Is retirement, as we know it, dead? Should the idea of retirement itself be retired, and should we all aspire to be like Betty White? Will all those decades of toiling away for The Man (and dutifully contributing to your personal retirement savings accounts, as well as you and your employer throwing in 6.2% each of your salary to the payroll tax, a.k.a. Social Security) pay off in the end when you reach the end of your working career? Is it worth postponing "happiness" during your working years in the hopes of living a life of leisure when you're older? Joining us for this special conversation, from The Personal Finance Podcast, we welcome Andrew Giancarlo; Betty White wannabe, Afford Anything's Paula Pant; and our resident Betty White fanboy, OG.
The concept of reaching an arbitrary age and stopping work cold turkey may be an illusion for many aspiring retirees, as many recent retirees find their lives lacking purpose, meaning, and (in some cases) sufficient Benjamins. The FIRE movement isn't necessarily about ceasing all productive activities, but rather achieving financial independence so that you are in control of how, where, and with whom you spend your time. We also dive deeper into how you can make up for any potential retirement savings shortfall and examine the pros and cons of Barista FIRE that can be used to supplement income needs after retiring. We'll also discuss how altering your lifestyle can affect the amount you'll need to save for retirement.
In the second half of our discussion, sponsored by DepositAccounts.com, we jump into the solutions to solve the big retirement savings gap problem. What actions can you take to improve your retirement savings and quality of life, even if you're approaching retirement age? What actions can you take today that your future retired self will thank you?
Finally, be sure to stick around for the next thrilling installment of our year-long trivia competition. Will Andrew help Len seal the deal for this year's W, will OG stay alive, or will Paula throw a monkey wrench in the plans?
FULL SHOW NOTES: https://www.stackingbenjamins.com/retirement-planning-mistakes-and-solutions-andrew-giancola-1449
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.StackingBenjamins.com/201
Enjoy!
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