Can I Retire at 60 with $1 Million in My 401K?
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- Опубликовано: 12 июн 2024
- In this video, we go over financial considerations for individuals approaching retirement with significant savings in their 401(k), specifically around $1 million.
This video also highlights common concerns about the timing of retirement, like fear of retiring too soon, running out of money, and risk of extended work life.
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Time Stamp
00:00 Intro
01:25 Intro of Case Study
02:33 Consider Having A Brokerage Account
03:49 Tackle Big Expenses Before Retiring
05:40 Navigating Health Care In Retirement
07:00 Retirement Planning is Different For Everyone
08:40 Work More Vs. Spending Less
11:24 Navigate Your Retirement Efficiently
14:14 Considering Part-Time Income
15:00 Summary
15:25 Work With Us
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Ari Taublieb, CFP®, MBA, is the Vice President of Root Financial Partners (Fiduciary) and host of the Early Retirement Podcast.
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⚠️ "DISCLAIMER:⚠️
All content is not to be received as financial advice, and each individual should consult with their dedicated financial planner, tax preparer, estate attorney, etc., before making any financial decisions.
This video contains content I created and got permission from its creators to use. This Channel DOES NOT Promote or encourage Any illegal activities; all contents provided by This Channel are meant for EDUCATIONAL AND ENTERTAINMENT purposes only.
Life is short and unpredictable, let go of things, retire early and enjoy your life.
I agree ... just retired at 61 (wife 65) with just a modest portfolio ... looked at mortality statistics for even people of AVERAGE health and there is only a 50% chance both me and wife are alive in 17 years ... my mom who had longevity in her family died at 66 ... take nothing for granted ...
I understand but what if you live?? It’s horrible to run out of money in your mid 80s and you have no prospect of going back to work. $1M is probably not enough if you live a long time
Definiteily short!
Excellent video and insights! Thank you. I'd like to retire early and am trying to discern if I can. This provided good food for thought.
These case studies are very helpful, Ari!!
Glad you found these case studies helpful. Make sure to watch other case studies on my channel. A subscription would be appreciated!
Really glad I found this channel. Your videos are hugely informative and the real world examples are incredibly enlightening.
Glad you like them! Appreciate the comment
Very Helpful , Glad we found you!
Glad it was helpful!
I appreciate the recent shift you and James made to include references and tips for those of us that are not quite retirement age yet. They are great ideas for us to put to use while we have the time still.
Our pleasure!
Thanks Ari, the case study was very helpful!
Glad it was helpful!
Thank you, Ari! Very helpful- especially sliding that “future dollars” button!
Glad it was helpful!
very helpful. the cases are extremely useful in order to grasp the details pre-retirement. Thank you
You're very welcome, make sure to checkout other videos on my channel and a subscribe would be appreciated.
I love that your covering content that I have been wondering about. ❤🙏
Glad you enjoy it!
Excelent. Very helpful!!
Very helpful, thank you!
Glad it was helpful!
Great Video!
Thank you!
This is a good watch.
I'm in a similar place as the couple you modeled. Currently 54, planning to retire at 60. I am a bit obsessed with the notion. Vanguard's what if tool is not quite as slick as yours but I've been able to do similar things with it.
I appreciate that in 15 minutes you were able to walk us through the full range of options.
You’re so welcome!
Thanks Ari! Very helpful and gets us excited as we are in a similar situation to your hypothetical but 5 years earlier. Building my brokerage account now, and plan to have very low income at age 60 so that I can do Roth conversions and capture favorable ACA rates for medical.
Pleased to hear it.
My husband and I love your videos with real like scenerios! This one was nearly our situation exactly. Do you have any specific suggestions for a couple who own and work in their own small business with a 5 year or less exit plan?
We have two advisors who specifically works with clients who are seeking to optimize an exit plan!
Hey, Ari. Can you give more info on the "retirement smile"? How far does it drop your estimated spending? 10%? 20%? And does it change based on your estimates for years in retirement. Eg. Will you have a longer drip if you plan to retire at 55 vs at 65. I just want to understand what I'm projecting when I apply this filter. Thx❤
What's good my g
Retiring in 2 years. Love the case studies.
Glad you enjoyed it!
Of course you can easily, it's all about expenses.
Healthcare!
