Can you retire at 65 with a million dollars in your portfolio?

Today I'm going to walk you through a case study of a couple in that exact situation.

We're going to run the numbers, we're going to test different scenarios, and ultimately what we're going to do is see what do they need to do to retire with confidence, not just with hope.

So if you're in that situation, and if you've ever wondered if your savings are enough, this is a video you need to see. So let's jump right into this case study here.

This is Jim and this is Sally. And as you can see, both of them are 65 years old. They want to

retire now. We're going to get to what they want their retirement to look like in just a minute,

but here's a brief overview of their situation. You can see they both have IRAs. They have a joint

account. And the combined value of their investments is just over a million dollars.

And beyond that, they have their primary home with a mortgage remaining of about $145,000 on it.

You can see the payment on their mortgage is a little over $1,500 per month.

That's just the principal interest portion.

Then, of course, they have property taxes as well on their primary home.

So more on that later.

But this is a snapshot of where they are, a total net worth of about $2.1 million split pretty evenly between liquid investment accounts and their

primary home. When we look at their goals, what we see is they want to retire right now. They're

both 65. They're getting pretty tired. They want to move on and start living and start doing the

things that they're so excited

to do in retirement. We work through an exercise of how much is it going to cost to do all

those different things. And when we add up the different things, whether it's just paying the bills

today, things like utilities, things like groceries, things like fuel, what does that cost,

as well as what does it cost to live comfortably? To be able to go out and do fun things, to be able to travel, to be able to make retirement, not just something where you're able to survive, but something where you're able to thrive, something where you're able to treat this as a blank canvas and you're able to design the life you want to live for the rest of your life. So these are those numbers and what that looked like. We budgeted $6,500 per month. So this is after taxes.

This is how much do they need coming into their bank account every month for utilities?

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