This is pretty much my plan. I have extremely low monthly expenses. Much less than the 2,500 per month in your example. Also have a much larger nest egg. Just gotta keep ahead of inflation and I am good.
I'm 54 and about to sell one of my homes and will net roughly $1 million. Adding this to my retirement, investment and savings accounts, I would have roughly $2.5 million all in with my Florida condo (bought in cash) and an NYC co-op with $384K remaining on the mortgage (15- year @ 2.49%). I think it would be stupid to pay off the mortgage right now due to the low interest rate. I want to live on $9 to $10K per month in retirement and expect to receive around $4K/month SS @ age 67. Can I retire at 55?
Hi Drew! Love your videos. Can you identify if the income/expenses are after or before taxes? To cover the $3800 monthly expenses, you need to pull near $5000/month. Thanks
You mentioned at time mark 8:23 a 3% rate of inflation monthly in the video, does this equal to 36% a yearly rate of inflation after twelve months? No way you can retire with a $1,000,000 in savings earning 6% annually; hyperinflation would wipe this out in a few short years. 3% monthly inflation rate on $4166 would be $124.98, then next months expense instead of $4166 would now be $4290.88. Then add another 3% to $4290.88 would then be an additional $128.73. Something is not right the presentation or I am missing some information that was left out.
Love the roller coaster sound effects Drew!!! Lol
I try my best to keep you entertained 😆
Always quality and thought provoking! Putting in the work to get to that third scenario. 😅
Thanks for watching as always!
Go Drew!!!!
Great job as usual Drew.
Thanks for watching
This is pretty much my plan. I have extremely low monthly expenses. Much less than the 2,500 per month in your example. Also have a much larger nest egg. Just gotta keep ahead of inflation and I am good.
Keep going!!
I'm 54 and about to sell one of my homes and will net roughly $1 million. Adding this to my retirement, investment and savings accounts, I would have roughly $2.5 million all in with my Florida condo (bought in cash) and an NYC co-op with $384K remaining on the mortgage (15- year @ 2.49%). I think it would be stupid to pay off the mortgage right now due to the low interest rate. I want to live on $9 to $10K per month in retirement and expect to receive around $4K/month SS @ age 67. Can I retire at 55?
Sounds like you are doing awesome!
Hi Drew! Love your videos. Can you identify if the income/expenses are after or before taxes? To cover the $3800 monthly expenses, you need to pull near $5000/month. Thanks
Expenses are always after taxes but the software does take the taxes out over and above. Thank you so much for watching!!
You mentioned at time mark 8:23 a 3% rate of inflation monthly in the video, does this equal to 36% a yearly rate of inflation after twelve months? No way you can retire with a $1,000,000 in savings earning 6% annually; hyperinflation would wipe this out in a few short years. 3% monthly inflation rate on $4166 would be $124.98, then next months expense instead of $4166 would now be $4290.88. Then add another 3% to $4290.88 would then be an additional $128.73. Something is not right the presentation or I am missing some information that was left out.
3% is the yearly inflation rate projection, not monthly.
Drew the way you did the first two scenarios, would 1.25m make it to mid 90’s using the 4166 per month?
Not sure without more data but I believe you are on the right track!
Omg...2500/month. I guess if you cut out the house and car thing, Among a lot of things. What about medical?
Medical is the fly in the ointment
Yeah, sorry buddy, you're working til 65 with that little savings.
Thanks for commenting and watching!
Mark Zuckerberg is only 39 and he definitely can retire. So the answer is yes.
😂