ABOUT HOSTS

Joe Anderson
ABOUT Joseph

As President of Pure Financial Advisors, Joe Anderson has led the company to achieve over $2 billion in assets under management and has grown their client base to over 2,160 in just ten years of the firm opening. When Joe began working with Pure Financial in 2008, they had almost no clients, negative revenue and no [...]

Alan Clopine
ABOUT Alan

Alan Clopine is the CEO & CFO of Pure Financial Advisors. He currently leads Pure Financial Advisors along with Michael Fenison and Joe Anderson. Alan joined the firm about one year after it was established. At that time the company had less than 100 clients and approximately $50 million of assets under management. As of [...]

In this episode of “Your Money, Your Wealth”, Joe and Al give you key retirement saving strategies for your 30’s, 40’s, 50’s and 60’s.  As you grow older, your financial situation and life needs change.  Understand the importance of saving for retirement and the steps you should be taking depending on where you are in life.


1:37 “57% of Workers have less than $25,000 saved for retirement” (Source: Employee Benefit Research Institute)

3:55 “It behooves you to start as early as you can, because that way the compound of money is going to work the best for you”

4:31 “Max out your 401(k) as much as you can or at least to the match”

5:46 “You have to take a look at paying yourself first, keeping those expenses under control, and then if you do get a bonus or if you get a raise, try to save half of that”

6:29 “This is a great opportunity for the younger generation to take control of their finances and start saving”

7:45 “According to U.S. News, when switching jobs there are three ways that you that could avoid paying taxes or early withdrawal penalties from your 401(k).  First, you can leave it in your old 401(k), second, you can roll it over to an IRA, or third, you could transfer the balance into the 401(k) at your new employer.”

10:24 “I think the first thing [40-year olds should do] is setting a goal, establishing a saving goal, whatever that may be”

11:08 “Go higher than you think you’ll actually do…I think if you set it high and it’s automatic, especially if you’re saving in your 401(k), it’ll be out of sight out of mind; you’ll end up saving a lot more than you think you actually can”

12:18 “I would say there are three key things: make sure to pay yourself first, make sure to choose the appropriate investments, make sure to monitor your progress and see where you’re at”

15:00 “If you’re 50-years old or you’re 55, here are the steps: you want to start right now (can I cut some spending?), then from there you can save more, manage the assets appropriately”

15:10 “If you do not have a 401(k) plan, try to save into an IRA, or a Roth IRA, after those look into non-qualified investments or stocks or bonds…save, save, save: that’s the key”

18:23 “The younger generations are not taking the appropriate amount of risk in their overall portfolio”

18:38 “One of the things that you absolutely need to figure out is what is the retirement date?  It’s not this arbitrary number; you want to make sure you have enough capital to maintain a lifestyle long-term”

18:54 “Believe it or not there’s over 500 ways to collect Social Security if you’re married”

19:16 “For people who can afford to wait, wait on your Social Security, you can wait as long as age 70 when you’ll get the maximum amount possible on Social Security, and that will last the rest of your life and it’s indexed for inflation”

23:31 “If you’re a first-time home buyer, there are special rules within the IRS legislation that allows you to take money out without the penalty”