Can I Retire at 55 with $400,000 in Retirement Savings? What about taxes?
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Жыл бұрынCan I Retire at 55 with $400,000 in Retirement Savings? What about taxes?
Retirement planning is a crucial aspect of our financial journey, and in this video, we delve into the question many individuals ask themselves: Is it feasible to retire at 55 with $400,000 in retirement savings? We address this query from various angles, taking into account factors such as retirement lifestyle choices, retirement goals, and the impact of taxes on your retirement savings.
Join us as we break down the numbers, analyze different retirement scenarios, and provide you with valuable insights to help you make an informed decision for your retirement. We'll discuss the potential challenges and opportunities of retiring early with a relatively modest retirement fund, including the importance of retirement budgeting, retirement investment strategies, and managing retirement expenses during your retirement years.
Moreover, we'll shed light on the often-overlooked aspect of taxes and its impact on your retirement savings. Taxes play a significant role in retirement planning, and we'll explore the potential tax implications of different withdrawal strategies, including traditional retirement accounts such as 401(k)s and IRAs. Understanding how taxes can affect your retirement income is vital for making accurate financial projections and ensuring a comfortable retirement lifestyle.
Whether you're nearing retirement age or just starting to plan for the future, this video aims to provide you with valuable insights and actionable advice to help you navigate the complexities of retiring at 55 with $400,000 in retirement savings. By the end of this video, you'll have a clearer understanding of the opportunities, challenges, and tax considerations associated with your retirement goals.
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Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for "retirement planning at 30", "retirement planning at 40", "retirement planning at 50", or even "retirement planning at 60" understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
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 retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.
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❌ *Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.* ❌
Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
#retirementplanning #retirement #financialfreedom
@themonogrammom Жыл бұрын
Alimony (“maintenance”) is not taxed by the recipient in Colorado. At a quick glance that appears to be true for NC also. The income tax is paid by the person who pays alimony. I’m in a similar situation and greatly appreciate this video. Thanks, Drew. Gotta get back and watch til the end now.
@yourfinancialekg Жыл бұрын
Thank you for watching!
@Jane5720 7 ай бұрын
Oh no,Lol I have $150,000 annuity
@doraklein6951 Жыл бұрын
Thank you for your channel. I have learned so much from it.
@yourfinancialekg Жыл бұрын
Thank you for watching!
@raulramirez6155 11 ай бұрын
Drew, you are informative as well as hilarious. Keep up the good work.
@yourfinancialekg 11 ай бұрын
I appreciate that!
@70qq Жыл бұрын
single person at 55 that doesnt wanna work should have bought a 150k house , not a 300k house ...and put the same 60k down on it that she did , and have a 90k home loan instead of a 240k home loan... put it on 10 years instead of 30 year loan and make the same payment , the house is paid of a few years before that 3500 alimony runs out and shes fine ...and she can save a few years before that alimony is gone and live an easy life from age 65 on ................ or what id of done , she coulda paid cash for a 150k house and invested the other 250k and let it grow for 12 years while saving some of that 3500 monthly alimony ...then at age 67 shed likely have turned that 250k investment into 500k or more to live on ...and shed have the 1800 SS to add to the 2000 monthly to pull from the 500k investment (5% annual) ...she could be at $3800 monthly income for the rest of her life adjusted for infltion and be debt free and leave her kids a nice nest egg
@yourfinancialekg Жыл бұрын
Great idea 💡
@darlenepaul2918 9 ай бұрын
Yes she spent too much on the house for her overall financial situation. I would've been much more frugal.
@Jane5720 7 ай бұрын
That’s a nice alimony check
@jadexplores2100 3 ай бұрын
You sir (or ma’am) need to make a KZfaq channel 👍🏾
@steveb7674 3 ай бұрын
Where the hell do you find a 15ok house and what a dump that would be
@carriebelcher8644 Жыл бұрын
Thanks Drew👍 good info.
@yourfinancialekg Жыл бұрын
😉
@daveharness70 Жыл бұрын
Great job showing off the flexibility of that software. I really liked the back calculation of the required return to not run out of money. I plan on retiring at 54/55 as well (I'm 52). If something goes sideways, I'll get a part-time job or do some consulting.
@yourfinancialekg Жыл бұрын
Thank you so much for watching!
@doraklein6951 Жыл бұрын
Good for you!
@bobknob8440 Жыл бұрын
Very enjoyable walk through. Helps me as a 40 year old to plan since I am way behind the retirement curve.
@yourfinancialekg Жыл бұрын
Glad it helped!
@AChadFoster Жыл бұрын
Born and raised in KY and remember the Laettner shot like it was yesterday. Heart breaking
@yourfinancialekg Жыл бұрын
Tough game. Lesson learned: always put a man on the ball!
@debbiericker8223 Жыл бұрын
Did she get NO cash settlement from the marital assets? (The $400k, her only cash, was an inheritanance, not a martial asset.) The so-called financial advisor who got a big commission on that annuity he sold her was a shark.
@yourfinancialekg Жыл бұрын
The 400k plus what she used to purchase the house (20% down) is it.
