Speaker 1: What to do if you have nothing saved for retirement.
Speaker 1: Welcome to the Frugal Friends podcast, where you'll learn to
Speaker 1: save money, embrace simplicity, and live your life. Here your
Speaker 1: hosts Jen and Jill. Welcome to the Frugal Friends podcast.
Speaker 1: My name is Jen, my name is Jill, and today
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Speaker 2: people positively. Yeah, which is I love that ripple effect.
Speaker 1: Yeah, just like when we originally recorded this episode, and
Speaker 1: it has impacted people two years ago and it will
Speaker 1: impact more people today. I don't think that's the butterfly effect,
Speaker 1: but that is a trend that's going on in social media,
Speaker 1: and I've seen it used incorrectly a lot, so I
Speaker 1: kind of want to use it incorrectly now. But yeah,
Speaker 1: So it can be really stressful if you don't have
Speaker 1: anything saved for retirement. And I think before we go
Speaker 1: into this episode, I just want to reiterate the main
Speaker 1: message of it is that it's never too late to start,
Speaker 1: and nothing is too small to start, because time in
Speaker 1: the market beats timing the market and putting more greater
Speaker 1: sums for less time in the market. So don't wait.
Speaker 1: Use this as inspiration and motivation to get started today
Speaker 1: with whatever you have. So I want to make that
Speaker 1: clear right off the bat, and you'll hear that reiterated
Speaker 1: through the episode.
Speaker 2: All Right, let's get into it.
Speaker 1: Let us get into this first article on what happens
Speaker 1: when you don't save for retirement from one of my
Speaker 1: favorite websites, Investipedia.
Speaker 2: A cautionary tale. There were a lot of options that
Speaker 2: we could have gone with on the internet when you
Speaker 2: look up what's gonna happen to me if I don't
Speaker 2: say for retirement were search We went with the not
Speaker 2: as harsh of an article with Investopedia and some helpful
Speaker 2: cautionary tales for us of what we could be looking at,
Speaker 2: not being too doom and gloom either. I mean, there
Speaker 2: is just a reality to this and even the best
Speaker 2: laid plans could lead to some shifts that need to
Speaker 2: happen in retirement. So I kind of walk with this
Speaker 2: with some level of encouragement of like, Okay, it can
Speaker 2: get figured out even if you start later in life,
Speaker 2: even if you don't have any savings right now. But
Speaker 2: to be able to look at the reality of, Okay,
Speaker 2: this is what my life, my financial situation might look
Speaker 2: like if I don't save for retirement, and is this
Speaker 2: the reality that I want for myself or are there
Speaker 2: shifts I can be making? So it's it I think
Speaker 2: is worth going through. What they're listing out in this
Speaker 2: article is what happens for people who don't save for retirement,
Speaker 2: just to have an understanding to kind of put some
Speaker 2: motivation or fire under us to say, yeah, let's make
Speaker 2: some shifts, let's do some things right now, because I
Speaker 2: think many of us need to hear that. I think
Speaker 2: for many of us, what do they say, Almost half
Speaker 2: of Americans don't have a retirement saving So chances are
Speaker 2: that's a lot of us listening in. Or if we
Speaker 2: do have retirement savings or investment accounts, maybe we're not
Speaker 2: doing the most that we could be with them. So
Speaker 2: the first thing that they list of what can happen
Speaker 2: is that we might solely live on social Security if
Speaker 2: we don't have any savings or investment accounts for retirement.
Speaker 2: A lot of times that means people's plans are to
Speaker 2: live on social Security. What it means is they need
Speaker 2: to find a way to live off of social Security.
Speaker 2: But the thing about social security is that it's usually
Speaker 2: about forty percent of you like the income that you
Speaker 2: typically were used to making, it's like forty percent, And
Speaker 2: there's definitely ways to maximize how much you take out
Speaker 2: of social Security. Those who are close to this stage
Speaker 2: of life know what that is. You know, the age
Speaker 2: that you start pulling from Social Security. But essentially social
Speaker 2: security is best as an additional income, like an additional
Speaker 2: piece of money that comes in, not what you could
Speaker 2: solely live off of. It usually represents not enough to
Speaker 2: pay for your mortgage if you still have it bills,
Speaker 2: even if you want to do some fun things in
Speaker 2: your retirement age. It's not a great plan, but that
Speaker 2: is what most people will then try to lean on
Speaker 2: and fall back on.
Speaker 1: Yeah, you're going to have to plan to start withdrawing
Speaker 1: as late as possible, So when you are seventy, I
Speaker 1: think it is you're going to want to plan to
Speaker 1: do it then. But again we've talked about this before,
Speaker 1: is that the average age Americans say they want to
Speaker 1: retire is sixty seven, and the average retirement age is
Speaker 1: sixty three. But you're going to have to plan to
Speaker 1: work till seventy. But you don't know if you're going
Speaker 1: to make it there, so you still need to do
Speaker 1: other things to supplement that. So they recommend you might
Speaker 1: need to downsize your lifestyle, which is one hundred percent
Speaker 1: most people do this anyway, even if they have saved,
Speaker 1: So this, I feel is maybe a redundant recommendation, but
Speaker 1: downsizing your home into something smaller, which can be just
Speaker 1: fantastic anyway if you don't have a bunch of children
Speaker 1: running around, and then maybe going down to a smaller
Speaker 1: car that takes less gas, that is more reliable, and
Speaker 1: then just kind of downsizing all of the subscriptions and
Speaker 1: all of that things. So if you haven't thought about
Speaker 1: all of those, because everyone kind of thinks about downsizing
Speaker 1: their home, but there's a lot of other things to downsize,
Speaker 1: definitely go get our spending Makeover Trugle friendspodcast dot com
Speaker 1: slash makeover because we're going to give you space and
Speaker 1: guidance on how to take an inventory of all those
Speaker 1: things and then from this figure out what you can downsize.
Speaker 2: Which, yeah, again that could be possible for anyone in retirement,
Speaker 2: but it's not so great when that's not what you
Speaker 2: wanted to do, or you need to downsize as a
Speaker 2: result of not having saved, or you need to cut
Speaker 2: things that you wouldn't have otherwise wanted to cut just
Speaker 2: to make it work. So while there's kind of two sides,
Speaker 2: I think to look at that downsizing piece of yeah,
Speaker 2: plan for it. That can be great. It's a great
Speaker 2: kind of frugal solution, but it is also a reason
Speaker 2: to be investing for retirement because if you're forced to
Speaker 2: downsize as a result of not having prepared, that can
Speaker 2: be a really, really tough reality for many.
