Can I Retire at 55 with $2,500,000 in Retirement Savings & Retirement Investing Accounts
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- Опубліковано 15 лис 2022
- Can I Retire at 55 with $2,500,000 in Retirement Savings & Retirement Investing Accounts
In this video, I want look at a couple wanting to retire at 55 with $2,500,000 in retirement savings and retirement investing accounts.
We are going to examine when to claim social security benefits, retirement income cash flows, and if they can retire early at 55.
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I retired almost 8 years ago at age 62. So far I have not touched a dime of my retirement money. At this rate, how long will my money last?. As long as you are answering stupid questions I thought I would give you one of my own. My question is "are people this out of touch when it comes to money? We all learned how to do the math in grade school.
I'm retiring at 63, my wife is planning on holding out until she's 65. We're holding off on social sec. until 67. So we'll be touching our retirement money. But we lead a pretty modest life style. Once soc sec kicks in for both of us (assuming it's still around) that'll meet a large portion of our monthly needs. But our plan could handle it if soc sec were to totally go away. There's be more beans and rice and less money for toys, but we wouldn't be out on the street ;)
Travel expenses are getting out of hand. A good one week vacation in 2019 seems like it has gone up 3 to 4 time now in 2023. And rates for hotels in summer of 2024. Apples to apples are up further.
True!
I think you needed to include health care cost, with them pulling out $150K per year, they won't qualify for ACA subsidies, so they could easily see $2K per month between premiums and expenses. I used $150K to cover the $125 they needed for the expenses they listed plus income tax.
Great idea and thought!
You are correct. From age 55 to 65, your medical premiums could average $2,000/mo per couple with no ACA subsidy. Even with no mortgage, they're not likely to be able to live off $5,000/mo in expenses. Btw, if they want to travel, $5K/yr won't cut it. They will need additional cash flow, unless they decide to live in a van, in the desert with Bob Wells.
Why wait till 67. Take Social Security at 62 an invest or use the money. The break even if you wait is at age 79 and who cares by then?
Good idea 💡
20 year treasury is 4.4%.
I just really need the S&P 500 Index to again reach its former record intraday high of 4,819 from 1/4/2022.
Me too!
Shouldn't these number be run through some that accounts for the various combinations of the assumptions. Something like a Monte Carlo Simulation that covers good and bad periods of the assumptions.
Yes and that is something we do!
How can their expenses grow so much at age 80? Getting older, they will probably not spend as much on discretionary eexpenses like travel.
Very true. Healthcare is usually a bigger expense at that point.
They can probably make it, but I would work at least 2 more years or until mom passes. They are too close.... And BTW. I'm 72, and we are traveling more than ever. You don't slow down at 70...
Great comment! Keep going Vp!
How about health care expenses?
Definitely something to consider especially because of age of retirement. Great comment!
This seems to not account for leaving anything behind to your kids. “Look, at 100 years old, you still have 10k in savings”. I plan to leave a passive income to my son, so the calculation is very different. Also, what if they make it to 110 😅?
Good point
What about Long-term care insurance?
Good question. I am not a huge proponent of LTC insurance because of the enormous cost. There are other investment vehicles we can use to help plan for LTC and still get a return or pass our money on to beneficiaries. Thanks for the question!
I find this video to do a HUGE injustice to anyone remotely close to this scenario. Health care costs alone could torpedo their plans.
start roth conversions (ladder) now before the Sunset the end of 2025 to take advantage and the and adjust depending on the new tax brackets 2026 and later, also dont forget reverse mortgage on their home if its not being passed to the kids. so many potions for these folks.
Really like this idea!
@@yourfinancialekg not to mention the more roths done before age 64 and be "poor on paper" the less they will pay for medicare at 65 because of IRMAA. just a thought
@@johnb1571 Exactly! Tax free is for me!
All of their assets are in tax advantaged accounts. Did you factor in a early withdrawal penalty?
There is no early withdrawal penalty when you use the rule of 55.
Yes sir, the software calculates any penalties into the yearly tax figure. Great comment
There are ways to get the money without penalties.
@@brianmcg321 exactly! See rule of 55 or 72T on the channel!
Gramps is hedging with Bitcoin, not Worried ......
😮
Bitcoin is the answer!
😂
$50,000 for a wedding ? That money would be better used towards a house down payment or mortgage pay down. The mentality of this kind of person just kills me.
I would take the house too!
Cut to the chase, if you assume a 6% inflation adjusted rate of return, then you will be OK withdrawing 4-5% of the balance each year. You know, because 6% is greater than 4-5%. Then manage your expenses to no more than 80% of your income. Big brain stuff.
Taxes and inflation push the withdrawal rate above 4-5%. Thanks for commenting!
In todays economy $5,000 per month to live on is not practical and where are they going to travel to that's worth going for $5,000.
Very true
maybe for a couple but i live pretty nicely on $5k/mo. In california too.
I guess it all depends on your interpretation of nicely