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15 Money Milestones

RL158–15 Money Milestones

On the Retirement Lifestyle Show, Roshan Loungani and Adrian Nicholson break down a recent Washington Post article that categorized common questions people have according to age. They cover retirement and financial planning topics including credit scores, when to get a credit card, when to pay off your mortgage, and ways savers can learn to spend during retirement.

[00:00] Introduction

[02:39] 20s - How Much to Put Into a Retirement Account

[05:26] 20s - When to Get a Credit Card

[07:51] Building a Cash Reserve and Thinking About Your First Home Purchase

[12:30] 40s - Talking to Aging Parents About Their Retirement Plans

[16:00] 40s - What's the Best Way to Save for College

[18:32] 50s - Is it Time to Get a Will?

[19:55] Can You Really Afford to Retire?

[24:58] 60s - When to Start Taking Social Security

[28:26] 60s - Should I Pay off my Mortgage?

[31:33] 70s - How Savers Can Learn How to Spend

[36:40] 70s - What You Need to Know About RMDs

[40:14] Health and Planning for Long-Term Care

[40:51] 80s - How to Protect Your Financial Legacy

[43:25] Understanding the Different Stages of Retirement

[45:15] Parting Thoughts

For more links and the full show notes keep scrolling down!

Roshan Loungani can be reached at or at 202-536-4468.

Erik Olson can be reached at or 815-940-4652.

Adrian Nicholson can be reached at or at 703-915-8905.

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Full Show Notes:

What Percent of Your Earnings Should Go Toward Retirement?

The sad reality is that most Americans are not saving for retirement. And the ones that do have savings that fall short of conservative savings targets. That said, how exactly do you decide how much you should be saving for retirement? A general rule is to do about 20%, if you can. Most experts agree that if you can save 20% of your earnings consistently, things will usually work out for you. Also, depending on your income and career, you can take advantage of the Roth IRA. Of course, in your 20s it's harder to save more because you're not making as much as you typically will at later points in your life. But thinking through where to save and taking advantage of things that may not be available later are really good places to start.

Switching from Saving to Spending During Retirement

Many retirees struggle to transition from saving to spending and spend far less than they can afford. This frugal nature results in retirees passing away with a lot of money at hand - money they could have used to live a better life while they were alive. According to Roshan, a major reason for this is that retirees are afraid of outliving their money; the saver in them is always worried about "rainy days." Another explanation would be that they still haven't shifted their mindset from saving to spending the accumulated money in retirement.

If you're having a hard time spending in retirement, you can start by focusing less on spending and more on being happier. Spending should never feel like an obligation. So instead of constantly being worried about not spending enough, focus more on experiences or charitable giving. Experiences such as traveling and giving to charity tend to foster feelings of gratitude, therefore making it easier to spend more.

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All opinions expressed by podcast hosts and guests are solely their own. While based on information that they believe is reliable, neither Arete Wealth nor its affiliates warrant its completeness or accuracy, nor do their opinions reflect the opinion of Arete Wealth. This podcast is for general informational purposes only, and should not be regarded as specific advice or recommendations for any individual. Before making any decisions, consult a professional.

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