Timothy Sumer

📈 Can I retire at 61 with $550,000 after being laid off? Key Steps for a Secure Retirement! 📉 As a financial advisor, I often encounter individuals facing unexpected career transitions, like being laid off, leading to questions about their retirement plans. Today, I want to address a common scenario and provide actionable steps for those considering retirement at 61 with $550,000 in savings. Assess Your Financial Situation: Begin by thoroughly evaluating your current financial & retirement standing. Take stock of your savings, investments, debts, and any potential sources of income during retirement. Understanding your financial landscape is crucial before making any retirement decisions. Set Clear Retirement Goals: Define your retirement lifestyle and financial goals. Consider factors like your desired standard of living, travel plans, healthcare needs, and other retirement expenses. This clarity will help you determine if your retirement savin...

Can I Retire at 55 with $400,000 in Retirement Savings? What about taxes? retirement planning is a crucial aspect of our financial journey, and in this video, we delve into the question many individuals ask themselves: Is it feasible to retire at 55 with $400,000 in retirement savings? We address this query from various angles, taking into account factors such as retirement lifestyle choices, retirement goals, and the impact of taxes on your retirement savings. Join us as we break down the numbers, analyze different retirement scenarios, and provide you with valuable insights to help you make an informed decision for your retirement. We'll discuss the potential challenges and opportunities of retiring early with a relatively modest retirement fund, including the importance of retirement budgeting, retirement investment strategies, and managing retirement expenses during your retirement years. Moreover, we'll shed light on the often-overlooked aspect of taxes...

How To Retire at 55 with IRA || Retire Early & Avoid Penalties In this video, I want to talk about retiring early with a 72T. This video will help you understand what retirement looks like under the age of 59 1/2 and how you can retire and use your retirement investments for income without paying a penalty. **Free Retirement Download: The Roadmap to Retirement:** 📊 If you have most of your retirement assets in an IRA, simple IRA, or SEP IRA this retirement strategy will help you retire at 55 or retire at 50 or retire at any age under 59 1/2. What is a 72T? A 72T is an IRS rule that allows someone who wants to retire early to take substantially equal periodic payments from their IRAs and avoid the 10% early distribution penalty. There are three methods for determining substantially equal periodic payments for retirement income with a 72T: amortization, annuitization, and required minimum distribution. Once you begin taking retirement income from your I...