Can I Retire at 55 with $650,000 in Retirement Savings?!?

[@davidcopeland2896]

You have to consider social security is based on 35 highest earning years. When you receive your social security statement it assumes you continue to work. If you are retiring early you have to add 0 on the years to include 35 years which might lower your assumption on your social security benefit.

[@yourfinancialekg]

Yes, thank you!

[@jhfit]

Pretty soon you'll have people asking if they can retire at 30

[@yourfinancialekg]

That's the goal!

[@jennsuneditedjourneys]

Omg. So funny! "Can I retire at 30 with $1"?! I'll watch that! 😅

[@NipItInTheBud100]

Hey, if you can pull it off why not!!

[@Ww8.3]

You can just not off a retirement account lol

[@thienthan324]

yes one can, just retire in the street

[@MatrixMatched]

Thank you for this information. I’m crunching the numbers now

[@yourfinancialekg]

You got this!

[@Ww8.3]

Because life is expensive. Insurance costs money. Property taxes never go away.

[@yourfinancialekg]

Truth

[@fasteddy3336]

I wish there was a company that still had pensions.

[@larriveeman]

the fed's do, I have a nice one

[@michaelperry7871]

The military

[@vernshird711]

Most state gov'ts still offer pensions. Maryland state and county gov't offers pensions plus 401k and 457b. Education also offers a 403b.

[@Abraham.Lincoln22]

Cops Teachers Firefighters UPS Utility workers DPW Auto workers Nurses Etc….

[@yourfinancialekg]

True Fast Eddy. Not many around anymore.

[@glockman99]

Great video. Go Rangers!!

[@jeffgagnon2622]

This was awesome, appreciate the detail, would have liked to see how health care costs in the bridge years changed the output. I feel ya on the minivan........go Dbacks

[@yourfinancialekg]

Thanks for watching!!

[@daveharness70]

No no no...to reverse mortgage in this scenario. For goodness sakes. They won't need that much money at 90-95. The spending doesn't continue to ramp up with inflation. Stop analyzing things like this! It is WRONG. They should be able to live off ONLY social security.

[@yourfinancialekg]

Going through multiple scenarios and having various options isn't wrong, its called good planning

[@greenlantern1986]

...wut

[@edhcb9359]

Math doesn’t lie. Reverse mortgage brokers do lie though. 😂

[@cottontail132]

Waiting for a video from you on whether I can retire with 900k in savings at 48 years old. Need 32k a year to live abroad. Love all your videos❤🎉❤

[@yourfinancialekg]

Sounds great!

[@yanzukmjy]

Go Phillies!!!

[@yourfinancialekg]

They will be tough again!

[@Japplesnap]

The Rays? That prediction didn't exactly age well. Yankees all the way!

[@yourfinancialekg]

HA!

[@Japplesnap]

@yourfinancialekg As an AL East guy, you should root for those Yankees! Honestly though, as a New Yorker, I'd still love to see a Subway Series happen again. Go Yanks!

[@hilarylevin623]

If one is not planning on retiring before 59.5 do you need a brokerage account or is a Roth just fine?

[@joshuabritt5677]

If you have a 401k. There is what's called the rule of 55. You can take your 401k at 55 years old with no penalties. I know you have to leave your job, and you can only use the 401k from that job until 59 and half. I don't know much about it. It's something to read up on.

[@yourfinancialekg]

Here is a video explaing: kzbin.info/www/bejne/mnLNlKt9nMZobKc

[@NipItInTheBud100]

I hope this one doesn't have a pension in the plan!!...LOL

[@yourfinancialekg]

😂

[@yourfinancialekg]

I've got plenty in the works that don't as well!!

[@jimmyz5831]

No.

[@yourfinancialekg]

Yes!

[@marantz747]

Beatles - Tell Me Why

[@yourfinancialekg]

Yes!

[@marantz747]

Chicago White Sox

[@yourfinancialekg]

It's going to be a tough year for the Sox I'm afraid

[@marantz747]

As long as the Cubs don’t win I’m happy

[@Gambrills773]

Let’s go Os

[@yourfinancialekg]

No!! Go Rays!!

[@greenlantern1986]

Can't wait to watch these kinds of videos in another 5 or 10 years and they stop having pensions in them.

[@yourfinancialekg]

LOL

[@jimrinard1969]

St. Louis Cardinals

[@yourfinancialekg]

Yes!

[@jennsuneditedjourneys]

I don't know why people just don't get a basic job of 20 hours a week or less that you can quit easily to travel, 00 stress 😮, and not touch your retirement. I'm going to do and sell Medicare part time. Let my money grow and grow and be there when I can't work at all. Especially if you're quitting work world before 70. I'm waiting until 70 to collect SS. Of course, I understand if you physically can't work at all or mentally can't

[@yourfinancialekg]

Makes a lot of sense!

[@Netizen_101]

This is what we’re planning. Switching to part time, seasonal, easy full time in 5 years when we’re 50/45. We should have $1.2m by then we don’t touch and no longer need to contribute to. It’s kinda like coast/barista FIRE.