"I'm Saving a Lot in My Twenties - Can I Retire Early?"

Money Guy Show

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

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 13 February 2023

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you're starting out on your investing journey in your twenties and you want to retire early someday, how does that impact your investment strategy? We'll walk you through that question and more in today's Q&A episode! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Check out our course, Know Your Number! - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Anyway, let's head into this Q&A segment.
0:09.3	Thank you for submitting your questions.
0:10.9	I've got a few here.
0:12.3	We're going to start with Anita's question.
0:15.4	If you have access, it's a 457, the best way to save for early retirement.
0:21.4	How do I think about adding a 457 in when you already are maxing out your Roth and can't
0:27.4	max out all of your pre-tax accounts?
0:31.8	Okay.
0:32.8	So it's really interesting, Anita.
0:34.1	The question you asked, tell me the first part of a question because the language is really
0:38.1	interesting.
0:39.1	Is it the best way to save for early retirement?
0:42.4	Is it the best way to save for early retirement?
0:44.2	Here's what's really, really unique.
0:46.5	Retirement is so unique and so customized to the individual.
0:50.9	It would be difficult to say to someone, this is the best way to do it because your circumstance
0:56.7	might be unique and what you want to do in retirement might be unique and your goals
0:59.7	and preference and risk tolerance might be unique.
1:02.2	So it's hard to say it's a 4-to-7 the best.
1:04.5	Here's what we will say.
1:06.0	457's are fantastic savings vehicles because they operate a little bit differently than
1:11.2	traditional retirement vehicles.
	...

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