I’m 62 with $750k: How to Retire Early and When to Get That Social Security Award Letter

Early Retirement Planning: is 62 the right time to retire? What’s the impact of turning on Social Security benefits sooner rather than later? Let’s dive in and look at allocation strategies for when you have $750,000 saved for retirement, along with tax planning and other scenarios you need to consider to help guide you through the decision-making process. We’ll consider the role of inflation in the long-term planning perspective, concerns and possible solutions for market fluctuations, and valuable insights when you’re trying to figure out how to retire early and the best age to take Social Security.
🏃🏻 Jump right in:
00:22 The Decision Dilemma: When to Retire and Activate Social Security
00:50 Understanding Social Security: A Critical Element in Retirement Planning
02:42 Step by Step Process: Account Allocation, Income, and Tax Planning
04:17 Inflation, Longevity, and the Probability of Success
07:29 Strategic Timing: Impact of Social Security Deferral
09:50 The Million-Dollar Decision: Social Security and Lifetime Income
11:14 Navigating Risks: Bad Timing, Market Downturns, and Psychological Impact
#retirementincome #financialplanning #socialsecurity
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💭 Have questions or specific scenarios you'd like us to explore in future videos? Leave a comment below, and we may feature it in an upcoming episode. Your feedback is invaluable to us!
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Disclaimer:
This video discusses fixed-income investing and utilizes the 10-year U.S. treasury as a general representative fixed-income investment. Conclusions reached, opinions stated, and downside risks and potential returns presented should not be construed as applying to other types of bonds or fixed-income assets. Other types of fixed-income products carry different levels of risk and return potential and should be evaluated as an element of a diversified portfolio with your specific risk tolerance, investment objectives, and timeline in mind. Nothing in this video is investment advice, an investment recommendation, or an offer to buy or sell any security. Investing involves risk.

[@thelooseseal]

I'm a 48-year-old doctor feeling burnt out from long hours and stress. I've never invested in a retirement portfolio because I've always believed the economy would collapse eventually. However, I plan to retire soon and I'm curious: If you had $1 million to invest safely in stocks over 4-5 years to grow, how would you start?

[@ItPhenn]

I believe every investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.

[@ApBurger3532]

Opting for a financial advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with one for a while, and my portfolio has grown by 85% since Q4 2022.

[@Lewyn298]

Impressive! I admit I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.

[@ApBurger3532]

She goes by "Jill Marie Carroll" I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

[@Lewyn298]

Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.

[@crickethighlights6453]

In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.

[@SpookyEng1]

I have my cash reserve in money markets and a CD ladder. All are yielding over 5%, inflation this year should be around 3.5%.

[@Sky1]

They are spending our retirement on Migrants and War.

[@kathy-mx8ur]

I'm sorry to hear that, but you're not the only one losing money. My portfolio collapsed during the covid.

[@LiamFetherstonhaugh]

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.

[@ElizabethHarris00]

Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert

[@RobertDennison411]

It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.

[@Nickolas_M_Greer]

@@RobertDennison411 How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?

[@_LauraRowley]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

[@kathy-mx8ur]

Not good. I suggest you consult a professional agency

[@dipaknadkarni62]

Thanks. My wife and I were on active duty in the Navy. She died on active duty nearly 10 years ago and I retired at nearly 30 years. I retired in 2021 and started getting SSA survivor's benefits at my age of 62. I retired shortly after that from all employment. I will convert from her benefits to mine between age 67 (full retirement age for me) or at age 70 with added benefits. I really wish she could be here so we could retire together but life sends you a lot curve balls. God bless all of you.

[@wdeemarwdeemar8739]

Semper fi brother IKE CVN 69 crew member 89-91. Current VA employee.

[@vilmaaponte3380]

So sorry for your incredible loss. Thank you both for your service 🇺🇸

[@joycecox8285]

Sorry for your loss and I thank you both for your service and sacrifice. My husband and father are Marine Veterans.

[@lizg1976]

I am so sorry for your loss. Live a joyous life in her memory

[@DJohnson-od6oj]

So sorry for your loss from 26 year AF AD retiree.

[@bernie9728]

I retired 7 1/2 years ago at age 62. My wife followed two years later, also at age 62. We are having zero issues doing anything we want to do on just our Social Security. The key for us is we won't pay rent and everything, including our house, is paid for. We own Six licensed vehicles that are also paid for. We can can pretty much do anything we want any time we want. It's not that complicated. It's important to remember that more per month is not the same as more money total. Less per month does not mean less total. All three rates come even around 80 years old. (79 years 8 months for me) Leaving work early means more quality time in retirement. It's just that simple.

