Haven't Yet Saved a Million. Can We Still Retire Early? - 520
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 11 March 2025
⏱️ 50 minutes
🧾️ Download transcript
Summary
Martin and Caterina in Green Bay are in their 40s and haven’t yet saved a million bucks. Are they on track to retire at age 58? Can Piggie and Kermit in California retire today at ages 50 and 57 and still build wealth for their children? Can Galahad and Zoot in Chicago retire early in their 50s, or do they need to keep working? Do Bo and Daisy have enough saved to retire now at 61 and 56? Plus, Chuck in South Carolina asks, if you can retire early, why wouldn’t you? Spitballing early retirement, today on Your Money, Your Wealth® podcast 520 with Joe Anderson, CFP® and Big Al Clopine, CPA.
Free financial resources & episode transcript: https://bit.ly/ymyw-520
WATCH this episode on YouTube
WATCH Don't Make These 10 Will and Trust Mistakes on YMYW TV
DOWNLOAD the Estate Planning Organizer
CALCULATE your Financial Blueprint
ASK Joe & Big Al for your Retirement Spitball Analysis
SCHEDULE your Free Financial Assessment
SUBSCRIBE to YMYW on YouTube
DOWNLOAD more free guides
READ financial blogs
WATCH educational videos
SUBSCRIBE to the YMYW Newsletter
Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
00:48 - In Our 40s and Haven't Hit a Million Yet. Are We On Track for Retirement? (Martin & Caterina, Green Bay - voice)
10:29 - We Have Over $5M. Can We Retire Today at 50 and 57 and Still Build Wealth for Our Kids? (Piggy & Kermit, CA)
18:24 - Watch 10 Will and Trust Mistakes to Avoid on YMYW TV and Download the Estate Planning Organizer
19:08 - We’re 56 and 52 With $500K. Can I Retire Early at 62? (Galahad and Zoot, Chicago)
25:36 - We’re 61 and 56 With $600K. Have We Saved Enough for Retirement? (Bo & Daisy, upstate NY)
33:49 - Calculate Your Financial Blueprint
34:12 - We’re 61 and 58 With $1.5M. How Much Can We Spend in Retirement, When Should We Claim Social Security? (Hefwannabe and Jane, OK)
42:19 - If You Can Retire Early, Why Wouldn't You? (Chuck, SC)
48:11 - YMYW Podcast Outro
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Martin and Catarina in Green Bay are in their 40s and haven't yet saved a million bucks. |
| 0:06.0 | Are they on track to retire at age 58? |
| 0:08.0 | Can Piggy and Kermit in California retire today at ages 50 and 57 and still build wealth for their children? |
| 0:16.0 | Can Galaad and Zoot in Chicago retire early in their 50s, or do they need to keep working? |
| 0:22.3 | And do Bo and Daisy have enough save to retire now at 61 and 56? |
| 0:27.0 | Spitballing early retirement today on Your Money, Your Wealth podcast number 520. |
| 0:31.8 | I'm executive producer Andy Last with the hosts of Your Money, Your Wealth, |
| 0:35.6 | Joe Anderson, CFP, and Big Al Clopin, CPA. |
| 0:38.5 | If you've got money questions or want a retirement spitball analysis of your own, |
| 0:42.6 | click or tap Ask Joe and Big Al in the episode description, |
| 0:45.2 | and send us an email or a voice message like this one. |
| 0:48.6 | Thanks for taking our spitball, Joe, Big Al, and Andy. |
| 0:52.0 | We love your show. |
| 0:53.3 | I'll never miss an episode. I'm hoping that our |
| 0:56.0 | spiffball will be useful to some others out there who are saving hard, but haven't yet hit a million |
| 1:00.8 | dollars. Here's our details. You can call us Martin and Katharina. I'm 44 and she's 42. We live in |
| 1:09.4 | the frozen tundra, home of the Green Bay Packers. I drive a Honda and |
| 1:14.6 | she drives a Kia. Both cars are paid off. Neither of us are daily drinkers, but I love a strong |
| 1:20.7 | bourbon, old fashion with extra cherries, and she's a sucker for red wine. Here are our assets. |
| 1:27.4 | We've got about $15,000 in cash, |
| 1:30.0 | high yield, which is our emergency savings with $50,000. Brokerage account was $125,000. Tax-deferred |
| 1:38.0 | retirement accounts, $405,000, Roth IRAs, $99,000, $1,000, $5,000, $529,000 Roth IRAs 99,000, HSA 5, 529, 25,000, inherited IRA, 43,000. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Your Money, Your Wealth, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Your Money, Your Wealth and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.