I’m 61 with $1.4M, Can I Retire @ 65 (and travel a LOT?!)

(don’t forget to checkout the video too)

It’s everybody’s favorite — the financial case studies. Without further ado:

⭐️ Here are the details ⭐️

✅ Mike is 61 years old

✅ Wants to spend $50k/year for traveling from 65 to 75

✅ Will collect social security at 65 ($2800 per month)

✅ He wants $8k/month of guaranteed income for life

✅ Wants 40% of his money flexible for spending as he pleases

✅ Bought a single premium long-term care policy when he was 51

⭐️ The Income Maximization Strategy ⭐️

✅ Mike moves $840k (60% of his money) into a deferred income annuity at age 61

✅ Mike’s remaining $560k will stay invested earning 6% per year

⭐️ Retirement ⭐️

✅ Mike’s income annuity starts paying him $81,109/year at 65 (guaranteed for life)

✅ Mike takes social security at 65 for an extra $2800/month (plus inflation growth)

✅ Mike’s investment account is worth $707k at 65 for traveling

✅ Mike has $9,559 per month of guaranteed income

⭐️ Travel Budget ⭐️

✅ Mike takes $50k/year out for 10 years to travel the world

✅ At 75 his investment account is worth about $427k

✅ From there he will continue taking $30k/year (earning 4% per year)

⭐️ $150k Legacy ⭐️

Assuming Mike lives to be 90 he will still be able to leave about $150k to his loved ones 💕💕💕

Let’s chat 💬😎

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Enjoy this blog? You’ll probably enjoy this one as well: Diversify Your Tax Buckets in Retirement (don’t have all tax-free money!)

To your success,

Matt