Retire Early With $6,000/month in Retirement Income, How Much Do I Need Saved?

Retire Early With $6,000/month in Retirement Income, How Much Do I Need Saved?

In this video I want to talk about how you can save the retirement money you need for the retirement income you want.

We are going to discuss a specific retirement strategy that will help you in your retirement planning and financial planning no matter what age you want to retire.

There are several ways to retire with a monthly retirement income of $6,000, but the specific retirement strategy will depend on your individual situation.

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Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for "retirement planning at 30", "retirement planning at 40", "retirement planning at 50", or even "retirement planning at 60" understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.

Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called "Your Financial EKG™." What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50's, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.

❌ **Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.** ❌

Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060

Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!

#retirementplanning #retirement #financialfreedom

[dtovar]

Thank you. You always give a great presentation!

[jdollar]

Good base scenario. I bet half rhe comments will be "but what
I've tried to figure our retirement income at exactly what our bring home pay was in our last year of working. Right now we are getting about 35% of our income from dividend stocks, 15% from interest, 10% from 2 rental properties, and the rest from cash. I plan to delay SS until FRA, maybe layer, unless the market doesn't cooperate.
We use 4% as our expected rate of return. That way we can just be happy when the market performs. Those dividends are great because of favorable taxation and that income really isn't dependent on the markets.
Good video.

[rayanderson]

Well done. Might I request a similar scenario with different SS points? The right time to collect when you don't really "need" the money but want to preserve more of your savings for heirs or later use. Thank you again for your attention to detail.

[scottwilbanks]

I like how you did this backwards based off monthly dollar amount. Do a 3 scenario video now for 4500, 5000 and 5500 for comparison.

[luchiemarieriveraaban]

The best to retire if you have money is here in Philippines convert your dollar to peso mostly living a modest life your $2, 000 per month is enough to sustain the needs of your family

[stevenpaul]

Is that a photo of you and your family in the background?

[uglyone]

I expect to delay social security at 70. For couple expect 78, 000. Don’t need anything else.

[NipItInTheBud]

I wish you would use another social security amount other than $2800. All of your videos seem to use that number and that’s way more than what most people I think will get from social security at full retirement age! Otherwise great videos and great information!!

[gabepeterson]

Or retire from the military and get yearly raises for the rest of your life. I’m 48 with just over 6k a month after taxes. Best decision I ever made.

[teams]

Good to base on 4% ROR. We have had 10 years where no return was made.

[jameschaves]

I can’t imagine needing $6, 000/month. I’m currently living on $3, 500. Even if I add $1, 000 for health insurance that’s still under $6, 000

[johnf]

That is very high compared to normal people pension average 2000 thousand dollars 99%percent people only can dream in ther life time making 6000 net income that is almost 120, 000 gross this work oonly for politicians.

[trabiezoo]

Why not invest in dividends much easier

[donald]

Dang, Drew! $72K a year in retirement seems pretty modest, yet most 55-year-old Americans average $230K in retirement savings and make about $50-$60K per year. Very few will ever be able to save $1.9 million in their lifetime, let alone at age 55. Folks be thinking, Hmmm. Live in my car or turn to a life of crime? ☹

[jjdelamo]

you don't need that 1.9M to generate $6, 000/mo income.

If you assume $2, 000/mo from SS at age 62, you will need only 400k in assets invested at 12% annual yield to get $4, 000/mo. Example QYLD yields about 12%/yr paid.
monthly.

I am not 62 yet, 58 here, i own rental properties (net equity is $600k) that generates $4, 000/mo NET cash flow, I also invested $200k in QYLD and it provides me $2, 000/mo dividend.

As you can see, my total equity in real estate + QYLD is $800k, and I receive $6, 000/mo net passive income.

At 62, i will get SS of $2, 300/mo.

I have other investments, but this shows you that you don't need 1.9M to generate $6, 000/mo.
Also, i bought these rentals many years ago and it didn't cost me 600k to buy them. actually my total investment in RE was only less than 100k.

[bobdrago]

The average salary in America is around 50K per year before taxes. A single person at age 36 is not going to save one million dollars.