I'm 60 ,Single with a Net Worth of $1.8 Million, Can I Retire?

Without even realizing it, you could be missing out on your Social Security Benefits. Having a Financial Plan and understanding the specifics of Your Social Security Benefits will arm you with the necessary knowledge to make better decisions on when to take your benefits.
How Work Affects Your Benefits PDF: www.ssa.gov/pubs/EN-05-10069.pdf
Working with a CFP® professional can be an important step toward reaching your financial goals. Not only do these advisors meet rigorous education and experience requirements, but they are also held to some of the highest ethical and professional standards in the industry.
Education
CFP® professionals must master nearly 100 integrated financial planning topics, including:
- Investment planning
- Tax planning
- Retirement planning
- Estate planning
- Insurance planning
- Financial management
In addition to completing a comprehensive financial planning curriculum approved by the CFP Board, or equivalent academic coursework, CFP® professionals are required to complete continuing education coursework, including a CFP Board approved code of ethics course, to ensure their competence in financial planning.
Examination
CFP® candidates must pass a comprehensive 6-hour CFP® Certification Examination that tests their ability to apply financial planning knowledge in an integrated format. The exam is notoriously difficult and only 64% of people who took the exam in 2017 passed. Based on regular research of what planners do, the exam covers:
Establishing and defining the Client-Planner relationship
Gathering information necessary to fulfill the engagement
Analyzing and evaluating the client’s current financial status
Developing recommendations
Communicating recommendations
Implementing recommendations
Monitoring the recommendations
Practicing within professional and regulatory standards
Experience
CFP® professionals must have a minimum of three years experience in the personal financial planning process prior to earning the right to use the CFP® certification marks. As a result, CFP® practitioners possess financial counseling skills in addition to financial planning knowledge.
Ethics
As a final step to certification, CFP® practitioners agree to abide by a strict code of professional conduct, known as CFP Board’s Code of Ethics and Professional Responsibility, that sets forth their ethical responsibilities to the public, clients and employers. CFP Board also performs a background check during this process, and each individual must disclose any investigations or legal proceedings related to their professional or business conduct.
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.
Do you need a retirement plan beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at [phone] or fill out this form for a free consultation: click2retire.com/SingleNetWor...

[@donaldkinsey5245]

I'm 55 yrs old and I have slightly less than half that amount saved. I'm retiring and moving abroad where $2K a month puts you in the top 10%.

[@Jim-yc7zb]

If you can't retire on a million dollars, you're not human.

[@AlumniQuad]

18:13 "It's our job to show you the numbers to run the analysis to do the comparison, uh, to do the contrasting..."

[@danitzm]

This is a better video than your older videos. You mentioned all the main points including healthcare before Medicare and real estate issues.

[@colonelgilbert2475]

I have been retired for 8 years and live on far less than that. So I guess it all depends on how you want to live.

[@lisab1312]

Good information. Thank you for doing these videos as I am learning so much!

[@NipItInTheBud100]

this could have been a 10 second video. quick answer is YES

[@terrykarras5598]

I disagree with all of the comments that say "this should be a quick answer". It would be dangerous for a financial advisor to put together a video that quickly says Yes or No on whether someone 60-years old can retire with $1.8M ($1.2 liquid assets). There are 10-15 variables that need to first be answered, many Troy went through. The people coming to this channel are either 1) knowledgeable about the intricacies of retirement planning and want to compare their thoughts against Troy's or 2) ignorant to many of the retirement planning intricacies and need to listen to this video to learn more. So, my feedback is, if you are looking for a quick Yes/No answer to your retirement questions, perhaps don't start a 26-minute video.

[@kennyhart2699]

Ultimate #1 question. What are my expenses

[@PH-dm8ew]

I think this guy can take any amount and make it look like a 42 % chance of failure. Market goes down you cut your spending just like you would if your salary went down in working years. 1.8 million plus social security at 66/67. You will be fine just rebalancing portfolio when market is down and cut spending as needed.

[@tracymarch9348]

If you can't retire on that you have a serious problem ,I'm just hoping to get my little bit of my s.s that probably won't even pay rent

[@seanmccann2790]

at 60 years of age and having a net worth of $1.8 million seems far fetched. That means if you worked 35 years, that is roughly saving $51500 a year. Not a lot of people made 51500 a year in total 35 years ago. Not everyone had the luxury of buying a house. I have my own my own house, make over a 100k now, but when I started out, I made no where what I make today 35 years ago. I do not have nearly 1.8 million and I will do just fine. I plan to retire happily in comfort, not a rock star.

[@jbyrd0861]

I am 41, I have a net worth of $900,000...I track my net worth quarterly and annually...A "double wide" or modular home on some acreage 10+ Will do me fine. I would disagree that being 60 and having a net worth of 1.8 being far fetched. Due to investments and compound interest, my money makes more than I do. I work a middle class job, live well, daily drive a paid for GT500 mustang. I will have a net worth of over 1.8 million by 60...You do not have to make a lot, to have a lot. I concur with your retire in comfort statement.

