Daily Money - Why It’s Never Too Late to Start Saving

Where are interest rates headed?
͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
April 26, 2022
Retire with Money
Together with Fidelity

I love late bloomers, those folks who publish their first books at 60 or marry their high school sweethearts at 80. They show us that it’s never too late to follow your dreams. You know what it’s also never too late to do? Prepare for retirement. And yet, a recent survey found that nearly half of Americans think you can be too old to save for the future. The survey didn’t name a hypothetical cut-off age, but any perception that you’ve run out of time can be damaging. You might give up and not try to invest in a 401(k) or IRA, even though something saved is always better than nothing saved. Learn more about the survey — and millennials’ retirement preparations —  in today’s edition.

Best wishes,
Elizabeth
P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue.

Timely Retirement News, Insights and Advice

Nearly half of Americans think so.

“Millennials think of retirement less as a target savings number and date and more like a state of mind or target lifestyle,” a financial executive says.

Choosing the best IRA based on your money style
Presented by Fidelity
Would you rather pay taxes now or later? Are you more of a spender or a saver? These two questions can help determine whether a Traditional IRA or a Roth IRA may be the best fit for you. When it comes to taxes, you may want to consider when your tax rate is going to be highest to determine what type of account is appropriate. Consulting a tax advisor can also help. You may find out that having both accounts would be most beneficial. Keep reading to find out why.
 

Reader of the Week

Please welcome our Reader of the Week! David Jarmul, 69, is a “not exactly retired” writer and volunteer who lives in Durham, North Carolina.
What are you up to these days?

I’m spending a lot of time volunteering, with AmeriCorps Seniors RSVP, a community center and others. Most recently I’ve been raising money and providing support for Moldova, a small country in eastern Europe, as it responds to the many refugees coming across its border with Ukraine, to escape the war there.

My wife, Champa, and I served for two years as Peace Corps Volunteers in Moldova a few years ago, and we still have dear friends there. It’s a poor country but has been incredibly generous in welcoming the refugees. I’m working with former Peace Corps Volunteers and others to assist them, through the Friends of Moldova.

I’d barely heard of Moldova when we left in 2016 to serve there. Champa taught at a school and I worked at a library. Not long after we returned, the pandemic began and the Peace Corps had to withdraw all of its volunteers from the field worldwide. Only recently has it begun reopening some of its programs.

Wow! Why did you join the Peace Corps?

I had a good job as the head of news and communications at Duke University and Champa worked as a sonographer, but we were both restless. Our parents were gone. Our two sons were married with children of their own. We’d saved diligently for decades, maxing out on workplace retirement plans. We were ready for something new.  We felt fortunate about our lives and wanted to give back.

Hundreds of older Americans join the Peace Corps every year. Health problems and family responsibilities make it unrealistic for some retirees, but it can be a great way to embrace the next phase of your life. I wrote about our experiences on a blog and, after we returned, in a book, Not Exactly Retired: A Life-Changing Journey on the Road and in the Peace Corps. I’m grateful to have had an experience that gave me new appreciation for our lives as Americans and greater empathy for people around the world who lack our opportunities. Serving in the Peace Corps changed how I view myself and where I find my happiness.

Wonderful! How did the Peace Corps affect your financial plans?

Well, it’s definitely not a luxurious way to launch a retirement. It’s challenging, and you need to join for the right reasons. The main payoff is how it fills your heart. But it’s also a pretty good deal financially as a retirement transition from a regular paycheck.

The Peace Corps provides a living stipend and sets aside some money for after your return. It provides full medical and dental coverage, including specialty care outside the country if needed.

We barely touched our nest egg while we were gone. We held off starting Social Security. We also rented out our house, which covered our property taxes and other expenses, with a small profit. We moved back in when we came home.

Retirement News From Around The Web

Hit With an Unexpected Tax Bill?
It may be time to adjust your withholdings so it won’t happen again next year. CNBC

How to Stretch Your Retirement Nest Egg as Prices Rise
For starters, tally up your expenses to calculate your real cost of living. AARP

Smart Ways to Sell Your Unwanted Items
Make sure to take good pictures of your items, and other tips. NEXT AVENUE

World's Oldest Person Dies in Japan
Kane Tanaka, who died at 119, worked in her family’s rice shop until age 103. CNN

Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.
This newsletter is free because Money earns a commission when you click or make purchases from the links in this email and on our site. We also receive compensation for some of the products and services featured in this message. Offers may be subject to change without notice. Learn more about how we make money.

Privacy PolicyAdvertise With UsWe're Hiring!

To stop receiving these emails, unsubscribe or manage your email preferences.

Copyright ©2022 Ad Practitioners, LLC. All rights reserved.

Metro Office Park Calle 1, Building 7 Suite 204, Guaynabo, Puerto Rico 00968, U.S.

Key phrases

Older messages

How to make your hard work literally pay off

Wednesday, April 20, 2022

plus cute meerkats + Bob Dylan ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Issue #138: Jeff Bezos wins again

Wednesday, April 6, 2022

plus British alpacas + the 'do-nothing guy' ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

The Retirement Savings Gap

Tuesday, April 5, 2022

3 best money moves for April ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Issue #137: III'm tuuurning 30

Wednesday, March 30, 2022

plus sparkly syrup + a LEGO vacuum cleaner ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Is Crytocurrency for Real?

Tuesday, March 29, 2022

Workers' retirement confidence ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

[Python Dependency Pitfalls] A total mess?

Sunday, April 10, 2022

Hey there, Recently I watched a Pythonista ask for advice on setting up a Python project on his work machine. This new developer had some prior experience with NodeJS and had just started to get his

145 - Justin Gordon

Sunday, April 10, 2022

Justin Gordon is the Director of Marketing at Vitalize Venture Capital as well as a Founding Angel Investor at Vitalize Angel ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Apple's Texas problem

Monday, September 20, 2021

Since September 1, about one in ten women have effectively been stripped of their reproductive rights. That's when an extreme abortion ban went into effect in Texas — home to 7 million women aged

The Daily StockTips Newsletter 05.25.2022

Wednesday, May 25, 2022

I've Screened the Market for what I Consider the Best, Safest, & Most RELIABLE Profit Opportunities! (Published 7:30 AM ET MON-FRI) ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

[New post] Debt and investment: what can we learn from SMEs’ investment behaviour during and after the Global Financial Crisis?

Wednesday, May 25, 2022

BankUnderground posted: " Mai Daher and Christiane Kneer Many UK firms weathered the Covid shock by taking on debt. Small and medium-sized enterprises (SMEs) in particular borrowed at an

Fifteen killed in elementary school

Tuesday, May 24, 2022

Bloomberg Evening Briefing View in browser Bloomberg Fourteen students and one teacher were killed in a mass shooting at an elementary school in Texas on Tuesday. The shooter, said by authorities to be

🤞 How not to invest in the next Luna

Tuesday, May 24, 2022

Zoom drinks, anyone? | No one wants to advertise with Snap | TOGETHER WITH Hi Reader, here's what you need to know for May 25th in 3:04 minutes. 🚗 Get in loser, we're going shopping. Join Nimy

🔦 Opinionated: Hope in Weird Times

Tuesday, May 24, 2022

Plus, how burnout affects your money. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

401(k) Savings Rates Are at an All-Time High

Tuesday, May 24, 2022

If a Bear Market Is Coming, What Should Investors Do Now? May 24, 2022 Today is a new day for this newsletter, but that sentiment could be a metaphor for retirement, too. Every new day is an

Get ahead of future tech layoffs as a job seeker

Tuesday, May 24, 2022

It's graduation season. Over the past couple of weeks, some 2 million... Read on Insider.com INSIDER INSIDER Subscribe INSIDER FEATURED ARTICLE ENTERPRISE I'm a recruiter. Here are the 3

Meet Jared Birchall, Elon Musk's right-hand man and polar opposite

Tuesday, May 24, 2022

The ex-Morgan Stanley banker's loyalty has few limits, from helping finance the Twitter buy to hiring a PI. View in browser Business Insider Business Insider Business Insider Subscribe Business

The Daily StockTips Newsletter 05.24.2022

Tuesday, May 24, 2022

I've Screened the Market for what I Consider the Best, Safest, & Most RELIABLE Profit Opportunities! (Published 7:30 AM ET MON-FRI) ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Ukraine pitches Davos

Monday, May 23, 2022

Bloomberg Evening Briefing View in browser Bloomberg A diplomat in Geneva quit over Moscow's three-month war on Ukraine in a rare public protest by a Russian government official. A court in Kyiv