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Can I Retire at 62 with $150,000 Saved For Retirement || Married u0026 Single Scenarios

Frames Can I Retire at 62 with $150,000 Saved For Retirement || Married u0026 Single Scenarios

Description Can I Retire at 62 with $150,000 Saved For Retirement || Married u0026 Single Scenarios

Comments Can I Retire at 62 with $150,000 Saved For Retirement || Married u0026 Single Scenarios

ConfusedWorking my whole life 57 my ss at 62 is showing $1620 at 67 $2500 not many getting $3600 at 62??? Comment from : Su C

Retire and live like a king in the Philippines on $2,000/mobrbrIf you have $300,000 invested in dividend-paying stocks/ETFs, with average annual yield of 8, you can generate $2,000/mo income WITHOUT touching principalbrbrIf you have Soc Sec income, say $1,800/mo, that ALONE is good enough to retire comfortably in the Philippines Comment from : jj delamo

I'm on a DROP plan and am scheduled to retire next year At that time, I'll still owe approximately $8,000 on the mortgage (am otherwise debt-free) Would it be worthwhile to pay off the mortgage as soon as I retire? I'll have the means to do so between my savings and taking PTO hours as cash when I leave Comment from : Lisa Mallette

HELL NO Comment from : J Denino

Increasing my income is my plan Comment from : suzukiman 89

Here is another way to make that "retire single at 62" scenario really work;-- ya gotta MOVE to and LIVE IN an area where your dollar goes far So think rural Kentucky and NOT Southern Florida Think rural Mississippi and NOT anywhere in California Areas in America vary greatly in COST OF LIVING You gotta live where the cost of living is LOW Comment from : Mark Thomas

this is spam Trying to sell you a service, but going to their site? No appointments for at least 120 days THIS IS A SCAM Comment from : Think Floyd

God Bless you You are awesome and your information is invaluable I will be contacting you when my time come Thanks for what you do This is very close to what my situation should look like, except I'm aready older than they are and still working You have given me hope that I'm on an okay track thanks mucho Comment from : Renee Lewis

Sure Comment from : bruce eigsti

The problem is how to find the investment that consistently grows 6 ?? Comment from : N s

If you have a mortgage payment during retirement well there is your first mistake 6 is fair but spend just a little time learning simple practical market trading techniques and you can do a little better than that Also 50K per year? Not sure you really need that to retire, I sure don't Otherwise good video! Comment from : Claus Bohm

Everyone come in naked and when time to go back also naked not even a single penny or a piece of clothing 😂 Comment from : pychoup chhoeuy

This analysis is so lopsided There is no way as a single person that I need $40,000 per year Comment from : Neil Talbot

Are u a preacher on the weekends? You have the voice for it 😅 Comment from : Lance Brown

Im 25 and i got that wealthfront estimates ill have 2m at 35 withe these ded rates invested in MM fund Comment from : dabz N slugg

Retired after 42 yrs as an RN My pension was over 600k and SS 2700brI also had saved 401K and PERS from another job as a nurse I feel very blessed and can’t really believe it’s real Comment from : polly howell

Car payments are over $500 a month now for reasonable payoff time Home maintenance will surprise you with appliance replacement, plumbing repairs, etc Forget world travel for any of these examples, because it is extremely expensive now We had over $10,000 in dental expense in a single year at age 74 I would not try to retire at 62 with such small savings as $150,000 Too many surprises out there Thanks for the data, Drew, it was a valuable experience in doing the math, and with any luck, your figures may well work out Comment from : Party Size

Single starts at 1752 Comment from : Janna

You lost me at working for Home Depot I thought your scenario is about retiring at 62 Comment from : Aileen C

Good to see a video about managing a smaller retirement balance than those with millions for a change Comment from : BM BF

Leaving on a jet planeback to where it was back born 🥰 Comment from : MagicMom 32 Kitchen Susan Elfar

