Podcast Extra: The Proper Steps to Take for a Successful Retirement

[00:00:00] Speaker A: Everyone pictures retirement a little bit differently. For some, it's peaceful mornings and coffee at sunrise. For others, it's finally exploring what comes next. But no matter the vision, the time to start planning for retirement is now. I'm Jim Tarabokia for the Retirement Radio Network powered by Amerilife. Retirement doesn't just happen. It's built one small step at a time. The first big hurdle? Saving the right amount of money. NBC senior business correspondent Christine Romans. [00:00:28] Speaker B: Time is your superpower. The longer you are saving for retirement, the better. [00:00:32] Speaker A: Christine and financial experts alike all say there are a few key steps that can make all the difference. First, start saving now. [00:00:40] Speaker B: Let me give you an example. You put $10,000 into a retirement account over 30 years with compound interest of 5%, that becomes $40,000. Imagine doing that every single year over all of your earning years. That's how you really use time to your benefit. [00:00:54] Speaker A: Second, take advantage of your employer's retirement plan. If your company offers a 401k with matching contributions, sign up and contribute enough to get the full match. It's one of the easiest ways to build your nest egg. Third, balance your investments. A healthy mix of riskier investments like stocks or mutual funds, coupled with safer options like bonds or annuities can help weather the market's uncertainty, especially as you get closer to retirement. Fourth, know what you'll need. The U.S. department of labor suggests planning for 70 to 90% of your current income to maintain your lifestyle. Social Security helps, but it likely won't cover it all. And finally, seek professional guidance. A qualified financial advisor can help tailor a strategy to meet all of your goals so your savings last as long as you do. Remember, retirement isn't just a finish line. It's a new chapter, one that finally feels a lot better when you've planned for it. For the Retirement Radio Network powered by AmeriLife, I'm Jim Tarabokia.