What do you need to know about retiring at 60 years old with $1 million? Let’s cover some of the most important topics and see how the numbers look in my financial planning tool (Right Capital). We’ll look at a fake client named Jane who is currently 59 and retiring within one year.

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If you’re married or coupled, things should look even better for your household, as you’ll likely have more retirement income from Social Security or pensions.

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Having $1 million at age 60 puts you in a relatively good position. Of course, it depends on where you live, your health, and other factors, but many people never build up a $1 million nest egg.

But that also means you’ll likely need to think about taxes. You’ll probably pay tax on your Social Security retirement benefit, and you’ll want to look ahead toward your required minimum distributions (RMDs) after age 72. Fortunately, you have some time.

More on this topic:
Article and simplified calculator: https://www.approachfp.com/retireat...
Do you pay taxes on Social Security?    • Taxes on Social Security: When Is it ...  
LTC cost estimates: https://www.genworth.com/agingandyo...

Figure out how much you can withdraw from your assets, and make some estimates on how much tax you’ll pay in retirement. Figure out what health care expenses might look like, and explore different health insurance options for the years between now and age 65 (when you’re typically eligible for Medicare).

In addition to the financial aspects, it’s important to take steps that can promote your happiness in retirement. Especially if you retire at 60 years old, you may have several decades of life left, and you might not be satisfied with sitting around or pursuing one or two hobbies. So, evaluate what you’ll do and how things might look. Start designing the life you want to retire to (as opposed to just retiring from work).

As you move through the topics we discuss in this video, you’ll improve your retirement readiness.

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CHAPTERS
00:00 How Is This Going to Look?
01:05 You Have More Than Average
02:24 Withdrawals and Taxes
06:51 How Much Can You Withdraw?
08:13 Why Would You Delay Social Security?
10:15 Can I Live Off the Principal Without Spending Down Assets?
11:27 Social Security Review
13:42 Health Care Options and Costs Before and After Medicare
18:23 LongTerm Care (LTC) Costs
20:38 Roll Assets Over or Stay Put?
22:08 The Softer Side of Retirement

IMPORTANT:
It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. ““Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.