentional choices to live within your means while still enjoying a fulfilling life.
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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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❌ *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®
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
Drew, thank you for using an example that fits a lot of SINGLE people out there! 👍👍👍
Absolutely!
Yes! You used realistic numbers? Most of us don't have >$ Million portfolios and no where near max Soc Security? Many take Soc Sec at 62 becuz they Have to don't have a choice to Delay to 67 or 70?
Drew, your cutting a lot of beer out of his budget. 🤣🤣🤣
😂 Sparkling water?
Some of us may have been widowed at some point in our adult lives and if that's the case may be eligible to draw on TWO social security funds: our own and the fund of our late spouse, which is exactly what I'm doing. Additionally, if a person plans well and pays off their mortgage, car, credit cards and any loans before retiring the annual expenses should be less than $40K per year.
Yes!
I live on less than $25K a year with no mortgage. I need about $1400 a month for all of life's necessities. I have no debt and retired at 58 because of the Great Recession, aka, unemployment. Had to start SS at 62 of course but it's fine. I live very comfortably and have money left over every month.
I had a moment of Deja vu Drew🤣I could have sworn you already put up this video before. That being said I am glad you did. Have you considered clients who may decide to retire overseas? I'm a Veteran and may soon decide to retire in either Thailand or the Philippines. I would be relying on Social Security and my 401K which is slightly more than the 150K that you explored in this example. Cost of living is doable in many overseas countries. Last that I remember a single adult can live in the Philippines for example on $1,000 to $1,500 a month for all expenses, rent, food, utilities, transportation, health insurance etc. My estimated social security payment at 62 which is in a couple of years is just under $1,800 a month. This would allow me to use part of my 401K savings to purchase a condo for between $25,000 to $50,000 and have the minimum required deposit in a bank ($30K) which I believe in the Philippines is to cover unexpected medical issues and still have some of the 401k left over to supplement Social Security. It would be helpful if you could include a video now and then for folks who may decide to retire outside the USA. Thanks for the great examples you present for different situations.
Great idea and thank you so much for watching!
I learn so much from this channel to revise my plans, and stress test my retirement. This scenario is closest to me except I can figure on 4 times that in retirement savings or so, adding a seasonal job taking home around 30K per year, which I love, as I work from home. I would take SS at my full age. Still revising my plans as I save more.
Thanks for watching Kevin! I’m glad we are helping on your retirement journey!
Drew, the way you can appreciate the 70 year old ushers at Tropicana Stadium speaks VOLUMES about your character. The world could use more people like you, thank you.
I love the ushers at the Trop!! Some of the best conversations you'll have at a baseball game. Go Rays!
I did the math on this person.
This person averaged making about $60k a year for 35 years and saved 1.9% or about $100 a month. It’s going to be brutal for them to drop spending to 2/3 of what they are accustomed to.
Thanks for doing the math!
The short answer is no. The long answer is no they can't. Back to work!
Very true!
Every person should have a budget.
True!
Great video!
Glad you enjoyed it
My parents both died in a car accident in 2006 left me and my 2 brothers money, over 500,000$ under 1million. I live in Orlando Florida on international dr down the street from sea world. And i teach guitar lessons on the side... Me and my two brothers are doing, fine i don't understand how you guys can't live off this🤷♂️🤷♂️ everyone doesn't live til age 70 or some don't live to retire. My parents was in good health and still lost their life to a drunk driver 😢i get it but live life because life is short 💯 yall too worried about being a millionaire lol
I don’t pay these ppl attention anymore, I just watch whatever videos catch my attention 😂you know how many people don’t even have 150,000 $ saved. That’s enough for an old person smh 🤦🏻♂️ hell most Normal people get social security at that age, sorry to hear about your parents that sad man and it’s good you know how to live off what you have, instead of trying to be greedy like these people on UA-cam! They will never retire 😂😂😂😂
Someone said you need 7,000,000.00 to retire
@@maritoreyes6392these ppl are all just dreaming big 🤣🤣🤣 I highly doubt anyone will become a millionaire at retirement and if they do they won't be able to enjoy it 😩😩😩 but I tell them 🍀🤞 work yourself to death. It doesn't bother me.
Great comment and perspective Nolan. Thank you for sharing.
@@yourfinancialekg You're welcome 😁
One big factor that is whether or not the individual has a mortgage in retirement. That accounts for a huge percentage of the monthly costs of an average person.
Yes!
I like these price ranges. Would be good to see different scenario on little more savings like 200k~300k
Great idea!
Very helpful.
Glad to hear!
Hi I used to work for the city of Illinois but I have a health risk now
I'm glad you called your rate of return example BS.
I call it like I see it Bill
This one I really liked
Thanks for watching!
Great job and love your dream in retirement. Retire to something not from something
Thanks for watching John!
God bless!
GOD Bless you too!
You can retire under odd circumstances, provided you have a wealthy paramour supporting you financially.
Money not everythung can't buy happiness only Christ brings true joy
🙏
Word
Soc Sec average of $1,800 is at least $200 net after Part B deduction!