Speaker 1: And we hope if you're listening to this you still
Speaker 1: have a little bit of time to save. But chances
Speaker 1: are if this is the episode you chose to listen to,
Speaker 1: like you just searched it, then then these are realities
Speaker 1: for you already. Like this first out article, these tips
Speaker 1: are already realities for you're going to have to pursue them.
Speaker 1: If you're a regular Frugal Friends listener and you're just
Speaker 1: tuning in, we hope that you've already kind of taken
Speaker 1: some steps and you're hearing this early enough to know
Speaker 1: that these are the stakes you're working with. So these
Speaker 1: are the things that are going to be at stake
Speaker 1: if you don't ramp up to the amount of investing
Speaker 1: that you need.
Speaker 2: They also list that it might be necessary to take
Speaker 2: on a roommate if you still own a home. Many seniors,
Speaker 2: those in retirement age will turn to their homes as
Speaker 2: a source of income. That could mean running out a
Speaker 2: portion of their space as a separate apartment. It could
Speaker 2: mean just an actual other roommate in the home. I
Speaker 2: would even add that I've seen many times older adults
Speaker 2: needing to move in with their adult children, and that's
Speaker 2: another version of having a roommate. If you don't have
Speaker 2: enough saved or invested for retirement. Housing is one of
Speaker 2: our biggest expenses that doesn't stop and we enter into
Speaker 2: retirement and so be living with somebody else is often
Speaker 2: a way that those who don't have enough money saved
Speaker 2: will turn to to be able to pay the other
Speaker 2: bills that they have. So again, if this is not
Speaker 2: something that you want to be looking at in retirement age,
Speaker 2: then okay, cautionary tale. Otherwise then yeah, you could use
Speaker 2: it as a tip move in with your adult kids
Speaker 2: or take on a roommate. But if that's not something
Speaker 2: you want, that could be a bitter pill to swallow of. Okay,
Speaker 2: I have to share my space now, after all my
Speaker 2: decades of living life, I now have to learn how
Speaker 2: to have a roommate to be able to afford life.
Speaker 1: And if you listen to episode two eighty five where
Speaker 1: we talked about how your parents' finances affect you. And
Speaker 1: you're listening to this and you're like, oh, my goodness,
Speaker 1: my parents don't have anything save for retirement and this
Speaker 1: is what they're dealing with. This is a good moment
Speaker 1: to prepare yourself that this may happen to you, even
Speaker 1: though you have time to save for retirement. That's another
Speaker 1: reason people retire earlier than they want to is because
Speaker 1: they become caregivers for their parents. So it's definitely a stake,
Speaker 1: not just in your saving for your retirement. And if
Speaker 1: you don't want to do this to your children, if
Speaker 1: you don't want to be forced to move in with
Speaker 1: your children, this is a stake that you have to
Speaker 1: be really aware of. Is to save enough so that
Speaker 1: you don't have to force them to retire before they're ready.
Speaker 2: I don't know I say that's the reason to have kids.
Speaker 2: I mean, it.
Speaker 1: Absolutely is a reason to have kids.
Speaker 2: They owe you.
Speaker 1: You provided for them in their time of need, and
Speaker 1: they owe you provision in your time of needs.
Speaker 2: Why am identifying one to two of my nieces and
Speaker 2: nephews to really invest in their lives so that later
Speaker 2: on they'll take care of me. Yeah, you don't have
Speaker 2: any kids on my own, so one or two of
Speaker 2: my nieces or nephew's better pan out for us.
Speaker 1: I hope you're not thinking Jack's gonna do it.
Speaker 2: Yeah, Jack, it's not a four year old who growls
Speaker 2: at people. He's not going to care for me.
Speaker 1: Who literally growled at my son yesterday And I thought
Speaker 1: he was just making monster truck noises.
Speaker 2: No, that would be what you would think as like
Speaker 2: the mom of a very sweet boy, like they're making
Speaker 2: monster truck noises. But Jack was not. He was growling.
Speaker 2: He was being a monster.
Speaker 1: He was very He was a very nice monster, though
Speaker 1: I totally understood a very.
Speaker 2: Big difference between a monster and a monster trup.
Speaker 1: Yes, all right, So the next one is, uh, you
Speaker 1: might have to continue working part time, which is actually
Speaker 1: something a lot of people in retirement do just for fun,
Speaker 1: but you're going to have to plan to do it
Speaker 1: for implementation of the Social Security income So I think
Speaker 1: it is wise at this point to start thinking about
Speaker 1: what kind of part time work you'd like to do
Speaker 1: after retirement, whether it's consulting in your industry or taking
Speaker 1: on a part time role at the same company or
Speaker 1: or a different field. Maybe you hone your skills in
Speaker 1: a you know, some kind of parallel field so that
Speaker 1: you can work part time. It is never too early
Speaker 1: to start thinking about this so that when you do
Speaker 1: have to work part time in retirement, it's something that
Speaker 1: you at least can semi enjoy. So we don't want
Speaker 1: to like be miserable. We don't want you to be miserable,
Speaker 1: and we're not going to tell you to be miserable
Speaker 1: in retirement just because you have to do some things differently.
Speaker 2: And the final reality that they mentioned in this article
Speaker 2: is that for some retirement might not even be on
Speaker 2: the table. Many people who have not say or invested
Speaker 2: enough for retirement, or maybe aren't willing to completely overhaul
Speaker 2: their lifestyle, then it's it just might not be an
Speaker 2: option to really scale back in working, and they might
Speaker 2: need to continue to work full time or end as
Speaker 2: long as possible if there's not enough saved, which is
Speaker 2: that that can be fine, and many people choose to
Speaker 2: continue working just because they prefer that lifestyle and want
Speaker 2: to set their hands to something. The pinch can come
Speaker 2: when your life circumstances demand something different, like needing to
Speaker 2: care for anyone in the family, an elderly parent, a spouse,
Speaker 2: an adult child who knows there could be things that
Speaker 2: require caregiving of us or our own medical concerns that
Speaker 2: would keep us from working full time. So there are
Speaker 2: those other additional pieces that need to be considered. And
Speaker 2: I think just the bottom line that they are driving
Speaker 2: home here is that we'reirement without a plan, without some
Speaker 2: financial nest egg will require a lot of sacrifices, a
Speaker 2: lot of overhauling, revamping, problem solving, and potentially just not
Speaker 2: being able to have the lifestyle that you may have
Speaker 2: hoped for in your later years, your golden.
