Are You a “Super Saver” for Retirement?

July 22, 2024|Melissa Joy, CFP®, CDFA®

If you’ve been laser-focused on saving since your 20s, opened a Roth IRA early and you’ve stayed committed to saving every step of the way … you’re officially a 🌟 Super Saver!

Kudos to you for your dedication! 👏

However, spending money? That’s a whole different ball game.

It’s not uncommon for Super Savers to need advice on how to loosen the purse strings a bit and actually enjoy life BEFORE retirement. You heard me right. Enjoy life before retirement!

You might fall into one of these three groups:

#1 Work Hard, Save Harder, Not Happy

Your focus on financial reward has left you less satisfied with your quality of life.

Consider: A job change to improve your overall happiness.

Because: Life is too short to be miserable, even if it means earning a bit less.

#2 Messy Middle with Higher Expenses

You are juggling kids, childcare, activities, and maybe even caring for aging parents.

Consider: Reducing your 401(k) contributions during these high-expense years.

Because: Saving a little less can allow you to enjoy your current lifestyle without jeopardizing your future

#3 Rock Star Saver, No Clue How to Spend

You are close to retirement but haven’t planned on how to take distributions.

Consider: Creating a detailed and visual plan of what retirement will look like

Because: Spending money in retirement can be just as crucial as saving it.

We have amazing tools now that can help visualize your retirement in very specific ways, from taxes to daily living expenses. This helps build confidence that you’ll be okay financially, and it can make the transition into retirement spending smoother.

So, when is the right time to get serious about retirement planning? The age-old wisdom holds true: the earlier, the better. But if you haven’t started yet, don’t worry.

The best time to start is now.

Remember, balancing saving and spending is key to a fulfilling life both now and in retirement.

You’ve worked hard to save—now let’s make sure you enjoy it!

🎧 Want more insights? Check out our recent episode on the three types of savers.

#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

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Retirement

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Are You a “Super Saver” for Retirement?

#1 Work Hard, Save Harder, Not Happy

#2 Messy Middle with Higher Expenses

#3 Rock Star Saver, No Clue How to Spend

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