Healthcare planning for early retirement: ruclips.net/video/BykvoxJEWGo/видео.html
Ari - really appreciate this one and the rule of 55 video. What does an early retirement look like for a couple where one has a chronic health condition and a lower life expectancy? Say 60 or 65? I'd love if you could run through things you may tweak for situations like that. For example - if this couples life expectancy was 70 and 80 instead of both living to 90, how does that change your recommendations? Thanks again. -Ryan
Consider delaying the taking of social security ... for the spouse that remains, the social security COLA could make a huge difference ... best wishes for you ...
The person who has health conditions should retire immediately due to lifespan.
These videos are super helpful. I would love to see video on retiring at age 50 looking to spend 7500 a month with 150k mortgage and travel with 10k a year. How much would you need saved current in retirement assets?
Great suggestion, would surely look into it!
Health insurance!!. That's the stopper
Here you go! ruclips.net/video/BykvoxJEWGo/видео.html
Can you share the true cost of compounding percentage based financial advice vs fee only.
I seriously doubt it! I people knew the true cost of that seemingly harmless 1.5 % AUM fee, business at firms like this would plummet 😂
I plan to retire early and have enough saving to live off for the next 5 years. So I will have no income during that time. Would it be a good idea to convert all IRA and 401k at 8800k per year to say in the lower tax bracket ?
You often overpay by converting too much so that there are zero RMDs. You don’t want zero - you want RMDs that aren’t excessive.
Say INVEST for retirement ... you can't SAVE for retirement.
For most people, saving is just placing a few k in the credit union and that will never make any difference in your total net worth.
Now INVESTING is totally another story! Investing in equity mutual funds a few k a year from 30 to 60 will make a GIANT difference.
I only recently learned about the rule of 55, and I heard one financial RUclipsr say that funds from a Roth 401k would be taxed again upon withdrawal under this rule. Is that true?
Is that Sleepy Joe's new rule??
Any withdrawals from your 401K will be taxed, but in this case your will not be charged the 10% early withdrawal penalty. Caution though… double check your former employer’s plan rules. Yes, you can withdraw at 55 but they may make you take out the entire lump sum, and you probably don’t want to do that lol😅
@@markwilhelm6938 I actually do want to do that because it's a job I have only had for two years, so it's not my main 401k, but would be enough for a down payment on a house.
At around the 7' 30" mark you said "This is what 99% of people retire on" and showed a little over $1.2M. Is that right? I found significantly lower values in my research with both median and average savings at different age groups. What am I missing?
Sorry for the confusion. I meant people retire on that graph (going up). Not that specific portfolio number.
It's crazy that no financial planner talks about pensions. If you have a pension, collect supplemental, and have over 1 million in 401K, you can retire at 50 and be fine.
I have many videos on pensions!
Bottom line is your program is a great tool.
It is great and will be available for you shortly!
At 50, I'm at the point where I never want to work another day. Have to wait to 60 to be there
Hopefully soon!
I would walk out of this guy’s office. Anyone can be your advisor and tell you to work til you can’t fail. Dying with $300k (buying power) isn’t a bad thing. That’s $300k you could have enjoyed.
He’s just covering his behind, not helping you at all. He could just say work til you die. Then he’s 100% covered
I certainly don’t believe in working until you die.
My channel’s name is early retirement.
I just want you to know when work becomes optional - without running the risk of running out.
Thank you for your comment.
I have clients that want to die with zero and others that want to pass millions to various charities.
Wish you all the best!
Cool break down.
Glad you enjoyed it!
Retire early....I did
Congrats, How's the experience?
The rule of 55 is only useful if your 401(k) lets you take partial distributions. Many plans do not, yet videos like this one keep spreading the expectation/misinformation that you can use your 401(k) after 55
another good point that can sometimes apply!
My plan is to retire at 60 then have my younger wife continue to work to pay for everything. That should give me time to travel with my girlfriend before I get too old
Sounds fun!
If someone has to ASK SOMEONE ELSE when they can retire, clearly they are NOT ready.
It's complicated!
wrinkly shirt, 😝😝
Thanks for reminder
What u charge for 1x strategy? 60 + retired wife.
In one of their videos, they mentioned they don’t do that. Only ongoing management of AUM
Average people will have only $ 300k to retire on. That's the people you should be helping.
I have videos for everyone as well!