| Title | : | How Much Retirement Income Will $600,000 in Retirement Savings Generate? |
| Lasting | : | 22.21 |
| Date of publication | : | |
| Views | : | 86 rb |
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@yourfinancialekg I have a special case where my wife and I want to retire at 60 but leave at least X amount to both our kids when we die If this would be an interesting video for you to make, let me know I am organized, with all the details if it sounds interesting to you Comment from : Jerome K Jones |
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Why no mention of his healthcare costs until he reaches age 65 If your on Obama care your roughly $600/month and that is if you have $50,000 of income or lessThe more income the higher the premium And at about $70,000, no subsidy at all Healthcare is extremely expensive especially here in FL, not sure about Wyoming And it does play a huge roll under the age of 65 If I were him, I would cash in enough money and take the tax hit now so he could live of cash for 4-5 yrs and let the rest of his money grow Just another thought Comment from : Wayne Bondy |
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Just retired 62 with two pensions, 700k 401k and am planning on taking SS at 64 Mrs still working, with a pension and similar 403b No debts I see your EKG schedule is out till DecbrbrDoes your company provide financial services where one doesn't have to keep on top of planning as you said at 95? Comment from : Roy Public |
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Too confusing Comment from : Christine Ranieri |
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I live in Virginia Comment from : Al S |
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Great video! So doing Roth coversions I will not pay as much taxes? I am confused how you did those coversions? Comment from : willay747 |
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Why work till 67? Might kick the bucket at 68brI stopped at 56 just in case 😮😂 Comment from : Anthony |
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Why work till 67? Might kick the bucket at 68brI stopped at 56 just in case 😂 Comment from : Anthony |
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Even a paid-off home has monthly payments to cover property taxes and insurance Comment from : William Rogers |
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Will he downsize his house at a certain age? Comment from : Ken |
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Absolutely the best and top most videos on retirement planning Loved every bit of your analysis and approach Thanks for sharing I'm considering getting into retirement as well as personal planning to help those who come to me for advice Can i do that as an individual or do i need to be certified? What all should i do? Do you teach? Comment from : J K |
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Great video A tragedy though that there is no money left for a family legacy No wonder the future generations are not wealthy There needs to be far more education earlier concerning financial sustainability Comment from : Douglas Thompson |
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What roth conversion are you converting the pre tax income? is it the Roth IRA or the Traditional Roth? Thanks Comment from : Arven Somoso |
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$600,000 saved for retirement should be at least 600K When you die Live off what it generates, should be 8 percent or better Add SSN and you should be in above average income earner in 80 percent of the cities in the USA And you can live aboard as a option Comment from : Tracy Maxie |
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Simple answer Not enough 🎉 Comment from : Hugo Habicht99 |
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I am very surprised that you did not mention healthcare costs Especially with him needing coverage from 60 until 65brThe obama care subsidies work strictly on income Especially on a single person, if he took that much money every year he would have to pay full price for a decent insurance policy And we all know cancer and cancer meds can bankrupt you in a hurrybrYou better have a plan in the event of a healthcare crisis Comment from : Wayne Bondy |
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Short answer: It depends Comment from : MR |
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wowI think alot differently than this advisor1020 returns with various dividends True passive money clm iep usac arr dvn Comment from : Ken Francisco |
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If you can't generate a 10 return (60k from 600k) you probably didn't earn the $600k in the first place Comment from : dabbbles |
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Go where your money works hardest I have a pot of 700k, heading to SE Asia, happy days Comment from : A G |
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Shameful times in America that we are questioning if $600,000 plus SS at 67 yrs old is enough to live on Comment from : Ann Mitt |
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Money can be put into a Roth when you are no longer working? Comment from : cheryl DuBois |
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Better to park that $600k in a high yield online savings account earning 4 to 5 percent and what if he dies at around 65 or 70? Better he collect his social security as soon as he can at age 62 so he can enjoy it Comment from : Delta1 |
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My retirement plan, 1) Lottery 2) Casino 3) Leech off family Comment from : Sang Kang |
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24k annual + pension and or social security Comment from : rockin chucker |
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If I was investing it probably none Comment from : parkerbohnn |
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Should take social security earlier than 67 Comment from : John Bialek |
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Hey!!…I don’t care about his expenses I don’t care about his SSI How much income will the money make?? Ugh!!!!! Comment from : Chris K |
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These stories always end the same You have to live on a tight budget through your retirement years plus you have to rely on your social security to even make that work Any figure you have under 1 million is going to be difficult to stretch over a 25 year retirement Comment from : Jay Johnson |
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I really wanted to find out what the number was but I just I can't take you anymore and your discussion Comment from : Jim Lanning |
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All of this sounds great! And my money manager also has me living to age 99 The reality is that the average age of today's male is around 73 Hmmm Comment from : Leonard Gallagher |
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I love the deep dive into the numbers as well as defining the actual s and estimating their future growth Too many YT´rs present a philosophical approach to retirement without backing up the numbers I don´t need any more personal advice Until I saw this video I had not given thought to Roth conversions by installment Makes perfect sense and using a 5 year outlooks allows one to modify their plan as needed Good job Drew Comment from : Glenn Long |
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It would be nice if he has a work pension on top of the IRA and SS 8 more years before my MRA(57), and I am aggressively Investing my TSP(500k) right now into C, S & I funds hoping to get 10-15 interest/year I can't wait The VA will take care of my healthcare for no fee Thanks for this video as it makes me more confident to retire early Comment from : Vince K |
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Home prices don't go up, but home insurance and Real Estate taxes do Comment from : Kenneth Klinger |
