Can I Retire at 55 with $400,000 in Retirement Savings? What about taxes?

[@raulramirez6155]

Drew, you are informative as well as hilarious. Keep up the good work.

[@yourfinancialekg]

I appreciate that!

[@doraklein6951]

Thank you for your channel. I have learned so much from it.

[@yourfinancialekg]

Thank you for watching!

[@themonogrammom]

Alimony (“maintenance”) is not taxed by the recipient in Colorado. At a quick glance that appears to be true for NC also. The income tax is paid by the person who pays alimony. I’m in a similar situation and greatly appreciate this video. Thanks, Drew. Gotta get back and watch til the end now.

[@yourfinancialekg]

Thank you for watching!

[@Jane5720]

Oh no,Lol I have $150,000 annuity

[@daveharness70]

Great job showing off the flexibility of that software. I really liked the back calculation of the required return to not run out of money. I plan on retiring at 54/55 as well (I'm 52). If something goes sideways, I'll get a part-time job or do some consulting.

[@yourfinancialekg]

Thank you so much for watching!

[@doraklein6951]

Good for you!

[@AChadFoster]

Born and raised in KY and remember the Laettner shot like it was yesterday. Heart breaking

[@yourfinancialekg]

Tough game. Lesson learned: always put a man on the ball!

[@bobknob8440]

Very enjoyable walk through. Helps me as a 40 year old to plan since I am way behind the retirement curve.

[@yourfinancialekg]

Glad it helped!

[@carriebelcher8644]

Thanks Drew👍 good info.

[@yourfinancialekg]

😉

[@josephjuno9555]

They shud base Soc Sec COLA on Entire year not just wbat a secretary pays for a few things from July-Sept.

[@yourfinancialekg]

Agreed!

[@rayanderson3164]

Agreed on taxes for sheltered accounts. What I meant was if she does Roth conversions then several things emerge.1 her taxable income later is very low (SS only). 2 she gets the lower IRMMA rate. 3 There are no RMD's associated with Roth accounts. Effectively she may just not pay any taxes in her 70's and beyond. -Just my 2 cents.

[@yourfinancialekg]

Your 2 cents are a great contribution!

[@dsr8223]

Did she get NO cash settlement from the marital assets? (The $400k, her only cash, was an inheritanance, not a martial asset.) The so-called financial advisor who got a big commission on that annuity he sold her was a shark.

[@yourfinancialekg]

The 400k plus what she used to purchase the house (20% down) is it.

[@rloneman1]

It looks like you didn't include inflation on the property tax and insurance part of the mortgage payment. In my case, my principal did not increase. However, my property tax and insurance increased 20% last year.

[@yourfinancialekg]

Very true. I segregate the insurance and taxes outside of the mortgage payment when doing the EKG

[@70qq]

single person at 55 that doesnt wanna work should have bought a 150k house , not a 300k house ...and put the same 60k down on it that she did , and have a 90k home loan instead of a 240k home loan... put it on 10 years instead of 30 year loan and make the same payment , the house is paid of a few years before that 3500 alimony runs out and shes fine ...and she can save a few years before that alimony is gone and live an easy life from age 65 on ................ or what id of done , she coulda paid cash for a 150k house and invested the other 250k and let it grow for 12 years while saving some of that 3500 monthly alimony ...then at age 67 shed likely have turned that 250k investment into 500k or more to live on ...and shed have the 1800 SS to add to the 2000 monthly to pull from the 500k investment (5% annual) ...she could be at $3800 monthly income for the rest of her life adjusted for infltion and be debt free and leave her kids a nice nest egg

[@yourfinancialekg]

Great idea 💡

[@darlenepaul2918]

Yes she spent too much on the house for her overall financial situation. I would've been much more frugal.

