Retirement planning can feel daunting, especially when you're single and approaching your golden years. There are countless considerations, from your current financial situation to your future lifestyle goals. Lori, 60, is preparing to retire with a milliondollar portfolio.

Assessing Assets and Goals Lori has a million dollars spread across various investment accounts, including her 401k, IRA, and Roth IRA. She also owns a home in California, though it comes with hefty HOA fees.

Retirement Goals and Expenses Lori is thinking about retiring by age 67. Her desired lifestyle includes a monthly budget of $5,200 and provisions for healthcare, travel, and vehicle expenses. We uncover the need to account for housing costs, taxes, and unexpected expenses, painting a more comprehensive picture of her financial landscape.

Mapping Income Sources and Cash Flows Her transition into retirement unveils a gap in cash flow until her Social Security kicks in at age 70.

Analyzing Withdrawal Rates As we project Lori's portfolio growth and withdrawal rates, we encounter challenges sustaining her desired lifestyle throughout retirement. Initial withdrawal rates hover around 8%, raising concerns about longterm financial stability. To address this, we explore alternatives, from adjusting expenses to extending work years or relocating to states with lower living costs and taxes.

Relocating for Financial Freedom For Lori, relocating to a state like Florida or Nevada is a viable solution to alleviate financial strain by minimizing HOA fees and state taxes.

Lori's journey highlights the power of strategic planning and informed decisionmaking in retirement preparation. By aligning her financial goals with her desired lifestyle, she can envision a future filled with excitement and possibility. With a solid plan in place, she gains the confidence to embrace retirement on her terms, knowing that she's charting a course for financial freedom and fulfillment.

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⏱Timestamps:⏱
0:00 Meet Lori
1:31 Lori’s goals
4:42 Cash flows
9:46 Assessing her portfolio
12:33 Probability of success
14:16 Considering alternatives
17:41 Impact of moving
19:55 Even better news
21:16 Takeaway principles

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