How to figure out how much you need to save for retirement
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- čas přidán 16. 05. 2024
- NBC's Christine Romans joins TODAY with what to consider when planning for retirement and shares tips for reaching those financial goals - including implementing the 50/30/20 rule and more.
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#money #retirement #401k
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
*Sharon Lynne Hart* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I've been trying to figure out how much I need to save for retirement, but it seems overwhelming
The key is to start with a clear retirement plan. You need to estimate your annual expenses during retirement and consider factors like inflation, healthcare costs, and life expectancy. It's also crucial to adjust your savings strategy based on market conditions and economic outlook.
I agree. Not planning properly can severely impact your portfolio. With the global economy being so volatile, relying on a fixed amount can be risky. Diversifying investments and considering safe assets like bonds can protect your savings against market downturns.
I recently met with a financial adviser to reassess my retirement goals. We discussed how the current global economic climate, with its fluctuations and uncertainties, can affect long-term savings.
His name is Eric Paul Elmer
That's interesting. I've been managing my portfolio myself, but given the global economic uncertainties, I’m thinking of seeking professional advice too.
I’m 55 from southeastern Ohio but worked overseas all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management
Glad to hear from another buckeye! comfortable retirement depends on your lifestyle...
I would get money management just in case. You’re only 55. I think the average life expectancy in the US is 77.5 years, but many people live well into their 80s so that $1 million has to last you all of that and the unforeseen. $1m is a great start though. Good for you!
I’m quite lucky exposed to personal finance at early age, started job 19, purchased first home 28. Going forward, got laid-off at 36 just after covid-outbreak, and at once hired an advisor with grit to help stay afloat. As of today, my portfolio has yielded over 300%, summing up $836k. Stay motivated friends
@kansasmile this is huge! your advsor must be grade A, mind sharing more info pleas? in dire need of proper asset allocation
Well, I chose *Jennifer Leigh Hickman* as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification. You should look her up
At my first big boy job I knew I didn't like working 40 hours a week. It felt like a prison after a few months of working. I told myself to max out my 401k each year and one day it will give me options.
That was 24 years ago.
Thank You Lazy Self!
I saved 30% of my take home pay for 3 decades. I was able to retire at 58.
Great job!
I did the same but worked to 60 and now my retirement income is 165% of my final year salary.
Being debt free is the most important thing. I live well this way. Retirement is awesome
Rule of thumb, constantly repeated: Save as much as you can, as soon as you can...
Pity to only spend 4 minutes on such a critical topic
I agree. She’s excited because she understands how important this is. First is your health, next is this!!
It is a balance. Things like vacation, ATVs, boats, nice cars etc are more fun in your 29s 30s and 40s but on the flip side you don’t want to work to 80. You also don’t want to live in a cardboard box and eat cardboard and die as the richest man in the cemetery. Save what you can when you can. There is nothing wrong with a part time job in retirement and studies show you live longer doing that.
Start saving early, save consistent, Always save enough to get the company match, diversify your mutual funds and don’t borrow from your account and then be patient and witness the magic.
Also, don’t be to concerned about the swings in the market because over time things will normalize.
I guess Gen X is just a figment of our imagination?
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@mikegarvey17Mind if I ask you to recommend this particular coach you using their service?
Credits goes to " Gertrude Margaret Quinto " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Great video, Another factor to add is Do they spend a lot of time planning their financial future? The stock market is making me really worried because I've lost over $ 27,000 in just this month and I'm not making as much money as I used to. This is making me concerned that I might not have enough money saved up for my retirement since I can't add to my savings.
To ensure a comfortable retirement, it's advised to save a minimum of 20% of your income in a 401(k). by doing so , you increase the likelihood of retiring with sufficient funds. Moreover, this strategy enables you to leverage the stock market's potential and expand your retirement savings as time progresses.
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
Sharon Ann Meny is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks, I just googled Sharon and I'm really impressed with her credentials. I reached out since I need all the assistance I can get.
I have three friends who are now in their 60s and 70s, all three married. One couple, with $5 million, think that's going to run out quickly. They want to see the world. Another, with $2 million, are scared. Assisted living will leave them destitute. The third couple with half a million are content. They love hiking, and figure they can continue working until they die.
The 3rd couple may or may not have to work. If needed a couple 6 hour shifts would work for me. Not everyone’s plan went as planned.
She’s right about the 20% savings.
I am not sure how much I will need…but I am trying to save 40% of my income.
Is there a particular reason GenXers are consistently left out of these discussions? Is there just an assumption that we will have to work until we’re dead? 😉
We’re the smallest sized generation so no one has to market to us. Sandwiched between boomers and millennials, 2 large demographics.
Gen X here 🙋♀️
Retired and loving it.
They said save , save and save. Not easy to do. Can’t go on their numbers. Make yours work or try to.
