Can I Retire at 62 with $150,000 Saved For Retirement?

[@lorilester5833]

I really appreciate that the scenarios are closer to my reality than some other channels where the scenarios involve 7 figure portfolios....thank you!

[@jennsuneditedjourneys]

Just keep doing a part time job until you can't. I can retire at a reasonable age but don't want to spend down my nest egg and like being around people and doing something whenever I want to. You can always quit a PT job and take a lot of time off for travel and find another one.

[@yourfinancialekg]

Great advice!

[@punisher6659]

Thanks as always for your content

[@yourfinancialekg]

Thanks for watching!

[@cland4140]

Great content!

[@jonathanfoster2263]

expense cutting for me wasn't as painful as it is for some because some things just naturally cost less. I commuted so I went from 4 tanks of gas per month to 1 tank every 6 weeks. A big one that many forget when comparing pre and post retirement budgets is I was no longer saving for retirement every month which was for me a couple grand minimum every month. my food budget is less because I eat out much less in retirement. I stream now instead of Dish or cable. One more thing they can do is part time income. I do a little IT consulting in computer networking and information systems. its just a few hours per month but thats a few hundred bucks.

[@yourfinancialekg]

Thanks for sharing!

[@woodsparker7902]

Drew, since the majority of their income is from Social Security, the current formula would render a very tiny portion included part of the taxable income equation. Factor in the standard deduction, and this couple would not have a tax liability.

[@jayocean4724]

You can retire just do a part time job or delay SS to 65 but people do retire with less than 100k

[@yourfinancialekg]

Yes they do!

[@brendacriswell1264]

The big question here is “what are these people doing for health insurance from age 62 to 65?”

[@yourfinancialekg]

ACA

[@Monipenny1000]

We have an antenna. No cable or dish.

[@jonathanfoster2263]

London kentucky! Also a Paris in kentucky!

[@yourfinancialekg]

Yes!

[@ericeven4090]

Nope. Wait a year and then maybe consider it. Personally I would do 65 and have continued to stuff money into retirement

[@yourfinancialekg]

Yes

[@beelee1394]

If you inflate the expenses with inflation, and social security with inflation, why are you deflating the stock market return by inflation? I think you're double counting inflation.

[@MekdesMolla-n9b]

Good morning

[@yourfinancialekg]

Morning

[@jawwaadwilson592]

Glad I’m single now so I will spend my $150000 myself

[@Will67267]

Yes! 50k in cash. 100k in Bitcoin, you get 30 plus % upside every year.

[@jonathanfoster2263]

every year? between 2021 and 2023 bitcoin was down %75! IT didnt recover unti march of 24

[@terryh1811]

maybe a reverse mortgage at 82 or before

[@jackdougherty139]

Hopefully they don't have a mortgage when they're 82

[@mallardcutter7209]

Yeah you can retire at 62 , for a little while.

[@STEWDEE]

Sure...In the Philippines. 😂

[@yourfinancialekg]

We've been talking about that!

[@STEWDEE]

@@yourfinancialekg Summary of cost of living in Krakow (Cracow), Poland: A family of four estimated monthly costs are 2,528.8$ (10,279.3zł) without rent. A single person estimated monthly costs are 759.8$ (3,088.6zł) without rent. Krakow is 47.4% less expensive than Seattle (without rent). Rent in Krakow is, on average, 65.7% lower than in Seattle.

[@asandrik3124]

Maybe Port Au Prince!!’ 😂😂

[@MekdesMolla-n9b]

give me money

[@yourfinancialekg]

💰

[@esredarksun]

I hope they like lumpia.

[@Fitzyd-i4m]

😂