Retire at 60 with $225,000 in Retirement Savings? || Can I Retire?
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- Опубликовано: 1 окт 2024
- Retire at 60 with $225,000 in Retirement Savings? || Can I Retire?
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Dreaming of sandy beaches and early retirement? But with $225,000 saved for retirement, is it even possible to retire comfortably at 60?
This video dives deep into the factors that determine your retirement readiness. We'll explore:
Is $225,000 in Retirement Savings enough? Let's do the math!
Understanding your retirement lifestyle. 🆚
Maximizing your Retirement savings potential. ⏫
Considering additional Retirement income sources.
Creating a personalized retirement plan.
Whether you're on the right track or just starting out, this Retirement video equips you with the knowledge to answer the question: Can I Retire?
*Free Retirement Download: The Checklist to Retirement:* 📊
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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 in your retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.
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Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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So if I had $2million and almost no debt for retirement, I'm going to be ok?
Sell the house. Get a nice beach front condo in Thailand or the Philippines. Put 100K back into the market and live nicely for the next 20 to 30 years
Great idea
Exactly 💯 what I'm doing but I'm keeping my Home in the states in the family it's paid off never know who's going to need it with these high cost of living. Have 175k in retirement renting a condo in iloilo Philippines for $255 a month and a beach bungalow in siquor Island once a month for $110 who wouldn't want this life. The American dream isn't in America anymore but still respect America for the retirement system.
@@BillyTimes-dw7vshere’s mine. I am 56 and just finished building a 3 BR /3 BA house in Nuvali Laguna with solar power so House is paid off. Sitting with about $1.1 million left and making about $150k a year. Probably sell my townhouse that is paid off once I’m ready to make my move. I can make the move now, but so far I’m ok taking a long vacations here and there. My work is easy and I don’t have any bills other than your typical monthly expenses. I’m thinking maybe 59 if I can’t wait 62.😂
@BillyTimes-dw7vs yep. Need 2 mill here.
If you need a high resolution 3 Tesla MRI in Thailand, they wont have a machine.
Drew, love these kind of videos. Keep them coming 👍
You got it!
I can't get enough of these! Admittedly that's at least partially because they make me feel really good about my own situation, but also because I just really enjoy seeing and thinking about the math behind it. I've even thought about totally switching careers and going for a CFP 😂
Go get it!!
Homeowner’s insurance and states with property taxes are skyrocketing. A mortgage is no longer a fixed expense.
I talk about the mortgage without TI in the payment, but yes it is ridiculous!
I am at a fixed 30yr at 3.25% I got in right before it skyrocketed back in 2020
@@SnapRasta I got it at 2.5%. My insurance has gone up 75% and my taxes have gone up 100% since then. It isn’t a fixed cost. The leaches are going to keep raising the price of owning a home.
If zero debt, mortgage paid and have a big pension, yes. If debt, no other income, probably not unless you plan to move to the philipines and have no health insurance.
True
I’ll have no debt and $400k at 60, I’m hoping to be able to retire then
Awesome Jeremy!
I kept hearing the word retire, can he retire, should he retire, yes he can retire. The modeling was based on him continuing to work, even though it was part time. Are you really retired if you are still “punching the clock” and working part time? The answer is no.
Thanks for commenting!
I don't know why retirement needs a number. I been doing side hustle since I was 13 and enjoy buying and selling. I'm 60 and still doing it. I'm never going to stop doing it. Because I enjoy doing it. So I will always have money. I'm still working and planning on working until I'm 67. Than will slow down, but still side hustle. I been doing the semi-retirement. Where I stop working and take breaks(gaps between jobs). 1-3-6-9 months or even 1-3 years. My longest break has been 2 years and 9 months. I never saved what everybody calls the nest egg. I been saving what I been calling a golden goose egg. Funds to survive between jobs. But still do the side hustle employed or not. You do your things your way. I'll do things my way.
Sounds awesome, thanks for sharing!
I took my SS at 62, Retired from the military at 39. retired at my 2nd civ federal job at age 60 do to age requirement. 3 months before2nd retirement had prostate cancer. finished all that. So have 2 pensions, VA disability. I do not touch my 401K and moved to Fla since no state saxes. So far so good, I have 100k in savings and started a brokage account. i took SS at 62 had several Army buddies that didn't make it to 60.
Awesome, thank you for your service 🇺🇸
You worked too hard, you're like my ex-boss in the military who served 26 years and another 20 years in the DOD civil service as a GS-12, retired mid last year and he got all the maximum $$$ amount of pensions as he can get like military retirement, 100% on VA, SS, Union & civil service. Too bad, he passed away not even 3 months after retirement. God knows, how old is he? Probably around 68-70. I don't want to be in that position like him.
@danieljustdaniel9550 Glad your ok 👍 but I'm overseas 6months out the year can't live in America full time to dam expensive.
