NerdWallet's Smart Money Podcast
What to do When Groceries Cost More and Retirement Feels Out of Reach
Thu, 13 Mar 2025
Learn why tariffs are driving up prices and how you can still save money. Plus, how to catch up on retirement savings if you started late. How will new tariffs impact your grocery bill and big-ticket purchases? Is early retirement an option if you’re behind on retirement savings? Hosts Sean Pyles and Elizabeth Ayoola discuss rising costs due to tariffs and strategies for catching up on retirement savings. They’re joined by NerdWallet senior news writer Anna Helhoski, who leads a conversation with personal finance writers Kim Palmer and Amanda Barroso about the latest trade developments and their effects on consumer prices. They begin with a discussion on tariffs, explaining which everyday items — like groceries, gas, and electronics — are likely to get more expensive, how these price hikes trickle down to domestic goods, and why panic-buying may not be the best response. Then, Amy, a listener in Wisconsin, joins Sean and Elizabeth to discuss retirement planning after starting savings later in life. They explore realistic ways to build a retirement nest egg, including catch-up contributions, rethinking lifestyle costs, and alternative approaches to the FIRE movement — AKA financial independence, retire early. Here’s how to find out how much you should save for retirement: https://www.nerdwallet.com/article/investing/how-much-to-save-for-retirement User NerdWallet’s retirement calculator to find out if you’re on track to save enough for retirement: https://www.nerdwallet.com/calculator/retirement-calculator Learn about the FIRE movement (financial independence, retire early): https://www.nerdwallet.com/article/investing/financial-independence-retire-early In their conversation, the Nerds discuss: tariffs 2025, grocery prices rising, grocery price inflation, how tariffs affect prices, consumer goods tariffs, grocery savings tips, meal planning apps, best grocery list apps, grocery price hikes, food inflation 2024, how to save on groceries, price increase on imported goods, China tariffs, Mexico tariffs, Canada tariffs, retirement savings strategies, how to catch up on retirement savings, Barista FIRE, early retirement strategies, how to invest for retirement, retirement savings at 50, compound interest retirement, financial planner retirement, Roth IRA vs 401k, employer 401k match, best investments for retirement, late starter retirement plan, retirement planning mistakes, financial independence, cost of living in retirement, how to retire abroad, and expat retirement planning. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend.
How do tariffs affect grocery prices?
So just to clarify, you said that you have one of only 15 full time church jobs in your area. Is that musicians or just all church jobs?
Musicians.
So there might not be a lot of other options if you do need to find a new job at a different church or something.
No. And I have been thinking outside the box, like asking two churches, like, hey, would you be willing to pay for me part time and come together for benefits? It's the whole benefits thing that we both are also concerned about as we both head into our 50s and 60s, knowing as you age, you need medical insurance.
I think, Amy, the things that you're thinking about are valid. And I also want to validate you by saying my retirement number was around two million something. And I was like, well, how the heck am I supposed to save all that money? So I understand how it feels to be freaked out by the number that you get. But I also want to ask you, How do you and your husband manage your household finances?
And also kudos to y'all because it's not easy being a full-time gig worker or entrepreneur or creative and having that uncertainty. So how do you guys navigate managing your household finances with your income?
I actually have the house in my name, so I pay the mortgage. My husband takes care of utilities and that kind of stuff. He also takes care of our bundled insurance, which is really helpful. We both have health insurance through our jobs, so that's taken care of, and it's a low deductible. We pretty much split stuff down the middle, and we have not combined our finances.
We got married later in life, and he was coming from a divorce situation, and I had been single my entire life up until about 38 years old. I was not gung-ho to like, hey, let's mix all the finances together, and neither was he. We both wanted to keep things separate. Although I think Wisconsin's a common law. I don't know if that's the right word.
Things are in common, so if one of us were to pass away suddenly, the other would inherit.
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