Can I Retire at 55 with $2,500,000 in Retirement Savings & Retirement Investing Accounts

Can I Retire at 55 with $2,500,000 in Retirement Savings & Retirement Investing Accounts

In this video, I want look at a couple wanting to retire at 55 with $2,500,000 in retirement savings and retirement investing accounts.

We are going to examine when to claim social security benefits, retirement income cash flows, and if they can retire early at 55.

**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

[bernie]

I retired almost 8 years ago at age 62. So far I have not touched a dime of my retirement money. At this rate, how long will my money last?. As long as you are answering stupid questions I thought I would give you one of my own. My question is "are people this out of touch when it comes to money? We all learned how to do the math in grade school.

[jerrylabat]

I think you needed to include health care cost, with them pulling out $150K per year, they won't qualify for ACA subsidies, so they could easily see $2K per month between premiums and expenses. I used $150K to cover the $125 they needed for the expenses they listed plus income tax.

[ms]

Why wait till 67. Take Social Security at 62 an invest or use the money. The break even if you wait is at age 79 and who cares by then?

[sampropane]

Travel expenses are getting out of hand. A good one week vacation in 2019 seems like it has gone up 3 to 4 time now in 2023. And rates for hotels in summer of 2024. Apples to apples are up further.

[mr.worldfree]

If I retire at 55 what do I do about health insurance?

[pensacola]

They can probably make it, but I would work at least 2 more years or until mom passes. They are too close.... And BTW. I'm 72, and we are traveling more than ever. You don't slow down at 70...

[situated]

I just really need the S&P 500 Index to again reach its former record intraday high of 4, 819 from 1/4/2022.

[Dave-FIREd]

I must be missing it... With that portfolio and retiring at 55, where is their monthly income/cash-flow coming from? You said no pension and not taking SS until 66, so for those 10-11 years, where's the "monthly paycheck" coming from? Also, I didn't see any planning for health care costs, unless that is already factored into their $5K/month spending.

[JBoya]

Shouldn't these number be run through some that accounts for the various combinations of the assumptions. Something like a Monte Carlo Simulation that covers good and bad periods of the assumptions.

[jeanjasinczuk]

How can their expenses grow so much at age 80? Getting older, they will probably not spend as much on discretionary eexpenses like travel.

[raphaelcolantonio]

This seems to not account for leaving anything behind to your kids. “Look, at 100 years old, you still have 10k in savings”. I plan to leave a passive income to my son, so the calculation is very different. Also, what if they make it to 110 😅?

[johnb]

start roth conversions (ladder) now before the Sunset the end of 2025 to take advantage and the and adjust depending on the new tax brackets 2026 and later, also dont forget reverse mortgage on their home if its not being passed to the kids. so many potions for these folks.

[bullbutter]

Gramps is hedging with Bitcoin, not Worried

[phillipbryant]

All of their assets are in tax advantaged accounts. Did you factor in a early withdrawal penalty?

[mallardcutter]

$50, 000 for a wedding ? That money would be better used towards a house down payment or mortgage pay down. The mentality of this kind of person just kills me.

[MarkHamblin-yd]

In todays economy $5, 000 per month to live on is not practical and where are they going to travel to that's worth going for $5, 000.

[diflyboy]

Cut to the chase, if you assume a 6% inflation adjusted rate of return, then you will be OK withdrawing 4-5% of the balance each year. You know, because 6% is greater than 4-5%. Then manage your expenses to no more than 80% of your income. Big brain stuff.