[@anthonynewhouse5695]

What state do you live in?

[@pointman8739]

Car / vehicle insurance must eat a quarter of your social security. You must not do much but sit around the house and cook meals.

[@hogroamer260]

​@@pointman8739Doubt it! I did the same thing at 56-1/2. Got a car, two trucks, motorcycle, sailboat and 26' travel trailer. Insurance is $2k/ year.

[@hogroamer260]

​@@anthonynewhouse5695Anywhere but California it's easy!

[@bernie9728]

@@pointman8739 In our world we have two seasons. Hockey and Camping. This works pretty good because one season starts right around the time the other one ends. One of our licensed vehicles is a 35 foot tripple slide travel trailer. The key for us was being debt free by the time we both retired. No house payment, No truck payment, No RV payment, No SUV Payment, No 4 door sedan payment. Can't stay long, we are off to purchase a big screen TV for the Basement.

[@user-sk4pu6zn8k]

When referencing corporate America, he said “They don’t really care about you as they make it seem” realest thing he said...I’ve seen experienced it first hand in the DMV. Black ppl aren’t really respected in corporate America. Glad that he was able to get out of there and become his own boss Pbatesltd

[@asage5801]

No one is respected in corporate life. Not new news.

[@stopper90004]

Why should they care about you? You are responsible for yourself... Expecting others to worry about your financial circumstances is parasitism.

[@craigschray4486]

If you're 62 and retiring, you're not retiring early.

[@jrm2383]

When full retirement age is 67 you are

[@batman9512]

My idea of retiring early is no later than mid-50's.

[@MaybeLoveHate]

according to SS you are though haha

[@briankgarland]

According to the government, who doesn't want you to take YOUR social security, it is.

[@scotthodge594]

You and your crew consistently provide the best content I see on KZbin. It's easy to see you know what you're talking about. The details you provide have really helped me think about the things I need to be mindful of as retirement approaches for me (12-15 years out). Thank you!

[@OakHarvestFinancialGroup]

Hey Scott! We love to hear that - thank you! And thanks for being part of our community on YT.

[@billydavisjr1980]

You do good work very informative

[@Singh11304]

Planning for early retirement involves strategic financial decisions. A key aspect is choosing between taxable and tax-advantaged accounts. While a traditional brokerage account allows flexibility, tax-advantaged options like a Roth IRA or a 401(k) can offer significant advantages. The choice depends on factors like current and future tax implications, investment preferences, and withdrawal flexibility.

[@Andres_853]

Looks efficient from what i am seeing, maybe i will communicate with him to get insights

[@mordechaigist9401]

8 years to go till 62...if market does not kill my 401k. Wife and I retire with 4 mil in 401k. Self employed and doing the catch up and started the ROTH part this year.

[@randymillhouse791]

My plan is to take retirement at 62 in 2027. We will have saved about this same amount by then. Then we are off to South America where $750K has the power of 1,500,000 in Pesos. No more toxic USA to deal with either. Better food, better people, culture, etc. We could easily live off SS alone and even save a portion if we choose to.

[@rayosullivan4398]

Get out now please

[@randymillhouse791]

@@rayosullivan4398 I'll go when I am good and ready to go, when I have siphoned as much USD out of the USA as I can carry with me.

[@bruceang82]

I'll bet you don't....

[@randymillhouse791]

@@bruceang82 Oiga mano, estoy fluente en Espanol a pesar de que soy americano. Mi esposa es de un pais que no voy a nombrar porques no quiero gringos en este zona, capiche?

[@sagarsriva]

Great video

[@jasonbroom7147]

Man, I hate how disingenuous these types of videos are. You talk about longevity, then completely ignore the fact that retiree spending drops after the first few years, irrespective of whether or not one of the people in a married scenario passes away. Spending does go up again as folks get older, because of medical expenses, but the inverted spending curve means a very high likelihood of growth during those middle years. None of this is speculation (as most of your video is), it's well-documented results from actual retirees, over the last several decades. The final point I'll make is about AUM (assets under management) and how "advisors" very carefully avoid talking about the "B" word (budget) because that undermines their efforts to convince people to have more and more AUM. For those who know how to create and follow a budget, inflation is not terrifying and they don't fall for the financial advisor market lies about how much money they'll need during retirement.