Great presentation Has made me see my ability to retire quite a bit differently I thought i was doomed not having at least $1M saved up already but i guess i might not be Thank you "I have 3 kids and no money Why can't i have no kids and 3 money?" - Homer Simpson Comment from : Francisco DelValle

I think I will only live until 80's Comment from : Tessa

Good idea - Drop cable and save $500 a month🤔😊 Comment from : Analog Guy

Really enjoyed this analysis Very true that the single person has a tougher gobrI retired at 62 as a widow I started with survivor's Social Security even though my own benefit was higher With zero debt, if I cut expenses to the bone, I am able to survive only on Social Security of currently $2269 per month even with tithing 10 but it is a challenge I have not taken anything at all from my IRA and I am delaying as long as possible (up to age 70) changing over to my own Social Security benefit which at 70 will be approximately $4100 per month In reality, I am growing very weary of scraping by, so I may change over at age 67 (currently age 655) And, I am considering withdrawing from the IRA a minimum amount this year that will still keep me at a zero tax level For instance, this year I could withdraw approximately $8000 and pay no taxes on it As extra income I did finally have the good sense to move most of my emergency fund to an 11 month CD which pays directly into my savings account monthly - approximately $365 per monthbrSo - things will get better My Social Security will increase significantly when I change to my own benefit and RMDs will kick in on my IRA, no longer allowing me to delay withdrawals even if I want to It is hard to spend money when you have the fear of running out!brGod bless everyone on this journey Comment from : Kathleen McBride

When it comes to long term care he should be able to sell his property which would have increased in value over the years to allow him to fund this Any shortfall don’t the state pay anyway? Comment from : Justin Small

If you are not debt free and you cannot afford health care outside of your employer plan, your earliest retirement date is probably Medicare age of 65 -- even if you have more than $150k Better than that under the same circumstances is waiting to retire until Social Security Full Retirement Age (66-67) Comment from : CaptainQueue

Absolutely! You can retire on $150,000 of savings, or even less, if your social security checks can cover all your expenses Comment from : P Wu

These figures are only assumptions because everybody's situation is different No one can base everyone's financial retirement plan on one standardized strategy Comment from : slimdude2011

Good analysis Comment from : David Warner

This is timely that I find this video My employer (of 37 years is offering a severance) I’ll be 62 next Spring I’ll have SS and Pension and 401k for income I only owe a mortgage, which monthly payment is relatively low lower than any rent would ever be If I decide to work at all it’ll be part-time I honestly think I can make it !! Comment from : BlueLineGroovy

So, if I have 200K or so in my retirement I should be okay I'm not married but have a girlfriend that works Comment from : Eric

What is a married couple doing for medical insurance from 62-65? I can’t imagine the 50,000 in expenses includes this Comment from : Bonnie Leonard

My SS will be about $1582 at 62 and my plan is to be debtfree and RV fulltime,my 401k/Roth will combine for $128,000 me and my wife should be ok in retirement Comment from : Gregory Carson

How can social security money grow to 4644 per month? I thought it's fixed Comment from : Kimour Chi

NO ! Comment from : Clint Perry

Awesome video & excellent analysis, this reminds me of how I made my first million, I invested 100k in trading stocks & with the help of an excellent broker who trades for me Comment from : Anto Makeria

Healthcare, even with Medicare, etc, can become a huge expense for many as they get older 😞 Comment from : John VW

No you can not retire with $150,000 as a single person in Southern California at 62 years old Comment from : John William

I should have married that Rich Girl from school Comment from : Sky1

Great Great Video I needed this video I plan to retire 2025 I will be 62 Comment from : Wanda’s World & Hair Care Journey

