Can I Retire at 55 with $1,000,000 in Retirement Savings

[@yourfinancialekg]

*Free Retirement Download: The Checklist to Retirement:* 📊 pearlwealthgroup.com/

[@krasnaludek298]

Depends on where you live. Here in this part of CA; most likely that $1M is not going to get it done w/ even moderate spending.

[@yourfinancialekg]

That is a great point!

[@jameschaves5723]

Outstanding video Drew!! Gives me all the confidence to pull the plug at 55 with portfolio of $1.9 million. My biggest concern was health insurance. However I think I have some wiggle room to increase my expenses from $50K/yr to $60K/yr to include private insurance. Just don’t know how much more than $60K/yr I could spend??

[@yourfinancialekg]

Glad it helped!! You are doing awesome.

[@extremecarpetcleaning-wvwi86]

Main thing is pay off the house and cars. Then you can live on 2,500 a month easy.

[@yourfinancialekg]

True

[@daveharness70]

I guess....to each their own. You'd have to live a very frugal existence.

[@dantheman6607]

Depends on your property tax and home and car insurance. My house is paid off but those 3 costs for me are $1700 a month. That only leaves $800 for food, wifi, streaming, gas, water, electric etc.

[@extremecarpetcleaning-wvwi86]

@@dantheman6607 you got to much house. Mine is 1,000 sq. Ft. And property tax is 900 a year. Just gotta downsize to a smaller house.

[@daveharness70]

@extremecarpetcleaning-wvwi86 thats pretty close to living in a van, down by the river..

[@jhfit]

Concise and to the point 👍

[@yourfinancialekg]

Thank you!

[@MichaelEpstein-xn2om]

I enjoy watching your videos. I can't seem to find, or you never have made video's about retiring with pensions/military. I'm trying to retire with my military retirement at 50 after working to get another retirement as a police officer for 8 years and 2% per year. Lots of decisions to be made to retire and spend what i spend now. Thanks

[@yourfinancialekg]

Sounds like you need an EKG!

[@FmmtxFmtx]

Good one Drew. Thanks. How about adjusting parameters by working one more year, or taking ss a year later. What difference those would make? Without cutting the expense much.

[@yourfinancialekg]

Great point

[@synewparadigm]

it will not be enough considering the real inflation numbers.

[@Dem0Dule]

Average inflation has been 2% since 1960 during 1970s this topped 8 to 13% the great recession their was deflation (which is also bad). 3% is a very conservative estimate. TMYK

[@yourfinancialekg]

Inflation is hopefully more short term (5-10 years) and should be accounted for!

[@2112_WorkingMan]

Maybe need a footnote that the money needed up to age 59.5 is in an after-tax account and cost of healthcare to age 65 is within the budget.

[@yourfinancialekg]

Thanks for the comment!

[@Dem0Dule]

Curious how taxes affect this too. 401k you are paying taxes on, general investments still have capital gains, and ss gets taxed if agi is 40k plus or so.

[@yourfinancialekg]

Yes, taxes can be a big factor. We normally get into that in the software type videos.

[@daveharness70]

Push beyond age 87? C'mon man, life is not an equation on paper. SS is just fine after that.....the average 88 year old isn't travelling, buying cars, going out to eat. Especially if they retired at 55 with $1M.

[@yourfinancialekg]

I'm just trying to protect you in case you do live beyond what you expect.

[@stephaniehenry5617]

I just hired a financial planner, was that necessary or what you're explaining is something they can do it on their own without professional advice and guidance

[@yourfinancialekg]

This couple worked with me so yes I believe hiring a financial advisor is prudent if you feel it is worth while for you.

[@markbates891]

how about you make more videos for the poor folks? there's lots of ppl gonna be applying for the door greeter's job at walmart. inflation going to be higher, returns lower, savings smaller, and a mountain of medical bills to pay....and ss is in a world of trouble.

[@fialee8ca132]

You answered your own question. If someone is going to be poor, they won't have a traditional retirement where someone stops working. They will retire when the drop. They need to go to YT videos on how to collect welfare and Medicaid.

[@yourfinancialekg]

We do videos for everyone. Check out our retire with 150k: kzbin.info/www/bejne/kIO8mnqXZZiahbs

[@METVWETV]

​@yourfinancialekg They can also divide. Or maybe, they can't?!

[@CandycaneBeyond]

If you can't for some reason, give it to me, I'll show you how

[@yourfinancialekg]

lol

[@teams3345]

Maybe if you live well below your means.

[@yourfinancialekg]

Get ready!

[@teams3345]

@@yourfinancialekg Ready for what?

[@bruceeigsti5274]

expenses are the key and when you take ss