In this episode of “Inside the Plan with the 401(k) Brothers”, hosts Bill Bush and Andy Bush, advisors at Horizon Financial Group talk about how the New Year is always a good time to plan for the upcoming year as well as reflect on the financial progress you've made.
Episode Highlights
01:25 – Andy mentions that in terms of the savings, especially in the company retirement plan, the new year brings some new opportunities because the contribution limits are going up.
03:18 – Andy refers to a book out there called ‘Thinking Fast and Slow’ by a behavioral scientist - Daniel Kahneman.
06:20 - There's that thing called ‘Present Bias’ where you put more value into what's going on right now rather than thinking about the future.
08:16 – They at Horizon tell people that they need to target around 15% as they are savings right and investing right for retirement.
10:20 – Andy thinks that a lot of times this information about retirement planning, and the thought of saving for the future is sometimes extremely difficult.
12:30 - You got to take care of yourself, and do what works for you.
14:20 - A lot of times you set a financial goal that you forget about, so make sure you check those, and put some new thoughts around how you're really operating with your plan.
3 Key Points
A lot of people make the mistake of signing up at a certain percentage and don't change it but that might not be enough. So you can make a million dollars a year but if your savings rate is trivial then that's not a good combination.
Wealth is something you don't see because you don't know the other side of that particular equation, what you're seeing and that can be very high.
If you're setting goals at the beginning of the year, don't set goals that are just so lofty that you might do for a week or two, instead make some small goals.
Tweetable Quotes
“Now you know the limits for the upcoming year 2022, the year we're in now.” – Andy Bush
“When you're 20 years old, you're not thinking I'm going to be gone.” – Andy Bush
“It doesn't matter if you're making a million bucks a year you're making 20,000 bucks a year.” – Bill Bush
“Whether 15% is going to work out perfectly for you or not, it's going to be better than if you only did 5%.” – Bill Bush
“We've said this several times on the podcast before that use the tools that are available.” - Andy Bush
New Thinking for the New Year
In this episode of “Inside the Plan with the 401(k) Brothers”, hosts Bill Bush and Andy Bush, advisors at Horizon Financial Group talk about how the New Year is always a good time to plan for the upcoming year as well as reflect on the financial progress you've made.
Episode Highlights
3 Key Points
Tweetable Quotes
Resources Mentioned:
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