BiggerPockets Money14 Jun 2024

537: Late Start, Early Retirement: A Step-by-Step Guide to Get On Track to FI

Got a late start on your retirement planning? Do you feel like you missed the boat and won’t be able to retire on your timeline? We’ve got good news for you in today’s episode—it’s never too late for retirement (and even EARLY retirement!). No matter what age you’re at, how much you have in the bank, and how much you make, you CAN retire on your terms, and our guests will prove it. The question is, will you follow through on their time-tested system for reaching retirement?

Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast are here to show you that whatever your situation is, you can get on track for retirement. Bill and Jackie both were late starters, only taking retirement seriously decades after starting their working careers. Even with their “late start,” Bill and Jackie were able to massively multiply their net worths and retirement savings, allowing them to reach financial freedom on their terms.

In today’s show, Bill and Jackie walk through the four steps that anyone can take to begin saving for retirement. You don’t need ANY money to take these initial steps, but doing so will change your entire financial future. Stick around for our next show as we get into the nitty gritty of retirement planning and put you directly on the path to retirement or early retirement!

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

In This Episode We Cover

The four steps anyone can take to reach retirement

Why it’s okay to be a “late starter,” especially when it comes to retirement planning

How to do a “backward budget” to quickly and easily see how much you’re spending

Why you MUST look back on the financial “lessons” you’ve learned to build wealth now!

Getting clear on your goals and what you want to achieve so you can reach retirement

The “trifecta of mistakes” Bill made and how even that didn’t stop his financial freedom journey!

And So Much More!

Links from the Show

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Finance Friday: How to Get to Early Retirement Even Faster

BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount

BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski

Want to Be a Guest on the BiggerPockets Money Show? Apply Here

00:00 Intro

01:14 Late Start, Early Retirement

06:01 Before You Can Start

08:06 “Backwards” Budgeting

17:12 Make a Plan

28:26 Acknowledge Your “Lessons”

33:19 Stick Around!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-537

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