Achieving Retirement by 2030: Is $850,000 Enough?

Hello, it’s Tyler with Reliance Financial Partners. I wanted to share this article with you today and kind of walk through a couple of the steps, a couple of the flags that we see and things that you want to think about as you near retirement or if you’re in the middle of retirement, how do you plan on living retirement, better living retirement on purpose? So I’m 49 years old. My husband is 59 years old. We have $2.2 million House 8 85. Save for retirement can retire in six years by 2030. So as we go through the details, some of the things that we notice is they’re going to retire in six years and she’s going to be 55 years old. One of the things that jumps out at me is she’s going to have to cover her healthcare costs for a decade. So we know that healthcare is not cheap and she’s going to have to be covering those costs for an extended period of time.

That’s got to be something that they need to talk about as they near retirement, getting what those numbers are and figuring out if that’s something that they can easily afford, and it’s not going to affect their lifestyle too much. Number two, I love the fact that they were planning their retirement. They were going to take one big trip overseas every year. They’re going to go to the beach for two weeks. Every year they’re going to take a two week road trip every year they’re doing retirement on purpose, and I love that. That’s just going to be one of those things that’s a budgetary item. Hey, what are plane tickets going to cost us? Can we afford to do this? If we say that their 8 85 is going to be a million bucks by the time they retire, it’s a conservative estimate, well, that’s going to produce about $50,000 a year in retirement income on top of whatever pensions and social security that they’re going to have at that time.

I know one of the concerns in the articles was what’s going to happen to Social Security by the time they get to their attained age where they can actually take Social Security, that’s just going to have to be a bridge that has crossed. Then last but not least, is location of their retirement. They pointed out that they lived in a more expensive area. They lived up in Washington, their house, very expensive house. And so one of the things that they may have to look at and may have to consider, is it in our best interest to consider or to stay in Washington. Now, for some people, it does not matter. We are living here. This is where our family is, this is where our grandkids are, this is where we’re staying. I don’t care what it costs. And then there are some people that have families spread out, so they’re flying anyways.

It doesn’t matter where they live. And so in those situations, that’s why you’re seeing a lot of retirees move to Texas. It’s a little bit more affordable to live down here. It seems like nothing’s affordable right now, but you get the picture, it’s a little bit cheaper. Imagine what if you sold a $2.2 million house, you could move to Texas and what you could buy for a million dollars and then have that extra money to go live your lifestyle. It would produce another $50,000 a year having another million dollars saved. What kind of lifestyle could you live on that? So those are three things to consider when they’re asking, can we retire by 2030? It’s going to come down to obviously a couple different factors, but sitting down, putting a plan on purpose together so that you can live the life you want to live. Go travel where you want to travel, go see your grandkids, whatever retirement is to you, let us help you put that plan together so that you can live your retirement years, enjoy your retirement years, and have fun. As Bill Dunkelberger always says, it costs a lot of money to have a good time, and so let’s put that plan together for you folks. Hope you enjoyed this. Hopefully, we’ll be able to do a lot more content like this, share some ideas with you and help get that brain turning so that you can have a wonderful retirement. We’ll talk to you all soon. Have a great day.

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