What are we doing here? What's going on?
>>What are we doing here? >>This is a super-simple game. We're fishing for advice. Give me that.
>>See, I chose the right outfit today.
Yeah. [Fishing for Advice With Financial Advisers] I know you guys are probably thinking
I'm a professional fisherman, but I'm not. I'm a financial coach. You are 50 years old and have not started
saving for retirement. What is the first thing you do? Panic! No, I'm just kidding.
So, at 50 years old, that is a big
wake-up call for a lot of people, and the very first thing you do is take stock of where your money is going today, because
you are gonna need to seriously amp up your saving. So, not everybody needs to
have some giant savings. You need to have enough to replace the amount of income
you're gonna spend in retirement. I'm gonna just cheat a little, because I'm
really embarrassed. So I would just take a minute to assess my full
financial picture and actually sit down with the numbers to take financial
inventory. So I think step 1 is just going through what are all the
accounts I have, what is everything I own, what's the value of everything I own, and
then making another list of everything that I owe. And then from there you can
be like, "OK, well, this is the money that I actually do have, and so maybe there's a
better way for me to maximize this for my retirement." I feel like 50 is the new 20 or
30, you know, still not too late.
Yeah, don't think that it's over.
Consider it like a halftime. This is where you go
into the locker room and you look at what you did in the first half and what
can be done better for the second half. You come up with a new strategy, a new game plan, and then you go out into the second half,
and you prepare to win the game. [Cheering] I have to say this is the weirdest game
I've ever played at a FinCon.
You're 50 years old — I am 50 years old — and
have not started saving for retirement. What's the first thing you do? You breathe, and you don't panic, and you start now. What you should not do is
think, "Well, it's too late now, so let's just see what happens in the next 20, 30
years." Because that is going to lead to disaster. You still have time to turn this around,
but you have to get serious about this now. So you would talk to a
financial planner, come up with a game plan of how you can reduce your spending,
how you could put extra money into savings, and how you can kind of catch up. Once you've found the money, you are gonna automate the flows into those IRAs and 401(k)s, because if you don't automate it, you're gonna force
yourself to go through this exercise again and again, but if you set it and
forget it, you will continue to make headway.
All right, here we go. It’s why I got this net, man. The first thing I want you to do, I want you to take positive action. I want you to look around this minute, right now, and make a decision on some things you're gonna change. And it might be your attitude, it might be
the way that you're spending money, it might be the way that you're even looking at money. Be positive.
You know, it's not over till it's over. You can do it, you just have to start
doing it right now. Whoops! All right, everyone, listen. Gaining
information is absolutely imperative. It keeps you aware and it keeps you motivated. So be sure to subscribe to AARP's YouTube channel. OK, come on. All right. I'm just gonna pick these
fish up. OK! [Laughter].
> > This is a super-simple video game. We ' re fishing for guidance. > > See, I picked the best clothing today.
I'' m a specialist angler, however I'' m not. I ' m an economic instructor. You are 50 years old
and also have not started saving for retirement. What is the first point you do? Panic!'No, I ' m simply kidding. At 50 years old, that is a large wake-up call for a great deal of people, and the very first point you do is analyze where your money is going today, because you are gon na require to seriously amp up your saving. So, not everyone needs to have some large savings. You need to have enough to change the amount of earnings you'' re gon na spend in retirement.I ' m gon na just rip off a little, because I'' m. truly embarrassed. I would certainly just take a min to examine my complete.
economic picture and in fact take a seat with the numbers to take monetary.
inventory. I think action 1 is simply going via what are all the.
accounts I have, what is whatever I possess, what'' s the value of every little thing I have, as well as.
Making one more checklist of every little thing that I owe. And after that from there you can.
resemble, “” OK, well, this is the money that I in fact do have, therefore possibly there'' s a. much better method for me to maximize this for my retired life.”” I feel like 50 is the brand-new 20 or.
30, you recognize, still not as well late. Yeah, wear'' t believe that it ' s over.
Consider it like a halftime. This is where you go. right into the storage locker space and also you consider what you performed in the first half and also what.
can be done better for the second fifty percent. You create a new strategy, a new game strategy, and afterwards you head out into the second half,.
as well as you prepare to win the game.
[Applauding] I have to state this is the weirdest video game.
I'' ve ever dipped into a FinCon. You'' re half a century old– I am 50 years old– and also.
have not begun conserving for retired life. What'' s the very first point you do? You breathe, as well as you put on'' t panic, and you start currently.
What you should not “do is. think, “Well,'it ' s also late now, so allow ' s simply see what occurs in the next 20, 30.
years.”” Since that is mosting likely to result in disaster. You still have time to transform this around,.
You have to get significant concerning this currently. So you would certainly talk with a.
economic planner, develop a strategy of how you can minimize your investing,.
just how you might place money right into cost savings, and also exactly how you can kind of catch up.Once you
' ve located the cash, you are gon na automate the circulations into those Individual retirement accounts and also 401( k) s, because if you put on'' t automate it, you'' re gon na pressure.
yourself to experience this exercise over and over, but if you establish it and.
All right, right here we go. The very first thing I desire you to do, I desire you to take positive action. I want you to look around this min, right currently, and make a choice on some things you'' re gon na transform.
You know, it ' s not over till'it ' s over. You can do it, you simply have to start.
Whoops! All right, everyone, pay attention. Getting.
details is absolutely necessary. It maintains you aware and also it maintains you motivated. So make sure to subscribe to AARP'' s YouTube network. OK, begun. All right. I'' m just gon na pick these.
fish up. OK! [Laughter]
We ' re fishing for advice. I ' m a monetary coach. No, I ' m simply kidding. What'' s the first point you do? Be sure to subscribe to AARP'' s YouTube network.Read More
Let’s take a look. If you’re in your 20s 30s 40s or 50s – What is the game plan? Here this is really cool. I think this helps people and also maybe might motivate you to take action a little bit more. Let’s say you’re 30 years old, you want to have at least one times your salary saved. So if you’re making $50,000 a year ,you want to make sure that you have 50 gramme in the bank. Let’s jump up to 45. You want to have 4 times your annual income saved. Once you get into your 60s, right, that’s 8 times. That’s a huge number! And you know, procrastination is probably one of the key components of why people are not necessarily successful, but at least this put you in the… I mean one of the biggest questions Al and I I get is, “Am I on track? How do I compare to other people that you see?” Well this is a good idea to take a look at how much money are you making, multiplied by those factors, and then that’s going to get you in the ballpark.
Right? Because I think a lot of times it’s just simple arithmetic. How much money do I need to maintain the lifestyle that I want long-term? Most of you don’t have enough. We’re not here to put fear in you. We want to make sure that you’re responsible to look at, “Hey, how much do I need?” To give you the confidence to do all the things that you want to do in retirement. Hey, Joe, why don’t we do kind of a simple example of let’s say some different ages. Perhaps your age 40 or 50 or 60.
Let’s say you have $50,000 saved. Let’s say you want to reach that $500,000 savings goal. Well, how much do you need to save per month to be able to do that? In this slide it’s showing you $179 per month if you’re 40. Look what happens if you’re in your 50s. $862 dollars per month and if you’re 60 you got to fast track this. That’s $3,875 per month. That’s of course at a 7% rate of return and assuming that you retired age 67.
Just four grand a month. Oh yeah, no problem. That does show why you want to start as early as possible when you’re saving. .
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