Retirement Planning: I'm 66 Years Old With $800,000, Can I Retire?

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Күн бұрын

Retirement Planning at 66. Troy Sharpe, CFP®, takes a look at someone retiring with $800,000, runs it through an advanced simulation to see the probability of making it through retirement with money.
In this episode, Troy looks at 1,000 different scenarios looking at the probability of successfully retiring without running out of money, given the current economic situation.
The analysis is part of what we at Oak Harvest call a Oak Harvest Retirement plan, a customized solution aimed squarely at your retirement needs.
Oak Harvest Retirement Planning Process
Instead of trying to fit you into a box, Oak Harvest builds the box around you. So, no two plans are exactly alike. We tailor investments, income, tax-reduction, safety, long-term care and legacy solutions around your retirement vision and goals.
It starts with a discussion about your retirement vision. A retirement vision is the most critical element of a Oak Harvest Retirement plan because it allows us to clearly identify specific goals, allowing our team to get to the root of what is important to you.
Once those goals are identified, we explore and educate you on the strategies that can make your vision your reality.
When the appropriate strategies are agreed upon, it’s time to discuss which tools are appropriate to complete the plan. Stocks, bonds, CDs, annuities and mutual funds are nothing more than financial tools that can be used inside your Oak Harvest Retirement Plan to accomplish your vision and goals.
As independent fiduciaries, we don’t care which tools are used. We care only that the best tools to accomplish the job are implemented.
When your Oak Harvest Retirement plan is complete, you have a clear financial path that can help provide peace of mind. We will build each component that you may need for your specific circumstance:
- You will have in front of you a simple, easy-to-understand retirement income plan.
- You will have an investment strategy appropriately fitting your investment objectives and risk profile.
- You will have a Social Security strategy that’s designed to maximize your life savings - not just your Social Security benefits.
- You will have a long-term care strategy that’s designed to maximize and protect your retirement against future medical costs.
- Your legacy desires will be addressed by a CERTIFIED FINANCIAL PLANNER™ professional who coordinates and works with attorneys who draft the appropriate legal tools, if needed.
Once complete, your Oak Harvest Retirement Plan flows into a monitoring process where adjustments can be made when the investment, tax or legal landscape change. It’s reviewed frequently with you by your dedicated team, which includes your advisor, the investment team, and our services team.
Do you have a retirement plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at (877) 404-0177
If you have $500K or more and would like a partnership with a firm to help you manage your investments and financial plan as in these videos, click on this link to connect with our advisors: click2retire.com/68with800k
#financialsuccess #retirementplanning #retirementincome #financialplanning

Пікірлер: 293

@StevesStrayStuff 3 жыл бұрын

This is for the young folks out there. I am 59 years old. I am just your average hourly worker that has worked for companies that offered a 401k with some matched contributions. At 24 years old, I started putting the maximum amount in my 401K, which back then (1984) was $22 per week with a company match of $2. As the maximum contribution and company match kept increasing, I kept increasing my contributions to the maximum. I now have $1.1M in my 401k. If you had told me 35 years ago that I would be a millionaire in my 60s, I would have laughingly told you that you are f***ing nuts! Always pay yourself first!

@OakHarvestFinancialGroup 3 жыл бұрын

Compound interest is amazing, isn't it? Congratulations on your hard work...

@StevesStrayStuff 3 жыл бұрын

@@OakHarvestFinancialGroup ABSOLUTELY! They need to teach the power of compound interest to every high school student! I only got in the 401k because all of the old-timers kept telling me "Kid, you gotta get in the savings plan." and they were 100% correct. Now I am the old-timer preaching to all of my young coworkers to get in the savings plan.

@jcm9356 2 жыл бұрын

@@StevesStrayStuff This should be taught in every high school. A basic financial course will help far more people than that Algebra course. Well done Steve.

@StevesStrayStuff 2 жыл бұрын

@@jcm9356 Thanks JCM. You are absolutely correct, because everyone needs to be taught that the most powerful force on earth is 'Compound Interest'!

@StevesStrayStuff 2 жыл бұрын

@Will Smith My specific point is to start paying yourself early on in life if you want any chance of having money for retirement. For me, the $1M in the 401k coupled with a pension and Social Security will make sure I don't outlive my money.

@bschil1 3 жыл бұрын

Thank You! Yes, you are providing value, by showing this software. Another aspect to consider is fixed expenses such as rent or mortgage or no mortgage payment. Which brings more variables into the equation. Thank you for bringing people's attention to an understanding of retirement.

@miket9670 2 жыл бұрын

Thanks Troy for another great presentation. I look forward to viewing these case studies which have helped me immensely with my retirement planning.

@alannaharganbright5338 3 жыл бұрын

Thank you for this presentation.

@grcerosa 2 жыл бұрын

As always Troy, A bang up job in presentation and getting in the weeds in the nitty-gritty of the whole aspect financial retirement planning! I’ve always had a high regard for CFP‘s ☺️🙏👍🏻 Hopefully sometime this year I’ll be reaching out to you guys to see if I’m a fit for what you offer. Andrew 🤗👍🏻😊

@dannypittman4288 3 жыл бұрын

I am 60 years old and have been retired since 58 9 months, with everything paid off with 800 k. My wife and I ( she is a housewife) are making it fine on 4.5 % of total per year. We are pretty thrifty but do much of what we want to do. Cost of living ( in Alabama) is pretty low. Really depends on life style. As for us we take 2-3 vacations a year, enjoy going out to eat 1-2 a month and lots of cookouts. Again as everyone says all comes down to lifestyle.

@markme4 3 жыл бұрын

How are you getting 4.5% ?

@lostboi3974 2 жыл бұрын

Great plan

@jeffstarcher7960 2 жыл бұрын

@@markme4 I think he is saying he is taking 4.5% of the total out per year.

@jcm9356 2 жыл бұрын

Good on you Dan. I hope you two have a wonderful retirement.

@Ethernet480 2 жыл бұрын

Enjoy!

@July.4.1776 3 жыл бұрын

Nice channel. I use very similar software for our personal retirement plan. Some great advice from my father “It’s not how much you make it’s how much you don’t spend”. This statement holds true while working as well as in retirement..

@Honestandtruth 3 жыл бұрын

Yep yep Exactly

@jcm9356 2 жыл бұрын

I'm in the Uk, so don't really have to worry about healthcare and the taxes are different (and probably higher than the US) but these scenario videos are really helpful in the run-up to retirement. Thank you Oak Harvest.

@anthony7091 2 жыл бұрын

I retired on $300k three years ago and now have $350k. Am 58 now and no pension. Fck work. One life one chance.

@andre1987eph Жыл бұрын

Are you retired abroad? That helps alot. Also try to delay as long as possible drwing your social security

@vinceacosta4398 3 жыл бұрын

I always look forward to your videos! Thank you for the information!

@OakHarvestFinancialGroup 3 жыл бұрын

Thanks! Glad you like them!

@ramonmarrero2001 2 жыл бұрын

Iam 67 and I retired in 2010. I roll my 401k to a Ko plan. I invest in a diversified portfolio that paid dividend. I lived from my dividends since them maintaining my principal. Iam doing good.

