Why It’s Never Too Late to Start Saving

Where are interest rates headed?

͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  April 26, 2022

Together with  I love late bloomers, those folks who publish their first books at 60 or marry their high school sweethearts at 80. They show us that it's never too late to follow your dreams. You know what it's also never too late to do? Prepare for retirement. And yet, a recent survey found that nearly half of Americans think you can be too old to save for the future. The survey didn't name a hypothetical cut-off age, but any perception that you've run out of time can be damaging. You might give up and not try to invest in a 401(k) or IRA, even though something saved is always better than nothing saved. Learn more about the survey — and millennials' retirement preparations —  in today's edition. Best wishes, P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue. Timely Retirement News, Insights and Advice

Can You Be 'Too Old' to Save for Retirement? Nearly half of Americans think so. READ MORE

Less Than Half of Millennials Are Expected to Own a Home in Retirement "Millennials think of retirement less as a target savings number and date and more like a state of mind or target lifestyle," a financial executive says. READ MORE

People Think Mortgage Rates Will Cross 8% By 2025 Here's what experts say. READ MORE

Choosing the best IRA based on your money style Presented by  Would you rather pay taxes now or later? Are you more of a spender or a saver? These two questions can help determine whether a Traditional IRA or a Roth IRA may be the best fit for you. When it comes to taxes, you may want to consider when your tax rate is going to be highest to determine what type of account is appropriate. Consulting a tax advisor can also help. You may find out that having both accounts would be most beneficial. Keep reading to find out why.   LEARN MORE Reader of the Week

Please welcome our Reader of the Week! David Jarmul, 69, is a "not exactly retired" writer and volunteer who lives in Durham, North Carolina.

What are you up to these days? I'm spending a lot of time volunteering, with AmeriCorps Seniors RSVP, a community center and others. Most recently I've been raising money and providing support for Moldova, a small country in eastern Europe, as it responds to the many refugees coming across its border with Ukraine, to escape the war there. My wife, Champa, and I served for two years as Peace Corps Volunteers in Moldova a few years ago, and we still have dear friends there. It's a poor country but has been incredibly generous in welcoming the refugees. I'm working with former Peace Corps Volunteers and others to assist them, through the Friends of Moldova. I'd barely heard of Moldova when we left in 2016 to serve there. Champa taught at a school and I worked at a library. Not long after we returned, the pandemic began and the Peace Corps had to withdraw all of its volunteers from the field worldwide. Only recently has it begun reopening some of its programs. Wow! Why did you join the Peace Corps? I had a good job as the head of news and communications at Duke University and Champa worked as a sonographer, but we were both restless. Our parents were gone. Our two sons were married with children of their own. We'd saved diligently for decades, maxing out on workplace retirement plans. We were ready for something new.  We felt fortunate about our lives and wanted to give back. Hundreds of older Americans join the Peace Corps every year. Health problems and family responsibilities make it unrealistic for some retirees, but it can be a great way to embrace the next phase of your life. I wrote about our experiences on a blog and, after we returned, in a book, Not Exactly Retired: A Life-Changing Journey on the Road and in the Peace Corps. I'm grateful to have had an experience that gave me new appreciation for our lives as Americans and greater empathy for people around the world who lack our opportunities. Serving in the Peace Corps changed how I view myself and where I find my happiness. Wonderful! How did the Peace Corps affect your financial plans? Well, it's definitely not a luxurious way to launch a retirement. It's challenging, and you need to join for the right reasons. The main payoff is how it fills your heart. But it's also a pretty good deal financially as a retirement transition from a regular paycheck. The Peace Corps provides a living stipend and sets aside some money for after your return. It provides full medical and dental coverage, including specialty care outside the country if needed. We barely touched our nest egg while we were gone. We held off starting Social Security. We also rented out our house, which covered our property taxes and other expenses, with a small profit. We moved back in when we came home. Retirement News From Around The Web Hit With an Unexpected Tax Bill? It may be time to adjust your withholdings so it won't happen again next year. CNBC How to Stretch Your Retirement Nest Egg as Prices Rise For starters, tally up your expenses to calculate your real cost of living. AARP Smart Ways to Sell Your Unwanted Items Make sure to take good pictures of your items, and other tips. NEXT AVENUE World's Oldest Person Dies in Japan Kane Tanaka, who died at 119, worked in her family's rice shop until age 103. CNN Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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