I'm 60 With $1 Million How Much Can I Spend In Retirement

Video Description

As we approach the milestone of saving a million dollars in our retirement portfolio and crossing the age of 60, thoughts of retirement become more than just a distant dream. However, these milestones are not a guarantee of readiness to retire. Today we’re discussing a real-life financial plan of a couple named John and Jane, both 60 years old with a million-dollar portfolio, who sought guidance on whether they could begin their retirement journey. John and Jane are a couple in their sixties who reached out to Root Financial, wondering if they were financially ready to retire. Their combined portfolio totaled around a million dollars, including retirement accounts, cash, investments, and their home. Their goal was to retire and maintain a comfortable lifestyle on $8,000 per month. John and Jane's financial plan revolved around aligning their income sources with their anticipated expenses. Initially aiming to retire at 60, they realized two minor changes would give them a considerably stronger financial foundation for retirement: extending their working years by just a couple more years and opting for part-time employment over full retirement. This story also highlights the importance of setting realistic expectations for retirement spending. By acknowledging that spending patterns tend to fluctuate during retirement—increasing initially and then tapering off—they were able to construct a more accurate financial plan and account for changing priorities. Retirement planning is not a static process but a dynamic journey. The flexibility to adapt to changing circumstances is crucial. As you embark on your own retirement planning, remember that a well-crafted financial plan based on realistic expectations and adaptable strategies, can provide the confidence and security you need to embrace your golden years with peace of mind. ======================= Learn the tips & strategies to get the most out of life with your money. Get started today → https://www.rootfinancialpartners.com/ Get access to the retirement software I use in this video and more → https://retirement-planning-academy.mykajabi.com/rpa 🔔 Make sure to subscribe here to be notified for future videos! https://www.youtube.com/channel/UCBNdQfS-fzODmYb8Hkr4egA?sub_confirmation=1 Join Community → https://root-collective-58ba64.circle.so/join?invitation_token=7d3099b487a7dac1d9e97518d6661caff82a14cd-e9ef17fb-3ff3-48ef-ac1e-1d1939c91ae0 _ _ 👥 Make sure to connect with us on all socials below → https://beacons.ai/rootfinancialpartners ⏱Timestamps:⏱ 0:00 Intro 3:08 John and Jane retiring today 5:54 Their projections 7:14 Small adjustments 9:57 Retirement smile 11:14 The fun part 14:13 Summary and analysis 15:26 Outro Other videos we think you'll like: About Root: https://www.youtube.com/watch?v=ZPy7Qlmemy8&t=1s Worried about retirement? Start here: https://www.youtube.com/watch?v=c1dCo73XTw4&t=1s -- Advisory services are offered through Root Financial Partners, LLC, an SEC-registered investment adviser. This content is intended for informational and educational purposes only and should not be considered personalized investment, tax, or legal advice. Viewing this content does not create an advisory relationship. We do not provide tax preparation or legal services. Always consult an investment, tax or legal professional regarding your specific situation. The strategies, case studies, and examples discussed may not be suitable for everyone. They are hypothetical and for illustrative and educational purposes only. They do not reflect actual client results and are not guarantees of future performance. All investments involve risk, including the potential loss of principal. Comments reflect the views of individual users and do not necessarily represent the views of Root Financial. They are not verified, may not be accurate, and should not be considered testimonials or endorsements. Participation in the Retirement Planning Academy or Early Retirement Academy does not create an advisory relationship with Root Financial. These programs are educational in nature and are not a substitute for personalized financial advice. Advisory services are offered only under a written agreement with Root Financial.