Speaker 1: Years, yes, and they can still be golden. So we've
Speaker 1: talked about what the majority of retirement would look like
Speaker 1: if you are just starting very late, have nothing saved.
Speaker 1: And when we say very late, we're talking about like fifties.
Speaker 1: If you want to, you know, retire in your sixties
Speaker 1: and you have nothing saved in your fifties, that's kind
Speaker 1: of what we're saying it might if you're in your forties,
Speaker 1: you might feel like you're starting late, but you actually
Speaker 1: have like a really good time horizon, So starting now
Speaker 1: can still get you to a really good place. Obviously,
Speaker 1: not any of those sexy projections. People talk about when
Speaker 1: people start in their twenties, but I mean, how many
Speaker 1: people really start investing in their twenties. There are some,
Speaker 1: so we yeah, we did start investing in our twenties,
Speaker 1: but like most of the time, it's an accidental like
Speaker 1: you're automatically signed up for your four oh one K. So,
Speaker 1: so our next article is from the Balance and it's
Speaker 1: seven tips for saving for retirement if you started late
Speaker 1: in life. And so when we're looking at investing, if
Speaker 1: you're starting, say in your fifties, and you want to
Speaker 1: retire in your sixties or seventy, we're going to look
Speaker 1: at it different. We're not going to look at this
Speaker 1: money as a way to carry you through your full retirement.
Speaker 1: The first article, those tips are going to kind of
Speaker 1: really carry you through retirement, but you are not absolved
Speaker 1: from saving and investing for retirement because probably in the
Speaker 1: last five years of your life, all of that is
Speaker 1: going to change. You're not going to be able to
Speaker 1: have a roommate or live with your kids. You'll probably
Speaker 1: need some really assisted, heavy assisted living care. You're gonna
Speaker 1: have more medical bills, You're not gonna be able to
Speaker 1: work even part time. And this is. So it sounds
Speaker 1: very sad, but this is kind of how to prepare it.
Speaker 1: Like you're investing and your savings later in life can
Speaker 1: be put towards those last five ish years. That's kind
Speaker 1: of how you want to look at it. And if
Speaker 1: you're starting at fifty and you're maybe investing from fifty
Speaker 1: to fifty five, then and you invest nothing else for
Speaker 1: the rest of your life and you don't use that
Speaker 1: money until you're gosh, worst case scenario seventy five, probably eighty,
Speaker 1: that money still has twenty or twenty five years to
Speaker 1: grow and compound interest, and that your money usually doubles
Speaker 1: around every ten years, so it can still make a
Speaker 1: lot of growth. If this is the way we're looking at.
Speaker 2: That is encouraging. Yeah. Yeah, first case scenario isn't that bad. Yeah.
Speaker 1: So if you are, you know, closer to retirement and
Speaker 1: you're like, it's just too late to start investing, it's not.
Speaker 1: And it's really a necessity that you should be doing
Speaker 1: so that you have the quality of life that you
Speaker 1: want and it's less of a burden to any of
Speaker 1: your familial caretakers later on. So that's really what this
Speaker 1: I think we want to have that mindset going into
Speaker 1: this article.
Speaker 2: Yeah, so this one comes from the balance and it
Speaker 2: goes through different things that can be done if we
Speaker 2: feel like we're starting later in life. They are identifying
Speaker 2: forty as that later in life age. A lot of
Speaker 2: the examples that they give are forty, but a lot
Speaker 2: of these tips apply even if you're older. So the
Speaker 2: first one is to play catch up. So you are
Speaker 2: legally allowed to save nineteen thousand, five hundred and a
Speaker 2: four oh one K retirement plan. This was in twenty
Speaker 2: twenty one, so not too much different. Now after you
Speaker 2: turn fifty, you can contribute additional amounts sixty five hundred
Speaker 2: and catch up contributions. That's not a ton, but we
Speaker 2: might as well be taking advantage of those things if
Speaker 2: that is the age bracket that we find ourselves in.
Speaker 1: Yeah, anything that has a limit has a limit for
Speaker 1: a reason because it's really good for consumers and not
Speaker 1: really good for the irs or the government. And so
Speaker 1: we want to take full advantage of anything that has
Speaker 1: a limit, and that includes a four oh one K,
Speaker 1: or if you are not currently offered a four to
Speaker 1: one K, then an IRA or both if you have
Speaker 1: the funds too. The next is to identify how much
Speaker 1: savings you need. So this one probably should be first.
Speaker 1: But here we are. So again you might tell yourself
Speaker 1: you don't need a million dollars and that you want
Speaker 1: a simple life, which I think is what most of
Speaker 1: us do tell ourselves. And if you're starting later in life,
Speaker 1: you probably won't get to a million dollars. So there
Speaker 1: you go. But in twenty five years you're going to
Speaker 1: see a lot of inflation. I think if you think
Speaker 1: back twenty five years, gosh, if you think about back
Speaker 1: two years ago and how much inflation that we've seen,
Speaker 1: like in the eighties, with that inflation and just over time,
Speaker 1: a million dollars is this like arbitrary number that we
Speaker 1: think of as a lot, but is becoming like less
Speaker 1: and less. So if you're thinking about it with that mindset,
Speaker 1: don't think more money means like you know, is for
Speaker 1: more like bougie people. I think we all need to
Speaker 1: be investing in saving as much as we can, as
Speaker 1: much as our incomes and expenses allow. And if you
Speaker 1: get to a million, cool you'll probably need it. If
Speaker 1: you don't, cool, we'll figure other stuff out. But you
Speaker 1: do need to identify how much that is. And most
Speaker 1: experts agree that you should withdraw no more than three
Speaker 1: to four percent of your retirement portfolio each year. I
Speaker 1: think most people will say about four percent of your
Speaker 1: retirement portfolio. Again, if you're starting later in life, you're
Speaker 1: probably going to be saving and then just kind of
Speaker 1: taking it out in big swoops near the end of
Speaker 1: your life. I probably would not plan to take out
Speaker 1: four percent every year unless you've been saving for a
Speaker 1: long time and you have that nest egg, so that
Speaker 1: that's kind of But so if you have a nest egg,
Speaker 1: if you're starting in time to build that, then plan
Speaker 1: to do about four percent of it. So if you
Speaker 1: do the math, three percent of one million is thirty thousand,
Speaker 1: and four percent of a million is forty thousand. So
Speaker 1: if you're planning on living on forty thousand dollars a
Speaker 1: year in retirement, then you do need a million dollars,
Speaker 1: and they do reference that's that's assuming it's not accounting
Speaker 1: for a pension, rental properties, or potentially other sources of
Speaker 1: income during retirement social Security.
