How Much Can I Expect To Spend In Retirement with a $2.2 Million Portfolio?

Описание: As you approach retirement with a well-funded portfolio, critical questions arise: "When can I retire?" and "How much can I spend?" For many, wealth accumulation has been the focus for years, but as retirement nears, it's crucial to shift toward planning how to turn those savings into a comfortable retirement.

Take Tommy and Monica, a couple in their early 60s with a $2.2 million portfolio. After years of diligent saving, they realized they hadn't planned the specifics of their retirement. With annual incomes of $82,000 and $215,000, respectively, and no pensions, they initially thought they'd retire at 70 to maximize Social Security. However, they wanted to retire earlier to enjoy travel and other activities while still in good health.

Their plan needed to consider healthcare costs, home maintenance, and vehicle replacements. By evaluating their assets and income, they found they could retire at 65 without sacrificing financial security. Planning helped them see they had the flexibility to retire earlier, spend more now, or continue working with increased lifestyle spending. For those nearing retirement, it's essential to move beyond saving and start planning how to live in retirement, ensuring your finances align with your lifestyle goals.

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⏱Timestamps:⏱
0:00 - Meet Tommy and Monica
2:03 - Rethinking retirement age
3:59 - A look at income
5:18 - Retirement cash flows
8:27 - Total outflows
9:10 - Portfolio projection
11:50 - Options to achieve successful outcome
13:55 - Scaling back to live today
16:19 - Optimizing other areas

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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.

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