Can I Retire at 55 with $1,000,000? NOPE!
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- Опубліковано 6 вер 2024
- Can I Retire at 55 with $1,000,000? NOPE!
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$1 million sounds like a dream retirement savings nest egg, but is it enough for early retirement at 55? This retirement video dives into the reality of retiring early and what factors you NEED to consider before retirement from the daily grind. Is $1,000,000 in retirement savings enough? Watch and find out!
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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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If you plan to retire before 60 years old, you have to pay off your debts including your mortgage. Plain and simple.
regarding the mortgage: or have a cash balance put aside earning a higher interest rate than the mortgage balance and interest rate.
@@MidlifeCrisisManagement
Has nothing to do with interest rates. Just monthly expenses straight up. A person with a million and no debts is a completely different scenario than a person with a million and a low interest mortgage. Health care is a huge factor for early retirement. Low expenses equals tax credits towards premiums. Higher monthly expenses to pay that "low rate" mortgage means less subsidizes. Can be the difference of over $10,000 yearly.
I personally find those ultra low interest rate mortgages more as hinderance to ones financial goals. But hey, you do, you. Everyone has different situations.
I had a 4.89 percent mortgage when I paid it off. I could have refinanced at 2.65, but chose to have a larger monthly cash flow and lower expenses to open up the possibility for an early retirement. Will retire within the next couple of months at 56 years old. Could not do it if I had a mortgage on the books, even a low rate mortgage.
@@ChristopherEvans-650 I get what you're saying. expenses drive everything in early retirement. if at age 55 I have a $60k mortgage balance at 2.75% APR and $60k cash in a high-yield savings account earning 4%-5%, why would I pay off my mortgage early and be house-rich cash-poor? if I don't have other debt and am paying that monthly expense from that cash and not taking distributions out of 401k via Rule of 55, would I not be coming out ahead?
I'm 50 now, btw. would love to retire in 5-7 years.
@@MidlifeCrisisManagement Yep, looks good.👍 I too have a fair amount in laddered 26-week T-bills to live off and plan to do Roth conversions between 56 to 75 years old before RMD's Can use the Rule of 55, but will not. May move it all to an IRA when I leave my job, just for more investment choices as my current 401k does not give me many selections. Won't need the money immediately, so I do know that if I do the above that I will have to wait until 59.5 for distributions.
Coming up to 37 years with same company with lots of changes going on, so retiring within the year feels like the right time.
Or have a great pension with health benefits
Im 55 with multiple health issues. Longevity doesnt look too great. I managed to work since 1988 with a fused back, asthma, and half dozen other issues. I have 1.1 million squirreled away but unsure what medical costs, inflatation will do to beat up my savings. No family, paid off but very modest home, 18 year old car... frugal but rather boring life. I watch the 20 and 30 somethings fly by in their new cars and doing fun things... i guess i better start burning through my money or should i just hunker down?
His account should go up if he’s retiring later. He’s not factoring this in his numbers
I didn’t watch the video. I retired at 61, got my company money at 62. I paid off my house and truck. No other debts. I have a mixture of cash and dividend paying stocks. I’m waiting until 70 for Social Security. Retirement is not that hard. If you know your expenses and you have that much income then you’re good.
Thanks for sharing, but you GOTTA watch!! 😂
Well, I watched but I don’t think it relates to most people. If I had $1,000,000 at 55 I would never have worked again. Software is great but it will never replace the human brain. And I know many people who have retired with a lot less than a million and they are doing fine. My folks retired at 55 with a small pension and they sold their home and moved back to their old hometown. They were pretty much low on money for the rest of their lives even though they took Social Security at 62.
My plan is to retire at 60 debt-free. Wife's SS will kick in at 62 one year later, and I will also take SS at 62. Our SS will be a combined $3500 a month and we plan to live on $5000 a month traveling with our RV. Staying at low cost campgrounds, or even camp hosting for a free site. We will live off Roth IRA and what is in savings as long as possible to avoid taxes, and get health insurance on the health marketplace.
Great plan!
How did he invest $1,000,000 from age 55 to 62 and only end up with $1,200,000? That’s only 2.70% compounded when he can get 4-5% in money markets and CD’s. Furthermore he managed to accumulate $1,000,000 so far. He should be saving like a mad man every year he works so he can be done. If he’s serious about retirement he’s out way sooner than 62
Thanks for commenting!