Speaker 2: So that could be enough if you are living modestly
Speaker 2: and you have some of these other additional sources of income.
Speaker 2: But it really is eye opening like, this is the
Speaker 2: amount of money that needs to be saved even to
Speaker 2: live modestly into retirement. And of course that depends on
Speaker 2: how long you're living. That depends on the value of
Speaker 2: a dollar at that point in life. And so if
Speaker 2: we're decades away from retirement, then for us it probably
Speaker 2: is more than even that one million that we want
Speaker 2: to be aiming at.
Speaker 1: Yeah, but definitely at least like take into considerations the
Speaker 1: tips from the article and how much that will net you,
Speaker 1: and then think of an ideal gap and whatever that is.
Speaker 1: Just try to shoot for that gap at least, whether
Speaker 1: it's a couple hundred thousand dollars, you know, seven hundred
Speaker 1: and fifty thousand, whatever, you can do, shoot for it.
Speaker 2: The next tip in here for those of us who
Speaker 2: might be starting a little bit later is to not
Speaker 2: take on more risk than what you are able to.
Speaker 2: And really that's dictated by our age. People in their
Speaker 2: twenties can accept greater losses, so their investments can be
Speaker 2: a little riskier versus people in their forties can accept
Speaker 2: less risk, and still less for people in their fifties.
Speaker 2: So being aware of the level of risk that's in
Speaker 2: your investment portfolios, they give a couple of different asset
Speaker 2: allocation formulas that could be implemented and utilized. A few
Speaker 2: of them include one being invest a percentage of one
Speaker 2: twenty minus your age and stock funds, with the rest
Speaker 2: going into bond funds. This represents a higher but acceptable
Speaker 2: level of risk. Even more moderate risk would be investing
Speaker 2: a percentage of one hundred and ten minus your agent
Speaker 2: stock funds with the rest and bond funds. And then finally,
Speaker 2: a more much more conservative level of risk would be
Speaker 2: investing a percentage equivalent to your agent bond funds with
Speaker 2: the rest going into stock funds. So that can be
Speaker 2: a helpful formula. Obviously, do what's going to make sense
Speaker 2: for you. Just know that less risk the older you
Speaker 2: get is the ultimate formula.
Speaker 1: But honestly, if that confused you, a target date fund
Speaker 1: is going to self allocate. It's going to do it
Speaker 1: for you in the percentages and grow in conservativism the
Speaker 1: closer you get to retirement. So typically they say, if
Speaker 1: you are going to choose the date where you're going
Speaker 1: to retire, So if I'm going to retire at sometime
Speaker 1: between the age of sixty five and seventy, because the
Speaker 1: target dates there's not one for every year. They go
Speaker 1: every five years, So just whatever year is sometime between
Speaker 1: when you turn sixty five and seventy, choose that one.
Speaker 1: That's if you're if you're using it long term. If
Speaker 1: you're not, if you're going to wait to pull any
Speaker 1: money out until later in retirement, then choose the one
Speaker 1: that is within the year the five years that you're
Speaker 1: going to start, you think you'll start pulling it out.
Speaker 1: So if you want to wait until eighty to start
Speaker 1: pulling it out, then whatever date is between whatever five
Speaker 1: year period is when you turn eighty, choose the I
Speaker 1: choose the later one because they do tend to run
Speaker 1: more conservative the later you get to them. So that's
Speaker 1: how if you like, if you turn eighty in twenty
Speaker 1: fifty three and you want to, you know, just do
Speaker 1: a target date fund, then the target date fund for
Speaker 1: twenty fifty or twenty fifty five is going to be
Speaker 1: for you. I would I am in twenty fifty five,
Speaker 1: that's not when I turn eighty, but so so yeah,
Speaker 1: target date fund, it will it will allocate in a
Speaker 1: really standard way and it will self rebalance and you
Speaker 1: don't have to worry about it and it's got you know,
Speaker 1: if you go with a Vanguard or a Fidelity or
Speaker 1: a Schwab really low fees so you don't need to
Speaker 1: worry about it.
Speaker 2: Simplicity and maintaining It's not about timing the market and
Speaker 2: keeping a pulse on it and checking what's happening every day.
Speaker 2: It's just making a decision one day, setting up automatic
Speaker 2: payments to that, and maintaining it. Yes, that's it, and
Speaker 2: then thanking yourself later.
Speaker 1: And then remember like my husband was in a target
Speaker 1: date fund and beat my you know, quote unquote optimized
Speaker 1: fund still, I mean just by one percent.
Speaker 2: Yeah, but so well done.
Speaker 1: Still, and neither of us lost money overall, and even
Speaker 1: in the worst five years of investing in our lives.
Speaker 1: Uh so, yeah, and that's just been five years. And
Speaker 1: if we let it, if we let that money sit
Speaker 1: twenty years, then it will grow more. I believe you
Speaker 1: can't predict the stock market, but I mean, over its history,
Speaker 1: it goes up into the right and that's what we
Speaker 1: hope will continue to happen, at least in the next
Speaker 1: twenty thirty years. Who who knows after that, but hopefully
Speaker 1: that's all you're gonna need to know. So the next
Speaker 1: one is to open a roth ira to save more.
