Your Financial Health: How to Rescue Your Retirement and Improve Your Financial Well-Being

Are you worried about your financial health? If so, you’re not alone. In fact, recent statistics reveal that nearly 52% of Americans are unsure if they can cover their basic needs in retirement, up from 46% just a few years ago. With such staggering numbers, it’s clear that many people are facing financial uncertainty, especially when it comes to saving for retirement.

But don’t worry—you’re not stuck on the financial life support system. In the latest episode of Your Money, Your Wealth®, Joe Anderson and Alan “Big Al” Clopine offer valuable insights into how you can rescue your retirement and get your financial health back on track. Let’s dive into how you can take control of your future with a well-crafted financial rescue plan.

1. Start by Assessing Your Financial Health

Before you can improve your financial situation, it’s important to understand where you stand. Start by assessing your current financial health. Are you saving enough for retirement? Do you have a budget? What are your current investments, and how are they performing?

Joe and Big Al highlight a troubling statistic: 37% of people haven’t even started saving for retirement. If this sounds like you, it’s time to stop procrastinating and take action. The first step to financial health is acknowledging where you are and then making a plan to improve.

2. Rescue Your Retirement: How Much Do You Really Need?

For many, the biggest challenge is knowing how much money they need for retirement. Joe and Big Al stress that most people underestimate how much they need. While some might believe $1 million is enough, inflation and rising costs mean that number may need to be closer to $1.2 million today.

However, this number will vary for everyone based on your lifestyle, health, and where you plan to live in retirement. It’s crucial to sit down and determine how much money you’ll need for the retirement you envision. Once you have that figure, you can start working backward to set realistic savings goals.

3. Create a Financial Rescue Plan: Steps to Take Control of Your Future

Once you’ve assessed your financial health, it’s time to create a financial rescue plan. Joe and Big Al walk you through the key steps to take control of your financial future:

• Start saving early: The earlier you begin saving for retirement, the more time your investments have to grow. Even if you’re just starting in your 40s or 50s, it’s never too late to begin contributing to retirement accounts like 401(k)s or IRAs.
• Max out contributions: Once you’re on track, aim to maximize your contributions to these retirement accounts. The more you save, the more you benefit from tax advantages and compound growth, helping you build the wealth you need to retire comfortably.
• Invest wisely: Diversification is key to managing risk in your portfolio. A well-balanced portfolio that includes stocks, bonds, and other assets can help ensure that your investments continue to grow, even during periods of market volatility.

4. Don’t Ignore Social Security: A Crucial Piece of the Puzzle

Social Security is a critical component of most people’s retirement income, but how and when you claim benefits can have a big impact on how much you ultimately receive. Joe and Big Al discuss the importance of understanding Social Security strategies to maximize your benefits. Delaying your Social Security claim until age 70 can increase your monthly payout significantly.

Additionally, understanding the tax implications of Social Security is key. By working with a financial advisor, you can create a strategy that ensures you’re making the most of your Social Security benefits and using them to supplement your savings in retirement.

5. Increase Your Financial Literacy: The Power of Knowledge

One of the best ways to improve your financial health is by increasing your financial literacy. Joe and Big Al emphasize the importance of getting educated about your financial options, including different types of investments, retirement plans, and tax strategies. Understanding your financial products and how they work will help you make smarter decisions about where to allocate your money.

Whether you’re just starting out or getting closer to retirement, there’s always room to learn and grow. By improving your financial knowledge, you’ll feel more confident and empowered to make informed decisions that align with your goals.

6. Take Action Now: Don’t Wait for the “Perfect” Moment

The road to financial health and retirement success doesn’t happen by waiting for the perfect time—it happens by taking action now. If you haven’t started saving or don’t know where to begin, today is the day to take the first step. Joe and Big Al remind you that creating a plan, starting to save, and taking small steps toward your financial goals can lead to huge rewards down the road.

Conclusion: It’s Time to Rescue Your Retirement

Financial health is crucial for achieving a comfortable retirement, and it’s never too late to start working toward your goals. Whether you’re just beginning your retirement journey or you’re deep into your planning, following the steps outlined by Joe Anderson and Alan “Big Al” Clopine will help you create a sustainable plan for financial success. By assessing your current financial health, maximizing your savings, and developing a well-informed strategy, you can take control of your retirement future.

Don’t let your financial health stay on life support. Start today with a financial rescue plan that puts you on the path to a secure and fulfilling retirement.

IMPORTANT DISCLOSURES:

• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC. A Registered Investment Advisor.

• Pure Financial Advisors, LLC. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations.

• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.

• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors