#209: How can I comfortably retire using the money in my 401k? [Ask Coach]
Real Estate Investing with Coach Carson
Chad Carson
4.9 • 613 Ratings
🗓️ 25 February 2022
⏱️ 14 minutes
🧾️ Download transcript
Summary
Episode #209 - How can you retire comfortably using your 401k or retirement account nest egg to diversify into real estate? That's the question Coach tackles in this episode of Ask Coach.
Buy real estate in a retirement account: https://www.coachcarson.com/americanIRA
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- American IRA - invest your retirement accounts into alternative investments like real estate, private loans, partnerships, and more https://www.coachcarson.com/americanIRA
- Avail - If you're a small landlord self-managing between 1 to 20 rental units, this is a fantastic (FREE) online rental management software to help you collect rent, market vacant units, screen tenants, and more - https://www.coachcarson.com/avail
- Deal Machine - software to help you buy more real estate deals https://www.coachcarson.com/dealmachine
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READ MY BOOK ON RETIRING EARLY 📚 https://www.coachcarson.com/retirementbook
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Transcript
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| 0:00.0 | So you're approaching retirement and you've done a good job saving up a pretty large nest egg in your 401k |
| 0:05.8 | and you've also paid off your house. You have no debt on your house. The challenge is you want to retire, |
| 0:11.2 | you want to leave your job, but how are you going to generate enough income and how are you going to |
| 0:14.8 | support yourself in retirement given the situation. |
| 0:28.2 | Welcome to the Ask Coach edition of the podcast. |
| 0:30.2 | If we haven't met yet, my name is Chad Carson. |
| 0:31.5 | You can also call me Coach. |
| 0:35.2 | My mission here is to help you get out of the financial grind so you can do more of what matters. |
| 0:36.4 | And the Ask Coach podcast series is where I do |
| 0:38.4 | my best to answer your burning questions about real estate investing and personal finance. |
| 0:42.9 | Today's question comes from David Robinson, one of our viewers on YouTube, and he said, |
| 0:47.0 | love your videos. Would you consider discussing strategies for folks approaching retirement |
| 0:51.2 | who want to diversify their 401ks, someone whose home is paid off |
| 0:55.4 | and they are interested in leveraging that asset, their home, plus their nest egg. Thank you. |
| 1:00.4 | So, David, thank you for this question. I really like the question in particular because this is |
| 1:04.4 | something I spent a lot of time on in my book, retire early with real estate. So I want to use this |
| 1:09.5 | opportunity and actually give you a caveat |
| 1:11.2 | first that you should never listen to a podcast and use the advice from a podcaster like me |
| 1:16.7 | to go in and apply that in your particular situation without a lot of thought and without a lot |
| 1:21.9 | of consultation with a professional. So when you get into the retirement planning world, |
| 1:26.0 | there's a lot of nuance, there's a lot of details. There are a lot of assumptions that I don't know about David's situation. But I thought this is a good opportunity to talk about principles. And that's a lot of what I did in the book. I gave a lot of case studies of how do you actually use real estate to retire early? What does that mean to live off of your investments? And I like this particular |
| 1:44.5 | question because this is a real situation a lot of people find themselves in as you're getting |
... |
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