Speaker 1: So it says once you're finished maxing out your four
Speaker 1: oh one k to open an IRA max that. I
Speaker 1: would say everyone needs to have a raw ira, or
Speaker 1: at least some IRA, because a lot of us don't
Speaker 1: have four oh one k's or four or three b's,
Speaker 1: et cetera, et cetera available. About forty percent of people
Speaker 1: don't have them available, and even some of the ones
Speaker 1: that do have horrible options and don't need the tax
Speaker 1: benefits like immediately. So while four o one k's are fantastic,
Speaker 1: they're way better than a brokerage for most people. Even
Speaker 1: if you don't need the immediate tax benefits, still having
Speaker 1: a raw IRA if you're eligible is great because that's
Speaker 1: got tax benefits down the road. So most people aren't
Speaker 1: going to be able to max out both, especially when
Speaker 1: you get to the age where you can do catch
Speaker 1: up contributions on both. If you can, that's great. I
Speaker 1: would ask you, why haven't you been doing that the
Speaker 1: whole time? But I digress. Do what you can head
Speaker 1: your bets, even if you want to do part you know,
Speaker 1: half in a pretax and half in a post tax,
Speaker 1: which is which would be half in a four A
Speaker 1: one k half in a roth ira. Do that. It's
Speaker 1: really up to you. There's I mean for us in
Speaker 1: for what the purpose of this episode is, like, we
Speaker 1: don't we don't have a recommendation on that. That's really
Speaker 1: up to you how you do it. But I mean,
Speaker 1: if you if you're maxing out a four A one k,
Speaker 1: okay open a roth Ira. But if you're not maxing
Speaker 1: out a four one K, open a roth urray. Anyway,
Speaker 1: you do it. If you're eligible, just do it.
Speaker 2: The next on here is telling us to buy adequate insurance,
Speaker 2: stating that most personal bankruptcies are caused by unexpected calamity.
Speaker 2: And isn't that just the case? We don't know what's
Speaker 2: going to happen in retirement.
Speaker 1: If you could expect calamity, would it be calamity? Right?
Speaker 2: I think that that's so much. I mean, that's that's
Speaker 2: an emergency fund. That is what savings is for. We
Speaker 2: don't know what's going to happen in retirement. I think
Speaker 2: it's good to plan for the worst while not dwelling
Speaker 2: on the possibilities of the worst. But we won't be
Speaker 2: so shocked by things if we have a contingency plan.
Speaker 2: If we've thought about it and we've put some things
Speaker 2: into action, it really reduces the feeling of something be
Speaker 2: being a calamity. Yeah, so we can do this by
Speaker 2: buying adequate health insurance, disability insurance, I mean car insurance.
Speaker 2: I think you have to have car insurance to be
Speaker 2: driving on the road most places. Okay, And these things
Speaker 2: are really going to help, especially if we've got dependence,
Speaker 2: being able to have life insurance set up, so these
Speaker 2: things can help us and be prepared for those calamities.
Speaker 1: Insurance is another one. We're not going to be able
Speaker 1: to tell you how much or what to do because
Speaker 1: it is so per person. This is where the five
Speaker 1: years before you retire or you want to before you
Speaker 1: want to start with drawing and retiring whatever feels good
Speaker 1: to you. It is really useful to get a financial planner,
Speaker 1: a certified financial planner that has the CFP designation, because
Speaker 1: when you find a CFP, they're going to have a
Speaker 1: fiduciary duty, which is a legal ethical responsibility to you,
Speaker 1: not to the company they work for. Because you'll find
Speaker 1: a lot of financial planners and financial advisors from insurance
Speaker 1: agencies and their best interest is to sell you insurance policies,
Speaker 1: as retirement policy, as retirement accounts. You're going to find
Speaker 1: a lot of money managers working for investments that are
Speaker 1: their best interests to sell you on a particular fund
Speaker 1: of investments. You know, So you want somebody, especially in
Speaker 1: the five years before you retire, who's really going to
Speaker 1: be working in your best interest. You will pay them
Speaker 1: for that. If you're getting advice for free, know that
Speaker 1: you're paying for it in other ways. But you want
Speaker 1: to pay for advice. And they're going to tell you
Speaker 1: this is the type of insurance you need, because if
Speaker 1: you're starting later in life with saving for retirement, you'll
Speaker 1: probably need more insurance than somebody who is not. And
Speaker 1: so that CFP is going to tell you kind of
Speaker 1: how to hedge your bets in pre and post tax investing.
Speaker 1: They're going to guide you on insurance. These are the
Speaker 1: things where like wet emails about this and we're like,
Speaker 1: we can't answer this for you. And even if I,
Speaker 1: even if I had more information about you, I would
Speaker 1: not answer this for you because I'm I don't hold
Speaker 1: the CFP, I don't hold any you know, licenses to
Speaker 1: do that. So take some savings, take some money, pay
Speaker 1: for a certified financial planner to tell you what these
Speaker 1: things are for you. The next one we can tell you,
Speaker 1: we can give you all the advice on this one
Speaker 1: is to pay down debt. And we're talking about high
Speaker 1: interest debt, high interest car loans, high interest non mortgage debt.
Speaker 1: These are the things you're going to want to focus on.
Speaker 1: You may want to pay off your mortgage before retirement,
Speaker 1: but if you have nothing invested, a paid off house
Speaker 1: isn't going to buy you food and retirement. That's gonna
Speaker 1: be money. So you're gonna need to really be careful
Speaker 1: with how much debt you pay off, even though yeah,
Speaker 1: you'd like to I'm sure be debt free in retirement
Speaker 1: that would be a huge weightlifted. But if you have
Speaker 1: nothing invest that may not be a wise dream. So
Speaker 1: but paying down high interest at pretty much anything, I
Speaker 1: would say definitely above ten percent, ideally above five if
Speaker 1: you can do it, those are the things to focus.
Speaker 2: On, yesh. And lastly, I love this one. You and
Speaker 2: your spouse come first, So this is a really helpful
Speaker 2: thing because emotional emotions come away with spending, and especially
Speaker 2: I think, yeah, so you have kids and grandkids. But
Speaker 2: reality is, we don't want to ruin our retirement savings
Speaker 2: and investing plan if that like, by sending kids to college.
Speaker 2: I know this sounds like a really tough truth here,
Speaker 2: but it would be better if you have to choose
Speaker 2: between one or the other. Right Obviously, if you can
Speaker 2: do both, fans fantastic. Keep contributing to your savings accounts
Speaker 2: and send your kids to college. But at the end
Speaker 2: of the day, it's going to be better for you
Speaker 2: and your children if you continue to contribute to and
Speaker 2: focus on your retirement savings plan then to send your
Speaker 2: kids to college, because ultimately, if you trash your retirement
Speaker 2: savings by not try, I mean, that's what the article says.
