Retirement Savings: Is Yours on Track? | Own Your Retirement Ep 63
On this episode of Own Your Retirement, Albert Lalonde and Tony Shore discuss two important retirement planning questions: the unique financial challenges women often face when preparing for retirement, and how much you may want to have saved as you approach your early 60s. They cover the value of workplace retirement plans, employer matches, and automatic enrollment, along with how career breaks can affect long-term savings, Social Security, and retirement readiness. Albert also explains why couples should look at retirement planning as a shared household strategy, including beneficiary designations, spousal benefits, and survivor benefits. In the second half of the show, the conversation shifts to retirement savings benchmarks for ages 61 to 65, plus key planning issues like Medicare choices, legacy planning, powers of attorney, and what steps you can still take if you feel behind. Timestamps: 00:00 - Introduction and episode overview 01:12 - Retirement tips for women and why this topic matters 02:51 - Using workplace retirement plans early in your career 03:40 - Why employer matching contributions matter 04:31 - Automatic enrollment and checking your contribution rate 06:43 - Investing early and the value of long-term growth 07:43 - How career breaks can affect retirement planning 08:26 - Earnings history, Social Security, and time out of the workforce 09:39 - Part-time work as an option during career interruptions 11:00 - How to contact Albert for retirement planning help 11:35 - Retirement planning for married couples 12:32 - Beneficiary designations and account review 13:02 - Spousal and survivor Social Security benefits 14:39 - Why working with a financial professional can help 15:27 - Changing workforce trends and womenโs retirement needs 16:08 - How much money do you need to retire comfortably? 17:48 - Why ages 61 to 65 are a critical planning window 18:24 - Savings benchmarks and the assumptions behind them 19:37 - Key retirement decisions beyond savings totals 20:03 - Medicare planning before age 65 20:31 - Original Medicare vs. Medicare Advantage 21:20 - Medigap and Part D coverage 22:29 - Medicare enrollment periods and timing 23:07 - Legacy planning, wills, and powers of attorney 24:07 - What to do if you feel behind on retirement savings 25:16 - Final thoughts and closing remarks ๐ Have questions? Need advice? Contact Albert Lalonde at Kaizen Financial Group to set up a consultation today! ๐ Call us at 586-752-7008 ๐ Visit us at kaizenfinancialinc.com Don't forget to subscribe to our YouTube channel for more financial tips and insights! Let us know your thoughts on the topics discussed or give us any feedback to make the future episodes better! #FinancialPlanning #RetirementPlanning #WealthManagement #EstatePlanning #LegacyPlanning #FinancialAdvice #FinancialEducation #MoneyManagement #InvestmentStrategies #Trusts #Wills #Probate #FinancialAdvisor #Retirement #Taxes #Inheritance #IRA #LifeInsurance #FamilyLegacy #FinancialSecurity #FuturePlanning #retirement #retirementplanning #SocialSecurity #michigan #detroit #shelbytownship #KaizenFinancialInc #AlbertLalonde #OwnYourRetirement #TaxPlanning #TaxCutsAndJobsAct
