🚀 How Much Money Do You Need to Retire? NEW DATA! 🎯

[@yourfinancialekg]

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

[@Leftists_are_Losers]

Our retirement plan : work til you drop. That’s it. No retirement. Just take your lunch break and croak at the lunch table. Just don’t soil the chair; if you do, the company will deduct the cost of cleaning the chair from your final paycheck. Hell, the “work til you drop” plan gives a whole new meaning to the phrase “final paycheck”.

[@bigjohnson7415]

Every person is different. I have about half that amount and could retire now, but need to make it to 63 1/2 to get Cobra to bridge to Medicare. 18 months to go, hope I make it!

[@wdeemarwdeemar8739]

Good luck….

[@pensacola321]

​@@wdeemarwdeemar8739He will need it.

[@priola7587]

Have you looked into Obamacare in lieu of Cobra? Cobra is crazy expensive.

[@bigjohnson7415]

@@priola7587 Cobra isn't that bad for a single person. $400-700 a month. Make too much for any subsidies for ACA.

[@donatelloslappafello1108]

I kind of think I won't personally need anywhere close to that. My house is paid off and i basically live on about $1500 a month give or take. Still saving and investing to pay for my eventual stay in the looney bin or other medical expenses

[@yourfinancialekg]

Awesome!

[@bertm3237]

I lived in Saint Pete from 1995 till 2004. During that time my home owners and car insurance sky rocketed. In 1996 I was paying 188 every 6 months for car insurance. By the time I moved I was paying close to 650 dollars every 6 months for the same truck. Palm Harbor is nice but it can be expensive, unless there is something tying you to the area why not have clients investigate other areas of the country. I now live in the Mid West and 20 years later I am still paying less for home owners than I did in Florida for a larger home. Just a thought,

[@yourfinancialekg]

So true!!

[@joethecomputerguy1]

LOL, these are the same people who have no idea how many subscriptions they pay for each month, live paycheck to paycheck, have what, $50k in a retirement account. Most Americans are completely clueless about their finances (I know, NOT all). That's why advisors can charge so much money. I would have been an advisor if I had to do it all over again. Now I just help business owners helping them get organized so they understand better what it takes to retire. I do this for fun in my retirement. I retired at 52 six years ago. One needs less than they think. Most live a lot less than they think also. Morbid, I know, but true.

[@dpacker13]

If her interest rate is fixed her mortgage payments should remain fixed and should be taken out of the inflation calculation.

[@yourfinancialekg]

You are correct!

[@HappyPenguin75034]

Yes. Investment make money and mortgage stays same. Mortgage actually reduces in money value. And interest on mortgage is deductible. Important if you have other itemized items like church and charity. And one day the larger standard ded will get reduced to old days.

[@garyxyz4400]

Why doesn't she just pay off the house and that will reduce how much she needs. Also she will have it available to do a reverse mortgage if she runs out of money. Also seems part pf my comment got erase but i stated that it has been shown people spend less as they transition from go go to slow go to no go.

[@yourfinancialekg]

Great idea

[@HappyPenguin75034]

You use money to pay off debt. That money makes more in interest today than mortgage interest. And mortgage interest is deductible

[@wdeemarwdeemar8739]

I take that 1.25 and raise it to double.

[@dc76384]

I thought the ideal retirement scenario was to draw of retirement accounts , yet it still grows year over year.

[@fxdnny]

Good stuff Drew

[@yourfinancialekg]

Thanks for watching!

[@paulahastings7865]

Florida sounds expensive. My locked in annual expenses are 18,000. In Oklahoma.

[@yourfinancialekg]

Go Sooners!

[@pensacola321]

Steers and gears....

[@bigjohnson7415]

Nice place. Quasi-legal weed and tornado's! Just don't live in a trailer park!😂😂😂 I live in Texas, BTW.😭

[@Sky1]

We are just one more QE and bank bailout away from requiring 2.5 mil to retire.

[@mallardcutter7209]

Once again people forget that they are contributing to their 401k and that won’t be happening during retirement. So there’s an expense that you won’t have.

[@yourfinancialekg]

Very true!

[@bigjohnson7415]

And paying FICA Tax's, that's like 7.65 percent between SS and Medicare.

[@mitchthornton1820]

Going to try and be nice but it won’t sound like it . I noticed one of the options to fix Cindy’s short comings wasn’t to increase her rate of return , if I am going to pay a financial advisor they had better be able to get me more than 4% on my money , hell I can get 4% on very high quality dividend paying companies … Also the 3% inflation rate added in every single year is doing a disservice to Cindy …

[@yourfinancialekg]

Thanks for the comment! Projections for market returns and inflation are based on historical data points. Obviously it could be better or worse.

[@onecasual1]

2p in which time zone?? I want to make sure I block out the time so that I can tune in live 😊

[@yourfinancialekg]

5pm EST. Thanks for watching!