Speaker 2: It's the word for their places. But if you kind
Speaker 2: of interrupt, intersect that retirement savings plan, and maybe even
Speaker 2: pull money out of it to give to your children,
Speaker 2: that's then setting yourself up to not be in a
Speaker 2: great place come retirement. It may put extra financial burden
Speaker 2: onto the children to be paying for you in retirement
Speaker 2: or somehow financially responsible for you. When your children have
Speaker 2: more time to be able to say for themselves in retirement,
Speaker 2: they've got the opportunity in their twenties and thirties to
Speaker 2: be saving for that retirement. They've got the rest of
Speaker 2: their lives ahead of them versus you, who might be
Speaker 2: starting later in life, really need to be focusing on
Speaker 2: that retirement versus giving all the money to the children.
Speaker 1: Yeah, here's a really easy way to make this decision.
Speaker 1: Ask your teenager, or if your kids are older, just
Speaker 1: ask them now if they, in their adult lives, would
Speaker 1: rather you pay for their college now or if they
Speaker 1: would rather take care of you part time to full
Speaker 1: time in their home in yeah, in your later years,
Speaker 1: ask them which one they would rather do, and you're
Speaker 1: going to get the most honest answer from a teenager.
Speaker 1: But I mean, that's really what it is. You're either
Speaker 1: paying for their college now or they're going to spend
Speaker 1: their time or money taking care of you later in life.
Speaker 1: And so ask them what they want to do. Maybe
Speaker 1: they do want to take care of you in your
Speaker 1: older years, and in which case, cool factor that in.
Speaker 1: But I think most the time they're going to say
Speaker 1: I'll take out a student loan.
Speaker 2: The best gift you can give your children is your
Speaker 2: own fine nancial or tie or men security.
Speaker 1: That's a line in the article that she just sang,
Speaker 1: yeah like a jingle.
Speaker 2: Yeah, it's a jingle. Now it's the best gift you
Speaker 2: can give to your children.
Speaker 1: And I agree, Yeah, in their forties and fifties.
Speaker 2: Freedom As an adult child. I couldn't agree more absolutely.
Speaker 1: As an adult child who knows I will be a
Speaker 1: caregiver in my forties fifties. Hi, we'll just leave that
Speaker 1: out there.
Speaker 2: Wish you had received the best gift.
Speaker 1: I wish somebody had asked me focus.
Speaker 2: Teenager, giving that gift to your children. You know what
Speaker 2: the best gift is that we can give to our listeners.
Speaker 1: Yeah, and I'm going to ask you as a teenager
Speaker 1: or as a full grown adult, But I'm only going
Speaker 1: to take your answer right now.
Speaker 2: The bill of the week.
Speaker 1: That's right, it's time for the best minute of your
Speaker 1: entire week. Maybe a baby was born and his name
Speaker 1: is Williams. Maybe you paid off your mortgage, Maybe your
Speaker 1: car died and you're happy to not have to pay
Speaker 1: that bill anymore. That bills, Buffalo bills, Bill Clinton, This
Speaker 1: is the bill of the week.
Speaker 3: Hi, Jen, love your podcast. So I actually have a
Speaker 3: couple of bills of the week. One is the bill
Speaker 3: for the remaining car payment on one of our vehicles,
Speaker 3: as well as the balance for the birth center for
Speaker 3: my son. We actually refinanced those and was able to
Speaker 3: lower what was a ten percent APR and an eighteen
Speaker 3: percent APR to just around eight percent. The second bill
Speaker 3: is the remaining balance for the person. Our kids are expensive.
Speaker 3: Love them to piece as though I've paid it on
Speaker 3: our Chase credit card and they have the mid Chase plan,
Speaker 3: so we're able to for a small fee, be able
Speaker 3: to pay it over a portion of time versus leading
Speaker 3: it out standing with the provider and having to incur
Speaker 3: severe interest costs by having the balance just hanging out
Speaker 3: on the credit card and actually a third bill anything
Speaker 3: else that we have from a medical standpoint, I've contacted
Speaker 3: the providers and asked that we get set up on
Speaker 3: a payment plan, and I'm able to use my HSA,
Speaker 3: so again, it's not something that we're having to incur
Speaker 3: on our credit cards or anything like that. So a
Speaker 3: lot of moving wheels, but feel really good about the
Speaker 3: ways that we have to take care of those without
Speaker 3: going into severe medical debt. So again, love you guys.
Speaker 1: Thanks, it's great. Lowering the interest rates eighteen is very
Speaker 1: very high an eight. It's definitely more manageable. So that's
Speaker 1: amazing and I hope everybody checks out. We have an
Speaker 1: episode with doctor Vergie on negotiating medical bills. I will
Speaker 1: find that episode tell you what it is.
Speaker 2: You are moving and shaken over there, which is awesome.
Speaker 2: Congratulations on the birth of your child that is so exciting,
Speaker 2: and the fact that you have a health savings account
Speaker 2: you're able to utilize that. I think just what stands
Speaker 2: out to me in your multiple bills is just kind
Speaker 2: of knowing the resources that are available to you, implementing
Speaker 2: utilizing them, and making some really wise decisions with your
Speaker 2: finances to get rid of some of this debt, lowering
Speaker 2: these interest rates really really awesome, and hoping with you
Speaker 2: that all of these payments get paid off quickly. That'll
Speaker 2: be a great feeling. Yes, you all listening, have a
Speaker 2: bill that you want to submit, if it has to
Speaker 2: do with moving and shake and given birth or just
Speaker 2: out there being a bill being a person named Bill.
Speaker 2: Visit Frugal friendspodcast dot com, slash bill, leave us your bill.
Speaker 1: Yes, and episode two thirty that's the one, or it
Speaker 1: is Negotiating.
Speaker 2: Medical debt Episode two thirty. Check it out. That's a
Speaker 2: great one. And now it's time for lightning round.
Speaker 1: Pew. All Right, so today, what is your biggest worry
Speaker 1: about retirement? Jill.
