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She’s 62 and Single, Only 100k, Can She EVER Retire?
As retirement age approaches, many individuals find themselves wondering if they have enough saved up to comfortably retire. For some, this question can be even more daunting, especially for those who are single and have limited savings. Take the example of a 62-year-old woman with only 100k in savings, can she ever retire?
With the average life expectancy on the rise, planning for retirement has become increasingly important. However, for some individuals, external factors such as job loss, health issues, or divorce can hinder their ability to save for retirement. In the case of a 62-year-old single woman with only 100k in savings, the prospect of retirement may seem out of reach.
One key factor to consider in this scenario is the woman’s expected retirement lifestyle. Will she be able to downsize her expenses and live a more frugal lifestyle in retirement? Is she open to working part-time during retirement years to supplement her income? These are important questions to consider when trying to determine if she can ever retire with only 100k in savings.
Another aspect to take into account is the woman’s current financial obligations. Does she have any outstanding debts, such as a mortgage, car loan, or credit card debt? Working to pay off these debts before retirement can help alleviate the financial strain and allow her to stretch her savings further.
Additionally, it may be beneficial for the woman to consider seeking professional financial advice. A financial advisor can help assess her current financial situation and provide guidance on how to make the most of her savings in preparation for retirement.
Furthermore, the woman should explore potential sources of additional income during retirement. This could include Social Security benefits, income from part-time work, or any other assets she may have, such as a rental property or investments.
While the prospect of retiring with only 100k in savings may seem daunting, it is important to remember that there are options available. By carefully assessing her financial situation, making smart financial decisions, and seeking professional advice, the 62-year-old woman can work towards a comfortable retirement.
In conclusion, while it may be challenging, it is possible for a 62-year-old single woman with only 100k in savings to retire. With careful planning, budgeting, and perhaps some additional sources of income, she can work towards a fulfilling retirement. It may not be easy, but with determination and the right financial approach, retirement can become a reality for her.
Why not have her invest her $100k in ET w a 9.73 percent unit payment, Arbor Realty w 12 percent and the remaining in Schd& Jepi? She could bring in around $9k per year
I left the US with $2000 in credit card debt and taking SS with a small pension
Started living on $600 a MONTH vs $3000 in the US
As the years went by, I began saving like crazy esp when SS jumped up
Bought a nice 2br condo for $26,000 and continue to live on $500 a MONTH total
Now have enough saved to buy ANOTHER CONDO in the north of my country
HAVE FREE HEALTHCARE
ONLY STUPID PEOPLE THINK THEY NEED 100K TO RETIRE !!
Josh, love these types of videos.
Stop the charitable giving and buy a cheaper small home somewhere retirement tax friendly….
A single woman needs a 350K house? Seriously? lol
Someone needs to break it to her that she will likely die before she reaches 83….The odds are not in her favor. Or mine. Or Yours. lol
Josh what is the name of your software program you always show us viewers!? Maybe you have said it in past. Love your videos
Nobody has pensions anymore?
Josh, I don't understand why in rare cases you wouldn't advocate the employee work FT until 70 and thereby totally maximize Social Security. This seems to be one of those cases. Just a thought, thanks.
Well getting a part time job because you need to is not what I call retirement but I guess its how you define retirement. I am glad you are showing the more lower income situations and how it can be applied. You threw out some good ideas, as usual, and give us the viewers food for thought. Showing us the alternatives.
An alternative; sell the house and move to another country, with that funding she can live very comfortably in places like Mexico, Ecuador, Colombia, Phillippines, Thailand and more.
what is the highest SS one can get at 62? She is pretty much will rely on SS benefit.
Retirement does not have to mean that you are not working at all. It can mean that you are working because you want to instead of because you have too. It can also mean that you are working on your schedule or doing what you want instead of what you felt you needed to do to make sufficient money. I would not mind retiring and continuing to work my existing job on a part time basis and on my terms and schedule.
