How to Go From Broke at 50 to Retired at 60!

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 19 August 2025

⏱️ 74 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you worried you won't be able to retire at sixty-five? Feeling financially limited in your fifties and need a retirement plan so you can finally stop working? Well, we made this episode of the BiggerPockets Money podcast just for you. Today, Mindy and Scott are joined by experts Jackie Cummings Koski and Bill Yount from Catching Up to FI to teach you how to retire on time at age sixty-five (or even retire early!) if you're starting from zero with no money to your name. We spell out exactly what we would do to go from a zero-dollar net worth to a million dollars in retirement! This is a step-by-step plan that anyone who wants to retire on time can follow, focusing specifically on Barb - a recently divorced stay-at-home mom reentering the workforce with a zero-dollar net worth. Her situation represents millions of people who find themselves starting over financially in their fifties, whether due to divorce, job loss, or simply never having started saving for retirement. This Episode Covers: How to maximize earning potential when reentering the workforce after years away Emergency fund strategies when you're starting from scratch (and why it's different in your 50s) The exact investment prioritization order for late-starter retirement savers How to catch up on retirement savings using IRS catch-up contribution rules Debt elimination strategies that won't derail your retirement timeline Creative ways to reduce expenses without sacrificing quality of life The psychology of starting over financially and maintaining motivation And SO much more! 00:00 Introduction: Overcoming Financial Challenges at 50 05:44 Understanding the Emotional and Financial Starting Point 12:33 Setting Clear Financial Goals 14:33 Tracking and Measuring Finances 18:29 The Math Behind Early Retirement 20:03 Building the First $25,000 25:34 Side Hustles and Income Strategies 31:54 Downsizing and Financial Adjustments 39:02 House Hacking Strategy 50:17 Investment Strategies for Late Starters 01:04:11 Connect with Jackie & Bill Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So you're 50, you're broke, and you're thinking to yourself, retirement is just never going to happen for me, right?
0:05.8	You are wrong.
0:07.2	Today, we are breaking down exactly how to get started.
0:10.6	Even if you feel like you're starting from zero, we are covering actionable steps to take, mindset shifts, and strategies to build wealth fast, even if you're starting later in life.
0:25.6	Thank you. and strategies to build wealth fast, even if you're starting later in life. Hello, hello, hello, and welcome to the Bigger Pockets Money podcast. My name is Mindy Jensen,
0:29.8	and with me as always is my not quite 50 co-host Scott Trench. Thanks, Mindy. Great to be here.
0:35.1	I'm so excited to help Gen X, 10X, their wealth.
0:39.0	How about that one?
0:39.6	We are thrilled to welcome the ultimate experts on starting your financial independence
0:43.9	journey in your 50s, Jackie Cummings-Coskey and Bill Yunt, host of the incredible podcast
0:49.6	Catching Up to FI, which we will definitely talk about as a great resource along this journey if you are
0:55.2	getting started and you want to catch up to financial independence. If you've ever wondered
0:59.3	whether it's too late to pursue fire or felt discouraged about getting a later start, these are
1:03.5	two people who are living examples that financial independence is absolutely achievable at any age,
1:09.4	no matter when or where you're starting.
1:11.1	I am no expert on the journey for someone who is in their 50s getting started and broke and
1:16.2	trying to build wealth. But I have studied relentlessly the journey for someone in their
1:20.8	20s, and I've attempted, I've hypothesized here today how that journey can be translated
1:26.0	to someone who's starting over who's totally broke,
1:28.5	maybe in a really tough situation at 50 years old to try to maximize their wealth. And we're
1:33.9	going to test that hypothesis and get the feedback from the pros here with Jackie and Bill on today's
1:38.8	show. So welcome to Bigger Pockets Money, Jackie and Bill. So grateful to have you here.
	...

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