Being financially fit means being knowledgeable, prepared and utilizing the right resources when it comes to your financial plan. CFP® Joe Anderson and Al Clopine show you the strategies for becoming more “fit” as you approach retirement. This includes saving more, understanding your “magic number” and choosing the right, credentialed advisor. Find out how to maximize your benefits, control taxes and build wealth on this episode of “Your Money, Your Wealth.”
1:27 “One-fourth of people don’t have a nickel saved”
2:35 “We want to make sure that you manage your debt, that you’re getting out of debt appropriately, especially if you have consumer debt”
3:43 “Building wealth takes time, just like losing weight takes time, you have to have a disciplined process to figure out exactly what your goals are”
4:21 “Building wealth is not a get-rich scheme, it’s not going to happen overnight, it’s not going to happen in a week, a month, or even a year. It’s going to take several years of discipline to figure out exactly what it is you want to accomplish”
4:42 “Fidelity recently came out and said the average 401(k) balance in the United States is $91,000
8:45 “It’s a small sacrifice of a few years to make sure you’re saving the appropriate amount of dollars and then positioning those assets correctly”
11:46 “Try to work up to saving 15% of your gross pay”
14:14 “Try, try, try to stay out of consumer debt, particularly credit card debt because credit card debt can charge you 10%, 15%, even 29%, per year on interest charges”
14:58 “A lot of people don’t realize the impact of compounding their money”
17:24 “If [my money] is all in my 401(k) plan, just know that you’re going to pay ordinary income. If it’s up in a Roth IRA, just know it’s going to be a 0% tax. If you’re saving outside, it’s going to be a 15% tax”
20:20 “Work with a fee-only financial advisor. Make sure that they’re credentialed, have the CFP designation, CPA, a chartered financial analyst, because they can hold you accountable”
