Can I Retire at 62 with $150,000 Saved For Retirement || Married & Single Scenarios
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Жыл бұрынCan I Retire at 62 with $150,000 Saved For Retirement || Married & Single Scenarios
In this video, we explore the question of whether it's possible to retire at the age of 62 with $150,000 saved for retirement. We'll look at both married and single retirement scenarios and provide some tips on how to maximize your retirement savings.
Retirement planning can be a daunting task, but with the right knowledge and tools, you can create a solid plan for your golden years. In this video, we'll break down the numbers and provide some insights on how to make the most of your retirement savings.
Whether you're married or single, this video is for you. We'll explore the different retirement scenarios that can affect your retirement planning, such as your retirement goals, lifestyle in retirement, and retirement expenses. We'll also provide some strategies to help you maximize your retirement savings.
So if you're wondering if you can retire at 62 with $150,000 saved for retirement, or if you're looking for some tips on how to maximize your retirement savings, this video is for you. Watch now and start planning for your retirement today!
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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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@Will67267 Жыл бұрын
Yes I did it with 150k at 62. I have a pension of $1800 and 1600 from Social Security. I take 5k a year from my investment. The only difference is that I moved to the Philippines. A lot cheaper than the US. I live very well and comfortable.
@yourfinancialekg Жыл бұрын
👏
@randymillhouse791 Жыл бұрын
The only difference is a MAJOR difference. I'm out to South America at 62. Cheers! Hope all is well in the Philippines.
@MrThree6nine Жыл бұрын
Nice. I'm looking to move to Philippines when I retire also. Where did u move to in the Philippines?
@edhcb9359 Жыл бұрын
Did you pick up an 18 year old bride there too?
@versastyledio Жыл бұрын
Only différence makes absolutely all thé différence LOL
@crystalitsasecrete917 Жыл бұрын
Thank you for not ignoring the 1/3 (or so) of the 50+ population who are single.
@yourfinancialekg Жыл бұрын
Thank you for watching!
@carolwilliams8840 2 ай бұрын
Don't be mean. Every video can't cover everyone. If you don't like what he's saying it's as simple as finding someone else to watch or find your own information. This is his channel so he can teach what he wants to. I don't mean this in a nasty way but really, if he's talking more to married couples here then single people aren't his target audience but there is someone who's targeting single people. Maybe even check his other videos.
@jgwilliams67 16 күн бұрын
Mean? 🤔
@user-vm3yd2rp7f 2 ай бұрын
I have walked away from the work world. I am short 10,000 short of 150,000. Pension and ss total 3300. Doing just fine. GOT RID OF DEBT. And wasteful spending. I refuse to work til i die. Life is good here!
@yourfinancialekg 2 ай бұрын
Awesome job!
@navymathboy 9 ай бұрын
Good to see a video about managing a smaller retirement balance than those with millions for a change.
@yourfinancialekg 9 ай бұрын
I am here for all account sizes, not just the big ones
@diadora9292 6 күн бұрын
My thoughts exactly. This was a perfect presentation.
@thepenman357 6 ай бұрын
Finally, a financial advisor dealing with more practical savings and income levels. This is much closer to where my wife and I are. Thank you!
@yourfinancialekg 6 ай бұрын
That's why we are here!
@gregorycarson8513 5 ай бұрын
@@yourfinancialekgThis video is closer to reality of everyone I know or work with.
@richardlindell9976 2 ай бұрын
@@gregorycarson8513 yeah I love how most start out, can I retire with a million in the bank. DUH!
@user-sm2qn2kx4z 2 ай бұрын
I quit work at age 53, I had my home, 2 cars ,and $ 100000 in the bank and some investments. I’m 82 and I’ve been retired 27 yrs with no debt. It can be done if you change your lifestyle accordingly to your monthly income.
@yourfinancialekg 2 ай бұрын
Thank you for sharing!
@michaelchristophergutierre7244 2 ай бұрын
Disagree for today's generation. You /we didn't have the college debt, out of reach car payments and mortgages Fact in 1970 the income to house price ration was 1-2 (you made 20k your home cost 40k).....today it is 10-20 times ratio. Plus other debt, and Biden economics were everything is 30-50% higher. It's a different world today brother.
@user-sm2qn2kx4z Ай бұрын
In 1970,I was earning $ 5800 and my home costs $13500 I was in supervision at a fortune $500 company . I understand what you’re saying but,our kids were convinced back then you needed that college degree to get ahead. Many kids went into debt to achieve that premise. In reality the trades were where jobs that were needed and those that persuaded them got ahead more rapidly than the others. Today what the kids are learning is woke subjects ,gender equality,climate crisis. The only people getting ahead is the professors who earn $200000 for teaching this garbage. $my Grandaughter is paying $80000 a yr for college, these kids can’t even read,write ,spell , know simple math unless from the phone. Our children have been dumbed down. Today you need a masters degree to succeed,they will be $1000000 in debt! Even at best those jobs are hard to find because of the competition.
@timsans1170 Ай бұрын
@@michaelchristophergutierre7244 So you don't think you'll be debt free by 52? Look, times have changed, yes but you have to take charge of your own life and finances. Invest, get debt free and save for your future. Incomes are higher, do what's necessary to succeed not make excuses!
@timsans1170 Ай бұрын
and where do you get 10-20xs??? Most people are making 6 figures by their 30s and homes, even in HCOL areas, can be had for 400K or less.
@pollyhowell3497 9 ай бұрын
Retired after 42 yrs as an RN My pension was over 600k and SS 2700 I also had saved 401K and PERS from another job as a nurse. I feel very blessed and can’t really believe it’s real
@yourfinancialekg 9 ай бұрын
So blessed!
@shauna996 5 ай бұрын
You worked hard and earned it.
@amgooder 3 ай бұрын
Polly I need a cosigner you seem to have good credit😂 Make sure you spend a Big chunk of it...if you don't...someone else will when one🪦🕊😂
@ThePianoMan1953 3 ай бұрын
We should have all married nurses! 😉
@buyystocks 11 ай бұрын
same here retired, no debt with $148,000.00, only need $1500 a month.
@yourfinancialekg 11 ай бұрын
That's great!
@chaselesser3191 2 ай бұрын
That means you have enough for 17 yrs, if returns are 10%. It’s only 11 yrs if we use 6% like the video says. Is that how you planned it? Some people just live on Social Security though, in a low cost area.
@buyystocks 2 ай бұрын
@@chaselesser3191 no, I only need to withdraw about $3000 a yr or sell some gold I did not count, about 9 ounces.
@diadora9292 6 күн бұрын
Health insurance?
@buyystocks 6 күн бұрын
@@chaselesser3191 What about my 2000 a month Social Security
@semperfi4046 6 ай бұрын
We purchased a two bedroom condo on the Black Sea for $20k You can get by here on $300 a month if you just stay home. Live comfortably and travel throughout Europe for $1200 a month. No one says you have to stay in the States.
