401 what? and Other Ways To Retire

Networth and Chill with Your Rich BFF

Vivian Tu

News, Business, Careers, Business News, Entrepreneurship

4.4 • 1.6K Ratings

🗓️ 20 September 2023

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

My go-to, Marshalls, is sponsoring today’s episode! They get the deals, so we get the good stuff. (advertisement by Marshalls) On today's episode of Networth and Chill, we are looking ahead to the future and talking about retirement. When we are young, it can be tempting to just not think about retirement. That's a problem for later, right? I'm here to tell you that that's far from the truth, and the earlier you start thinking about and saving for retirement, the better off you'll be. I'm breaking down the steps you need to take to determine your retirement plan, where you should be investing your money, and how you can maximize your savings in the long run.

Got a financial question you want answered on a future episode? Text me or leave me a voicemail at 908-858-3410.

Special thanks again to Marshalls for sponsoring this episode!

Transcript

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0:00.0	What's up, Rich Friends? Welcome back to another episode of Networking Chill with me, Your
0:10.9	Host Vivian2, aka Your Rich BFF and your favorite Wall Street Curly. Today, we are having
0:17.0	a solo episode, and I want to kick us off because I had dinner with my manager the other
0:21.8	night. And as we were walking out of the restaurant, we saw a four-some, four-table top of,
0:28.4	I would say older people, and they were getting drunk, laughing, watching YouTube videos
0:35.3	on full-blast volume, just having the time of their lives. And my manager and I looked
0:40.4	at each other and we were like, wow, I want to be like that when I grow up. Retirement
0:45.8	must be so amazing. And on one hand, that is totally true. I mean, retirement is a time
0:51.8	for you to kick back, relax, and really enjoy the fruits of your labor. But a really scary
0:57.8	statistic is that actually 27% of people over the age of 59 years old don't have a single
1:05.5	dollar saved for retirement. This is a study done by Credit Karma. And I think that we're
1:11.3	starting to see this happen in society more and more. And it's really alarming because
1:16.8	you're hearing a lot of people, whether they're very young people or people who are middle
1:20.3	age or people close to retirement saying, I don't think I'm ever going to be able to afford
1:24.8	to retire. A great example I recently saw was there was this viral TikTok video of
1:30.4	a older gentleman delivering for DoorDash or UberEats, whatever it was on a ring camera.
1:37.0	And people were talking about how cute it was that he was so old and delivering for these
1:41.5	food services companies. And for me, that actually broke my heart because, sure, we don't know
1:46.9	the backstory. Maybe he's just doing that to, you know, keep his mind fresh and stay mobile.
1:53.3	But if this person is being forced to work at such an age because they don't have any
1:58.5	other options, that makes me really, really sad. And on top of that, we've seen headlines
2:03.2	like there was that guy who worked at Burger King for 40 years and had never, ever missed
	...

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