How to figure out how much you need to save for retirement
48,415
Published 2024-05-17
» Subscribe to TODAY: / @today
About: TODAY brings you the latest headlines and expert tips on money, health and parenting. We wake up every morning to give you and your family all you need to start your day. If it matters to you, it matters to us. We are in the people business. Subscribe to our channel for exclusive TODAY archival footage & our original web series.
Connect with TODAY Online!
Visit TODAY's Website: www.today.com/
Find TODAY on Facebook: www.facebook.com/today
Follow TODAY on Twitter: twitter.com/TODAYshow
Follow TODAY on Instagram: www.instagram.com/todayshow/
» Stream TODAY All Day: www.today.com/allday
About: TODAY All Day is a 24/7 streaming channel bringing you the top stories in news and pop culture, celebrity interviews, cooking, and more. All in one place.
#money #retirement #401k
All Comments (21)
-
Purchasing a stock may seem straightforward, but selecting the correct stock without a proven strategy can be exceedingly challenging. I've been working on expanding my $210K portfolio for a while, and my primary obstacle is the lack of clear entry and exit strategies. Any advice on this matter would be greatly appreciated.
-
I've been trying to figure out how much I need to save for retirement, but it seems overwhelming
-
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.
-
Being debt free is the most important thing. I live well this way. Retirement is awesome
-
Pity to only spend 4 minutes on such a critical topic
-
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.
-
Rule of thumb, constantly repeated: Save as much as you can, as soon as you can...
-
I guess Gen X is just a figment of our imagination?
-
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.
-
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.
-
She’s right about the 20% savings.
-
It's great you prioritise your retirement. The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
-
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? 😉
-
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...
-
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.
-
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.
-
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
-
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.
-
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.