[@laneburgess1643]

According to Google the average life span on an American is 77 years. Why do we need to have so much money at age 90 to 100?

[@NipItInTheBud100]

Because you plan to live longer in case you are one of the few who do last until they are in their 90’s!

[@johngill2853]

That is from birth. If you are retiring you use life expectancy of the age of retirement

[@yourfinancialekg]

Good question. I don’t know my check out date yet. So that is why I plan for a long life. If I die early, then, at least I had a plan. Thanks for watching!

[@NipItInTheBud100]

@@yourfinancialekg Id rather have too much money than not enough. You always need to plan in case you live a long and fruitful life!

[@priola7587]

If you reach 65, you’re estimated to live longer, depending on your gender and other factors. It’s really true that everyone is different. I could go nuts trying to pin this down.

[@alanalbin1988]

$57,000 has to be average household retirement expenses, not individual, right?

[@yourfinancialekg]

Correct

[@spineguy70]

I’m on the other side guys.. don’t you think you will spend a ton on retirement? At least from 64-75? Travel, golf, food out, extra house, etc?? Why is everyone thinking their spending will be cut 75 percent??

[@yourfinancialekg]

Thanks for the contribution!

[@SpDt237]

The payroll taxes are cut out. The investment into the 401k is stopped among other things. I’m only needing 78% of what I made previously.

[@mitchthornton1820]

@@SpDt237who calculates their expenses based on your gross income ? You calculate your take home pay , your gross pay means nothing .

[@kennethwers]

She will no longer saving for retirement, paying into ss, have much in taxes, and other payroll deductions.

[@Adventure5619]

Or dump that 800k into jepi and jepq and just live on the dividends

[@yourfinancialekg]

Be careful

[@lhetrick1]

What about taxes?

[@yourfinancialekg]

Thats a big consideration too!

[@EdA-bz3bu]

Reverse mortgage.

[@yourfinancialekg]

Good idea

[@stevejohnson2108]

Ok. Drew you are making some very very conservative assumptions here. First and foremost, spending will decrease most likely in her later years. We know from statistics that as people get into their 70s they slow down a lot. So the 60K in expenses now will not be there 10 years from now, or at the very least we can eliminate the 3% inflation in the last 5-10 years of her life. Second, what other assets does she have to tap into? Home? Reverse mortgage if she is running out of money is a possibility. Third, the 4% rule is for a very conservative portfolio at 3% inflation average. Returns are more in the order of 5.5%-7% at that inflation rate. For me the worse thing would be to have millions left over when I die, not to run out of money because running out of money you can always sell home, cut expenses and live off SS or even move to a chear place and or country.

[@yourfinancialekg]

I agree 💯 with you. I just have to be conservative because that’s my nature to protect clients.

[@Sky1]

There is most likely going to be a stock market correction thirty percent. She will also maybe need long term care. Those are some very big calculations that most people overlook.

[@lindazibluk8099]

I’m here

[@yourfinancialekg]

Thanks for coming!

[@mattbleiler7294]

I wish you would do married couples instead of individuals.

[@yourfinancialekg]

Matt, I do both! Keep an eye out for married too.

[@starbursts321]

@@yourfinancialekgMost sites only do married couples so as a single person I GREATLY appreciate that you do both.

[@EdA-bz3bu]

House mortgage into her 80s 😂.

[@yourfinancialekg]

Thanks for watching!

[@davidoleary3923]

You say “late eighties”. Very few people watching this video will live to see their late eighties.

[@yourfinancialekg]

I hope they do!

[@davidoleary3923]

@@yourfinancialekg Of course we hope they do. But statistically, the majority will not live beyond 80 or 85 at the most. Only the outliers will see their late 80s. Now, is it right to levy an unreasonable burden on the majority of savers by imposing upon them the pure myth that they will live to 89 or so? I think not. In effect you are urging them to work longer and invest more resources than will be necessary for them. This is not good. People in this age bracket need to direct their resources to THE BEST USE, the most likely future, not the outlier. I am 65 and planning for 15 more years of life. My savings are considerably less than professionally advised, in part because of the unrealistic and statistically unsupported myth of longevity. A wiser strategy is to plan for the historic mean and spend one's time and money with family as the sunset approaches. Your advice, like the advice of many, many others, steals precious years and money from the elderly. They will end up leaving a surplus behind - and losing the time that would have been better spent with loved ones, as they continue to trudge unnecessarily off to work. Please re-think your advice. Thanks for allowing me to post.

[@starbursts321]

@@yourfinancialekgI appreciate the projected timeline into the 90s. My parents are in their mid-80’s and aren’t showing any sign of decline. My mom still wears 3 inch high heels to church! Most of my friends parents are also still alive. Unfortunately, we all talk about needing to calculate our retirement to at least our 90’s!