@dsvillalva 3 жыл бұрын

Solid video. Seems in this example it should be analyzed a good 10-20 years ahead of retirement - in order to strategize things such as conversions to Roth IRA. I realize you want your financial assets in various buckers but your top tax strategies are clearly Roth-heavy.

@OakHarvestFinancialGroup 3 жыл бұрын

Thanks for your comments. Welcome to our channel...

@Redneckboy991 3 жыл бұрын

I worked with a guy who retired at 65 with over $800,000. He passed away at 66 before he could spend it and only received one year's worth of government benefits. My guess is some family members are now spending his savings. So retire as early as you can.

@howellwong11 2 жыл бұрын

I retired at 68 and here I am at 89. It worked for me, but what's good for me may not be good for you.

@jcm9356 2 жыл бұрын

Also, don't forget to live life on your way to retirement.

@MBihon2000 2 жыл бұрын

S--t out of luck!

@howellwong11 2 жыл бұрын

Generally, that is true, but I was working under NATO in England and I did enjoy my work. Paying $1.23 for a gallon of gas instead of $8 comes in handy when I travel around Europe in my car. Once I retire, all the "benes" will go away. So, when I retired I wanted to return to the USA and watch football for the rest of my life.

@kentkundert5366 Жыл бұрын

@@howellwong11 :-P

@kenmelottejr6379 3 жыл бұрын

Well done video…very helpful.

@OakHarvestFinancialGroup 3 жыл бұрын

Thanks, Ken. Glad that you liked it...

@jw_nomad 2 жыл бұрын

Could the speaker consider to include social security benefit for retirement planning? Thank you!

@janibeg3247 3 жыл бұрын

yes if your house is paid for, have no outstanding debt, have a pension plus social security, have fairly low property taxes, don't spend a lot of money per year, and if you have a car it is paid for and does not need any repairs.

@OakHarvestFinancialGroup 3 жыл бұрын

Hello Jani. Thanks for joining in on the discussion...

@MrWaterbugdesign 3 жыл бұрын

Yes, of course. People have a basic choice of living for today or planning for the future or mostly a combination. I've known lots of people who lived for the day spending every cent they earned and borrowed a lot in order to do whatever they wanted. I loved my job so it was easy for me to work a lot instead of spending a lot. During that part of my life I was told often by people that I should be like them and live it up for tomorrow we die. Some were right, they died early. Today however I've been retired 19 year since I was 45 and these same people are puzzled how I did this and tell me they wish they could retire at even 70. Carrying huge debits to have impressive houses and cars. They have completely forgotten this was their choice, to live it up, damn tomorrow. Now tomorrow is here. I'm losing touch with many of them because it's hard to watch, I find the complaining to be boring.

@waydegardner7373 3 жыл бұрын

That’s us. Took a helluva effort to get here. It can be done.

@miken7629 2 жыл бұрын

I am retired, but my income is variable based on investment income/gains. I have a $2 million investment base, and after year end, I extract any gains I made during the year and add it to my bank accounts. Those gains plus social security is my income for the new year. So far, I have been spending less than I made, so my bank accounts are growing. Sometimes, I may have a negative year in my investment accounts, so my spending is social security plus a portion of my bank savings. I will not extract any more from my investment accounts, until I reach my $2 million base again. The goal, is to keep my investment base for the rest of my life, then pass it onto my heirs.

@ramonmarrero2001 2 жыл бұрын

You can put your $2million base in a pimco fund for example PCI, PKO or ARCC etc that paid dividends in around 9%. In this way you maintain your base and live on dividends around $180,000 a year.

@randymillhouse791 3 ай бұрын

@@ramonmarrero2001 SOURCE?

@paulnaso Жыл бұрын

Troy. I never see real estate equity. Especially primary residence equity as part of the overall net worth. Could you please confirm?

@mohammadwasilliterate8037 3 жыл бұрын

I have that at 52yrs old and starting shares now.....

@OakHarvestFinancialGroup 3 жыл бұрын

Hello. Thanks for watching...

@jaimeruiz4722 3 жыл бұрын

Can I have the link to the taxes planning software ?

@Honestandtruth 3 жыл бұрын

Everybody has different desire and need By the NUMBER (s).....

@rayray7561 3 жыл бұрын

Nah, work another five and you can be the richest guy in the cemetery.

@Honestandtruth 3 жыл бұрын

Haaaahaaaaaaa 👍🤣 How true that is 😂

@carolyncline2088 3 жыл бұрын

Perfect. How insulting to the majority of people.

@mfamily3301 3 жыл бұрын

Everyone situation and choice is different, yes, it is not how much you have but how you spend it. But everyone needs a barebones budget, place to sleep, food to eat, but medical is the budget killer.

@cindysilver3988 2 жыл бұрын

How true. You don’t get it until you’ve been smacked in the face with tragedy.

@wdeemarwdeemar8739 3 жыл бұрын

I am a RN in a hospital if you are seeing me (us) regularly you are not living to 85. Also don’t let your kids keep you alive long after you have checked out. Yes modern science can keep your body living longer but your quality of life is awful especially if you have dementia or other neurological deficits.

@OakHarvestFinancialGroup 3 жыл бұрын

Thanks for your service as a Marine.

@zachh3582 3 жыл бұрын

You'll probably change your tune later in life. My grandmother at 90 had her faculties. She passed away of cancer. To her life was a dream and too short.

@bunnie1294 3 жыл бұрын

@@zachh3582 Your grandma's scenario is not what Wdeemar was talking about.

@stephaniem4120 3 жыл бұрын

What kind of nurse are you ? Nurse Ratchet? I wouldn't like to meet you if I need medical help !

@July.4.1776 3 жыл бұрын

I agree 95 is ridiculous the quality of your life past 75 or 80 diminishes. I don’t what to be the richest guy in the crematory.😂

@j.c.2973 3 жыл бұрын

Thanks for these what-if retirement scenarios! I get something out of each of them!

@calbob750 3 жыл бұрын

The SECURE Act of 2019 might change thinking about the tax consequences of a conventional IRA for beneficiaries.

@saraw112 2 жыл бұрын

I can’t read your board… could you read out the numbers please? Thanks!

@dtr579 3 жыл бұрын

If I had $800K today, I would be out. I'm 52 and hoping to have that much at 62 which is when I'm planning to call it a day.

@mohammadwasilliterate8037 3 жыл бұрын

I want to retire at 52 with about $1mil but want more to be comfortable

@awfulgoodmovies 3 жыл бұрын

I make a trillion dollars an hour...Do I have enough to retire on??! Lol! These are clickbait titles.

@dtr579 3 жыл бұрын

@@awfulgoodmovies yep.

@GrnXnham 3 жыл бұрын

Not clickbait to me. $800K is not enough for me to retire on.

@OakHarvestFinancialGroup 3 жыл бұрын

Yep, everyone has their own dreams, needs and desires...

@bigjohnny5280 3 жыл бұрын

Good general information video. I’ve seen a ton of studies that suggest income needs change a lot as you through retirement. Specifically the studies seem to suggest you spend the most in the first quarter of retirement, then a little less for each quarter of retirement.

@JM-fi4mf 3 жыл бұрын

How much (percentage) of the retirement savings does one have to allot to long term care?

