investing 101: how to prepare for retirement
TRANSCRIPT
Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about how to prepare for retirement.
ex.pn/retire
#CreditChatWednesday | 3 p.m. ET
“Retirement is a lifelong investment. It is never too early or too late to start
planning and saving at any age!”
- @taynelawgroup
#CreditChatWednesday | 3 p.m. ET
“Ideally, start saving for retirement in your 20s - you want as much time as possible for your money to grow.”
- @kevincswanson
#CreditChatWednesday | 3 p.m. ET
“Small investments made sooner do better than big investments for less time.”
- @JustOnePay
#CreditChatWednesday | 3 p.m. ET
“Employ good savings habits as early as possible regardless of income! Or
start a Family 401(k)!”
- @KOFETIME
#CreditChatWednesday | 3 p.m. ET
“When planning for retirement, you should take into account how old you are now and at what age you want to
retire.”
- Southeast Financial@SFCUNews
#CreditChatWednesday | 3 p.m. ET
“There are several, but debt, income, long-term living arrangements, and
estate planning are all factors to consider.”
- @LeslieHTayneEsq
#CreditChatWednesday | 3 p.m. ET
“When starting out, if your company offers a 401(k) with a match, save at least that much.”
- @Rod_Griffin
#CreditChatWednesday | 3 p.m. ET
“Start with the basics; income vs expenses and how long you will need
income. You don’t want to outlive your money.”
- @kevincswanson
#CreditChatWednesday | 3 p.m. ET
“You have to look at how much you spend, and how much debt you’re in
to determine your ‘number’.”
- @FedChoiceFCU
#CreditChatWednesday | 3 p.m. ET
“Would be easy to say as much as possible, but really it’s as much as you need to live the life
you want. Not as simple.”
- @Rod_Griffin
#CreditChatWednesday | 3 p.m. ET
“Retirement savings: treat it like a bill in your current budget so you’re covered monthly and saving for your
future.”
- @KOFETIME
#CreditChatWednesday | 3 p.m. ET
“Look for tax-efficient options for retirement savings, dependent on your situation. 401(k) versus Roth
IRA.”
- @kevincswanson
#CreditChatWednesday | 3 p.m. ET
“Check with your employer to see if they will match your 401(k) contributions.”
- @LeslieHTayneEsq
#CreditChatWednesday | 3 p.m. ET
“Thrift Savings Plans, 401 (k) plans, and IRAs are popular ways to save
and invest for retirement.”
- @FedChoiceFCU
#CreditChatWednesday | 3 p.m. ET
“401(k) is from a for-profit company, 403(b) is from a tax-exempt
nonprofit, and IRA is from personal retirement savings.”
- @AirForceFCU
#CreditChatWednesday | 3 p.m. ET
“A 401(k) has a matching contribution from your employer.
Which means ½ of the contributions are free money, take advantage!”
- @KOFETIME
#CreditChatWednesday | 3 p.m. ET
“401(k)s are employee-sponsored with limited investment choices; an IRA has access to many
more security investment choices.”
- @kevincswanson
#CreditChatWednesday | 3 p.m. ET
“Think of it like: 401(k) through employers, 401(b) for public ed/tax exempt, and IRA for individuals.”
- @JustOnePay
#CreditChatWednesday | 3 p.m. ET
“With a traditional plan, contributions are taxed when they
withdraw. With Roth, contributions have already been taxed.”
- Southeast Financial@SFCUNews
#CreditChatWednesday | 3 p.m. ET
“With traditional IRA you pay taxes when you withdraw the money in retirement. With Roth
IRA you pay the taxes on the front end.”
- @LeslieHTayneEsq
#CreditChatWednesday | 3 p.m. ET
“Both Roth and traditional IRA grow tax free in your account; IRA is taxed when you withdraw and Roth when
you contribute money.”
- @KOFETIME
#CreditChatWednesday | 3 p.m. ET
“As you get older, shift your portfolio to bonds and money-market funds. Your tolerance for risks decreases as
you age.”
- @care4yourfuture
#CreditChatWednesday | 3 p.m. ET
“As you get older, look to gradually increase your retirement contributions each year.”
- @taynelawgroup
#CreditChatWednesday | 3 p.m. ET
“Reevaluating your investment strategy as you age is important. Researching is important at any
age.”
- @StopFraudCo
#CreditChatWednesday | 3 p.m. ET
“Benefit from tax diversification by holding traditional retirement
accounts, Roth accounts and taxable accounts.”
- @KiplingerRetire
#CreditChatWednesday | 3 p.m. ET
“Remember, your accounts are going to be taxed; the question is do you want to be taxed
now or later?”
- @care4yourfuture
#CreditChatWednesday | 3 p.m. ET
“Taxes and retirement: know your tax bracket so you choose wisely,
Roth or IRA, and pay less taxes either now or later.”
- @KOFETIME
#CreditChatWednesday | 3 p.m. ET
“It’s good to touch base with your retirement goals once a year, see if
they align with your budget saving.”
- @FrogskinU
#CreditChatWednesday | 3 p.m. ET
“As a general rule, once a year so you can make sure your asset allocation still makes sense for
your age and goals.”
- @LeslieHTayneEsq
#CreditChatWednesday | 3 p.m. ET
“It’s good to assess your retirement plan at least once a year and make
any adjustments based on what you see.”
- Southeast Financial@SFCUNews
#CreditChatWednesday | 3 p.m. ET
“It can be intimidating to start, but it’s easier than you think! Save
yourself stress in the future and start today.”
- @JustOnePay
#CreditChatWednesday | 3 p.m. ET
“Contribute early and regularly. Let compounding interest work for you by starting
asap. Remember, time is money!”
- @care4yourfuture
#CreditChatWednesday | 3 p.m. ET
“Start saving early so that time is on your side. Try to increase the
percentage you save with every raise you get.”
- @KiplingerRetire
#CreditChatWednesday | 3 p.m. ET
“Retirement is the reward of a lifetime of work, make sure you prepare for it as best as you can
so you can enjoy it!”
- @taynelawgroup
#CreditChatWednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/retire
#CreditChatWednesdays | 3 p.m. ET
Join Us Every Wednesday at 3 p.m. ET.
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