@yourfinancialekg 6 ай бұрын
Thank you for sharing!
@ramhaven2322 2 ай бұрын
What city ?
@semperfi4046 2 ай бұрын
@ramhaven2322 Burgas. Similar properties can be found in Varna, Sunny Beach , and ours is located just south of Burgass in a town called Sozopol
@asnarkygirl 2 ай бұрын
This is my plan
@barbh6987 Ай бұрын
What about your Healthcare are the medigap plans working? Do you speak their language or just try to get by with English?
@stephenlight647 Жыл бұрын
This is a good starting point. One thing you have to account for, in addition to the listed items are the ‘one-time’ expenses, such as HVAC repairs/replacements, car replacement, etc. The biggest factors to try to take care of before retiring are to have a paid off mortgage AND no other debts.
@yourfinancialekg Жыл бұрын
Great comment!
@kenndeshane1068 11 ай бұрын
And always have an emergency fund!
@OShackHennessy 11 ай бұрын
That’s why it’s so vitally important to run a budget for many years before retirement. That will give you a realistic yearly average of actual spending. And if it’s been to long to include things like a new AC or a roof then add that in over say 5 years or whatever when making your plan. We pay for all of our vehicles cash but I still account for that monthly in my projected retirement needs. Of course most people are too lazy to go through the hassle of making a budget.
@zeldat6654 9 ай бұрын
Or other unexpected repairs 😢 not covered by insurance
@SLG52 4 ай бұрын
I do no care if I die without my house paid off... My issue is can I afford the mortgage payment. I cashed out a pension and made a 'trust' fund that is more then my mortgage. It is just like having the mortgage paid off except at the end of 30 years I (or my children) still have the amount of the trust. My mortgage is at 2.66% and I would be a fool to pay it off early. It does not matter if you die with your house paid for or not... it matters how you live before you die.
@goldenopportunities8559 Жыл бұрын
Thank you so much! Most firms are only interested in helping people with half million or 250k… God Bless you!
@yourfinancialekg Жыл бұрын
We are “the people’s” financial firm! Thank you for watching. GOD bless you too!
@henram36 Жыл бұрын
Thank-you for the "real-world" scenario that many of us will likely find ourselves in. I'll likely "only" have double this amount by 62 AND continue working part time to keep living reasonably. I'll have my home paid off in about 8 more years and look forward to being debt-free before 65 and staying that way!
@yourfinancialekg Жыл бұрын
Thank you for watching, you are doing awesome!
@DeusZechiel 9 ай бұрын
Same here retired, no debt with $148,000.00, only need $1500 a month.
@yourfinancialekg 9 ай бұрын
Awesome!
@kevink1214 6 ай бұрын
I like your style of explanation and examples!! You did an excellent job making it easy to understand the various situations and not make things overly complicated as so many others tend to do. Keep up the good work!!!
@yourfinancialekg 6 ай бұрын
Glad you enjoyed it!
@fsm12385 6 ай бұрын
Love that you explain it all at lower amounts most advisors do not and scare many .
@yourfinancialekg 6 ай бұрын
Thanks!
@jamesjenkins3384 2 ай бұрын
Yes you can if your home is paid for!. Have not touched my retirement account since I retired 13 months ago. Just S.S. and retired at 62.
@yourfinancialekg 2 ай бұрын
NICE!
@nickb.8129 Жыл бұрын
As straight forward as it gets! You got my attention, my thumbs up and my subscription.
@yourfinancialekg Жыл бұрын
Thanks for watching and subscribing!
@berlin1926 2 ай бұрын
Thank you for making a video that 90% of Americans could pptentoally relate to. Im sick of every video directed at people with $1 million in savings.
@yourfinancialekg 2 ай бұрын
Your welcome!
@user-pn8dq6vt4s Жыл бұрын
Yes, if you move to Mexico. Absolute folly to try to retire at 62 in the USA with 150,000 dollars, whose value is trending towards zero.
@randymillhouse791 Жыл бұрын
Absolutely correct! Wherever I go in South America, it will NOT be an American expat community shindig. Tired of my own kind.
@kellanhills1972 3 ай бұрын
And in Mexico you can work part time for the local drug cartel!
@darlenestokes2507 2 ай бұрын
I did it. It’s absolutely possible
@debbiesmith5513 Жыл бұрын
Thank you for one of the most encouraging videos concerning retirement that I have seen on KZfaq.
@yourfinancialekg Жыл бұрын
That means more to me than you know!!
@DrSchor 9 ай бұрын
that is not saying much. it's youtube.
@kschelk Жыл бұрын
I am divorced at 57. I have learned to live well under my means. Child supports ends in a year and a half. The biggest hurdle I see that you didn't touch on was out of pocket health insurance costs which in my estimate is the single reason I will work until 65
@yourfinancialekg Жыл бұрын
You are so right! Health insurance is huge. You’re doing an amazing job. Keep up the good work!
@DrSchor 9 ай бұрын
Single? Others: 1;more saved. 2: bigger ss check for life.
@missreynolds3637 9 ай бұрын
Living well under your means should mean you qualify for medical as it comes out of your property taxes each year. Look at all the people collecting it, that have paid nothing towards it. A Dr made me promise to utilize what we paid in on all these years in taxes. If you qualify, use it. No shame in it, you paid for it.
@mr.awezome2938 7 ай бұрын
Almost a year left of child support for you now. When men pay it they learn to live below their means. He left out a possible divorce for the couples example lol
@randytimm6175 2 ай бұрын
I agree with the other comments I love how you worked in a budget for millions of people that don't have tons of money. The only thing you didn't touch on was health coverage which can run way too much money. I'm waiting till 65 which is in 3 years for Medicare
@steveo601 2 ай бұрын
Great info!! These numbers are literally close to reality for almost 99 percent of this country. The “I have 2 million can I retire” videos are funny😂
@yourfinancialekg 2 ай бұрын
That is why I do them all!
@chrisbowling5695 Жыл бұрын
I can’t believe all of the negative comments. Every financial person knows that everyone’s situation is different, and I think the readers need to adjust starting numbers based on their personal preferences. Income requirements are not the same in Louisiana as New York or LA, and not the same for someone who wants to travel, and someone who wants to sit on their couch and watch TV. These are guidelines, and it is great information. I live in Ohio, and I think I can certainly retire on less than someone in LA., but most financial advisors say $1 million or more. This is more realistic for a lot of people.
@yourfinancialekg Жыл бұрын
You are right Chris! You don’t need 1 million to retire, you need a plan. Thanks for watching!
