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Thursday, March 28, 2024

Never Too Late to Save

Credit: KQTV
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Never Too Late to Save
Never Too Late to Save

Mark Edwards from Edward Jones joins us to discuss ways you can save for retirement even if you've fallen behind on your savings plans

C1 are you at a stage where you feel like it's too late to save for retirement.

Mark, good afternoon.

Governor, jodie.

So tell us, it's never too late to save for retirement.

We have been told that our whole lives.

When you get to an age, you think gosh is it too late?

It can seem intimidating and most years don't go according to plan.

This year especially.

Things aren't going according to most people's plans.

What i learned to share with folks, you still need to use the time in front of you.

That's what we've got to work with and work backwards.

If you use your time by saving a bit more, most of us can find ways to not spend a few you dollars on some extraneous things and then a thing i don't tell everybody but quite a few people, it's wise to maybe work a year or two or three more than maybe their initial thought for a retirement day.

That can make a huge difference with possibly more social security, more money in your 401 k, more pension if you have one.

And those last few years can make a very significant difference in the quality of your financial retirement.

Getting over the next years.

It really pays to consider that.

I don't like to make people work too long.

But sometimes more is the right way to go.

And if you're 50 or older, don't overlook the benefit of catch up contributions.

Your allowed to make bigger ira contributions, more in your 401 k.

Most retirement plans offer an added amount that can be put in if you're 50 or older, take advantage of it.

It may help you on taxes.

Will help the size of your retirement account and make sure you're investments are with your risk tolerance.

You don't want all your retirement in cash.

You don't use that time in front of you.

I'm not saying not to be highly aggressive.

There's a happy medium mix but too aggressive or too conservative are probably the least favorite places to be.

And so, you just have to not ignore it.

Ignore it by most things won't fix anything.

You have to take the bull by the horns and work on it yourself.

Get help.

And have a plan.

You know sometimes that is uncomfortable for some people.

But making the sacrifices will pay off in the future.

Is that right?

From what i have seen, yes.

Especially with more working, more saving.

That's how you build your nest egg.

And i have to tell someone who didn't do this, you know, or plan to work many more years possibly.

So, it's kind of you do things now or do stuff later on you may not want to have to

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