A common financial goal that many speech language pathologists have in common is saving money for retirement. Many SLPs realize too late in their career that they have fallen behind on contributing to retirement and feel that they must play catch-up.
In this episode, I discuss the following reasons why SLPs fall behind in retirement…
- Failing to prioritize retirement over other financial goals
- Losing track of retirement as part of their overall financial plan
- Missing an employer match program on contributions to a 401(k) or 403(b)
- Starting to save too late
- Not paying attention to fees
- Withdrawing money from a retirement account too early
- Taking a hands-off approach to retirement planning
- Poor tax planning
I also talk about the 3 components to generate retirement income. These components include…
- Fixed Income: From social security income or a pension
- Other Income: From part-time work or rental income
- Variable Income: Money susceptible to market volatility in a 401(k), IRA or other type of investment account
To analyze an investment’s expense ratio, you can input the ticker symbol into a Morningstar analysis
You can view Social Security Projections on the SSA Website
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