@missreynolds3637 9 ай бұрын
Right I'm thinking those "financial advisors" are hoping you croke, so they can skim off the top is what I think. Sorry but that's how I feel about financial advisors. No harm intended towards "financial ekg" it's of my opinion he's being honest and trying to help. Yep budgeting, and situations are different most definitely. Get rid of debt first and foremost, understand needs versus wants, see what you can live on cheaply with some leftover, to add to your kiddy(As I call it)/future and let it grow.
@investmentinrentalproperti2163 5 ай бұрын
Woooo, amazing analysis, eye opening examples to follow. Great work Drew
@yourfinancialekg 5 ай бұрын
Much appreciated!
@philipem1000 4 ай бұрын
In 2008 I was laid off, lost half the value of my IRAs, and virtually all the equity in two rental houses I owned. Couldn't see a job on the horizon and I was 58. I had $143,000 in my retirement savings so I did the only thing I could do -- I retired. Oh I had a year of Unemployment benefits (and I did look for work) but that's about it. I had to short sell one house but I took some money out in the HELOC on it. I waited as long as I could for the market to improve but it didn't. It took some juggling and a bit of luck and a lot of careful planning but I made it to 62 when SS kicked in. I live in the other "rental" but when I bought them I did so with the thought I'd live in them one day so I bought really nice home so I live in a really nice home. I paid off my mortgage shortly thereafter. I live on SS and a tiny pension from a former employer and it's plenty; with no mortgage (of course there are other house costs but about $800 per month all in) I have hundreds left over every month. I did have to dip into those IRAs especially in the early days but I have more in them now than I did when I retired and other than RMDs (which I reinvest) I take nothing. I've always been frugal and lived below my means but even so I eat great food, drive an old but very reliable and comfy car and have no worries about money ever.
@yourfinancialekg 4 ай бұрын
Thank you so much for sharing your story!
@rocioocampo8735 3 ай бұрын
That’s hopeful ❤I have been thinking about retirement but I’m turning 57 this year and don’t have “enough” saved according to most financial advisor. You gave me hope that I can retire at 62 or earlier 😊
@yourfinancialekg 3 ай бұрын
You can do it!
@pwu8194 9 ай бұрын
Absolutely! You can retire on $150,000 of savings, or even less, if your social security checks can cover all your expenses.
@ThePianoMan1953 3 ай бұрын
Yes, I am 70, and can live very well on my SS. I sold my home in CA and have it invested with other savings. I'm renting a nice place for only $750/mo. But, money should be invested for future "unknown things" mostly healthcare issues.
@paulbunyun-xi9by 3 ай бұрын
lol sure..you would have to live in a cardboard box, no health insurance and no other bills , bye bye internet and utube
@ThePianoMan1953 3 ай бұрын
@@paulbunyun-xi9by No, you would not have to live in a cardboard box. One could live very well with SS (incl. Medicare) There are millions of people in the world who would give their right arm to have SS w Medicare and $150,000 cash!
@paulbunyun-xi9by 3 ай бұрын
@@ThePianoMan1953 oh we are talking about all the people in the world..because in the USA $150K will get you no where! you need at least 1 million in investments, sorry
@ThePianoMan1953 2 ай бұрын
@@paulbunyun-xi9by Nope. In the US, very few people have anything even close to $1,000,000 and get along just fine. I am wealthy but could live just fine on my SS. But, you have to live within your means, meaning, I would not be living in San Diego (although, I probably could if I had to because I have a talent for "making due" with what I have) If you think people need $1,000,000 to live a happy life, you are misguided.
@tube_trance 11 ай бұрын
My parents are in their early 80s. I'm seeing the devastating effects as their physical/cognitive health declines. The cost of in-home care or assisted living should be discussed much more by financial planners.
@yourfinancialekg 11 ай бұрын
Yes it should!
@headpump 11 ай бұрын
True.! Healthcare expenses can suddenly explode - ambulance, ER, surgery, hospitalization,etc. Even with Medicare..
@cgss2213 7 ай бұрын
Yes 62 is good if you don’t live past 82
@reneeann5340 4 ай бұрын
Yes, $6,000 to $10,000 a month eats $150,000 in the blink of an eye.
@user-sm2qn2kx4z Күн бұрын
As we get older an retirement is what you want,live life to the fullest and retire early if you can. It can be done if your debt free and
@glenncivale6824 Жыл бұрын
IMO, Retirement should not be an option unless you are debt free. I just retired (sort of- I still can work in self employment), at age 64. My SS equals my monthly debt (about 1k/mthy), and I have roughly 145k in 5% cd's and high yield savings and own my home. Since I am debt free I only spend accordingly. I still have tangible assets to sell off which can yield another 50k if I'm lucky. For the 1st time in my life, any money I earn can go directly into savings. I'm a single guy with a cat and no family whatsoever. I think I'm in a lucky position but still worry. I guess one can never have enough just to be sure. Good post, Thanks.
@yourfinancialekg Жыл бұрын
Great contribution!
@dijonalexander3666 Жыл бұрын
Where's your family bro? Everyone has some type of family
@kensmith2796 8 ай бұрын
@@dijonalexander3666 I will probably be in a similar situation when I retire. I have very few family members left and it's possible I will outlive them. I also can't count on them financially, so I will be 100% on my own in retirement. My parents didn't even raise me and didn't save for retirement, but us "kids" help them financially so they aren't homeless. They hit the lottery so to speak by having children that help them financially even though they didn't raise us. They would have been homeless without our help.
@jc10907Sealy 6 ай бұрын
Consider a reverse mortgage even if you don’t pull the funds from it it can help with major home repair expenses
@SLG52 4 ай бұрын
You will die with your house paid for... do you get a star on your tombstone? If you die with money in the bank that is the cost of an adventure you never lived to take.
@Ima-hoot 2 ай бұрын
People need to have a detailed plan and an accurate expenses calculation. I created a spreadsheet which takes all different expense categories into account. I even added things like phones and computers that only need replacing once in a few years. A car replacement down the road, potential house repairs (like new water heater every 10 years ). Etc. it also takes into account if I want to live abroad for a few years. I can change my lifestyle on an annual basis. It’s not ready for prime time release but I’m very happy with what I’ve done. I’m happy with all the variables I can change and see the effect of what age I run out of money ! For a full year I kept track of every dime I spent and which category the money was spent in. My actual spending was within 2% of what I thought it would be at the start of the year. I would definitely recommend everyone keep track of their expenses for at least 1 year. You will have a better insight for planning
@yourfinancialekg 2 ай бұрын
Awesome comment!!
@topplacetoLive 3 ай бұрын
Really insightful for anyone working on their retirement plan. The breakdown for married and single scenarios is super helpful.
@yourfinancialekg 3 ай бұрын
Thank you!
