Hosts Tim Regan and Katie Umland are taking a broader look at retirement savings strategies in this latest episode of the Retirement Readiness Podcast.
Navigating the choppy waters of financial planning can be daunting, particularly when it comes to balancing long-term goals with your current “wants.” Still, it’s important to start saving for retirement as soon as possible – and usually, the more you can put away each month, the better.
“There’s an old saying: ‘It’s not timing the market, it’s time in the market that makes you money.’ And so what we encourage people to do is when you’re talking about your retirement account and you’re talking about long term money, be as aggressive as you’re comfortable being,” Regan says.
And while your 20s are the best time to start building that foundation of your retirement savings, it’s never too late to start. If you’re in your mid-40s and have yet to start saving, Regan reminds that it will never be easier than it is at this very moment – so don’t put it off any longer.
Regan and Umalnd also explore how each person’s unique goals could influence their savings plan. For example, those hoping to buy a home or send their children to college may not want to stick all their savings money in a retirement account, because early withdrawals often come with tax penalties.
A well-rounded investment strategy, coupled with an understanding of your specific timeframe, can help you achieve all these goals.
Hit “play” to learn more about how you can prioritize your savings goals, how time in the market beats timing the market, and how aggressive long-term investment strategies can lead you to a retirement win.
And if you want to learn more about retirement planning tips and tricks, be sure to check out our other Retirement Readiness episodes.
Key Timestamps
- 00:01:13 – The hosts discuss the importance of balancing retirement savings with other financial goals.
- 00:06:42 – Tim Regan suggests being aggressive with retirement investments, particularly when the market is down.
- 00:08:14 – The hosts discuss the challenges of retirement planning for those in their 40s and beyond.
- 00:10:45 – Katie Umland shares her personal experience of prioritizing retirement savings in her 20s, before other expenses like a house or children.
- 00:12:57 – Many people become too conservative in their retirement portfolio as they approach retirement. However, with today’s increased life expectancy, this is not always the best strategy.
- 00:13:40 – When approaching retirement, it’s important to think about how you will withdraw your money from your investments.
- 00:14:15 – Retirement planning should start as early as possible, and decisions about Roth IRA vs. traditional IRA and portfolio allocation should be made carefully.
- 00:15:10 – Retirement planning can be overwhelming, but seeking help from a financial advisor can make the process less daunting.
- 00:15:37 – Finding a balance between enjoying your money in retirement and leaving a legacy can be challenging.
Key Takeaways
- Discover why prioritizing your savings accounts is important – and why an emergency fund should come first on your list.
- Understand the delicate act of balancing retirement savings without compromising your other life goals.
- Recognize the potential of aggressive long-term investment strategies for your retirement years.
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