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Bandit and Chili in Atlanta are 39 with $4.7M already invested. They’re gunning for early retirement at 55, but they spend $470K a year. Will the money last? That’s today on Your Money, Your Wealth® podcast number 607 with Joe Anderson, CFP® and Big Al Clopine, CPA. Before we get to Bluey’s folks, we have a couple home and mortgage questions: David Larry in Michigan wants to retire in 2 years at 64, and he's planning to sell a condo and build a $1.5M dream home. Do his finances and retirement planning look good, and is he crazy to try to pull this off? And Leon in Chicago threw half a million dollars extra at his mortgage, but now he’s wondering if a mortgage recast would help him free up cash flow and maybe work less someday.

Free Financial Resources in This Episode:

https://bit.ly/ymyw-607 (full show notes & episode transcript)

Tax-Free Retirement Guide - free download:

https://purefinancial.com/white-papers/tax-free-retirement-guide/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-tax-free-retirement-guide&utm_content=ymyw-pod-ep607-description-whitepaper

Retirement Accounts Guide - free download:

https://purefinancial.com/white-papers/retirement-accounts-guide/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-retirement-accounts-guide&utm_content=ymyw-pod-ep607-description-whitepaper

10 Common Roth IRA Mistakes That Can Cost You $50,000 (or More!) - YMYW TV:

https://purefinancial.com/ymyw/episodes/10-common-roth-ira-mistakes-that-can-cost-you-50000-or-more/?utm_source=captivate&utm_medium=podcast&utm_campaign=ymyw-tv&utm_content=ymyw-pod-ep607-description-tv-s12e04

Financial Blueprint (free, self-guided):

https://bit.ly/YMYWblueprintC

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Chapters:

00:00 - Intro: This Week on the YMYW Podcast

00:54 - Retiring at 64 With a $1.2M Mortgage: Smart or Crazy? (David Larry, MI)

10:50 - Should I Recast My $1M Mortgage to Free Up Cash? (Leon, Chicago)

16:09 - We Make $1.65M and Spend $470K. Can We Retire at 55? (Bandit & Chilli, Atlanta)

23:09 - Pay the Mortgage, Retire at 55, Spend $470K/yr? (Bandit & Chilli, Atlanta)

29:41 - Outro: Next Week on the YMYW Podcast

31:29 - The Derails

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Financial situations around early retirement today on YMYW: Shane and Ilya are 38 and 37. Ilya has a big federal pension and lifetime health insurance waiting for him at age 50, but he needs out of his job now. Can they still retire early? Rip and Beth are 35 and 33, and Beth can sell her business for $1.8 million. Is that enough for her to be done for good, or would she end up back at work anyway? Leeroy and Belle are teachers with just shy of a million dollars saved at age 34 and 33. Is it crazy for them to take a gap year? Finally, Jake is in his early 50s with $1.1 million, planning to Coast FIRE his way out at age 58. Does the math hold up? We’ll find out today on Your Money, Your Wealth® podcast number 606 with Joe Anderson, CFP® and Big Al Clopine, CPA.

Free Financial Resources in This Episode:

https://bit.ly/ymyw-606 (full show notes & episode transcript)

LIMITED-TIME SPECIAL OFFER | DIY Retirement Guide: download by Friday, November 6, 2026!

https://purefinancial.com/ymyw/#specialoffer

WATCH Un-Retirement: Why Retirees Are Going Back to Work (And How to Avoid It) - YMYW TV:

https://purefinancial.com/ymyw/episodes/unretirement-mistakes-force-retirees-back-to-work/?utm_source=captivate&utm_medium=podcast&utm_campaign=ymyw-tv&utm_content=ymyw-pod-ep606-description-tv-s12e09

Financial Blueprint (free, self-guided):

https://bit.ly/YMYWblueprintC

REQUEST your Retirement Spitball Analysis:

https://bit.ly/YMYWaskC

DOWNLOAD more free guides:

https://bit.ly/YMYWguidesC

READ financial blogs:

https://bit.ly/YMYWblogC

WATCH educational videos:

https://bit.ly/YMYWvidsC

SUBSCRIBE to the YMYW Newsletter:

https://bit.ly/YMYWnewsletterC

Connect With Us:

