Finance Friday: Why a $1M Retirement Goal Isn’t Far Fetched For Late Starters

In This Article

Retirement planning can be complicated when you have so many options to choose from. Do you stick with the Roth IRA, the 401k, the Roth 401k, your employee pension plan, or solely invest in stocks and real estate? With all these different types of accounts and their numerous benefits and drawbacks, it’s easy to get stuck financially stalling.

One person who has been able to optimize his retirement plans, is Matt, pilot and soon-to-be captain, delivering cargo around the United States. Matt bought a home in high-appreciation St. Petersburg Florida, where his home has already gained a fair amount of equity. Although he loves the ability to rent out his home and create cash flow, Matt doesn’t like staying on dry land for too long. He’s going to captain his own home; living in a houseboat and renting out his primary residence to lower his living costs even more.

Matt talks through questions he has about his 401k, Roth 401k, Roth IRA, and other retirement accounts. Even though Matt feels he could be optimizing his finances for faster retirement, both Mindy and Scott agree: if he keeps doing what he’s doing, he’ll reach his fifty-year-old retirement goal, without any change to his current lifestyle.

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In This Episode We Cover

• Deciding between the 401k, Roth IRA, Roth 401k, and other retirement accounts
• House hacking and taking advantage of low-interest, owner-occupied loans
• Whether or not an employee pension should be thought of as a guaranteed retirement
• Living on a boat to save money on housing costs and maximize cash flow
• How to plan for retirement when you have an age limit for your job
• Employee stock purchase plans (ESPPs) and when to invest in one
• And So Much More!

Links from the Show

• BiggerPockets Money Facebook Group
• BiggerPockets Forums
• Finance Review Guest Onboarding
• Scott’s Instagram
• Mindy’s Twitter
• Apply to Be a Guest on The Money Show
• Blooom Investing Recommendations
• 6 Different Ways to Hack Your Housing
• How to Grow Your Income Property Portfolio with Owner-Occupied Financing
• Top 5 Hacks To Maximize Retirement Savings
• BiggerPockets Money Podcast 200 with Kyle Mast

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.