[@MrBobochow]

Well I spend more in retirement just tell the wife work harder key make that woman earn her keep.

[@anthonynewhouse5695]

@@MrBobochow I hope to retire at the end of '24 with my wife still working through '27 to get her pension up and to keep us in California until I turn 65 (My company keeps us on the medical plan until 65 which is very cheap in Cal but much more expensive elsewhere). Looking forward to having her work while I am retired. 🙂

[@endofquoterepeattheline7516]

Once I hit 80 who cares..I’ll be drooling on myself by then

[@rayosullivan4398]

don't worry by that time the way technologies are going they will have super wheelchairs.

[@stopper90004]

Like our current president 😂😂😂

[@kathy-mx8ur]

@@stopper90004 We have a president who is working hard and not retiring

[@Willdragon2008]

Humanoid will help you stay to 100

[@KarolynaABCMultiserviciosB]

RETIRED 62 POINT!!!!

[@jeffb.2469]

At 7-minutes into the video you will see what this is all about - Annuities. First, longevity rates have decreased actually. The vast majority of us are not going to live into our 90's. Second, when drawing Social Security, there is a cost of living adjustment. So, your check is going to go up in future years and keep up with inflation. And, this goes for your investments as well. That 750K investment will double in 10 years if achieving a 7%, return because of compounding.

[@onlywenilaugh6589]

Yes, many many, most will never see 90. At least if you are close to retiring.

[@cpa2011]

true -it's just an add for annuities

[@jrm2383]

Many more people live well into their 80s. And ss certainly didn’t keep up with inflation under this president.

[@stopper90004]

Ss is forecast to be insolvent by 2035. Payments will have to drop about 20% in adjusted dollars. Inflation is also going to average at least 3.5 . This guy is delusional.

[@BruceSellers422]

For a few months now I have been searching tirelessly for information on how to start investing. I even payed $400 for a course that I now regret. It appears that there is no structured guided for beginners on how to get started in this realm. I’ve came across several investors making well over $250k/annual and I would be grateful if anyone on here could provide insights on how to get started, identity potential stocks, when to make an entry, exit etc

[@williamrogers1219]

Try the Bogleheads forum for investing ideas.

[@icelandic_mughal2223]

@@NoahFlemming???

[@brownwhale5518]

FOO Look up The Money Guys Their financial order of operations will give you a guide path. It won’t get you wealthy quick though. If that’s your wish then good luck wishing your whole life away.

[@kathy-mx8ur]

The industry that teaches people to make money is basically making money from people who want to make money. It seems inexplicable. If they have good ideas and can make a steady profit, why not do it themselves

[@tommyraulston8972]

Invest in S&P 500 index fund (like at Vanguard, Fidelity, or Schwab). You won't beat the market, but you will essentially match the market. Over time, your money will grow.

[@kevinfestner6126]

750k is a more realistic retirement savings, ty. My plan is to also work a seasonal job from home in my profession until age 72. I'm already working that job. I estimate 26k take home. It will alleviate boredom, and allow for downtime, too. The biggest risk from your presentation was not knocking over that aqua blue vase on the top shelf. 😂 I think I'm in line with your assumptions here. A big thank you.

[@M22Research]

Excellent scenario - you do these real world plan overviews better than anybody else.

[@OakHarvestFinancialGroup]

🥺 Thank you, @M22Research

[@harryhankins1338]

You lost me when you say the average rate of return doesn’t matter in retirement. If that is the case why would you invest in retirement?

[@ivanvarykino8202]

That threw me too! I subscribe to NewRetirement software and the success rate of my retirement plan can plummet if the future rate of return on my portfolio is only 4% vs 6%. I think he needs to elaborate on this ststement 🤔

[@basementstudio7574]

You missed half of what he said. He said rate of return matters when you're working and saving to build the nest egg but not when you're retired and withdrawing.

[@harryhankins1338]

@@basementstudio7574 I heard it all. I disagree when he said returns doesn’t matter when you are withdrawing in retirement. You need growth on your portfolio when taking money out over a long period of time

[@jrm2383]

@@basementstudio7574 well that makes no sense either. That money might need to last 25 years. If you’re taking out 4% a year, and also losing 10% , it’s gonna run out pretty fast. That comment is ridiculous

[@tfc850]

This is why I always avoid annuities.

[@cudfoo1cudfoo247]

it's only 6-8% commission. What a deal...