@@dennistyler9852 save 20% off the top & work around the rest. Treat like the tax taken out of your check.
The male hosts look was priceless when absorbing the 50/30/20 rule. Yes...20-25% of every dollar made must be put towards the future to be able to retire...
The key is to start saving early in like in your early 20's because THAT is money you will be retiring on. Save early & often & that money will grow & grow. If you think you are going to start saving in your 50's or 60's good luck with that. I have worked for the same company for 43 years & will retire next year & I think we will be Ok in retirement.
I’d be retiring or working less in 8 years, and considering this financial recession, I’m deciding to begin taking up skilled trades. I’m curious to know best how people spilt their pay, how much of it goes into savings, spendings or investments, I earn about $140k per year but nothing to show for it yet.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Mind if I ask you to recommend this particular coach you using their service?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
Everyone knows that Gen X will just take care of themselves like they have their entire lives
No different than younger Boomers.
@@willtwain1383Exactly, I’m only two years older than the oldest Gen X, it’s hard to identify with the older Boomers.
@@alexandriabrown1388 I do not get the "OK Boomer" comment.
By 1990, Reaganomics was running wild, millions had the rug pulled out from them. The younger Boomers were still in their early 20s when the damage hit (late 80s).
@@alexandriabrown1388 By my late 20s, my world was rocked by right-wing economics.
@@willtwain1383 Every generation gets blamed for something. What goes around comes around.
Not buying the 80% number. 20% retirement savings plus 7.65% FICA means that at most you'll need 72.35%. And that's not accounting for any costs associated with working; clothing, commuting, etc.
Dow Jones 📈 hit a record high which is really nice and really bumped up my investment accounts by a few thousand dollars 💵! Really excited today
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it, "I pray that anyone who reads this will be successful in life
Thanks to Mrs Maria Davis.
She's a licensed broker here in the states
I'm retired in my 60's. Pay off your home if you can. Then you don't need anything near 80% of your current income (way too high), AND you have your home equity to help in the end years that could be used for assisted living or nursing home.
I’m single and childless so my money 💰 will go much further when I retire in 29 years from now at age 69.
You might still have kids
@@grod805 I don’t believe I will. If I choose to have kids I will adopt
Why wait until 69 to retire?
Most people can’t work until 69.
@@grod805 I rather adopt
As MUCH as you possibly can. And with rising inflation, it still might not be enough. Many retirees are in danger of outliving their savings.
80%? I’m not sure I agree with that. Some people will have a pension all be it small.
I’m thankful I will be able to collect a pension in 6 years.
I recommend reading the book"The Number" by Eisenberg
pay off debt as quick as you can....and save....working until 60-65 does not sound fun or enjoyable AT ALL !
With me being stupid the first 20 years of my adult life and the cost of everything with high inflation I dont know if i'll ever be able to retire
Like the 75/15/10 rule more
Much less in Mexico. Retire to the beach 🏖️ life much sooner.
Butter is almost $10, like I'm barely affording food. How am I supposed to find extra money when I don't even have the minimum for cost of living?
5% and investing is her love language the SP500 returns like 12% on average
What’s she smoking
Whole lotta nothing...😮😊
Figures are so wrong. Much less than 80%. No mortgage, kids college out the way, downsize etc
Why do they make these people sit on those uncomfortable chairs so close to each other? Why is she suggesting people spend 30% of their money on wants?
She tries to talk and all three talk over or interrupt her - terrible journalism.
I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach to you using their service?
Leticia Zavala Perkins, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I bet more than 1 in 7 Seniors rely just on Social Security. The average she said draws $1750. I’m sure there are a lot who collect even less. Sign up asap for Senior Housing if needed. Enjoy retirement the best you can.
Unfortunately my aunt only collects $950 a month from social security. Thank God she only pays $250 a month for her mortgage payment.
Swap wants and saving %s
😳
Ufff🤪🤐 what a panel...
401k??? You might as well give all your money to uncle. Too many ppl are being led by the blind. Don’t you know anything about tax free retirement plans?
4 out of 10 Americans don't own any stocks. Top 1% individuals own half of the stocks. Over all, Top 10% wealthiest individuals own 93% of all stocks value. If you're cheering because you gained a few thousands in your portfolio today, you own a very small piece of that residual 7%.👏👏
Which is still better than nothing at all.
harder to do than ever with Bideninflationomics
Bull
Europeans do not have to worry like we do. Socialism is more relaxing.
I have to say that I do not want to eat cat food when I retire. So having a little socialism would be nice in your 70’s.
@@bobbullethalf Socialism is a far more comfortable system. People get to relax and enjoy the little things.
Until the government runs out of money like Greece.
Sorry you go ahead and go live in Europe, I love my country and will never leave America. 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸 god bless America!!!
Stay here then you stay broke.