@OakHarvestFinancialGroup 3 жыл бұрын

This can vary for each person and their unique situation...

@genxx2724 3 жыл бұрын

1000.

@umangbhaibhatt9104 3 жыл бұрын

great informational video. would love to know where i stand and how i can maximize my chance of retirement early

@OakHarvestFinancialGroup 3 жыл бұрын

Thanks! Good question! A financial advisor can give specific advice. Contact us if we can help...

@umangbhaibhatt9104 3 жыл бұрын

@@OakHarvestFinancialGroup but i am located in Apex, NC not Texas. will this matter?

@randymillhouse791 3 ай бұрын

ANSWER: Yes! In South America!

@ramonmarrero2001 2 жыл бұрын

If you have 1 million dollar invest it in a pimco fund (PCI) that pay more than 9% annually. You end up with $90k annually without touching your principal.

@randymillhouse791 3 ай бұрын

SOURCE?

@sundarrajan1185 2 жыл бұрын

Does his software even recognize and model rentals, real estate? - never these planners talk anything other than 401k , ROTH etc

@lingeng2659 2 жыл бұрын

Can you take less than the minimal distribution amount?

@OakHarvestFinancialGroup 2 жыл бұрын

You can, but you will be hit with a 50% penalty plus taxes on the amount that is less than the Required Minimum Distribution. So technically you can, but it would be a big mistake for most people.

@Azel247 2 жыл бұрын

35 with 800k, gonna cut back on work and enjoy life since I know too many who retire rich at 60-65 with health problems

@andre1987eph Жыл бұрын

Work another 15 THEN retire. 35 is too young with only $800,000

@Azel247 Жыл бұрын

@@andre1987eph I'm not retiring yet! I'm just going to reduce the number of hours I work. I believe I have reached coast fire so I shouldn't have to save any more. I'm dropping my savings rate from 60% down to about 20%.

@randymillhouse791 3 ай бұрын

@@andre1987eph No, work until he dies at his desk at work just so he can say I saved 6 million!

@rajbeekie7124 2 жыл бұрын

I don't know if this dude was making good decisions throughout his life. He was making well over $120,000 for a large part of his life, yet he only has $800,000. Now, if he had a few divorces that would explain the low amount.

@ralphemerson497 3 жыл бұрын

Wife (46) and I (M57) are planning on retiring in three years after primary home is paid off. We own two SFH rental properties along with roughly $800K in combined various Fidelity Investment accounts. Planning on selling one home and using funds for replacement primary home in no income tax state. Another home to be sold to purchase second primary home in undecided foreign country for visa and health insurance considerations. Third property to be sold as either living expenses or kept for possible continued rent. Where should planning be prioritized: Investing, Tax Planning or Retirement Planning?

@dr.michaellittle5611 3 жыл бұрын

If you will need social security, your monthly payments will be squared if you retire now. Model it on ssa.gov first. Also if you’re living in your primary home, don’t overlook a reverse mortgage when you’re eligible. It gives you tax fee income to live on and you can live in the home. Might be a replacement income stream for SS.

@robskully3539 3 жыл бұрын

" A financial advisor can give specific advice. Please contact us if you need an financial advisor " ... meaning thanks for subscribing and putting a LIKE so we get KZfaq and Advertiser money ... LOL ...

@andre1987eph Жыл бұрын

You may be planning to retire. Meanwhile your wife is planning her own retirement by divorcing you (Grey divorce). American men are so naive.

@seaisland2010 3 жыл бұрын

I am 42. Paid off home, no debt and $350K invested for retirement. Goal is $1.25M by age 65.

@stephaniem4120 3 жыл бұрын

I wish I had started at your age . But you have a great chance to make it. Good job and congrats

@OakHarvestFinancialGroup 3 жыл бұрын

Congratulations!

@seaisland2010 3 жыл бұрын

@@OakHarvestFinancialGroup thank you

@MrWaterbugdesign 3 жыл бұрын

FYI from my experience...I retired 19 years ago at 45. I had $400k in home equity and $100k in cash. Fist 2 years I spent most of the cash...no idea what I was doing. I didn't even know I had retired, thought I'd go back to work at some point. Took out a second mortgage for money to live on for a couple months and building materials as I remodeled the house to get it ready to sell doing the work myself. Sold and collected $400k ( really when I actually stopped working equity was probably more like $300k) Moved to Phoenix paid cash for a house. That's when I saw expenses fall. I had been paying $2200/mo mortgage and $300/mo property tax. In Phoenix $0 mortgage, $150/mo property tax. That really opened my eyes. Just as happy, maybe more happy, yet I was spending much less. Started looking for other things I was spending money on that I thought I needed to be happy to cut to see how it effected my life. Each time happiness increased except for internet service. That one was a bitch and I went back to having internet. I now like my own cooling, I'm much healthier, lots of freedom, all good. But the really strange thing is my net worth kept going up. My hobbies can and do sometimes make cash. For example I write software, paint pictures, garden and like to remodel homes. What do I do with a bunch of paintings? They just pile up. So once in awhile I travel to art fairs and sell them. I enjoy talking to the people and seeing new cities. I sell pieces really cheap so they do sell. Covers travel expenses and a little profit. Here's the strange bit...as an employee a very small percentage of earnings go toward retirement, but once retired almost 100% goes toward retirement. And you can do things that you like that pay very little when retired that you couldn't possibly do while having the expenses of a working person. Most people think expenses stay about the same, they don't. Or at least they don't have to. My expenses stayed the same my first year and sure enough I burned through $100k. Now I spend $7200/yr. Even happier now. I was pretty stressed watching that $100k go away. IMO you have $350k that you could invest in yourself. That's enough to get some side incomes coming in. Rental properties, hobbies that could earn. Income streams can come from other sources than just interest. Investments are good but having more irons in the fire makes me feel more secure. Stock market crashes...I don't care. Interest rates go up, go down, I don't care. Inflation or deflation, don't care. For me that's security. I think it's very doable for you to get to $1.23m before 65 by retiring now. Yeah, it's a strange concept. Focus on spending.

@JoeGiz64 3 жыл бұрын

Great content as always! I’m in NJ, do you do remote financial planning? Looking for a CFP fee only planner. You are visibly on top of your game and like your no BS style. Again, nice job on the vid!

@OakHarvestFinancialGroup 3 жыл бұрын

Hello Joe. Thanks for watching and commenting, and for your compliments. Yes, we work with clients in many parts of the country. Please contact us to talk more about that: there is a link just below the title, at the start of the description...

@torycook1215 3 жыл бұрын

Well done 👍

@OakHarvestFinancialGroup 3 жыл бұрын

Thanks Vicky. Welcome to our channel. Glad you like the video; you'll find more than 100 more here...

@viperviperpiro 2 жыл бұрын

yes. of course. i think is just a mindset, u can always spend lesser. life is unpredicitable. retired at 65 and died at 70 due unforeseen situation. all money u saved will be to your family or kids... i guess, we do not have life to enjoy?? so what is the point having 800K...

