The theme this week on the Retirement Quick Tips Podcast is: Best Retirement Savings Accounts in 2022...And How To Fund Each One

So far this week, we’ve talked about which accounts you’ll want to fund first and prioritize in 2022 - those are your HSA and 401k or other workplace retirement savings plans. Once you’ve check the boxes on those, we can move on to something else entirely, which is paying down debts. 

On Monday, I mentioned that if you don’t have emergency savings or you’re paying 22% on your credit card debt, those areas need to be addressed before you should be adding more to your long-term retirement savings accounts like a HSA or 401k. 

But what do you do if you already have an emergency fund, no high interest debt, you’ve funded your health savings account, and your 401k? 

What I would recommend doing next is focusing on paying down your lower interest rate debts like car loans and your mortgage. If you’ve been listening to the podcast for a while, you probably know by now that I’m a big fan of zero debt in retirement. In fact, I think that you’d be much better off focusing on aggressively paying down your mortgage in your final working years, even if it means you don’t save as much in your 401k. So finding the right balance of saving enough and paying down your mortgage is key.

But if you’re on track for your retirement savings, knocking out your other debts is a great next place to maximize your long-term retirement savings, since it will help set you up for lower expenses in retirement. 

You’ll want to focus on debts before saving more in your IRA and taxable accounts, which is what I’ll turn to tomorrow and Saturday. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance