Fiduciary Wealth Manager | Columnist | Author | Promoter of #FinancialLiteracy | @Forbes Contributor | President of Jackson, Grant jacksongrant.us
Joined October 2009
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20 Aug 2025
A10e. The contest is live now. Enter for free. Three winners will be named 401(k) Champion with a cash prize of $1,000. 401kchampion.com #CreditChat
Q10. What’s one piece of advice you’d give someone just starting—or restarting—their retirement savings journey? #CreditChat
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20 Aug 2025
A10d. By the way, 401(k)s with matches accelerate compounding. If you are a knowledgeable 401(k) participant, you can share your story in a national essay contest I sponsor called the 401(k) Champion Competition. #CreditChat
Q10. What’s one piece of advice you’d give someone just starting—or restarting—their retirement savings journey? #CreditChat
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20 Aug 2025
A10c. And, if you can’t afford to participate, check out your tax withholding. Don’t think you can figure all of this out on a weekend. It takes time and effort and believe me, it’s worth it. You want to do what’s necessary to secure your future. #CreditChat
Q10. What’s one piece of advice you’d give someone just starting—or restarting—their retirement savings journey? #CreditChat
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20 Aug 2025
A10b. Now, the burden of funding a retirement has shifted from the employer (pensions) to the employee (401ks). While 401(k)s are hugely helpful in amassing retirement wealth if understood and optimized, there is work involved. You need to study your plan. #CreditChat
Q10. What’s one piece of advice you’d give someone just starting—or restarting—their retirement savings journey? #CreditChat
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20 Aug 2025
A10a. Don’t think that everything will fall into place by itself. Why? Times have changed – fewer lifelong pensions – longer lifespans – more complicated lives. . . #CreditChat
Q10. What’s one piece of advice you’d give someone just starting—or restarting—their retirement savings journey? #CreditChat
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20 Aug 2025
A9. That’s what emergency funds are for. #CreditChat
Q9. How can people prepare for unexpected costs or life changes that could impact their retirement plans? #CreditChat
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20 Aug 2025
A7. Easy. Have multiple objectives working at the same time. Always, always, always keep the retirement objective going no matter what the other objectives may be. Why? Do not interrupt compounding. #CreditChat
Q7. How can you balance saving for retirement with paying off debt or supporting family today? #CreditChat
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20 Aug 2025
A6. Excuses are the biggest obstacle. You can create excuses for not doing your homework, for not taking advantage of compounding, for not maximizing your 401(k). At a minimum, excuses delay action – in worse situations, excuses prevent actions. #CreditChat
Q6. What are the biggest obstacles people face when trying to save for retirement, and how can they overcome them? #CreditChat
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20 Aug 2025
A5c. You can’t go back in time to catch up on mistakes you made when you were young. Biggest mistake retirees regret making: Not taking full advantage of compounding by not saving/investing early enough. #CreditChat
Q5. How should Gen Z, Millennials, and Gen Xers each approach retirement planning differently based on their stage of life? #CreditChat
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20 Aug 2025
A5b. But, most importantly, all generations need to pay greater attention to finance, especially retirement finance, since you only retire once in a lifetime and you don’t get a do-over. This is important stuff. #CreditChat
Q5. How should Gen Z, Millennials, and Gen Xers each approach retirement planning differently based on their stage of life? #CreditChat
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20 Aug 2025
A5a. It all has to do with horizon. The younger you are, the longer your horizon – thus there is more opportunity for compounding. The older you are, the shorter your horizon and the greater the need for higher savings. #CreditChat
Q5. How should Gen Z, Millennials, and Gen Xers each approach retirement planning differently based on their stage of life? #CreditChat
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20 Aug 2025
A4b. That is, you need to pay taxes on income and capital gains in a taxable account. And in a tax deferred account, you need to pay taxes on withdrawals. The 4% rule does not account for taxes. Don’t just follow a rule without understanding underlying factors. #CreditChat
Q4. What are some common myths or misconceptions about how much money you need to retire? #CreditChat
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20 Aug 2025
A4a. One misconception is that you won’t run out of money if you limit withdrawals from your investments to 4%, which is considered a “safe withdrawal rate.” Before relying on any rule of thumb, understand how it works. For one thing, 4% is pre-tax. #CreditChat
Q4. What are some common myths or misconceptions about how much money you need to retire? #CreditChat
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20 Aug 2025
A3b. Adjust upwardly for increases in the budget such as more vacations or increased health care. This is the starting line. The key to success is to continue measuring expenses as time goes on – we do that for our clients once a year. #CreditChat
Q3. How can someone estimate their retirement expenses realistically? #CreditChat
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20 Aug 2025
A3a. The starting point for any future endeavor is always today – where you are today. Start with today’s yearly budget. Adjust down for obvious expenses, for example, if your kids are still living at home, adjust for a kid-free home. #CreditChat
Q3. How can someone estimate their retirement expenses realistically? #CreditChat
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20 Aug 2025
A2. Read the step-by-step retirement readiness test on page 290 of “The AARP Retirement Survival Guide”. It takes you through how to factor expenses, inflation, taxes, returns, age, and non-portfolio sources of income. #CreditChat
Q2. Is there a magic number for retirement savings, and what factors should someone consider when setting a retirement goal? #CreditChat
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20 Aug 2025
A1d. The book received a number of awards for clarity in writing and I must say that it was quite an effort to deliver the project. If you have trouble finding it, let me know. Email me at readers@juliejason.com. #CreditChat
Let’s start! Q1. What does “retirement readiness” mean to you, and how can someone tell when they are financially ready to retire? #CreditChat
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20 Aug 2025
A1c. If you want more guidance, including a Retirement Readiness test, go to the library to check out a book I wrote on the subject a few years ago called “The AARP Retirement Survival Guide.” #CreditChat
Let’s start! Q1. What does “retirement readiness” mean to you, and how can someone tell when they are financially ready to retire? #CreditChat
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20 Aug 2025
A1b. The reality is that you’re ready to retire after you’ve done your homework. What homework? Start with this assignment: pretend you’re going to retire on Monday. Do you have enough money to last a lifetime and leave a legacy for kids and grandkids and, if you wish, charity?
Let’s start! Q1. What does “retirement readiness” mean to you, and how can someone tell when they are financially ready to retire? #CreditChat
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