On The Agenda:
Many people come into our office and say, “I’m not ready for retirement. I don’t have enough money.” Sometimes that’s true. So, how can late bloomers save more money?
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Episode Show Notes:
When people come into our office and say they’re not ready for retirement and haven’t saved enough, here’s how we counsel them. On today’s episode of How Money Works, Craig and Jennifer Moser talk about late bloomers and how to help them.
One of the first questions we ask is if you have any grown kids still on your payroll – or biscuit snatchers, as we call them at our house.
Are your grown kids still on your cellphone bill, health insurance or something else? It might be best to save that money for yourself instead, especially if you’re feeling behind financially.
As you get older, your debt should start disappearing. You may have paid off cars, credit cards, student loans and possibly your mortgage.
“You have to do some financial evaluation. Look at your particular situation and say, ‘Am I going to be able to achieve the retirement income goal that I have?’” said Craig.
You could also consider downsizing your house to save money. Another way to save more money is by doing catch-up contributions.
“Once you turn 50, you can put extra money into IRAs, 401k, 403b accounts that you weren’t able to do under age 50,” said Craig.
The real question is whether you have enough money, and the only way to really know is to run your numbers. What have you saved? What do you want to do in retirement? Do you have enough money?
Listen to the full episode to answer the question: How can late bloomers save more money?
0:51 – Grown kids still on payroll?
1:57 – Disappearing debt
3:12 – Downsizing
5:16 – Catch-up contributions
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