Hellow guys, Welcome to my website, and you are watching How Much Does It Take to Retire Comfortably on a $5k, $10k, or $15k/mo Budget?. and this vIdeo is uploaded by James Conole, CFP® at 2023-10-07T10:00:34-07:00. We are pramote this video only for entertainment and educational perpose only. So, I hop you like our website.
| Name | How Much Does It Take to Retire Comfortably on a $5k, $10k, or $15k/mo Budget? |
| Video Uploader | Video From James Conole, CFP® |
| Upload Date | This Video Uploaded At 07-10-2023 17:00:34 |
| Video Discription | Have you ever been told that you need to have at least a million dollars for you to retire comfortably? Many people have been frustrated by the idea that there's an arbitrary magic number they need to reach to retire. The truth is, retirement planning isn't one-size-fits-all, and the amount you need depends on many factors. James breaks down the process of determining your retirement savings by exploring different income levels and scenarios. Meet Elon and Elona Dusk, our fictional couple who are both 65 years old. They're considering retirement and want to determine how much they need to comfortably retire with different monthly income goals. 👉 $5,000 per Month: If they aim for a monthly retirement income of $5,000, they have Social Security benefits that would provide a combined $4,443 per month at age 65. This leaves a shortfall of $557 per month or $6,700 per year. Assuming a 5% withdrawal rate, they would need a portfolio of approximately $134,000 to make up this difference. However, if they waited until their full retirement age, they could rely entirely on Social Security, eliminating the need for a portfolio. 👉 $10,000 per Month: If they want to spend $10,000 per month in retirement, their Social Security benefits at age 65 would be $4,065 after taxes, leaving a shortfall of $5,935 per month or $71,220 per year. With a 5% withdrawal rate, they would need a portfolio of approximately $1,583,000 to bridge the gap. Waiting until retirement age would decrease the required portfolio size to around $1,447,000. 👉 $15,000 per Month: Lastly, if Elon and Elona want a monthly income of $15,000, their Social Security benefits at age 65 would provide $3,877 after taxes. This leaves a shortfall of $11,123 per month or $133,476 per year. With a 5% withdrawal rate and a 15% effective tax rate, they would need a portfolio of approximately $3,140,000 to cover their expenses. At full retirement age, this portfolio requirement would decrease to about $3,000,000. The key takeaway here is that your retirement savings target can vary significantly based on factors such as your Social Security benefits, age of retirement, and desired income level. Small adjustments in your claiming strategy can result in significantly higher benefits, reducing the burden on your portfolio. ======================= Learn the tips & strategies to get the most out of life with your money. Get started today → https://www.rootfinancialpartners.com/ 🔔 Make sure to subscribe here to be notified for future videos! https://www.youtube.com/channel/UCBNdQfS-fzODmYb8Hkr4egA?sub_confirmation=1 _ _ 👥 Make sure to connect with us on all socials below → https://beacons.ai/rootfinancialpartners ⏱Timestamps:⏱ 0:00 Intro 1:16 Different perspective 1:57 Elon and Elona 2:42 5k per month 7:45 10k per month 13:40 15k per month 18:44 Inconsistent expenses 19:41 Understanding important factors 20:21 Outro Make sure to connect with us on all socials below → https://beacons.ai/rootfinancialpartners Other videos we think you'll like: About Root: https://www.youtube.com/watch?v=ZPy7Qlmemy8&t=1s Worried about retirement? Start here: https://www.youtube.com/watch?v=c1dCo73XTw4&t=1s |
| Category | Education |
| Tags | investing | retirement planning | tax planning | financial planning | retirement | personalfinance | taxes | dividend investing | financial planning at 50 | how do I retire? | long-term investing | financial planning at 60 | roth conversions | roth ira | IRA | individual retirement account | benefits of investing | pros and cons of investing | donor advised fund | financial education |