@yourfinancialekg Жыл бұрын
**Free Retirement Download: The Roadmap to Retirement:** 📊 pearlwealthgroup.com/
@DC-rd6oq 11 ай бұрын
For a single individual, the biggest issues are not the two you mentioned. Of course you only have one 401k/retirement plan. That's all you paid into. But with respect to Social Security, as a married couple even if only one person paid in, SS pays a spousal benefit. They are basically "stealing" from single individuals to pay more to married couples. I am not talking about survivor's benefits or about couples where they are drawing individually. The biggest difference for single individuals is that it costs so much more to live as a single person than it does to live as a couple (per person). One house, one utility bill (per provider), you can even get away with one car. Your example shows just how much harder it is for the single person. Plus, you started with a couple, two incomes, two retirement plans, two social security checks, starting with $150k total. That is $75k each. The single person saved twice as much, at 150k. For a proper comparison, the couple scenario should have started with $300k.
@kensmith2796 8 ай бұрын
Yes, it's much more difficult living as a single person with only one income. But there really are no guarantees that getting married will be the better option. I know a woman who was married for decades to a man that was a business owner. She decided around age 50 that she wanted something different. She found a new man who was a high income earner and promptly divorced her husband and raked him through the coals in the divorce. He had to sell his business that had been in his family for generations to give her half of it, he had to sell his house to give her half of the equity and she also got half of his retirement.
@Volvo8Fifty4Life Жыл бұрын
Makes me feel a lot better knowing I have way more than $150K saved up and I have over 15 years left before retirement. I'm excluding SS for my calculations, and will treat it as a bonus, if I end up getting some part of it. Thanks for the great breakdown and explanation, Drew. Have a great weekend!
@yourfinancialekg Жыл бұрын
Thanks for the great comment and watching!
@markbajek2541 Жыл бұрын
That's sort of how SS was designed as a cushion to your regular retirement savings not the main source of retirement. congrats for being on track to a well funded retirement.
@yourfinancialekg Жыл бұрын
@@markbajek2541 Thanks for watching and commenting!
@rospazz Жыл бұрын
You can retire with 150000 my wife is 63 and im 62 both working with 450000 so we probably could retire ?
@yourfinancialekg Жыл бұрын
I’d say you’re on the right track!
@all4fitz Жыл бұрын
Another option.....go to the right place in Latin America and that $150k turns into virtually $300-500k overnight, and then you'll have a lot more money and a more vibrant and welcoming environment to enjoy in retirement!
@yourfinancialekg Жыл бұрын
Thank you for your comment. Keep in mind everybody's financial situation is different.
@all4fitz Жыл бұрын
@@yourfinancialekg That's very true so I changed my comment to be more positive. Heh... Thanks!
@yourfinancialekg Жыл бұрын
@@all4fitz Latin America sounds fun too! Thanks for the contribution!
@8corymix8 11 күн бұрын
Moving to a 3rd world country in retirement. Brilliant life plan.
@all4fitz 11 күн бұрын
@@8corymix8 Haha. Maybe you haven't traveled or done much research.
@Badger345 Жыл бұрын
Great content, thanks for doing the work and sharing I just subscribed 👍
@yourfinancialekg Жыл бұрын
Thanks for watching Clive!
@fxdnny Жыл бұрын
Great stuff Drew. I hope your umpire dreams come true some day 😊
@yourfinancialekg Жыл бұрын
Thanks for watching Danny! I hope so too.
@beverlymeredith1836 Жыл бұрын
Good analysis. And one of the benefits of keeping distributions low, is that you might not have any tax liability after subtracting the standard deduction.
@yourfinancialekg Жыл бұрын
Great comment!
@anniesshenanigans3815 Жыл бұрын
thank you for posting this. More reality than people realize. So many people 'retire' with less than this and HAVE to make it last. I know many people that never planned, never saved. Although it's tough, they survive on SS or SSDI alone.
@yourfinancialekg Жыл бұрын
Appreciate you and your comment!
@shannonmurphy9790 Жыл бұрын
My dad never put away any money into a 401K or anything else. He also had no pension (most people don't have those these days - I"m fortunate to be a school secretary grandfathered in under the original NDPERS plan). My dad worked all the way up until he died at age 80. He loved working and it kept his brain active, though it was hard on his body. I think he had about $800/month in SSI and then whatever he could make as a traveling salesman. I honestly have no idea how he did it, but he always kept enough on hand to pay for his funeral expenses......and that is exactly how it played out in the end. He had very little to go through and had about $1,000 remaining after everything was taken care of. There was no bickering amongst us kids, and we were able to work together to finalize his affairs within about a month. This isn't the route I want to take, but it is one option.
@khc3670 3 ай бұрын
Love this striated talk instead of fear talk! Subscribed!
@yourfinancialekg 3 ай бұрын
Thank you!
@fjmoore4448 Жыл бұрын
Great video. I would like too see how medical expenses, savings and vehicle replacements etc…. would factor in. These will be needed throughout your retirement. Again great information.
@yourfinancialekg Жыл бұрын
Thank you for watching and suggestions!
@paulbunyun-xi9by 3 ай бұрын
agree this guy is not realistic..he must want something
@danalynngrice Жыл бұрын
I laughed at your rainbow, unicorns and pixie dust comment. That’s the retirement route I took two years ago at age 57. 🙂 No regrets. I started downsizing years ago and enjoy living with less. Of course money does fly out the door fast without employment income coming in. Hoping not to touch 401k till I’m 62 but may have to figure something out as I go. I like your comment about earning money doing something you love. Figuring out as I go and that works for me. I don’t like to use maps to my next destination. I’d rather wing it and enjoy the journey. I didn’t want to wait till I’m too old to enjoy retirement.
@yourfinancialekg Жыл бұрын
You be you! Thanks for watching and commenting 😀
@1life857 Жыл бұрын
WHAT AN EYE OPENING VIDEO, THANK YOU FOR THE GREAT INFO!!
@yourfinancialekg Жыл бұрын
Thank you for watching!
@nizarakbar 2 ай бұрын
Great calculations. Thanks for your hardworking for us.
@yourfinancialekg 2 ай бұрын
Thanks and welcome
@gbb82 Жыл бұрын
I retired to Jamaica at age 60 on my Army Reserve pension which is $2,600 per month. I have a TSP with much more than 150k that I have not touched yet. I will wait until 67 to take SS.
@yourfinancialekg Жыл бұрын
Thank you for your service 🇺🇸!
@kittendkat5100 Жыл бұрын
What does TSP mean?
@yourfinancialekg Жыл бұрын
@@kittendkat5100 Thrift Savings Plan. That is a government retirement savings plan.
@kittendkat5100 Жыл бұрын
@Your Financial EKG™ Thank you. So many acronyms to keep up with the days 😀.
@marilynh5487 Ай бұрын
Don't wait get SS at 62 because your quality of life is not better at 67. Your 60 start traveling while you still young
@richbuckley Жыл бұрын
I love the math skills and enthusiasm of financial planners, they do a great job advising on how you can retire on whatever that number may be. However, the greatest assumption being made here, is that these individuals who over 45 years did not manage their money are going to automatically have the discipline to follow a financial plan, when in reality they have never lived on a budget. But the advise is sound, but the discipline required, leaves these plans as wishful thinking. I would like to see a survey of customers 5 years into retirement, and see how they are doing with the plan and were they able to follow a plan. I look forward to any comments.
