Ask Paula: Should I Take a Higher-Paying Job if I Can’t Save As Much for Retirement?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Investing, Entrepreneurship, Business

4.7 • 3.6K Ratings

🗓️ 5 May 2022

⏱️ 73 minutes

🔗️ Recording | iTunes | RSS

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Summary

#378: Anonymous is 25. She has a job offer that comes with a substantial raise. Hooray! Buuut … there’s a problem. If she accepts this job offer, her new employer won’t allow her to contribute as much money to her company retirement accounts. How should she think about the trade-off between increasing income and funding her retirement? Meanwhile, Dan from California is retiring soon and wants to know what he and his wife should do with the loan they took out against their 401(k). Finally, an anonymous caller who goes by “Daughter” has a whole life policy that only costs her less than $50 per month. Since her policy is so cheap, should she keep it? In today's episode, former financial planner Joe Saul-Sehy and I tackle these tough situations. Enjoy! Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	You can afford anything but not everything.
0:10.6	Every choice that you make is a trade-off against something else and that doesn't just
0:13.6	apply to your money that applies to any limited resource you need to manage like your time,
0:18.3	your focus, your energy, your attention.
0:21.3	Saying yes to something implicitly carries incredible opportunity cost.
0:26.4	That opens up two questions, first what matters most and second how do you align your decision-making
0:32.9	around that which matters most.
0:36.3	Answering those two questions is a lifetime practice and that's what this podcast is
0:40.7	here to explore.
0:42.2	My name is Paula Pat, I am the host of the Affordable Care Foundation.
0:45.2	Every other episode we answer questions from you, our community and my buddy former financial
0:51.6	planner Joe Salcihi joins me to answer these questions.
0:55.2	What's up Joe?
0:56.2	Paula, I'm so excited.
0:58.2	We are looking at some fantastic questions today and I can't wait to help a few people in
1:04.8	the community.
1:05.8	Absolutely.
1:06.8	Here's what we're going to tackle first.
1:08.7	An anonymous caller who is 25 years old is trying to decide if she should change jobs to
1:16.2	increase her income even if that means that she couldn't contribute as much to retirement
1:22.6	accounts.
1:23.6	She thinks about the trade-off between increasing her income versus funding her retirement accounts.
	...

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