AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
The Clark Howard Podcast
01.28.25 Ask An Advisor With Wes Moss - Is It Ever Too Late To Save for Retirement? and Big Social Security Change for Millions
Jan 28, 2025
Wes Moss, a fee-only fiduciary financial advisor, shares valuable insights on retirement savings and Social Security changes. He assures listeners that it’s never too late to start saving for retirement, offering strategies that ease financial anxiety. The conversation highlights impending Social Security adjustments affecting public sector employees and discusses how legislative shifts could enhance benefits for many. Wes also answers listener questions, emphasizing the role of fiduciary advisors in securing financial futures.
39:40
Episode guests
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- It is never too late to start saving for retirement, as disciplined contributions can lead to significant financial growth over time.
- Recent changes to social security benefits have eliminated penalties for public sector workers, potentially increasing monthly benefits for millions.
Deep dives
Starting Retirement Savings Late
It is never too late to begin saving for retirement, even for those who feel they have missed their opportunity. Many individuals, particularly in their late 40s or early 50s, may find themselves without significant savings due to raising children or managing expenses. For example, a couple in their late 40s known as Larry and Lisa, who started with minimal savings, significantly increased their retirement funds by consistently maxing out their 401(k) contributions, managing to accumulate around $2 million for retirement in about 15 years. This underscores the message that disciplined saving and investing, even later in life, can lead to substantial financial growth over time.
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode