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The Doctors discuss the findings from the Bureau of Labor Statistics which reported that U.S. seniors are working at their highest rates in 55 years. Around 37% of U.S. workers are expected to work past 70 years old. Dermatologist Dr. Sonia Batra points out that the average life expectancy is 78.6 years old, which means people could be working almost until the end of life because they haven’t saved for retirement.
To offer some help on how to save for retirement, The Doctors consult with financial advisor, Chris Hogan. Chris shares that it’s never too late, or too early, to start saving for retirement. He says the end goal is to save 15% of your household income for retirement, so people need to have a plan.
Dr. Batra shares a statistic that while 60% of men are saving for retirement, only 44% of women are. Chris notes it’s important for everyone to be intentionally saving.
Chris’ first piece of advice is to attack debt using the debt snowball. He advises people to list out their debts from smallest to biggest and start with paying off a small one. He says often people try to attack their biggest debt and get frustrated and discouraged, but paying off a manageable small debt will get people excited and encouraged that they can do it.
Dr. Batra notes that many people aren’t saving for retirement because they are consumed by just paying their daily expenses. Chris acknowledges this reality and says people need to understand their expenses and what they need to live on every month.
Chris says the best way to save is through a 401k or 403b. 401ks are simply a company providing employees a way to save. 403b is similar but for hospitals, churches, and other similar types of entities. When you set these up, the savings happen automatically.
Chris addresses proctologist Dr. David Rosenfeld’s question, is it true even a small amount can add up? Chris says it really can! He advises people to start saving even small amounts like their coins or small bills. He says this will help people learn the habit of savings. He shares the story of one woman who saved over $30,000 over five years, just by saving small amounts of change.
Chris also advises people to control their expenses. “People often mistake keeping track of expenses versus controlling them. Keeping track of your expenses is called accounting. Budgeting is when you control things.”
By budgeting, people can understand their living expenses and then start to restrict and cut back in areas where they tend to overspend. Chris says groceries and eating out are two key areas that people overspend every month. He says people need to know their fixed expenses, like rent or mortgages, and then also be aware of variable ones such as utility and cable. “Now start to tell money where to go instead of wondering where it went.”