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Starting Your Retirement Planning from Square One? Listen to this…

In this episode of Blue Collar Wealth presented by Stone House®, join Bob Brown, CFP® as he talks about planning your retirement from square one. Not sure where to even start planning? Are you confused about the different types of retirement accounts? Or the best investment strategies? Then this episode is for you! We’ll cover all of the above (and more!)…plus some potential pitfalls to avoid.  

Retirement planning should start as early as possible. The power of compound interest makes time your greatest asset, even if you start with small contributions. Investing just $100 a month at a 10% annual return can grow significantly over 50 years due to compounding interest, vastly exceeding your initial investment. 

To organize your finances, create multiple “buckets”: 

  1. Retirement Bucket: For long-term savings.
  2. Rainy Day Bucket: For major expenses.
  3. Liquid Bucket: For short-term needs. 

If your employer offers a retirement plan with matching contributions, take advantage of it. If self-employed, consider setting up a retirement plan or an IRA, with contribution limits increasing in 2024. Weigh the benefits of traditional vs. Roth accounts for tax purposes. 

Diversify your investments across various asset classes (stocks, bonds, real estate) to manage risk. Understand your risk tolerance, akin to knowing if you can handle a roller coaster’s ups and downs. Avoid risky investments that may lead to losses and emotional distress. 

Key points to remember: 

  • Start saving early to benefit from compound interest.
  • Diversify investments to manage risk. 
  • Regularly contribute 10-15% of your paycheck to various savings plans. 
  • Increase savings with salary raises to combat inflation. 
  • Avoid market timing; consistent saving and investing yield better long-term results. 

In summary, build a structured savings plan today, make use of employer matches, diversify investments, and prioritize steady contributions over time to ensure a secure financial future. 

Remember, this is just a starting point. If you’re looking for help with your financial future, give us a call: 570-836-7020 or fill out our contact form on our website: 

At Stone House, we specialize in helping our clients build financial security and that priceless peace of mind that allows for greater happiness in retirement. Request an appointment with a Stone House Advisor to get started. 

Thanks for watching! 

We’ll be back next Wednesday with a new episode, so stay tuned.   


🕒 00:00 Intro 

🕒 01:50 When to start 

🕒03:58 Understanding retirement accounts 

🕒05:47 Investment strategies 

🕒08:34 Potential pitfalls 

🕒09:07 Outro 

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