How to figure out how much you need to save for retirement
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- Опубліковано 16 тра 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
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.
The strategies are quite rigorous for the regular. They are mostly successfully carried out by pros who have had a great deal of skills/knowledge to pull such trades off.
@@DanaWolfe9812 True. Having the right financial planner is invaluable. My portfolio is well-matched for every season of the market and recently hit a 90% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, though this could take till Q3 2024.
@@genesisduma4500 Please who is guiding you and how?
@@CharlesVera98534 Victoria Carmen Santaella' is the licensed coach I use. Just research the name. You'll find the necessary details to work with a correspondence to set up an appointment.
@@genesisduma4500 Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible.
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.
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
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...
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!!
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’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 guess Gen X is just a figment of our imagination?
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...
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.
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.
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.
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.
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.
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.
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
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.
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
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'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 recommend reading the book"The Number" by Eisenberg
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.
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
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
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?
Much less in Mexico. Retire to the beach 🏖️ life much sooner.
5% and investing is her love language the SP500 returns like 12% on average
What’s she smoking
Figures are so wrong. Much less than 80%. No mortgage, kids college out the way, downsize etc
She tries to talk and all three talk over or interrupt her - terrible journalism.
Whole lotta nothing...😮😊
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.
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?
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.
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.
pay off debt as quick as you can....and save....working until 60-65 does not sound fun or enjoyable AT ALL !
Swap wants and saving %s
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?
😳
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.
harder to do than ever with Bideninflationomics