[@Jane5720]

That’s a nice alimony check

[@jadexplores2100]

You sir (or ma’am) need to make a KZbin channel 👍🏾

[@steveb7674]

Where the hell do you find a 15ok house and what a dump that would be

[@paulbjork2869]

The title should have read "...WITH $3500 in monthly alimony.? And how did she get a mortgage without any job history or job. Yes, staying home to run the house and raise the kids justifies alimony, but she is not simply trying to retire on $400K.

[@yourfinancialekg]

Thanks for the comment. Everybody’s situation is different. We have many videos around the same asset value. Wanting to help everyone.

[@HectorMorales-si2tx]

But You add inflation on the monthly home mortgage too.

[@rudyardganuelas6254]

that's not how mortgages work. inflation works on the property taxes and the insurance but the principal and interest is set

[@josephjuno9555]

Or Sell the house?

[@yourfinancialekg]

Yes

[@themonogrammom]

Did I miss the benefit of the annuity? Won’t she receive a min monthly amount for the rest of her life? Maybe it’s a different type of annuity. I’m moving 1/3 of my assets into an indexed annuity next week. You have me concerned.

[@yourfinancialekg]

Keep in mind everyone’s situation is different. Always start with the plan not the product. If that’s been done, then you have no concern.

[@roguered706]

His name is Din Grogu, not baby Yoda!😂 Otherwise, thanks for another informative and helpful video.

[@yourfinancialekg]

HAHA...I will remember that. My kids love to call him Baby Yoda 😂

[@josephjuno9555]

It's all just made up so maybe that IS A Baby Yoda coffee cup? Do you really think Yoda was 900 yr old? And how long Is a Star Wars year anyway?

[@rowddyone3570]

I would definitely downside and May be get a part time job… may be she could live with one of her kids and sell the house and invest it ?

[@yourfinancialekg]

Good point!

[@bruceeigsti5274]

Kind of our situation 350k we are 61 no debt house paid all of our money is tax free..work 4 more years and we are done

[@yourfinancialekg]

Go get it done Bruce!

[@Jane5720]

That’s not enough money, Bruce

[@themonogrammom]

SS question: Would the SS amount increase between today and the year she actually starts receiving payments? Would Cola increase this amount?

[@yourfinancialekg]

Yes it could. But I’m just conservative in my calculating.

[@randyandretti]

Downsize the house mortgage now.

[@yourfinancialekg]

Good idea

[@josephjuno9555]

I am ALL DETROIT! LIONS, RED WINGS, TIGERS, PISTONS and UMichigan and a few local minor league teams! DETROIT LIONS🦁 are Finally a Contender again!

[@yourfinancialekg]

👀

[@josephjuno9555]

What about a Reverse Mortgage? Her house will be paid off?

[@yourfinancialekg]

Great idea!

[@rystrlng3329]

unc tarheels - so cool to watch k get beat twice !!!!

[@yourfinancialekg]

I see you 👀

[@ludivinaholland7452]

NC tarheel❤

[@yourfinancialekg]

I see you

[@kennyhart2699]

Go big blue . That was a bad loss, me and some buddies were watching it in his basement. Should have put a man on the ball

[@yourfinancialekg]

ALWAYS put a man on the ball. Now we are lucky if we can get it inbounds...lol Thanks for watching!

[@christinedonahue2102]

Can we talk to you on the phone, please?

[@yourfinancialekg]

Of course! Please contact us at [e-mail]

[@lostboi3974]

Thats easy. Retire to Thailand

[@yourfinancialekg]

Lots of people are doing it!

[@tjlazer71]

The question we all have is, did Candice vote Blue? lol

[@Jane5720]

No

[@yourfinancialekg]

Truth

[@Ww8.3]

This is assuming she will have perfect health till her 80’s. One hiccup and by by everything

[@yourfinancialekg]

Good point

[@carybaker7334]

taxes dont have to go up.......they have to stop waisting money. STOP GIVING OUR TAX DOLLARS TO OTHER COUNTRIES!!!!!!!!!

[@yourfinancialekg]

Good point