@jhfit 2 жыл бұрын

Can I retire well? I'm 67 and have no pension and social security is only about 14,000 yearly. I own a home and new car with no debts. I have 1.1 million in cash and about 600,000 in stocks which have been earning 14,000 yearly. Only 56,000 of this is in a IRA. I'm conservative and don't mind being in the 3% range if it means safety. I can draw down on the cash portion when needed. I'm single and would need medicare soon. Opinions appreciated, thank you

@andre1987eph Жыл бұрын

You're in fantastic shape in terms of savings. You have options to make it work one or another. Also be prepared to think out of box. Consider retiring abroad. If you own you house outright that is another factor. But yeah, unless you REALLY just absolutely adore your job I don't understand why you are still working.

@andre1987eph Жыл бұрын

PS: quality medical insurance is available to foreigners abroad for penies on the dollar what you would pay for health insurance in the USA

@bluemouse5039 Жыл бұрын

What happens to every ones plans if the stock market tanked hundreds of points and stayed down for months

@tomj528 3 жыл бұрын

I'm always amused that so many begin the retirement calculation by asking "How much can we take" rather than "How little do we really need to be happy". I began with the latter and it's amazing just how small that number really is. I could add a small vacation property, a class B or C RV and $5,000 for dining out and still be under the example couple's social security alone. This takes the worry of running out of money completely off the table as our wealth just continues to increase year by year. This type of lifestyle also neuters inflation as our spending is so low that we can go several years without increasing it. We're largely untouched by most increases including groceries as we cook at home from scratch and the basics are still mostly unchanged. Recently we were on vacation in the Northwoods and a nearby resort had a new owner that opened a restaurant in their main lodge. I perused the menu they had sent out in the mail, it was $15 with tax and tip for a burger and fries which, sadly, is on par with the area's dining options. Instead we stayed at the cabin and grilled our own burgers with lettuce, tomatoes, thinly sliced onions, pickles, a little mayo and cheddar cheese and cut up a few potatoes for fries as well, all for about $2.50/person. It would have been a perfect trip except that my wife out-fished me yet again. I'm going to reorganize my garage and tools to make them easier to access and transport going forward because "surprise" loading large 100-150lb tool boxes in and out of my truck has lost it's appeal as I've gotten older. Instead I'm going to put everything in smaller tool boxes but rather than running out and spending several hundred dollars on new boxes, I'm using what I already have including the six 20" Plano tool boxes that I bought over a decade ago for $1.99 after mail in rebate that I've had in storage. I'm also going to put most of my power tools back into their original cases and make use of a few of the storage totes that I already have for larger, lighter items like painting supplies. Simply by adjusting my plans to make use of what I already have, this large project won't cost me a dime while accomplishing my goals to a "T". I use this mindset on a daily basis to not only save money but to find better options that make our lives easier. The implications of this lifestyle are far reaching as it kills our tax liability, builds wealth and honestly it's a much better, more fun and stress free way to live. Cheers.

@OakHarvestFinancialGroup 3 жыл бұрын

Hello Tom. Thanks for watching...

@MrWaterbugdesign 3 жыл бұрын

I agree on expenses. Retired 19 years ago at 45. I spend $600/mo. That's everything because I get that number by taking total bank withdrawals for a year divided by 12. I don't keep a budget. I own my house in Phoenix and over the past 15 years the homes I've lived in have appreciated an average of $1500/mo. I do like to remodel homes I live in as a hobby so some appreciation is due to "work". But the net is $900/mo positive. I moved to Phoenix for the low cost of living...if a person takes advantage, most don't. Most people have a clothes dryer inside their home. So they pay for fuel to run the dryer and fuel for the AC to remove the generated heat. I don't have a dryer. Humidity today is 8%. Clothes dry as fast or faster when hung up to air dry outside and I get that air fresh smell. I walk almost everywhere. Buy food on walks like they do in Europe which Americans think is so nice but for some reason don't think they can do in the US. Buying vegetables and other things 5-7 times a week means I buy only what I need, nothing ever spoils, and I eat fresh food. I looked into RV living. I saw some risks. One is videos almost always show great weather. Being in an RV for days while it rains is not fun. Condensation is a problem. A 2 week trip in good weather condensation isn't a big problem. Long term it's a problem. But a assuming a person is OK with that there is a reality it seems most ignore...are you really going to want to do this into your 80's and 90's? I don't see most people in videos being very realistic about the costs. They seem to assume their rig isn't going to have any problems, that fuel will remain cheap forever, that places won't start cracking down on boondocking, etc... If a person wants to stop the RV and had sold their house they face seeing housing costs being beyond their means. When I retired 19 years ago a standard 1 bedroom apartment rented for $400-600/mo. Now it's in the $1500/mo range. I'd looked really close at the numbers and lifestyle. Have fun and do what you want of course but best to be as clear as possible on your choice imo.

@tomj528 2 жыл бұрын

@@stephaniem4120 It cost me nothing because my "storage" is in my basement. The only time in my life I ever paid for a storage unit was when I was building my house. At the time I was living in an apartment about 30 miles from my build site with no way to secure my tools in my pickup truck so I'd have to carry everything up and back downstairs to my apartment storage locker each and every time I worked on the house. Instead, I paid $25/month for a storage unit a block from my build site for a year to keep my tools in. Best $300 spent, ever. You may not be aware of this but your "caps lock" button seems to be stuck. You should really get that fixed as it's not a flattering look and makes you look like kind of a peach. Cheers!

@stephaniem4120 2 жыл бұрын

@@tomj528 My MISTAKE , SINCE U STORAGE IS IN U BASEMENT , I DO APPLAUDE U ! MAKES COMPLETE SENSE , AND MY CAPS R NOT STUCK , IT'S ON PURPOSE . ☺☺☺☺☺ CHEERS !

@leighk4051 3 жыл бұрын

Why do you also look at couples? Can you do retirement video using single individuals??? Really missing a group of retirees!

@OakHarvestFinancialGroup 3 жыл бұрын

Thank you for the idea and the feedback

@plantmanstudios 3 жыл бұрын

Simply take into account only your expenses. (What are your annual expenses) multiply that number by the age you retire to 85 years old.

@cindysilver3988 2 жыл бұрын

Yes, what about us single women! We aren’t as lucky as couples collecting 2 monthly SS checks but we have the same expenses. Everyone has a mortgage, utilities and health care. After my husband passed I realized my retirement situation really changed now being single.

@mikehaberlack9896 3 жыл бұрын

I like the neutral stance and focus on the material you exhibit

@OakHarvestFinancialGroup 3 жыл бұрын

Thanks Mike. Glad you enjoy the videos...

@mikedorisvegas 3 жыл бұрын

They want 60,000 per year looks like SS covers 54000 of it so only need 6000 per year or do they want 60000 in addition to SS? Thanks.

@raleycat5567 3 жыл бұрын

Same thing I was thinking. If they only need $6,000 per year on top of SS, that’s less than a 1% withdrawal rate of their $800,000. I wonder if he’d meant to say $36,000 for both John and Jane, John gets $24,000 and Jane get Spousal Benefit of $12,000. That means after SS they would need $24,000 per year which is a 3% withdrawal rate, but before accounting for taxes. His key point is the various decisions everyone needs to take on top of just how much you’ve saved.

@jingwu2072 3 жыл бұрын

Don't forget you still need to pay tax on your social security. Up to 85% of their SS income will be taxed.

