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StitcherFor the third part of this series, Jen and Jill tackle one of the most important and often most intimidating money topics. After all, we’ll all grow older, and the goal is to reach retirement without constantly worrying about money. They break down the basics of retirement planning, explain where to invest, and share practical guidance to help you start preparing for the future with confidence.
Managing your investments is not that hard, anyone can do it and it can save you a lot of money by doing it yourself.
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To help you get started, we created a free Google Sheet that walks you through building your own financial plan with everything we’re covering in this series. You can grab it at frugalfriendspodcast.com/plan
And if, at any point, you decide you’d rather have a professional guide you through the process head to frugalfriendspodcast.com/cfp We’ll help connect you with a financial planner who’s the right fit.
Be sure to subscribe to Frugal Friends on YouTube so you don’t miss the rest of this four-part series or any future episodes!
How Much Do You Need to Save for Retirement?
Jen and Jill admit that retirement planning comes with a lot of complexities, and no single episode can cover every listener’s unique situation. But everyone has to start somewhere, and that starts with figuring out how much you’ll need in retirement.
They explain that estimating your retirement needs comes down to three key questions that none of us can answer with certainty. That’s why every retirement plan is ultimately an educated guess. To help make those estimates, Jen and Jill introduce a rule that people use to predict how much they should save for retirement.
Know Where to Invest
Jen and Jill suggest prioritizing your retirement savings in three steps. First, get your employer match first, then contribute to a Roth IRA, and finally put any additional savings into your workplace retirement plan or a Traditional IRA. There’s no one-size-fits-all approach but Roth accounts can be a great choice if you’re in a lower tax bracket, while Traditional accounts may make more sense if you want a tax break now.
When to Consider a Professional CFP
If investing feels overwhelming or you’re worried about making an irreversible financial mistake, a Certified Financial Planner (CFP) can help. It’s especially worth considering if you’re within 10–15 years of retirement, you’re already maxing out (or want to max out) your retirement accounts, or your financial situation has become more complex. Having an expert guide can give you confidence and help you make informed decisions.
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