538: Late Start, Early Retirement: The Huge Advantages of Investing Later in Life
BiggerPockets Money Podcast
Investment Strategies for Catching Up to Retirement
Exploring low fee index funds and tax-advantaged accounts for older individuals looking to boost their retirement savings, along with sponsored ads on financial tools and services for landlords and vacation rental management.
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!
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!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Finance Friday: How to Get to Early Retirement Even Faster
Want to Be a Guest on the BiggerPockets Money Show? Apply Here
HSA – The Ultimate Retirement Account
The Shockingly Simple Math Behind Early Retirement
00:00 Intro
01:19 Create a Simple Plan
04:58 How Much Do I Need to Retire?
09:18 What About Social Security?
16:27 Reducing Your Expenses
19:59 Healthcare and HSAs
33:28 Best “Catch Up” Investments
38:31 Roth vs. HSA vs. 401(k)
47:34 Investing Beyond Retirement Accounts
49:38 It’s NEVER Too Late!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-538
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
Remember Everything You Learn from Podcasts
