Financial Sobriety in the News

In your younger days, saving for retirement meant socking away whatever you could afford. Hopefully, as you grew in your career, it became easier to set aside money for your golden years.

See: 6 Types of Retirement Income That Aren’t Taxable
Important: 5 Things You Must Do When Your Savings Reach $50,000

Now that you’re in your 60s, it’s time for your plan to shift once again. “As you approach retirement, focus turns on making your money last,” said Tyler End, CEO and co-founder of Retirable. “One of the best ways to make that happen is minimizing the amount of taxes you pay.”

Read the full article here: 5 Money Moves to make your 60s to avoid higher taxes in retirement

The average American is saving less for retirement than you might think.

A recent GOBankingRates survey found that 38% of Americans think they will need less than $500,000 to retire — a far cry from the traditionally recommended amount of $1 million. However, whether you have $500,000 or $5 million in your savings, the truth is that retirement is not one size fits all. Depending on your financial situation, where you want to retire and what your retirement goals are, the perfect number for you could be far lower — or much higher.

Read the full article here: 38% of Americans Think You Need This Much To Retire — Here’s What Experts Say

Payments for federal student loans have been paused once more, and this time it’s been extended to Aug. 31, 2022.

President Biden and Vice President Harris made the announcement earlier this month through the U.S. Department of Education. Interest on federal student loans froze in March 2020 as part of the CARES Act – a $2.2 trillion economic stimulus bill which was passed by Congress as a means to respond to the COVID-19 shutdown.

Read the full article here: https://www.foxbusiness.com/lifestyle/student-loan-payments-tips-help-prepare

An authority in the financial world makes a surprising assertion about money and creating wealth. He even reveals the most profitable investment he’s ever made. Matthew helps people get unstuck. While this isn’t the usual description of a career financial advisor – his unique ability to listen, connect, and help others see their blind spots makes him successful when guiding people through life’s most difficult choices. He wrote the book, Financial Sobriety: Rebuilding Your Relationship With Money One Step at a Time and co-hosts the bi-weekly podcast, Financial Sobriety. Matthew shares his raw, unfiltered personal story and how he came to believe that many of us have three complicated relationships that deeply affect one another – a relationship with money, a relationship with people, and a relationship with ourselves. Website: www.yourfinancialsobriety.com This talk was given at a TEDx event using the TED conference format but independently organized by a local community.

Learn more at https://www.ted.com/tedx