[@douglasmontgomery6315]

I think this guy makes money selling annuities? He did not mention the go-go years, slo-go years and no-go years and how that will effect the amount pulled from accounts. He kept it the same ($60k per year - with inflation).

[@EdNichols-qj4xk]

I know he can’t include every scenario but I was also thinking that Go go/ slow go / no go would have made a difference.

[@cpa2011]

true - what the heck will I be doing at 90 yrs old? I'm taking SS at 62

[@asage5801]

Of course he does

[@SpookyEng1]

@@cpa2011 Probably paying for nursing home care. I plan on not being warehoused in a crappy Medicare nursing home if the time comes.

[@stopper90004]

He's delusional if he thinks inflation will be 2.5 percent. Its likely to remain at least at 3.5 percent and probably much more since the fed will have to start money printing again soon to bail out our government which has to pay a trillion a year in interest on 34 trillion of debt. We're going to see inflation rates of 10 to 12 percent in many years ahead just to devalue the currency and the national debt.

[@MrCPPG]

Tuned out when he said annuity.

[@OakHarvestFinancialGroup]

We don't recomment annuities to everyone, but we do believe they can be a powerful tool for many! Thanks for watching and commenting, @MrCPPG

[@marcbelair5592]

Yeah you can wait until 70 hoping to live to 92 or you could just up and die at 71 never having had the chance to enjoy retirement.

[@SpookyEng1]

Works for singles, more complex if there is a spouse, every situation is unique.

[@Sky1]

What happens when the annuity firm goes bankrupt?

[@SpookyEng1]

Depends on the State. Insurance protections are different, it pays to split a large annuity between several companies to reduce risk.

[@Thisishard2333]

Everybody wants to know if they can retire at 62 and take Social Security. One of the most important things I think you need is life insurance. If you’re worried about not taking your Social Security, so your wife will have a higher amount when you pass you are giving up years of free money. I have a term life insurance policy and a whole life insurance policy. My term policy will last me till I’m 83. My whole life insurance policy with my saved up accumulations I won’t have to make a payment for 13 years. I’m not worried about my wife getting my Social Security. She’s going to get$500,000 in life insurance

[@BradMangas]

People need to understand, they will not be spending the same amount of money at 90 years of age that they did at 62. Money will be spend differently for sure. Such as medical vs enjoyment. But it is well known that ones income needs will be less as they age. Probably starting at around 75 or so. Don't let advisors make you believe you need the same amount of income from the day you retire until the day you die. If they insist you will, they are being dishonest, and they know it.

[@rgarri6396]

Did you account for old folks home. You don’t spend much on fun but home will clean you out.

[@ohiopat8517]

@@rgarri6396 The average "home" stay is about 6 months before you die. Usually less than 100k.

[@crimsonpearl4686]

I am single 61 1/2 year old male, single, no kids and ZERO debt, with $965,000 in retirement savings. I recently switched to a more conservative allocations of 48% equities/52% fixed. My expenses in retirement will be right around $3800 a month. Can I retire at 62 and NOT run out of money? I plan to work part time in retired to generate about $12,000 a year.

[@Matt-vx1wt]

3800-1000=2800-SSI= seems doable. Simplistic. Get a financial plan done similar to this

[@MrEdwardCollins]

Oh, my gosh, you can do so easily. You have way more money than me saved, and I figured out I could (and did) retire by 62. Wait as long as you can to collect benefits. It really will be worth it to wait. Put as much of your retirement savings into interest accounts that generate as much interest as possible. (CDs, Certificate of Deposits, for example are paying about 5% right now. With that much in savings, it's probably best to keep some of it in stocks. Keep your expenses low, as low as possible. When you do finally collect SS benefits, that, and the the interest you earn, and any part time income you continue generate should be WAY more than enough to cover your monthly expenses, and last you at least into your early to mid 90s.

[@virginiarichards5959]

I'm retiring at 62 my husband is retiring at full retirement age he is already on medicare. Can I get a decent health plan, without breaking the bank. Neither of us have had a job that had health insurance previously? Is the best time to get good health insurance during open enrollment? My social security is only going to be 1100 dollars and his is only going to be 2400 dollars.

[@anthonynewhouse5695]

How does a pension play into this? First year I'll make $50K with annual COLA raises. SS should be around $25K annually. We're planning on moving out of CA to NC, SC, VA area to reduce expenses and own a home free and clear. We have just shy of $300K in 401K/IRA money. It seems we'll be good to go for retirement at 62 in 2025. What say you?

