The Personal Finance Podcast How to Retire in 12 Years or Less if You Started Late - Money Q&A
Nov 13, 2024
Discover how to retire in just 12 years, even if you started late! Explore strategies to boost your savings, focusing on the power of Roth IRAs and 401(k) contributions. Learn effective cash management tips and ways to quickly unfreeze your credit. Plus, get insights into overcoming mental barriers in personal finance. This episode is packed with practical advice for anyone looking to master their money management skills and accelerate their financial journey!
AI Snips
Chapters
Transcript
Episode notes
Retirement Savings Strategy
- Prioritize Roth IRA contributions for tax-free growth.
- Max out 401k and consider a taxable brokerage account for additional savings.
Managing Multiple 401(k)s
- Consolidate old 401ks into a rollover IRA for better management.
- Invest simply with S&P 500 index funds.
Savings Buckets
- Keep checking accounts lean and use high-yield savings accounts for specific goals.
- Transfer from savings to checking to cover expenses.