Today, Expert Financial Advisor and Vice President of W.A. Smith Financial Group, Jarrett Lang, walks us though iroc341’s retirement scenario. On a recent video, iroc341 commented and asked if he could comfortably retire with the amount he’s got saved and how he stacks up against his peers – well, let’s find out!

Want us to talk though YOUR scenario? Leave it in the comments below!

Click the link below to watch the original video iroc341 commented on:

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Contents of This Video:

0:00 – Intro

1:10 – Iroc’s Question

1:35 – “What We Know”

3:36 – “What We NEED To Know”

6:36 – Let’s Assume Some Things”

9:38 – How Much Should Iroc Withdraw?

10:59 – Iroc’s Withdrawal Rate

11:34 – Iroc Vs. His Peers?

12:35 – Outro

DISCLAIMER: This video is for informational and educational purposes only. It does not contain investment advice or constitute a recommendation of any investment strategy. Investing involves risk of loss and past performance is never a guarantee of future results/returns. The strategies discussed may not be right for you, and your personal circumstances should be considered before the adoption of any investment or tax strategy. You should review all tax decisions with your accountant, counsel, or tax advisor. Investment advisory services provided by Great Lakes Retirement, Inc., an SEC-Registered Investment Advisor. Insurance and tax planning services provided by W.A. Smith Financial, LLC. W.A. Smith Financial Group is a paid sponsor of the Cleveland Guardians. You can read more here:

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I’m 60 Years Old, Can I Retire In 2 Years With $625k Saved?

retirement planning is a major concern for individuals approaching the golden years of their lives. It is a time where one can finally relax and enjoy the fruits of their labor. However, the question of whether one can retire comfortably with a certain amount of savings is not always straightforward. Let’s take a closer look at the scenario of a 60-year-old individual with $625,000 saved, and whether it is a sufficient nest egg to retire in just two years.

First and foremost, it is essential to consider your lifestyle expectations during retirement. Are you looking for a frugal retirement or a more luxurious one? The standard of living you desire will directly impact the amount of money you will need to retire comfortably. It is crucial to evaluate your current expenses carefully and determine how they might change during retirement. Assessing factors such as housing, healthcare, travel, and leisure activities will give you a better understanding of your financial needs.

Furthermore, it is essential to take into account the potential for inflation over the next couple of decades. Inflation erodes the purchasing power of your savings over time. This means that the value of your money will decrease, and you will need more to maintain your standard of living. It is wise to incorporate inflation into your retirement planning to ensure you have enough funds to last throughout your retirement.

Another factor to consider is the potential returns on your investments. With $625,000 saved, it is essential to have a well-diversified investment portfolio that can generate enough returns to sustain you during retirement. This might involve consulting a financial advisor who can guide you in making informed decisions about where to invest your savings. The returns from your investments will greatly affect the longevity of your retirement fund, so it is crucial to regularly assess and adjust your investments as needed.

Additionally, one cannot overlook the possibility of unexpected events and emergencies that may arise during retirement. Medical expenses, home repairs, or other unforeseen circumstances can put a significant strain on your finances. It is crucial to have a contingency fund for such situations, separate from your retirement savings. A rule of thumb suggests having an emergency fund to cover at least six months’ worth of living expenses.

Considering the factors mentioned above, it is important to acknowledge that retiring comfortably with $625,000 saved in just two years might be challenging. The average life expectancy is growing, and individuals are living longer than ever before. Therefore, your retirement savings need to sustain you for a longer period of time. Withdrawing too much from your savings each year might deplete your fund too quickly, leaving you financially vulnerable later in life.

However, there might be ways to increase your retirement savings within the given timeframe. One option could be to consider working for a few more years to allow your savings to grow further. This additional time can make a substantial difference in the size of your retirement portfolio. Alternatively, downsizing your current lifestyle and reducing expenses may also provide an opportunity to preserve your savings.

Ultimately, whether $625,000 is sufficient for you to retire comfortably in two years depends on your personal circumstances, expectations, and financial goals. It is always advisable to seek professional financial advice tailored to your situation, as retirement planning is a complex endeavor. A financial advisor can help you create a comprehensive retirement plan, taking all aspects into consideration, to ensure a secure and fulfilling retirement. Remember, it is never too late to start planning for your retirement, and the earlier you begin, the better the chances of achieving your desired lifestyle in your golden years.