[@SpookyEng1]

Are your expenses less than pensions + SS after taxes? If yes you are good. Accurately forecasting expenses is the key to any retirement strategy. Many neglect tax planning and medical expenses that can negatively impact your retirement plan. What is your long-term care plan if one or both of you need living assistance or nursing home care?

[@IRI-2050]

I lost interest as soon as he mentioned Annuity. Realized this is just a fancy way of selling high-commisioned annuities. I think I will stay with the tried and true Warren Buffett and other stock investors. index ETFs and some (not much) bonds.

[@deejay6016]

If a person stops working at 62 but opts not to start receiving social security benefits until age 65 or 67, will the benefit amount increase even though the person is no longer working and contributing?

[@jdgolf499]

With these senarios, such as Monte Carlo, can it take into account if you have say, three years of cash, so when that sequence of returns hits with low returns during the first couple years, you don't tske anything out of your equities? The cash carries you through the couple down years.

[@kevinfestner6126]

I, too, am aiming for three years in cash above my emergency fund to ride out stock market drops.

[@d9487xbn]

Rather than recommending an annuity to cover the projected income gap, why wouldn’t you recommend building a TIPS ladder? They remove sequence of return risk, and the cost is much much cheap let than paying the costs of an annuity.

[@SpookyEng1]

Great advice, especially in the current TIPs market!

[@justliberty4072]

"Average Rates of Return Mean Nothing". That is a hard pill to swallow. Suppose you had two sequence of return graphs that look identical, except for scale. I tell you one is associated with a 10% average (e.g. CAGR) rate of return and the other is associated with a 1% average rate of return. You wouldn't prefer the 10%? I think most people think of sequence of returns to mean not the nominal rates each year, but the yearly deviation from the average.

[@ItsEverythingElse]

You lost me at the last scenario where John starts SS at 70 and Jane starts at FRA. Why is her first year benefit $0? And a non-working spouse cannot start benefits until the working spouse does. What am I missing there?

[@Dave-sw2dm]

This video is an advertisement for an annuity.

[@jdgolf499]

​@@Dave-sw2dm No, it's not. It is showing various methods to retire early with a smaller savings. He explained the risk of collecting SS early, and how it will work if you wait and take SS later. The annuity is a different method to reduce the risk of running out of money. If he was pushing annuities, he would have made every other senarios as a failure.

[@Dave-sw2dm]

@@jdgolf499 When he incorrectly stated spousal benefits my ears perked up. The focus was on annuities and there was a lead up to them. Give $300k and defer for 10 years, then over 10 years take out something like $480k. Over the last 10 years my 401k grew from $200k to $968k in a balanced portfolio.

[@jpf578]

@@jdgolf499 Yes, it is. He's being realistic in showing not everything scenario fails. But he is selling his annuity by showing how the success rate goes up to 99%.

[@NipItInTheBud100]

Since she didn’t qualify for social security benefits and she only qualifies for spousal benefits, she can only claim social security once her spouse claims social security benefits!

[@larrymeador5550]

If you don’t need your social security to retire, is t it best to take it at 62 and invest the money?

[@neilanthonytijing3663]

Why do you always compute an increased expense when you get older? Is it supposed to be the opposite? Less travel and entertainment expenses when you get older therefore you can extend your portfolio longer

[@endofquoterepeattheline7516]

Other stuff costs more and I would think older people travel more in retirement then when they were working

[@justwait9822]

Probably health care related costs or if you need assisted living arrangements.

[@SpookyEng1]

Inflation

[@hubertvecht7255]

Selling annuities?

[@greggis3691]

Does your inflation model account for SS COLA?

[@nikolui]

Good point. 2024 is 3.2%, 2023 is 8.7%, likely between 1 to 2% in 2025. When the usual higher income man dies first, the women will live with a big cut of income. I have retired and will live in Asian countries for some years and save money. No more property. Reinvest in these high dividends to make sure I have enough cushion to live to 90s or even 100.

[@bobackerman54]

i wish you would consider the value of the home ... I have NEVER seen you or anyone else show such a scenario ... please show at least once ...

[@allisonparker4819]

I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.

[@Mariah-Lisa]

Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown

[@asage5801]

Dont sell; then you have no chance of recovery. There are tutorials that tell you what else to do. Unless you were heavily in all tech stocks it will recover

[@kennymartin379]

I'm 58 almost to be 59 when I get 62 on my retire because my job is way too stressful

[@OakHarvestFinancialGroup]

Hey Kenny! We're sorry to hear that :( Thanks for watching and commenting!