$174 but yes!
@@yourfinancialekg So we are talking about a little more than $1,600 net Social Security. This is never made clear in articles and broadcasts about Social Security
I am very close to Tbat except I have $1842 mo pension and $400k iRA and am working Part-time w Healthcare this year. So I think I shud be able to make it?
I would say you are on the right track!
As mentioned in a previous comment in another video how are you factoring your medical cost as part of your monthly expenses. In this example I am sure if you tactor it in it will increase your monthly expenses significantly. This video I believe is a little misleading.
Misleading, no. Real life, yes. The average saved at 60 is well below 150k. I’m trying to show people how. Not everything will be perfect. Thanks for watching.
Hi Drew, I'm still a few years away from retirement so would a financial EKG still be something i could do? What is a Ballpark figure on the EKG. Thanks, Mike T.
Mike, reach out to us at info@pearlwealthgroup.com and we can discuss!
@@yourfinancialekg Will do Drew, thanks, really like all your videos and advice, hopefully i can speak to you soon, Thanks again, Mike T
I running out of money at 82 is perfect. Why do you want to end up paying a skilled nursing home or nursing home all my money? I expect to give and spend all my money away by the time I’m ready for the retirement home and let the government, for once in my life pick up the tab.
Fwiw, I know several people in their 80's that are nowhere near being ready for a nursing home.
What makes you think your health will be there at age 82??
If you have $150K, don't touch it until you're 70. Try to live off social security or if social security is not enough, work part time like Drew suggested. I don't have a lot in my 401K but I think if I withdraw 5% every year, I will not run out of money.
Awesome comment and thanks for watching!
You people talk crazy 🤣 seriously worried about stupid stuff . I thought you couldn't have a lot of money and get social security 🤷♂️🤷♂️
@@nolanrizzo3812girl you know absolutely nothing
I found that since I have my home paid off (of course there are still expenses but about $800 per month all in) my SS is plenty. I bring in about the average, a little more, have a tiny pension on top (almost nothing) but I can live a very comfortable and enjoyable life just on SS and have money left over every month. I'm letting my retirement savings grow for my grandkids.
What if they worked to 65 and lived off the higher 401K until 67 and then filed for SS. What about using your home equity in your later years if your 401K or IRA run out. Can you do those numbers. Thanks
Good video idea!
$40,000 still seems high for required yearly income
Everyone is different.
$40,000 is average. I am retired with $96,000 annually, and some might think it's high, but my lifestyle never changed, so as Drew said, everyone is different.
Hi Drew, I'm married almost 62 stressed to the max
I might have 125k by the time SS starts in September
Depending on what happens in the next couple months, I will either quit work or go part time.
EKG sounds like something to set me straight
Please
Awesome, please reach out to us at pearlwealthgroup.com
I retired at 65 1/2yrs old netting 2,613 from SS
210k in retirement
No mortgage
No car payment
11,000 credit debt
How do I look?
It's hard to say through YT comments but you have a lot going right!
I am 62 years old, single and have 500k (stocks+saving)my ssi is around $1790 if I retired 62 , should I retire now?
Sounds like you need an EKG!
Retire in the Philippines. Live like a king on $2,000/mo budget.
Good idea
But you also have to live in the Philippines…. Hard pass.
Considering Thailand....
@@blaqbnkr You like year round high heat and humidity?
Thank you. But how many 62 year old folks die before they reach 82? What do the Social Security Mortality tables say?
Bill, that is a great question. I know we are living longer now.
73 male 79 female is life expectancy in the US
Works if he or she move to Mexico or the Caribbean
There ya go!
What if the person had 300k. ? Would that work ?
Would definitely be a different situation
What if you put $300,000 in JEPQ and lived off the dividends? Then could I retire at 62?
How much a month is that?
This ETF yields 9% and the investment also grows.
Just be careful relying on dividends especially from an options based ETF
Social Security is taxed, right? So that $1800/mo. isn't really $1800.
Depends on provisional income
Why not retire at 64 , then get another 400 $ a month which would work ?
Good idea!
Don’t live in America. It’s way too expensive here. Look at slow travel UA-camrs spending under $30k a year for 2.
Thanks!
I don't know how a single individual could safely retire at 62 with only $150k.
Live somewhere with a low cost of living!
Bunk up with roommates and housemates to pay off the mortgage ASAP together, then split the cost of property taxes utilities and groceries. It's very doable.
@@harryo2253 right - i tell kids all the time, just put 10 beds in a mansion, and everybody pay off the mortgage asap.
It’s tough but many people do it sometimes not because they want to but are forced to.
People are living off less than that and they aren't eating cat food 😂I think you're brainwashed
I DONT THINK ITS A GOOD IDEA TO KEEP YOUR RETIREMENT MONEY 100% INVESTED…that being said your 6% return is NOT possible.
Is not possible how so? Markets have average 8.5% for 50 years
@@yourfinancialekg Risky stock market investments. The economy is a house of cards. Not safe