How Much Do I Need To Retire At 60? || A Complete Guide!
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- Опубліковано 6 вер 2024
- How Much Do I Need To Retire At 60? || A Complete Guide!
Retiring at 60 is a dream for many, but how much do you actually need to make it happen?
In this video, we'll break down the costs of retirement and give you a rough estimate of how much you'll need to save to retire comfortably at 60. We'll also cover some strategies for increasing your savings and maximizing your investments.
Whether you're just starting to think about retirement or you're close to retirement age, this video will give you valuable information to help you plan for your future. Don't miss it!
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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
pearlwealthgro...
Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
#retirementplanning #retirement #financialfreedom
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My goal is to retire at 60..seems like Im on a good path. Thanks Drew. Put my mind at ease.
That’s the goal! Thanks for watching
If your mind is at ease, then something is wrong.
If you think there is a solution, then you are part of the problem.
Drew, thanks for this! There are so many details to think through and you nailed it. Great examples, explanation, and presentation. I used to think retirement was easy until I got closer to it and realized all the nuances.
Glad it was helpful and thank you for watching!
Really great review, thanks for considering all the variables! Most retirement folks just quote retirement income averages, I appreciate your real world approach. Next time, including unforseen medical expenses, child weddings, and/or a multi-year economic downturn would really pressure test a retirement plan.
Thank you for watching Richard! Working on a video right now and I will use your recommendations. Have a great day!
this video is GREAT ... on another video I just commented on I asked for what you did here where you compared whiteboard and EKG numbers ... this was great ... my whiteboard type calculation was 850k and living to 97 ...
I'm glad it helped Bob!
It is easy to tell you are an EXTREMELY GOOD man ... thank you for the video ... really appreciate the real life scenario ... the one point which i would definitely question from the whiteboard section of the video is not including a social security COLA from 62 till 67 and possibly 67 to 100 ... that would be SUBSTANTIAL ... it is hard to tell without having the EKG papers in front of me, but in dealing with a few different advisors i have seen at least the COLA from 62-67 not included which again would make a profound difference. thank you for ALL YOU DO ... God Bless ...
You are exactly right about the white board. I am limited on space so I try to be more fundamental. The software is where I like to dive into the details. Thank you so much for the kind words and watching!
This was very comprehensive. Thank you for discussing the various items.
Thank you for watching!
Nice !! I’m retiring this month with 56 . And I’m moving abroad.
Best of luck!
Congratulations, where are you moving? I'm just trying to get different perspectives as I will be retiring soon. Thx!
I'm turning 58 this year looking to retire and move end of the year. Looking to Serbia and 2nd choice thailand. Expenses dirt cheap in both those countries. The advantage to Serbia is you can own property. Beautiful country!
Which one of the broads are you moving, the Ex, current, or girlfriend?
@@jmm1817 Almost anywhere BUT the USA. Iran is out of the running.
This is great and helps us understand the complexities.
Thanks Jeff!
Would love to see a video on IRA's with the fees charged vs. 401k Index Funds from your perspective. Basically how to avoid unnecessary fees when investing.
Good idea! 💡
How long is a piece of string? I'd say $1M should do it, but the more, the better.
6% average return on $800K over 10 years is NOT $840K. Compounded value would be 1.06^10 = 1.79 x 800 = $1,430K. If not re-invested (not compounded), it would yield 10 x 6% x 800 = 480 + 800 = $1,280K.
Great math! Don't forget about the distributions coming out. That is what your math is missing.
Great video! Thank you.
Thank you for watching!
No Social Security for at least two years, no crappy Medicare for five years. You'd better be freaking rich and never get seriously ill.
okay... this is really good info...
Thank you! I really appreciate you watching.
All well and good, but, this plan only applies to those who can live on 3750/month or less.
Yes, true
Not a plan, an example
Awesome job.
Thanks for watching!
Do you have a video showing retirement numbers for married couples? Do you just divide the expenses in half to figure out these numbers, or double 401k & SS?
Great question! I try to do videos of both. For married couples, just double the income that will be coming in and use the 25x rule on income needed because of expenses. Livestream tomorrow at 11am est is married couple.
@@yourfinancialekg thank you! Just found the video with a couple retiring with $150k. New subscriber here!
I love 18:26! Perfect! 😂
Either you are retired, or not. You should not have to go back to work at Home Depot, unless it’s really needed. Travel is not essential.
Ed, would you consider part time work not retired? Thanks for the comment!
@@yourfinancialekg if you are working…you are not retired….period!
Developing a plan for ss / 403b / Roth IRAs / taken ss / at 67 waiting for full retirement 😅 to begin. IRAs / 403bs /
Drew good morning hope your day is awesome! Quest ion in 2050 my wife will be 67 . If she gets about 30000 to 4000 my ss. Say about 6000000 in savings ira no debt paid off house will she be able to live ok when I drop dead?
James, without diving into too many details, if she has 6 mil at 67 in 2050, I would assume she is going to be ok. Good question!
Thankyou drew
@@jamesjames2070 Anytime!
Thanks for your effort! But don't you think even assuming 6% is a bit optimistic in this climate?? I id like to use 5%, just my opinion!
Great assumption but I’m just using the long term average not looking at just specific short term time periods. Thanks for watching!
5% lol
@@steve99912 yes, 5%
do you pay taxes on Dividends distributed from a ROTH IRA or 401k?
No you do not pay taxes on distributions from a Roth IRA or Roth 401k unless you haven't satisfied the 5 year rule or you are under 59.5. Make sure you talk with your CPA before taking any specific action. Thanks for the question!
@@yourfinancialekg thank you for answering...
@@thetradersam6157 no problem! Thank you for watching.
Damn…even with a calculator his math is wrong….LOL. On what planet does $1500 x 10= $10,500??
Thanks for watching, commenting, and helping the algorithm!
He meant SEVEN which is the number of years from 60 to 67 ... give him a break ...
@@bobackerman54 Thanks Bob!
@@bobackerman54 oh I get it, but when you are giving financial advice, or should I say information, credibility is everything. Getting simple math wrong it tends to ruin one’s credibility. I was just making a point that when you, or a new listener, listen to this video and he gets simple math wrong, how much credibility is that person going to give him?? He does great videos and I would hate to see anyone look at him that way! Nothing a simple added footnote wouldn’t cure inside the video!!
Great video, thank you!
Glad it helped!