I'll be 66 when I retire in The Philippines 4/2024, with (starting) assets of $220,000 savings, $1,800 monthly SSI, $900 monthly interest income, about $1,500 monthly income from (about) br50 hrs of work and NO DEBT I'll have a $2,000 (or less) monthly budget (which includes a top, private health plan) and this plan will enable me to live VERY well and SAVE about $30,000 bryearly, so in 5 years my savings will increase to about $400,000 which will continue to grow I think my plan will do the trick for the rest of my life, and living in The Philippines is the key to brmy successful retirement/savings plan, as the cost of living is (overall) about 50 LESS than The US Comment from : CD Morrissy

What these guys don’t tell you is to be out of debt $50k annually in expenses? This guy is so far off base Comment from : R E

If you retire at 62 you can't make more than $21k a year AND supplementing with your 401k counts towards that number Nobody can live on $21k a year Maybe in a van down by the river Comment from : Qwazier3

Shouldn't that couple retiring at 62 years old in the example each making 1800 each in Social security, sell their home and find something less costly to maintain ,take less vacations or what ever to reduce that monthly cost of living, because if one of them dies the other will have to survive on only 1800 and the little bit of 401K interest? Comment from : Blue Mouse

One thing I did not understand is where you came up with some of the numbers that you would need to take out of your retirement savings to match the expenses after SS For example in the single scenario with $2,500 in expenses and SS benefits of $1,800, the difference is $700 How did you come up with the $766 figure from? Comment from : Craig Forsberg

Excellent video I might not need as much to retire as I thought I did Good stuff Comment from : Ellis Z

No no no dream on not enough 🤔😮😞😔💰 Comment from : Prancer

I’m moving to South America Comment from : Poppy69 Golfer

Inflation 3 percent really Have you been to supermarket lately Energy bills insurance everything is sky high and not leveling off Comment from : Nick THINKPAINTING

Lol take the pension away 🤔 me think no you couldn’t Comment from : Nick THINKPAINTING

No Comment from : John Scott

I can answer this question! No, $150K won't cut it Especially if you live past 82 My advice would have been to keep working and not take SS until at least full retirement age For what it's worth (not much) Comment from : Jims Van & Life

Not realistic examples I don't know where you get $1800 as the average SS check That seems kind of high to me for someone retiring early at 62 The person would have to make over $100K per year and if he makes over $100K per year alone, why did he only save a poultry $150,000? Come back to earth Comment from : YesYou 123333

All his parameters are already out of the window Comment from : Hugo Habicht99

It always comes down to your expenses Comment from : Linda D

QuestionMy wife is 62 and I'm 52 I'm still working and she never worked because she was a housewife with her previous husband She's been divorced too long, so she's unreliable to receive any of her ex-husbands SS Can she apply for a portion of what my estimated SS will be and receive it now? Comment from : ilc1234

I’m 36 I have 146k in my 401k No IRA yet Would love to know if I can retire at age 55 at my current path Thanks Comment from : Nopee

Man saying that $3000 a month of expenses was wayyyy to high of an estimate for me Mine is maybe like $1700 am month for a single person Comment from : David Bass

I can retire at 62 but the issue is healthcare Doesn't Medicare start at 65? What are people doing who retire at 62 do for Healthcare until they reach 65? Comment from : Steven Ziegler

Short answer NOPE!brThese scenarios are "keep working as consultant, or delay retirement orbrPure fantasy turning $150K into $320K between 62 and 82 years old and THE POINT was that the people watching this WANT TO RETIRE not to simply KEEP WORKING Heck, EVERYTHING will grow if you just KEEP WORKING and don't spend more than you bring in DOWN VOTED! Comment from : N-Da-Bunka

What about married couple , 1 person dies and you lose 1/2 the social securitythis is a real concern Comment from : Tlark

