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Let's start with a question: Do you have enough in your retirement account? According to a recent report from Vanguard, the average American has around $140,000 saved for retirement. For those 65 and older, that average balance is about twice that, or $280,000.
Sounds like a lot, right? But for many people, even with Social Security, it's not going to be enough.
If that's you, let's fix it. In this podcast, we help you create a plan to beef up those retirement savings.
As usual, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. This week's guest is a friend of the show, Joe Saul-Sehy from Stacking Benjamins.
Disclaimer:
Remember, even though we sometimes talk about money and specific investments, never take them as recommendations. Before investing in anything or making any other money moves, do your own research and make your own decisions.
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Are you ready for retirement?
The Employee Benefit Research Institute points out that 7 in 10 workers are confident they can retire comfortably. In this show, we talk about the potential disconnect between what you might think is enough and what's actually enough. Here are some articles that can help.
How Much People Have Saved for Retirement at Every Age
6 Big Obstacles to Having a Comfortable Retirement
Most People Say They've Reduced or Stopped Saving for Retirement Because of Inflation
4 Generations Share the Age They Started Saving for Retirement
Here's the New Magic Number for Living Comfortably in Retirement
6 Reasons Americans Are Fast-Tracking Their Retirement
9 Signs Your Retirement Is on Track
Even Millionaires Share These 4 Retirement Worries
7 Reasons Americans Seniors Stay Frugal in Retirement
10 Reasons Today's Older Workers Are Delaying Retirement
How to create a retirement plan that works for you
Stacy mentions his book "[amazon url="https://www.amazon.com/Life-Debt-2010-Financial-Freedom/dp/1439168601" text="Life or Debt"][/amazon]," as a good starting point to help you figure out what you want out of life—and how to prioritize it. Joe and Miranda also have some good ideas for creating a retirement plan you'll stick with. We also mention our podcast on paying off your mortgage aggressively so you have more money available in retirement.
Let's take a look at some great Money Talks News resources about planning for retirement.
15 Tips for Those Within 10 Years of Retirement
Pre-Retirement Checklist: What to Do Within 5 Years of Retiring
Financial Advisers Say These Are the Top 10 Retirement Planning Mistakes
Over 50? Here's How to Catch Up on Retirement Savings
Health Savings Accounts and Why They Are Great for Retirement (Miranda never gets tired talking about HSAs.)
Is a Bond Ladder Strategy Right for Your Retirement?
4 Things You Can Control in Retirement
13 Types of Retirement Income That Are Not Taxable
3 Things You Should Do – and Not Do – to Prepare for Your Retirement
6 Ways to Guarantee Yourself a Steady Retirement Income
Sequence of Returns Risk and How to Protect Your Retirement From It
Meet this week's guest, Joe Saul-Sehy
Joe is a former financial adviser (16 years) and represented American Express and Ameriprise Financial in the media. He was the "Money Man" at Detroit television station WXYZ-TV, appearing on air twice weekly. He's appeared in Bride, Best Life, and Child magazines, and in the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers. He's also appeared online in more than 200 different places, including CNBC.com and WSJ.com.
Website
Stacking Benjamins Podcast
Twitter
Instagram
LinkedIn
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About the hosts
Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.