Speaker 2: I've thought about this quite a bit, and I think
Speaker 2: it comes from seeing what many people face in retirement,
Speaker 2: and that is just unforeseen medical issues and concerns. I
Speaker 2: guess I'm anticipating it, so maybe I'm kind of seeing
Speaker 2: it but not knowing exactly what it would be or
Speaker 2: look like. Some of that's unavoidable, but I think it's
Speaker 2: leading to a lot of different potential decisions for me,
Speaker 2: like the reality that retirement could mean caregiving. It could
Speaker 2: mean me being chronically ill or facing some sort of
Speaker 2: difficulty physically medically. That has a financial impact, but I
Speaker 2: think also an emotional, mental, relational impact that holds concern
Speaker 2: for me. I mean, I don't want to spend a
Speaker 2: ton of time thinking about that or considering that, but
Speaker 2: definitely preparing for it. I think in some ways it
Speaker 2: makes me consider what are the things I want to
Speaker 2: do in life now. I have seen a lot of
Speaker 2: people hope for big travel, lots of excitement in their
Speaker 2: retirement years, only to experience a different reality oftentimes that,
Speaker 2: you know, no fault of their own, just life interrupts
Speaker 2: and that's not possible anymore. So it definitely leads me
Speaker 2: to think, how can I live life to the fullest
Speaker 2: now while I maintain a level of health, but then
Speaker 2: prepare for what that might look like in the future
Speaker 2: as well, kind of holding the tension of both. I
Speaker 2: don't want to you know, you only live once and
Speaker 2: blow all my money now because I'm anticipating, you know,
Speaker 2: not a great lifestyle in retirement, but kind of both,
Speaker 2: how do I make sure that I am making the
Speaker 2: most of the right now while preparing for what might
Speaker 2: be to come, but yet optimistic about maybe having some
Speaker 2: really beautiful golden years ahead of me. So, but I
Speaker 2: would say that's that's a concern, you know, facing medical
Speaker 2: issues I think is a concern and potentially a very
Speaker 2: real reality. Yeah, what about for you?
Speaker 1: I mean, yeah, I mean I kind of you just
Speaker 1: summed up our whole ethos is to like live for
Speaker 1: today while being able to live in our golden years.
Speaker 1: To hold the tension between both. And I think my
Speaker 1: biggest worry, okay, vulnerability time. Yeah, here we are.
Speaker 2: Yeah, so the door is open.
Speaker 1: Yeah, I think we're saving, we're saving well, we're having
Speaker 1: children that can drive us around when we're old. I
Speaker 1: think just my greatest fear might be just, I don't know,
Speaker 1: maybe doing it alone. Yeah, because all of my grandfather
Speaker 1: died before I was born. My dad died when I
Speaker 1: was in high school. So I think that seeing what
Speaker 1: that did to my mom and my grandmother, I think
Speaker 1: that's really my only like fear.
Speaker 3: Yeah.
Speaker 1: Otherwise I feel like we've prepared really well.
Speaker 2: Right, And those are the things money can't buy.
Speaker 1: There enjoy the years that we have while hoping that
Speaker 1: we get good years in the future. But we don't know.
Speaker 2: There's only so much we can do with finances. We
Speaker 2: can face additional difficulties and stressors if we've not prepared financially.
Speaker 2: But there are things that are going to happen in
Speaker 2: life that have nothing to do with money. They can
Speaker 2: be compounded and exaggerated by a lack of money. But yeah,
Speaker 2: medical concerns, money can't solve that, Yeah, the medical debt,
Speaker 2: money money solves. Yeah. Being doing retirement alone, it's not
Speaker 2: something yeah, Yeah, I mean that's why you build community
Speaker 2: and friends. If you're alone, Jenna, I'll still be here
Speaker 2: I've got longevity on my side, and might will be
Speaker 2: the old women, Yeah, will be the old women who
Speaker 2: are roommates, just like living life together. Yeah, I'm down
Speaker 2: for that. Okay, you won't be I will call you.
Speaker 1: The quote that Goldie pulled for this episode is every
Speaker 1: little action counts, And it is so so true when
Speaker 1: we are talking about investing long term, especially when we're
Speaker 1: we're talking to regular people with regular incomes and not
Speaker 1: affluent people with super high incomes. We need to be
Speaker 1: focusing more on little, more frequent actions. So if maybe
Speaker 1: you're just doing a little bit every paycheck and you
Speaker 1: get paid every week or every two weeks, and you're
Speaker 1: just putting a little bit from every paycheck in before
Speaker 1: you spend for the rest of the month or week,
Speaker 1: that is what that is. The most power that you
Speaker 1: have is investing off the top. So, and we actually
Speaker 1: have a financial Reset course. It's like a personal finance
Speaker 1: one oh one course that we released earlier this year,
Speaker 1: and the whole last section is on investing. So if
Speaker 1: you feel clueless about investing, particularly for retirement, yeah, that's
Speaker 1: oh the only thing we talked about investing for you
Speaker 1: can have to frugal friends, podcast dot com, slash reset
Speaker 1: and get that and you can also our favorite book
Speaker 1: is I would say either Rich af by Vivian two
Speaker 1: or I Will Teach You to Be Rich byramit SETI.
Speaker 1: Both of those are really good for learning.
Speaker 2: So nice.
Speaker 1: But if you like videos Frugal Friends podcast dot com,
Speaker 1: slash reset.
Speaker 2: Yeah, it doesn't have to be complicated. You just need
Speaker 2: to start. Not let our lack of confidence get keep
Speaker 2: us from fielding this for the entire moment.
Speaker 1: You can learn to invest. I think that's the first
Speaker 1: thing we reiterate in our course is that you are
Speaker 1: smart enough to do this and you don't need to
Speaker 1: be that educated on investing to invest for retirement. That's
Speaker 1: the beautiful thing that technology has progressed investing to make
Speaker 1: it so accessible, so you don't need to know a lot.
Speaker 1: It's helpful to know a little start today. Yes, yeah,
Speaker 1: and that's all I have to say about that, besides
Speaker 1: thank you so much for listening. We also have a
Speaker 1: book where we mentioned investing, but we don't dive deep
Speaker 1: into it. It's called Buy what you Love Without Going Broke.
Speaker 1: It's about spending. So if your problem with investing is
Speaker 1: that you never seem to have enough money left at
Speaker 1: the end of your paycheck to invest. Buy what you
Speaker 1: Love without going Broke is the book for you, and
Speaker 1: you can get Buy what you Love book dot com.
