Your Money, Your Wealth Retire Early in Your 40s or 50s: Green Light or Reality Check? - 571
If you plan to punch the clock for the final time decades before "standard" retirement age, you need a financial strategy that goes beyond just saving. Joe Anderson, CFP® and Big Al Clopine, CPA spitball five different early retirement plans to see whose numbers are tight and who is ready to go for it, today on Your Money, Your Wealth® podcast 571. George in South Carolina wants to retire in 8 years at 53. Does he have enough in his brokerage account to bridge the gap to Social Security? Joe in Massachusetts is saving a staggering $200,000 a year, but will his high-spending lifestyle make a multi-million dollar nest egg look small? The fellas help 26-year-old Jonathan in Florida map out a path to retire in his 40s using his 457 plan, and they spitball on whether early exit strategies for both Kris and Rojo in California are a "green light" or a reality check. Plus, Joe explains why the "Rule of 55" and Roth conversions might be some of the most important tools in your early retirement toolbox.
Free Financial Resources in This Episode:
https://bit.ly/ymyw-571 (full show notes & episode transcript)
Withdrawal Strategy Guide - free download:
https://purefinancial.com/white-papers/withdrawal-strategy-guide/?utm_source=LibsynDestinations&utm_medium=podcast&utm_campaign=YMYW-571
Long-Term Care Planning Guide - free download:
https://purefinancial.com/white-papers/long-term-care-planning-options/?utm_source=LibsynDestinations&utm_medium=podcast&utm_campaign=YMYW-571
The #1 Spending Mistake Ruining Retirements - YMYW TV:
https://purefinancial.com/ymyw/episodes/number-one-spending-mistake-ruining-retirements/?utm_source=LibsynDestinations&utm_medium=podcast&utm_campaign=YMYW-571
Financial Blueprint (self-guided):
https://bit.ly/PureFinancialBlueprint
Financial Assessment (Meet with an experienced professional):
https://bit.ly/PureFreeAssessment
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Chapters:
00:00 - Intro: This Week on the YMYW Podcast
01:06 - Is Retiring at 53 With No Pension a Smart Move or a Risky Bet? (George, South Carolina)
11:59 - High Income, High Spend, Early Retirement: Does the Math Still Work? (Joe, MA)
18:39 - At 26, Should I Go All In on a 457 to Retire Way Early? (Jonathan, Florida)
26:41 - Can I Retire Early and Still Cover Health Care and Long Term Care Costs? (Kris, California)
33:33 - I'm a Widowed Parent. Can I Retire at 57 and Still Fund College and Legacy Goals? (Rojo, California)
43:08 - Outro: Next Week on the YMYW Podcast