How would your advice change if in this scenario the person was retiring at 45? Would they keep putting money into these retirement accounts knowing they won't be able to touch them until they are much older?
This is a really good question. It depends situation by situation, but in most cases to retire at 45 you are going to need to do it all. SO many focus only on time from 45-59 and forget 59-92ish is a way longer time. You don't want to only think about those 14 years. Here's a blog I wrote on this before: www.thomaskopelman.com/blog/why-you-should-use-retirement-accounts-even-if-you-are-going-to-retire-early
How would your advice change if in this scenario the person was retiring at 45? Would they keep putting money into these retirement accounts knowing they won't be able to touch them until they are much older?
This is a really good question. It depends situation by situation, but in most cases to retire at 45 you are going to need to do it all. SO many focus only on time from 45-59 and forget 59-92ish is a way longer time. You don't want to only think about those 14 years.
Here's a blog I wrote on this before: www.thomaskopelman.com/blog/why-you-should-use-retirement-accounts-even-if-you-are-going-to-retire-early