Late Start, Early Retirement: A Step-by-Step Fast Track to FI
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- Опубликовано: 5 июл 2024
- Episode #537
Got a late start on your retirement planning? Do you feel like you missed the boat and won’t be able to retire on your timeline? We’ve got good news for you in today’s episode-it’s never too late for retirement (and even EARLY retirement!). No matter what age you’re at, how much you have in the bank, and how much you make, you CAN retire on your terms, and our guests will prove it. The question is, will you follow through on their time-tested system for reaching retirement?
Bill Yount and Jackie Cummings Koski from the "Catching Up to FI" podcast are here to show you that whatever your situation is, you can get on track for retirement. Bill and Jackie both were late starters, only taking retirement seriously decades after starting their working careers. Even with their “late start,” Bill and Jackie were able to massively multiply their net worths and retirement savings, allowing them to reach financial freedom on their terms.
In today’s show, Bill and Jackie walk through the four steps that anyone can take to begin saving for retirement. You don’t need ANY money to take these initial steps, but doing so will change your entire financial future. Stick around for our next show as we get into the nitty gritty of retirement planning and put you directly on the path to retirement or early retirement!
Show Notes at:
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Finance Friday: How to Get to Early Retirement Even Faster:
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BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount:
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BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski:
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00:00 Intro
01:14 Late Start, Early Retirement
06:01 Before You Can Start
08:06 “Backwards” Budgeting
17:12 Make a Plan
28:26 Acknowledge Your “Lessons”
33:19 Stick Around!
I’m a late starter😢, finally got serious at 57. Digged out of debt and building wealth now. I’m now 62 and hope to retire at 67( I just want to be able to get by independently)
Started at 56 and 57. But I have a pension coming when I retire this year or next at 57 or 58 and work until 68 starting a 401k and letting my 457 sit for 11 years
Jackie, single and middle aged mom here too!! Sending high five and positivism to my fellow moms ! 🙌
Jackie is an inspiration
Yes❤🔥❤🔥❤🔥
Another Gen X'er here. I'm 48 and I'm just waking up. Thank goodness both my husband and I have been working for an employer that requires participation in a retirement plan. So that has really given me some peace of mind now that I'm paying way more attention to it all.
We are a bit of a lost generation and silent majority
Great show! I think most people feel this is all too complicated, get overwhelmed and give up before they start. Thank you for breaking it down to make it super simple. It really isn’t as hard as you think!! Baby steps. Do it! Your future self will love you for it! ❤
I am glad you have found your tribe
Thank you so much for this. I'm Gen X & I'm behind because of Divorce, Child Support, etc. I'm 49 now, $66K in my 401K. I'm investing $1000 per month. My company matches 25%. My wife 43 is an immigrant & her job offers no 401K & is hard to talk $ to make her understand. Anything else I can do to catch up?
Tune in next week, we'll be covering a lot more.
Get a 2and job
Keep going, once you hit 100k you will see a big difference.. they said, the first 100k is the hardest
Just finished set for life (I know it’s more geared for 20-30 somethings) AMAZING BOOK! And just started first time home buyer. Prepared and excited for what’s to come!
Scott did a great job with that book
Is there a user manual for working through the 4-steps, some kind of map to use to help you figure out what should be considered and included? How do we learn about the investor policy statement and cashflow waterfall?
Love Jackie!!!
Thank you my friend! back at you❤
@@jackie-moneyletters350❤❤❤
Thank you! Yes, Gen X’r who FINALLY has access to a 401k/TSP after a lifetime as a 1099 trying to catch up.
You got this
Thank You so much for this
I really really needed to learn this
You are welcome
Thank you for this amazing interview. Quick question. How do you find a reliable stock market group?
Check out Better Investing. Jackie is a board member
Ive taken the quarterly goal approach from scott this year.
Check our the basis of S.M.A.R.T. goals
Yaay Jackie’s here!!!
Thank you... I never turn down a chance to hang out with BiggerPockets!
Great show guys!There are so many people that have started late. What investment club did you join Jackie?
Better Investing
Is there a code for Monarch?
We are working on a deal to have them as a sponsor
Mindy, Did Karl ever hang those doors???
Yes and no. They hired someone to help them finish
Monarch money is that an app?
yes, it's a budgeting app
53/M single in Toledo Ohio
..401k is 100k im still behind.. debt free I have a full-time job I hope I can retire at 65.. I bring home $60,000 a year😮😊
Starting late in planning for retirement doesn't mean you lost out although its better to always start early. I started working at 18, strived and grew my portfolio to $600k by 33. I recently, lost over 30% and decided to mitigate the risks cause I'm planning on buying a home soon and want my portfolio to grow to a 7-figure ball park so I can retire in 9 years. What should I do?
Adding JEPI and JEPQ is smart for retirement. But when it comes to staying committed to low-risk investments, it's all about balancing your risk tolerance with your long-term goals.
@@gwendymolly5953 I believe a healthy portfolio has 3 things, at the bare minimum: Its Exposure to ETFs for increased diversification, Exposure to assets that generate cash flow like dividend stocks and Exposure to market-leading tech. These are really important for a growing and healthy portfolio
@@wellsHannahh Generally, I think a good number of people discredit the effectiveness of a certified fiduciary in planning for retirement, For the past 10years, I’ve had a CFA consistently restructure and diversify my portfolio/expenses and I’ve made over $3m in gains. It might not be a lot but then retirement doesn’t seem so farfetched anymore.
@@sheltonPston Your CFA must be really good. Please how can I get in touch? My retirement portfolio's decline is a concern, and I could really use some guidance.
@@virginiameghan4189 She goes by "Amber Kay wright" I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finances, but so glad I did.
Seems like complicated penny pinchers trying to budget every little cents. Can’t you just set percentages. Example pie chart. 15-20 for investing. 20 for personal spending and the rest towards bills.
Yes. That’s what I do. I can’t bean count. I’m big picture. So long as it works, it works.
I backwards budget. Save till it hurts first and spend the rest on needs and wants
I wish I had women like you in my life every time I date someone... they don't want to seem to save they want to live for today I want to get married again to the right person😮