The Long View

Anne Lester: You’re Bad at Savings and It’s Not Your Fault

Mar 12, 2024

Anne Lester, former head of retirement solutions at J.P. Morgan, shares insights on millennials, investing, and smart savings strategies. She emphasizes starting early, automating savings, and simplifying investing with target date funds. The podcast also delves into her personal journey, reflections on retirement, and navigating success as a woman in a male-dominated field.

58:03

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Episode guests

Brigitte Madrian

Anne Lester

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Start saving early to leverage time for investing success.

Address emotional biases for better financial decisions.

Prioritize building an emergency fund before focusing on retirement savings.

Deep dives

Importance of Writing the Book

Ann Lester was motivated to write the book 'Your Best Financial Life' based on her extensive experience in the investment field and her personal struggles with saving. She aimed to share her knowledge with younger audiences and help them overcome challenges and uncertainties related to finance, drawing from her own experiences and observations.

Introduction

3min

Empowering Younger Generations in Financial Wellness

22min

Smart Savings Strategies for Young Adults

6min

Simplifying Investing with Target Date Funds and Index Portfolios

18min

Reflections on Retirement and Transitioning from a High-Profile Career

3min

Navigating Success as a Woman in a Male-Dominated Field and Balancing Priorities

4min

Podcast Wrap-up and Information

2min

Our guest on the podcast today is Anne Lester. She’s author of a new book called Your Best Financial Life: Save Smart Now for the Future You Want. Before writing the book, Anne spent 20 years as head of retirement solutions for J.P. Morgan. With AARP, she co-founded The Aspen Leadership Forum on Retirement Savings. In 2020, Anne was recognized for her extraordinary lifetime contributions to Americans’ economic security with the Ray Lillywhite Award. She earned a master’s in international economics and Japan studies from Johns Hopkins University and a B.A. from Princeton. She was also awarded a Fulbright Graduate Research Fellowship.

Background

Bio

Your Best Financial Life: Save Smart Now for the Future You Want, by Anne Lester

Millennials, Money, and Investing

“Don’t Make These 6 Money Mistakes in Your 30s, Says Former JPMorgan Retirement Expert,” by Anne Lester, cnbc.com, Jan. 4, 2022.

“Fake Rich? Affluent Millennials Are More Likely to Exaggerate to Appear Wealthy. Here’s What Experts Say They Should Do Instead,” by Lorie Konish, cnbc.com, Jan. 25, 2024.

“A Spender’s Guide to Surviving Financial Mistakes With Anne Lester,” Earn & Invest podcast, earnandinvest.com.

“The Worst Money Advice on the Internet,” by Stephanie Hallett, businessinsider.com, June 2, 2022.

“Setting Aside $20 a Day Could Help You Save $1 Million for Retirement —If You Start Early,” by Cheyenne DeVon, cnbc.com, Jan. 5, 2024.

Target-Date Funds and Retirement Savings System

“Retirement Experts Identify Possible Fixes to the Retirement Savings Gap,” by Paul Mulholland, planadviser.com, Oct. 3, 2022.

“Quit Your Job? Here’s What to Do With Your 401(k),” by Jeanne Sahadi, cnn.com, Jan. 6, 2022.