Can Donna Retire With $150k in Retirement Accounts?

Here's the background. Donna sees my videos which preach leaving your crappy, old job before it's too late. She has been working in customer service for a LONG time and as you can imagine it's grinding her down.

She's 59 years old, her parents aren't doing great, and she's worried about her own health too. Her dad tells her to get the hell out of dodge and she knows she needs to. But can she?

She calls me and we talk.

What do you WANT to do? I ask. Well, interestingly enough, turns out she wants to be a homesteader. Get a plot of land some place less expensive, and more freedom oriented, than Illinois. Raise some vegetables. Some chickens maybe. Meet friends in a smaller, friendlier community and not have to worry about the stress of the commute and the job.

Sounds great to me, I tell her. How much do you think it will cost to do this?

She is fine with getting a pea-shooter of a house, maybe not a tiny house per se, but a 1 bed/1 bath would do just fine.An acre of land or so to go with it.

Have you priced these properties yet? Indeed she has. About $75k in the parts of Missouri she's looking at.

Any debt you're going to carry into retirement with you? Nope.

How much do you need for income each month? About $3k. (and that's on the high end).

So, we start running the numbers. She has a smallish pension of $20k a year starting next year, at 60. The pension does NOT have a COLA so it will forever be $20k a year. Retire at 65, $20k. Retire next year $20k. But the pension only kicks in once she separates from service.

See where this is going? If she is making $60k a year at work and continues to work for the next few years, she is really only bringing in $40k due to the fact she is not receiving the pension. She'd make $20k just sitting on the back patio smoking cigars all day long without the commute.

Talk about a HUGE incentive to "get the hell out of dodge", as her dad says.

Thus, we need to figure out if the hassle of the work environment is worth $40k a year. The answer is pretty clear to Donna, if she can afford to quit.

And this is where you need to watch the video to find out! BWHAHAHAHA. A bit of marketing 101 there, no? Leave 'em hanging.

The answer, actually, is she'll be just fine, with a few tweaks to how she's currently set up.

Happy Retirement Donna! And all you who are on the cusp as well.

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Видео Can Donna Retire With $150k in Retirement Accounts? канала Heritage Wealth Planning