How to figure out how much you need to save for retirement

Рет қаралды 53,097

23 күн бұрын

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

Пікірлер: 130

@benitabussell5053 2 күн бұрын

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.

@A_francis 2 күн бұрын

it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.

@RickWatson-xu6gw Күн бұрын

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.

@benitabussell5053 Күн бұрын

Please can you leave the info of your lnvestment advsor here? I’m in dire need for one

@RickWatson-xu6gw Күн бұрын

*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.

@Colbe-lx7fb 18 күн бұрын

I've been trying to figure out how much I need to save for retirement, but it seems overwhelming

@camela8445 18 күн бұрын

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.

@Jonesmatsunaga 18 күн бұрын

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.

@V.stones 18 күн бұрын

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.

@V.stones 18 күн бұрын

His name is Eric Paul Elmer

@Larry1-pl2wq 18 күн бұрын

That's interesting. I've been managing my portfolio myself, but given the global economic uncertainties, I’m thinking of seeking professional advice too.

@blaquopaque 4 күн бұрын

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

@Curbalnk 4 күн бұрын

Glad to hear from another buckeye! comfortable retirement depends on your lifestyle...

@greekbarrios 4 күн бұрын

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!

@kansasmile 4 күн бұрын

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

@sommersalt88 4 күн бұрын

@kansasmile this is huge! your advsor must be grade A, mind sharing more info pleas? in dire need of proper asset allocation

@kansasmile 4 күн бұрын

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

@NewGuy2024 21 күн бұрын

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!

@pubmeatman 20 күн бұрын

I saved 30% of my take home pay for 3 decades. I was able to retire at 58.

@EvangelismforGod 19 күн бұрын

Great job!

@zoner__ 16 күн бұрын

I did the same but worked to 60 and now my retirement income is 165% of my final year salary.

@FoodieVacations 15 күн бұрын

Being debt free is the most important thing. I live well this way. Retirement is awesome

@igorschmidlapp6987 21 күн бұрын

Rule of thumb, constantly repeated: Save as much as you can, as soon as you can...

@chemquests 21 күн бұрын

Pity to only spend 4 minutes on such a critical topic

@calvinhaynes5781 18 күн бұрын

I agree. She’s excited because she understands how important this is. First is your health, next is this!!

@ehderguyyashootadeerorno2313 9 күн бұрын

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.

@pgppe9488 21 күн бұрын

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.

@sherona8608 21 күн бұрын

I guess Gen X is just a figment of our imagination?

@Susanhartman. 8 күн бұрын

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.

@91ScottieP 8 күн бұрын

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.

@mikegarvey17 8 күн бұрын

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.

@mariaguerrero08 8 күн бұрын

@@mikegarvey17Mind if I ask you to recommend this particular coach you using their service?

@mikegarvey17 8 күн бұрын

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.

@ThomasChai05 8 күн бұрын

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.

@FennaVa 5 күн бұрын

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.

@ralfbrown-kl1gp 5 күн бұрын

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.

@marcellasilva4015 5 күн бұрын

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

@oliverdavis-tw2xl 2 күн бұрын

Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?

@marcellasilva4015 2 күн бұрын

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.

@McCachren 2 күн бұрын

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.

@josefperry3836 20 күн бұрын

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.

@dennistyler9852 19 күн бұрын

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.

@donkemp8151 21 күн бұрын

She’s right about the 20% savings.

@sharonlam4964 2 күн бұрын

I am not sure how much I will need…but I am trying to save 40% of my income.

@michellelewis6247 21 күн бұрын

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? 😉

@chemquests 21 күн бұрын

We’re the smallest sized generation so no one has to market to us. Sandwiched between boomers and millennials, 2 large demographics.

@rhondavigil795 20 күн бұрын

Gen X here 🙋‍♀️ Retired and loving it.

@dennistyler9852 19 күн бұрын

They said save , save and save. Not easy to do. Can’t go on their numbers. Make yours work or try to.

@chemquests 19 күн бұрын

@@dennistyler9852 save 20% off the top & work around the rest. Treat like the tax taken out of your check.

@joedessenberger2048 21 күн бұрын

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...

@Medmann48 5 күн бұрын

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.

@LilianScott-dy5nz 8 күн бұрын

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.

