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

Подписаться 4,5 млн

Просмотров 48 тыс.

50% 1

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.
» 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: / today
Follow TODAY on Twitter: / todayshow
Follow TODAY on Instagram: / 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

Опубликовано:

16 май 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 116

@CharlesVera98534 6 часов назад

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.

@DanaWolfe9812 6 часов назад

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.

@genesisduma4500 6 часов назад

@@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.

@CharlesVera98534 6 часов назад

@@genesisduma4500 Please who is guiding you and how?

@genesisduma4500 6 часов назад

@@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.

@CharlesVera98534 6 часов назад

@@genesisduma4500 Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible.

@Colbe-lx7fb 11 дней назад

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

@camela8445 11 дней назад

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 11 дней назад

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 11 дней назад

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 11 дней назад

His name is Eric Paul Elmer

@Larry1-pl2wq 11 дней назад

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

@NewGuy2024 14 дней назад

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 13 дней назад

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

@EvangelismforGod 12 дней назад

Great job!

@zoner__ 9 дней назад

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

@FoodieVacations 8 дней назад

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

@pgppe9488 14 дней назад

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.

@igorschmidlapp6987 14 дней назад

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

@chemquests 14 дней назад

Pity to only spend 4 minutes on such a critical topic

@calvinhaynes5781 11 дней назад

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

@josefperry3836 14 дней назад

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 13 дней назад

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 14 дней назад

She’s right about the 20% savings.

@LilianScott-dy5nz День назад

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.

@sherona8608 15 дней назад

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

@joedessenberger2048 14 дней назад

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...

@greekbarrios 12 дней назад

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.

@Riggsnic_co 10 дней назад

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 10 дней назад

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 10 дней назад

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 10 дней назад

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

@JacquelinePerrira 10 дней назад

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 10 дней назад

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.

@Susanhartman. День назад

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 День назад

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 День назад

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 День назад

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

@mikegarvey17 День назад

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 День назад

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.

@michellelewis6247 15 дней назад

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 14 дней назад

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

@rhondavigil795 14 дней назад

Gen X here 🙋‍♀️ Retired and loving it.

@dennistyler9852 13 дней назад

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

@chemquests 12 дней назад

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

@jaynelson8304 14 дней назад

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.

@ehderguyyashootadeerorno2313 2 дня назад

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.

@Alexibawendi 9 дней назад

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 9 дней назад

Thanks to Mrs Maria Davis.

@Alexibawendi 9 дней назад

She's a licensed broker here in the states

@sjyesenosky4821 15 дней назад

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

@willtwain1383 14 дней назад

No different than younger Boomers.

@alexandriabrown1388 14 дней назад

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

@willtwain1383 14 дней назад

@@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 14 дней назад

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

@alexandriabrown1388 13 дней назад

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

@PraveenSriram 14 дней назад

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

@grod805 14 дней назад

You might still have kids

@PraveenSriram 14 дней назад

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

@dec1slh 14 дней назад

Why wait until 69 to retire?

@pubmeatman 13 дней назад

Most people can’t work until 69.

@PraveenSriram 13 дней назад

@@grod805 I rather adopt

@magnoliap5824 14 дней назад

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

@EvangelismforGod 12 дней назад

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

@chuckgilbert8670 6 дней назад

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.

@zoner__ 9 дней назад

I recommend reading the book"The Number" by Eisenberg

@gordonallen9095 14 дней назад

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.

@PraveenSriram 14 дней назад

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

@bowhunter12561 7 дней назад

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 14 дней назад

Like the 75/15/10 rule more

@lynncarrington2744 12 дней назад

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?

@MexicoRealEstatewithParrish 14 дней назад

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

@robertoramirez1069 14 дней назад

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

@AG-so4gl 5 дней назад

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

@Buzz_Kill71 15 дней назад

Whole lotta nothing...😮😊

@abvincent12 13 дней назад

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

@dennistyler9852 13 дней назад

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 12 дней назад

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

@le9051 5 дней назад

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?

@MarcusJ.Hastings 9 дней назад

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 9 дней назад

@user-qq5fy4nh8v 9 дней назад

@user-yu7yf5rx4w 9 дней назад

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

@user-qq5fy4nh8v 9 дней назад

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.

@LJones17 12 дней назад

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

@dippy2482 14 дней назад

Swap wants and saving %s

@edmondinc1 4 дня назад

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?

@myramontano3884 14 дней назад

😳

@appleblows1 14 дней назад

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%.👏👏