When Should You Get Serious About Saving For Retirement?

July 1, 2024|Melissa Joy, CFP®, CDFA®

As women, we often prioritize everyone else’s needs over our own.

Get over it.

When it comes to retirement savings, you have to put yourself first.

Nodding your head with me?

Then see if you fit into one of these three groups: super savers, middle-road savers, and those getting a late start. Each have distinct challenges.

Article Contents

Super Savers: Balance Present and Future

For you diligent savers who started young, retirement planning is second nature. However, you might struggle with granting yourself permission to spend.

Find balance—like reducing contributions during costly life stages. Yes, I’m saying save a little less. It’s about enjoying life now while preparing responsibly for what lies ahead.

Middle-Road Savers: Clarify the Path

If you’ve saved steadily but feel uncertain, what you need is clarity. While you’ve accumulated savings, the question remains: is it enough?

Personalized financial planning, beyond basic calculators, can refine strategies, so everything—from investments to lifestyle—is carefully considered. This gives you the power to make informed decisions that align with your goals.

Starting Late: Find Solutions

If you feel behind (maybe because of career changes or life events), it’s time to take a hard look at your current money situation and then get some professional advice. Working with a financial planner on a fee-for-service basis can create tailored plans for catching up. This step-by-step approach not only gets at your immediate financial needs but also helps you plan for the future.

It’s Never Too Late

No matter which group you identify with, it’s never too late to prioritize retirement savings. Even if you are getting close to retirement, know this:

✅ Flexibility and informed decisions are key.
✅ It’s never too late to adjust your savings habits.
✅ Get professional guidance.
✅ And embrace a proactive mindset.

So, when should you get serious about saving for retirement?

Today!

Decide which saver category fits for you, explore your options, and create a plan for your financial future.

Your financial security starts with prioritizing yourself today.

Want to hear more about actions you can take right now? Check out my Women’s Money Wisdom podcast episode 211.

If you’re ready to work with a professional, you can also book a call with me or another member of our Pearl Planning team at any time.

Melissa Joy, CFP®, CDFA®

Melissa Joy, CFP®, CDFA® is President and Wealth Advisor at Pearl Planning. Reach out for a call today at 734.274.6744.

8031 Main St. Suite 302 Dexter, MI 48130

Categories

Retirement

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://pearlplan.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.