Retire at 62 with $150,000 In Retirement Savings || As a single person

🌟 Retiring at 62 with $150,000 as a Single Person 🌟

Join us on this journey as we delve into the key strategies and financial decisions that enabled this individual to reach their retirement goal. Here are some of the valuable retirement lessons covered:

1️⃣ Establishing a Realistic retirement Budget: Discover how creating a budget can help you manage your expenses effectively, prioritize savings, and work towards financial independence.

2️⃣ Consistent retirement Saving Habits: Learn about the importance of setting aside a portion of your income consistently, and explore strategies to automate your savings for long-term success.

3️⃣ Minimizing Debt before retirement: Understand the impact of debt on your financial goals and explore practical approaches to reducing and eliminating debt to accelerate your path to retirement.

4️⃣ Smart retirement Investments: Gain insights into different investment options, understand the benefits of diversifying your portfolio, and learn how to make informed decisions to grow your savings over time.

5️⃣ Lifestyle Adjustments: Explore the power of conscious spending, distinguishing between wants and needs, and making intentional choices to live within your means while still enjoying a fulfilling life.

**Free Retirement Download: The Checklist to Retirement:** 📊

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

[casmithc]

Drew, thank you for using an example that fits a lot of SINGLE people out there! 👍👍👍

[fasteddy]

Drew, your cutting a lot of beer out of his budget. 🤣🤣🤣

[kevinfestner]

I learn so much from this channel to revise my plans, and stress test my retirement. This scenario is closest to me except I can figure on 4 times that in retirement savings or so, adding a seasonal job taking home around 30K per year, which I love, as I work from home. I would take SS at my full age. Still revising my plans as I save more.

[thepassman]

I had a moment of Deja vu Drew🤣I could have sworn you already put up this video before. That being said I am glad you did. Have you considered clients who may decide to retire overseas? I'm a Veteran and may soon decide to retire in either Thailand or the Philippines. I would be relying on Social Security and my 401K which is slightly more than the 150K that you explored in this example. Cost of living is doable in many overseas countries. Last that I remember a single adult can live in the Philippines for example on $1, 000 to $1, 500 a month for all expenses, rent, food, utilities, transportation, health insurance etc. My estimated social security payment at 62 which is in a couple of years is just under $1, 800 a month. This would allow me to use part of my 401K savings to purchase a condo for between $25, 000 to $50, 000 and have the minimum required deposit in a bank ($30K) which I believe in the Philippines is to cover unexpected medical issues and still have some of the 401k left over to supplement Social Security. It would be helpful if you could include a video now and then for folks who may decide to retire outside the USA. Thanks for the great examples you present for different situations.

[deerhaven]

Some of us may have been widowed at some point in our adult lives and if that's the case may be eligible to draw on TWO social security funds: our own and the fund of our late spouse, which is exactly what I'm doing. Additionally, if a person plans well and pays off their mortgage, car, credit cards and any loans before retiring the annual expenses should be less than $40K per year.

[pizzame]

This is hopeful, the second plan almost worked, 82 is about the average lifespan for a man. So delaying a little more, saving a little more, reducing expenses a little or any combination would increase the odds. I am looking into moving to a cheaper part of the country in the next 2 years or so. That could save $500 in rent right there. I found being retired great but lately all the free time lets me think up scary scenarios. I make the same or more than when I worked and yet there's always that fear that maybe I should have waited.

[quietearthMT]

One big factor that is whether or not the individual has a mortgage in retirement. That accounts for a huge percentage of the monthly costs of an average person.

[ac]

Drew, the way you can appreciate the 70 year old ushers at Tropicana Stadium speaks VOLUMES about your character. The world could use more people like you, thank you.

[tyuzgbv]

$40, 000 still seems high for required yearly income

[rudyardganuelas]

I did the math on this person.
This person averaged making about $60k a year for 35 years and saved 1.9% or about $100 a month. It’s going to be brutal for them to drop spending to 2/3 of what they are accustomed to.

[stevesilver]

I like these price ranges. Would be good to see different scenario on little more savings like 200k~300k

[jjdelamo]

Retire in the Philippines. Live like a king on $2, 000/mo budget.

[MrCrispypata]

If you have $150K, don't touch it until you're 70. Try to live off social security or if social security is not enough, work part time like Drew suggested. I don't have a lot in my 401K but I think if I withdraw 5% every year, I will not run out of money.

[josephjuno]

I am very close to Tbat except I have $1842 mo pension and $400k iRA and am working Part-time w Healthcare this year. So I think I shud be able to make it?

[dogegamer]

The short answer is no. The long answer is no they can't. Back to work!

[nolanrizzo]

My parents both died in a car accident in 2006 left me and my 2 brothers money, over 500, 000$ under 1million. I live in Orlando Florida on international dr down the street from sea world. And i teach guitar lessons on the side... Me and my two brothers are doing, fine i don't understand how you guys can't live off this🤷‍♂️🤷‍♂️ everyone doesn't live til age 70 or some don't live to retire. My parents was in good health and still lost their life to a drunk driver 😢i get it but live life because life is short 💯 yall too worried about being a millionaire lol

[eqkgyps]

Hi Drew, I'm married almost 62 stressed to the max
I might have 125k by the time SS starts in September
Depending on what happens in the next couple months, I will either quit work or go part time.
EKG sounds like something to set me straight
Please

[johngill]

Great job and love your dream in retirement. Retire to something not from something

[DWilliam]

I running out of money at 82 is perfect. Why do you want to end up paying a skilled nursing home or nursing home all my money? I expect to give and spend all my money away by the time I’m ready for the retirement home and let the government, for once in my life pick up the tab.

[nyaz]

As mentioned in a previous comment in another video how are you factoring your medical cost as part of your monthly expenses. In this example I am sure if you tactor it in it will increase your monthly expenses significantly. This video I believe is a little misleading.