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How Much Does It Take to Retire Comfortably on a $5k, $10k, or $15k/mo Budget?

James Conole, CFP® 310 views

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This is not good advice 🤦🏽🤷🏽‍♂️
Comment from : @LORDRecords

One huge problem-there won't be any SS in 2 yrs
Comment from : @davedeboy5726

No tax on social security Vote for Trump 2024
Comment from : @jameskozlowski5496

Most of the retirement videos assume that you want to maintain the wealth you have accumulated while drawing from it in retirement What if you don't have any heirs and really want to spend the greatest bulk of it In other words if we have a retirement portfolio of 25 million and I retire at 61 and my wife who is 5 years younger retires at 595 How much do we need to spend a year so that our money lasts us but we are not leaving a huge pile of cash for distant relatives we barely know?
Comment from : @stevesullivan2934

@rootfp - Can you do a similar video but for FIRE? (Ie retiring early and no SS for many years)
Comment from : @FunStuffBuddy

$60k/year should be the minimum target $5k/month This assumes you have no mortgage and live in a low cost statebrbrIm not counting on SS to save me with the govt debt issues
Comment from : @donh8833

People severely underestimate the health care costs If you need to go to a senior home or worse yet, if you need full time care, that can exceed a hundred thousand per year Depending on your risk tolerance, you might not even want to withdraw 5 annually A more conservative withdrawal of 4 is probably safer You may think 1 is not a big difference, but in the world of math, it makes a huge difference
Comment from : @dquan731

Hate when you always include Social security in your calculations, most of us want to how much we need to fund those amounts with just our investments
Comment from : @BigRed2

Wow , crazy jumps !
Comment from : @MikeSTGL

My husband and I are aiming for around $10k a month We want to travel and enjoy our retirement, not just get by But when I start crunching the numbers, it feels like a lot more might be needed, especially with healthcare costs rising
Comment from : @roseyfischer

$5k might be enough if you’re living modestly in a low-cost area, but $ 10k or $ 15k gives you more flexibility,
Comment from : @Vstones

Great formula if you just want to spend interest earnings and never deplete your portfolio You can't take it with you!
Comment from : @chuck_in_socal

Do the calculations for tax purposes take into account the $29,200 tax deduction for filing jointly?
Comment from : @jp-ch7pt

I wish these Financial Planner Youtubers would do more retirement profiles on a single person rather than couples
Comment from : @prettygirlus9008

Social Security will be dried up and gone by 2030 DONT RELY ON THE GOVERNMENT TO HELP YOU That’s the best advice you can give to anyone period end of story enough of all this bs
Comment from : @jz3689

Very useful math - THANKS!😀
Comment from : @JeromeKJones

Fact is, 5k is way different to different people A lot of people will look at this and go, "Wow! I never MADE 5k a month in my lifeI can only wish!" While others will go, "I don't know how anyone could survive!"
Comment from : @alansach8437

Thank you Very informative
Comment from : @JulioVillavicencio-ru2sn

Your videos are so incredibly helpful My understanding for retirement has been illuminated I enjoy your calm friendly voice and how you share your knowledge in an easy to understand way I’m implementing retirement strategies right away Thank you so very much! Another perk of these videos is you have a pleasant face I think a light green or blue shirt would make your eyes pop Just saying…😊
Comment from : @LauraWright-h2u

I have 5k a monthcurrently it's not enough
Comment from : @deecee901

I am living in San Jose, CA All single family homes in San Jose are over $1M, but they all are very old Will spend a lot of $ for repair If I don’t have $1M cash, I never want to think about buying a house I hate debt
Comment from : @DE-Burrows

Lmao wait to 70 to collect, dude be for real This is ridiculous society and money are broken
Comment from : @homebrewGT2

Will the ss stop increasing if you loose your job at any age before retirement? Will it resume again once you have a job? For instance, if I stop working at 56 for a year and the assume amount to receive at 67 is $1000 Will it decrease because I stop working for a year?
Comment from : @Jupe367

If you have access to an HSA the best thing you can do is max that baby OUT! It’s triple tax advantaged and will help carry you through retirement because most folks largest bill in retirement are those medical bills! Not financial advice, but I believe most advisors would agree
Comment from : @SeboltLawnLandscape

You put out exceptional videos! They open my eyes to a lot of things I never considered before
Comment from : @MetHerInBaghdad

I think my 1380 a month would probably take me far lol
Comment from : @SusanRichardd

A video covering the numbers for early retirement would be great What if someone wants to retire at age 55?
Comment from : @DerekEskens

Unfortunately we need a whole lot of $$$ to hire you to manage our $$ That I know
Comment from : @nighthawk_predator1877

