Why Age 40 is a Major Wake Up Call for Retirement
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 11 December 2019
⏱️ 12 minutes
🧾️ Download transcript
Summary
Learn why age 40 is an important deadline to get serious about investing for retirement.
M = Money, or how much money you have to invest.
C = Compounding, or what rate of return you are compounding at.
T = Time, or the amount of years you have to invest (until retirement).
Let's say you got a late start saving for retirement.
To make up for it you have only 3 choices (McT again):
1. M = You can save and contribute more money to your retirement plan, or
2. C = You can invest better and earn a higher rate of return, or
3. T = You can work longer and retire later.
Let's analyze your choices.
You are already saving as much as you can, so #1 is out.
You would rather retire sooner than later, so #3 is not ideal. Nobody want to do this, yet that's exactly what your default choice will be if you don't invest well.
That leaves investing better, #2.
Only investing better, ie. being smarter about where and how you invest, can improve your circumstances without you having to find more money to save or delay retirement.
If your money is earning .25% interest in a savings account, it would take 99 years to equal the performance that our best investment increased in 11 months.
By investing better, ie. being smarter about where and how you invest, you can improve your circumstances without having to save more money or delaying your retirement.
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Transcript
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| 0:00.0 | Be Wealthy and Smart, episode 653. |
| 0:03.0 | I'm gonna live no rich life. |
| 0:06.0 | Rich life. |
| 0:07.0 | If you all the best life, |
| 0:10.0 | if y'all know what I mean, |
| 0:12.0 | put your hands up and declare with me. |
| 0:14.0 | Yeah, I'm full of faith, eh, eh, time. |
| 0:18.0 | I'm gonna live a good life. |
| 0:21.0 | A beautiful and glorious life. Step into a world of wealth of wealth and financial freedom without budgets, boredom or bosses on |
| 0:31.3 | be wealthy and Smart. |
| 0:34.0 | And now here's your host, Linda P. Jones. |
| 0:38.0 | Welcome to Be Wealthy and Smart. |
| 0:39.5 | I'm Linda P Jones, America's Wealth Mentor. |
| 0:41.7 | Empowering Women and Men Worldwide to Financial Freedom. |
| 0:45.0 | On today's show, we're going to talk about why age 40 is a huge wake-up call for retirement. |
| 0:51.7 | Recently I was talking to someone I just met and she was |
| 0:55.2 | telling me her concerns about it getting late for her retirement. She was in her |
| 1:00.4 | mid-40s and she was really starting to panic that she hadn't really |
| 1:04.4 | saved enough yet for retirement and while I agreed with her she hadn't really |
| 1:09.1 | saved enough I also knew that because she was in her mid-40s, she still had a pretty healthy amount of time to save |
| 1:16.9 | her retirement. |
| 1:17.9 | I mean, they're telling people now at age 45 that you have until age 70 to work until you retire. They've raised the |
... |
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