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Not one mention of how annuities could guarantee his retirement income Comment from : Allan Bartlett |
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Anyone who starts out with an assumption that the S&P will earn 18 annual return, and bonds will bring 424, is either ignorant or being deliberately obtuse The inverse of those numbers is far closer to the long term averages Also, a 60 year-old should NOT have a 70/30 split of bonds and equities! If this is the financial advice you're giving customers, I can't help but wonder what kind of kick-back the bond funds are paying you? Comment from : Jason Broom |
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To me that's a whopper fortune, I'm nowhere near that number Now I feel poor as dirt! Comment from : Cathy Allshouse |
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If he has no debt, what is he spending $35000 a year on? Comment from : Paul Tarter |
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I realized things in America were worsening for retirees 5 years ago, so I started my "Escape to The Philippines Plan"; I was 60, with only $25,000 in savings and I had debt when I started I'll
brbe 66 when I retire in The Philippines 4/2024, and I'll have $220,000 in savings, $1,800 in Social Security $850 in monthly interest income, $1,500 monthly from 50 hrs of part time work for
bra US company and NO DEBT I can live VERY well in The Philippines for under $2,000 monthly, and this includes a "top tier" health plan at the best hospitals there I'll be able to SAVE $30,000
bryearly and live without fear of "running out of money" before I die, as the WAY LOWER cost of living and good healthcare (a fraction of The US) in the Philippines makes this a nice reality I
brrecommend others give this "plan" some thought, and there are other places in The World with similar low costs too, but as a retired Veteran I can get a retirement visa for only $1,400 with a
br$10 yearly fee, English is widely spoken in The Philippines, and there are many other benefits and "perks" for retirees there Comment from : CD Morrissy |
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Some good information here The expectation would be 6-8 on average for the S&P over time Comment from : Red Barn Financial TV |
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Health Care Cost? Comment from : Frank Lee |
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The Cowboy State TY This is closer to my scenario except I want to work a seasonal tax and accounting job during tax season that should pay with take home pay, around 19K per year How much do you charge? Comment from : Kevin Festner |
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Between a combination of pfd stocks & MLP pipeline stocks I’ve got about $600k generating $110k/yr I have assets beyond that, but it wasn’t hard to get that level Otoh I won’t see much price appreciation of those stocks I treat them like an annuitybrbrI’m still not collecting SocSec, which will contribute about $30k/yr in a few years Comment from : drumsnbass |
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No way, he has medical premiums to pay until he gets on Medicare plus his regular expenses And, he must wait until he is 70 to get the max social security These FIRE folks forget about medical expenses before Medicare Of course, this guy is single, no debt and lives in an inexpensive state I guess he can do OK if he lives frugally, doesn't buy a new car, doesn't go to Vegas and just exists (like a hermit) Good Luck To Him! Comment from : R S |
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Got my wife investing 20 into her 401k with a 2 $1 for $1 match and 50cents for the next 4 she started last year at 40yrs old I plan on brining it up to 25 next year my goal is for her to have over a million when she retires at 67yrs old She makes $65k a year at the moment Comment from : brian adams |
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If I turn 67 and my wife is going to be 70, will she still be able to apply for spousal benefit at 70 when I claim at 67? Comment from : J D |
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It's so clear to me now, brCan you help me to buy into the investment product where with 600k equity it is assured that:brequity is preserved for me, and grows at the rate of inflation,brinterest paid out to me will be $24,000 with COLA adjustment each year for inflation brbrthat's what I want thanks for your help Comment from : kevin welsh |
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WYOMING - 'THE SQUARE STATE' brit's on my car's license plate (we are only issued one car license plate in my state) Comment from : kevin welsh |
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How much of the $600K is in an IRA or other qualified account? How do RMDs affect cash flow and earnings? Any plan to leave anything for heirs? Why not an income annuity? Comment from : prettygirlus900 |
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I wish you were up here in S Indiana :) Comment from : Dwayne |
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Unofficially Wyoming is the Cowboy state, officially it is the Equality State They do not have motto on License plates Comment from : Victor Morrison |
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If you wait till 67 for ss and live on savings, do you make back the from higher payments to account for what was used from savings? Our ss total payments evens out around 70-80 y/o I took my ss at 63 with the covid shutdown and loose of income but did not need it since we could live on my wifes income so all my ss has just been going to the bank, untouched Comment from : clbcl5 |
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Living below your means" adjust your lifest, be frugal, budget, save and invest This helped me out as a 6 figure earner I've grown over a million in retirement savings with this method Comment from : Phil Lawson |
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Look into the etf QYLD it pays over 10 Comment from : Ra Cay |
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Did you figure in the cost of Medicare and a supplement plan when David turns 65? 🤔 Comment from : Generic |
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Since the title of this video is How much income… it would be nice to see at least one scenario solved for max income with little to nothing left for legacy Thanks for the video, Drew Comment from : MatchPointQS |
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Social security goes up by the inflation rate each year, so it would be more than the $2800 it’s projected at right now Comment from : D Forrest |
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Great as always I believe he will want to spend more per year Should have been saving some Roth and HSA whilst eating broccoli - work a bit longer and max catch-ups ? Also should do bigger roll overs if down years I would think? Probably dead at 80 but good to have the longevity insurance Looking forward to my next call Drew Comment from : Jeff Lloyd |
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Great info Thanks for the video's! Comment from : Jimmy |
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health insurance can run between $1000-$1500 a month, $2900 is not going to cut it!! Comment from : Sam The Stock Trader |
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We love Aldi! Savings there offsets the cost of overpriced coffee at Starbucks Comment from : Steve Mlejnek |
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Excellent information Thank you for sharing Your awesome Comment from : Matthew Henrikson |
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b*Free Retirement Download: The Roadmap to Retirement:*/b 📊br pearlwealthgroupcom/ Comment from : Your Financial EKG™ |
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