88-year old can't eat her favorite foods because she is outliving her Pension and this is why (#313)

Financial Advisors Say The Darndest Things

In this eye-opening episode of "Financial Advisors Say The Darndest Things," host A.B. Ridgeway delves into the critical topic of retirement planning, highlighting the challenges faced by retirees like 88-year-old Jacqueline James. Despite working for decades and contributing to a pension, Jacqueline now struggles to make ends meet due to inflation and lack of cost-of-living adjustments. A.B. discusses the importance of taking control of your retirement savings, the limitations of relying on pensions or social security, and why a 401k is more essential than ever.

5 Key Takeaways:

1. The Reality of Inflation: Jacqueline James’ story illustrates how inflation can erode the value of a fixed pension, leaving retirees with insufficient income to cover basic living expenses.
2. Importance of Investing: Without investing, your savings will not keep pace with inflation. A stagnant pension or savings account can leave you in a difficult financial position during retirement.
3. 401k Responsibility: Retirement savings, particularly through a 401k, are now largely the individual’s responsibility. The days of relying solely on pensions or social security are over.
4. Financial Literacy is Key: Unlike previous generations, today’s workers have access to a wealth of financial information. It’s crucial to take advantage of these resources to plan effectively for retirement.
5. Proactive Retirement Planning: It’s essential to start planning and saving early for retirement. Waiting too long can result in having to make severe lifestyle sacrifices, as seen in Jacqueline’s case.

3 Memorable Quotes:

1. "Retirement is not some gift that comes with life. It is do it yourself. You have a responsibility."
2. "Imagine if she saved $25,000 in a mattress and that $25,000 never grew. This is exactly what's happening to her now."
3. "We have to make the conscious decision to save for ourselves—nobody is going to save us."

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio credit: NBC