B_S1E4_SEGMENT 2_TIPS FROM THE BOSS

Speaker 1 (00:07):

Okay, this week's tip from the boss. Give it to me, Tyson,

Speaker 2 (00:10):

You know, mark, this is a great one we wanna share today. This happened not too long ago. We we've talked about this as a concept for a long period of time. But what this boils down to is what a client came in and they actually had executed on it. Mark a client came in, he had had a blue collar job, most of his career. And what he had determined a long time ago was this. He said, if I start out and I put away 10% of every one of my paychecks, every two weeks that I put it into that 401k, then I should be fine. So he started doing that and the years started to go by and he had saved a lot of money. And then one year he said this, he said, what if I added one more percentage point every year until I got up to 20% of my income.

Speaker 2 (01:02):

And so that's what he did as he got closer to his retirement age. And then he's about five years of retirement when he comes in and he says, this is what I did. And I said, are you kidding me? This is exactly what we want people to be doing. And we've shared this for a lot of years. So the tip of the week is focus on what you can set aside, start with 10%. Then from there, add 1% every year. You're not gonna miss it. In fact, he talked about how, when he raised it and he, he never even had to adjust his budget, because what happens is this, as you are raising it, that 1%, usually you're getting a cost of living adjustment. And so that cost of living adjustment more than takes care of that increase year over year. So he went from 10 to 11 to 12 to 13 and so on until he got to 20. And by the time he was at retirement, he had well over a million dollars that he had set aside for retirement, just because of that consistent automatic way of setting aside the money each month. And that's this week's tip from the boss.

Speaker 1 (02:07):

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