DeepSummary
The podcast episode features experts Anne Ackerley and Liz Kaler answering questions from listeners about retirement planning and strategies. They address concerns such as how to start saving for retirement while juggling other expenses, determining how much is needed for retirement, diversifying investments, and planning for retirement income.
Ackerley and Kaler provide practical advice, including starting to save small amounts early, taking advantage of employer-sponsored retirement plans and catch-up contributions, delaying Social Security benefits, budgeting for retirement expenses, and considering working longer. They also discuss the importance of diversification and target-date funds for simplified investing.
The experts emphasize that retirement planning is personal and involves various factors like lifestyle, expenses, and longevity. They encourage seeking guidance, talking openly about finances, and taking action to start preparing for a secure retirement, even if it's with small steps.
Key Episodes Takeaways
- Start saving for retirement as early as possible, even with small amounts, to take advantage of compound interest.
- Participate in employer-sponsored retirement plans and utilize catch-up contributions when eligible.
- Consider delaying Social Security benefits to increase monthly payments.
- Diversify investments across different asset classes, sectors, and strategies to manage risk.
- Explore options like target-date funds for simplified, age-based asset allocation.
- Budget for retirement expenses and consider working longer to increase retirement income.
- Seek guidance from professionals and have open conversations about finances and retirement goals.
- Take action and make consistent efforts, even small steps, towards achieving a secure retirement.
Top Episodes Quotes
- “Einstein called compounding the 8th wonder of the world for a reason. Don't be afraid to review and revisit your plan just to make sure that you're staying on track.“ by Liz Kaler
- “I would say just to get us started considering maximizing those contributions to those retirement accounts, 401ks, iras, if you want some of those additional tax benefits, Roth iras, Roth 401ks, health savings accounts, all really great strategies.“ by Liz Kaler
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Episode Information
The Bid
BlackRock
7/5/24
In this special episode, we’ve asked some of our listeners to send in some questions about their retirement concerns. Here with me are retirement experts Anne Ackerley, Senior Advisor on Retirement and Liz Koehler, Head of US Wealth Advisor Engagement here at BlackRock. Together we’ll answer your questions about saving for retirement and give you some strategies to consider to help you become retirement ready.
Sources: AARP Financial Security Trends Survey, January 2024; AARP 2022; IRS, 2024; BlackRock’s 2024 Read on Retirement Survey; Social Security Administration “When to start receiving retirement benefits”
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener.
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