55-year-old Man Wants $12k/month of Income for Life at age 59

(don’t forget to checkout the video of this case study too)

⭐️ Here are the details ⭐️

✅ Eric is 55 years old

✅ He wants $12,000/month of guaranteed income ASAP

✅ He has $1M in an IRA that will be used to create retirement income

✅ He has $700k invested in his current 401k (that he is maxing out)

✅ He will receive $2,500/month social security at age 62

⭐️ Step 1: Position IRA as Future Income ⭐️

✅ $1M IRA will be positioned as future, guaranteed, lifetime income

⭐️ Step 2: Take 401k distributions from 59–1/2 to age 62 ⭐️

✅ age 59–1/2 = $72,000 401k distribution

✅ age 60 = $144,000 401k distribution

✅ age 61 = $144,000 401k distribution

⭐️ Step 3: Turn on all guaranteed income at 62 ⭐️

✅ IRA account will generate $109,000 per year, guaranteed for life

✅ Social security will generate $30,000 per year, guaranteed for life

✅ Total guaranteed income = $11,583 per month

⭐️ Step 4: Long-term Care & Flexible Retirement Spending ⭐️

✅ Eric will take $200k and put it into a long-term care contract (that he still can access if needed)

✅ His remaining $507k will be available to draw on for any supplemental income needs in retirement and as a way to combat inflation

Let’s chat 💬😎