@anniesshenanigans3815 Жыл бұрын
some turn it around. I never saved and a few years ago I had a moment of clarity. I now have absolutely no debt and my house is paid off as well. I was previously a payday spender. Now I have significant savings and plan to wait until 65 to retire. this video comes at a good time for me.
@catherinewilke5583 11 ай бұрын
A lot of people are destroyed through no fault of their own, by divorce. I saved and scrimped and worked like a dog, and it cost me a fortune to divorce the ex who refused to work. So yes some of these low retirement fund people were irresponsible, but some of us just ended up hitching our wagons to the wrong person.
@thinkfloyd2594 8 ай бұрын
@@catherinewilke5583 a woman bitching about divorce? Hysterical! My ex took 75% of me and was unemployed. The irony is panful.
@missreynolds3637 8 ай бұрын
Well I guess you could call us retired (5 years now) hubby has a side hustle job and takes care of me. I am basically disabled (as I almost died three years ago,) the only "help" I get is healthcare and our taxes pay into that, which I qualify for as we live well below the poverty level. We have a decent nest egg on paper, it was a bit more than the video poster mentioned then 2020 hit, which hit the nest egg too, but that goes up and down anyways...ride the waves right. We live well below the poverty level and have been for a lot longer than just the five years, out of necessity at first. Now it's a choice to try to hang onto, and grow what little we do have. It definitely takes discipline to live comfortably without wants or the normal consumerism lie everyone has been fed. That's it in a nutshell wants, versus needs. Our needs far outweigh our wants. What we want, (which is needs), is to live out the rest of our lives, as comfortably as possible without stupidly wasting through what we're trying to build, and have comfort and less worry, the rest of our lives. The current world we live in is far from peaceful though sadly. I also noticed, the less we try to use each year, keeps costing us more, so hopefully the nest egg can carry us on to the other side of this world, whilst still growing to get us by. But so far so good, still trying to figure out better ways, to keep adding to it without giving the greedy big g man too much, if ya get my meaning? So we have to make our own four walls the happy place, in this not so nice world, that seems to be utter chaos constantly. Not sure I answered your question or not, but I hope I did.?
@tinasun6909 2 күн бұрын
I really enjoy watching your videos again and again. Thank you ❤
@yourfinancialekg 19 сағат бұрын
Glad you like them!
@g.s.m.6100 2 ай бұрын
Thank you 🙏🏾 This was very helpful.😊
@yourfinancialekg 2 ай бұрын
You are so welcome
@ivearies4187 Жыл бұрын
I see myself retiring in a lower cost of living country. The cost of living in the US has become unbearable. I am okay working a few more years on something I like and enjoy. This video puts me at ease
@yourfinancialekg Жыл бұрын
Glad this helped!
@skeller61 11 ай бұрын
Thanks for the video. The biggest reason everyone has some trepidation about retirement funding is uncertainty. As you point out, you can’t control external factors. However, you can, to some extent, control both your income and expenses. One thing to keep in mind is that, if you do take Social Security at age 62, you can’t earn over (currently) $21,240 without having each extra $2 in income decrease you benefit check by $1. So, by delaying the taking of SS, you not only get higher monthly payments for the rest of your life, but you can also continue to make as much as you can to increase the retirement savings. Also, since most people won’t be eligible for Medicare until age 65, good health insurance is expensive and will have to be paid out without income. My plan is to keep working until 65 and waiting until age 67 to claim SS, living solely off of retirement savings for those two years and getting supplemental health insurance (much cheaper once you have Medicare). The trade off, of course, is that I am losing the healthiest three years of the rest of my life for the ability to be better off financially for the rest of my life. Everyone has their own risk tolerance and circumstances, which is why a good financial planner is important. When you do run out of your retirement savings, you will not be in control and will be forced to cut expenses drastically. Proper prior planning can prevent this from happening.
@yourfinancialekg 11 ай бұрын
Great contribution!
@bluemouse5039 11 ай бұрын
I am at that point right now at 65, but loathe the idea of not getting the maximum amount if I don't wait until 66 and 8 months which is my full retirement age, the 21,240 cap doesn't really bother me because I don't plan on earning more than 1000 a month maybe doing some type of part time work , on the other hand I am just burned out from working in a production facility for 42 years it is hot, loud and smells of chemicals and hate going there any more , and think at some point a person has to put quality of life over some money, another that I consider is if I retire right now at 65 years old I will get 2200 per month but if I wait another year and a half I will get another 200 per month, but I could easily make up that lost 200 per month just working one day every week per month doing something easy and only a few hours , but I would be locked in to that lower SS payment forever and what if I couldn't work as I got older? another thing as I continue to work I am making a lot more money per month than I would on Social security and still able to contribute to my 401K and other savings ,once I get on social security I won't be able to save any more money , I feel better being able to save for emergencies and so on , another thing I consider if I go off my employers healthcare I will have to get medicare which does not have dental or vision coverage and only covers 80% of medical expenses I am not sold on Medicare advantage plans ,so I would have to get more insurance to cover that 20% or basically more of my limed income will have to go toward insurance, another thing I dwell on is how long will I live, maybe I should take the lesser amount and enjoy what time I have, Its a lot to think about
@skeller61 11 ай бұрын
@@bluemouse5039 You’re right, it’s a lot to think about. It sounds like you’ve done your research, so my advice is to make a decision. One thing to think about is that if you die earlier than break even point after waiting to get SS, you might never know you made the wrong choice. However, if you took it early and live until 90, you’ll remember your decision every check after break even , until you die. Good luck!
@kensmith2796 8 ай бұрын
@skeller61 You are very wise. So far, everyone that I've known that retired early has ended up struggling financially in their later years. Mostly due to them underestimating their life expectancy. It's much better to work as long as you can and save because it's easier to make money when you are in your 50s and 60s and healthy rather than try and scramble to survive and re-enter the workforce when you are in your 70s or 80s. I'm also not going to collect my SS until age 67.
@Callie_FL 2 ай бұрын
Very useful, thanks! Didn't even realize you were local until you mentioned the Rays 😊
@yourfinancialekg 2 ай бұрын
You bet!
@sulingotto Жыл бұрын
Love the content.
@yourfinancialekg Жыл бұрын
Thank you for watching!!
