CATCH UP ON YOUR SAVINGS

5 Steps You Can Take Now To Catch Up On Your Retirement Savings

Millions of Americans have been impacted by COVID-19 and its economic consequences. Many workers have been forced to put a hold on new contributions to 401(k) or other retirement savings plans, which has resulted in a big opportunity cost in terms of lost future retirement income. Some pre-retirees have even delayed retirement altogether or had to reimagine their plans and consider part-time work to improve their savings.

The pandemic also widened the existing retirement security gap for women and communities of color in particular — groups that have historically struggled with less job security, incomes and savings. In 2020, two-thirds of single Black retirees — and three-quarters of single Latinos — had incomes below the Elder Index, according to data from the University of Massachusetts Boston.

So, if your retirement savings progress has been sidetracked, don’t panic. It is never too late to re-start saving for money you will need in retirement.

To learn more about how to jump start your savings and protect your retirement, visit protectedincome.org.

5 Steps That Can Help You Catch Up And Have Enough Money For Retirement

TRACK YOUR SPENDING.

Make a list of everything you own (money in bank accounts, financial investments, equity in real estate and other assets) and everything you owe (credit card debt, auto loans, mortgage). Determine what your average monthly expenses are going to be in retirement and be realistic about what income you will need to comfortably cover them.

MAKE A PLAN, THEN SAVE AND INVEST ACCORDINGLY.

If there is a gap between what you have and what you need, it’s time to roll up your sleeves and get to work. The Check Off the Basics approach can help you discover ways to help cover your essential expenses — things like a mortgage, utilities, food and transportation — with protected income. When you’re able to cover those basic expenses with income you can always count on, you'll be able to worry less about running out of money in retirement, which could last 20, 30 or more years.

PLAN FOR THE WORST-CASE SCENARIO.

Make sure you re-build your emergency funds — preferably up to one year’s worth of your essential monthly expenses — in cash or highly liquid investments. Workers in their 50s and 60s should also make contingency retirement plans so they are financially ready in the event of an unplanned retirement.

CONSIDER WAITING TO CLAIM SOCIAL SECURITY.

You can start collecting your Social Security benefits at age 62. But unless you absolutely need to, should you? If you’re able, claim your Social Security benefits after your “full retirement age” for—which is between 66 or 67, depending on which year you were born. That will give you more time to save. You can receive the largest benefit each month by claiming at age 70. For some, protected income from an annuity may be a good option to create an income “bridge” which would allow you to wait and claim your maximum Social Security benefit at a later date.

WORK WITH A FINANCIAL PROFESSIONAL.

While retirement planning can seem confusing and overwhelming, in today’s world, it is vitally important. It’s best to work with someone who understands the nuances of the many choices and can work with you to achieve your retirement dreams and goals, so you can live the life you want.

Is an Official Personal Finance Partner of Growing Bolder protectedincome.org

Doris Bloodsworth

Tucked away in Orlando’s trendy Milk District is Se7en Bites, a restaurant that has drawn rave reviews from food critics and loyal customers. Co-owner and Chef Trina Gregory-Propst has created an irresistible menu of sweet and savory signature dishes to satisfy any taste buds.

At 52, Trina is not only a hit in her hometown, she’s gained national attention (and customers) after being named Champion of Flavortown in celebrity Chef Guy Fieri’s Food Network show, “Guy’s Grocery Game,” and appearing twice in “Diners, Drive-Ins and Dives.”

While Chef Trina excels at creating crowd-pleasers, such as her Vanilla Bean Bourbon Bacon Nighttime Sky Pie and Chicken Pot Pie, the real ingredient that drives her personal and business success is love. You can see it on the sign in the dining room: “LOVE MORE.” You can hear it as Trina talks in her honey tone: “I’ve loved to bake since my Grammie first introduced me to baking.” You can read it in her customer’s effusive reviews: “Love this place!” It’s also evident in her priorities. The vivacious chef, with perfectly styled red hair and flawless makeup, is known throughout the community for giving back, whether it’s supporting her son’s school and local charities, mentoring up-and-coming culinary students, or advocating for women and the LBGTQ community. “This was not my original plan,” Trina said, laughing easily.