This guy touts reverse mortgages. That is straight compounding AGAINST the house. This isn’t a good plan if you give a crap at all about the situation you’re leaving behind for others. And who wants to live retirement INCREASINGLY in debt?
This was a cool breakdown- what if she'd sell the house and rent? 20k SS, 4k rtrmnt fund, 6.4k from 4% CD's (house prft) puts her at 31500ish per yr- clear, safe, and low risk. Easy work for 2 days a week @ $15 per hr nets 11k+, putting her over 42k a yr with no debt, 5 days off a week, and less than half of her income from govt programs. She has options- this channel proves it, thanks!
I think the word retirement means something different for a lot of people. I'm 60 and I plan to retire at the end of the year. I hate to say that to people anymore because I feel like I have to explain myself. Most people look at me and say I look way to young to retire. I take that as a complement. Then they say something like "they will work forever or until they are at least 67 or 70 because they like there job". I've never said I don't like my job. I really do like my job, but I really do have other things I'd like to do with my time while I'm young and healthy enough to. Like Joe Kuhn says, I'm retiring to something not away from something. I'll always be very busy and as active, I am now, but I won't be working for someone else. Maybe their definition of retirement is to sit at home and do nothing. Maybe I'm wrong. Maybe I'm just quitting my job at the end of the year after 35 years with my company and I'm not retiring?
Will she have to pay capital gains when she sells her house
Pencil , paper , calculator. Figure it out , Make a plan . I did it .
In 2016 I was offered a separation package or risk getting laid off. It sucked, but my gut was telling me to take the package. 24 year job, is gone. I couldn't find a decent paying job and settled with a job that paid me 1/3 of what I was making. The valuable lesson I learned was the ability to be happy with less. I left that job last year and so far I'm doing ok. Living off my IRA penalties and all. The price of being free. I have an ACA for healthcare. Need to be accurate with your estimated yearly income or they will hit you hard on taxes. I had to pay 2700.00 last year. But even with that, I had a COJ that I hated. I'll pay the price for freedom.
Start collecting social security, sell everything, get 100% debt free, part time it until not necessary and invest 80k into high paying monthly dividend income ETF's and ETN's. Keep 20k in high yield checking for emergency fund..
buy some land and live off grid , a house is a money pit
I lived in a beach front condo community when I was in my 40.s , I was the youngest person in the community.. What I observed with people who retired,, they played golf for about a year, went and ate out every evening.. coming back quite liquored up.. The people sat at the pool with their wine boxes getting quite drunk before dinner… So many of these retirees after about a year became so miserable , complained about everything., and often developed health problems.. The lesson I learned from living at the beach was,, never retire, keep busy,, get a part time job work around some younger people become their mentor , share your stories about life with them, challenge yourself, help others, give back something to society..
How can you say she's gonna need the same 75 k a year if she retires ? Everybody knows that expenses go down after you retire with no commuting , eating out all the time . She can probably get by on 60 k a year . And downsizing her home would put enough money in her pocket to make it just fine . Sorry I gotta disagree with ya on this one .
You said part time, but figured 30k over 2000 hours that's full time. Probably should consider 1000 or 1500 hours at $14/hr
15% Capital gains will be owed on that house sale for the value increase over purchase also ?
She shouldn’t get a house that cost that much especially in central PA. Why can’t she downsize to a condo or apartment? This way she’ll have more money left over.
I’m sure she can get housing for $200k in central Pa which would be extra $150k plus the $100k she already has.
Almost same situation as my aunt expect my aunts $2k a month living expenses included everything from a – z.
I love the real life examples. I wish you’d do more of these even if they are made up scenarios. I absolutely love your videos though. I can’t figure out what her true monthly expenses are in this one. Does she needs $76000? I listened twice. Without that info it falls a little short for me.
You don't need a job for Obamacare. Just claim enough "income".
How many years is she going to be working part time for? I might have missed you saying. Thanks for the retirement examples Josh.
Just move to Mexico. You can live on $20,000 a year.
She should increase her savings rate from 5% to 25% while she's earning a higher income.