Think not America (get a passport) Comment from : Hurley Wilson

I’m 58 and plan on pulling out at 62 My Wife of 18 years is dead Well after this September is dead to me We call her “EX” Haha She bailed on me of her concern of having enough retirement funds Of which she couldn’t identify that amount Since she bout me out of our marital home and we split our real estate assets, I’ll be headed over seas with $240k in pre taxed USD and $220k of post taxed USD I still have 3 solid years of income of $90k a year and shall Onto use to be debt free I’ll buy my home as an expat for $150k and car with cash So I say to anyone going through what m experiencing, let them go with a smile Who’s laughing now!!! Bless her heart Comment from : Jon Marc Hilgers

same here retired, no debt with $148,00000, only need $1500 a month Comment from : buyystocks

The single 62yo needs to move to Thailand Half the expenses plus however much viagra he needs Problem solved Comment from : O’Shack Hennessy

No Nonsense question Nobody even have 150000 Amen Comment from : Connie Pauig

My parents are in their early 80s I'm seeing the devastating effects as their physical/cognitive health declines The cost of in-home care or assisted living should be discussed much more by financial planners Comment from : Tube_Trance

For a single individual, the biggest issues are not the two you mentioned Of course you only have one 401k/retirement plan That's all you paid into But with respect to Social Security, as a married couple even if only one person paid in, SS pays a spousal benefit They are basically "stealing" from single individuals to pay more to married couples I am not talking about survivor's benefits or about couples where they are drawing individually The biggest difference for single individuals is that it costs so much more to live as a single person than it does to live as a couple (per person) One house, one utility bill (per provider), you can even get away with one car Your example shows just how much harder it is for the single person Plus, you started with a couple, two incomes, two retirement plans, two social security checks, starting with $150k total That is $75k each The single person saved twice as much, at 150k For a proper comparison, the couple scenario should have started with $300k Comment from : DC

I am working with a financial advisor, however I would like to see your expense plan Thank you Comment from : Carol Mongan

Well this is unfortunate for single people Comment from : D L

Go Rays! Comment from : Kathy B

When it comes to "cutting the cord", that would probably be the last thing that we would do We are in our 70s, and cable TV (& DVR), with numerous channels, is very important to enhancing our lifestyle at this age Being older, we stay at home a lot, and cable TV is our main source of entertainment The Internet is probably our second source of entertainment Our cable TV, Internet, and phones are a package deal, which costs us a little over $200 a month That is money well spent for us Comment from : P Fris

Thanks for the video The biggest reason everyone has some trepidation about retirement funding is uncertainty As you point out, you can’t control external factors However, you can, to some extent, control both your income and expensesbrbrOne thing to keep in mind is that, if you do take Social Security at age 62, you can’t earn over (currently) $21,240 without having each extra $2 in income decrease you benefit check by $1 So, by delaying the taking of SS, you not only get higher monthly payments for the rest of your life, but you can also continue to make as much as you can to increase the retirement savings Also, since most people won’t be eligible for Medicare until age 65, good health insurance is expensive and will have to be paid out without incomebrbrMy plan is to keep working until 65 and waiting until age 67 to claim SS, living solely off of retirement savings for those two years and getting supplemental health insurance (much cheaper once you have Medicare) The trade off, of course, is that I am losing the healthiest three years of the rest of my life for the ability to be better off financially for the rest of my lifebrbrEveryone has their own risk tolerance and circumstances, which is why a good financial planner is important When you do run out of your retirement savings, you will not be in control and will be forced to cut expenses drastically Proper prior planning can prevent this from happening Comment from : Scott Keller

Jeez, Medicare doesn’t kick in until 65, so the first 3 years might be more expensive, especially if you have any preexisting conditions If you work part time you don’t get any benefits There’s no adding to savings — tho you might be able to offset expenses Move overseas, it’s your best bet! Comment from : Pawlie Blog

Sounds like, two people on SS living together is the best situation Comment from : gone fishing

Beans and rice, Rice and beans! Comment from : Marty I

I can’t believe all of the negative comments Every financial person knows that everyone’s situation is different, and I think the readers need to adjust starting numbers based on their personal preferences Income requirements are not the same in Louisiana as New York or LA, and not the same for someone who wants to travel, and someone who wants to sit on their couch and watch TV These are guidelines, and it is great information I live in Ohio, and I think I can certainly retire on less than someone in LA, but most financial advisors say $1 million or more This is more realistic for a lot of people Comment from : Chris Bowling