@apoloestrada2908 that's why you retire as soon as you can tomorrow isn't promised to know one
@@BillyTimes-dw7vs That depends on that individual, some of them are very greedy.
I’m selling my home 9/24 and will be getting about $125,000. I just retired this year at 59 and working part time. I will want to invest conservative with the money or have available until I can apply for my late husband’s Social security disability at the age of 60 in June 2025. Am I better to put in a high yield account or freedom fund unless I should do both. I already have some available money in a high yield but it’s not a good interest rate at my credit union. I have two retirement accounts.
Great questions! Contact us at pearlwealthgroup.com/contact/ and we can discuss in more detail. Would love to help!
I depends to me if you downsized big time it’s doable.
At 60, usually there is no healthcare coverage. Unless I have other sources of income such as a pension, I wouldn't try. But hey. I'm sure there are plenty of gamblers out there. Roll the dice. What's the worse that can happen? You end up broke and then you go out and find a job at 65 for half of what you made. Nothing wrong with that. But I don't recommend it.
@@JohnBowl14690Good luck finding a job at 65. Age discrimination is real.
@@tonylevine2716 - Exactly. In my humble opinion, it's better to error on the side of caution. I've met formally retired people who had to go back to work. It often isn't pretty.
Downsizing would help
I’m currently paying off my mortgage and the goal for that is December 2026. I want to retire by 60 also. And, I plan to retire with no mortgage payment. I was thinking of retiring at 57 but the penalty on SS is too great so I’ll just wait until I’m 60. I have my 401k, my savings and the equity in my home, my pension and SS too. I think I’ll be okay. I would like to find a part time job just to have pocket money and socialize 2 or 3 days per week. I’ll rely on my pension and SS to pay my minimal living expenses. I’ll have my property taxes and home insurance along with my regular basic needs to continue paying. I don’t think I’ll need to take out money from my 401k until much later on. I’ll be debt free which will be ideal.
That SSA hit is the only reason I am still working. I hit my “number” this year and make my last house payment next week. Working another year is a $200 a month increase in my age 67 SSA (currently 59).
Hope your not staying in America full time?? Because you won't be debt free. Remember we don't own anything in America.
The equity in your home means nothing.
@@craigjones4810yes it does. Are you that guy who says ya need millions to retire. Please
@@jerrypedrick6206Please explain to me how the equity in your home helps you in retirement if you plan on staying in the home, genius
.004 x gross monthly balance for life - do the math, can you live on it? (EXAMPLE - 225000 x .004 (that's not 4%) = $900 monthly - and the formula adjusts to your balance) now you tell us lol
This person is almost exactly the same as I am and I’m retired. My monthly expenses are 1500 a month. No mortgage payment or car payment. I’m 59 and at 62 social security will be 1800 a month. My parents died young so I will be really lucky to make it to 70.
Even a mortgage free home isn't $0/month and has long term cost in property taxes, homeowners insurance, and maintenance cost. You can downsize and reduce these cost but they will never be $0.
The $2500/month would not cover all the expenses today. Food alone would be half his budget.
you can retire with $0, and without SS, but, you'll be living on the street and hustling for needs. Its all about the cost of the life you want and determining your probable span.
Good point
I retired at 60 and never saved a dime because I enjoyed my life . Can't take the money with you when you're dead. Stop worrying about money and enjoy life.
I am 53 years old and I have over $400,000 in my 401k😊
Awesome!!
I'm in about the same boat. Average returns will put us at a million around 62. Then it will be decision time!
I got 50😢
Im 52 and have 515000 this week
57 yo with 2.3 million and a pension…. And I still work a few days a week, because I want to. Total net a bit over $3m. None of my coworkers have any idea. lol.
It is in Thailand. Problem solved
Good point 🇹🇭
I retired at 60 last December with no debt 670K and a small pension. Live in a log cabin in the Ozarks.Still spend less than my financial advisor tells me i can just out of fear of the unknown.
Ozark is a great place!
You can’t take it with you!
Is social security , inheritable or if u die .. the government , doesn’t pay anyone ?
If that’s a year amount sure lol …. At 48 I retired (from the trades) with 2 pensions.. now 51, I’m making it pretty decent, but I have my home / car / motorcycles paid off and zero credit card debt. Monthly net income is $3900 a month roughly. 401k is sitting there for when I can pull from there. My high yield savings has about $260,000. I live happy but frugal at times I’ve been told 🤷♂️…. Live in way southeastern corner of GA, I was planning my retirement since I was 18…. Lived very frugal for 30 yrs. And worked every moment of that 30 yrs.
Work hard spend and invest smart.
Good luck everyone..
Thanks for sharing!
