Can I Retire With $750k? Case Study

Is $750k enough to retire on, and will the money last for life? Walk through a case study to see how things might unfold.

We’ll look at strategies to improve the likelihood of success, including Social Security claiming, tax planning, and other factors that impact when you retire. While this example shows a single person, married couples would have more spending power (from more sources of income) and more opportunities for tax planning.

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Jane is 59 and thinks she’ll retire in 3 years. She was planning to take Social Security early (at age 62) and spend about $57k/year in today’s dollars.

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She has $750,000 in retirement savings. Is that enough?

With some smart planning (and decent luck, of course), she might be in good shape.

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CHAPTERS:
00:00 Setup
00:37 Assumptions
01:24 Is $750k Enough?
03:20 Social Security Strategy
04:13 Basic Tax Planning
05:57 Realistic Spending in Retirement
08:26 Considering Earlier Retirement

Justin Pritchard, CFP®, MBA, RMA® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states.

IMPORTANT:
You can run out of money with any amount in assets and with careful planning. It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. “Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.