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You Can’t Retire! You Only Have $300,000!
The thought of retirement is a dream that most of us aspire to achieve one day. We envision a life of relaxation, freedom, and pursuing our passions without the constraints of daily work. However, for many individuals, the dream of retirement quickly turns into a harsh reality when they realize they don’t have enough saved up to support themselves in their golden years.
One common misconception is that a sizable nest egg isn’t necessary for retirement. The truth is, $300,000 may sound like a substantial amount of money, but it can quickly dwindle away when faced with the rising costs of healthcare, inflation, and an extended lifespan.
Consider this: if you were to retire at the age of 65, with a life expectancy of 85, you would have to make $15,000 per year from your savings alone, assuming you don’t have any other sources of income. This means that, without any investment returns or interest, you can only afford roughly $1,250 per month to cover all your living expenses, including housing, food, transportation, and healthcare costs.
It’s evident that relying solely on $300,000 for retirement is a risky move, and it leaves very little room for financial security or unexpected expenses that might arise. Therefore, it’s important to take a proactive approach to ensure a comfortable retirement.
Start by looking at your current financial situation and evaluate your options. If you’re still working, consider ways to increase your savings by cutting unnecessary expenses and finding additional sources of income. Making small lifestyle changes, such as cooking at home instead of eating out or downsizing your living arrangements, can make a significant difference in your overall savings.
Furthermore, it’s essential to take advantage of retirement savings accounts, such as a 401(k) or individual retirement account (IRA), which offer tax advantages and potential employer matches. Maximize your contributions to these accounts and invest your savings wisely to generate compound returns over time.
Another consideration is the possibility of working part-time during retirement. Not only does this provide a continued stream of income, but it can also help you fulfill your desire for staying active and engaged with the community, ultimately improving your quality of life.
Lastly, don’t shy away from seeking professional financial advice. A financial planner can help you develop a personalized retirement strategy based on your specific goals, income, and expenses. They can guide you towards the most efficient options and investments to build a larger nest egg and achieve a more secure retirement.
While $300,000 might seem like a large sum of money, the reality is, it falls short of providing a comfortable retirement in today’s world. Taking a proactive and strategic approach to saving and investing, coupled with seeking professional advice, can help you bridge the gap between insufficient savings and a secure future. Remember, it’s never too late to start planning for retirement, even if retirement is looming just around the corner.
Bob and Jane emailed me to say:
"Debt free is the key for us. And we lived on "rice and beans" when we had 3 in college, but now we get steak! Our past financial mistakes hasn't ruined our future… but taught us defered gratification so we can have an amazing retirement and still leave an inheritance for our family."
U csn at 300k if debt free abd 300k all cash or roth
If someone has a pension, is the social security reduced? And if someone gets divorced after 25 years and remarried who gets the spousal benefit? Thank you
The only people who are going to have a significant impact on their investment portfolio are those who view the recession of 2022 as the greatest chance to become wealthy. It is crucial to distribute money out among channels that are prepared to do well in recession and later on
If one leaves the USA, he can retire.
Joined the Navy at 18 with 7k in the bank. I did janitorial and smoked a lot of pot in high school. Left the Navy after months with 40k in the bank. Invested 30k in the S&P stocks. Started working at UPS, Exide Battery and did concrete on Saturdays. Invested 1k a month every month into it with my Financial advisor James Fletcher Brennan, Cashed out 350k from the S&P Cashed out and Semi retired at 31. Took a year off. Traveled. Came home and started working part time just for the insurance, entertainment and pocket change and still investing in stocks with a 3 million net worth, Work isn't work when you don't have to work. Becoming wealthy can be done in few years. It feels like 60hr work weeks. Feel the pain of discipline early or feel the pain of regret later. I wish everyone well!
You can easily retire with $300K. Just put it all into SVOL.
Major problem with this. The boat will be thousands upon thousands more. B.O.A.T = Break Out Another Thousand.
I was going to wait until age 70 but I am going to retire at almost 68. It is tight going right now but if anything goes wrong that is Major I would have to put it on a credit card and I just don't want to do it either that or pull out a substantial sum from my IRA and I don't want to do that either. I have been retired for 2 years living on a pension and some IRA money. I have decided that I want to do things while I'm still able so have decided to take my retirement before 70. I hope and believe I will be okay for doing this. I have watched too many people between the ages of 65 and 75 get serious health issues and or even drop dead. So I have decided to take the risk and if I live way past 90 so be it. I have no debt so hopefully when I take social security I will have more than I need even with some travel in mind and I can put that in savings too
Did you calculate the SSA windfall provision? since he gets a government pension. This can significantly reduce the amount he, they, get from SSA.
$300k at age 73. will that work ?
i feel like most people are looking to retire early or at the traditional retirement age, but many of them don’t have the money .
i have not seen anyone discuss the amount that would finally allow retirement after the traditional age was missed. if a person has a relatively high income and relatively high social security monthly checks( with no income limits are reaching full retirement age), they could accumulate a significant amount and retire in their early 70s.
In general, the focus should be on personal health first. what good is retirement if you are in poor health because you did not care for yourself?
Exactly. It's all about expenses and cash flow. I'm retired and I have figured that the absolute minimum to survive for me per month is $3000. I know some can survive on less, but that's my number. I'm now 67 and I still have not started on social security. I'm living out of my IRA. I'm planning to wait to age 70 to start collecting social security. That will provide me with a nice cash flow to cover the $3000 minimum needed to take care of my expenses and to provide additional funds, as may be needed, without continuing to drain the IRA.
I think this is a good plan for me.
U can if you're single with NO debt
I'm 44 and I have roughly that, so I"m doing ok?
Lol josh you need help
I just found your channel. You are a breath of fresh air. I think like you. I do not know taxes but I do know money and spending. You are honest about how much money you really need to retire. You are not like the crooked scumbag radio finance people that only want to help you if you have $250 thousand in retirement money. If I have that much in my retirement account by doing it on my own why do I need them ? They are crooked scumbags. In my opinion-:) You Rock.
ACA makes early retirement available to lots of people. It gets one of the scariest things out of the way. The down side is ACA doesn't let you pay a lot of taxes (withdrawal from IRA's)
Thanks Josh for keeping our minds thinking.
Is not line of credit and reverse mortgage different. You mention both at the same time. With line of credit do you not still retain ownership of the home after repayment of the l o c while reverse mortgage at the end the mortgage company owns the property?
A 60 year old, planning to work another 9 years, might be a good plan, but plans dont work out when you encroach on the 62 or 65 mark. I've known people whom did not plan to retire at 65, but both of them did.
I can't retire neither but l am still good looking
Are tithes included ?
Folks! You need $2 million to retire at 55. There is no beating the bush. Healthcare and helpers costs will easily cost you $50,000 a year. Sorry but that is reality.
450k home is probably already worth more.
Josh has and does give great financial advice and he’s hilarious to boot. Lol