[Case Study] How to Prepare for Early Retirement
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- Опубликовано: 19 май 2024
- For people who are planning to retire early, planning for retirement can be especially daunting.
There are many different points to consider, but the most important is ensuring that your income stream will sustain you for the rest of your life.
Today’s case study examines someone who is looking to retire early so that you can understand what framework and approach to apply to your own situation.
Questions Answered:
What do you do for income when you no longer receive a paycheck?
What sort of strategies do you use for taxes, medicare, withdrawal, etc?
Learn the tips & strategies to get the most out of life with your money.
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⏱Timestamps:⏱
0:00 Intro
0:00 Intro
1:11 Today’s question
4:11 Considerations
6:55 Strategy and Expenses
9:34 Recommendations
11:30 Implications
13:27 Are they on track?
18:35 A couple of things you can do
22:22 Adding in Social Security
25:42 Quick thoughts
27:34 Outro
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Great case study!
🤘i like all of your and Ari's videos...but theyre much easier to watch when theres an actual video and visual aids on the screen
We agree. We currently just post the audio of podcasts but in the future these will be videos with graphics. Always appreciate your feedback!
James, thanks for the video but....what about planning for healthcare?
Thank you for covering this stage of early retirement! My wife and I are in our early 50's, and she has been retired for 4 years. The plan is for me to leave at 53...and our financial planner has told us many times that we are perfectly fine to "retire" now. I know the numbers state that everything is well over our target, but I'm still nervous to "pull the trigger!"
You’re welcome! It’s challenging to feel comfortable enough to make the decision to retire that early even if you know you have the portfolio to support it.
Thanks for the anslysis, especially how to segment the time periods.
We plan to have periods of higher and lower income needs, even as we also plan to transition from depending mostly on portfolio to more on pension and social security.
You’re welcome. Thank you for watching.
James, wonderful video! Concerning Roth conversions, I've started to wonder if it isn't better to convert a smaller amount while in a higher tax bracket than what may become a HUGE amount later in a lower tax bracket. I would love to see you do a Roth conversion analysis that addresses that, and get your take on how to determine the best way to proceed with various portfolio balances, ages, and time horizons.
Regardless of the amount, ideally you’re doing it at a lower relative tax bracket. There are many factors to consider which can make that difficult, but you bring up some good points.
Great episode. Love the case study episodes, especially this one. Miss the old intro music though. 😢
Glad you liked it! Sorry you don’t like the his music as much.
Sounds like he is doing great. He has alot more money than most who retire with alot less.
To be safe, we may want to use conservative numbers, like 4% return and 3.5% withdrawal ratio. If success chance is over 90%, we are good.
How is this different from just having a higher stock asset allocation for your entire portfolio during a longer retirement period?
Mental accounting. Maybe better chance of letting that later bucket ride through down markets if you mentally account for it's not needed until later in life.
I'd tell Tanner to stay the course and come back in about 7 years. Too early and too many variables...
Yes, lot's of variables that are impossible to perfectly predict, but it's good to start with a plan and then adjust as needed.