@OakHarvestFinancialGroup 3 жыл бұрын

The video notes that this couple wants $60,000 per year after taxes. Each client will have their own special circumstances, needs and dreams that will affect where that income comes from...

@davidv.2050 3 жыл бұрын

According to SSA the maximum benefit for 2021 is $3,113. So how is this person getting $3600 a month in benefits?

@yt12363 3 жыл бұрын

it is $36,000 a year.

@midlife_minimalist 3 жыл бұрын

Probably too late for me but I’m wondering for others. If you are in a higher tax bracket with few deductions (e.g., single no kids and not enough other deductions to get above new higher exemption or just barely) is it better to max your 401K contribution to reduce the current tax burden or pay the taxes now and put the funds above the company match into taxable investments so you minimize the taxes later when you retire? I’d love to see how you would do the analysis on that for someone. Would also love some insight on the use of donor advised funds to reduce capital gains on stocks held for a long time.

@Binatasj 3 жыл бұрын

I would love to hear a response to this question. I would also like to hear how to minimize tax liability on RMD.

@terry412 3 жыл бұрын

I'm somewhat in your boat, & just turned 50 this year. My company offers a Roth-401k option, which I previously hadn't utilized. My financial advisor suggested adding the 'catch-up' amount ($6500) into the Roth, while putting the $19500+company match in the regular 401k. I'm not sure if I'm putting enough in my Roth, but can change this in the future...

@Binatasj 3 жыл бұрын

@@terry412 same here. I'll be turning 51 this year. My issue is, if I continue putting money in a regular 401K account, I will be in a higher tax bracket when I start RMD, so does it make sense for me to contribute to a Roth-401K even though that will put me on a higher tax bracket now? My financial planner is more focused on the investment rather tax planning strategy.

@lordabhikingfisher8087 2 жыл бұрын

let me answer that question in very simple terms.. Assuming SS will pay out 2K /month + 2.5K / month from investments ( 800K @ 4%) = Total of $4.5K/Month. If this person can live with 4.5K then the answer is 'yes - he can retire' or else 'no - you cannot'

@ygorghensev1633 2 жыл бұрын

But in this case he will keep the 800k, spending just the interests, right?

@masterlee4370 2 жыл бұрын

In 1980 I was 21. I was an Assistant Manager for a grocery chain. They started the 401-k program. I was not going to do it basically because I didn't believe it would work. Well my manager who had a degree in marketing, and accounting from Nichols State sat me down and explained it to me at my level so I took a chance putting in 5% with no match. 20 years later the company sold and I had to move my money to an IRA Account. The next company I worked at had a 3% match, gave me an automatic 5 years of service when I started and I contributed 5%. I left there after 3 years and put that money into an IRA Account. The next company matched 4% and I PUT IN 5%. I stayed there 8 years and put that money in an IRA Account. The company I am at now for over 15 years is a small company and did not have a 401-k plan. So I focused on paying off my home and then remodeling it. My home is now paid for, put 2 children through college and I have $700k in my IRA Accounts. At 63 still working too and actually love my job. My point to all this is when you are young invest in your company's 401-k. Most of them match today. It will grow over time as mine did. If I would not have listened to my manager who knows I might not have anything. Also unless you have bad genes or are unhealthy plan on being here until 95 just like they say in the video. That's what I am doing and I think I will be ok. At 65 if I start drawing social security I will get about $2,300 a month and I am in good health and debt free. Great Video!!

@andre1987eph Жыл бұрын

Your manager who graduated from Nichols State was an angel.

@karllewis735 3 жыл бұрын

"Monte Carlo Simulations" I'm going to take this as agreement that buying lottery tickets is a valid retirement plan. lol

@stewartlafave9797 3 жыл бұрын

Poor John and Jane. John's PIA of $3000 per month indicates he had average earnings of $125,000 + over his career. Now he needs to live on half that with no guarantee that will be enough. Of course if he delays SS TO 70, the secure income rises to $62K so expenses excluding health care are covered with secure income that increases with inflation. This also secures a larger survivor benefit for the second to die. They can go as high as $108K and stay in the 12% bracket, pay $9K in taxes, spend $70K on expenses and healthcare and convert $29K to Roth. By age 72, the 401k is down to $350K. RMDs will cover taxes and healthcare. Roth and brokerage should total $400K + and they can spend it for fun or leave it to their financial planner. Even with this, they are not maintaining their $125k per year lifestyle into retirement. Poor John and Jane.

@OakHarvestFinancialGroup 3 жыл бұрын

Thanks for watching the video and joining in on the discussion...

@stephaniem4120 3 жыл бұрын

Right on it ! Very smart and true !

@evelyne7071 2 жыл бұрын

There is no benefit for the “second” to delay until 70. If your full retirement is at 66, then you continue to wait until 70 to take your social, your increase will be 8% every year you wait after full retirement. However, I just learned that spousal benefits are calculated on only full retirement amount, and nothing is added after that time to spousal entitlement. Your spouse will not get any more by you waiting until 70 versus that full retirement distribution. Also, but I’m unsure, it sounds like the spouse will only be allowed to use survivor social security if the deceased spouse has already started to collect social security before death. My question then is, if your spouse dies before starting to collect social security what happens to spousal benefits ? These rules are convoluted.

@stewartlafave9797 2 жыл бұрын

evelyne , I assumed the spouse had no benefit on their own, only a spousal benefit. There is no spousal benefit until the working spouse claims. So they must delay together. If the working spouse dies before they claim, the surviving spouse will be eligible for a survivor benefit as if they claimed the day before they died. The survivor benefit would be equal to what the working spouse would have received. So death before claiming is not a risk for the survivor.

@eseale1 3 жыл бұрын

All of these life expectancy living to 85, 95, 105 are not looking at your personal, family history. Neither of my parents lived past 72yo. My grandparents didn't live that long so I'm going to base my retirement on me living to 75 and I'm retiring at 55 because I've saved my entire life and that has been my goal. I expect my withdrawal rate to be at 4% of my nest egg and never having to touch the nut. Social security starts at 62, medicare starts at 65 and that's my plan.

@boxer6796 3 жыл бұрын

Easily! IMO when I get to that amount, I would just invest half of the 800K in the S and P 500 ETF Index Fund. (Vanguard ticker VOO or VUG ) Then the rest in bonds and dividends. I would not have to touch the 800K all together and just live off of the interest. The social security I can set as side for cash.

@OakHarvestFinancialGroup 3 жыл бұрын

Hello Stewart. Welcome to our channel.

@ernestogalvan143 3 жыл бұрын

Dumb plan

@mattiethesurfer 2 жыл бұрын

This plan is on the right track, right thinking, but I’d diversify the 400k instead of just the S&P etf.

@boxer6796 2 жыл бұрын

@@ernestogalvan143 Coming from someone who is probably BROKE?!

@websterhays8352 2 жыл бұрын

$800,000? Depends on how big your federal welfare, Social Security, check will be. Mine will be $4,100 when I turn 70. I only paid a total of $196,000 in SS taxes so I feel pretty good.

@cindysilver3988 2 жыл бұрын

Tomorrow is not promised. You could croak at anytime. Then the government has won and you get none. I say retire earlier and enjoy!

