Our podcast's retirement starter pack, featuring episodes from Optimal Finance Daily.
How much should you be saving for retirement?
There are interest stats about how much each age has saved for retirement. As the linked article mentions, only about half of families had any type of retirement account in 2019.
If you start contributing to your retirement account from a young age, you'll reap the benefits of starting early through the magic of compound interest.
And you should have more stashed away the closer you get towards retirement.
These are episodes with tips on how you can calculate how much you need in retirement and how to fund your retirement accounts.
Retirement Starter Pack: Podcast Episodes
Here are a selection of episodes covering the topic of financial planning for retirement by some of the world's best personal finance bloggers.
Feel free to select the episode which resonates the most with you, or check them all out to gather the tips you'd most like to apply in your own life!
1. Mr Money Mustache on Misleading Retirement Calculators
Learn more about MMM or read the original post.
You may have come across advice saying that you need to have millions to retire. Mr Money Mustache explains how advice like this from banks or mutual fund companies is based on it benefiting them when you invest heavily with them. He also gives examples on how an adult couple can live comfortably on less each year during retirement. And if you're going to try one, we'd recommend this simple retirement calculator.
2. Darrow Kirkpatrick on Generating Retirement Income Before Age 59
Learn more about Darrow Kirkpatrick or read the original post.
In the U.S., you cannot generally access tax-sheltered retirement accounts before 59.5 years old without facing a penalty. Darrow shares how you can get money for your lifestyle and living expenses through other options until you reach 59.5 years of age.
You can also check out Part 2 of the episode through these links:
- Episode 1437: [Part 2] Generating Retirement Income Before Age 59 (Listen on Website | Listen on Spotify)
3. Fritz Gilbert on The Biggest Enemy Of Retirement
Learn more about Fritz Gilbert or read the original post.
Could you be the biggest enemy of your own retirement? Think honestly about your approach to retirement and whether procrastination has got anything to do with it. Fritz explains the negative effects of procrastination in this episode which might get you to think twice about your financial habits.
4. Francisco Maldonado on When Should You Start Saving For Retirement
Learn more about Francisco Maldonado or read the original post.
Francisco of The Finance Twins makes a persuasive case for saving for retirement. A chart neatly shows the power of time and compound interest.
Francisco does acknowledge that saving money is not an easy habit to build. He does emphasize that while money may not guarantee you happiness, being broke is no fun either.
5. Michael Smith on How To Figure Out What You Can Safely Withdraw In Retirement
Learn more about Michael Smith or read the original post.
The 4% rule refers to a “safe withdrawal rate” regarding your retirement savings. For example, if you have $500K in your portfolio, you'd withdraw 4% of that during your first year of retirement.
Michael shares his conservative approach so that he still has a safety net during down markets. While everyone's approach towards retirement savings will be different, planning for how much you'll need before you retire is the way to go to save yourself on stress from planning for your finances once you're already retired.
6. Fritz Gilbert on The Narrow Path To A Great Retirement
Learn more about Fritz Gilbert or read the original post.
What's the secret to a fantastic retirement? Fritz reflects on the plan, the map, and keeping to the narrow but proven path of “Mt. Retirement” towards golden years that are rewarding.
7. Kalen Bruce on 8 Reasons You Should Start Investing for Retirement in Your 20s
Learn more about Kalen Bruce or read the original post.
If you're in your twenties, or know someone who is, here are eight reasons why it's a good idea to start investing for retirement while you have time on your side.
You can also check out Part 2 of the episode through these links:
- Episode 1192: [Part 2] 8 Reasons You Should Start Investing for Retirement in Your 20s (Listen on Website | Listen on Spotify)
8. Flex Cents on Retirement Account Advice and Changing Jobs
Learn more about Flex Cents or read the original post.
Art of Flex Cents takes you through questions you should ask when you rollover a 401(k). He also guides you through selecting simplicity and figuring out the difference between a flat-free vs. percentage-based structure as your nest egg grows.
9. Mike Ballew of EggStack on 5 Signs You’re Not Ready to Retire
Learn more about Mike Ballew or read the original post.
Have you thought about all the different financial commitments you have? Mike shares five big areas which can cost a hefty sum that you'd want to prepare for beforehand.
10. Dawn Starks of Simple Money on Working While Retired & Side Hustling
Learn more about Dawn Starks or read the original post.
Dawn shares tips on how to support your retirement fund to help you get closer to your retirement goals.
Where Do I Go From Here?
We hope you've enjoyed this retirement starter pack.
Let us know which episode or tips were your favorite from this list, and what you'll be doing to improve your retirement funds!
You can also check out our motivational quotes collections or view our other starter packs.
Editor's Note: We have six shows in our podcast network to optimize your life in multiple areas (health, personal finance, and more).
To learn more, visit our “start here” page or click on each logo below to learn more about each show!
