Optimal Finance Daily - Financial Independence and Money Advice 3412: Older and Don’t Have a Retirement Plan? Do This by Christina Browning of Our Rich Journey on Future Savings
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Jan 5, 2026 Christina Browning offers practical advice for those starting to save for retirement later in life. She emphasizes the importance of smart budgeting and strategic investing, even in your 40s, 50s, or 60s. Listeners can benefit from exploring various retirement accounts and considering target date funds for beginners. Browning also highlights the potential of side hustles to boost savings and urges everyone to remain positive about their financial journey. With the right changes, financial independence is achievable, even at a late start.
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Calculate Your Retirement Target
- Estimate your annual retirement expenses by reviewing your current budget and adjusting for changes in retirement.
- Multiply that annual number by 25 to approximate the investment needed for financial independence.
Max Out Tax-Advantaged Accounts
- Begin contributing to tax-advantaged accounts like 401(k)s, IRAs, Roth IRAs, and HSAs as soon as possible.
- Use catch-up contributions if you're over 50 to accelerate savings and lower taxable income.
Age Can Be An Advantage For Saving
- Older savers gain advantages like higher catch-up contribution limits and immediate tax benefits.
- Age gives you regulatory and tax levers to accelerate retirement saving despite starting late.