@websterhays8352 2 жыл бұрын

@@cindysilver3988 Don't you like your job?

@cindysilver3988 2 жыл бұрын

@@websterhays8352 I retired at 65. Life is too short. My husband passed away suddenly. At 60. Never expected that. Now I cherish everyday I wake up. Im going to spend it enjoying life.

@denniss3980 2 жыл бұрын

36k + 18k = 54k from S.S., then use the 4% rule will give you another 32k from your investments for a grand total of 86k a year, but you are only spending 60K , this seems pretty simple to me, so what am I missing

@yongyangli2277 2 жыл бұрын

I think he just want to sell the software as well as his services

@richardbeasley9084 2 жыл бұрын

taxes

@robskully3539 3 жыл бұрын

I got one for you …. right now I am planning on waiting until I am 70 to collect my SS (3 more years). My Wife on the other had has been on SSDI for 9 years now and will stay so. From what I have read is that when she reaches her normal retirement age at 67 it turns into normal SS and not SSDI. If I retire at 70 she will only be 64 years old. She gets 1400 a month now and mine at 70 should be 3800 a month. I am guessing she has to wait until she is 67 to get half of my amount (at 100%) when I would be 73 ?

@robskully3539 3 жыл бұрын

You put a like but how come you did not reply with an answer ?

@robskully3539 3 жыл бұрын

I did not ask for ADVICE …. I was asking a question ! If you can not differentiate the difference between a question from asking for advice why the heck would anyone contact your firm for advice. YIKES ….

@rolandostaelena 3 жыл бұрын

@@robskully3539 you probably need to engage them for advice. It would be unreasonable to think they respond with advice to every single post on every single video.

@jusgibs 2 жыл бұрын

How is it a problem to plan to 82 but live until 90? I made it until 90 didn’t I? Something must have taken care of me.

@dorismosler3249 3 жыл бұрын

Somebody please do this analysis for wealthy single women!

@plantmanstudios 3 жыл бұрын

You need a better question. Define wealthy. What does single have to do with anything? Simply take into account only your expenses. (What are your annual expenses) multiply that number by the age you retire to 85 years old.

@yannip2083 3 жыл бұрын

Is the $800K liquid $Cash or does it include the house you are living in?

@JonDicksonPhotography 3 жыл бұрын

He mentioned in the video that he isn’t including real estate in the figure.

@tb1951 3 жыл бұрын

Inflation has easily been at 15-20% for the last 6 months. This is on literally everything I purchase to survive. I don't even want to talk about lumber or real estate... too depressing.

@zachh3582 3 жыл бұрын

It'll be fine it's because our economy is opening. Sorry I can't even type that with a straight face.

@mohammadwasilliterate8037 3 жыл бұрын

Thanks to BIDEN

@herenasaavedra9234 2 жыл бұрын

Ask an Economist, the "whisper number" is 12% to 18%. No end to the Biden lies.

@almoemason 9 ай бұрын

Can I retire at 60 with no 401k or Roth IRA and $8k in the bank, and not change my standard of living?

@OakHarvestFinancialGroup 9 ай бұрын

Hey there Almoe! Did you mean to put just $8000? If so - you're funny! ;) If not, we'd love to help answer any questions you may have about your unique situation and what you can do to best position yourself to reach your retirement goals! Feel free to set up a free appointment with us and we can help. click2retire.com/68with800k

@almoemason 9 ай бұрын

@@OakHarvestFinancialGroupNot trying to be funny. Not only did I mean to put $8000, I DID retire at 62 with only $8k in the bank with no other savings. I did however have, a Navy and State Pension (FL), with those and social security along with paying off my house, I actually have more money than I did when i was working. It's just that every one of these videos always say you gotta have this huge retirement account that you constantly have to worry about. I don't have that problem. My "mailbox money" is worry free. I am just saying, there is more than one way to have a successful retirement.

@dancalmpeaceful3903 3 жыл бұрын

I use the age of 83 or 85 as my health limit. Based on my habits, I think I'll be lucky to get to 82 frankly.

@Columbus1152 3 жыл бұрын

My wife's aunt lost her husband over 40 years ago, she raised her kids, she did as well as she could and even battled her own demons. She drank regularly, and smoked until maybe 7 or 8 years ago. She just died of heart problems and COVID at age 95.

@dancalmpeaceful3903 3 жыл бұрын

@@Columbus1152 Wow! Amazing....some people regardless of their habits just keep going. As I write this, I am depressed as an work-friend of mine just died this morning. He was ONLY 61 or 62 at the most....

@bradturner7678 2 жыл бұрын

i base my expected age off how old my grandparents lived to. most lived to mid 80's and died from cancer, they all had some sort of habit tho, smoking, drinking, excessive sunbathing. so as i have none of those i can probably get to late 80's tho i guarantee ill die at 50 getting hit by a bus.

@howellwong11 2 жыл бұрын

With my pension and SS being 80% of my take home pay and with a good medical insurance, I don't need too much.

@maureenogorman8740 3 жыл бұрын

I get that you don't want people running out of money. But saving your whole life and then skimping on retirement out of fear you'll live to 100 kinda stinks.

@OakHarvestFinancialGroup 3 жыл бұрын

The point isn't to "skimp", it's to understand what type of lifestyle your savings can provide and to stay "connected" to that knowledge through financial planning and tracking the progress over the years. You can always increase spending comfortably if you know where you are and the impact that decision has on your future projections. Without that knowledge, we are spending blindly without understanding what it means for our future income needs.

@July.4.1776 3 жыл бұрын

I do not know anyone that’s 95

@barryobee1544 2 жыл бұрын

When you get old, over 74 These are your no go years anyway You won’t need the same money as your go go years You’ll be ok...so don’t worry be happy!

@kthx1138 3 жыл бұрын

Not completely! But one can be SEMI-retired, just do something part-time for money.

@OakHarvestFinancialGroup 3 жыл бұрын

Hi Mike. Thanks for watching...

@billybobjohnroane1692 3 жыл бұрын

Ask your Mother!

@gmcenroe Жыл бұрын

It seems like your $60k +$9K annual expenses were all coming from withdrawals from $800K assets, but there income from social security would cover most of these yearly needs. My wife and I have more assets in retirement than John and Jane and no medical costs besides medicare part B that comes out of our SS because my wife's retirement include lifetime medical benefits free of cost for both of us even if she dies. We currently live off of SS income because we have no debt and live a modest lifestyle , no exorbitant vacations, etc. I am very careful with my retirement savings and while I did some trading to make money, in this past year when the markets lost huge amount, I was mostly in cash to preserve capital. Don't listen to internet gurus about investing in risky stocks. Do your own research. We are both retired and have not paid any income taxes the past 3 years we have been retired. Even when we start RMD from our IRAs we will still pay in my estimate $5000 per year or possibly less in taxes so I think we will be fine for the future. People who retire should have no debt.

@mikeshaw4610 2 жыл бұрын

With more people living longer why not just plan for no ending age.

@jimc4839 2 жыл бұрын

62 and 800k? Super easy.

@benedit71 3 жыл бұрын

Sure you can if you follow one important rule, beans and rice for the long-run.

