How To Build Wealth If You’re Already Behind
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Behind on retirement savings or starting to invest later in life? Brian and Bo break down how to catch up on retirement in your 40s and 50s, including how much you should have saved by age, retirement savings rates, 401(k) and Roth IRA strategies, catch-up contributions, Social Security, and the power of working longer. You’ll see how increasing your savings rate, reducing high-interest debt and fixed expenses, and growing your income can dramatically change your retirement trajectory. If you feel behind financially, learn the practical steps that can help you build wealth, invest for retirement, and create a realistic financial independence plan.
Timestamps
00:00:00 What If You’re Already Behind?
00:01:21 How Much Americans Actually Have Saved
00:02:17 How Much Should You Have by Age?
00:05:42 What NOT to Do If You’re Behind
00:06:38 Retirement vs. Saving for Your Kids
00:08:45 Avoid These Expensive Midlife Mistakes
00:11:25 Don’t Take More Risk to Catch Up
00:13:14 The Savings Rate You May Actually Need
00:19:20 Cut the Expenses That Really Matter
00:26:09 Increase Your Income to Close the Gap
00:28:54 Max Out Your Retirement Accounts
00:30:24 The Power of Working a Few More Years
00:33:03 Should You Delay Social Security?
🔗 How Much Should You Save? → https://moneyguy.com/resource/how-much-to-save/
🔗 Financial Order of Operations → https://moneyguy.com/guide/foo/
🔗 The Money Guy Guide to Retirement → https://moneyguy.com/resource/the-money-guy-guide-to-retirement/
🔗 When Should I Claim Social Security? → https://moneyguy.com/resource/when-should-i-claim-social-security/
🔗 Compound Interest Calculator → https://moneyguy.com/tool/compound-interest-calculator/
🎓 Brian Preston (CFP®, CPA) and Bo Hanson (CFA®, CFP®) share professional insights to help you own your financial future.
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