[@markbajek2541]

@@jbyrd0861 Jerry, I think you'll do fine , but remember to account for inflation as you age into 60 that's 19 years a way and a projected 1.8million 19 years from now.... won't be worth what 1.8 million is today. I'm guessing it's close to just better than 1/2 that. depending on the breaks..

[@ddellwo]

@mrloco loco - Mr. Loco - your timing was impeccable, because I don’t think you could have selected a better four decade window in which to be heavily invested in the US stock market. But as they say, past results are not an indicator of future performance! I’m case you haven’t noticed, we have a MASSIVE SH*TSHOW going on in Washington right now - I don’t think the next 40 years will be anywhere near as kind when it comes to investment returns….😐

[@wdeemarwdeemar8739]

I am 51 wife is 58. We have 1.66 m without house. I saved no where near that Sean. Compound interest and good market returns from 2009 to 2021.

[@wdeemarwdeemar8739]

@mrloco loco nice work… and good luck rocking retirement.

[@michaelgreskamp1093]

I have too many friends that like me are now 70 and spending is NOT declining.. I retired at 60 - now 70 with the go-go years fully in-tact. For someone with decent health I would push go=go years decline to 80. I think many retirees like me that retired ten years ago avoided the sequence of return mine field early on are more confident they can spend at the same rate they did in their 60s (inflation adjusted). I am seeing too many retirment planning scenairos with the the decline in spending when you hit 70 which is a risky assumption.

[@maritoreyes6392]

You have too many friends 😂they’re your friends because you got money lol

[@nolanrizzo3812]

😂😂😂 what 70 year old has all these so called friends... Enjoy your money you worked hard for it. But you shouldn't have too many friends very few is enough, and if get broke before age 75 than you need to get rid of them too many friends 😂

[@kentnauman9863]

Im retired and the paychecks have not stopped why would you assume that. Also stock value goes down , you only loose money if you sell, when market goes down its time to buy

[@sulingotto]

What if 1.8M. Married and the wife is 10 year younger and doesn’t work.

[@stinkstank5177]

Yes, but stay single my man!

[@peter-hr1gl]

Yes you can at an income level per year of 10,000/month (assuming long term return of 8%) and the monies will last over 30 years. Answering a question like this simply makes about as much sense as this answer. I appreciate the complexities, but wish your title was more like "Considerations if you are 60 with $1.8 million and want to retire". The answer to all these questions is simply YES, but all contain caveats and considerations based on your personal situation. I could retire on $300,000 at age 60, but would I want to given the income flow it would throw off? Highly doubt it.

[@glenburr6755]

Why would someone even ask this question?

[@tam6011]

Cause some people are running out of income due to living longer

[@glenburr6755]

@@tam6011 life expectancy in the US has gone up 2 years in the last 20 years. If people are running out of money, it’s not because they are living longer. Maybe they are spending too much.

[@tam6011]

@@glenburr6755 no I have a few friends who mothers and fathers ran out. They had theirs schedule out til 85. Her mom and dad are 90 and 92. It’s not the first time I have heard of this

[@davidfolts5893]

As a thought experiment to teach essential concepts.

[@nolanrizzo3812]

​@@tam6011sounds like you're lying, who the hell runs out of 1.8 million and there's social security out there. Get real and get a freaking life 😂

[@aldeserrano5490]

These type of questions are silly. IMO

[@maritoreyes6392]

Stop trying to be everyone friend 😂and the money will last you a lifetime

[@michaelkelcy9669]

Can you retire? Sure, if you like constant worry.

[@michaelkelcy9669]

@mrloco loco Currently real interest and equity returns are negative, and that's unlikely to change any time during the next decade. $1.2M liquid assets for, let's say, 30 years, is a tough lift. Try plugging a return of 1% to 2% in your retirement planner and see how it goes. The CPI has more than doubled in the last 30 years, and that's after a decade or so of very low inflation. I didn't say he couldn't, I said it's sort of a crap shoot.

[@nolanrizzo3812]

​​@@michaelkelcy96691.8 million and you crying about constant worry? If you can't live off that like most normal people. You need serious help! And you not bright enough to manage your own money 😂 dude get off KZbin! These people are frying your brain

[@jerryware1970]

The simple answer, no. Work until you can’t work anymore.

[@nolanrizzo3812]

Troy I respect you, because you put a lot of work in the video... But living a healthy life has absolutely nothing to do with it... People die young who works out and eat healthy 😂

[@dragonslayerwill_travel3476]

Legally you can't retire until 62.

[@glenburr6755]

You can retire whenever you want. You can’t collect SS until 62.

[@rhondavigil795]

Legally? I am assuming your comment is sarcasm.

[@nolanrizzo3812]

You can retire anytime. With a 401k sooner or later either way, you still gonna pay taxes so what's the difference? I know a few people who retired in their mid 40s