Are you feeling way, way behind when it comes to saving for retirement?
Don’t worry; you’re not alone. There are 3 categories of savers, and if you fall into the “Starting Late” Saver crowd, you have plenty of company.
You might have had a setback because …
You made a big move in your career
You went through a divorce
You were widowed
You own a business that’s taken all your focus
If you’ve been through any of those, you can feel like you’re so far behind that it’s too late to catch up … but it’s never too late.
Let’s dive into some practical steps to help you kickstart your retirement savings journey.
Article Contents
Budget and Cash Flow
Find the Money: Start by reviewing your budget. Can you allocate funds for retirement savings? If not, explore ways to increase your income or reduce expenses.
Beyond Employer Plans: Even if your workplace doesn’t offer a retirement plan, don’t panic. Consider taxable investment accounts—they’re a valid option too!
Seek Professional Guidance
Financial Planning Matters: Consider paying for a financial plan. It’s separate from investment management and can help you chart the right course.
XY Planning Network: Check out resources like @XY Planning Network (xypn.com). They connect you with fiduciary advisors who can guide you.
Catch Up and Be Realistic
Time to Hustle: If you’re behind, embrace the challenge. Catching up requires dedication and a realistic outlook.
Social Security Isn’t Enough: Beyond Social Security, explore other options. You’ve got this!
Flexibility is key
Adaptability Matters: Life isn’t always perfect. Be flexible. Adjust your retirement plans as needed.
Start Now: Remember, it’s never too late—unless it’s the day before retirement!
Listen In: If you’re hungry for more insights, check out our recent episode on the three kinds of savers.
Remember, you’re capable, resilient, and ready to take charge of your financial future. Let’s make that future start now!
#WomenAndWealth #RetirementPlanning #FinancialEmpowerment #InvestingForTheFuture
Important Disclosure: Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Pearl Planning, or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to their individual situation, you are encouraged to consult with the professional advisor of your choosing. Neither PEARL PLANNING’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the PEARL PLANNING’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at https://pearlplanning.com/. Please Note: Pearly Planning does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Pearl’s web site or blog or incorporated herein and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a PEARL PLANNING client, please contact PEARL PLANNING, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.