Are you worried you won't be able to retire at sixty-five? Feeling financially limited in your fifties and need a retirement plan so you can finally stop working? Well, we made this episode of the BiggerPockets Money podcast just for you. Today, Mindy and Scott are joined by experts Jackie Cummings Koski and Bill Yount from Catching Up to FI to teach you how to retire on time at age sixty-five (or even retire early!) if you're starting from zero with no money to your name.
We spell out exactly what we would do to go from a zero-dollar net worth to a million dollars in retirement! This is a step-by-step plan that anyone who wants to retire on time can follow, focusing specifically on Barb - a recently divorced stay-at-home mom reentering the workforce with a zero-dollar net worth. Her situation represents millions of people who find themselves starting over financially in their fifties, whether due to divorce, job loss, or simply never having started saving for retirement.
This Episode Covers:
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How to maximize earning potential when reentering the workforce after years away
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Emergency fund strategies when you're starting from scratch (and why it's different in your 50s)
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The exact investment prioritization order for late-starter retirement savers
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How to catch up on retirement savings using IRS catch-up contribution rules
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Debt elimination strategies that won't derail your retirement timeline
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Creative ways to reduce expenses without sacrificing quality of life
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The psychology of starting over financially and maintaining motivation
And SO much more!
00:00 Introduction: Overcoming Financial Challenges at 50
05:44 Understanding the Emotional and Financial Starting Point
12:33 Setting Clear Financial Goals
14:33 Tracking and Measuring Finances
18:29 The Math Behind Early Retirement
20:03 Building the First $25,000
25:34 Side Hustles and Income Strategies
31:54 Downsizing and Financial Adjustments
39:02 House Hacking Strategy
50:17 Investment Strategies for Late Starters
01:04:11 Connect with Jackie & Bill
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