NerdWallet's Smart Money Podcast
What to do When Groceries Cost More and Retirement Feels Out of Reach
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. Learn more about your ad choices. Visit megaphone.fm/adchoices
Full Episode
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If you want a smartwatch that delivers more for less, then visit amazfit.com slash smartmoney to get 10% off. That's Amazfit, A-M-A-Z, fit, dot com slash smartmoney. You know all those grocery price hikes that made us mad over the last couple of years?
I do. And I also know we're sick of talking about eggs, but I can't live without them. And I'm also sick of the prices going up. Olive oil, too. I use that to make my eggs.
Well, quite a few products from the grocery store shelves are about to get even more expensive, along with even bigger ticket items as new tariffs kick in. We've got some advice on how to deal with them. Welcome to NerdWallet's Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds. I'm Sean Piles.
And I'm Elizabeth Ayola.
This episode, we're talking with a listener who's wondering how to catch up on retirement savings and whether early retirement is still an option. But first, our weekly money news roundup, where we break down the latest in the world of finance to help you be smarter with your money.
Okay, so if your head is spinning from the tariff news in the last week or so, you're not alone. Our news colleague, Ana Helhosky, is here to help sift through what this means for our finances and how best to manage the impact, including basics like how to save on groceries. Ana, you've been tracking the play-by-play of this drama, but what do people need to know right now about the tariffs?
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