We are 62 with $2,100,000 Saved, Can We Retire?

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The issue is not whether you have enough money, the issue is whether you have enough time left to live and enjoy your money. You could die any time, have a stroke, a heart attack , cancer and die or basically be gravely disabled. No amount of money could make you happy if you are dead, or could not even scratch your ass. Unless you want to earn the distinction of being the most financially rich tenant of a cemetery.

I’ve been watching a few of these videos on this topic. Yours is one of the easiest to understand and more importantly easy to listen to. Keep up the good work.

Great video! Easy to follow and implement. Keep them coming!

Good video. Will watch more of your content.

Outstanding content, thank you!

Thanks Eric, the case study very helpful and informative!

You can easily retire put 2 years living expenses in high interest savings and 10% of what’s left in short term bonds and 90% low cost s&p etf. Done enjoy your life.

Front load risk or back load risk. Excellent terms. Never heard those terms before.

Millions of people are retiring with only $100,000 saved. Yes, its a no- brainer.

Their 800,000 soon to be mortage free house ensures them never running out of money.

According to the Social Security Administration's actuarial life table for the United States, the probability of death for a 62-year-old is approximately 1.2% to 1.5% per year. This means that out of 1,000 62-year-olds, about 12 to 15 might be expected to die within one year. A 62-year-old man has about a 42% chance of living to age 85. A 62-year-old woman has about a 55% chance of living to age 85.

I realize everyone's situation is unique. That said, unless there are health issues involved, I'm a big fan of waiting until 70 to collect social security if possible. Only 85% at most is federally taxed and in many states it is exempt from state taxes. Also, the cost of living adjustments have a larger impact.

People make two big mistakes when calculating their retirement income needs. One, is assuming that your costs will go down. You should expect your costs to go up every year due to inflation and debasement of the currency. The other is not evaluating the cots and likelihood of a long term care type of event that requires either full time care or a nursing home. That is likely to happen if you live long enough and can be very expensive. Unless you have a plan for this, you'll have to rely on the government to provide for your support (assuming it will).

What are the expenses?

This plan significantly exceeds the 4% rule. When the stock market is near all-time highs this seems quite risky. I would not sleep at night with this plan. I would spend less or work longer rather than "rolling the dice."

Much prefer you show the planning with a retirement smile spending pattern. it seems much more realistic of a spending pattern than just straight line $7000 spending adjusted for inflation for their entire life. I am doubtful they are going to be spending 150k+ per year when they in their 80s

Financial advisors never want you to take out your money and spend it, that's how they make their own salaries. Any 62 year old couple with 2.1 million dollars and a pension and S.S. will be fine, My advice is to retire and enjoy life.

The main problem with this couple’s portfolio now is that it is too overweighted on tax advantaged retirement accounts, 80% allocation, vs only the 20% joint disposable assets accounts. Forgot about Roth conversions, which will require a minimum 5 year holding period before you can withdraw profits. The couple needs to aggressively take distributions from the retirement accounts and reallocate them to the 20% joint disposable assets bucket. That includes taking a profit on those Roth holdings ASAP before a huge market decline wipes out the growth, and leaves the couple with unrealized Roth losses that you can’t deduct. They couple can’t afford to get cute with trying to save on taxes, at the risk of unrecoverable market declines or lack of access to tax advantaged retirement accounts because of being too frugal with distributions.

Depends on debt and spending habits.Easy 6 percent return 126k a year.They cant live on that nobody can help.