@cmbooks2000 Жыл бұрын
Yes. I did it with way less. It's all about getting rid of debt first and not adding debt later. Unless you live in a really high cost area, NY, Boston, LA, etc it's easily doable As far as continuing to work, many people don't have the ability to work anymore. Retail is Not an easy job for someone with arthritis or glaucoma. In addition, there is a good amount of age discrimination. The job market is strong in some sectors and regions and weak in others. If you have the option to take ss, even at 70% less, while you are still able during the "go years" you should go for it rather than wait another 5 years or so. Not only is my ss (includes survivors benefit) more than my working income, I save 500 to $900 a month that I use to travel, and just fun money. Thank you for providing information
@yourfinancialekg Жыл бұрын
Great contribution to the video, thank you!
@kevinyoung5575 Жыл бұрын
Yup....get rid of the debt...number one priority.
@yourfinancialekg Жыл бұрын
@@kevinyoung5575 Truth!
@BlueLineGroovy 9 ай бұрын
This is timely that I find this video. My employer (of 37 years is offering a severance).. I’ll be 62 next Spring. I’ll have SS and Pension and 401k for income. I only owe a mortgage, which monthly payment is relatively low.. lower than any rent would ever be. . If I decide to work at all it’ll be part-time .. I honestly think I can make it !!
@yourfinancialekg 9 ай бұрын
I'm glad it was helpful!
@DrSchor 9 ай бұрын
Think? You are sentencing yourself to a small SS check for life. Don't you want to think it through and be sure? How will you feel in 20 years when you realize you made a colossal error?
@NV-bc8ip 6 ай бұрын
Great breakdown.
@yourfinancialekg 6 ай бұрын
Thank you!
@lisagrant7967 2 ай бұрын
This was great, thank you.
@yourfinancialekg 2 ай бұрын
Glad you enjoyed it!
@pfris1197 11 ай бұрын
I worked until I was 70 years old, and then collected Social Security, which was twice as much as I would have gotten at age 62. Our expenses are a lot more. People don't realize how much health costs (including dental) can be. We have a supplement Medicare insurance plan (which pays everything), and our premiums are nearing &550 a month total. If we went with a private Advantage insurance plan, our monthly premium would be a lot less, but we could be hit with deductibles, co-pays, co-insurance, etc. Then there's drug, dental, and vision insurance. We drive fairly new cars, mainly to avoid car repairs, but our savings might not be enough to trade in for another new car. I don't know if your calculations account for all this.
@yourfinancialekg 11 ай бұрын
Our calculations take into account the historical inflation average but obviously everyone’s situation and timing is different. Thanks for sharing your scenario!
@carieyoung1111 3 ай бұрын
Not sure where you live but most advantage plans do not have deductibles and the drugs are included in the plan and most of those don’t have deductibles…your paying 6k a year and in some places max out of pocket on plans is 3k to 4k…you get dental vision and other things included in advantage plans, I’d revisit them if you haven’t in a long time, I’ve done all types of Medicare plans in multiple states for over 9 years- it never makes sense to stay in a supplement unless someone gets really expensive infusions or something like that and even then the max out of pocket once it’s paid - everything is covered 100% medically,…
@ellisz5972 11 ай бұрын
Excellent video. I might not need as much to retire as I thought I did. Good stuff.
@yourfinancialekg 11 ай бұрын
Glad you enjoyed it
@DrSchor 9 ай бұрын
Might? Guessing is a bad habit.
@fsm12385 6 ай бұрын
Will be in touch for sure
@yourfinancialekg 6 ай бұрын
Looking forward to it!
@chrislos1221 2 ай бұрын
Really good writeup that explains the nuts and bolts of how to determine a ball park figure with a set of reasonable assumptions. In reality, 150K is not enough unless you are willing to make some modifications and get lucky. You gently danced around that fact and showed them the way without ramming it down their throats. The reality is things happen that blow the budget out of the water. Health and family issues, black swan events etc. If something happens early everything changes resulting in a death spiral if not addressed. If you are not cash flow positive from the start including saving for contingencies the budget most likely will not work. It is easier to keep working than trying to find something when you are 70 to make the numbers work. You didn’t mention reverse mortgages which are an option of last resort, as well as moving to a cheap location. Loved this. Forty year accountant BTW.
@yourfinancialekg 2 ай бұрын
Thank you so much for the awesome comment and contribution!
@barbaraperry2796 Жыл бұрын
Wow. That blew my mind. I just might have a chance! Thank you.
@yourfinancialekg Жыл бұрын
You can do it!
@barbaraperry2796 Жыл бұрын
@@yourfinancialekg I am disabled, 58 years old and have $50k to my name. My only "income" is $1932/mo SSDI. My budget accounts for every single $. I buy T-bills every month. I will be fine. If I can do it, most people should be able to.
@reneelewis4268 8 ай бұрын
God Bless you. You are awesome and your information is invaluable. I will be contacting you when my time come . Thanks for what you do. This is very close to what my situation should look like, except I'm aready older than they are and still working. You have given me hope that I'm on an okay track. thanks mucho
@yourfinancialekg 8 ай бұрын
You are so welcome
@pdee6895 2 ай бұрын
Thanks, I feel a lot better about retiring early now. Nice breakdown of info!
@yourfinancialekg 2 ай бұрын
Glad it was helpful!
@danielfair4675 13 күн бұрын
I have a Roth IRA that i put my 401k money into after being laid-off. Along with all the money i received from my former companys "profit sharing" plan. I combined & deposited all of that $$ into a Roth IRA. I then got into my new employers 401k and deposit 8% of my bi-weekly check into a seperate account. So i basicslly have a Roth IRA thru one Financial Company & a 401k with a different Financial Company. I just turned 59 and hope to be done at 62.
@yourfinancialekg 12 күн бұрын
Awesome Daniel!
@henryfabian3187 Жыл бұрын
I was searching for a couples video. Pretty crazy that a married couple can make it with 150k in this scenario. Good stuff!
@yourfinancialekg Жыл бұрын
Thanks for watching!
@markbajek2541 Жыл бұрын
I think the single should look into housing subsidies or maybe even independent senior living places (lower end type). In my neck of the woods independent care is $1700-1900 for a 1 bedroom all in for the non glamorous places. (maybe slightly lower for a studio) Everything is included. weekly housekeeping, 2 meals a day , all utilities including cable and wifi off the building system. So I'd guess they'd just have a cell phone bill and medical/dental insurance costs. the other side would be subsidized senior housing and that's sliding scale so best guess would be in the $800 a month range for that income level plus some or most utilities and food costs . at around $2000 a month income , they might qualify for some food cost assistance in some areas and there are food banks to help stretch their food dollars via charities. Or the single could live in a van down by the river...very low utility costs involved down by the river if you can filter your own water, and draw electricity from the sun some of the time. You see it every day , people on $1200 a month or less in subsidized housing , scrimping away, but they are doing it. So at $2K a month plus a drawn down in a low cost state it's doable., but you would be on some government assistance.
@yourfinancialekg Жыл бұрын
Great suggestions!
