How to Go From in Debt at 50 to Retired at 65!

Episode #710
~~~
Subscribe to our Weekly Newsletter: www.biggerpocketsmoney.com
~~~
Want to be a guest on the show? Apply here: https://biggerpocketsmoney.com/contact/
~~~
Get 50% Off Your First Year of Monarch by using code ‘Pockets’: https://www.monarchmoney.com/
~~~
Connect with Scott and Mindy:
Scott:   / scott_trench  
Mindy:   / _mindyatbp  
~~~
Follow BiggerPockets Money on Social:
Facebook:   / bpmoney  
Instagram:   / biggerpocketsmoney  
~~~
You're in your 50s, $50,000 in debt, and retirement at 65 feels impossible. We made this episode for you. Today, Mindy and Scott spell out the exact step-by-step plan to go from $50K in debt to a million-dollar retirement—even if you're starting over in your fifties.

Meet Nancy: a recently divorced stay-at-home mom reentering the workforce with significant debt and zero savings. Her story represents millions of people starting over financially in their fifties due to divorce, job loss, or never having saved for retirement. But Nancy's situation isn't hopeless—and neither is yours.

We're walking you through exactly how to tackle debt strategically, increase your income, cut expenses without feeling deprived, prioritize the right retirement accounts, and balance paying off debt while building wealth. Nancy's journey from $50K in debt to retirement-ready proves it's never too late to take control of your financial future. Don't give up on retirement—let's show you how to catch up.

00:00 Can You Retire at 65 Starting at Age 50 with Debt?
05:23 Face Your Financial Reality
06:40 Create a Personal Financial Statement (Net Worth)
09:00 Set Realistic Retirement Goals for Your 50s
10:39 Build Your Catch-Up Retirement Plan
12:37 Cut Expenses and Increase Income in Your 50s
22:21 Debt Payoff Strategy While Building Retirement Savings
32:54 How to Negotiate Raises and Advance Your Career After 50
37:17 From $50K Debt to Millionaire: Is It Possible?
38:31 Creative Financial Strategies
42:59 Best Side Hustles for People in Their 50s
45:18 Real Estate Investment Strategies
56:08 Investment Priority Order for Retirement Catch-Up
59:36 Free Resources for Retirement Planning in Your 50s