So about $40,000 a year if you have 1 million.
How are you planning for retirement at this point in life?
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So about $40,000 a year if you have 1 million.
That's very doable assuming, you don't have a mortgage, car payments and no debt.
Plus social security to cover utilities. (Gas, electric, water)
Private enterprise is going to downward pressure wages. This myth about 401k taking care of you is that. Plus you will have unemployment gaps that will wipe you out. You spend four years out of work, that is $200k easy in lost income.
I don't see white wealthy transferring their wealth to us, cheap pieces of shit.
We need to pay for a more robust retirement system indexed to your wages plus other factors. I have a couple of methods to prevent fund shifting. This is a natural progression of moving retirement from a market based approach to the government.
What about my house appreciation?:
It is going to cost you a million dollars just to get into a house that will eat a big chunk of your pay at $6,500 per month. Good luck with that.
I don't see white wealthy transferring their wealth to us, cheap pieces of shit.
We need to pay for a more robust retirement system indexed to your wages plus other factors. I have a couple of methods to prevent fund shifting. This is a natural progression of moving retirement from a market based approach to the government.
What about my house appreciation?:
It is going to cost you a million dollars just to get into a house that will eat a big chunk of your pay at $6,500 per month. Good luck with that.
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The thing that gets me is the full retirement age in the US is 66/67 years. And the average life expectancy is roughly 77.5 years in 2022.
To top it all off, social security won't be there for me any way but I'm still paying into this baby Boomer ponzi scheme.
I got about 10-12 more years of work in me, then I'm out.
To top it all off, social security won't be there for me any way but I'm still paying into this baby Boomer ponzi scheme.
I got about 10-12 more years of work in me, then I'm out.
Man, I'm 41 this year. Sounds like I'm a little younger than you. Didn't start heavily investing until after I finish my alimony (buyout payments) 2 years ago. These next 9 years are going to be critical for me. Have to continue to stay discipline and committed to the end goal.
Unless you are like 10 years old now even without major changes there will be a Social Security for you.
I dont think the average black household is looking at a 1 million dollar house after interestPrivate enterprise is going to downward pressure wages. This myth about 401k taking care of you is that. Plus you will have unemployment gaps that will wipe you out. You spend four years out of work, that is $200k easy in lost income.
I don't see white wealthy transferring their wealth to us, cheap pieces of shit.
We need to pay for a more robust retirement system indexed to your wages plus other factors. I have a couple of methods to prevent fund shifting. This is a natural progression of moving retirement from a market based approach to the government.
What about my house appreciation?:
It is going to cost you a million dollars just to get into a house that will eat a big chunk of your pay at $6,500 per month. Good luck with that.
Interest rates are ~7% today. Assuming you never refinance it for a lower rate all in if you took a 300k mortgage(decent family house down in near Atlanta) Or even got a good to great house for 350k(and put 50k down as a downpayment) you are looking at ~700k all in after 30 years.
Is it a decent penny? Yea, but that is going to be your biggest expense in life. What folks dont want to hear is, is that you are GOING to have to pair bond with someone to make this life work. You pair bond with someone who will live this life with you, and take some of that burden off of you, then the number goes down even further. Say you are the breadwinner and pay 70% of this mortgage, and she chips in with 30%. That 700k lifetime housing expense has turned into less than half a million on you. Less than half a million for somewhere you live, and that you can pass down to the kids one day? Its a decent deal. More money you can spend on saving for retirement both directly(401k, Roth IRA..ect) and indirectly(Better schools for your kids..ect)
I’m around your same age, but outside of my 401K and having spent the last 8 years paying back student loans, I’ve spent the last 2 years going hard on investing. Trying to be close to million in 10 years.
I will say, putting things on auto investing is the key.
Agree with the auto investing. Resets your "net income"
Man, I'm turning 42 this month. I've always invested in a 401k (more contributions now than early career), but honestly, I got lucky: salary chasing by job hopping, lucky brokerage investments from awhile back (which I regret not investing more seriously), relatively low debt, no kids until late 30s,...
