If you are searching online for the question of “can I retire at 60 with 500k,” the answer is yes! This isn’t a simple early retirement plan, though, as many steps need to be taken to ensure a successful retirement. Continue reading to find out how you can retire with 500K in the bank.
Retire With 500K
The common rule of thumb says you have to have at least $1 million saved to retire, but $2 million saved is more realistic. While that is a great goal to accumulate that amount of money by age 60, sometimes it’s not realistic. For some retirees, a bank account of $500,000 will be more than enough to survive. With low spending and the possibility of two individuals in your home receiving pension income or social security, it is possible to retire with a smaller amount of money saved. If retiring at 60 with 500K is your goal, use these few steps as your map to success.
Enjoy your current lifestyle, but always think ahead to the lifestyle you want during retirement. Yes, you may love to travel and eat at nice restaurants now, but chances are you will still like to do those things when you are 60, as well. Basic living expenses, such as housing, transportation, utilities and healthcare need to be on a budget. If you cannot come up with a budget, try going back and reviewing your last few bill cycles. Are you spending too much overall? What could you cut down on or sacrifice? These are questions you need to ask yourself now. Do not wait until you are closing in on 60 years old to re-evaluate your spending habits.
Save Money Early
This tip goes hand in hand with budgeting. Obviously, the more you can save throughout the course of your life, the better off you will be in the future. Saving money when you are young is a crucial component towards a desired early retirement. Luckily, there are many different ways to save money. If an employer’s retirement plan is an option, see if the company will match the amount fully. Then, opening a traditional or Roth IRA is another great way to save. Always take advantage of unexpected savings, like a raise at work. Toss the extra cash into an IRA or towards your 401(k).
This can be a tough change, for obvious reasons. Consider where you live and think about the possibility of moving to a location with lower housing prices, within reason. This also applies to your retirement at age 60. With 500K, it’s likely you won’t be able to live in the most luxurious spots in the country. Instead, opt for something you can truly afford. Just like you did in your days in the workforce, never live above your means. With location, one must think of housing costs, in addition to healthcare costs, among other factors.
Retirement Community In Youngtown, AZ
You’ve decided to make Youngtown, AZ your new home, so what comes next in this decision-making process? Finding the best possible retirement community in Youngtown can be a tough task, but luckily one name stands out above the rest. Ventana Winds is your top choice for every retirement need in the area. This community offers assisted living and memory care options, ideal for retirees of all ages. You simply cannot beat Ventana’s breathtaking pool area and resort-style dinning room. From one-bedroom, one-bathroom to two-bedroom, two-bathroom layouts, Ventana Winds has floor plans to fit any and all needs.
With 24-hour staff and care, Ventana Winds has quickly become a leader when it comes to retirement communities in the coveted Youngtown area. The affordable rent at this community includes three meals and snacks each day, all utilities, daily and weekly cleanings, scheduled transportation and timely maintenance. Combine all this with the wide range of activities and events, and Ventana Winds consistently satisfies all of its residents.