@Riggsnic_co 17 күн бұрын

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.

@Jamessmith-12 17 күн бұрын

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!

@JacquelinePerrira 17 күн бұрын

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!

@kevinmarten 17 күн бұрын

Mind if I ask you to recommend this particular coach you using their service?

@JacquelinePerrira 17 күн бұрын

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..

@kevinmarten 17 күн бұрын

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.

@sjyesenosky4821 21 күн бұрын

Everyone knows that Gen X will just take care of themselves like they have their entire lives

@willtwain1383 20 күн бұрын

No different than younger Boomers.

@alexandriabrown1388 20 күн бұрын

@@willtwain1383Exactly, I’m only two years older than the oldest Gen X, it’s hard to identify with the older Boomers.

@willtwain1383 20 күн бұрын

@@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).

@willtwain1383 20 күн бұрын

@@alexandriabrown1388 By my late 20s, my world was rocked by right-wing economics.

@alexandriabrown1388 20 күн бұрын

@@willtwain1383 Every generation gets blamed for something. What goes around comes around.

@jaynelson8304 20 күн бұрын

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.

@PraveenSriram 21 күн бұрын

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

@Alexibawendi 16 күн бұрын

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

@Alexibawendi 16 күн бұрын

Thanks to Mrs Maria Davis.

@Alexibawendi 16 күн бұрын

She's a licensed broker here in the states

@chuckgilbert8670 13 күн бұрын

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.

@PraveenSriram 21 күн бұрын

I’m single and childless so my money 💰 will go much further when I retire in 29 years from now at age 69.

@grod805 20 күн бұрын

You might still have kids

@PraveenSriram 20 күн бұрын

@@grod805 I don’t believe I will. If I choose to have kids I will adopt

@dec1slh 20 күн бұрын

Why wait until 69 to retire?

@pubmeatman 20 күн бұрын

Most people can’t work until 69.

@PraveenSriram 20 күн бұрын

@@grod805 I rather adopt

@gordonallen9095 21 күн бұрын

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.

@magnoliap5824 21 күн бұрын

80%? I’m not sure I agree with that. Some people will have a pension all be it small.

@EvangelismforGod 19 күн бұрын

I’m thankful I will be able to collect a pension in 6 years.

@zoner__ 16 күн бұрын

I recommend reading the book"The Number" by Eisenberg

@LJones17 19 күн бұрын

pay off debt as quick as you can....and save....working until 60-65 does not sound fun or enjoyable AT ALL !

@bowhunter12561 13 күн бұрын

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

@charletfoster8917 21 күн бұрын

Like the 75/15/10 rule more

@MexicoRealEstatewithParrish 20 күн бұрын

Much less in Mexico. Retire to the beach 🏖️ life much sooner.

@lynncarrington2744 18 күн бұрын

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?

@robertoramirez1069 20 күн бұрын

5% and investing is her love language the SP500 returns like 12% on average What’s she smoking

@Buzz_Kill71 21 күн бұрын

Whole lotta nothing...😮😊

@AG-so4gl 12 күн бұрын

Figures are so wrong. Much less than 80%. No mortgage, kids college out the way, downsize etc

@le9051 11 күн бұрын

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?

@abvincent12 19 күн бұрын

She tries to talk and all three talk over or interrupt her - terrible journalism.

@MarcusJ.Hastings 16 күн бұрын

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.

@user-yu7yf5rx4w 16 күн бұрын

@user-qq5fy4nh8v 16 күн бұрын

@user-yu7yf5rx4w 16 күн бұрын

Mind if I ask you to recommend this particular coach to you using their service?

@user-qq5fy4nh8v 16 күн бұрын

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.

@dennistyler9852 19 күн бұрын

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.

@EvangelismforGod 19 күн бұрын

Unfortunately my aunt only collects $950 a month from social security. Thank God she only pays $250 a month for her mortgage payment.

@dippy2482 20 күн бұрын

Swap wants and saving %s

@myramontano3884 20 күн бұрын

😳

@CarmenLaura-cv9os 4 күн бұрын

Ufff🤪🤐 what a panel...

@edmondinc1 10 күн бұрын

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?

@appleblows1 21 күн бұрын

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%.👏👏

@stefanossmitty3318 20 күн бұрын

Which is still better than nothing at all.