Honestly, i'm just trying to avoid singing this...
"Hey it's meee/your future youuuu/You've made some bad money moves..."
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Moving to Thailand , eating good and bussin cheap nuts
Agreed.
I was just looking over some investments that are maturing within the next year (later in April to April of 2025).
Cross-comparing stuff with current interest rates, and looking at the maturity options that I'd selected (i.e. - payout to this account, or reinvest in a similar account).
How Much to Retire Comfortably? Here's the New Magic Number | Entrepreneur
Northwestern Mutual's 2024 Planning & Progress Study found the new "magic number" to retire comfortably in the U.S. is now $1.46 million, a 15% jump from last year.
www.entrepreneur.com
We don't have 401ks here, but instead RRSPs (plans / portfolios).
I'd like to contribute more, but my available room is limited due to pension plan contributions from work cutting into that available room.
I have been contributing since 2000-2001 so I'm in an ok place, and hope to balance a number of things in retirement come around 2038 - 2040 in my late-50s. Some of them kicking in later on (i.e. - after 65 or 71), but the municipal pension plan immediately in my late-50s then.
RRSP / CPP / MPP / OAS / GICs / TFSA / savings
I.E. - retirement portfolio / Canada + Municipal pensions / Old Age Security / GIC investments / tax-free savings account / regular savings
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What is an RRSP (Registered Retirement Savings Plan) & How Does It Work? | TD Canada Trust
An RRSP is a savings plan that lets you save for retirement on a tax-deferred basis, so your money grows faster! Learn more.
PERSONAL FINANCE
The New Magic Number for Retirement Is $1.46 Million. Here’s What It Tells Us.
There is no single formula for how much you need to save in your 401(k)
The stock market gave 401(k)s a 19% boost last year. Inflation cooled. Still, lots of people feel no closer to hitting their magic number for retirement.
It would take $1.46 million to retire comfortably, according to a recent survey of 4,588 adults released Tuesday by financial-services company Northwestern Mutual. That is up from $1.27 million a year ago. And over $1 million more than the average survey participant’s nest egg.
The rising magic number reveals more about retirement anxiety than retirement planning, said Teresa Ghilarducci, an economist at the New School for Social Research in New York City.
People don’t really know how much money they will need in retirement, and often overestimate it, Ghilarducci said.
While $1.46 million might make sense as a savings target for some higher-income households, most families with lower incomes likely need far less, she said.
“Anxiety about retirement is sky-high,” she said, noting that concerns about the costs of healthcare and long-term-care add to the worry.
Some of this nest-egg disconnect stems from the shift from pensions to 401(k)-type plans, which require savers to make investment and planning decisions on their own.
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Catch up on the headlines, understand the news and make better decisions, free in your inbox daily. Enjoy a free article in every edition.
R etirees with little financial background have to figure out how to make their nest eggs last for as long as several decades, a task BlackRock Chief Executive Larry Fink called “an impossible math problem” in an annual letter to shareholders last week that raised alarms about a retirement crisis.
It is hard for workers to imagine what their 401(k) balance ultimately buys in retirement. The Wall Street Journal profiled retirees with $1 million, $2 million and $5 million to show the range of lifestyles and challenges people face. About 2% of Fidelity Investment’s 401(k) participants have a balance of $1 million or more.
Understanding how far retirement savings will go is further complicated by the uncertain future of Social Security.
Younger workers, in particular, worry about what looming shortfalls will mean for benefits, said Kurt Rupprecht, partner and private-wealth adviser at K Street Financial, a Northwestern Mutual Private Client Group.
The retirement program is projected to deplete its reserves in a decade, triggering a 23% reduction in benefits unless Congress acts.
