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Community Manager
Community Manager

What steps are you taking to close your retirement savings gap?

AARP Closing the Savings GapTM is a podcast series hosted by AARP Financial Ambassador Jean Chatzky. We’re talking to real women as they work to close the financial gap that may be holding them back in saving for retirement. We help them face and conquer common financial roadblocks like debt, overspending or competing priorities.  Each woman is matched with a financial planner who is taking them by the hand and helping them make the changes they need to retire with confidence, so that you can do the same.

 

Let us hear from you! What steps are you taking to close your retirement savings gap?

 

For current episodes, please check back here each week or find us at www.aarp.org/closingthegap.

 

Episode 1: Jean Chatzky focuses on budgeting as the key to paying off debt and building an emergency fund

 

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Community Manager
Community Manager

A family caregiver must tackle saving for retirement and rebuilding her emergency fund:

 

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Community Manager
Community Manager

A divorcée learns to start fresh with positive money habits, including cutting credit card debt and building emergency savings:

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Contributor

I liked the financial counselor who helped this woman . Is there anyway to get ahold of her to do a consultation for myself ? 

 

 

Suzanne 

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Community Manager
Community Manager

Hi @suzanned810987, are you looking for Lynn Ballou's information from the episode where we are featuring the woman who plans to work into 70s?

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Contributor

yes

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Community Manager
Community Manager

Hello, @suzanned810987! Here is Lynn Ballou's contact info: www.epwealth.com/our-team/lafayette/lynn-ballou-certified-financial-planner/

 

*AARP does not endorse Lynn Ballou’s financial planning services or the services of her employer.

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Gold Conversationalist

Get in your employers 401k savings plan as soon as you can and contribute as much as you can and you are guaranteed seven figures at retirement!  💰

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Regular Contributor

Tiny Living, reside in a tiny home where there is less need for too much. You can earn money by selling much of what you do no longer need, plus it allows you to give items to family members now so they can enjoy them rather then later. Wht burden living loved ones with clutter you have collected and left behind for them to deal with? Is this really the legacy you wish to give them? Declutter your life it will add to it in so many ways besies money even. Just try it. If it worries you, just try living in your garage if it is 2 car. An average tiny home park model built by reputable manufactured home companies are around 400 squar feet.  Many resort style parks allow them for a monthly lot rent fee with loads of ameninties for you.

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Community Manager
Community Manager

A woman who plans to work into her 70s reviews life and disability insurance options as a strategy to secure her financial future. How long do you plan to work?

 

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Contributor

Formulary Excepion

 

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Community Manager
Community Manager

Budgeting your finances can make a big difference when it comes to saving and planning for retirement:

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Regular Contributor

Have not figured it out yet. Retiring in 1 month and still can't figure out what to do with the 150,000 dollars I have in Transamerica and Valic. I started saving late at 40 and now at 65 and about to retire, have no clue what to do. 

 

Transamerica was the best on investments and returns....Valic sucked and my money I put in is still the same amount I had 10 years ago and has gone nowhere. Just found out I have over 100,000 in a pension at my present job and with no money in the bank, I will have to take a lump sum on this and pay IRS 20 percent because If I don't, I will only have social security and no extra money to go along with that to pay my monthly bills like food and rent. Has anybody here ever taken a lump sum for a pension and paid IRS and used the money after putting it in the bank, or am I the only one thinking along these lines?

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Newbie

I rolled my pension over into my existing IRA back in the 2001.  Avoids taxes until your take out the monies.  

 

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Community Manager
Community Manager

How's everyone enjoying the AARP Closing the Savings GapTM podcast series so far? 

 

Let us hear from you! What steps are you taking to close your retirement savings gap?

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Community Manager

Episode 3: A small business owner and mom needs help achieving her retirement savings goals:

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Retired Community Manager

Also, check out our retirement calculator and enter in your data to find out how much money you’ll need to retire when and how you want.

 

https://www.aarp.org/work/retirement-planning/retirement_calculator.html

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Community Manager
Community Manager

Jean Chatzky explores how to manage our finances when a relationship or marriage ends:

 

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Community Manager
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Not sure how to start a conversation with a financial planner? With a little prep-work, you’ll be prepared for interviewing a financial advisor. AARP’s Interview An Advisor tool can help you choose the right person to assist you in reaching your goals on terms you understand and accept.  

 

Benefits of using Interview An Advisor:

  • Walks you through the questions you should ask a financial advisor before hiring one
  • Helps your frame the discussion and get answers to important question about qualifications, services, compensation and your best interests. With a little prep-work, you’ll be prepared for interviewing a financial advisor. What steps are you taking to close your retirement savings gap?

What steps are you taking to close your retirement savings gap?

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Regular Contributor

I had 3 financial advisors telling me the same thing for my 3 portfolios and it was scary and confusing. I had no clue what to do or who to believe.
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