Subscribe on YouTube and join the conversation in the comments:

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Subscribe or follow YMYW in your favorite podcast app:

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Leave your honest reviews and ratings in Apple Podcasts:

https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254

Chapters:

00:00 - Intro: This Week on the YMYW Podcast

00:58 - Quitting Kills My $76K Pension and Health Insurance. Can We Stop Working at 50 Anyway? (Shane & Ilya)

12:23 - Should I Sell My Business for $1.8M and Quit at Age 33? (Rip & Beth, KY)

24:24 - Two Teachers, $1M Saved, and a Gap Year at 34. Is That Crazy? (Leeroy & Belle, IA)

34:21 - Coast FIRE at 52: Can I Stop Saving Now and Retire at 58? (Jake, MI)

42:37 - Outro: Next Week on the YMYW Podcast

43:37 - The Derails: Giant Ice Cube, Dutton Ranch, Wisconsin's Brandy Old-Fashioned

Schedule a Free Financial Assessment with an experienced professional:

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Joe Anderson, CFP® and Big Al Clopine, CPA spitball on how to build your own retirement AND support your kids financially, today on Your Money, Your Wealth® podcast number 605. Lloyd and Diane in Montgomery County are 50 with $8.4 million. Can they retire early and still be generous with their kids? E and T in Missouri are 34 and 31 with $255K, and hopefully some big inheritances in the future. Can they fund the kids' college, and help them buy their first homes, AND retire early? Kent in Kansas City is 73 with 12 million bucks and $2 million in life insurance. Do Joe and Big Al back up his plan to buy an annuity, gift money to his kids now, and still spend freely in retirement, Die With Zero style? Finally, should John in the San Francisco Bay Area sell the family home and move to Nevada, or hold the house for his autistic daughters to inherit later? We’ll have a brand-new episode of tax strategies, retirement planning, and making fun of finance for you next week, but in the meantime, enjoy this encore presentation of an episode from March of this year.

Free Financial Resources in This Episode:

https://bit.ly/ymyw-605 (full show notes & episode transcript)

Estate Plan Organizer - free download:

https://purefinancial.com/white-papers/estate-plan-organizer/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-estate-plan-organizer&utm_content=ymyw-pod-ep605-description-whitepaper

Retirement Readiness Guide - free download:

https://purefinancial.com/white-papers/retirement-readiness-guide/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-retirement-readiness-guide&utm_content=ymyw-pod-ep605-description-whitepaper

Retirement Won't Look Like You Planned: Four Hard Truths About Retirement You Need to Face - YMYW TV:

https://purefinancial.com/ymyw/episodes/4-hard-retirement-truths-about-retirement-you-need-to-face/?utm_source=captivate&utm_medium=podcast&utm_campaign=ymyw-tv&utm_content=ymyw-pod-ep605-description-tv-s11e07

Financial Blueprint (free, self-guided):

https://bit.ly/YMYWblueprintC

REQUEST your Retirement Spitball Analysis:

https://bit.ly/YMYWaskC

DOWNLOAD more free guides:

https://bit.ly/YMYWguidesC

READ financial blogs:

https://bit.ly/YMYWblogC

WATCH educational videos:

https://bit.ly/YMYWvidsC

SUBSCRIBE to the YMYW Newsletter:

https://bit.ly/YMYWnewsletterC

Connect With Us:

Subscribe on YouTube and join the conversation in the comments:

https://bit.ly/YMYW-YT

Subscribe or follow YMYW in your favorite podcast app:

https://lnk.to/ymyw

Leave your honest reviews and ratings in Apple Podcasts:

https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254

Chapters:

00:00 - Intro: This Week on the YMYW Podcast

01:10 - 50 with $8.4M. Can We Retire Early and Still Give to Our Kids? (Lloyd Dobler and Diane, Montgomery County, MD)

11:41 - Die With Zero: Spend My $12M or Buy an Annuity? (Kent, 73 & 70, Kansas City)

25:08 - Can We Afford Kids’ College AND Houses AND Our Own Early Retirement? (E & T, 34 & 31, Missouri)

34:17 - Should We Move to Save Money or Keep the House for Our Autistic Kids? (John, 68 & 66, San Francisco Bay Area)

42:29 - Outro: Next Week on the YMYW Podcast