Millennials, those born between the early 1980s and late 1990s, sharply raised their estimates compared with before the pandemic. When they retire, millennials now expect to need $1.65 million. That is up from just under $1 million in 2020. Baby boomers, born between 1946 and 1964, said they would need $990,000, up from $830,000 in 2020, according to the poll, the latest installment of which was conducted in January.
People who have at least $1 million to invest think they will need about $4 million to retire comfortably, up from $2.1 million in 2020.
Retirement math
There is no single magic number or formula for knowing when it is financially safe to retire. The actual size of the nest egg you need depends on factors including your income, marital status, expected longevity, where you plan to live in retirement, and whether you want to leave money to heirs, Rupprecht said.
There are rules of thumb to measure your retirement readiness. One shortcut devised by Fidelity Investments, calls for saving 10 times your annual salary by age 67.
Using that guideline, a household with around the median income of $75,000 would need to have $750,000 saved by age 67. A family earning at least $153,001, the threshold for the top 20% of earners, according to the 2022 U.S. Census, should save $1.53 million or more.
To hit those targets, Fidelity recommends saving about 15% a year starting at age 25, including any contribution your employer makes to a 401(k)-type account.
This approach is designed to replace 45% of your income—or $45,000 annually for someone with a $100,000 salary—with Social Security providing the rest.
According to the Federal Reserve, the average American has saved $333,940 in 2022, up from $282,100 in 2016. Households ages 65 to 74 have average retirement savings of about $609,000 in 2022, according to the Fed.
Those polled by Northwestern say they have saved an average of $88,400.
Is it enough?
People often end up retiring earlier than expected, due to job changes or health issues. Others find they already have enough saved.
About 35% of retirees the nonprofit Employee Benefit Research Institute surveyed in 2023 said they retired sooner than planned because they felt they could afford to, down from 41% in 2021.
Younger workers are getting a head start on saving for retirement, compared with older generations. Those in Gen Z, born around 1997 or later, report starting at age 22, compared with 27 for millennials. Baby boomers, who began their careers before employers widely offered automatic enrollment into 401(k) plans, started at an average age of 37, the survey said.
The early start is putting younger workers on track to surpass their elders in retirement savings, according to data from Vanguard Group.
By the time older millennials, around 37 to 41, now earning a median salary reach retirement, Vanguard estimates they will be able to replace almost 60% of their income with Social Security and savings from sources including their 401(k)s and individual retirement accounts.
Gen Xers and the youngest baby boomers with median earnings are, by contrast, likely to replace about half of their paychecks in retirement.
Write to Anne Tergesen at anne.tergesen@wsj.com
The Way We Retire Now
Navigating the joys, possibilities and anxieties of retirement
$5 Million Retirement in America
$2 Million Retirement in America
$1 Million Retirement in America
Under $1 Million Retirement in America
Retirement on Almost Nothing but Social Security in America
When Americans Retire Overseas
Retirement on a Boat or RV in America
The 4% Rule for Retirement Is Back
WSJ | NEWSLETTERS
WSJ News Debrief
Stay informed with fewer emails. This free, occasional newsletter hits your inbox with only the biggest news.
The New Magic Number for Retirement Is $1.46 Million. Here’s What It Tells Us.
There is no single formula for how much you need to save in your 401(k)
The stock market gave 401(k)s a 19% boost last year. Inflation cooled. Still, lots of people feel no closer to hitting their magic number for retirement.
It would take $1.46 million to retire comfortably, according to a recent survey of 4,588 adults released Tuesday by financial-services company Northwestern Mutual. That is up from $1.27 million a year ago. And over $1 million more than the average survey participant’s nest egg.
The rising magic number reveals more about retirement anxiety than retirement planning, said Teresa Ghilarducci, an economist at the New School for Social Research in New York City.
People don’t really know how much money they will need in retirement, and often overestimate it, Ghilarducci said.
While $1.46 million might make sense as a savings target for some higher-income households, most families with lower incomes likely need far less, she said.
“Anxiety about retirement is sky-high,” she said, noting that concerns about the costs of healthcare and long-term-care add to the worry.
