Retirement Challenges: Downsizing, Social Security, and Tax Planning

This chapter delves into the difficulties of downsizing homes because of the 'lock-in effect' and explores how interest rates affect retirement. It also touches on topics such as navigating uncertainties around Social Security, emphasizing tax planning, and managing taxable income through strategies like traditional IRAs and health savings accounts.

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Are you a late starter who wants to reach retirement (or early retirement)? Then we’ve got just what you need! We’re back with Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast as we share how to invest for retirement as a “late starter.” Did you know there are some serious advantages to investing later in life? Some of these advantages are so secret that even our hosts didn’t know about them! But today, we’re sharing them with you so you can achieve financial freedom on your terms!

From top to bottom, we’re sharing everything you need to retire sooner—from the best retirement accounts to debating 401(k)s vs. Roth IRAs vs. HSAs and more! Worried about healthcare if you retire before you turn sixty-five? DO NOT put your retirement plans on pause because of this! With some smart healthcare saving and investing, you won’t have to worry about visits to the doctor’s office!

But before you start investing, we need to get your spending in check. Bill shares how he went from paycheck to paycheck to exploding his savings rate by “downsizing” his spending, which makes reaching financial independence even easier! If you’re ready to retire, stick with us and follow these steps to a tee if you want to be financially free!

Missed part one? Listen to it here!

Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!

In This Episode We Cover

How much do you need to retire? Here’s the exact calculations we use

The best retirement accounts to invest in that have substantial tax advantages

Social Security and whether or not you can plan on receiving it when you retire

The “triple tax benefit” healthcare account that you’ll wish you knew about sooner

How to “downsize” your life so you can invest more and retire faster

“Catch up” retirement investing and the investment accounts that late starters must take advantage of

401(k)s vs. Roth IRAs vs. HSAs: Which should you invest in first?

And So Much More!

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