Speaker 1: We even have instructions there on how to request it
Speaker 1: at your library. And Rachel read it and here's what
Speaker 1: she had to say. Gave it five stars. I truly
Speaker 1: loved reading this book. I got an Advanced reader copy
Speaker 1: back in December and spent a few days reading it
Speaker 1: over Christmas while taking lots of notes. From the opening introduction,
Speaker 1: which on a personal note I loved as a teacher myself,
Speaker 1: to the additional research notes at the end, I was
Speaker 1: a very happy reader all throughout the book. The book
Speaker 1: was divided into three major parts, so I'll just touch
Speaker 1: on some highlights from each one. Part one I liked
Speaker 1: the exploration of impulse spending. Part two I loved the
Speaker 1: breakout of different levels of replacements for shopping and an
Speaker 1: explanation of how habits form. However, my true favorite was
Speaker 1: Part three. The call to simplify your Environment has me
Speaker 1: thinking of how I could structure decluttering challenges in my
Speaker 1: own life. The messages to learn about contentment and what
Speaker 1: generational biases about money might be lurking. Was truly enlightening.
Speaker 1: I love this book and I'll be buying another one
Speaker 1: to share it with one of my friends because I'm
Speaker 1: not letting go of my copy.
Speaker 2: This is amazing and it's so fun to hear because
Speaker 2: actually our favorite chapters, both Jen and myself, are different,
Speaker 2: but they're both in Part three. And that's funny because
Speaker 2: statistically speaking, they say that most people don't make it
Speaker 2: past like the first couple of chapters of a book.
Speaker 2: And while those are good chapters, still our best chapters
Speaker 2: are in part three. We needed to build upon it
Speaker 2: in order to get there. They couldn't have been in
Speaker 2: the beginning of the book.
Speaker 1: But a lot of books are good the first half
Speaker 1: and pointless the second half, and I think ours flip
Speaker 1: flops like it really does build it to a crescendo.
Speaker 2: Yeah, well, thank you so much for reading that book.
Speaker 2: If you've read the book, please leave us a review
Speaker 2: on that. If you haven't, get your copy by what
Speaker 2: youlovebook dot com, and thanks for being here listening. If
Speaker 2: you're enjoying the show, please leave us a rating and review.
Speaker 2: That's a freeway to help us and help new listeners
Speaker 2: find us, and of course find us on YouTube subscribe
Speaker 2: to our channel. That's our biggest goal at this point,
Speaker 2: to be honest with you, We would love to see
Speaker 2: ten thousand subscribers by the end of this year, and
Speaker 2: that's a big lift.
Speaker 1: But we have ten thousand people that listen to each
Speaker 1: episode of Rugal Friends. So and it's not even the
Speaker 1: same listeners. I'm sure you listening right now. You don't
Speaker 1: listen to every single episode, right, so we have enough
Speaker 1: to get there. Yeah, So we're just asking go over
Speaker 1: to YouTube right now, hit subscribe and then go on
Speaker 1: your way. Maybe leave a comment on the latest video,
Speaker 1: and you tell us which books you thought had a
Speaker 1: pointless second half, whether it be fiction or non fiction.
Speaker 2: Your comment on a video doesn't need to have anything
Speaker 2: to do with no video itself. Well, we love that,
Speaker 2: will understand.
Speaker 1: Yeah, So and tell me you like the way I talk,
Speaker 1: please on any video.
Speaker 2: That's Jen speaking. Okay.
Speaker 1: Bye. Frugal Friends is produced by Eric Sirianni.
Speaker 2: You got Fourth of July plans?
Speaker 1: No, not at current because it is still June.
Speaker 2: I mean you know the classic fourth of July plans, right, fireworks? Well?
Speaker 1: Oh, okay, you typically do at Josh's parents. Yeah, yeah,
Speaker 1: I think probably we'll do that. That is what we've
Speaker 1: done every year. And I always forget my bathing suit.
Speaker 2: Oh somehow every year.
Speaker 1: I'd always know it's the same thing. And sometimes I
Speaker 1: put I don't like to wear my bathing suit places.
Speaker 1: I like to just wear my clothes and then change
Speaker 1: when I'm ready, and I'll put it out and then
Speaker 1: just shuffling everybody together, it gets left behind. Maybe this
Speaker 1: is the year I just wear it.
Speaker 2: I think that's what you should do. They so our
Speaker 2: friends of ours parents live on a waterway connected to
Speaker 2: Tampa Bay, and every Fourth of July they let us
Speaker 2: come crash their house and then there's always fireworks that
Speaker 2: you can see from their home over the water, and
Speaker 2: we all swim in the water up until after the
Speaker 2: sun goes down, which is not safe. There are sharks
Speaker 2: in this water right Like.
Speaker 1: I'm thinking about it too, Like I wouldn't be able
Speaker 1: to get in the water even if I did bring
Speaker 1: my bathing suit because I have two young kids that
Speaker 1: I'm not gonna let go in that water.
Speaker 2: All of the other parents do have their children in
Speaker 2: that kids are older, though not that much older than Kai.
Speaker 1: They're a little older than Kai, so they're like minimum, like.
Speaker 2: The four year old was in the water last year.
Speaker 1: Well, I can't comment on that, but.
Speaker 2: We always bring tubes and we're kind of like on
Speaker 2: top of the tubes, right. Sharks don't attack you when
Speaker 2: you're on a tube.
Speaker 3: No.
Speaker 2: I think we all kind of feel comforted by our
Speaker 2: numbers and who knows, just a full day in the
Speaker 2: sun that we don't we just starn't thinking.
Speaker 1: But I don't think that they believe it's a feeding frenzy,
Speaker 1: Like they just haven't come over there, and then they
Speaker 1: see all your butts right in tubes and they're like, oh, yeah,
Speaker 1: that's a lot of butts. I'm gonna get one of them.
Speaker 2: I'll go on dumb butts. This is the Maybe maybe
Speaker 2: it will be my butt. Who knows, stay not your butt.
Speaker 1: Probably be my butt. You know what I get in
Speaker 1: that water with my bathing suit. This is the first year,
Speaker 1: and they don't get my butt.
Speaker 2: You don't have to be the fastest swimmer. You just
Speaker 2: have to outswim the person behind you. However that saying goes,
Speaker 2: it's usually about bears, but I'm gonna make it about sharks. Yeah,
Speaker 2: I guess so that's what we'll do. We're gonna maybe
Speaker 2: tempt the Sharks with our bums this fourth of July.
Speaker 1: Hope you have a fantastic fourth of July.
Speaker 2: Oh you're gonna be there in a swim our listeners.
Speaker 2: Oh yeah, yeah, yeah, yeah yeah yeah, they're still here.
Speaker 2: That's right, Okay,