MMP144: Playing Catch-up - Retirement savings tips for late starters
The Meaningful Money Personal Finance Podcast
Pete Matthew
4.9 • 1.7K Ratings
🗓️ 27 January 2016
⏱️ 28 minutes
🧾️ Download transcript
Summary
Most of us leave our retirement savings later than we should. The best way is to start saving as early as possible, but how many 20 year olds do you know who are planning for their retirement?! But if you have left it late, all is not lost, and in this session I’ll be giving you some top retirement savings tips to help you catch up…
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This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk
Retirement savings tips for late starters
So, you’ve hit your 40s, or even your 50s and you realise with a gulp that you haven’t taken your retirement savings very seriously thus far. It’s time to take action, and while it might seem like you have a mountain to climb, there’s no better time to set off climbing than right now.
You’ll need to strap in though, and get serious. But you can do that. After all, it’s your future on the line. So, as usual, I’ll cover a couple of mindset things you need to know first, and then spend the rest of the time looking at some practical things you can do to achieve you goal of retiring before you hit age 85.
In this session, you'll discover:
- That it's never too late, but that the right time to start is NOW!
- That you are the only person who really cares about your own future comfort
- The biggest hurdle to jump BEFORE you can save effectively towards retirement
- How to make savings increase over time, on auto-pilot
- The power of reducing outgoings, and where to do that first
- That you can find money in all sorts of places you can put towards your future
- How to get free money towards your retirement
- The biggest factor working against your savings success
I’ll say it again: it is never too late to make strides towards funding your retirement. The later you have left it, the more sacrifices you’ll need to make, but this is your future comfort we’re talking about, and the retirement savings tips discussed in this show are worth following up. You don’t have to live like a monk now, but I am reminded of Dave Ramsey’s favourite saying: Live like no-one else, so that later, you can live like no-one else.
If you’re concerned about anything, leave a comment below.
Resources mentioned in this show
Video: Pay off debt quickly with the Debt Snowball
Podcast: Making More Money
Podcast: Direct Investment Platforms
Podcast: How much do I need to retire, with Todd Tresidder
Website: FinancialMentor.com (Todd's site)
As ever, a full transcript is available - just click the enormous blue button below!
Join the conversation
I love to read and respond to your comments, so please do join in and share. Question: Are you late in starting saving for your retirement? What steps are you taking to catch-up?
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hi folks and welcome to the Meaningful Money podcast session number 144. |
| 0:04.4 | We'll catch up, okay? |
| 0:11.0 | This is the podcast dedicated to helping you put your finances in order. |
| 0:18.0 | My name is Pete Matthew and I'm going to share with you everything you need to know |
| 0:21.1 | and everything you need to do to secure your financial future. I'm here to help you make sense of money. |
| 0:35.9 | Hey, hey, welcome back. Great to have you with me. Once again, that word was greet, by the way, |
| 0:40.9 | which was somewhere between good and great, but it's great, even better than great, to have you |
| 0:44.8 | with me once again. Most of us leave our retirement savings planning later than we should. |
| 0:51.9 | It's kind of the human condition to do that. Obviously, the best way is to start |
| 0:56.0 | saving as early as possible, but how many 20-year-olds do you know who are planning for their |
| 1:00.9 | retirement? Probably be a little bit sad if they were, really. But if you have left it late, |
| 1:05.9 | all is not lost. And in this session, I'm going to be giving you some top tips to help you |
| 1:09.8 | catch up. And as usual, after we've looked at that, that's the sort of main body of the session, I'm going to be giving you some top tips to help you catch up. And as usual, |
| 1:11.7 | after we've looked at that, that's the sort of main body of the show. I'll just check out some |
| 1:15.9 | recent reviews which have been left by you lovely people. I'll announce what we're going to be |
| 1:19.5 | talking about next time. But first, as I remind you every week, in this first sort of 90 seconds |
| 1:23.8 | of the show, this podcast is brought to you with the help of my friends at Seven Investment Management, who are a firm of investment managers based in London. They specialize |
| 1:31.5 | in multi-asset investing, which brings institutional investing techniques to ordinary people like |
| 1:36.7 | you and me. Seven IM continue to put their name to my show because they believe in what I'm doing, |
| 1:41.3 | which is just trying to get decent, easy to understand, and easy to put into action information out to the world. |
| 1:47.6 | So I'm really grateful to them for their ongoing support. |
| 1:49.7 | So do check out what they're up to. |
... |
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