@rayanderson3164 Жыл бұрын
Agreed on taxes for sheltered accounts. What I meant was if she does Roth conversions then several things emerge.1 her taxable income later is very low (SS only). 2 she gets the lower IRMMA rate. 3 There are no RMD's associated with Roth accounts. Effectively she may just not pay any taxes in her 70's and beyond. -Just my 2 cents.
@yourfinancialekg Жыл бұрын
Your 2 cents are a great contribution!
@josephjuno9555 8 ай бұрын
They shud base Soc Sec COLA on Entire year not just wbat a secretary pays for a few things from July-Sept.
@yourfinancialekg 8 ай бұрын
Agreed!
@rloneman1 Жыл бұрын
It looks like you didn't include inflation on the property tax and insurance part of the mortgage payment. In my case, my principal did not increase. However, my property tax and insurance increased 20% last year.
@yourfinancialekg Жыл бұрын
Very true. I segregate the insurance and taxes outside of the mortgage payment when doing the EKG
@themonogrammom Жыл бұрын
Did I miss the benefit of the annuity? Won’t she receive a min monthly amount for the rest of her life? Maybe it’s a different type of annuity. I’m moving 1/3 of my assets into an indexed annuity next week. You have me concerned.
@yourfinancialekg Жыл бұрын
Keep in mind everyone’s situation is different. Always start with the plan not the product. If that’s been done, then you have no concern.
@paulbjork2869 Жыл бұрын
The title should have read "...WITH $3500 in monthly alimony.? And how did she get a mortgage without any job history or job. Yes, staying home to run the house and raise the kids justifies alimony, but she is not simply trying to retire on $400K.
@yourfinancialekg Жыл бұрын
Thanks for the comment. Everybody’s situation is different. We have many videos around the same asset value. Wanting to help everyone.
@josephjuno9555 8 ай бұрын
I am ALL DETROIT! LIONS, RED WINGS, TIGERS, PISTONS and UMichigan and a few local minor league teams! DETROIT LIONS🦁 are Finally a Contender again!
@yourfinancialekg 8 ай бұрын
👀
@roguered706 Жыл бұрын
His name is Din Grogu, not baby Yoda!😂 Otherwise, thanks for another informative and helpful video.
@yourfinancialekg Жыл бұрын
HAHA...I will remember that. My kids love to call him Baby Yoda 😂
@josephjuno9555 8 ай бұрын
It's all just made up so maybe that IS A Baby Yoda coffee cup? Do you really think Yoda was 900 yr old? And how long Is a Star Wars year anyway?
@HectorMorales-si2tx 6 ай бұрын
But You add inflation on the monthly home mortgage too.
@rudyardganuelas6254 2 ай бұрын
that's not how mortgages work. inflation works on the property taxes and the insurance but the principal and interest is set
@rowddyone3570 Жыл бұрын
I would definitely downside and May be get a part time job… may be she could live with one of her kids and sell the house and invest it ?
@yourfinancialekg Жыл бұрын
Good point!
@themonogrammom Жыл бұрын
SS question: Would the SS amount increase between today and the year she actually starts receiving payments? Would Cola increase this amount?
@yourfinancialekg Жыл бұрын
Yes it could. But I’m just conservative in my calculating.
@kennyhart2699 Жыл бұрын
Go big blue . That was a bad loss, me and some buddies were watching it in his basement. Should have put a man on the ball
@yourfinancialekg Жыл бұрын
ALWAYS put a man on the ball. Now we are lucky if we can get it inbounds...lol Thanks for watching!
@josephjuno9555 8 ай бұрын
Or Sell the house?
@yourfinancialekg 8 ай бұрын
Yes
@bruceeigsti5274 Жыл бұрын
Kind of our situation 350k we are 61 no debt house paid all of our money is tax free..work 4 more years and we are done
@yourfinancialekg Жыл бұрын
Go get it done Bruce!
@Jane5720 7 ай бұрын
That’s not enough money, Bruce
@rystrlng3329 10 ай бұрын
unc tarheels - so cool to watch k get beat twice !!!!
@yourfinancialekg 10 ай бұрын
I see you 👀
@randyandretti 11 ай бұрын
Downsize the house mortgage now.
@yourfinancialekg 11 ай бұрын
Good idea
@josephjuno9555 8 ай бұрын
What about a Reverse Mortgage? Her house will be paid off?
@yourfinancialekg 8 ай бұрын
Great idea!
@lostboi3974 10 ай бұрын
Thats easy. Retire to Thailand
@yourfinancialekg 10 ай бұрын
Lots of people are doing it!
@Jane5720 7 ай бұрын
No
@yourfinancialekg 7 ай бұрын
Truth
@tjlazer71 Жыл бұрын
The question we all have is, did Candice vote Blue? lol
@christinedonahue2102 8 ай бұрын
Can we talk to you on the phone, please?
@yourfinancialekg 8 ай бұрын
Of course! Please contact us at info@pearlwealthgroup.com
@Ww8.3 11 ай бұрын
This is assuming she will have perfect health till her 80’s. One hiccup and by by everything
@yourfinancialekg 11 ай бұрын
Good point
@carybaker7334 Ай бұрын
taxes dont have to go up.......they have to stop waisting money. STOP GIVING OUR TAX DOLLARS TO OTHER COUNTRIES!!!!!!!!!
@yourfinancialekg Ай бұрын
Good point
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