Very informative exercise! Assuming one were to retire at 55 instead of 65, how would this affect the equation assuming 5 annually would need to be withdrawn from the portfolio? This would obviously add 10 additional years of withdrawals without being able to collect social security benefits Appreciate the insight and info!
Comment from : @watchingu83

In the couples - Social security example - you say there is not federal tax on that $5000 Why?
Comment from : @gator701

Your videos are really good but you frustrate me because you always do couples and don't address single people Please do that as well please
Comment from : @moiramitchell6443

What color palette do you like? James: Beige, and Beige adjacent Always
Comment from : @jessicaa3623

Is there an easy way to calculate or assume the effective tax rate on retirement income?
Comment from : @MrThaiBxr

What if you want 85,000 a month? Do you have a plan for that?
Comment from : @florabamabear2058

Retirement budget breakdown: $5k/month - Ramen; $10k/month - Ramen with toppings; $15k/month - Ramen with a gold spoon😋😋
Comment from : @HenryBrooks-zm3bl

?? In addition to delayed retirement credit is SS also increased by annual cost of living, say 2 to 3?
Comment from : @peterz53

Something to keep in mind for couples who are planning on living on their combined social security payments without other investments- when one of you dies, the other will only get the larger check So, in the example mentioned in this video, the smaller $2000 benefit would go away and the survivor would only have $3000 to live on That would be a big adjustment if there weren't other assets to make up the difference
Comment from : @carolinecollins2441

Excellent videos and format Very clarifying and helpful I wonder if you've done any videos looking at moving to lower cost of living countries with lower tax rates The tax benefits alone would offset millions in portfolio savings, and the lower cost of living can increase lifestyle
Comment from : @Vlasov45

If I retire at 55 and have kids one 12 and one 1 yrs old do I receive benefits for them
Comment from : @latinconnectionhi5338

Question, when we talk about retirement income in these scenarios, are they future dollars or present dollars?brbrIt's never clear to me whether I should be adjusting for inflation or not brbrThanks for the informative video!
Comment from : @nikesoccer275

If you live in California the energy and tax bills are very high
Comment from : @chuck_in_socal

That portfolio needs to be invested 1m makes 90-100k per year 1m/with a minor portfolio burn would be pretty easy to reach that including SS
Comment from : @steveo601

Awesome to show numbers for 985 percent of the population!!! Americans don’t save very much on average Most of these silly videos discuss “can I retire with 2m” 😂 Thanks for the info!!
Comment from : @steveo601

I need 24 million for me But that is just me
Comment from : @wdeemarwdeemar8739

Is he assuming you don’t touch principal? if you have 3 million and you average 7 - 8 percent, your portfolio would go up 200 - 250 k a year
Comment from : @rodrigok1220

Insurance broker from Germany here I just want to say i love your video's aesthetics I can't comment much on american social security and Roth IRAs etc but the delivery is absolutely on point Big inspiration Thank you
Comment from : @EikeTrauernicht

Wow- SS only? Meeting expenses? No inflation factored in? No surprise health care- some costs are important but not covered by insurance- nothing for this? No concern about those we leave behind? Not how I want to live
Comment from : @davidgrant9132

So when you say you need 3 million for 15k per month, how is it invested? Or is it even invested?
Comment from : @joecocklin8596

Shame you don’t get tax benefits for not taking SS at all Might incentivize the wealthier people
Comment from : @demris15

By the time I retire the inflation will have become so bad that I would probably need to make about $25,000 a month to get by
Comment from : @stephenj5980

I'm very comfortable at $31K/year and I don't spend half of it I've been frugal all my life and it's a difficult habit to change I just don't want to buy anything I guess it makes my heirs happy My NW is $500K and rising
Comment from : @c7042

What if there SS benefit at full age goes down 25 percent becuase they run out in 2036 do they still take the full benefit at 70 or 67?
Comment from : @chessmaster1115

today I learned the US - the famous no safety net country - has a pretty decent retirement setup
Comment from : @MrKlawUK

Yo, my husband and I are both working making good money We don't even spend $5,000 a month even though we dine out every Friday and buy groceries about twice a week What are you spending all that money? Biggest spending we have every year is overseas travel Home and cars are fully paid, no debts
Comment from : @hiddenname9809

How are you videoing writing on that paper? It looks like legitimate photos of the paper but like it can't be right?
Comment from : @snooter28

5k USD per month is a LOT of moneybrGenerally expenses go down after retirementbrWhy give three examples if they're high, very high, and extremely high?
Comment from : @kanucks9

Your videos both scare the 💩 out of me, and give me hope through the excellent information and "example scenarios" Thanks 👍
Comment from : @richkestrel7416

why assume a life expectancy much higher than actual rates? most of your viewers will not see 85 have fun with your money people while you can
Comment from : @escargot8854

