How to Go From Broke at 50 to Retired at 60!

17 snips

Aug 19, 2025

Guest

Bill Yount

Guest

Jackie Cummings Koski

Jackie Cummings Koski, a financial expert and certified planner, teams up with fellow expert Bill Yount to share wisdom on achieving retirement success after 50. They tackle how late starters can maximize their earning potential and develop emergency funds, even from scratch. Listeners learn about effective debt elimination strategies and investment prioritization specifically for those starting anew. With unique insights into geo-arbitrage and house hacking, they pave a creative path toward financial independence that anyone can follow!

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INSIGHT

Late Starts Are Fixable

Starting at zero at 50 is common and often fixable with focused effort and a plan.
Late starters can leverage time, discipline, and targeted strategies to build meaningful retirement savings.

ANECDOTE

Real Example: $0 To $1.3M After 50

Bill Yount recounts Becky Heftig going from zero to $1.3M between 50 and 63.
Her story proves late starters can achieve seven-figure net worth with disciplined action.

ADVICE

Define A Clear Retirement Goal

Write a clear retirement goal and review it regularly to guide decisions.
Use proximate milestones to make big goals (like $1M by 60) actionable and trackable.

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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:

How to maximize earning potential when reentering the workforce after years away
Emergency fund strategies when you're starting from scratch (and why it's different in your 50s)
The exact investment prioritization order for late-starter retirement savers
How to catch up on retirement savings using IRS catch-up contribution rules
Debt elimination strategies that won't derail your retirement timeline
Creative ways to reduce expenses without sacrificing quality of life
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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