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Money Guy Show

3 Ways to Retire Early (That You Might Not Know About)

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 19 July 2024

⏱️ 35 minutes

🧾️ Download transcript

Summary

A lot of people want to retire early - or they at least want the option to. So how do you do it? Here are 3 different strategies that can help you retire early!

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Transcript

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0:00.0

Three ways to retire that you might not even know about. I am so excited about this because this is all the rage.

0:13.6

If you go read any literature in the Fire community

0:17.4

or as we like to call it the Fine community,

0:19.0

they like to talk about retiring early and strategies and we want to speak into that. Maybe you're

0:24.3

someone out there who wants to leave the workforce early, but you recognize

0:27.8

there might not be easy ways to get to your dollars. We want to share with you some today that

0:33.8

are maybe lesser known to you that you should know about. Well first let's lay

0:37.9

out some ground rules or some framework here. One of the things that drives me

0:41.6

crazy about social media is that it always feels like what gets the clicks is the extremes. So there's people that will tell you you need all of your money in like after tax assets meaning brokerage accounts and other things

0:55.4

retirement accounts are 401k is trash they'll say that and then this side over here will be like no let's

1:01.0

load up only into these retirement accounts over. I get nervous

1:05.0

when anyone is telling you that it is a binary decision zero to one. That is not right.

1:11.1

As we all know the reality of personal finances. There's a lot going on. It's very personal in nature

1:16.6

And people ask us all the time guys. I love the financial order of operations, but if I want to retire early

1:21.0

Can I still follow the food does that work and what we want to

1:24.1

walk you through today is that you can still follow the food we're going to share

1:27.9

with you sort of like academic ways to approach retiring early and then we're going to

1:31.5

talk about what we see in practice with our actual

1:33.6

clients and how that plays out. So it's going to be a lot of fun I think for us to dive into. So let's talk about first why we still think that retirement accounts matter because you said something so interesting Brian you said all right some people say don't do retirement accounts if you're going to retire early just do taxable

1:53.0

brokers forego your 401ks forego your IRAs forego all that their language is

1:57.1

even harder your 401k stinks yeah I think that is as an I'm there's two real

2:02.4

reasons while we would say that the first is

...

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