In this episode, A.B. Ridgeway dives deep into the concerning statistics surrounding older Americans and their lack of retirement preparation. Alongside CBS News Money Watch Associate Managing Editor Amy Piki, A.B. highlights the reasons behind this unpreparedness and offers practical advice on how individuals can take charge of their retirement planning, even if they are late to start.

3 Key Takeaways:

1. A Significant Number of Older Americans Lack Retirement Accounts According to the episode, 27% of individuals aged 59 and older do not have any form of retirement account, making it difficult for them to achieve financial security in their later years.
2. Social Security Isn't a Retirement Plan The episode stresses that Social Security benefits are projected to be reduced to 77 cents on the dollar by 2035. Relying solely on Social Security for retirement can lead to financial struggles, emphasizing the need for personal savings.
3. It's Never Too Late: Catch-Up Contributions Those aged 50 and older can take advantage of catch-up contributions, allowing them to save more in tax-deferred retirement accounts. A.B. explains that this is a great way to build a retirement cushion, even if you're starting late.

3 Quotes:

1. "The idea that people don't even have these accounts is startling because you can't start something you don't even have."
2. "Saving for retirement is do-it-yourself. You have to develop your own plan, create your own individual retirement account, and contribute to your own 401k."
3. "No one is going to save you. If you depend on the government or Social Security alone, you might find yourself financially unprepared in retirement."

If you haven’t started saving for retirement, it’s time to take action. Whether it’s setting up an IRA or increasing your 401k contributions, your future self will thank you. For more personalized guidance, reach out to a trusted financial advisor like A.B. Ridgeway.

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

In this episode of Financial Advisors Say The Darndest Things, host A.B. Ridgeway explores the complexities of 401k plans, focusing on whether they are always a good investment—especially when there’s no company match. We dive into Dave Ramsey's advice to a caller, examine the difference between low and high returns, and unpack the concept of compound growth versus compound debt. A.B. Ridgeway also offers insight into the tax benefits of contributing to a 401k and why the performance of the investments inside the account matters more than the 401k itself.

Key Takeaways:

1. Company Match Isn't Everything: Even without a company match, contributing to a 401k offers significant tax advantages like pre-tax contributions and tax-deferred growth.
2. Compound Growth Works Both Ways: Compound interest can significantly accelerate wealth accumulation in investments, but it also applies to debt—creating what A.B. Ridgeway calls “compound debt.”
3. It's Not the 401k, It's the Investments: The performance issues aren't with the 401k itself but with the investments inside. Moving funds into an IRA post-employment can open up more diversified investment opportunities.

Memorable Quotes:

1. "The 401k itself is not an investment; it's just the coat that keeps the investment warm."
2. "Compound growth doesn’t just happen on the positive side. We might even coin a new term—compound debt!" — A.B. Ridgeway
3. "Four and 12 percent isn’t three times more; it's like 30 times more, because compound growth works on a curve, not a straight line." — Dave Ramsey

Stay tuned as A.B. Ridgeway delves deeper into how to navigate your financial future with wisdom and strategy, reminding us that understanding the fine print can make a world of difference in our investments.

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

video/audio credit: Dave Ramsey

In this episode, host A.B. Ridgeway covers the breaking news of Sean "Diddy" Combs' arrest and explores the deeper implications of wealth, success, and morality. While many focus on Diddy's financial success, Ridgeway reminds listeners that character matters more than material possessions. He draws connections between personal values and financial decision-making, urging the audience to focus on how wealth is earned, not just its accumulation.

Key Takeaways:

1. Wealth Without Morality is Empty – A.B. Ridgeway emphasizes that true success isn't measured by wealth alone but by the integrity behind earning it.
2. The Importance of Character in Financial Decisions – Ridgeway draws attention to the need to associate with people of good character rather than being dazzled by their financial status.
3. Money and Morality Should Be Aligned – Wealth should be accumulated ethically. Ridgeway encourages listeners to evaluate whether their financial pursuits align with their core values and faith.

3 Quotes:

1. "We need to disassociate ourselves with what people have and start associating ourselves with who people are."
2. "What does it profit a man to gain the whole world and lose his soul? And right now, he is struggling for his soul."
3. "Physically assaulting somebody is a crime, and that does technically make you a criminal."

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Article: NBC news