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Retire at 55 ? || How Much You Need To Retire Early at 55!

Drew Blackston, CRC® 47 views

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Curious about Pension plansI have company pension if with drawl early out before 59 is 10 hit Company has offered cash out or get amount per month till death I would like get early do too family health genetics any info great!
Comment from : @TheComet1964

I am planning to retire at 55 and use the rule of 55, I’m currently 49 yrs old I reached out to my employer and they responded to me that they do not utilize the rule of 55 but you are allowed to “early retire” at 55 and take monthly withdrawals Their reply doesn’t make sense to me since the rule of 55 is an IRS rule correct? All i need to know from my employer is that they allow early withdrawals, or am i missing something?
Comment from : @toddmanuel1975

Was taxes considered in these scenarios?
Comment from : @techlevitategaming

Thanks brother
Comment from : @premlatabahenshah5929

I don't think anyone takes the 4 rule seriously It doesn't consider adjusting spending habits or taking on side gigs to adjust to your situation as needed
Comment from : @allenanthony2651

You didn’t adjust social security for inflation (COLA)
Comment from : @chriskeathley8740

When you multiply your assets by 25 can you add your pension to your asset totals?brbr$60000 annually by 30years?
Comment from : @roseyjjr

Well I'm screwed
Comment from : @warthogA10

Maybe running out of investment money at 86 is ok You would still have SS to use to pay medicare and medigap premiums and your expenses as an 86 year old should be low I mean if you die at 90 with $750k, that money goes to your family and they are gonna get taxed at high percentages on that since they are probably also working and pulling a good salary Or another scenario is that you need LTC at 90 and what happens there is that they do a 5 year look back on assets and essencially take everything you have and your family gets nothing
Comment from : @Redneck_Ed

Hi Drew… with respect, why would you not suggest to reverse roll over the Ira, back into his current 401k? By doing so, he can use the rule of 55 with no 10 penalty? About 70 of retirement plans allow you to do this
Comment from : @Dan-t6h2s

50000 for single person or couples?
Comment from : @ggju673

As a 30 year old trying to retire by 55, this has been he best most concise explanation You made it very clear what to take into consideration Thank you!
Comment from : @victorialopez4499

That drawl though 😂😂😂
Comment from : @jpollar

Good vidother than, i want to see taking SS at 62 And plan on living till about 80
Comment from : @miragexl007

some 401k plans allow you to move outside IRA/401k funds into your current company 401k doing this before retiring/leaving gives you access to a greater amount without the 10 penalty
Comment from : @ronald5708

All this content is nonsense The simple answer is: It's not what you need -- it's how much do you spend?
Comment from : @mattlaeff724

I'm targeting retirement at 55 brI got 15 years Trying to max out my investing brI'm assuming bad returns and higher inflation due to government stupiditybrI'm targeting 6 million invested to retire
Comment from : @getinthespace7715

The rule of 55 is not all 401ks It has to be part of the plan so you need to check first and not just assume
Comment from : @emt52889

Curious why you used the 100 year inflation average but not 100 year average stock market return which, according to the google machine, is around 10 if reinvesting dividends
Comment from : @StuPedasso

Wrong Some employers will not allow you to withdraw from your 401k at 55 in a way that works for you My employer makes me take the whole amount when I leave the company in or after the year you turn 55 That simply doesn’t work I could take one years worth of funds but taking everything out simply wouldn’t work
Comment from : @thomasboissy3560

There’s another $2,800 social security payment…it’s a miracle…LOL
Comment from : @NipItInTheBud100

Does the rule of 55 apply to 403b and 457 plans?
Comment from : @dforrest4503

Take SS at 62 Tomorrow is not guaranteed
Comment from : @DK-pr9ny

Was able to retire at 50 due to injuries earlier in military service Full medical plus receiving SS Very, very thankful and blessed
Comment from : @DefaultName-bm4qh

Just lucky enough that I have a good pension I did retire at 55 Claimed Social Security benefits at 62
Comment from : @christopherhennessey8991

If you retire at 55 how long does it take to get your money
Comment from : @bigmike-io7tt

The Mexican fisherman and American businessman story shows how we in the west get way too entrenched in what's not important in life
Comment from : @HDvids101

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
Comment from : @howellwong11

Great, thanks!
Comment from : @jefflloyd394

My 401k doesn't allow any withdrawals less than 100 of the account
Comment from : @Sylvan_dB

Inflation at 3? Lol The world will never be the same again Historicals need to be thrown out
Comment from : @ragoff

Good stuff but I'm surprised you didn't use 266 of expenses that you brought up in previous video
Comment from : @rjpg

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?
Comment from : @rayanderson3164