Today, we welcome back Shannon Maloney of Strategic Retirement Partners to talk about retirement plans – and how important it is to start saving early.

Social Security is not going to cover your income needs in retirement. So your retirement plan becomes your paycheck after you stop working. Time in the market is one of the most important ways to grow these accounts due to the power of compounding interest. Shannon also talks about dollar cost averaging, which means consistently investing in the market. This may seem counter-intuitive after a year like 2022, but you’re actually buying when the market is “on sale.” Finally, take advantage of your employer match, which is essentially free money from your employer that you’re leaving on the table if you don’t participate.

Targeted retirement funds based on investors’ age have taken some of the stress out of investing, and that’s certainly one way to plan for retirement. But most people don’t know much about the space; that’s why Shannon is thrilled that Michigan is mandating this be taught in schools starting in 2024.

Paula and Shannon touch on the importance of budgeting and prioritizing your retirement savings. Saving for retirement and other goals should be an essential line item in your budget, like a mortgage, groceries, etc.

We also answer the question: Should you save for retirement, or pay off debt first, or both?

To reach out to Shannon regarding the workplace plan you have for your employees, email her at Shannon@SRPretire.com.

For bigger-picture financial help, you can email Paula Christine: paula@paulachristine.com, or visit her website: paulachristine.com

Disclaimer: Investment advisory services are offered through Strategic Retirement Partners, an SEC registered investment advisor. All the opinions and comments made on this podcast today are the opinions of Shannon Maloney and not the opinions of Strategic Retirement Partners