Planning on retiring at 55 or in your 50's? Today, we're going to cover everything you should know to retire at 55! We'll cover everything from bridge accounts, the rule of 55, social security, and at the end we'll dive into a case study!
0:00 – 0:29 Retirement planning at 55 overview
0:30 – 1:00 Rule of 55 in retirement planning
1:01 – 1:28 457 plan penalty explained
1:29 – 1:52 Utilizing a bridge account before 59 1/2
1:53 – 3:00 Tips on where to pull money from in retirement
3:01 – 4:39 A guide to health care at 55
4:40 – 5:55 How to calculate expenses in retirement
5:56 – 7:19 Future income: social security, pension, inheritance
7:20 – 9:55 Retirement plan case study at 55
9:56 – 10:08 Like, comment, subscribe.. if you want to!
Jazz Wealth Managers helps individuals and families achieve financial security through retirement planning and investing strategies. Our videos offer actionable guidance on navigating Roth IRA's, 401ks, IRAs, Social Security, and more. Whether you're approaching retirement or just getting started, learn how to make informed financial decisions for a prosperous future. Subscribe for more!
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Thanks for watching! Your input is always appreciated or if you have something you want to share to help some people out, drop your thoughts below! 👍
I retired last September at 57 yrs. old, so we took our first withdrawal from my 401K earlier this year. We chose to take one withdrawal early, then will take another later in the summer. Fidelity held taxes out, BUT withdrew evenly from ALL pre-tax funds, as I couldn’t selectively choose just one account (Bonds, T-bills, Stable Value, etc.). So, be mindful with your rebalancing after any withdrawal.
On my 401k if I request a withdraw online it’s split between all accounts but if I call in I can specify where to pull from. No idea of yours could be the same.
thanks for your input & great point! We’ve seen that a lot with clients and it seems to depend on the employer plan.
Such a great video. I talk to co workers. And so surprising how most close to retirement don’t even know how much they will get in retirement. Just because you hit the retirement age doesn’t mean you can afford it.
Great point and thanks for you input! That’s way more common than you think
Oh and NEVER count on inheritance as a retirement plan. if you get it great if not whatever.
Unless you already got it 🙂
Why just hold your coins? Use Eledator to earn some passive income.
Thank you Eric good info
Thanks Bruce!
sure wish golman sachs had auto log out on thier program, congrats on 66.!!
Just one clarification, 72t could be taken out earlier than 55 and the rule is 5 years or 59 1/2 whichever is longer. So if you start one at 52, it doesn’t end at 57, it goes till 59 1/2. Am I understanding that correct?
Yes, you have that correct!
Erroric you have come so far in your videos, the quality is so much better. especially compared to the new old guy. OK I got one for you Roth taking money out of it to keep you in a lower tax bracket and savings on ACA health care cost. Run the numbers. I expect a video by Tuesday afternoon.
Initially, I was concerned that you had been hacked! A compliment and perfect spelling across multiple sentences had me concerned! That being said, thanks for that and I’ll get get some stuff put together for this video!
Was aiming for 43 to retire, but with inflation out of control it’s most likely 45 it after now 😢
That’s still an incredible achievement. Despite the delay, congrats on the success!
I don’t feel confident retiring with 70 million dollar wealth at age 55