I’ll make it simple; Your current salary x 20 As soon as you hit that number you can retire
Comment from : @zackdreamcast

this is not exactly accurate as it has one flawed assumption - that your portfolio needs to stay at its current level in perpetuity It doesn't You can't take it with you So, let's assume your retirement is 25 years (not many live past 90, tbh) - your portfolio only needs to stretch out this long Enjoy your money while you're alive
Comment from : @-youngish

Take a shot every time he says their names you wont make it far
Comment from : @Zergbad

One thing I wouldbradd Anyone that expects to receive 10K or 15K per month most likely has some of their investments in after tax accounts that will not be taxed when withdrawn
Comment from : @AnwarSmith-n3g

Ok, I've got 7 million dollars How much can I spend per month in retirement
Comment from : @user-nh4tm6hh4j

great video what about health care cost if you retire at 60 or 62 and have to pay for that til 65? live off portfolio for 3-5 yrs, not claiming SS til 65 or 67
Comment from : @ap1873

The fact that they tax our social security benefits is absolutely bonkers
Comment from : @vividpsychosis8222

Out of curiosity, what is the likelihood of social security existing in 30 years? I don't feel confident that I'd be able to count on it with regards to my own retirement plans
Comment from : @runnerup15

This was a good, clear explanation of some stuff that's hard to explain clearly Good job! :)
Comment from : @Elephantine999

Love this specificity What about inflation on these numbers?
Comment from : @michaelmunin5819

You didn't consider Medicare premiums deducted from SS benefits, or taking the standard deduction for a married couple filing jointly Those factors would skew your numbers But generally you are in the ballpark
Comment from : @andrewpadyk67

Excellent video man, really helps visualize all the income sources in retirement
Comment from : @thefinancialneurologist

Stop making retirement scenarios for married couples Most people are divorced (happily) nowadays
Comment from : @mikeb8720

Such a small percentage of retirees have that level of savings… And a very small percentage actually want to work too for retirement age… This isn’t a very realistic example
Comment from : @jimhoge3252

What about SS payout of only 75 of benefits in 10 years when the Trust Fund runs out of money? Conservative planning should include this Also what are you fees for being the financial advisor? Full disclosure
Comment from : @kenhansen8186

I have seen many of your videos on how you calculate retirement scenarios, but I have a pension and was wondering how you calculate the value of ongoing pension payments and whether you have enough to retire
Comment from : @KenJacobs-g7k

thank you James for all the knowledge you share on this channel i really appreciate it would you please consider do more examples of SINGLE people instead of couples? I know there are a lot more people that are not married and will not be married in their retirement for sure in the upcoming years thank you
Comment from : @Monas99

At 70 they may not be able to do the things they want to do
Comment from : @Dave-sw2dm

$5k/mo is not a nice retirement
Comment from : @zoner__

Definitely consider this service! Plain amazing service o see the passion put into this program Unbelievable education value!
Comment from : @community1854

Another great video James Have you done a video on determining one's budget while in retirement? Sure, $10k/mo sounds good but will I really NEED that much
Comment from : @gregwessels7205

You glossed over how dividing the desired annual shortage amount by 5 means my money will last Doesn't that depend on market conditions and returns Is the 5 used meaning that "IS" what the market need to return to make it work? If the market returns are more or less you would need to adjust your withdrawals accordingly? Sorry, I've watched many videos from lots of different people and this is the first time I've seen this, what appears, to be a "simple" equation to calculate what I need to put away to retire If this truly works, why isn't everybody talking about this equation It would help so many people "know" what they need
Comment from : @DaveIngle1

excellent video, could you please break down a video on someone who wants to retire at 62,has pension,401k and roth ira the wife is on disability for lewy body dementia, ssdisabity the home is paid for, could you do a video on this situation? general terms we spend about 4500 expenses parkinson is not cheap and finding good insurance
Comment from : @normanrubenzer

Very good video…however, I’m hoping Elon and his wife are making a decent rate of return on their nest egg, you didn’t seem to include with your numbers on how much of a nest egg would be needed to supplement their 15k per month extra after social security! br Folks, 15 million dollar nest egg in mutual funds (chosen by a good advisor) will generate you income of around 150k a year If not, fire your advisorbr They would not need a 3 million dollar nest egg to supplement their SS income to have a 15k a month lifestyle, even if they live to 120 years old Great video once again, except give us some income as well on our nest egg 😂,
Comment from : @paulcarney2842

The longer you wait to draw Social Security the less of a portfolio you need because the closer to death you are
Comment from : @johnfbm

$15K a month is a scenario that will not remotely apply to 99 of retirees And to those it does, they do not need to be watching a video like this
Comment from : @michaelcatalano6950

Biggest hurdle retiring at 55 is health insurance
Comment from : @lionmangolf

$5,000 per month is great for a single person living abroad but you need 3x times that amount if you have a family and you are retired in a 1st world country!
Comment from : @dexterspeights3484