Retiring at 55: EVERYTHING You Must Know!

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Information Retiring at 55: EVERYTHING You Must Know!

Title	:	Retiring at 55: EVERYTHING You Must Know!
Lasting	:	10.09
Date of publication	:
Views	:	59 rb

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Comment from : @Jazzwealth

I’m 53 years old and I plan on retiring at age 55 I’ve worked for a government agency for 25 years and I’m eligible to retire at age 55 with an estimated monthly pension of $4,200 a month I also have a 401k a Roth 401k ,a 457k and a Roth 457k with a combined total of $160,000 Do you think I can retire at 55 and wait until age 62 to collect my social security benefits which I am also fully vested in it I have more than the required 35 years credit for social security
Comment from : @DanielRodriguez-bn6mg

Well explained, you literally explained everything I need to know THANK YOU SO MUCH! 👏🏼👏🏼👏🏼
Comment from : @miner4life628

My company if you work for 25 years Your health care is paid for until you die
Comment from : @brendenellasfunadventures4186

No mention of a Health Savings Account? (HSA)
Comment from : @branch_ranch

I live in Kentucky and find the cost of everything less than other states People here own their land and homes, live effectively on their social security, remain kind and charitable True financial security is so ambiguous compared to the absolute reality of our mortality Ask yourself what have you left undone, what would you rush to do, what would you regret not accomplishing should life be taken from you quickly? Such is reality for most of us After open heart surgery all this became so very clear to me What fortune it is to be able to tell my wife I love her every chance I get, set my finances in order for her to ease the suffering during the loss of me, take vacations set once for some undecided future date, and to experience life to its fullest clearly aware that my time is very limited with an absolute end coming I used to let the days go by Not anymore, thank the Lord my eyes were opened
Comment from : @alexandermayerkirstein

I plan on retiring at age 58 (5 more years of teaching) My wife is also a teacher and will work a few more years after I retire taking care of our health care for a few years until she has 30 plus years of teaching Social Security will just be fun money- we should not need to depend on it with our pensions and other savings
Comment from : @toddgabweg

Great info! Suggestion - when showing charts, don’t waste 1/3 of screen with your face Make graphs and charts fill 16:9 screen Can’t see your figures
Comment from : @artieshell9205

Good videobrHowever, it would have been nice for you to expand on the cost of health care outside of an employer How much could someone who is in good shape expect to pay if they went on to the exchange to get health insurance? Those types of things would be good to know
Comment from : @Robert-jd6xc

I’m about to do this next June I’ll be 58 Was flat broke at 40, after a divorce I’ve lost family members young and am hyper aware of how short life is I’m well prepared financially but had a vanity number I wanted to hit, that i will not achieve The switch for me was when i said this to myself — I am retiring June 2025 and whatever i have at that point, is what i will live off The timeline is now the thing, not the number You can always make the case to continue to work, if finances are your only consideration It will always make financial sense to continue to work But through every other lens it makes no sense after you have enough As we age our time increases in value and money decreases in value
Comment from : @Mary-tj5qx

Pro tip #1: Have a younger wife who is still working
Comment from : @nathan43082

I retired at 51 after a 30 year career Retirement is SWEET!
Comment from : @_DBCOOPER

My company has no clue if they allow the withdrawal It’s so frustrating trying to get an answer from them
Comment from : @AL-ns5jc

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money I started investing with $150k and in the first 2 months, my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and get more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Comment from : @GeorgestraitStriat

the federal tax credit for solar hot water panels and solr electric panels is 30
Comment from : @PVLocalFirst

Health care! Otherwise easy decision to retire early
Comment from : @miragexl007

Most people always work doing something Who wants to just sit doing nothing? So this entire aspect of ‘retirement’ is bogus You are simply leaving one, most likely ‘paid better’ job for a lesser paid but more interesting job Not retirement in traditional sense, just job transfer People on Utube always get it wrong
Comment from : @Furry7272

Good video I just retired at 53 Paid off my house 6 years ago All major items done: new HVAC , new roof, paid off car brbrBiggest expenses are insurance (cars, home, health) and property taxes brbrYears of preparation made the move seamless 15 streams of passive and semi passive income that exceed my expenses by 50 help until I reach 59 1/2
Comment from : @amillionairenextdoor5813

I'm retiring at 57 4 yrs to go Just need to learn to live on a budget with reduced annual income
Comment from : @bassdojo

Thank you Eric for touching on the 457 Plan Most channels never address it Retired 4 years ago at 55, and letting the 457 ride for now Part time job in retirement has help cover monthly expenses Thanks for sharing
Comment from : @FireFighter1512

Great info
Comment from : @ivytibbitts5429

It should be illegal for 401 managers to not allow rule of 55 or Roth contributions How is this not major conflict as fiduciary?
Comment from : @kurtkeltner3868

3:33 To stay under at least the 400 FPL 'credit' level of ACA, we did a combination of 72(t)/SEPP and pulling from our ROTH contributions Health insurance is still expensive but much more do-able Will stop pulling from the ROTH contributions at 595 when our 72(t) will stop (since we started it before 545)
Comment from : @Scott-sm9nm

I don’t feel confident retiring with 70 million dollar wealth at age 55
Comment from : @sanjaypatelmd4669

Was aiming for 43 to retire, but with inflation out of control it's most likely 45 it after now 😢
Comment from : @kingconstructo

Erroric you have come so far in your videos, the quality is so much better especially compared to the new old guy OK I got one for you Roth taking money out of it to keep you in a lower tax bracket and savings on ACA health care cost Run the numbers I expect a video by Tuesday afternoon
Comment from : @swamprat9018

Just one clarification, 72t could be taken out earlier than 55 and the rule is 5 years or 59 1/2 whichever is longer So if you start one at 52, it doesn't end at 57, it goes till 59 1/2 Am I understanding that correct?
Comment from : @geopepsi3524

sure wish golman sachs had auto log out on thier program, congrats on 66!!
Comment from : @peardisplay

Thank you Eric good info
Comment from : @brucesmith6868

Oh and NEVER count on inheritance as a retirement plan if you get it great if not whatever
Comment from : @davidmay2294

Such a great video I talk to co workers And so surprising how most close to retirement don't even know how much they will get in retirement Just because you hit the retirement age doesn't mean you can afford it
Comment from : @davidmay2294