@msw600 3 жыл бұрын

Not exactly ...

@dresser6135 3 жыл бұрын

Hardly.

@msw600 3 жыл бұрын

800000 is a big number that can bring in a fixed income close to 200k a year depending how it is invested. Time is the biggest factor when it comes to investing. It's the biggest fear older investors have, especially when the market experiences a correction. They worry will they have enough time to recover. Btw everyone has their own thinking what is a lot. DR feels 1 million isn't a lot, whereas Damon John of shark tank feels 500k is a lot. Bottom line as long as investments are making money young or old, that's the important thing.

@chessdad182 3 жыл бұрын

There is an alternative.... rice and beans.

@OakHarvestFinancialGroup 3 жыл бұрын

Thanks for watching and joining in on the discussion. Everyone's situation and goals are different...

@dannypittman4288 3 жыл бұрын

@dorismosler3249 Жыл бұрын

It’s not about how much cash you have when you’re in a couple situation collecting 2 SS incomes. So annoying…

@zeke8701 3 жыл бұрын

What kind of lifestyle? My wife and I live on our Social Security and have for 20yrs. Have 300k in savings. Frankly, I find such questions meaningless.

@OakHarvestFinancialGroup 3 жыл бұрын

Thanks. Everyone has an opinion based on their unique circumstances...

@keysersoze503 3 жыл бұрын

LMFAO! Really? $800000? I am so concerned about him! Fishing for clients are you?

@OakHarvestFinancialGroup 3 жыл бұрын

Hi, thanks for watching. Everyone's situation is unique. Trying Googling "millionaires go broke in retirement". The results are interesting...

@Rob-lj3kf 2 жыл бұрын

"You need to compound good decision after good decision." Duh! I always thought stupid decision after stupid decision was the way to go! I didn't make it passed the first 30 seconds.

@firefly59 3 жыл бұрын

I'm 79 years old with 5 million - can I retire?

@firefly59 3 жыл бұрын

@@OakHarvestFinancialGroup sorry, I was being facetious. Most people would love to be 66 and have 800K. lol

@andre1987eph Жыл бұрын

The question is not whether you can retire but did you ever start living?

@TheCanineclub 2 жыл бұрын

at 66 house should have been paid off YEARS ago

@kona6451 2 жыл бұрын

narrow minded statement. You have no idea when people bought their house. geez

@TheCanineclub 2 жыл бұрын

@@kona6451 exactly if he just bought that house at that age - he don’t need retired it would be moronic - and I know if he can save 800k he’s smart enough to pay his house off - if your over 50 and have a mortgage your nuts -

@TheCanineclub 2 жыл бұрын

@@kona6451 let me guess your in your 60s with a mortgage

@kona6451 2 жыл бұрын

@@TheCanineclub nope, 49 with 10 years left. See there you go pretending to know something bwhahahaha

@dbrew2u 3 жыл бұрын

Retire ? In America today you can barely buy a Home with $800,000 .

@richardt1792 3 жыл бұрын

I was just looking, in Southern California you can't. Its about $900K for a starter home.

@tho464 3 жыл бұрын

@@richardt1792 stay away from So Cal. Easy one.

@1Skeptik1 3 жыл бұрын

$800,000 and retire? About half of Americans age 66 have a portfolio of $25,000 or less. I'm 69 and 25% of my classmates are dead. Note: The FED is in the inflation business and historically devalues savings in dollars near 6% year over year and REAL inflation is well above the published rate and many pension plans are underfunded. I'm fortunate, barring a total economic collapse we will NOT outlive our resources. Good luck! You may have to retire outside the USA.

@philmarsh7723 3 жыл бұрын

Overestimating returns is another mistake. Don't count on more that 2.5% withdrawal long-term.

@seaisland2010 3 жыл бұрын

Why not 4%?

@philmarsh7723 3 жыл бұрын

@@seaisland2010 According to Wade Pfau, in his "How Much Can I Spend in Retirement" world stock and bond markets including Europe, historical returns support this range Dr. Pfau is very conservative and I think assumes you want your money to last forever since one cannot guarantee how long you'll live. Also, he points out several reasons future returns could be much lower than in the past, including demographic changes in population age profiles, etc... The thing that worries me is in the USA, and to some extent, the rest of the world is that the ratio of working people / retired people is shrinking with time. Unless we have commensurate increases of productivity e.g. as driven by technology, this means correspondingly less resources available to support the retired. The limited resources will be divided according to political power and wealth. Realistically, I think there's a reasonable chance that something over 2.5% returns will ultimately hold due to technology improvements etc... but another one of many risk factors is environmental degradation. Do you really want to take the risk of running out of money when you're old? I don't, so I'll err on the side of prudence and listen to the more conservative experts.

@OakHarvestFinancialGroup 3 жыл бұрын

Hello Phil. Thanks for watching and commenting...

@lensleader 3 жыл бұрын

So I don’t get this or the 4 percent rule- the sp500 average 9.8 and inflation is on average 2.5 percent so surely you can take out 7.3 percent forever?

@stephaniem4120 3 жыл бұрын

4% , hate paying the tax though . But he if u make the money , u can still enjoy yourself ! Love life in m'y adoptive country , wouldn't give it up for anything . Very GRATEFUL for all the OPPORTUNITIES IT PROVIDES . God bless it and keeps it from EVIL !!!!! If u r serious about wealth , you will make it .

@ronaldschulman4448 3 жыл бұрын

Would have been nice to have illustrated one strategy in the top ten.

@liammclaughlin1031 3 жыл бұрын

a lot of options but doesn't answer the question. Who can listen to this guy?

@robskully3539 3 жыл бұрын

Ya ... I am seeing that also. I asked a simple question and got a LIKE but no reply. I will give it a day or so and reevaluate whether and give a thumbs down or to unsub or not.

@kevinkanter2537 11 ай бұрын

without going thru the whole scenario including the "tax evaluation" this gives no insight about the decision points and cashflows which change a scenario from making it to getting ready for a dynamic plan inclluding roth decisions as well as location & allocation tradeoffs. This is just a 'see me wave my hands' and hire me to get more info ..... since this is 2 years ago I will check if yoiu actually provide insight in your more current scenario-videos. so, yes, i did NOT "like this" - so no need to subscribe

@OakHarvestFinancialGroup 11 ай бұрын

We really appreciate your perspective and will definitely keep your suggestions for deeper-dive scenarios in mind for future videos! Take care!

@kevinkanter5871 11 ай бұрын

@@OakHarvestFinancialGroup thanks for your reply .... I did check some of your videos & my impression was confirmed. However, I will retract the "wave my hands" phrase since you do point to your software programs, tax, multi-year financial, etc. and mention some of the decision points which allow you to customize the plan. I didn't need to 'flame' since engaging your services is the way you put food on the table. Thanks however for your consideration.

@OakHarvestFinancialGroup 11 ай бұрын

No problem Kevin!

@tom-dr1ym 3 жыл бұрын

ifv you can not retire on 800000 give up

@tom-dr1ym 3 жыл бұрын

@@OakHarvestFinancialGroup never had 800,000 retired on a 1000 plus my SS

@jimjensen9139 Жыл бұрын

Every financial planners answer to can you retire. Don’t do it yet! Chance of a male living to 104? 1 out of 1,000. But there is a possibility so never spend your money in retirement.

