Financing Retirement: Social Security, Pensions and Personal Savings [PODCAST 19]

In this episode, Tim Regan and Katie Umland talk 401(k)s, Social Security benefits and pensions – including how you can use all three to get the most out of your retirement savings. 

Are you wondering how to finance your retirement?

For most people, adding money to a savings account each month just isn’t going to cut it. Rather, you need to know the various “tools” available for retirement savings – which can help your money keep pace with inflation and grow over time. 

This episode is chock-full of helpful retirement financing tips. You’ll learn the benefits of drawbacks of popular retirement accounts like Roth IRAs, 401(k)s and pensions. Plus, hosts Tim Regan and Katie Umland dive into practical tips you can use to increase your chances of success. 

Plus, listen in as Regan and Umland share common misconceptions about these accounts – such as the idea that Social Security must be collected at a certain age.

“When you think about retirement, don’t link when I retire with when I collect Social Security,” says Regan. “Decouple that thinking and say, ‘When I want to retire does not have to necessarily correspond or coincide with when I collect Social Security.’”

You’ll also learn:

  • How much of your income you should save each year for retirement
  • How to gradually increase that amount to build savings momentum
  • Why you should employ a split-contribution strategy to your retirement savings accounts

Financing your retirement is an essential part of securing your financial future. By following the steps outlined in this episode, you can make sure that you are taking the right steps to save for retirement and increase your odds of having enough money to live comfortably and securely during your retirement years.

Key Timestamps and Topics

  • [1:23] The future (or lack thereof) of Social Security 
  • [5:53] Do pensions still exist?
  • [14:30] How to make the most of your 401(k)
  • [17:25] How to make a savings plan for the course of your life

3 Key Takeaways

  1. There are several savings vehicles available for financing your retirement, such as 401(k)s, Roth IRAs and pensions.
  2. Younger people in their 20s should start saving at least 10% of their income each year for retirement. As they get older, simply increase that contribution by a few percent each year, and watch your savings grow!
  3. You don’t have to choose between a 401(k) and Roth IRA. Often, many individuals benefit from a split-contribution strategy, which employs both account types.


  1. PrairieView Wealth
  2. PrairieView’s Youtube

Start Building Your Plan Today

Everyone knows that when it comes to retirement planning, time is your best friend. Don’t wait to start building your retirement plan – connect with a financial planner at PrairieWealth Partners to get started today. 




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Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. PrairieView Wealth Partners and Thrivent Advisor Network, LLC are not affiliated companies. Information in this message is for the intended recipient[s] only. Please visit our website for important disclosures. Securities offered through Purshe Kaplan Sterling Investments(“PKS”), Member FINRA/SIPC. PKS is headquartered at 80 State Street, Albany, NY 12207. PKS and PrairieView Wealth Partners are not affiliated companies. The material presented includes information and opinions provided by a party not related to Thrivent Advisor Network. It has been obtained from sources deemed reliable; but no independent verification has been made, nor is its accuracy or completeness guaranteed. The opinions expressed may not necessarily represent those of Thrivent Advisor Network or its affiliates. They are provided solely for information purposes and are not to be construed as solicitations or offers to buy or sell any products, securities or services. They also do not include all fees or expenses that may be incurred by investing in specific products. Past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. You cannot invest directly in an index. The opinions expressed are subject to change as subsequent conditions vary. Thrivent Advisor Network and its affiliates accept no liability for loss or damage of any kind arising from the use of this information.  


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