That is such a general question! It ALL depends on the age at retirement! If one works till 70 and retires, very likely 500K will be enough (depending on monthly expenses). If you are retiring at 60 with 500K or less, that MAY be more likely not enough, though some people do it successfully, as shown by Drew's illustration here. For me, I just turned 62 with just a tick OVER 1 million in retirement savings and plan to retire next August at 63. I have ZERO debt and good health, and intend to stay that way!
My mom retired on SS (1200 per month), a paid for house, a 350K CD (another 1200 per month), and a tree farm generating 6K per year that she leased out. so about 2900 per month.... The kicker at 87 years of age she saves over half of her monthly income for a rainy day. Her savings continues to grow each month.... Never has touched her nest egg (CD's)
This is my plan. I retired early and I have a 46% savings rate and I hope to have a 69% savings rate by the end of the year. I have a tiny federal pension and rental income which is variable.
Weren’t the Spaniards protesting and throwing water at the expats and tourist taking over their land? I’ll move somewhere else instead, maybe the Philippines
I retired with less, I used my retiremen cash payment. I used my cash to write coved calls. The cash from coved calls has supplemented my income for over 20 years.
I will retire in four years I will be 58.I am blessed with a pension and home paid off no other debt.I will have 500k in investment accounts dividen income 9 percent annually dont need to touch principle.WIll rent out home for additional income move to Thailand(wife and family there) for cheaper leaving.Key stay out of debt buy assets not liabilities.Good luck to all the future retires.Happy investing/stacking.
@bluecollarbullionballer4269 congrats. I went to Thailand back in January and February. My plan is to retire to Thailand and southeast Asia in about 3 years. I live in Kansas with a paid off house so living is pretty cheap currently.
We’re shooting for retirement at 55, part time retire at 50, $1.5m, no mortgage & debt, hoping we can keep spending to $50k a year. I like multiples of 5’s.
People retiring before age 65 better be aware that their medical insurance and expenses will be a big burden to bear. If you like handing over most of money to insurance companies and doctors that never really do anything for you, then have a good time. ... Even when you get Medicare, that will likely eat up close to 100% of your Social Security payments. And thats a conservative estimate.
Abandon all hope, retirement in the United States is becoming impossible and will get worse when you only receive 75-80% of your projected SS and a meager SS COLA (if any). If you have a pension they want to zero out your COLA there too. 😢 of course this assumes the Sequence of Returns Risk doesn’t go against you or it’s even more dire.
That was painful. Everything is just a generic amount. But i wanted to use exact amount of expenses down to the penny. Down to the penny. Down to the penny.
I wish someone on a video would say what do you do if you have a 401k and half is traditional and half is a Roth. How do you split it bc it’s the same account
the BIG problem is the market can drop 50% at any time.....and inflation can run alot hotter than 3%......but in a perfect world I get it.......one way to get around the market risk is if you can find a brokerage firm that will pay you on your cash (I currently get 4.8% on my cash at interactive brokers; most brokers pay next to nothing)....then I sell put options to earn more income that are WAY below the current market prices (thus building in a bear market before it happens)....just a strategy that I've stumbled onto.
Personally, I have 11 years until "full" retirement at age 48. 1 full pension and 2 minimal pensions, plus an estimated $1.2m(market dependant) portfolio should be plenty to live how I want. If SS shows up 20-25 years later, cool. The pension, a rental, and fueling all 3 tax buckets for stock market investing has been a blessing for flexibility. If only I could manage to take my physical flexibility that seriously, it might be a pleasant twilight of life.
![How to Get a Developer Job - Even in This Economy [Full Course]](/img/1.gif)
That is such a general question! It ALL depends on the age at retirement! If one works till 70 and retires, very likely 500K will be enough (depending on monthly expenses). If you are retiring at 60 with 500K or less, that MAY be more likely not enough, though some people do it successfully, as shown by Drew's illustration here. For me, I just turned 62 with just a tick OVER 1 million in retirement savings and plan to retire next August at 63. I have ZERO debt and good health, and intend to stay that way!
Very good points!
My mom retired on SS (1200 per month), a paid for house, a 350K CD (another 1200 per month), and a tree farm generating 6K per year that she leased out. so about 2900 per month.... The kicker at 87 years of age she saves over half of her monthly income for a rainy day. Her savings continues to grow each month.... Never has touched her nest egg (CD's)
That's great!
This is my plan. I retired early and I have a 46% savings rate and I hope to have a 69% savings rate by the end of the year. I have a tiny federal pension and rental income which is variable.
i’m retiring at 57 with $600,000 moving to Spain for a lower cost of living 🎉 Thanks for the video it gave me peace of mind 😊
Awesome! 🇪🇸
I want to do an off the beaten track Caribbean Island or the east coat of the Philippines myself.
