retirement planning at 66. Troy Sharpe, CFP®, takes a look at someone retiring with $800,000, runs it through an advanced simulation to see the probability of making it through retirement with money.
In this episode, Troy looks at 1,000 different scenarios looking at the probability of successfully retiring without running out of money, given the current economic situation.
The analysis is part of what we at Oak Harvest call a Oak Harvest Retirement plan, a customized solution aimed squarely at your retirement needs.
Oak Harvest retirement planning Process
Instead of trying to fit you into a box, Oak Harvest builds the box around you. So, no two plans are exactly alike. We tailor investments, income, tax-reduction, safety, long-term care and legacy solutions around your retirement vision and goals.
It starts with a discussion about your retirement vision. A retirement vision is the most critical element of a Oak Harvest Retirement plan because it allows us to clearly identify specific goals, allowing our team to get to the root of what is important to you.
Once those goals are identified, we explore and educate you on the strategies that can make your vision your reality.
When the appropriate strategies are agreed upon, it’s time to discuss which tools are appropriate to complete the plan. Stocks, bonds, CDs, annuities and mutual funds are nothing more than financial tools that can be used inside your Oak Harvest Retirement Plan to accomplish your vision and goals.
As independent fiduciaries, we don’t care which tools are used. We care only that the best tools to accomplish the job are implemented.
When your Oak Harvest Retirement plan is complete, you have a clear financial path that can help provide peace of mind. We will build each component that you may need for your specific circumstance:
– You will have in front of you a simple, easy-to-understand retirement income plan.
– You will have an investment strategy appropriately fitting your investment objectives and risk profile.
– You will have a Social Security strategy that’s designed to maximize your life savings — not just your Social Security benefits.
– You will have a long-term care strategy that’s designed to maximize and protect your retirement against future medical costs.
– Your legacy desires will be addressed by a CERTIFIED FINANCIAL PLANNER™ professional who coordinates and works with attorneys who draft the appropriate legal tools, if needed.
Once complete, your Oak Harvest Retirement Plan flows into a monitoring process where adjustments can be made when the investment, tax or legal landscape change. It’s reviewed frequently with you by your dedicated team, which includes your advisor, the investment team, and our services team.
Do you have a retirement plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at (877) 404-0177
If you have $500K or more and would like a partnership with a firm to help you manage your investments and financial plan as in these videos, click on this link to connect with our advisors:
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It’s not about how much cash you have when you’re in a couple situation collecting 2 SS incomes. So annoying…
What, are you waiting for an engraved invitation? Try dealing with the 99% of the population this does NOT describe.
Every financial planners answer to can you retire. Don’t do it yet! Chance of a male living to 104? 1 out of 1,000. But there is a possibility so never spend your money in retirement.
How is it a problem to plan to 82 but live until 90? I made it until 90 didn’t I? Something must have taken care of me.
Can I retire well? I'm 67 and have no pension and social security is only about 14,000 yearly. I own a home and new car with no debts. I have 1.1 million in cash and about 600,000 in stocks which have been earning 14,000 yearly. Only 56,000 of this is in a IRA. I'm conservative and don't mind being in the 3% range if it means safety. I can draw down on the cash portion when needed. I'm single and would need medicare soon. Opinions appreciated, thank you
I retired on $300k three years ago and now have $350k. Am 58 now and no pension. Fck work. One life one chance.
In 1980 I was 21. I was an Assistant Manager for a grocery chain. They started the 401-k program. I was not going to do it basically because I didn't believe it would work. Well my manager who had a degree in marketing, and accounting from Nichols State sat me down and explained it to me at my level so I took a chance putting in 5% with no match. 20 years later the company sold and I had to move my money to an IRA Account. The next company I worked at had a 3% match, gave me an automatic 5 years of service when I started and I contributed 5%. I left there after 3 years and put that money into an IRA Account. The next company matched 4% and I PUT IN 5%. I stayed there 8 years and put that money in an IRA Account. The company I am at now for over 15 years is a small company and did not have a 401-k plan. So I focused on paying off my home and then remodeling it. My home is now paid for, put 2 children through college and I have $700k in my IRA Accounts. At 63 still working too and actually love my job. My point to all this is when you are young invest in your company's 401-k. Most of them match today. It will grow over time as mine did. If I would not have listened to my manager who knows I might not have anything. Also unless you have bad genes or are unhealthy plan on being here until 95 just like they say in the video. That's what I am doing and I think I will be ok. At 65 if I start drawing social security I will get about $2,300 a month and I am in good health and debt free. Great Video!!
Does his software even recognize and model rentals, real estate? – never these planners talk anything other than 401k , ROTH etc
I can’t read your board… could you read out the numbers please? Thanks!
I am a retired Teamster. I remember back in the 60s, and 70s, every retired person I knew was collecting a union pension. These 401ks are total B.S. ! Good luck retiring on one of those, your gonna need it. Even if you are one of the very few, who manage to save 1 million $, that comes to a lousy 33,000.00 a year for 30 years. I retired with 50, 000.00 a year at 55, and I don't have to worry that I will run out at 85. The men in my family tend to live well into their 90s, my Teamster pension will be there for me, right up to the end ! Right now less then one % of Americans manage to successfully retire on 401ks. There are less then 400,000 people with at least $1,000,000,00 in their 401ks. That amounts to about 0.0875% of the work force. The republicans hate Unions, they have stolen your chances for a secure, and happy retirement. 401ks are a joke !!!
Consider not repeating the same thing over and over and over and over again. You spent 3minutes repeating 1 thing life expectancy shown be higher than expected.
Thanks Troy for another great presentation. I look forward to viewing these case studies which have helped me immensely with my retirement planning.
With more people living longer why not just plan for no ending age.
Could the speaker consider to include social security benefit for retirement planning? Thank you!
62 and 800k? Super easy.
35 with 800k, gonna cut back on work and enjoy life since I know too many who retire rich at 60-65 with health problems
I'm in the Uk, so don't really have to worry about healthcare and the taxes are different (and probably higher than the US) but these scenario videos are really helpful in the run-up to retirement. Thank you Oak Harvest.
Your heading get very misleading! You say “ I’m 66…. Then your scenario starts out with a married couple. Bad of you!!!
$800,000 earning a safe 5% annual dividend in a diverse cash stock portfolio earns $40,000 and has the lowest federal and state income tax applied to it. Add this to your full social security, $36,000 in this case, that's $76,000 gross income! Your home should be paid off at age 66. This is plenty of money to live comfortably in permanent retirement. To stay retired DON'T help adult children or grandchildren with your cash until you are dead, and cut out expensive travel. Stay close to home and enjoy your OWN backyard.
With my pension and SS being 80% of my take home pay and with a good medical insurance, I don't need too much.
$800,000? Depends on how big your federal welfare, Social Security, check will be. Mine will be $4,100 when I turn 70. I only paid a total of $196,000 in SS taxes so I feel pretty good.