Ideas for catching up on building retirement savings

Key Takeaways:

- Calculate the amount needed for retirement by multiplying your desired annual income by 25 to 30.
- Find a job or income source that you love to alleviate the pressure of saving a large sum for retirement.
- Market volatility can be an opportunity for higher returns if you invest in future generation businesses.
- Rising healthcare expenses can strain retirement funds, but investing in innovative healthcare technologies can help mitigate the impact.
- Prepare for unexpected expenses by maintaining an emergency fund and consider investing in assets that generate cash flow.
- Carrying debt into retirement can affect financial security, so focus on paying off consumer debt and manage investment debt responsibly.
- Downsizing or making lifestyle adjustments in retirement can be more manageable if approached with a mindset of happiness and contentment.

 

 

Chapters

 

| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:01 | Introduction to the podcast and topic of financial pressures in retirement |
| 0:01:14 | Writing a book in real time and the benefits of writing |
| 0:02:49 | Feeling pressure to save for retirement when children come |
| 0:03:32 | How to determine how much to save for retirement |
| 0:06:11 | Finding a job you love to blur the lines between work and retirement |
| 0:07:21 | Expanding investment time frame and investing in future generation businesses |
| 0:09:05 | The impact of market volatility on investments |
| 0:10:24 | The potential strain of rising healthcare expenses in retirement |
| 0:13:30 | The reliability of pensions and Social Security benefits in retirement |
| 0:16:00 | The impact of carrying debt into retirement |
| 0:26:00 | Preparing for unexpected expenses in retirement |
| 0:27:37 | Dealing with job loss or career setbacks in retirement |
| 0:28:12 | Adjusting lifestyle or downsizing in retirement due to insufficient funds |

 

Social Media Handles 

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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.