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Are you ready for retirement? We know some people freak out when we think about retirement. Some of us do not know how to live life after retirement. Statistics say more than half of black and Latinx households have no retirement savings. It’s a hard reality to accept, but that’s the truth. In this episode, we talk about how to prepare for retirement. We know it isn’t easy to think about with the current economic times. People hardly have enough to foot their bills, let alone save. The fact is, we must prepare for our retirement.
Here are a few tips to help you prepare for your retirement:
Don’t be fooled; your 401K can accompany you anywhere. If you are open to hopping jobs, feel free to move when you find greener pastures. 401K should no longer hold you back.
Have a plan: Only allow yourself to retire if you know what you want to do going forward. Consider volunteering in your community or doing something that you are really into. You can tap into your hobby.
Create your financial freedom: Look at your expenses and see what you can cut off, then save the money or invest for retirement.
Prioritize your debt: Plan how you will clear your debt. Once you are debt free, direct the money to your retirement.
Follow your spirit: Take a chance and do something you love and are happy doing. You only have one life to live. When it’s done, it is done.
Work on your mindset: One thing for sure is one day, you will retire. Be mentally prepared for that.
Key Talking Points of the Episode:
[02:21] Why black Americans have no retirement savings
[20:38] Why do we loathe thinking about retirement?
[39:23] Your 401K can move with you
[48:06] How to plan for retirement
[56:11] The importance of having a retirement plan
[01:04:25] Get your mindset right
Magical Quotes from the Episode:
“A lot of black people, black women have to find different alternatives when it comes on now to their retirement.”
“If you don’t know, you have to educate yourself.”
“Plan your life before you sit down. And then if sitting down is something that you decide that you want to do, then sit down, and don’t do nothing else.”
“Everybody has a hobby, tap into your hobby.”
“I refuse to go out working my entire life and then feeling so unhappy and unfulfilled. Because I didn’t prepare myself financially for retirement.”
Articles Mentioned:
HTTPS://WWW.INVESTOPEDIA.COM/RETIREMENT-SAVINGS-BY-RACE-5086962
https://www.wsj.com/articles/u-s-retirement-crisis-hits-black-americans-hard-11613989981
https://www.tiaa.org/public/institute/publication/2022/differences-retirement-preparedness-and-security-race-and-ethnicity
https://www.urban.org/sites/default/files/2023-01/Black%20Women’s%20Retirement%20Preparedness%20and%20Wealth.pdf
https://www.damemagazine.com/2021/01/18/the-retirement-crisis-for-women-of-color/
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Teresa & Kim
