Financial Planning Strategies for All Ages | S.2 Ep. 18

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In this episode of “Your Money, Your Wealth”, Joe and Al give you key retirement saving strategies for your 30’s, 40’s, 50’s and 60’s. As you grow older, your financial situation and life needs change. Understand the importance of saving for retirement and the steps you should be taking depending on where you are in life.

1:37 “57% of Workers have less than $25,000 saved for retirement” (Source: Employee Benefit Research Institute)

3:55 “It behooves you to start as early as you can, because that way the compound of money is going to work the best for you”

4:31 “Max out your 401(k) as much as you can or at least to the match”

5:46 “You have to take a look at paying yourself first, keeping those expenses under control, and then if you do get a bonus or if you get a raise, try to save half of that”

6:29 “This is a great opportunity for the younger generation to take control of their finances and start saving”

7:45 “According to U.S. News, when switching jobs there are three ways that you that could avoid paying taxes or early withdrawal penalties from your 401(k). First, you can leave it in your old 401(k), second, you can roll it over to an IRA, or third, you could transfer the balance into the 401(k) at your new employer.”

10:24 “I think the first thing [40-year olds should do] is setting a goal, establishing a saving goal, whatever that may be”

11:08 “Go higher than you think you’ll actually do…I think if you set it high and it’s automatic, especially if you’re saving in your 401(k), it’ll be out of sight out of mind; you’ll end up saving a lot more than you think you actually can”

12:18 “I would say there are three key things: make sure to pay yourself first, make sure to choose the appropriate investments, make sure to monitor your progress and see where you’re at”

15:00 “If you’re 50-years old or you’re 55, here are the steps: you want to start right now (can I cut some spending?), then from there you can save more, manage the assets appropriately”

15:10 “If you do not have a 401(k) plan, try to save into an IRA, or a Roth IRA, after those look into non-qualified investments or stocks or bonds…save, save, save: that’s the key”

18:23 “The younger generations are not taking the appropriate amount of risk in their overall portfolio”

18:38 “One of the things that you absolutely need to figure out is what is the retirement date? It’s not this arbitrary number; you want to make sure you have enough capital to maintain a lifestyle long-term”

18:54 “Believe it or not there’s over 500 ways to collect Social Security if you’re married”

19:16 “For people who can afford to wait, wait on your Social Security, you can wait as long as age 70 when you’ll get the maximum amount possible on Social Security, and that will last the rest of your life and it’s indexed for inflation”

23:31 “If you’re a first-time home buyer, there are special rules within the IRS legislation that allows you to take money out without the penalty”

Aired 5/2/15

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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor.
• Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

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