Learn how you can protect your loved ones financial abuse and how to minimize the damage if it happens! Financial Scams and Protecting Your Family A few years ago, my husband’s nana had sent over money to a scammer pretending to be him. She had thought he needed help and so she generously sent it […]
Want to up your game with your 401(k)?Learn what smart retirement moves you can make to optimize your portfolio and save for retirement!
Smart Retirement Moves for Your 401(k)
Last week we look at retirement planning from a high level – figuring out a ballpark of what you’d like your retirement to look like as well as how it fits in with what you’re doing now.
This week we’re focused on a very specific part – figuring out what to invest in when there are plenty of options.
Since I’m not a financial planner and I have no idea of your very specific finances, this episode will cover the process.
In this episode we’ll get into:
- Prioritizing your investments
- Look at whether index funds are really a smart move
- Optimizing your 401(k)
Hope you enjoy!
Resources to Rock Your Retirement
Ready to invest for retirement? Here are some fantastic resources to set things up and help you plan for your retirement together.
- Rock Retirement
- Investing Made Simple
- Free 401(k) Analysis: blooom
- The Secret Sauce to Financial Independence & Early Retirement
- Retirement Answer Man Podcast
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Automatic Saving: Qapital
- Jumpstart Your Marriage and Your Money
- Financial Independence and Parenthood
- Setting Up Your Retirement with the Right Tools
- How to Get on the Same Page with Financial Independence
Support the Podcast!
Thank you so much for listening to the podcast!
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
- Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
Learn how you two can reach your retirement goals without sacrificing fun now. Roger Whitney, The Retirement Answer Man, comes on the podcast to help you plan your retirement.
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What’s Your Happily Ever After?
Not talking about the fairy tale where you come into a windfall from a distant relative whose left their fortune.
What are you looking forward to? What do you want to do in the next few years? Can you describe how you want your retirement to go?
Whether you have a clear picture of what you want or you’re just starting to think about it, today’s episode will be a fun listen.
Roger Whitney, the Retirement Answer Man, will be on to talk about retirement, and what that actually means for you.
We also get into:
- how to prepare for retirement without depriving yourself of joy now
- How sprints and SMART goals can take you closer to the life you want
- how to talk to one another and use those differences as a superpower instead having them tear your marriage apart
Smart Retirement Advice with Roger Whitney
Even though Roger has the intellectual chops to handle finances (he’s a Certified Financial Planner, Certified Private Wealth Advisor, and Accredited Investment Fiduciary to mention a few), his real strength is his holistic approach when helping clients.
He is also the creator and host of The Retirement Answer Man, a weekly podcast helping listeners plan a path towards their ideal retirement.
Resources to Help You Plan for Your Retirement
If you want to learn more, please check out these resources:
- Learn Your Money Style
- 4 Myths That Could Ruin Your Retirement and How to Avoid Them
- Smart Retirement Moves for 20somethings
- Most Common Mistakes People Make When Planning for Retirement
If you’re ready to open an investment account, please check out any of these:
Learn how you two can figure out how much you need for your nest egg!
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Earlier this week we talked about how easy it is to open and start contributing into an IRA. Preparing for retirement is a huge goal, one that many couples stress over.
And one of the biggest questions on people’s minds is – How much do we need for retirement?
Today I’ll show you how to get that amount.
Finding Your Retirement Number
Even though everyone is different, I think we can start with a few assumptions:
- You want to be able to live on your retirement income and,
- You want it to last through retirement.
We can’t predict what your retirement will be exactly but we can get a ballpark figure that you can use for your investing plans.
We’ll be using a safe withdrawal rate. Basically this is the maximum you can take out each year without depleting your nest egg.
I’ll be using 4% as the rate. What you want to do is take your annual spending and multiply it by 25.
- If your spending is $35,000/year then you need to save $875,000
- If you two spend $70,000/year then your nest egg will need to be $1,750,000.
- And if you two spend $125,000/ year set a goal of $3,125,000.
As you can see, lower your annual expenses has a HUGE impact on your nest egg goal. One of the best ways you can help yourselves is to optimize your spending now.
This isn’t about depriving yourselves, it’s about finding the best ways to spend your money, cutting out the frivolous expenses.
Is 4% the one size fits all solution? No, but it a practical starting point for the two of you shoot for.
Opening and Contributing to Your IRA
Once you have your retirement contributions in place, you can always dig deeper and create a more personalized plan.
If you haven’t started saving and investing for your retirement, go head and do it. You can open an IRA in about 20 minutes and you can automate your contributions.
If you’re ready to begin, please check out any of these:
Until next time, take care!