4 Steps to Figuring Out How Much Money Should You Save For Retirement

Everyone's Talkin' Money

Shari Rash

Business, Self-improvement, Education

4.6 • 631 Ratings

🗓️ 21 January 2022

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

The question I get asked the most is, "how much money should I save for retirement." In this solo episode, I'm sharing 4 steps to figuring out how much money you save during your working years for retirement. There are endless calculators, blogs, and even podcasts that seek to answer this question. However, figuring out how much you need is a little more complex than completing a simple calculator. It all starts with visioning your future and understanding how much cash you'll need each year. From there, you can walk backwards into a target number that is right for your life. In this solo episode, I'm sharing 4 steps to figuring out how much money you save during your working years for retirement. Links Investopedia article, How Much Do I Need to Retire Retirement Income Calculator NerdWallet article, How Much Should You Save for Retirement smartasset Retirement Calculator How to Train Your Brain to Achieve Money Goals episode Episode Sponsors A big thanks to our sponsors who made this episode possible. Find out how Upstart can lower your monthly debt payments today when you go to UPSTART.com/mymoney. I want you to start living a happier life today. As a listener, you’ll get 10% off your first month by visiting our sponsor at http://www.betterhelp.com/mymoney. Sign up for Lendtable at Lendtable.com with promo code MILLENNIAL for an extra $50 off your Lendtable balance to start securing your financial future now. Visit Lendtable.com today to see how much you can make because it's never too late to start investing in future you. To see the new Lexus NX and to discover everything it was designed to do for you, visit Lexus.com/NX. FOLLOW & SHARE Leave us a 5-star review. Head to this link and let us know why you love the show. Reviews help us continue to grow and bring on more amazing guests. Thank you in advance! http://bit.ly/millennial-money. Love this episode? Share it with a few friends so they can learn these valuable money concepts as well. Be sure to FOLLOW and SUBSCRIBE to never miss an episode! Sign up for my weekly Let’s Talk Money email newsletter https://bit.ly/letstalkmoneyemail Shannah Shares: Community Q&A Have a Shannah Shares question, submit it here https://www.mmoneypodcast.com Follow Me Here for More Money Tips Shannah on Twitter https://twitter.com/shannahgame Shannah on Instagram https://www.instagram.com/shannahgame/ See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's time to throw out the calculators. In this episode, I'm sharing four steps to know how much
0:05.2	money you should save for retirement. You're listening to Millennial Money with award-winning
0:10.3	money expert and serial entrepreneur, Shana Compton Game, where we flip the script on the old-school
0:15.7	approach to everything your parents never taught you about money. Each week, Shauna creates a safe space by talking
0:21.8	with special guests from around the world about money wellness, entrepreneurship, traveling
0:26.1	like a boss, and what makes millennials tick. Unique stories, trailblazing perspectives, tips,
0:32.1	tricks, and everything there is to know about money. Find it all here as you uncover your money
0:36.9	story and unlock the life you
0:38.7	want to live. Pretty cool, right? Here's Shauna, money expert, Indiana Hoosier, and Burger
0:44.9	Officianado. We've all spent more time with family lately. It can feel like old times, but your
0:53.8	mind is on the future too,
0:55.4	and what you can do to shape it. At Sandy Spring Bank, we work with clients to help them grow
0:59.9	and protect their money with wealth management, trust services, and insurance, so they can
1:04.8	enjoy today and ultimately pass along their wealth. We believe real banking is a conversation.
1:10.6	Let's talk about your dreams. Visit sandyspringbank.com slash wealth. We believe real banking is a conversation. Let's talk about your dreams.
1:12.5	Visit sandy springbank.com slash wealth. Wealth and insurance products are not FDIC,
1:16.9	insured, not guaranteed, and may lose value. Welcome back to the show. It is so good to have you here.
1:23.3	I secretly always love doing these solo episodes. It's a chance for me to really dive in and share some thoughts around topics that are
1:31.5	fun to research and combine my knowledge of all those years working as a financial planner
1:37.2	with people just like you.
1:39.1	So this episode is a question I get asked very often.
1:43.2	And it's actually a little bit of a tricky question.
	...

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