Some of this nest-egg disconnect stems from the shift from pensions to 401(k)-type plans, which require savers to make investment and planning decisions on their own.
NEWSLETTER SIGN-UP
What’s News
Catch up on the headlines, understand the news and make better decisions, free in your inbox daily. Enjoy a free article in every edition.
R etirees with little financial background have to figure out how to make their nest eggs last for as long as several decades, a task BlackRock Chief Executive Larry Fink called “an impossible math problem” in an annual letter to shareholders last week that raised alarms about a retirement crisis.
It is hard for workers to imagine what their 401(k) balance ultimately buys in retirement. The Wall Street Journal profiled retirees with $1 million, $2 million and $5 million to show the range of lifestyles and challenges people face. About 2% of Fidelity Investment’s 401(k) participants have a balance of $1 million or more.
Understanding how far retirement savings will go is further complicated by the uncertain future of Social Security.
Younger workers, in particular, worry about what looming shortfalls will mean for benefits, said Kurt Rupprecht, partner and private-wealth adviser at K Street Financial, a Northwestern Mutual Private Client Group.
The retirement program is projected to deplete its reserves in a decade, triggering a 23% reduction in benefits unless Congress acts.
Millennials, those born between the early 1980s and late 1990s, sharply raised their estimates compared with before the pandemic. When they retire, millennials now expect to need $1.65 million. That is up from just under $1 million in 2020. Baby boomers, born between 1946 and 1964, said they would need $990,000, up from $830,000 in 2020, according to the poll, the latest installment of which was conducted in January.
People who have at least $1 million to invest think they will need about $4 million to retire comfortably, up from $2.1 million in 2020.
Retirement math
There is no single magic number or formula for knowing when it is financially safe to retire. The actual size of the nest egg you need depends on factors including your income, marital status, expected longevity, where you plan to live in retirement, and whether you want to leave money to heirs, Rupprecht said.
There are rules of thumb to measure your retirement readiness. One shortcut devised by Fidelity Investments, calls for saving 10 times your annual salary by age 67.
Using that guideline, a household with around the median income of $75,000 would need to have $750,000 saved by age 67. A family earning at least $153,001, the threshold for the top 20% of earners, according to the 2022 U.S. Census, should save $1.53 million or more.
To hit those targets, Fidelity recommends saving about 15% a year starting at age 25, including any contribution your employer makes to a 401(k)-type account.
This approach is designed to replace 45% of your income—or $45,000 annually for someone with a $100,000 salary—with Social Security providing the rest.
According to the Federal Reserve, the average American has saved $333,940 in 2022, up from $282,100 in 2016. Households ages 65 to 74 have average retirement savings of about $609,000 in 2022, according to the Fed.
Those polled by Northwestern say they have saved an average of $88,400.
Is it enough?
People often end up retiring earlier than expected, due to job changes or health issues. Others find they already have enough saved.
About 35% of retirees the nonprofit Employee Benefit Research Institute surveyed in 2023 said they retired sooner than planned because they felt they could afford to, down from 41% in 2021.
Younger workers are getting a head start on saving for retirement, compared with older generations. Those in Gen Z, born around 1997 or later, report starting at age 22, compared with 27 for millennials. Baby boomers, who began their careers before employers widely offered automatic enrollment into 401(k) plans, started at an average age of 37, the survey said.
The early start is putting younger workers on track to surpass their elders in retirement savings, according to data from Vanguard Group.
By the time older millennials, around 37 to 41, now earning a median salary reach retirement, Vanguard estimates they will be able to replace almost 60% of their income with Social Security and savings from sources including their 401(k)s and individual retirement accounts.
Gen Xers and the youngest baby boomers with median earnings are, by contrast, likely to replace about half of their paychecks in retirement.
