How Much Money Does It Take To Retire? || Retirement Planning

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Жыл бұрын

How Much Money Does It Take To Retire? || Retirement Planning
Are you worried about how much money you will need to retire comfortably? Retirement planning can be a daunting task, but it's never too early or too late to start thinking about retirement. In this video, we'll explore the question of "How much money does it take to retire?"
We'll cover various factors that can impact your retirement savings, such as your desired retirement lifestyle, retirement age, health care costs in retirement, and inflation. We'll also discuss the importance of setting realistic retirement goals and creating a retirement plan that aligns with your financial & retirement needs.
Whether you're just starting your career or nearing retirement age, this video will provide you with valuable insights into retirement planning. So, join us and learn how you can retire comfortably and live the life you've always dreamed of. Don't wait any longer; start planning for your retirement today!
*Free Retirement Download: The Checklist to Retirement:* 📊
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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

Пікірлер: 45

@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 **

@grcerosa 9 ай бұрын

Awesome 👏statistics📄 for people to wrap their heads around. Hey Cooper 🐶and Gracie 🐶🥰😘

@yourfinancialekg 9 ай бұрын

Thanks Andrew!

@njlifeandhealth Жыл бұрын

Great vid. No fluff, right to the point

@yourfinancialekg Жыл бұрын

Glad you liked it!

@kevinfestner6126 Жыл бұрын

This demonstrates the FIRE does work esp if you're within 5 years of taking ss. Note how the portfolio grew in value, esp with ss. This is similar to barista FIRE. So why can't I do the same thing with a side gig up to full ss? I would have tp be close to my FIRE number. I'm above my lower band, and 100k below my upper band

@mikegruber172 Жыл бұрын

Nice job

@yourfinancialekg Жыл бұрын

Thanks for watching!

@getinthespace7715 Жыл бұрын

I figure in 20 years I'll need between 5-10 million to have the equivalent of a 1 million dollar retirement today due to out of control government spending and inflation... The fed recently changed the way they are calculating inflation. They are reporting almost half the inflation as would have been calculated using the method from the 1980's inflation calculation.

@yourfinancialekg Жыл бұрын

Great idea!

@heltonja Жыл бұрын

It would be nice if you could do one of these EKG videos using a military pension or a federal pension..

@yourfinancialekg Жыл бұрын

I have done some videos with Military pensions. Would be happy to do another. Thank you for your service!

@danieldoucet8687 8 ай бұрын

How Much Money Does It Take To Retire? About $200 or $50 a tire.

@catmom6830 Жыл бұрын

So, based on the example, if this person retires at 60, they would be pulling $50,000 for each year between 60-67? That would come from the initial 1.25 million?

@yourfinancialekg Жыл бұрын

Exactly.

@BenDover-gq7nl Жыл бұрын

The average person does not have $1250000 at 60 years old. Most have very little saved and its more like $100,000 - $200,000. People spend more than they have and are living their retirement savings while still working.

@yourfinancialekg Жыл бұрын

Good point! Thanks for watching!

@BenDover-gq7nl Жыл бұрын

@@yourfinancialekg Good Video. Also many people at 60 still have a mortgage. Should never enter retirement with a mortgage unless you have a great pension. Those great pensions are long gone. Now they are pushing a 40 year mortgage like 8 year car loans. People need to live within or below their means. Everywhere I look people are spending like it's their last day on earth. This will not end good and they hope the government is going to bail them out.

@yourfinancialekg Жыл бұрын

@@BenDover-gq7nl Very True!

@950vstar Жыл бұрын

Where does the calculation take into effect the reduction of the 50k your taking out annually?

@yourfinancialekg Жыл бұрын

This is a future cash flow calculation. It is factored in on the calculator. On the board, it is the broken down monthly. Thanks for watching!

@chris_sc Жыл бұрын

This is an interesting and well-presented analysis of retirement income needed. I think it is meaningful in principle, but numbers should to be reconsidered. I would suggest to be consistent along all long-term financials. If you use long-term historic inflation rates of 3%, then adjust social security accordingly, as the social security administration uses inflation to determine social security adjustments. Similarly, investment returns over the last 100 years have been about 10.7% (with dividend reinvestment). so using 6% significantly deviates from the historic base. In short, the assumptions are quite pessimistic. Being conservative is good, but being too conservative robs people of the most valuable resource--time. Maybe carry out a what-if analysis, at least. That said, Drew is very clear in expressing assumptions, and eloquently lays out the base case (4% rule).

@yourfinancialekg Жыл бұрын

Thanks for watching and for the very helpful comment!

@jasonedwards2571 Жыл бұрын

Assuming their benefit is $2800, if they were to look at 60, why not inflate that at the average SS increase, which would increase the number they would receive at 67.

@yourfinancialekg Жыл бұрын

Great question! I usually don’t inflate SS until the client has claimed benefits just to be conservative in my planning.

@timsans1170 Жыл бұрын

If we're assuming Inflation at 3% and we know that SS keeps pace with Inflation, why use 1.9%?

@yourfinancialekg Жыл бұрын

1.9% is the average since 1970’s when Cola for SS began. 3% inflation is the 108 year average based on CPI. SS cola does not mirror CPI. Great question!

@timsans1170 Жыл бұрын

Don't you mean You should have 25 times your "PLANNED ANNUAL SPENDING" saved before you retire. IE: What you EXPECT your expenses to be, not what they are? Ty

@yourfinancialekg Жыл бұрын

If you want to do it that way you can. I like to use current expenses because of inflation and most individuals undershoot how much they actually think they will need. Obviously, you can remove debt or any expense that won't be there in retirement. Great comment!

@pensacola321 Жыл бұрын

I would not want to go SEVEN years of 4% withdrawals from $1.25M. That is to chancie over a lifetime. There are too many things that can go wrong for a relatively young retiree. Also don't you need to consider age when using the 25X rule?

@themonogrammom Жыл бұрын

@@pensacola321 I was waiting for someone to ask about the age factor. This 25x methodology can’t be accurate for someone who is 45 vs someone who is 65…

@yourfinancialekg Жыл бұрын

Actually, if you are 45 your expenses are probably much higher so you would need a lot more saved to retire early. So the math could still work. Obviously there are so many other factors that need to be considered too.

@NipItInTheBud100 Жыл бұрын

I haven’t watched the video yet but I’m guessing the social security benefit is going to be $2,800!…LOL

@NipItInTheBud100 Жыл бұрын

Yep…I was right!!

@timsans1170 Жыл бұрын

@@NipItInTheBud100 why is that?

@yourfinancialekg Жыл бұрын

Tell him what he’s won Johnny!!

@NipItInTheBud100 Жыл бұрын

@@timsans1170 because he always uses $2800 for some reason….well maybe not always but an awful lot!! He puts out good videos though even though many of them are very similar to one another!

@matthewhenrikson9386 Жыл бұрын

Excellent layout. Good job