Are You a “Starting Late” Saver?

July 8, 2024|Melissa Joy, CFP®, CDFA®

👩‍💼 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

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

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