Write to Anne Tergesen at anne.tergesen@wsj.com
The Way We Retire Now
Navigating the joys, possibilities and anxieties of retirement
$5 Million Retirement in America
$2 Million Retirement in America
$1 Million Retirement in America
Under $1 Million Retirement in America
Retirement on Almost Nothing but Social Security in America
When Americans Retire Overseas
Retirement on a Boat or RV in America
The 4% Rule for Retirement Is Back
WSJ | NEWSLETTERS
WSJ News Debrief
Stay informed with fewer emails. This free, occasional newsletter hits your inbox with only the biggest news.
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@DC_Dude
Here's a bit more info on what I was saying re: pension plan cutting into your available RRSP room.
CRA = Canada Revenue Agency
In a perfect world it would be nice to have MORE available RRSP room, as that helps cut down on your taxable income ... especially if you've earned lots on your investments ...
"To determine your RRSP contribution room for the next tax year, CRA deducts the PA from your RRSP contribution room. For instance, if your contribution room is $12,000 and your PA is $4,000, you are eligible to contribute $8,000 to your RRSPs or other retirement savings vehicles the following year."
Here's a bit more info on what I was saying re: pension plan cutting into your available RRSP room.
CRA = Canada Revenue Agency
In a perfect world it would be nice to have MORE available RRSP room, as that helps cut down on your taxable income ... especially if you've earned lots on your investments ...
"To determine your RRSP contribution room for the next tax year, CRA deducts the PA from your RRSP contribution room. For instance, if your contribution room is $12,000 and your PA is $4,000, you are eligible to contribute $8,000 to your RRSPs or other retirement savings vehicles the following year."
My job matches 4% in our 401K.
I for about 8 years I did 10%, I now do 12%.
I also have a RothIRA that I opened on my own and I put $600 a month into that.
I do what they call, saving till it hurts meaning, I keep my monthly living expenses as low as possible and I save to the point it feels like I'm living paycheck to paycheck.
Most of the responses in the thread appear to revolve around financial matters, and that should be the foremost thing on people's minds.
However, assuming that you’re in a "good place" financially, how would you like to spend your days?
Please remember that your time and your friends' time may differ because you may have a lot more "free time" than they do.
So when you're not traveling what do you have in mind to occupy your time (part time job, hobbies, volunteer work, etc.)?
However, assuming that you’re in a "good place" financially, how would you like to spend your days?
Please remember that your time and your friends' time may differ because you may have a lot more "free time" than they do.
So when you're not traveling what do you have in mind to occupy your time (part time job, hobbies, volunteer work, etc.)?
Good points - my mom retired around the early-2010s and keeps a balanced lifestyle with sports & fitness, hobby groups & volunteering.
She's 73.
Re: sports - 10+ years as part of a dragonboat team / 15 years in an aerobics group at the gym
Hobby groups = music group / book club
Volunteers at 3 places
Likes to travel too ... usually x 2 annually, especially pre-COVID
I don't increase my 401K % each year. I'm at 4% and stayed there for now since I've been contributing to my Roth on the side for the past 4 years. I'm not a pro on what's best though, probably varies depending on folks' personal situation and goals.
I know I'm probably leaving some money on the table -- as far as the full power of the employer match -- but having total control over the investments, portfolio, fees + not having to pay taxes on any gains in my Roth has me focusing any extra investments there vs my 401K atm.
The one big shift that turned America's retirement fairytale into a nightmare
Will I have enough to retire? It's an impossible question to answer, which makes retirement really scary for many.
www.businessinsider.com
Labor Department issues rule to crack down on bad retirement savings advice
The U.S. Department of Labor headquarters in Washington.
Al Drago/Bloomberg via Getty Images
The Biden administration issued a final rule on Tuesday that cracks down on the investment advice that advisors, brokers, insurance agents and others give to retirement savers.
The U.S. Department of Labor regulation — which follows a rule proposal in October — aims to ensure that investment recommendations are in savers’ best interests, according to agency officials.