If your house is paid off and you haven’t wasted money on an RV or a boat and you have no bills, and you have some sort of income for retirement then yes
Im 30 with 230k in investments. I plan on retiring in 40 years to get the most out of my investments. Is the average roi still 10-11%?
Yes for a long term S&P 500 investor
What about 100k at 62? With everything paid? No insurance though…….
Literally working on that video right now....stay tuned
These videos are great! We are 7 years from retiring at 60, and plan to have 500,000 in 401k and a paid for house. Is this feasible? We expect our monthly expenses to be around $5000 a month. SS at 62 which will generate $3000 a month combined.
Thanks for watching Mark!
Having a paid off house is huge 😁
Do you have a solid emergency fund (I plan two years expenses in retirement, and medical insurance covered to 65? If so you are still a bit short to generate $2k per month (inflation adjusted). Using 4% as your planning metric you should have $600k to generate $24k a year inflation adjusted for 30years (Trinity study). I would also encourage you to model what happens when one spouse passes. Can one of you single still cover expenses on one SSA income? Making sure you have a solid handle on expenses including budgeting for periodic big ticket items like a new roof or replacing a car is key.
@@SpookyEng1 Thanks for replying. We do have a six-month emergency fund, about 25k in a HYSA earning 5.00%. We just replaced our roof and now we are saving to replace the siding before we retire.
It's more than enough, or nowhere near enough. All depends on the on-going debt and the standard of living on wants
True
No. I just saved you 18 min of your life. You're welcome 😊
lol
Depends on the location, most African and Asian countries will be sufficient
Cool!
So happy I know how to option trade. I will still make money in retirement.
Awesome!
just subscribed! thanks for sharing your advice on retiring. - happy 4th!
Thanks for the sub!
Can be done if moved overseas
Yes!
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
How much do you charge for a personal analysis?
Depends on what exactly is needed. Contact us here and we can give you an accurate number based on your individual situation: pearlwealthgroup.com/contact/
What do you do for health insurance?
ACA or Medicare depending on age of retirement
@@yourfinancialekg But I didn't see that you included it in the monthly expenses. Not saying you didn't I just couldn't see it.
How about medical expenses?
Thats a HUGE expense!
Is that software available to the public..that would be handy to play around with..
$225,000 is chump change, dude. Save the bare minimum of 1M before 65. Moving out of the United States is another ridiculous idea if you have family.
Thanks, dude!
Pray you arent paying this guy 1% off the top of your returns every year :(
Thanks for the comment Craig!
If your house is paid off
You’ll be ok
That’s the key have a house that’s paid off!!!
You can’t be at the mercy of a landlord!!!!!!
Amen!
Definitely not in NY
😂
I don’t think this covers increased medical expenses that occur during aging properly.
How so?
What to do with $200k cash on hand
Please contact us directly for individual advice: pearlwealthgroup.com
No
Maybe?
Overseas possibly
Yes
N0… You should have planned better.
Thanks for watching!
So u lied. He has more than 225k click bait
You mean the bank money? 😂
I didn’t know people in Tampa spoke with a southern accent. It sounds great.
Florida is in the south, right? Thank you!
Folks if your going to retire I suggest you go with Michelins 😀
😊
I have $255.00 in the bank... can I retire at 60? 😂
Maybe
Let me simplify: "John, no"
Thanks
It depends on what you want out of Retirement. For some people yes , some people no.
Very true
For about 2 months
lol
no!
Thanks!
How does one account for property tax increases? Either with a mortgage or not, if you own a house, the property taxes will go up at some point in most cases.
I put inflation on prop taxes (3.27% currently)
Yeah, it depends where you live whether these are a large % of one’s expenses or not… $2,000/year should be pretty easy to manage; $15,000, not-so-much.
Very helpful indeed - Making just over what John makes, & have 287k in a vanguard digital advisor account, that i push 1k a mo into / a retirement that will kick out $4100 a month, & a 457B that should hit about $1k a month. My home is paid off and i am holding 28k in the bank for home improvements so i can retire in 1 year at 59.5 years old - awesome post! it was nice to see how you walk through all of the variables.
Awesome, thanks for watching!
Thanks for the video & advice. Nope, it's not enough, you need at least $1M & at least $3K of monthly pension in order to be secured for life for good and living comfortably, only in America.
Thanks for watching!
No you don’t need at a million
Retire, in Cambodia, yes.
LOL
Of course if you live under a bridge.
Safe from tornados under bridges
I don't want to ever see another video on retirement that even considers working.
re·tire·ment /rəˈtī(ə)rm(ə)nt/ noun noun: retirement; plural noun: retirements
1. the action or fact of leaving one's job and ceasing to work.
😂
Part-time PROFESSIONAL work does not exist. Give it a try.
It does. I have clients doing it. Thanks for commenting!
@@yourfinancialekg Walmart greeters? Start selling vests . . .
no
Thanks for commenting!