Retire at 55 🙌 || How Much You Need To Retire Early at 55!
In this video I want to look at a scenario for someone who wants to retire at 55 and asking the question, how much in retirement savings and retirement investments do I need to retire early?
**Free Retirement Download: The Roadmap to Retirement:** 📊
We are going to look at different retirement rules and retirement scenarios that will help you determine your retirement readiness, especially if you are doing retirement planning at 50.
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.
Click Here For More retirement planning Videos: 🙌
**Ready to get your personalized Financial & Retirement EKG: **🚀
**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: ** ☎️
**Visit our Website: ** 🖥
**Connect with us on Facebook: ** 👍
**More Retirement Information Here: ** 🧐
**Meet Your retirement planning Team: ** 😎
**Worried That Your Retirement Strategy Is Missing Something: ** 🤔
❌ **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
Info@pearlwealthgroup.com
Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
#retirementplanning #retirement #financialfreedom…(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Retirement is a major milestone in everyone’s life. It signals the end of a long and hardworking career, allowing individuals to finally relax and enjoy the fruits of their labor. However, not everyone wants to wait until the traditional age of 65 to retire. Many people dream of an early retirement that allows them to pursue their interests and enjoy their golden years with independence and financial security. Retiring at 55 is a popular goal for many individuals, but how much do you need to retire early at 55?
Retiring at 55 may seem like a lofty goal, but it is definitely achievable with the right planning and financial strategy. To retire at 55, you should ideally have saved up enough money to last you the rest of your life. This means that you need to have a plan in place to ensure that you have enough money to meet your financial obligations, including health care costs, housing, food, and other expenses.
One of the most important aspects of retiring at 55 is having a solid retirement plan. This involves creating a budget, estimating your expenses and income in retirement, and determining the amount you need to save to retire with a comfortable lifestyle. You should also ensure that your investment portfolio is diversified and includes a mix of stocks, bonds, and other assets to minimize risk and maximize return.
The amount needed to retire at 55 will vary depending on your lifestyle and spending habits. For example, if you plan to travel extensively or buy a second home, you will need more money than someone who plans to live a more frugal lifestyle. However, as a general rule, experts recommend that you save at least 25 times your annual expenses to retire comfortably. This means that if you need $60,000 a year to live comfortably, you should have $1.5 million in savings.
Of course, this is not the only factor that you need to consider when determining how much you need to retire at 55. You should also take into account your anticipated Social Security benefits and any pension payments you may receive. Additionally, you should ensure that you have an emergency fund to cover unexpected expenses, such as medical bills or home repairs.
Retiring at 55 can be a wonderful experience, but it requires careful planning and preparation. By creating a retirement plan, determining your expenses and income, and saving enough money to cover your financial obligations, you can enjoy a comfortable and stress-free retirement at 55. Remember that the key to retiring early is to start planning and saving as soon as possible, so you can enjoy your golden years with financial security and independence.
In all seriousness, great information. I have one question. Does the 25X rule, multiplying your expenses by 25 to figure out how much you need to have saved, factor in SS into that number? For example, in this example, $50,000 x 25 is $1,250,000. So do you need that amount in addition to your social security or should you subtract your expected social security payment from your expenses and then multiply that amount by 25? In this case 25x($50,000-social security)=Amount needed for retirement!
There’s another $2,800 social security payment…..it’s a miracle….LOL
Does the rule of 55 apply to 403b and 457 plans?
Take SS at 62. Tomorrow is not guaranteed.
Was able to retire at 50 due to injuries earlier in military service. Full medical plus receiving SS. Very, very thankful and blessed.
Just lucky enough that I have a good pension .I did retire at 55. Claimed Social Security benefits at 62.
If you retire at 55 how long does it take to get your money
The Mexican fisherman and American businessman story shows how we in the west get way too entrenched in what's not important in life.
in looking at my social security statement it's my understanding that the figures they give are predicated on me working and maintaining my current wage up to that age (62/FRA/70). If I bail at age 55 then those numbers are grossly overstated?
Rule of thumb is when your calculated retirement income equals 80% of your take home pay, assuming that your take home pay was enough to cover your living expense. It worked for me and I have been retired comfortably for 22 years.
Great, thanks!
Going at 57. Because the longest market downturn was 3 years over the life of the market, we have 4 years living expenses in cash and another 3 years in non retirement sitting there earning 4 to 5 % most years that we can tap anytime. IRAs and 401K have around 25 years expenses in them assuming a 4% inflation rate over the rest of our life. So we have 9 to 10 years to cover from all that until I turn on my SS. When I do, it will cover all our household expenses. So the need to pull off investments becomes very small. Then once my wife turns on her pension and SS, well we will have more money coming in than we spend, even with some world travel in there. If we even had all our investments in very conservative funds like all bonds and they earned 1 to 2 % a year, we would never run out of money. The peace of mind that comes from that is awesome !
My 401k doesn't allow any withdrawals less than 100% of the account.
Inflation at 3%? Lol. The world will never be the same again. Historicals need to be thrown out.
Not knocking your strategy but for me I will have two buckets one for a Social Security ladder and the other at a safe withdrawal rate (3-5% depending on how close I am to my goal)
The money to replace Social Security will all be in fixed income and will just be a ladder replacing social security until 70. Of course then at 70 I will collect Social Security.
Good stuff but I'm surprised you didn't use 2.66% of expenses that you brought up in previous video.
I watched a lot of your videos, I am not sure if it is a mistake but social security has COLA, you don’t account for that. He is suppose to get $2800 dollars at full retirement age in 12 years, by then it will be higher, just this year social security had a 5.9% increase. Am I missing something?
Good take. Thank you. Does taking SSA at 62 drastically improve the 6% plan? It seems that waiting until 70 might stretch the dollars in their 80's further. Would or do you like annuities to keep a pension like income forever?