What to do When Groceries Cost More and Retirement Feels Out of Reach

Learn why tariffs are driving up prices and how you can still save money. Plus, how to catch up on retirement savings if you started late.

How will new tariffs impact your grocery bill and big-ticket purchases? Is early retirement an option if you’re behind on retirement savings? Hosts Sean Pyles and Elizabeth Ayoola discuss rising costs due to tariffs and strategies for catching up on retirement savings. They’re joined by NerdWallet senior news writer Anna Helhoski, who leads a conversation with personal finance writers Kim Palmer and Amanda Barroso about the latest trade developments and their effects on consumer prices. They begin with a discussion on tariffs, explaining which everyday items — like groceries, gas, and electronics — are likely to get more expensive, how these price hikes trickle down to domestic goods, and why panic-buying may not be the best response. 

Then, Amy, a listener in Wisconsin, joins Sean and Elizabeth to discuss retirement planning after starting savings later in life. They explore realistic ways to build a retirement nest egg, including catch-up contributions, rethinking lifestyle costs, and alternative approaches to the FIRE movement — AKA financial independence, retire early. 

Here’s how to find out how much you should save for retirement: https://www.nerdwallet.com/article/investing/how-much-to-save-for-retirement

User NerdWallet’s retirement calculator to find out if you’re on track to save enough for retirement: https://www.nerdwallet.com/calculator/retirement-calculator 

Learn about the FIRE movement (financial independence, retire early): https://www.nerdwallet.com/article/investing/financial-independence-retire-early 

In their conversation, the Nerds discuss: tariffs 2025, grocery prices rising, grocery price inflation, how tariffs affect prices, consumer goods tariffs, grocery savings tips, meal planning apps, best grocery list apps, grocery price hikes, food inflation 2024, how to save on groceries, price increase on imported goods, China tariffs, Mexico tariffs, Canada tariffs, retirement savings strategies, how to catch up on retirement savings, Barista FIRE, early retirement strategies, how to invest for retirement, retirement savings at 50, compound interest retirement, financial planner retirement, Roth IRA vs 401k, employer 401k match, best investments for retirement, late starter retirement plan, retirement planning mistakes, financial independence, cost of living in retirement, how to retire abroad, and expat retirement planning.

To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.

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