122 - When Should I Start Redirecting Retirement Savings to Other Account Types?

Real Personal Finance

Scott and James discuss when it makes sense to start redirecting retirement savings to other account types.

Listener Question

1. Currently, I'm 47 and I have been maxing out my retirement accounts. I believe that I am in good position for when I retire with the amount I have and the amount it will grow in next 15 years. My question is if it is foolish to now build up a non retirement account instead of continuing to pour money into the retirement account. I realize I'd be giving up tax benefits, but right now I have very little flexibility for the next 13 years. 95% of my net value is either in retirement accounts or my house. I do have an emergency fund for 6 months in cash. I'm thinking since my retirement funds are in good shape that I should start building some assets/brokerage account outside of retirement in case I want to retire early or work part time or want/need money for any reason before I'm 59. What's your thoughts on if there is a point that you should stop worrying about retirement accounts and their tax benefits and building for the years before retiring?

Planning Points Discussed

• Retirement Planning
• Utilizing Time Efficiently
• Capital Appreciation
• Purchasing Power
• Other issues (IRAs, Inflation, Financial Goals, etc.)

Timestamps:

2:35 - Introduction

4:15 - Optimize Your Balance Sheet

5:05 - Individual Stock Example

6:20 - Liquidity

8:26 - Rule of 55

10:06 - Tax Planning

14:23 - Flexibility Benefits of a Bridge Account

15:44 - Roth Conversions

17:23 - Supplemental Accounts

18:24 - Please keep sharing!

19:00 - Aligning Your Financial Goals

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