@bka8851 Жыл бұрын
I can just imagine a 80 year old filtering their water out of a river. No doubt that happens all the time. Thanks that's my plan for the future. They make those drinking straws where you can drink out of a creek and maybe not catch diarrhea. That's my plan after I buy my tent to live down by the river
@noreenn6976 Жыл бұрын
The wait list for senior housing is long
@belle42 11 ай бұрын
@@bka8851😂
@darlenepaul2918 8 ай бұрын
Its not my desire to plan to live in desperation
@ejames6431 Жыл бұрын
Good info.
@yourfinancialekg Жыл бұрын
Thanks for watching!
@bruced.370 3 ай бұрын
Great video👍🤑
@yourfinancialekg 3 ай бұрын
Glad you enjoyed it
@jdgolf499 Жыл бұрын
I will be retiring next month. For my expenses, I've used credit cards for every purchase, except for small things where I use cash, for the past 2 years. I know to the penny how much I spend every year. I also categorized those expenses in a spreadsheet, as much as possible, so I have a good idea of where the money went. I now know going into retirement what I will be spending, and where I can cut if needed.
@yourfinancialekg Жыл бұрын
👏
@chuck5553 Жыл бұрын
Congrats on the upcoming retirement
@OShackHennessy 11 ай бұрын
Bravo bravo bravo! You are way ahead of the game because like you said you know darn well what you will most likely need. You also made a great point that many overlook and that’s what you can cut out if you needed to. 99% of the population knows absolutely nothing about how much they spend month to month.
@jayafow84 Жыл бұрын
50 thousand in expenses wrong! We are retired and my yearly expenses are about 20grand
@yourfinancialekg Жыл бұрын
Thank you for your comment. Keep in mind everybody's financial situation is different.
@damis2372 2 ай бұрын
Thank you for making this video. I watched other videos (not yours) but this is the most realistic video. Based on the majority of Americans who retire who have less than $500k in savings for retirement.
@yourfinancialekg 2 ай бұрын
Thank you for watching!
@Karen-nh7cl 2 ай бұрын
Great presentation
@yourfinancialekg 2 ай бұрын
Thank you!
@Marabella1 Жыл бұрын
Drew, I found an easier way to retire. My wife of almost 25 years passed to be with Jesus Aug. 2020. I retired on supplemental SS and a small pension at 62. I sold everything by April 2022. I had about $150,000 with $2,295 monthly. I moved to the Philippines end of April 2022. Prices here for everyday basic bills are about 60% less than the U. S. Just thought I would share my idea. Thanks and God Bless!!!God is faithful.✝️♥️🙏
@yourfinancialekg Жыл бұрын
Thank you for sharing David. I am sorry for your loss but your determination is evident. GOD is faithful! Thank you for watching!
@DL-by8el 11 ай бұрын
So did you buy a property and how do you stay without a visa?
@belle42 11 ай бұрын
@@DL-by8elPhilippines allows entry with a tourist visa of $30 per month up to 36 months. Then you must exit the the country and return and apply for another 3 years. There are ways to get residency as well.
@belle42 11 ай бұрын
Sorry for your wife passing away. I've recently been looking into taking early retirement and the Philippines is in my top 3 places to live. As a single woman without a huge savings or social security benefit I won't be able to afford the US unless I make lots of money!😂
@DL-by8el 11 ай бұрын
@@belle42 wish you could let it us know how it goes with your retirement.
@pfris1197 11 ай бұрын
When it comes to "cutting the cord", that would probably be the last thing that we would do. We are in our 70s, and cable TV (& DVR), with numerous channels, is very important to enhancing our lifestyle at this age. Being older, we stay at home a lot, and cable TV is our main source of entertainment. The Internet is probably our second source of entertainment. Our cable TV, Internet, and phones are a package deal, which costs us a little over $200 a month. That is money well spent for us.
@yourfinancialekg 11 ай бұрын
Thanks for commenting and contributing to the conversation!
@darlenepaul2918 8 ай бұрын
You could spend a lot less than $200 for a mint phone plan for $15. Internet for $70 and maybe $30 for a few streaming services.
@bethanyportugal2022 Жыл бұрын
Finally!!! I am able to understand getting to retirement! Im so happy! I dont need a million dollars Lol! Thank you so much! Your explanation just clicked for me. I finally feel optimistic about getting to retirement. Its totally doable!😊
@yourfinancialekg Жыл бұрын
You can do it!!
@davidwarner6657 9 ай бұрын
Good analysis.
@yourfinancialekg 9 ай бұрын
Thank you!
@kaoyang435 7 ай бұрын
Well said
@jhfit Жыл бұрын
Very good video. I do think you need to consider health care costs more.
@yourfinancialekg Жыл бұрын
Good consideration! Thanks for watching
@anniesshenanigans3815 Жыл бұрын
agreed. At 62 there is no coverage that is free, unless you are at poverty level income, and even then the coverage in some areas is horrible. I live in Florida and the deductibles and copays will kill your savings.
@ladylove3870 Жыл бұрын
This was awesome! I'm 48 and single. I only have $90k saved for retirement. But this video makes me feel hopeful. Thanks so much ❤
@yourfinancialekg Жыл бұрын
Appreciate you and your comment!
@markhosbrough9180 Жыл бұрын
Enjoyed your video at the moment I have 401k and a small old company pension plan in the uk and maybe social security from both the uk and here in the states too
@yourfinancialekg Жыл бұрын
@@markhosbrough9180 Thank you for watching!
@martinrbookermb Жыл бұрын
That's 90k more than most people have at your age!
@yourfinancialekg Жыл бұрын
@@martinrbookermb thanks for encouraging others!
@theresabrown8750 5 ай бұрын
Thanks and God bless you😊
@yourfinancialekg 5 ай бұрын
Same to you!
@lisatowe778 3 ай бұрын
Great video!! Really puts it into perspective and strangely makes me more hopeful simply because I always live simply so that won’t be hard. And I would like to find work I enjoy and still make money because I actually enjoy making money lol. Always have. Thank you!
@yourfinancialekg 3 ай бұрын
Thanks for sharing!!
@markthomas2436 8 ай бұрын
Here is another way to make that "retire single at 62" scenario really work;-- ya gotta MOVE to and LIVE IN... an area where your dollar goes far. So think rural Kentucky and NOT Southern Florida. Think rural Mississippi and NOT anywhere in California. Areas in America vary greatly in COST OF LIVING. You gotta live where the cost of living is LOW.
@yourfinancialekg 8 ай бұрын
I am from Kentucky, Go Cats!
