My Wife and I Are 58 with $800k, Can We Retire at 65?!

(don’t forget to checkout the video of this case study too)

⭐️ Here are the details ⭐️

✅ Becky and Jim are 58

✅ They need approximately $10,000/month of guaranteed income at 65

✅ Becky has $220k in her 401k (she maxes out each year with a 4% match)

✅ Jim has $250k in a Roth IRA & $230k in a traditional IRA

✅ They have $100k in cash

✅ They will collect $4,400/month of social security at age 65

⭐️ Income Maximization Strategy ⭐️

✅ Becky will continue to max her 401k out for the next 7 years

✅ Becky’s 401k will be worth $630k at 65 (6% annual returns)

✅ Jim’s IRA’s will be used to create future income for life

✅ Jim’s IRA money will earn a guaranteed 7% per year + 10% upfront for future income

✅ They have $100k in cash

⭐️ Results at age 65 ⭐️

✅ Jim’s Roth IRA will generate $2,219/month of tax-free income for life at 65

✅ Jim’s Traditional IRA will generate $2,041/month of income for life at 65

✅ 60% of Becky’s 401k will layer on an additional $2,262/month of guaranteed, lifetime income

At 65 Becky and Jim will have $10,922/month guaranteed income + $352k of flexible spending money in retirement 🔥

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Enjoy this blog? You’ll probably enjoy this one as well: 3 Reasons the 4% Rule is the LEAST Efficient Retirement Income Strategy

To your success,

Matt