Finally!!! I am able to understand getting to retirement! Im so happy! I dont need a million dollars Lol! Thank you so much! Your explanation just clicked for me I finally feel optimistic about getting to retirement Its totally doable!😊 Comment from : Bethany Portugal

Thank you for not ignoring the 1/3 (or so) of the 50+ population who are single Comment from : Crystal Itsasecrete

Secret is getting the returns that are used in the calculations… 🤔 Comment from : prandn sbg

Drew, I see a big problem with the math for the single-person calculation brThe SS income should be only 1800/month, not 3600/month This will change your calculations greatly Comment from : Joe M

Also not factoring in any dividends which could honestly cover most of it if in right stuff Comment from : 3pilot

With that little You better be debt free And why tf do you need 4200 in monthly expenses at that point if debt free?? Comment from : 3pilot

I retired 7 years ago at age 62 To date we have not touched a dime of our retirement money At this rate, how long will out money last? Truth be told, retirement has more to do with how much you owe than it does how much you have Set your goal to be debt free by the time you retire and you will never worry about money again Comment from : Bernie

Hello Comment from : Melissa Ortega

I can retire at 62 years old with 150K, unless I paid off my house when I am at 62 years old My expense is $325000 for 3 people (my 2 adults and myself) now My income is $56K/year I only need about $$17k/year without mortgage After breakdown: Property tax $500/month, HOA $398/month, other expenses as food, gas, utilities $500/month for single person, and I do not need to work after 62 years old🤣 I am 53 years old now Comment from : San Jose CA 2022

Skip to 16:50 for the single example Comment from : Noreen N

Thank you for one of the most encouraging videos concerning retirement that I have seen on YouTube Comment from : debbie smith

Sure you can For about 3 years What kind of stupid question is that? Another thing It's a totally different world I don't trust judging the Market by its history these days It is not an indicator of guaranteed future gains It's one big slot machine Comment from : Jim c

I’m 41 now In 25 years, I wouldn’t be receiving 1600 or 1800 from ssa per month now or am I? It could be half of that, which means I have to save double than what this scenario presents for retirement savings … can you comment on ssa benefits in 25 years? Comment from : Mukti Panthi

If you are single and can't retire at 62 or 63 with 150-200K something is horribly wrong If you go into retirement with no debt at all, SS alone should cover your expenses with some to spare; to include health insurance for one person in reasonably good health You might live lean for a year or two But when Medicare kicks in at 65 you'll be in good shape The problem is people try to go into retirement carrying credit card debt, they are still paying on a mortgage, still have car loans outstanding, etc etc etc And that's not going to work You have to be completely debt free and with only 1 vehicle that you know is going to last you a long time I mean C'mon This isn't rocket science It's mostly just common sense Comment from : willia451

WHAT AN EYE OPENING VIDEO, THANK YOU FOR THE GREAT INFO!! Comment from : 1Life

I laughed at your rainbow, unicorns and pixie dust comment That’s the retirement route I took two years ago at age 57 🙂 No regrets I started downsizing years ago and enjoy living with less Of course money does fly out the door fast without employment income coming in Hoping not to touch 401k till I’m 62 but may have to figure something out as I go I like your comment about earning money doing something you love Figuring out as I go and that works for me I don’t like to use maps to my next destination I’d rather wing it and enjoy the journey I didn’t want to wait till I’m too old to enjoy retirement Comment from : GimmeSmiles

I am divorced at 57 I have learned to live well under my means Child supports ends in a year and a half The biggest hurdle I see that you didn't touch on was out of pocket health insurance costs which in my estimate is the single reason I will work until 65 Comment from : karlin schelker

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