[@hogroamer260]

That scenario is very easy if you're debt free. I'd recommend living off your portfolio, maybe $3k/month and delaying S.S. to 67 or 70. Keep 650K in the S&P 500 and the rest in a stable, high yield account/fund. If you had a good job, you will be able to spend even more when you begin S.S. Stay fit and enjoy a long/healthy retirement on your terms!

[@BRK-B-all-the-way]

What do you consider high yield?

[@greg6941]

I use VYM ETF by Vanguard. @@BRK-B-all-the-way

[@dfh7961]

60k.... . I want more! Everything is paid and we r 58. 180k would be nice, but 140 will do Pension and soc sec will be 80k

[@anthonynewhouse5695]

My pension, my wife's pension and my SS will be $79K per year before COLA. In 7 more years my wife's SS will add $13K. I think we're ok there without touching our $300K 401K/IRA money.

[@jasonrob1900]

I’m 51 and been paying taxes over 30 years and I would like to retire now while I’m still young. My 401k doesn’t know when I will die 😮

[@Sky1]

I would like to see you do a financial analysis of our government debt to income, future liabilities and current interest rate. I think inflation is not only under estimated but just getting started.

[@Bona19646]

No financial expert I listen to recommends annuities. Except those that sell that product.

[@SpookyEng1]

They have their place as insurance for outliving your money. If you don’t have a pension an annuity can help you. I wouldn’t consider one until my 80s.

[@markanthony3479]

Love your videos but you don’t cover things like younger dependents like I’ve got as the medical insurance alone for my younger non-working wife and two kids is horrendous

[@34dawgsgo]

I retired at just over 57. How? Covid was my savior and totally changed my life. The key has been to eliminate all debt. I've made it just fine on my pension alone. Just starting to receive 401k draws then last will be Social Security. With no debt, you can do it. Could not have retired without it.

[@OakHarvestFinancialGroup]

Hey @34dawgsgo! Thanks for watching and sharing your perspective! Congrats on retirement, we hope you're enjoying it!

[@chrisn6585]

Just do it live life

[@user-lz4cf9pm6j]

My wife and I have a specific future scenario starting in 2026, which is when we plan to start social security. Our total projected income needs will be 90K annually. Projected social security for me and my wife should be close to 60K annually, so the remainder of 30K will be drawn from traditional IRA(20K) and a Roth IRA(10K). So in our calculation of provisional income, half of SS(30K) + traditional IRA(20K), or 50K, should leave us nearly zero in federal income taxes, given that standard deductions will continue to increase by 2026. Thoughts?

[@pwk22]

Pet peeve: 'You've saved a million dollars'. Is that net worth? Is that a million in your checking account (post-tax)? Is that a million in a 401K (pre-tax)?

[@matturner8]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[@Johnsmith46392]

I’m 43 with $850k. Can I retire? Oops I already did 7 years ago.

[@tomarthur676]

I've noticed that those who work later in life have quicker declines in health. Looks like the stress has a larger impact.

[@captainkrunch6372]

What happens when annuity company goes bankrupt

[@RusuSilva]

I've been keeping a substantial amount of my savings in cash. It feels safe, but I wonder if it's the right approach for retirement. I want to invest roughly $400K in stocks since I've heard that even in challenging times, investors may turn a profit. Any excellent ideas for stocks?.

[@RossiPopa]

It's incredible that you managed to save so much money while you were working. Few people can accumulate that much savings over the course of a lifetime. Redistributing your capital is a good idea now that you are retired and rely on your investments, as it will protect you from losing everything in the event of a market downturn or recovery. You could assign your resources with the assistance of a financial advisor to streamline the process.

[@scottbaker9066]

how in the heck did you manage to get -20.55 return in 2023? or -7.62% in 2024 ??? i get that 2022 was negative, but the past decade is +174% which included some 'bad' years.

[@cjswa6473]

Retiré early.. especially if your job in a nightmare. Move to another country with a higher quality of life.. that's easy outside the USA.

[@abrahams.lincoln6749]

2.5% inflation is way too low.

[@stopper90004]

I know, right? Even the most optimistic economists reckon 3.5. probably more like 5

[@jayjohnson1169]

Anything under 1.5 million saved and you want to retire at 60 or 62, you'll definitely need to depend on your social security.