Weren’t the Spaniards protesting and throwing water at the expats and tourist taking over their land? I’ll move somewhere else instead, maybe the Philippines
Those are all great as long as you aren't committing SSA fraud after 6 months
@@Stompinwindwhy would you be committing SS Fraud? 🤔
Looks like i need to leave Florida at 71 still working but these storms, tornadoes its looking awful to stay here after 52 years.
I know somebody who is retired tired with 100K anything is doable. It’s all about lifestyle.
True
Certainly possible depending on lifestyle and other income sources, for sure. For *most* young people, not even close to sustainable.
Thanks as always for your content.
Thanks for watching!!
This was powerful info🙏🏿😊😊
Thank you!!
I retired with less, I used my retiremen cash payment. I used my cash to write coved calls. The cash from coved calls has supplemented my income for over 20 years.
Wow
Thank you for sharing your knowledge.
Glad it was helpful!
I always learn something new from your videos
Thank you for watching!!
Debt is key we are hanging it up in 3 mths 400k ..NO DEBT downsizing our house trying to sell right now 36 days but hoping sell soon..
Best of luck selling the home Bruce! 🏠
I will retire in four years I will be 58.I am blessed with a pension and home paid off no other debt.I will have 500k in investment accounts dividen income 9 percent annually dont need to touch principle.WIll rent out home for additional income move to Thailand(wife and family there) for cheaper leaving.Key stay out of debt buy assets not liabilities.Good luck to all the future retires.Happy investing/stacking.
Thanks for sharing!
Very cool. What part of Thailand?
@@southduck Surat Thani away from tourist.lol Family has properties there.Happy investing/stacking.
@bluecollarbullionballer4269 congrats. I went to Thailand back in January and February. My plan is to retire to Thailand and southeast Asia in about 3 years. I live in Kansas with a paid off house so living is pretty cheap currently.
We’re shooting for retirement at 55, part time retire at 50, $1.5m, no mortgage & debt, hoping we can keep spending to $50k a year. I like multiples of 5’s.
Awesome!
People retiring before age 65 better be aware that their medical insurance and expenses will be a big burden to bear. If you like handing over most of money to insurance companies and doctors that never really do anything for you, then have a good time. ... Even when you get Medicare, that will likely eat up close to 100% of your Social Security payments. And thats a conservative estimate.
Very good point!
Sad but true
Hey Drew Jeanette
Hi Jeanette!
Abandon all hope, retirement in the United States is becoming impossible and will get worse when you only receive 75-80% of your projected SS and a meager SS COLA (if any). If you have a pension they want to zero out your COLA there too. 😢 of course this assumes the Sequence of Returns Risk doesn’t go against you or it’s even more dire.
Thanks for sharing!
That was painful. Everything is just a generic amount. But i wanted to use exact amount of expenses down to the penny. Down to the penny. Down to the penny.
Hurt so good?
What is the cost of a financial EKG?
Contact us here and we can discuss: pearlwealthgroup.com/contact/
I wish someone on a video would say what do you do if you have a 401k and half is traditional and half is a Roth. How do you split it bc it’s the same account
When you retire the traditional rolls into IRA and the Roth rolls into a Roth IRA.
the BIG problem is the market can drop 50% at any time.....and inflation can run alot hotter than 3%......but in a perfect world I get it.......one way to get around the market risk is if you can find a brokerage firm that will pay you on your cash (I currently get 4.8% on my cash at interactive brokers; most brokers pay next to nothing)....then I sell put options to earn more income that are WAY below the current market prices (thus building in a bear market before it happens)....just a strategy that I've stumbled onto.
Nice!
please use the whiteboard with the market going down 3 years in a row and the 500k turns into 250k...
Great content idea
Personally, I have 11 years until "full" retirement at age 48. 1 full pension and 2 minimal pensions, plus an estimated $1.2m(market dependant) portfolio should be plenty to live how I want. If SS shows up 20-25 years later, cool. The pension, a rental, and fueling all 3 tax buckets for stock market investing has been a blessing for flexibility.
If only I could manage to take my physical flexibility that seriously, it might be a pleasant twilight of life.
Awesome!
4166 with it with out health insurance ?
$50k to $60k a year in average expenses? Exactly what are these expenses? Most people can’t afford that working full time……..
That's just the average.
Sure, but not in the US
Maybe
@@yourfinancialekg you’re right, maybe in MiddleOfNoWhere, Arkansas.
If you RIA is only getting you 6%, get a new advisor.
Thanks Wayne!
Is that 101% of people?
101.2%
You can retire with nothing, but your life will suck.
#truth
Can I retire at 34 with $500K?
It would probably be tough
Take ss sooner at 62
Maybe!
following biblical principles is always the best way to live
🙏