In this week's episode, we are discussing the importance of increasing your retirement contributions when you’re out of debt (other than a mortgage) and have at least 6 months of expenses saved in your emergency fund.
Welcome to the Balanced FI Podcast, episode 17! Thank you so much for listening in!
This step in the financial security process is all about increasing your retirement contributions when you’re out of debt (other than a mortgage) and have your emergency fund saved up. Saving early and often is the key to success, but it’s not too late to start.
We included some resources for retirement planning and calculating how much you need, as well as tips for finding a financial advisor.
It’s important to remember that small increases, even just 1% more saved per year, will make a huge impact on your retirement balance in 30 years. Whatever you can save right now is good enough, but don’t settle - try to find ways to contribute even more.
Read: Financial Security Step 9, Increase Retirement Contributions
Read: Financial Security Step 2a, Save a Mini Emergency Fund
Read: Financial Security Step 2b, Begin Saving for Retirement
Read: Financial Security Step 7, Pay Off Debt
Read: Financial Security Step 8, Save an Emergency Fund
Source: Retirement Savings Calculator: How Much Do I Need to Retire?
Source: The National Association of Personal Financial Advisors
Source: NAPFA: What is Fee-Only Financial Planning?
Source: How much should I save for retirement?
Status of the Social Security and Medicare Programs