visimoney
TLDR:
“The Ramsey Show” co-host Jade Warshaw emphasizes the importance of planning for retirement to ensure a comfortable and thriving life in old age. She advises individuals to invest in their own social security instead of solely relying on government benefits, as current projections predict a potential 20% cut to Social Security benefits by 2034. Warshaw suggests diversifying investments and saving at least 15% of monthly income in 401(K)s and Roth IRAs to maximize financial security. Additionally, she recommends starting to take Social Security benefits at age 62, even if not immediately needed, to benefit from higher returns. With a growing number of Americans struggling to save for retirement, Warshaw’s advice is timely and essential.
A personal finance expert from The Ramsey Show, Jade Warshaw, has emphasized the importance of planning for retirement to ensure a comfortable and thriving life in old age. In an interview with “The Big Money Show,” Warshaw stressed the need for individuals to invest in their own social security to maximize financial security in retirement. Current projections indicate a potential 20% cut to Social Security benefits by 2034 if no changes are made to the system. As a result, Warshaw advised diversifying investments and saving at least 15% of monthly income in 401(K)s and Roth IRAs.
Warshaw also suggested that individuals start taking Social Security benefits at age 62, even if not immediately needed, in order to benefit from higher returns. This strategy allows individuals to invest their Social Security benefits until they are needed, ensuring a better rate of return than the typical 2% offered by other investment options. With a growing number of Americans struggling to save for retirement, Warshaw’s advice is timely and essential.
According to Forbes, the median U.S. household is $470,000 short of what they need to retire comfortably. To address this issue, experts recommend utilizing retirement savings vehicles like Roth or Traditional IRAs to save and grow funds for retirement. Additionally, investing in diverse assets is crucial to maximize financial security in retirement. Warshaw’s advice serves as a reminder to individuals that planning and taking proactive steps towards retirement are essential to ensure a comfortable and thriving life in old age.
