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Can I Retire at 55? How Much Do I Need To Save To Retire at 55?

Drew Blackston, CRC® 28 views

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I don't get how you got $1,136,379 Can you provide the math for that?
Comment from : @donnymac575

figure 10
Comment from : @itsYourfuture-f6x

Butthat $55K would include the money you are setting aside for retirement, so when you retire you don't need that portion of your income anymore This is why virtually every financial advisor recommends a plan that replaces 80 of your income, not 100 This is way too over-simplified
Comment from : @PNWeBike

I am 55 have 63 million in stocks and bonds and 3 homes and cars worth 12 million dollars…i am nervous retiring
Comment from : @sanjaypatelmd4669

32 million… gotcha!!!
Comment from : @TheBryanmauro

You only included one SS check
Comment from : @teams3345

What do you allocated for ins
Comment from : @joebhatlanta

I really appreciate your channel You have really helped me as I plan my retirement in the near future May God bless your family as you have blessed mine with the knowledge you have given me
Comment from : @jimrinard1969

Another great video!! Do you ever factor pension income into your video scenarios?
Comment from : @bradmoss6653

I like how you went backwards for this to figure out how much you need to retire at 55 In your example, do you run out of money at 72? I know social security is still there, but are retirement savings gone at 72 in your example?
Comment from : @tz1592

Challenge: Pay yourself as much as you pay Uncle Sam Save and invest as much as you pay in taxes each year (Federal, State, Local and FICA)brbrIf you can pull that off you'll be wealthy
Comment from : @TheFirstRealChewy

Total garbage…
Comment from : @jas4696

your math is wrong not only did you factor the total inflation for every year, you have not growth on the money you still have invested 1600 in SS today is not 1600 SS in 7 years also at age 55 to have 11mil at 62 that would be about 550k-600k So the real number needed at age 55 would be closer to 11million not 16 million
Comment from : @swamprat9018

You should incorporate Brandonflation into your calculation
Comment from : @grigorirasputin425

Is healthcare costs in your equation?
Comment from : @DK-pr9ny

Are people really this simple? no investment income calculated
Comment from : @billzulkosky8547

I am going to roll the dice at 55 Lol I have one more year
Comment from : @CraigandMandy1

Great video I want to retire at 55 but I am stumped on health care
Comment from : @mikem9870

Your initial calculation for inflation of 3 is way off You've added in 7 years of 3 percent inflation to all 7 years If you properly add only 3 percent each year, your yearly inflation numbers for the initial 55,000 become 56650, 5834950, 6009999, 6190298, 6373007, 6567288, 6764306, leaving you a 7 year total of $43407848 (Nearly $40,000 less required "nest egg")
Comment from : @MattOffGrid

My (very diversified) 401K has been greatly shrinking since Biden got his governmental policies up and running…3 inflation…its been WAY higher recently
Comment from : @OdintheGermanShepherd

Great video I would love to see these numbers with taking Social Security at 70 too
Comment from : @shawnm9320

“Invested” in a checking account with no growth Bad advice
Comment from : @dday11

Thanks for the video and explanation $16mm net worth for a 55 year old isn't likely for many people in this country Can someone at age 55 retire with $500k net worth but reducing annual expense to $40k a year? In your calculation, I assume you factor in the growth of your portfolio, right? With 4 rule, someone can live on $1mm net worth with $40k annual withdrawal amount perpetually and still keep $1mm at the end of his/her life For your calculation, how much is left at the end of that person's life?
Comment from : @yujie1973

Y’all think most people going to die at 72?
Comment from : @bigjohnny5280

You didn’t take into account that social security goes up every year and your investments will grow from age 55 to 62 I’m sure the present value of what you need is much lower than 16 million
Comment from : @robnelson6545

you don't explain how $1,136,379 is derived?? Please advise 62 to 72? 62 to xx??
Comment from : @scotte8629

I guess in this example the person better hope they pass away at age 72 or they will run out of money?
Comment from : @mikelago5732

Is that 55000 income before or after taxes?
Comment from : @kevincooper2619

very very good video Drew, not many folks on YT go down to this level keep up the good work !
Comment from : @johnb1571

Very good video This is close to our situation currently
Comment from : @rhondavigil795

Great video Perhaps you covered itbut did you account for COLA on SS?
Comment from : @daveharness70

Everyone Drew is absolutely the real deal We've met with several investment firms None have come close to what Drew and team have done for our family Reach out and just speak with Drew You will hear for yourself what we learned and knowbrDrew and team, thank you for being such a blessing to us Please continue being a positive and trusting beacon of light You are doing great things!
Comment from : @paulwoodruff4311