How One Single Mom Saved $1 Million in 15 Years—and the Strategies Anyone Can Use to Catch Up on Retirement

If you haven’t started saving for retirement by age 50, you’re likely facing a stark realization: You only have about 15 years left until you retire—if you can retire. At that point, the slow and steady approach can seem impossible.

Jackie Cummings Koski, a single mother in Ohio, took a different path. With a compression strategy focused on intensity rather than time, she shows how 15 years can be turned into a deliberate sprint that still ends in financial independence.

Unlocking Your Financial Superpowers

First things first: You need a mindset shift. You might see your age as a liability, obsessing over the compound interest you missed out on in your twenties. But regret shouldn’t be your focus. Instead, make an inventory of your superpowers, a list of advantages that only you, as an older worker, possess.

When you’re 20, you have time, but you lack income and stability. When you’re 50, you have human capital. You likely have a varied set of skills, a wide professional network, and a strong resume that commands higher pay than a fresh graduate. You may also have a fixed mortgage payment that protects you against inflation.

And you may have the advantages of an empty nest. As children become independent, the capital drain of parenting evaporates. This allows for a radical redirection of resources. Money that used to go towards childcare, braces and extracurricular activities can now fuel your financial freedom sprint.

The Less Time You Have, the More You Need to Save

If you save 10% of your income, you have to work nine years to buy one year of freedom. That math doesn’t work for a late starter. To compress four decades of saving into 15 years you must manipulate the intensity variable.

During her sprint, Jackie lived on approximately $40,000 to $45,000 a year. She started by saving 30% to 40% of her income. At one point, she was bringing a little over $100,000 a year. By saving roughly half of her income, she bought one year of freedom for every year she worked.

This approach turns budgeting from a tool of deprivation into a mechanism for buying your life back. Every raise, tax refund, and bonus can be deposited directly into investments rather than your checking account, preventing lifestyle creep from slowing down your progress.

The Tax Code as an Accelerant

It’s important to use the tax code to your advantage to prevent unnecessary loss and maximize the power of compound interest.

Jackie had a Health Savings Account (HSA), which is a triple-tax threat: Contributions are tax deductible, growth is tax free, and withdrawals for covered medical expenses are tax free. One twist you can try is the shoebox strategy. First, you pay for medical costs out of pocket. Then, you save the receipts in a shoebox (or digitally), and let the HSA funds grow invested in the stock market. Years later, those receipts act as a claim check for tax free cash you can withdraw at any time.

Furthermore, once you hit age 50, the IRS allows you to contribute significantly more to your 401(k) and your IRA.

The Liquidity Bridge

If you’re hoping to retire early like Jackie did (at 49), you may be worried that your retirement money will be trapped until you turn 59 1/2.

To combat this, you can build a liquidity bridge. By understanding certain IRS provisions, like the rule of 55 (which allows penalty-free 401(k) withdrawals if you leave your job after age 55) or Rule 72(t) (which allows specific, calculated withdrawals from IRAs at any age), you can access your wealth early without penalty.

The Bottom Line

The 15-year sprint shows that financial independence isn’t reserved for the young or the ultra-wealthy, and that starting late is a challenge of focus, not an impossibility.

If you’re willing to trade average spending for aggressive, intentional saving, you don’t necessarily need decades to build wealth. Just 15 disciplined years can be enough.