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Can I Retire at 55 with $2,000,000 || Retirement Income Strategies || Retirement Income Planning

Hey welcome back to the your financial ekg youtube page my name is drew blackson i’m a certified retirement counselor registered financial consultant and today i am going to be your virtual financial advisor helping you get to and through retirement but also protecting your ability to stay in retirement now this week i had a really interesting meeting with a man

He was 55 years old he has two million dollars in investable assets and one of his first questions to me was this hey drew can i retire now isn’t that the question we all want to know can we retire and at what point and at what asset level and at what age can we retire now this gentleman had worked very hard he was a single man he had invested very wisely and

Now at 55 years old he had two million dollars and he’s asking me the question that everybody wants to know can i retire so let me answer that question for you right now but before we get started make sure if you’re not subscribed subscribe to this page you hit the button below to subscribe also like this video and leave any comments below alright so let’s

Get into it i’ve got two million dollars i’m 55 years old can i retire now here’s the thing you have to think about out of our two million dollars in investable assets if you want to retire at 55 years old you have to ask yourself how is this money invested what are the tax qualifications behind this money because the way your money is invested the vehicles

That they are in will determine whether it makes sense to retire at 55 or if you should wait to 59 so let me walk you through what i did for this gentleman so in his case he had 1.5 million dollars invested in ira money okay so he had a million and a half in an ira he had 500 000 invested in a trust account so this was a non-qualified brokerage account now

Let me explain the tax differences on these two and why it’s so important to understand that before you walk into retirement on his ira remember he’s 55 years old so if he were to take money out of his ira under the age of 59 and a half he’s going to be penalized 10 percent on whatever he takes out so if he takes out a hundred thousand dollars he’s going to be

Penalized ten percent so ten thousand dollars for taking that money out on your trust account on his trust brokerage account you pay taxes on that money every year on your dividends on your interest your capital gains or you get to write off your capital losses you can take money out of this account anytime you want so for this gentleman at 55 years old with

2 million dollars and asking the question can i retire we had to do a retirement investing strategy using the your financial ekg system now let me tell you something i’m going to show you this in very simple terms but this was not a very simple case and if you would like a financial ekg go to my website yourfinancialekg.com fill out your information there this

Is what it is a your financial ekg is a complete retirement investment allocation whatever you want to call it plan for you it’s fit for your individual for this gentleman it was for an individual or it could be fit for your family and what it does is it gives you peace of mind knowing is my money going to last throughout retirement how do i have enough assets

To retire when can i retire so let’s talk about this two million dollars i’m 55 years old can i retire so i had to do some interesting planning on this because we couldn’t use all this money as income so i asked this gentleman how much money in income do you want a year and so his answer was he wanted a hundred and twenty-five thousand dollars gross okay with

Taxes before taxes every year so i had to look at this and say okay for the next four years we can’t touch this without penalty so if we’re going to take 125 000 out we’re gonna have to do it over here how long is that gonna last and can i continue to stay in retirement if i do that but this money over here we got to keep growing with retirement investments so

That when this money is depleted we can start using this let me show you how we did this okay so we’ve got five hundred thousand dollars he wants a hundred and twenty five thousand dollars a year okay and let’s say we can earn somewhere around seven percent now the market over the last 10 years has averaged 13 and a half percent over the last 20 years it’s

Average somewhere around 11 and 12. so i’m going to lowball it and say seven percent now keep in mind the market’s going to do what the market’s going to do so we’ve got 500 000 dollars he wants twenty five thousand dollars annually so that’s ten thousand four hundred and sixteen dollars monthly before taxes okay so before taxes so that’s our payment we’re

Gonna earn seven percent a year i want to see how long this is going to last 10 000 416. that’s going to last essentially 4.7 years so i’m just using again my hb 2b calculator and we know if we’ve got five hundred thousand dollars we’re able to earn seven percent a year we take out 10 416 a month that’s going to last 4.7 years so what’s that do that gets

Him to 59 and a half and so now at 59 and a half he can start tapping this money but this 1.5 has not sat over here static for the last four and a half years i showed him i said listen if we can take the one and a half we can grow it at seven percent a year okay and let’s do that for the next four and a half years let’s do the math one five million five hundred

Uh four point five say four times twelve that’s how many payments one million five hundred is how much we’ve got we’re gonna earn seven percent a year z let’s see what’s our future value so that would be so if he had a million five he earned seven percent a year four point five years he would have roughly one million nine hundred and eighty three thousand

Dollars okay so essentially almost two million dollars really he would have right about two million dollars i’m not even adding any kind of dividends being added back into this he would have two million dollars at age 59 and a half basically what he started with when he retired at 55 so now at 59 he’s able to say okay i’ve got 1 million 983 thousand if i earn

7 percent a year for the rest of my life how long is this money going to last taken out again we want to take out 10 416 a month look at my calculator no solution i don’t know if you can see that so what that means is he never runs out of money now this is a very rudimentary and simple way to do this because there’s a lot of other factors at 55 we got to be

Talking about like inflation on that number because in 20 years 10 416 is not going to be worth 10 416 it’s probably going to be worth more like 18 or 20 thousand dollars so we’re gonna have to pull more and the market’s not going to just average seven percent simple ever you know it’s not going to just go boop boop boop boop every year it’s going to be a

Roller coaster so there’s a lot of other conversations that go into this but what i wanted to show you is this gentleman with two million dollars was wondering can i retire at 55 years old and you know looking at it on the surface you might have said no you can’t because you can’t generate enough income from your investments to do that but with just a little

Tweak and just some simple planning he was able to retire at 55 years old if you want something like this as well go to my website yourfinancialekg.com would love to help you answer the question can i retire again thank you so much for watching make sure you subscribe like and comment have a great day bye you

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Can I Retire at 55 with $2,000,000 || Retirement Income Strategies || Retirement Income Planning By Your Financial EKG™