
Retirement Catch-Up: Strategies for Late Starters
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In this episode of the Retire Early Podcast, financial advisors and retirement planners Sam Benson and Linwood Fraher address a critical concern: is it too late to start saving for retirement if you're behind? They discuss practical strategies for those who haven't started saving or have minimal savings by age 40 or 50. Key takeaways include setting clear retirement goals, utilizing employer 401k matches, investing in IRAs, and the importance of automating savings. They also emphasize working longer, saving more, and reducing debt to secure a comfortable retirement. The episode is filled with actionable advice to help late starters build a strong financial future.
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www.planwellretirehappy.com Article referenced: https://www.ramseysolutions.com/retirement/40-with-no-savings-retire-a-millionaire
00:00 Introduction: Is It Too Late to Start Saving for Retirement? 00:54 Meet the Hosts: Sam Benson and Lin Wood Freyer 01:48 The Importance of Starting Now 02:30 Real-Life Example: Starting Late and Succeeding 03:38 Defining Your Retirement Goals 05:23 Maximizing Your Savings: 401k, IRAs, and More 08:10 Strategies for Catching Up: Saving More and Spending Less 09:50 Automating Your Savings 12:37 Final Thoughts and Encouragement 15:44 Conclusion and Contact Information Opinions expressed herein are solely those of Martin Wealth Solutions, unless otherwise specifically cited. Material presented is believed to be from reliable sources, but no representations are made by our firm as to another parties’ informational accuracy or completeness. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that any statements, opinions or forecasts provided herein will prove to be correct. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.