In legal terms, the final rule expands the scope of when a broker, advisor or other intermediary must act as a “fiduciary,” meaning they are required to give advice that puts the client first.
The final rule takes effect on Sept. 23. It takes up the mantle of a prior effort by the Obama administration to rein in conflicts of interest in retirement accounts. That Obama-era “fiduciary” rule, which experts say was broader than Biden’s, was killed in court.
Current retirement rules don’t provide adequate protections to savers, Labor Department officials said during a press call Tuesday.
Often, advice is tainted by “significant conflicts of interest” and in many circumstances there’s “no obligation” to act in retirement customers’ best interests, said Lisa Gomez, assistant secretary of the Employee Benefits Security Administration.
“That’s not right,” Gomez said.
The Labor Department is trying to rein in bad actors relative to two big areas of advice: rollovers from 401(k) plans to individual retirement accounts and purchases of insurance products like annuities, according to retirement and legal experts.
In certain instances, conflicts of interest may allow financial professionals to recommend a transaction that pays them a higher fee but isn’t necessarily best for the client. Such a dynamic can “chip away” at Americans’ savings, Gomez said.
The Council of Economic Advisers estimatesAmericans lose up to $5 billion a year due to conflicts of interest relative to one insurance product, an indexed annuity.
“For too many people, the retirement plan savings they have through their job are by far the single biggest sources of savings they have,” Gomez said. “These important and tax preferred savings deserve protection, and it is the Department of Labor’s job to make sure they are protected.”
The amount of 401(k)-to-IRA rollovers is ‘astronomical’
The final rule doesn’t differ significantly from the Biden administration’s initial proposal, Labor officials said.Its elements kick in over two phases.
Starting Sept. 23, the financial industry must acknowledge fiduciary status when working with clients and adhere to “impartial conduct standards.”
Those standards mean financial professionals, when giving personalized investment advice to customers, have an obligation to be prudent, loyal and truthful and charge reasonable fees, for example, Labor officials said.
The remaining parts of the rule kick in a year later, in September 2025, officials said.
More from Personal Finance:
Most retirees don’t delay Social Security benefits
IRS waives mandatory withdrawals from certain inherited IRAs
Women turning ‘peak 65’ may be financially vulnerable
Americans rolled about $779 billion from 401(k)-type plans into IRAs in 2022, according to data cited in a Council of Economic Advisers analysis. Rollovers are common upon retirement, and the annual rollover dollar sum has grown as more baby boomers enter their retirement years.
“The amount of money being rolled over is astronomical,” said Andrew Oringer, partner and general counsel at the Wagner Law Group.
“That juxtaposition of an enormous amount of money and a compensation system that can incentivize the seeking of the rollover without regard necessarily to the best interest of the participant, is something that has concerned the Department of Labor,” Oringer said.
Meanwhile, industry groups say the regulation isn’t necessary and would harm the very retirement savers the Labor Department is trying to protect.
In a memo issued ahead of the final rule’s publication, the American Council of Life Insurers, a trade group, said the new regulation was shaping up to be “alarmingly similar to the Department’s 2016 regulation” under President Obama.
Before being overturned, that rule caused more than 10 million investor accounts with $900 billion in total savings to lose access to professional financial guidance, ACLI said.
Additionally, federal and state rules governed respectively by the Securities and Exchange Commission and National Association of Insurance Commissioners already offer “robust” consumer protections for retirement savers, ACLI said.
However, there appears to be concern from the Labor Department that the “reach and substance” of those regulatory schemes are “insufficient” in the retirement content, and the agency is trying to “level the playing field,” Oringer said.
Labor officials also said Tuesday that the final fiduciary rule differs significantly from the Obama-era regulation.
“We have done our level best to write a rule that takes the teaching of the Fifth Circuit [Court of Appeals], the lessons we learned from the [public] comments,” and draft a rule that protects investors without putting “undue burden” on the financial industry, said Timothy Hauser, deputy assistant secretary for program operations at the Employee Benefits Security Administration.
