I just turned 61. Single, no kids, ZERO debt, with $900,000. Monthly expenses around $3700. If I was ever to get laid off, AND chose to retire, I would guess my scenario would be quite a bit more positive and doable since I am 8 years older.
Why hasn't she immediately moved the money in savings to a HYSA or a MM within a taxable brokerage. They're paying ~5% right now and that $300k could be earning $1250ish a month vs $0 or barely zero??
At a quick glance she has enough in cash to bridge her expenses until she collects her pension. That will give the invested money more time to grow. Once she gets her pension then she is already set. Once she gets social security then she is just flying high.
Id love to see this example but with no pensions....most people dont have those which makes this example not as useful! Thanks for the great information and videos!!
@@torchy187 the only jobs that still have pensions, at least most of them, are government jobs. Funded by taxpayer dollars! Gee whiz, I wonder why that’s the case!!
Expenses are the single most important factor in retirement planning, not assets. There is ample proof that spending DECREASES over time in retirement, even net of inflation. Not a fan of software that does not allow for this fact. I would bet that if we try to replicate this by lowering the inflation factor down to 1% or so to slow the expense growth and make it more realistic then this would fix the problem.
I noticed you did not mention anything about Healthcare in your video. She would need that I am sure. How does that factor into the calcs? Healthcare is my main concern until I reach 65 when Medicare kicks in.
I am 55 hoping to retire sooner than later. Growing up in Pittsburgh and thought Bradenton might be an option. Work at Pirate City too. Much like my situation but I gained employment to use rule of 55. I am looking forward to watching this video.
If you told me I would make it to age 93 before selling my house… I would buy a freaking lake house and not worry. I’m dead at 85 and that house is very sold with me in an apartment.
would taking s security at 62 make any difference ? u should do a quick 62 65 67 and 70 on your videos LOVE the videos btw. just found u and am binging the old ones
So, yes, she can. At 93 with a home and SS (and pension?!), I think you are still in the winning category. I'd say it would be a win just to live to 93.....it is realistically a small percentage (life expectancy is 30 years at 53).
Suzie Oman also says no one should retire early. Well unless you have at least $5 million. She is not a good source for retirement planning nor does she do it professionally. I would listen to financial advisors and planners who have done financial planning as a living for hundreds of not thousands of regular people before I listen to an out of touch celebrity.
**Free Retirement Download: The Checklist to Retirement:** 📊
pearlwealthgroup.com/
I retired at 55 with 600k. Have $1500 a month pension and moved to Mexico City last year. I have a 3k a month budget. Living the dream!
Awesome!
Layoff doesn't necessarily mean forced retirement. Nobody is forcing her to not work another job, she just doesn't want to.
True but that’s not bad either
I just turned 61. Single, no kids, ZERO debt, with $900,000. Monthly expenses around $3700. If I was ever to get laid off, AND chose to retire, I would guess my scenario would be quite a bit more positive and doable since I am 8 years older.
👏 👏
Why hasn't she immediately moved the money in savings to a HYSA or a MM within a taxable brokerage. They're paying ~5% right now and that $300k could be earning $1250ish a month vs $0 or barely zero??
Rob, you are hitting the nail on the head!!
At a quick glance she has enough in cash to bridge her expenses until she collects her pension. That will give the invested money more time to grow. Once she gets her pension then she is already set. Once she gets social security then she is just flying high.
Thanks for watching and contributing!
Exactly - the math is moreso can you make it to 59.5 and 62 where real money turns on
Id love to see this example but with no pensions....most people dont have those which makes this example not as useful! Thanks for the great information and videos!!
Good point
She is smart for getting a job with a pension. Many pension jobs are hiring.
@@torchy187 the only jobs that still have pensions, at least most of them, are government jobs. Funded by taxpayer dollars! Gee whiz, I wonder why that’s the case!!
@@NipItInTheBud100 Government workers work for less and pay into their pensions.
@@beatricerights work for less? That’s how it used to be. Not any more! Government workers are some of the highest paid workers!
Expenses are the single most important factor in retirement planning, not assets. There is ample proof that spending DECREASES over time in retirement, even net of inflation. Not a fan of software that does not allow for this fact. I would bet that if we try to replicate this by lowering the inflation factor down to 1% or so to slow the expense growth and make it more realistic then this would fix the problem.
Thanks for the comment and contribution!
Who needs that much liquid assets at 93 years old?
But at 93 Social security will keep giving her money as long as she is alive
I noticed you did not mention anything about Healthcare in your video. She would need that I am sure. How does that factor into the calcs? Healthcare is my main concern until I reach 65 when Medicare kicks in.
Healthcare is a factor but for her the company is carrying it. That’s a benefit for her.
Same here. If it wasn’t for healthcare I could easily retire.
@@yourfinancialekgthat’s a huge benefit above her pension!
Great video. 53 and looking to retire early.
You can do it!
At 93 she has been dead for 10 years
Not necessarily
I am 55 hoping to retire sooner than later. Growing up in Pittsburgh and thought Bradenton might be an option. Work at Pirate City too. Much like my situation but I gained employment to use rule of 55. I am looking forward to watching this video.
Come on down! ⚾️ 🏝️
If you told me I would make it to age 93 before selling my house… I would buy a freaking lake house and not worry. I’m dead at 85 and that house is very sold with me in an apartment.
The question is: do you buy a jet ski or boat first?
@@yourfinancialekg ski boat. Then tritune, then jet ski.
@@gentrybrown2032 Good choice!
would taking s security at 62 make any difference ? u should do a quick 62 65 67 and 70 on your videos
LOVE the videos btw. just found u and am binging the old ones
Great content idea!
You had me until you said the Bible says.
Well, it does say...
So, yes, she can. At 93 with a home and SS (and pension?!), I think you are still in the winning category. I'd say it would be a win just to live to 93.....it is realistically a small percentage (life expectancy is 30 years at 53).
Very true! Thanks for watching
I saw a click bait article on Suze Orman saying the 4% rule should not be used and is "dangerous". What is your take on the 4% rule?
It’s a good rule but not the bottom line
Suzie Oman also says no one should retire early. Well unless you have at least $5 million. She is not a good source for retirement planning nor does she do it professionally. I would listen to financial advisors and planners who have done financial planning as a living for hundreds of not thousands of regular people before I listen to an out of touch celebrity.
@@ariefraiser140 Totally agree. Educational content is great but practical application is better.
She needs to consolidate all her money vanguard TD Ameritrade all over. Simply your life asap.
Well TD Ameritrade itself consolidated with Charles Schwab as of Memorial Day weekend, all Charles Schwab now.😉
Great advice!
Doesn’t Mary have to work till 65 to get amount ?
Also will there be penalty for not working or contributing 10 yrs before collect SS?
Factored in with no cola increases
Also has Msry met the requirements of 40 points or 35 yrs of working ?
Yes