@cyclops9125 3 жыл бұрын

Eat more cat food

@crimsonpearl4686 3 жыл бұрын

Hi, I am 59 male, single , no kids and ZERO debt. So far, I also have 800K retirement savings and plan to retirement in 6 years at 65 with the hope of about 1.1M in retirement.

@williamscott162 3 жыл бұрын

I suggest you get investment to keep your money growing and save but before you do that make sure you invest in a right place okay

@svenwalton1332 3 жыл бұрын

You will be fine. Way too much fear based instead of math based chatter on the site. If you put your money in a bunch of CD's and CD type annuities at 2-3 % staggered about a year apart on them coming due and keep about 25-30 % in the market with $150k in cash/money market you will do amazingly. Right now ibonds are at 3.54% and they are also a good, safe investment. Just write a budget and stick to it - take some trips and have a good time.

@nicodemuswellington9762 3 жыл бұрын

I think your underachieving! 1.3 to 1.4 would be more realistic.

@4040smokey 3 жыл бұрын

Well done. Unless you love your job, my question would be why wait until 65?

@crimsonpearl4686 3 жыл бұрын

@@4040smokey Thanks. I hate my job. How much sooner do you think I can retire than?? 800K wont go very far retiring now at 59 if I live to say 95 or so!

@suepederson5916 2 жыл бұрын

Your heading get very misleading! You say “ I’m 66…. Then your scenario starts out with a married couple. Bad of you!!!

@DRCole-kq2wk 3 жыл бұрын

Save you the time...no you can't

@glensmith491 3 жыл бұрын

If I have 800K at retirement, I'd probably have to figure out how to give most of it away.

@OakHarvestFinancialGroup 3 жыл бұрын

Hey Glen, thanks for watching and sharing. Welcome to our channel...

@andre1987eph Жыл бұрын

OP has "financially illiterate" written all over. $800,000 is not rich.

@jasonjmarchi 2 жыл бұрын

$800,000 earning a safe 5% annual dividend in a diverse cash stock portfolio earns $40,000 and has the lowest federal and state income tax applied to it. Add this to your full social security, $36,000 in this case, that's $76,000 gross income! Your home should be paid off at age 66. This is plenty of money to live comfortably in permanent retirement. To stay retired DON'T help adult children or grandchildren with your cash until you are dead, and cut out expensive travel. Stay close to home and enjoy your OWN backyard.

@bernie9728 10 ай бұрын

I retired 7 years ago when I was 62. I didn't ask anybody's permission. These videos are getting silly.

@OakHarvestFinancialGroup 10 ай бұрын

Congrats on your retirement, Bernie! We're really happy for you. Our videos seek to educate and provide visibility into the different possibilities and complexities out there when it comes to planning for retirement - even if just one person discovers something they didn't know from our videos and it helps to improve their retirement situation, it was worth it! Thanks for watching.

@edwardwojick6906 3 жыл бұрын

Geez come on of course you can retire. Ok how about this, don't retire keep working and pass out at your desk and leave 800k in your savings unspent.

@darrinrentruc6614 Жыл бұрын

66 years old with 800,000 dollars????? YES YOU CAN RETIRE!!!!!! Unless you talk to some so called money man who will say your still not ready. Wait till your 80 years old with 10,000,000 and let us manage it for you for a small fee [of course].

@NomaswaziMadi 2 жыл бұрын

Consider not repeating the same thing over and over and over and over again. You spent 3minutes repeating 1 thing life expectancy shown be higher than expected.

@billyrayband 3 жыл бұрын

Given that most retirees only have social security, of course they can retire at 66 with an additional 800k. I would charge one cup of coffee for that advice. Never use PEW studies and averages to make decisions. Look at YOUR info, YOUR health, YOUR assets, YOUR debt to make a decision about when and what are your estimated annual expenses when retired.

@jimcurry5458 3 жыл бұрын

The average life expectancy in US is 78 years. Based on that this person has approx. a 12 year retirement. The $800K yields $5,500/month. Median SS benefit is $1500/month. So combined this person has $7000/month. My current expenses are $7K/month all in with $1600 mortgage plus a brand new 2021 Silverado 4x4 crew cab and a 2021 Trailblazer all wheel drive SUV. $7K/month is $1700/month HIGHER than median household income in US. Come on folks, of course it’s enough.

@dtr579 3 жыл бұрын

Excuse me but your monthly expenses are well above average. Your $7000 a Month expenses would pay my entire monthly bills for 3 months. This includes our mortgage, utilities, property taxes, food, gas and maintenance as needed. We have both cars paid for and 60 months left on our house.

@jimcurry5458 3 жыл бұрын

@@dtr579 No worries bud. I was using very round numbers there. We are only 6 months away from paying off our house. My number included $2000 month we’ve been paying every month in additional principal payments on our mortgage. But wow, good for you if your monthly expenses are only $2300. My mortgage, property taxes and utilities are that much.

@dtr579 3 жыл бұрын

@@jimcurry5458 we have worked hard to get our expenses down to as little as possible. We're both 53 and want to retire at 62 or before, so our motto is " NO DEBT". I can't wait to be done with the house and we will be in even better shape. I'm jealous your house will be paid off in 6 months. Lol...

@jimcurry5458 3 жыл бұрын

@@dtr579 Nice work! No debt is the key. All our credit cards are paid. Mortgage will be paid in next few months. We are 62 and looking to retire within the next year. We may pay off my truck with a portion of our cash savings and keep just that or if we keep wife’s Trailblazer we will likely work a little part time to make up for keeping that. Keep in touch!

@petermohr5163 2 жыл бұрын

I am a retired Teamster. I remember back in the 60s, and 70s, every retired person I knew was collecting a union pension. These 401ks are total B.S. ! Good luck retiring on one of those, your gonna need it. Even if you are one of the very few, who manage to save 1 million $, that comes to a lousy 33,000.00 a year for 30 years. I retired with 50, 000.00 a year at 55, and I don't have to worry that I will run out at 85. The men in my family tend to live well into their 90s, my Teamster pension will be there for me, right up to the end ! Right now less then one % of Americans manage to successfully retire on 401ks. There are less then 400,000 people with at least $1,000,000,00 in their 401ks. That amounts to about 0.0875% of the work force. The republicans hate Unions, they have stolen your chances for a secure, and happy retirement. 401ks are a joke !!!

@ddellwo 2 жыл бұрын

The only reason you don’t have to worry about your pension running out of money is because Creepy Joe bailed the corrupt and bankrupt Union pension funds out in one of his Covid relief bills! Now, I was never a Teamster, and I never will be a Teamster, but I get to bail out your corrupt Union pension fund with my tax dollars for the rest of my life!!! PURE F-ING EVIL - enjoy sitting on your ass…….🤬

@sjpeckham1 2 жыл бұрын

Look at the bidentard catastrophe you leftard dupe. I agree much/most of Republicans are nearly as bad as Democrats, but the lesser of two evils.

@andre1987eph Жыл бұрын

I was a member of a teachers union and will getting pension as well. Saved my life! Amen to Unions! I am a union man through and through.