Discovering passion and success

Born in Portsmouth, Virginia as a Navy baby, Trina grew up in Texas before moving to Florida, where she has spent the last 43 years. She majored in music with plans to be an opera singer. However, her passion for caretaking led her to a 25-year career as a full-service spa expert with licenses as an aesthetician, nail technician and massage therapist. At mid-life, Trina felt life pulling her in a different direction. She wanted to be a mother. After her son was born, she decided to get gastric bypass surgery for her health. She has maintained her weight loss, following medical advice to limit herself to seven bites each meal — the inspiration for the name of her restaurant and the reason she strives to make each bite count.

Trina also wanted to change careers and follow her passion for baking, something she had enjoyed from childhood. While pursuing degrees in culinary arts, baking and pastry management, and restaurant management, she met and fell in love with her wife, Virginia “VA” Propst, the co-owner of Se7en Bites. Trina had planned to be a private chef, but it was VA who encouraged Trina to be a restaurateur. Reflecting on the opening of Se7en Bites in October 2013, Trina said, “I wondered if anyone would come.”. Word spread quickly about the breakfast, brunch and lunch delights that included re-imagined classics, such as Bread Pudding with Hollandaise and Pimento Grilled Cheese and Bacon Sandwich. Customers came in droves to the lime green Primrose Drive establishment with a large mural that invites the world to “Come on in & let us fill your pie hole.” But it wasn’t just the delicious food that drew customers. Trina and VA created a welcome, family atmosphere for staff and patrons alike. “If you haven’t been there, you’re in for many, many treats,” said former Orlando Sentinel editor and columnist Dean Johnson. “Trina is out there circulating, and her staff is crackerjack. The restaurant is one where you engage other customers in raving about the food.” Another fan, Kevin Clark, posted on Facebook, “Felt like a regular this morning on our Friday bike ride for pancakes. Sweet girl up front knew our order when I said, ‘We’ll have the usual.’ Love this place!” The restaurant has been named a favorite on numerous lists, including Conde Nast Traveler’s 21 Best Restaurants in Orlando.

Trina and VA filming at their restaurant with Guy Fieri.

THE IMPACT OF NATIONAL TELEVISION EXPOSURE ON SE7EN BITES WAS IMMEDIATE. IN ADDITION TO TOURISTS STOPPING BY, THE RESTAURANT NOW SHIPS NATIONWIDE ON GOLDBELLY.COM.

“This is what 52 looks like... I don’t see aging as this thing that doesn’t make you stronger and better. Having years behind you gives you that wisdom to go, ‘It’ll be all right. Tomorrow’s another day. Yay!’”

Aging and risk-taking

Trina says that if she could talk to her younger self, she would say, “I know it’s a cliché, but not to sweat the small stuff. It really is small stuff. What is the most important thing to you? Who do you want to be? For me, it’s what I’m contributing to the community.” It has also meant fearlessly being open to welcoming the unexpected, like recently being the grand marshal of the Come Out with Pride parade or when she received a phone call out of the blue from the Food Network. “I thought it was a prank call,” she said. A week later, a representative from the Food Network confirmed their interest. Soon after the call, a film crew showed up. The taping went so well that Trina was invited to do a second episode and to be a competitor in celebrity Chef Guy Fieri’s reality competition show. The impact on Se7en Bites was immediate. In addition to tourists stopping by, the restaurant now ships nationwide. Trina’s journey has given her a perspective about when things don’t go right. Her favorite quote includes the observation that even if your life becomes a train wreck that at least “train wrecks always make the front page.” Despite her success, Trina is also dealing with pivoting their business model during the pandemic and facing supply-chain issues that have driven up costs. What keeps her going strong is her not-so-secret recipe: love + wisdom = success. “This is what 52 looks like,” Trina said. “I don’t see aging as this thing that doesn’t make you stronger and better. Having years behind you gives you that wisdom to go, ‘It’ll be all right. Tomorrow’s another day. Yay!’”