I'm 60 with $1 Million: Can I Retire at 65 and Spend Up to $13K/Month?

Retirement Income Strategies: How much do I need to retire at 65? How much can I spend in retirement? In this insightful video, we break down the allocation strategies for when you have $1 Million saved for retirement and provide insights into what this sum means for your retirement lifestyle. Furthermore, we explore the intricacies of retirement spending, addressing questions like "how much does a married couple need to retire at 65" and "Can I Retire at 65 with $1 Million?"
Learn about the risks and benefits associated with different approaches to retirement planning. From analyzing Social Security benefits to navigating the spectrum of guaranteed income products like Single Premium Immediate Annuity(SPIA), Deferred Income Annuity(DIA), Fixed Index Annuity(FIA), Variable Annuity(VA), Casey offers valuable insights to help you make informed decisions about your financial future.
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Dive straight in:
00:00 Retirement Planning at 60 with $1 Million Savings
02:05 Strategies for Maximizing Social Security for Couples Approaching 65
06:13 Adjusting Retirement Plans: Spending $13K/Month on a $1 Million Nest Egg
08:11 The Retirement Red Zone: Safeguarding Your Savings Before and After 65
12:15 Exploring Annuity Options: Secure Retirement Income Beyond Social Security
14:23 Annuities Decoded: Fixed Index vs. Variable Annuities for Retirement Stability
18:18 Ensuring Your Retirement Savings Last: The Role of Guaranteed Income
23:44 Tailored Retirement Planning: Personalized Strategies
#retirementplanning #retirementincome #annuity
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DISCLOSURE:The general rate of return used in this video matches the average annual rate of return for the S&P 500 index (*). Specific rates of return were also used that match S&P annual returns during the period of 2000 - 2009 (**). These rates of return do not represent the actual or expected rate of return for any portfolio offered or managed by Howard Bailey Securities, LLC, a registered investment adviser. Working with Howard Bailey Securities, LLC, cannot guarantee investment success or that specific financial goals will be achieved.
Annuity income guarantees are based on the claims paying ability of the issuing insurance carrier. Annuity products have risks and limitations, including those related to liquidity. Please consult with a registered insurance agent before investing in an annuity.
For more information on professional designations, visit www.finra.org/investors/professional-designations.
(*) www.officialdata.org/us/stock...
(**)
www.fool.com/investing/stock-...

[@Bill-vk7fh]

What is the expected return for the FIA with the GWBR ? And what is the cost for the GWBR ? Is this for FIA for both lives with return of principle ?

[@retirewithpurpose]

We didn't utilize an expected return for the FIA, we only projected the guaranteed income provided through this tool. The cost varies by product, but usually is around one percent per year. The return on the FIA and the cost of the rider are important to understand when you utilize these tools, but for the purpose of this video we are solely focused on the benefits of guaranteed income. And yes, it is designed for both lifetimes, but the beneficiaries receive the remaining cash value with net growth less withdrawals. However, again, the focus is guaranteed income and if the goal is maximizing legacy, then a guaranteed income product is probably not the best solution.