Can I Retire at 60 with $700,000 in Retirement Savings? Retirement Planning for singles

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Жыл бұрын

Can I Retire at 60 with $700,000 in Retirement Savings? Retirement Planning for singles
In this video I want to do retirement planning for singles. I have a 60 year old individual with $700,000 in retirement investments and retirement savings. He is asking the question, Can I Retire.
You might be asking, how much do I need to retire at 60 or when should I claim social security if I retire early. If that is you, this is your retirement video!
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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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Pearl Wealth Group
Drew Blackston, CRC® & RFC®
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Пікірлер: 31

@yourfinancialekg Жыл бұрын

**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: calendly.com/pearlwealthgroup/discoverycall **

@casmithc2 Жыл бұрын

Thank you for using a single person. Our unmarried population is growing. Great example.

@yourfinancialekg Жыл бұрын

Thank you for watching Craig!

@TheYankmchain 11 ай бұрын

Yes, Amen! My position currently mirrors this one. I've got my call scheduled late this month and looking forward to it!

@randymillhouse791 20 күн бұрын

@@TheYankmchain So, how did it go?

@randymillhouse791 20 күн бұрын

I want to see the "Can I Retire At 20 With $5.00" video. Ya know, something for the younger crowd.

@yourfinancialekg 19 күн бұрын

Let's go!!

@rayanderson3164 Жыл бұрын

Absolutely! Convert like a madman to Roth and go into SS with no real other income. His retiree tax rate will basically be zero. He'll literally keep every dime and can augment his income with tax free Roth money. He'd be on the cheaper Medicare rate, and I bet none of his SS will even be taxable due to basically on paper, having very low income.

@yourfinancialekg Жыл бұрын

Great comment! Thanks for watching Ray!

@johnb1571 Жыл бұрын

YES, poor on paper! and hope no RMD's.....thats our plan 🤞

@yourfinancialekg Жыл бұрын

@@johnb1571 Love it!

@jerrylabat550 Жыл бұрын

This is the second video I have seen you claim someone will have a higher state tax rate than Federal. I just looked at the NY state tax rates to get a 6% state tax rate he needs over $100k income, his Federal taxes will be way over 4% on $100k. Considering he only needs just over $40k of income, he probably has an effective state tax rate of closer to 5% and Federal of about 7%.

@johngill2853 Жыл бұрын

Very interesting But for me personally my income to replace Social security until 70 will be in safe investments. I'm planning on a ladder of safe investments to replace Social Security until 70. Historically I'll leave money on the table by not investing all that money but the peace of mind is worth it. Not to mention if I get a bad sequence of returns I would have two worries if I invested my Social Security ladder and the rest of my whole portfolio.

@yourfinancialekg Жыл бұрын

Great plan John! Thanks for sharing.

@jwall62 Жыл бұрын

In one of the scenarios you say he's out of money, when actually he is never out of money as he is getting SSI, he may be out of savings, and there is no variance for expense when he gets older. He certainly won't be spending the same as when he is 60. Of course all of this excludes and catastrophic health situations. Nice software.

@yourfinancialekg Жыл бұрын

Very true. I should say, Out of retirement savings. SSI will still be there and the home. Thank you for watching!

@karenjensen2345 Ай бұрын

I am debating retiring at 62 or 65 or 67, and debating on SS. I have 750k in retirement investments. I am 60 right now.

@yourfinancialekg Ай бұрын

Sounds like you need an EKG!

@ChrisBird1 Ай бұрын

@@yourfinancialekg dont forget to Debate your longevity ,health and youth is far more important than money ,unless your an American ..

@fchambliss1853 Жыл бұрын

With the monthly expenses, do you assume this individual owns his house outright?

@yourfinancialekg Жыл бұрын

Great question: he does own his home clear and free.

@bruced.370 Жыл бұрын

Of course, most do

@Sword_of_justice103 9 ай бұрын

What about health care coverage ?

@yourfinancialekg 9 ай бұрын

That's a very important consideration!

@NipItInTheBud100 11 ай бұрын

Where is part 2 of this video?

@NipItInTheBud100 11 ай бұрын

Ahhhhhh….you made it part of this video….see, I was looking for it before I completely watched this video….LOL

@holymoly8265 4 күн бұрын

Do I look like mike? How would you handle $700000

@azhardav Жыл бұрын

Your videos are too long. Shortin them and you will get more views.

@yourfinancialekg Жыл бұрын

Thanks for the thought!

@NipItInTheBud100 11 ай бұрын

Some of us prefer not to have the subject shortened so people with short attention spans like yourself don’t lose interest. I’d prefer to have good explanations!

@brindacockburn9951 Ай бұрын

Just the right amount of detail.