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Jill on Money with Jill Schlesinger

Are We Saving Enough or Too Much?

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Education, Business, Investing

4.61.9K Ratings

🗓️ 26 March 2023

⏱️ 8 minutes

🧾️ Download transcript

Summary

In our mid 30s, we're trying to figure out if we're saving enough for retirement, or are we saving too much?

Have a money question? Email us, ask jill [at] jill on money dot com.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to the Jill on Money Show, it is Sunday March 26th and we are here trying to help

0:09.4

you make better, not the best, better financial decisions.

0:13.8

Sometimes you come to us after bad things have occurred, sometimes there are really good

0:18.6

things that have occurred, whatever is going on in your financial life, we'd really like

0:23.0

to help you out.

0:24.4

We do that by encouraging you to ask us questions on our website JillOnMoney.com.

0:29.9

When you click to contact us, button mark does everything else because he's so good,

0:33.5

he really is.

0:34.5

Today, we're talking to Ben from Connecticut.

0:37.6

So right now, my wife and I, we're both 36 years old, we're trying to figure out, are

0:43.2

we saving enough?

0:44.2

Are we saving too much for retirement?

0:46.2

I know it's kind of funny to think they're saving too much, but we want to also be able

0:50.4

to enjoy life now as well as in the future.

0:54.2

And so right now, we, kind of the financial picture we're looking at right now is we're

0:59.7

maxing out both of our Roth IRAs, we're both contributing to our employer 401Ks, just

1:05.2

enough to maximize the matching contribution we get back.

1:08.6

Okay, so is that about somewhere 4 or 5, 6% is that what you're each doing?

1:12.7

Yes, so my wife's doing 4%, I'm doing 5%.

1:17.4

How much do you guys each make?

1:18.8

I make just around 95,000 a year, she makes about 45,000 a year.

1:24.3

You're putting a lot of money away, which leads me to think that maybe you don't have children,

...

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