In this episode of ‘Roadmap to Retirement’, I am solo this week, focusing on financial literacy. Tune in as I break down the components of credit scores, explaining the five key factors that impact them: payment history, amounts owed, length of credit history, new credit inquiries, and types of credit used. You will be provided with practical advice for improving credit scores for both young professionals and those later in life. I will also discuss effective budgeting strategies, emphasizing the importance of categorizing expenses into fixed and discretionary categories and promoting the ‘pay yourself first’ method for financial planning. Concluding with insights on the best ways to save for retirement, discussing the advantages of pre-tax and Roth accounts based on one’s income level and introducing the concept of a backdoor Roth for high earners. Highlighting the importance of saving outside of retirement accounts for flexibility and future opportunities.

Make sure to subscribe and come back next week for an episode on Medicare Planning