Can I Retire at 55 with $1,000,000 (Detailed Financial Plan)

[@yourfinancialekg]

*Free Retirement Download: The Checklist to Retirement:* 📊 pearlwealthgroup.com/

[@Sky1]

Who ever would have thought that when you were a kid and said I wanna be a millionaire that today would come where you might not even have enough!

[@Jane5720]

They’re only 55 so it’s too early for them

[@yourfinancialekg]

I agree. Inflation and taxes are really hurting the American dream.

[@swright5690]

2M.....it's the new 1M

[@joaosedlmayer9142]

Hey drew. I have been watching your videos.for a long time. And now I leave in Brazil . I’m 55 and leaving a good life with less than $2,500. A month. And thank you for your nice work.

[@yourfinancialekg]

Love it! Thanks for watching!

[@jeffgagnon2622]

Nice job Drew. Appreciate the detail you put into these. The Sequence of Returns risk evaluation was a little depressing. I hope Paris Texas is nice.

[@yourfinancialekg]

I hear its nice in the summer.

[@sct4040]

Our portfolio and our adjusted gross income actually increased since we retired. This is while we draw down our 403b/IRAs, and are on SS. I never expected that.

[@yourfinancialekg]

That's great!

[@330DKNY]

Unfortunately the title of this video is wrong, it should be can I retire with 3 Million in assets as that's what was reviewed. I would be really useful to to have an episode that is more in line with median assets, Thanks.

[@yourfinancialekg]

Lots of videos on this channel with many different asset values. Check out 150k all the way up!

[@kennyhart2699]

#1 thing to do is get out of California and buy a really nice $400,000 house almost anywhere in the country and the problem is solved. They said they we're only going to live there 6 mo a year anyway. Also, when the tax rates go up dont we get the personal exemption back? Thanks, love your videos

[@yourfinancialekg]

Great comment!!

[@tz1592]

Hi Drew, new to channel. I don't know why people want to retire before 62-ish if they don't have many millions of dollars saved in today's economic environment. Health care costs are outrageous, inflation in general is crazy. I'm in my early 50's, on track with a 5-6% return to have over $5 million saved in retirement accounts when I turn 62. I'm still not feeling confident it will be enough. Not trying to get hateful responses, I just worry about inflationary pressures from this administration.

[@yourfinancialekg]

Thank you so much for watching! Everyone has their own desires and concerns and those are what drive our retirement decisions. I personally think the pandemic has driven more individuals to retire early because of the realization that life is short. That is why we do planning at all different ages and account sizes. I want to show many different examples.

[@sct4040]

That’s a ridiculous question, at $1M of course you can unless you are an over spender.

[@yourfinancialekg]

Maybe not

[@hippusmaximus9319]

"Delegent" LOL

[@yourfinancialekg]

Did I mention I'm from KY and we struggle with English?😂

[@kenknutson4684]

Wrong. If you do the math you''ll get more money out of your social security if you take it as soon as you're eligible. You don't really catch up to what you would have received from social security if you waited to 67 until age 91or 92. Also this video isn't a can I retire at 55 with a million dollars. You go right into social security which they can't access until they are 62. That shouldn't come into play at age 55. And also they have 3 million in assets not just a million dollars.

[@yourfinancialekg]

Thanks for watching Ken!

[@kenknutson4684]

I only say this because my wife is 54 and getting laid off from her corporate job next month (Ai strikes again). She will have the million in savings (401k, Roth and stocks) and cash. I'm retired already at age 64 and collecting SS and no savings. After nearly 30 years at her job she doesn't want to pivot to something new if she doesn't have to. We wanted to know at her age is there a strategy to pull out the interest on the $1 mil and not touch the principle. And how much would that be? Regardless of our expenses because we can downsize to just utilities if needed. The video doesn't show that. @@yourfinancialekg

[@sct4040]

Assets that is not spendable doesn’t really count as income. My home is an asset, but I can’t spend the money in the supermarket. 😂

[@JayandLisa]

If you make a combined $300k a year and you worry about not having enough for retirement then you have a bug problem than that. Go get your head checked out

[@chmtek]

If you use the rule of 55, Can you work as a contractor to the current employer. Getting a 1099 instead of W2?

[@growsinhouseherbiculturali1100]

Depends on your healthcare options, I think.

[@NipItInTheBud100]

This would have been the perfect video without the pension! Great content otherwise!

[@yourfinancialekg]

Glad you liked it!