Retirement Planning at 60: I’m Single with $1 Million, Do I Have Enough to Retire?

I’m 60 years old with $1 Million and planning for a single retirement: Am I ready? If this sounds like you, you’re not going to want to miss this comprehensive analysis where Troy Sharpe, Certified Financial Planner™, covers various possible retirement scenarios encompassing income planning, Social Security, health care expenses, and investment allocation. He provides visibility into the potential challenges, such as sequence of returns risk and the impact of different investment allocations, offering valuable insights for effective retirement planning. Whether single or married, join Troy as he provides practical advice and highlights key factors that can significantly influence the success of one's retirement strategy.
🏃🏻 Jump right in:
0:00 Understanding Retirement at 60 with $1 Million
00:34 Single vs. Married Retirement: Key Differences
01:04 Critical Components of Retirement Spending
02:24 Deciphering the Composition of $1 Million
03:05 Navigating Healthcare Costs in Early Retirement
06:03 Simulating Retirement Scenarios: Health Insurance Planning
12:48 Social Security: A Key Player in Retirement Income
15:26 Sequence of Returns Risk: Navigating Market Volatility
19:43 Risk-Adjusted Returns: Smooth vs. Volatile Retirement
23:58 Strategies for Improving Retirement Success
#SingleRetirement #SocialSecurity #IncomePlanning
➡️ Do you need a Retirement Success Plan that goes 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/60-single-1-...
💭 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.

[@Mitzi73]

As much as I love retirement planning, I HATE how complicated it is especially for those who don’t love or don’t know how to navigate this mess.

[@M22Research]

ACA subsidy - having zero Modified Adjusted Gross Income (spending from your brokerage/after tax accounts) might make your healthcare insurance cost zero$… *HOWEVER* if you have zero income, many/most? states will dump you into Medicaid! You do not want that. You have to show enough income to keep you above Medicaid coverage, but low enough income to get the subsidy… and remain on private but subsidized insurance. At least the Federal Marketplace process will show you when this happens. Don’t wait to do the Marketplace process. Do it early.

[@Cfrancis1968]

Well said. He should have brought up why having too low MAGI will trigger Medicaid. This is a very important part of planning.

[@edhcb9359]

You have to do the work/application to receive Medicaid. You are never put on it against your will. 😂

[@M22Research]

@@edhcb9359 of course! But if you’re applying for the subsidy, and have income below the Medicaid limits in your state for your filing status, the Federal Marketplace will dump you there…. And then you’re stuck with two options - Medicaid or paying full boat for health insurance.

[@OakHarvestFinancialGroup]

Thanks to all who watched and weighed in on this thread - For the sake of trying to keep these videos down to 15-20 mins, we aren't able to go in depth about every single aspect of the case study - However, we typically do a comprehensive look at how healthcare will factor in to your retirement plan when working with our clients. We delve into more of this side of things specifically in our videos on the 4th step of our retirement success plan. You can find them if you head to our profile page, we've got a whole playlist of videos on this topic.

[@thomascraig6405]

Love your videos. Best one yet. 👍

[@OakHarvestFinancialGroup]

Thank you Thomas!

[@kenweiss8565]

I look forward to our next meeting. Hopefully reenforcing these concepts will make our time more productive and clear for peace of mind. Thanks!

[@OakHarvestFinancialGroup]

We're looking forward to it, too, Ken! We're happy to talk through whatever you need so you can feel at ease about your plan. Give us a call any time.

[@gizmobowen]

I'm a few years from retirement and trying to learn as much as I can. I just started a few months ago and feel like I've learned a bit. I've also subscribed to NewRetirement so I can try and run the numbers myself to get a better feel for how outcomes change based on different scenarios. I still have a ton to learn and love videos like this one - thank you. Then I dream about how easy it would be to have someone manage my retirement. It would be so great to have an expert take t That load off my mind. But then I think of the typical 1% AUM cost and just can't figure out how it can be worth the cost. I wish there was another option where I could just pay for a little bit of help, especially to cover my blindspots that didn't cost me tens of thousands of dollars a year. Retirment planning is a lot more complicated than just working and socking away money.

[@OakHarvestFinancialGroup]

Hey @gizmobowen, we understand how you feel. Why don't you give us a call? The first several appointments with us are free as we get acquainted with your situation, decifer what the best options would be unique to you, and to answer any questions you have prior to deciding to officially work with us. We'd be happy to talk through your concerns and show you the value you'd be gaining by having a dedicated advisor on your team to manage your retirement with you. You can set up the first consultation with Frank here and he can get you set up with the right advisor to get the conversation going. click2retire.com/60-single-1-million

[@bobackerman54]

Good luck to you ... a smart move to pur❤❤chase the NewRetirement ... I am retiring in a couple months so i understand your concerns ... I would suggest you check out videos by rob berger who has a 96 minute overview video on NewRetirement as well as additional small add on videos onNewRetirement ... Joe kuhn is very good as well ... the more you understand NewRetirement the better you are even if you go with a full service advisor ... many are very good but determining if they are worth that 1% or so is everyone's decision ... I chose to go with an advisor but one that was pay as you go ... I essentially gave them all my NewRetirement information and had them verify my analysis ... it cost me $1000 ... they agreed with my plan and said it would be successful ... having a CFP i trust giving my plan his blessing just helps me sleep better at night ... I will continue to monitor my situation with NewRetirement because no one cares about my retirement more than I do ... if I pass away, I know my wife will not pay as much attention to the finances as I do ... if that happens, she is going to go with the CFP who had previously approved my plan and will help her ... BEST OF LUCK TO YOU ...

[@Sony-ox7wx]

SS scenario is only if you live all the way to 92yo. Calculate it for 85yo and the sooner the better 🎉

[@OakHarvestFinancialGroup]

Hey Sony, we hear this a lot about planning to die earlier, and we definitely make sure to look at our clients family and medical history when making an estimate for the general age range to plan for - we always say to be on the safe side because what happens if you do spend all your money and then continue to live another 7 years? What will you do? There's much to think about, so we recommend always working through all of these options with a licensed financial advisor to meet all your goals. Take care and thanks so much for watching and weighing in! :)

[@OakHarvestFinancialGroup]

Hey Sony, we hear this a lot about planning to die earlier, and we definitely make sure to look at our clients family and medical history when making an estimate for the general age range to plan for - we always say to be on the safe side because what happens if you do spend all your money and then continue to live another 7 years? What will you do? There's much to think about, so we recommend always working through all of these options with a licensed financial advisor to meet all your goals. Take care and thanks so much for watching and weighing in! :)

[@Sony-ox7wx]

You should do at least 3.3% inflation rate

[@OakHarvestFinancialGroup]

Thanks for commenting, Sony!

[@ibrahimseth8646]

For Example: Capital=1,000,000=100% Payout(10 Year)=2,000,000 { Income(10 Year)=2,000,000 } Insurance: Payout(10 Year)=2,000,000 Premium=? Yield=15% Year=10 Premium=2,000,000/1.15^10 Premium=500,000(Bal=500,000) Capital=Premium+Balance(Bal) Capital=500,000+500,000 Capital=1,000,000=100% Balance=500,000 { PettyCash=100,000 Invest=400,000 Dividen=5%=20,000 } Thank you.

[@OakHarvestFinancialGroup]

Hi Ibrahim, thanks for watching and sharing!