Move to Thailand or Philippines and you can live like a KING with only $300k and never work again for the rest of your life.
Yeah...but you'd have to live in Thailand or the Philippines
Of course! But you have to live with corrupt governments and drug lords.
This. I'm doing it in Ecuador loving it.
Grow up and stop deleting my comments.
@@NipItInTheBud100What's wrong with that? It's a great life. Especially in Thailand.
What about healthcare expenses before medicare benefitß.. was that included?
Yes sir!
We are early retirees. Debt free is the only way to be.
Robert needs to pay off that mortgage or sell and purchase something cheaper with cash.
We also have cash stacked up for a cushion.
Robert needs to build up cash too.
We draw from a 401k monthly using the rule of 55. We have 10 years to purchase our health insurance before Medicare.
Robert will need to plan for high health insurance costs.
Thanks for sharing, great job!
I guess I'm missing something. 6% on a million dollars is $60000. How is he draining his 401k so fast when his rate of return provides most of his expenses?
401k will be his only source of income until he's 67 then ss kicks in
You aren't missing anything. This guy is way too conservative. At age 55 this guy has about 20 years of life remaining but if he stays in a stressful job he may not survive to 62. I would tell this guy to retire immediate and only return to work if it provides value above anything monetary.
Don't forget taxes!
Taxes and health insurance would be the main problems Fees are another problem with 401 Ks. It wouldn't be 60 grand for long even if you could get 6% each year.
Don't forget thst for 10 years he pays the mortgage out of his 401K
You're assuming the expenses are linear.....not true. Expenses decrease as you age and this is proven per BLS.
What about healthcare though?
True Bruce!
Yes, he can. Just not paying USA bills. Live in southern Mexico, the Philippines, or any number of wonderful less expensive countries. 40k a year will be a fine living with healthcare and eating out included. You've got to expand your possibilities.
Live with drug cartels for a government? No thanks. I will shop at Walmart and count pennies.
Thanks for sharing!
If one can’t figure out how to live on $4-5k a month until SS gives you a raise at 65 ish depending on health then they just need to work more for the wants cause that should easily provide for the needs
Thanks for commenting and sharing!
Go ahead and retire at 55 life is not a guarantee
Truth
Payoff the house. Looking at the scenario he may have less than 200k left on mortgage. That knocks out 2000 monthly from the equation, and maybe with 1 or 2 years max of extra employment, he will be set for retirement.
Great idea 💡
Drew I just got to come in from down now paying $50 for somebody to take me there but they still didn’t help me
He needs to decide what's more important... retirement or travel? If he drops travel and start SS at 62... he could swing it.
Yes!
How is his expenses 80k when he makes 100k? Makes no sense
Big spender?
What about 20% tax penalty before age 59 1/2? Is that also figured in?
Yes, using the rule of 55 or 72T. That will avoid the 10% penalty but not taxes.
I retired at 56 with 80k. But I get a pension and social security
Yep. Pension, or a teacher...a little different situation than most.
How do you get SS at 56?
Wow
@@Soljarag5 I dont get it until 62 at the earliest. I have a small pension that I supplement by drawing on my savings each month. My bad. I should have mentioned that in my comment. Sorry
He has absolutely no chance. And he pays you about 3,000 $ to find out
Does it cost $3000 to get your company to look at your situation?
@@WEABRNC The fee is justified. Trying to retire in his situation is not workable
No, we are much less. Contact us at pearlwealthgroup.com and we can give you an estimate based on your individual needs.
I wish!
Worth the money for a dose of reality if you ask me.
Man, Can run all sorts of numbers and scenarios. One thing not factored end... Health care?
I'm counting on five years, At 56 and wife 62..and around 2-2.5 mil.. Depending on stock market and bidenomic type years (lol) Depending on stock market figuring 6% return. From which we've averaged at least 2-3 times at the last 20 years.. No house payment Or car payments.
Health care is the unknown
I could!
Do it!
Just do whatever Nancy Pelosi does. You'll have plenty.😮
Ha!
This dude loves making videos only about 55 year olds.
What age would you prefer?
@@yourfinancialekghe’s probably looking for age 54 and 11 months 😂
That’s good, I want to retire at 55, 58 latest. I’m 40 now. Maxing out 401k and Roth. And adding to brokerage account whenever I can. I will also have a pension that I can qualify at 55. Hopefully it can come true.