What To Do If You Have Nothing Saved For Retirement – EP 291

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Age doesn’t matter, especially on the topic of retirement. If you feel like you have nothing saved or you’re starting late on saving for your retirement, don’t worry, we’re here to give you practical tips and encouragement on your journey. In this episode, we’re covering what may happen if you haven’t saved for your retirement yet and how to make the most of your investment and ensure a comfortable retirement even if you’re starting late.

Every little action counts.


  • Spending Makeover. It’s a FREE 3-day challenge that we’re giving YOU so if you don’t have anything saved for retirement, you can get on the path to controlling some of that impulse spending that you think may be keeping you from having extra margin to invest and save. If you feel like that’s something you struggle with, head to frugalfriendspodcast.com/makeover.

What Happens When You Don't Save for Retirement?

Investopedia’s article gave helpful cautionary tales on what may happen if one did not save for their retirement. 

What Jen + Jill have to say:

Retirement means the end of a steady income and we should prepare for it. If your retirement time has come and you don’t have any savings or investments, you might live mostly depending on your social security. For Jill, social security is best as an additional income or personal savings. Also, you might live with a roommate or move in with your adult children if necessary. Many people who have not saved or invested enough for retirement, may end up scaling back in working. 

Most people downsize their lifestyle even if they have saved, but Jen says if this isn’t the life you want, you may want to rethink about investing now for your retirement. The Frugal Friends has a spending makeover on frugalfriendspodcast.com/makeover. It will give you space and guidance on how to take an inventory of your things. From there, you can figure out how you can downsize. 

7 Tips for Saving for Retirement if You Started Late

This article from The Balance will carry you through retirement and make you realize that you need to have the quality of life you want and give less burden to any of your familial caretakers. 

What Jen + Jill have to say:

You can play catch up! Jill notes that you can save $22,500 in a 401(K) retirement plan ($19,500 in 2021). After you turn 50, you can contribute additional amounts. Anything with a limit, has a limit for a reason, so take advantage of these retirement plans. Do what’s going to make sense for you as it’s going to be less risky the older you get when you invest now. It is good to plan for the worst while not dwelling on the possibilities of the worst. Also, Jill advises that it would be better for you and your children if you continue to contribute and focus on your retirement saving plan.

Jen adds that firstly you will need to identify how much savings you may need in your retirement. Pay down all your high-interest debt, such as your Car loan, non-mortgage debt and more and open a Roth IRA to help you save more. 

Biggest worry about our retirement

“How can I live life to the fullest while I maintain a level of health and prepare for what it may look like in the future?” Jill questions as she worries most about the unforeseen medical concerns on her retirement.

While for Jen, her greatest worry would be doing and living in retirement alone. 

Bill of The Week

Thank you, frugal friend, for sharing your bill about your remaining car payment refinancing, and lowering your interest. AND paying the balance for the birth center on a payment plan with your HSA!

Thanks so Much for Listening!

Thanks so much for listening. Many of you know we have a membership for our listeners who are paying off debt where we do monthly money challenges and offer accountability groups. We have a lot of new members right now and no major wins to report but we’re loving seeing everyone’s intro posts!

If you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.

Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉

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