[@anthonynewhouse5695]

If I have a pension that pays $50K in the first year with COLA increases every year would that put me over 1.5 million saved? 50K over 34 years without COLA would be 1.7Mill total right?

[@1Mannco]

There's some factors that go into if somebody will rely and definitely need SS retiring at 62 with $1.5 Mil...Like if the house paid off, no loans or big bills, 2 yrs of emergency money, live within your means, etc..then you should be good and not just depend on SS...It'd be nice for people to get $50k yr pensions, sweet!

[@randymillhouse791]

Getting out of the USA doubles your money power.

[@July.4.1776]

I always laugh when they show that sequence of return graph. Almost everyone shows a bad two first years as a worst case example. What if they retired two to five years earlier. This is why everyone should use a Monte Carlo simulation software. My intent is not to be the richest person in the graveyard. Everyone’s situation will be different no two households are the same.

[@NipItInTheBud100]

I disagree with you when you state average rate of return doesn’t matter once retired! Of course it matters!

[@Mememar]

Why say I am 62 when it is we are 62. Big difference

[@cynthiaivers1708]

Most Americans live paycheck to paycheck and very little in retirement savings. Those are the facts.

[@kennymartin379]

I asked my boss for a less stressful job and he said I don't have that option

[@OakHarvestFinancialGroup]

Hey Kenny, we're sorry to hear that! Thanks for watching and commenting.

[@Sky1]

I would love to retire I just don't think it's going to happen. We know real inflation is nowhere near 2 or 3%. It's more like 18% percent. We also know that they gave up on the war on inflation. We've already stopped raising interest rates even though prices are still rising. We have stagflation. They've been giving our money to migrants and wars. That money needs to be paid back plus interest. There are a lot of investment funds that are top heavy overleveraged , and when this unwinds People are gonna see huge losses in their retirement. I'm not so sure if there's any way to even stay in the united states and be a u s citizen anymore. They're talking about cutting social security and at the same time implement a new way of taxing people with a Wealth Tax. Government is completely out of control. I used to think you needed 1.6 million to retire. I think it's more like 5 mil. I think we will see prices double in three years. If not we will have a seventy percent correction so either way we'll be broke. You'll own nothing and you'll like it. I think that's their new motto. They'll throw out the term minimalist and tiny house cute terms.

[@OakHarvestFinancialGroup]

Hey Sky, thanks for watching and sharing your perspective!

[@eddiehardin33]

You overestimate how much people will spend those last 15 years

[@dc1741]

Lost me at rate of return in retirement doesn't matter. Didn't hear anything else 😮😢

[@winduncan9818]

Let me fill you in, but an annuity from me. haha

[@rcooper4164]

I am watching your KZbin videos on TV and I can hardly see/read the numbers and phrases from your presentation because the color and background are on light fonts and background. Please use either dark background and light font or vice versa. Thanks

[@billj7460]

Seems to be a good presentation, but it’s hard to read the numbers, you’re right. It’s a big decision of when to start SS…

[@shawnsapp6611]

Glad to know their free contentious bs lie first screen how much you and how you have and tell you they they can't help without any view of your portfolio any thing else and push you of. Total of your time!

[@luluh1154]

Dude only less than 10% of Americans have 750k or more at 62. They don't need advice. It's the other 90% that need help.

[@Alex-jx5bx]

😁🤣👌👍

[@rayosullivan4398]

I don't think it's even 10% look around look at people in your apartment more like 5% or less if you have 750 at 62 your pretty good.

[@SamSam-dy3ct]

You are wrong my husband's friends 10 have all died in their late 60's my husband died at 70.

[@stopper90004]

Not if you cut all processed foods, alcohol and breads. That'll give you an extra 10

[@nightsurfer007]

Could you help me retire please.

[@OakHarvestFinancialGroup]

Hey John! We'd be happy to help! Set up a call with our team to see if we might be a great fit for each other here: click2retire.com/schedule

[@damncars2618]

I did this 4 years ago during COVID-19. Moving to the Philippines, I escaped the feminist agenda and am able to use my reproductive rights and begin my new life. The Philippines has what America doesn't.

[@rayosullivan4398]

750 you will end up eating cat food fancy feast not bad, in Peru it might work.

[@OakHarvestFinancialGroup]

Hey Ray! It really depends on the lifestyle you aim to maintain during retirement! Thanks for watching and commenting :) Take care

[@erniedecarlo6882]

How do you figure you will spend the same dollars at 62 than you will at 92? You certainly won’t be leaving the house at 92. Even though you figured for inflation, that number is not real.

[@OakHarvestFinancialGroup]

Hi there Ernie! These are just examples that we use to show what the possibilities are for people at certain asset levels, and it's based on real life examples we see on the daily with many of our clients. It really all depends on the goals, situations and and risk tolerances of each individual. We also go much further in-depth when income planning with our clients to make sure we're tailoring their plan to what makes sense for them. Thanks for watching and commenting!

[@kathy-mx8ur]

A very useful video that can help me plan my retirement plan more clearly

[@XDetoursX]

How about they only spend $40k per year? Their percentage of success goes up dramatically. Just reduce spending

[@virginiarichards5959]

This is for people that have lots of money. Im not one of those.

[@bradclark1216]

They have enough money.

[@endofquoterepeattheline7516]

Work till 70 have 10 years then croak at 80 is my plan

[@maryellensola5379]

“You have WENT through…” Bad grammar. It’s “you have GONE through…”

[@rayosullivan4398]

ME NOW NO

[@maymey]

Or "you went through"

[@danielkame8455]

Save 750k. That's funny. 90% of America don't even have close to that

[@OakHarvestFinancialGroup]

Thanks for your comment! I totally understand where you're coming from. Saving for retirement can be a real challenge, and many Americans don't have the luxury of starting with a sizable nest egg. My aim with this video is to share strategies and insights that might help folks at various stages of their financial journey, whether they're starting with a little or a lot. It's never too late to start saving, even if it's just a little at a time. Every bit counts towards securing your future. If you have any specific questions or concerns about retirement planning, feel free to ask!

[@whiteglove5723]

Move to cheaper state or another country where weather is fair!

[@OakHarvestFinancialGroup]

Thanks for watching, @whiteglove5723!

[@mikev4373]

Who wants to retire at 62? I guess if you hate the work you’re doing it’s understandable but otherwise it doesn’t make any sense to me. I’m 62 and love my business. I could retire but have no interest in actually doing it.

[@basementstudio7574]

Well, good for you. Some of us at 62 are tired of the soul sucking commute and answering to the boss and the seemingly endless meetings that accomplish nothing. Most of us probably don't run our own business as it sounds like you do. Also, I'd like to spend more time with my wife traveling around the world and enjoying my life and spending my time the way I want to. We have a limited amount of time and most of us, on our deathbed, don't wish we had spent more time at the office. Just a thought

[@July.4.1776]

⁠@@basementstudio7574…. I agree 100% everyone’s situation is different. You can always use the excuse that I work another year. I have known to many that said that and either got sick or died. Using common sense and knowing your expenses will tell you if you have enough income to retire.

[@rayosullivan4398]

If your job sucks retire you can work part time at a job you like

[@endofquoterepeattheline7516]

Life expectancy 94? 😂

[@zoukchata]

Lol retiring when health is declining? Nope!! All of you... Find a way to retire before 50. You'll thank yourself later.

[@ronaldreagan-ik6hz]

I wish whole life and reverse mortgages were just outlawed. Those are horrible plans.

[@danamarie8718]

A reverse mortgage can be a great option for some IF used properly. Don’t borrow too much and don’t take it early. And take into account whether or not you want to leave something to your heirs.

[@ronaldreagan-ik6hz]

wrong. i bough my first house in 1994 when interest rates were over 8%. the original house cost was $160K, the pay off 30 years later was $444K So the bank is the winner in that transaction, unless you do a 15 year mortgage. Reverse mortgages are riddled with fees and the bank is the one that wins in that transaction as well. Anyone is better off to sell a home and downsize before doing a reverse mortgage -- ever. @@danamarie8718

[@rayosullivan4398]

Reverse mortgage is a scam just like any mortgage.

[@jeffs3627]

We have no kids so a reverse mortgage is absolutely a tool we might use at some point. It turns your home into a pile of tax free income.

[@ronaldreagan-ik6hz]

Wrong. a mortgage is a poor investment when you buy a home, and even worse when you sell it back to the bank. my god. do some research. you are 100% better off to just sell your home and downsize or rent than to do a reverse mortgage with ridiculous fees. @@jeffs3627

[@charlesluecke7110]

Meanwhile, the guy selling the annuity is getting rich as you starve.

[@tlnn6598]

Just keep the ‘Joe Biden’ politicians out of office and we’ll ALL live happily ever after in our retirement years! 😎😎

[@mikev4373]

Oh look we have an insurrectionist in our midst. How was 1/6/21?