@Jims-VanLife 11 ай бұрын
I can answer this question! No, $150K won't cut it. Especially if you live past 82. My advice would have been to keep working and not take SS until at least full retirement age. For what it's worth (not much)
@danielhackney7806 10 ай бұрын
@Jims-VanLife, there are always individual variables which you should plug into this video retirement scenario. As example, my brother-in-law had some health issues so he took his SS at age 62. It was a smart move. He passed away last year at age 69. Check your family history, both my grandfather's passed at age 59 and 67 and my mom at 75. My Dad did live to his early 80's but had dementia since his middle 70's. In other words he didn't give a damn that he was broke at age 82. He was a vegetable by that age, not a care in the world.
@jamesestrada7972 4 ай бұрын
If your health is good- why work until you drop. Trust me people I just lost my wife to cancer at 56. We had plans but remember god always has a plan. Retire as soon as you can and live.
@azbuckeyegirl9523 2 ай бұрын
Hmmm... so sorry about your wife and the other poster's brother in law. My dad broke all predictions on his family's genetics concerning longevity. He didn't plan to live long as his dad died at 59. My dad just passed away at 93 and although frugal, didn't make the best long term decisions. I took over my parents' finances in 2018, and got all their debts paid off. My husband and I also built a nice 1600 sqft home for them back in 2003. We (my husband and I) adored my dad, but his poor planning (mostly deciding to carry debt into retirement) took a toll on me. So although he had a "nice life" in his early 60s, my 52 through 57 years were extremely rough. (He fell for a scam in 2018 and lost what he had left.) My mom is still alive at 90 and I'm in the process of applying for Medicaid for her, because I have a 17 year old who needs me too. I'd love for my mom to move in with us, but her dementia is pretty advanced. (And she's just a difficult person by nature.) Over plan, over save, think about your kids and grandkids.
@jveeon1404 5 ай бұрын
Thank you so much for this wonderful video. Your explanation is so clear . I'm 62 still working making $100K a year. I'm thinking or retiring at age 63 but after watching your video, it looks like I need to work till age 65. Again, thank you.
@yourfinancialekg 5 ай бұрын
Glad it was helpful!
@Grace_0408 Жыл бұрын
Thank you, that was very helpful!
@yourfinancialekg Жыл бұрын
Thanks for watching!
@johnurban7333 Жыл бұрын
Yes you can if you’ve spent your life spending and saving wisely.
@yourfinancialekg Жыл бұрын
Exactly!
@kevinfestner6126 Жыл бұрын
TY. Now, I'm a bit more hopeful. Change the single scenario to I want to work a seasonal job, which I should take home about 20K, expenses, I like the 40K. Delay SS to full retirement age for my birth year.
@yourfinancialekg Жыл бұрын
Glad this video helped!
@brianbunk9057 Жыл бұрын
Great video Do you use a COLA increase on SS and what rate? Thank you
@yourfinancialekg Жыл бұрын
Thanks Brian! Yes, COLA on SS is 2.58% which is the 10 year average. 49 year average is 3.71%. I like to be more conservative.
@brianbunk9057 Жыл бұрын
@@yourfinancialekg Thank you
@Jane5720 Жыл бұрын
You could retire whenever you want it just depends on how much money you want to have as income
@yourfinancialekg Жыл бұрын
Bingo!
@BrettOssman Жыл бұрын
Very interesting. FYI, I'm in Wesley Chapel. 🙂 I was thinking retirement is out of the question in my current situation at age 63, but maybe not.
@yourfinancialekg Жыл бұрын
Thanks for watching! We love locals 🏝
@davidbass6119 11 ай бұрын
Man saying that $3000 a month of expenses was wayyyy to high of an estimate for me.. Mine is maybe like $1700 am month for a single person.
@yourfinancialekg 11 ай бұрын
That’s great!
@user-wx9qv8zn2m 2 ай бұрын
Glad to hear someone acknowledge spending changes. Most people's spending goes down as they age. Just the basics at some point in life. Included in reduced spending would be taxes. In the scenario presented none of that income would be subjected to income tax. Also a SPIA from $125 of the $150k would throw off a married couple in excess of $10k per annum (guaranteed 25 years), keeping $25k for an emergency fund. With a paid off house and little consumer debt a couple could live very well on SS and $150k.
@yourfinancialekg 2 ай бұрын
Thanks for watching!
@marthamachuca2520 4 ай бұрын
Thank you .
@yourfinancialekg 4 ай бұрын
You are welcome!
@gimmpy91 Жыл бұрын
Who tf wants to work until 70 just for SS benefits
@TheFirstRealChewy Жыл бұрын
I'd assume of you are working until 70 it's because you like working, or because you don't have a choice.
@FranciscoDelValle180 9 ай бұрын
Great presentation. Has made me see my ability to retire quite a bit differently. I thought i was doomed not having at least $1M saved up already but i guess i might not be. Thank you. "I have 3 kids and no money. Why can't i have no kids and 3 money?" - Homer Simpson
@yourfinancialekg 9 ай бұрын
Thank you for watching!
@donaldlyons17 8 ай бұрын
Homer was crazy from the jump!!!
@marvincruz1194 2 ай бұрын
This feels like the normal group who plan ahead.. awesome to join
@marvincruz1194 2 ай бұрын
Work should be done at 50… that’s the perfect #
@yourfinancialekg 2 ай бұрын
Thanks for the comment!
@diadora9292 6 күн бұрын
My wife’s and my expenses are about 2000 month. Our house and cars are paid for. Health insurance scares me to death. Would love to retire at 63.
@yourfinancialekg 5 күн бұрын
Health insurance is the biggest expense you will face in retirement
@lindad6223 11 ай бұрын
It always comes down to your expenses.
@yourfinancialekg 11 ай бұрын
Yes it does!
@brindacockburn4033 Ай бұрын
and debt
@shannonmurphy9790 Жыл бұрын
I'm just curious, using your single person example, does the amount you determined would be needed for expenses include medical insurance at age 62? I am 5 years away from age 62 and hoping to retire at that time (actually, since I work in a school, I plan to work till 62.5) and I am estimating it will cost me $1,000/month for my medical insurance from the school district until I reach medicare age, but I haven't made any calls on it yet.
@yourfinancialekg Жыл бұрын
Great comment and question. Yes, for health insurance the assumption is we can keep the taxable income below the threshold for subsidies on the healthcare exchange.
@noreenn6976 Жыл бұрын
@@yourfinancialekg what is the income range for subsidies?
@kikid4093 2 ай бұрын
Thank you for this video. As many others have mentioned, this is far closer to situation than most other videos I've seen. I'm single and eligible for retirement at work. I'll have a FERS pension, but started putting money in my TSP late it will not be much more than this. I'll also have SS. If I retire at 62, i expect to work at least part time so that I can supplement my income and continue to travel.
@yourfinancialekg 2 ай бұрын
Awesome! Thanks for watching!
@kiki9618 Ай бұрын
I really appreciate your example. The only part I’m struggling with is a gross amount of $50,000 for 2 people. That seems very conservative even if they are frugal.
@yourfinancialekg Ай бұрын
Thanks for watching!! Everyone's number is different.
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