Retirement Income Strategy for 60 yr old with $1,600,000 Saved for Retirement
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- Опубликовано: 11 сен 2024
- Retirement Income Strategy for 60 yr old with $1,600,000 Saved for Retirement
In this video we are going to look at a 58 year old couple asking retirement questions, Can I Retire and where will our retirement income come from? This is a retirement planning at 60 scenario.
They have $1,600,000 in retirement investments and retirement savings and want to understand their retirement income strategy. We are also going to examine retirement taxes and how long their retirement income will last.
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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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You have done several of these videos where you claim a higher state tax rate than federal, which is just wrong. In this particular example you claim a New Jersey tax rate of 5.25% to have an effective state tax rate of 5.25% they would need about $350K of income. To touch the 5.25% bracket they would need $80K of income which is at the top end of the 12% federal tax bracket. So whether you are doing effective or just bracket there is no way that the state tax rate exceeds the federal.
It also appeared that you left out the cost of medical insurance again between 60 and 65, that is too significant to ignore.
Not to mention, in this example if you looked at the 2034 tax details column, they had $16K of taxable income. Even at 5.25% that's only $832. Move to FL to avoid this and see how much that costs you in RE fees and moving fees. Average 3-bedroom home would easily cost 10K in moving fees to move from NJ to FL.
@@dseagull3567 The New Jersey state tax is 1.4% on the first $20K, so it is closer to $225 on $16k...
I would like to have seen you add in a line for legacy.
I can do that!!
Cud u do examples with SMALLER $$ NUMBERS!! MOST of US Doesn't Have Million $ portfolio! How about $500K? Also Do I take Lump Sum $230K or $1840 mo pension? Single male 60 YR old can take pension as soon as I retire. It is fixed, no COLA
Yes, I have done videos with assets of 500k, 600k, & 800k. Here is a 500k for you: ruclips.net/video/0lBaUiiWMK0/видео.html.
On your question about lump sum or pension, when do you plan on retiring? Does the lump sum/pension increase if you wait to retire? How much in assets now? Will you get social security? What would that amount be at 67?
If you wait until 70 to collect Social Security, ou have a 43% chance of dying before you see a dime.
The odds are in our favor?
Not exactly
Because you know your own health and family longevity. When you weed out the people with health problems, bad habits or bad family genes your odds go up.
This isn't a guarantee but your odds are way better than average if your health is way better than average
I had to make a second comment because that's bull. If you're 62 on average you live to 82, how can half the people live till 70 or less? Are you looking at mortality tables from birth?
@@johngill2853 I agree with you John. I plan out all retirement plans to 100. I truly believe people are underestimating how long they will live. Great comment!