How Much Do I Need for Retirement
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 23 April 2019
⏱️ 6 minutes
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Summary
How much does one need saved for a comfortable retirement? You'll often hear 1x your salary by 30, 3x by 40, etc. Are these rules of thumb reliable? Or is each individual case different? That's the discussion with Sam from California who is wondering if he'll ever have enough saved.
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Call of the Week. This is our opportunity to try to help you |
| 0:09.7 | get where you want to go financially And it could be a question that ranges from how to save for your |
| 0:16.0 | kids college education, how to pay off your own student loan debt, what to do with two different job offers that have fallen into your lap? |
| 0:25.0 | Maybe it's an investment question. |
| 0:26.5 | I don't care, whatever. |
| 0:28.0 | Anything with a dollar sign, we're happy to help you out. |
| 0:30.0 | Just send us an email. |
| 0:32.0 | Ask Jill |
| 0:32.6 | at Jill on Money.com. |
| 0:34.8 | That's Ask Jill at Jill on Money. |
| 0:38.2 | Today we're talking to Sam in California. |
| 0:41.2 | Well, so I was reading an article recently that said a good rule of thumb for retirement savings |
| 0:47.7 | is to have 10 times your salary saved, your ending salary saved when you retire. And I was thinking, geez, I make $140,000 a year and I've got about |
| 0:59.3 | 400 grand saved. I still got like a million bucks to go assuming I don't get any more raises in my lifetime. |
| 1:07.0 | Yeah. |
| 1:08.0 | Is this really realistic for me to get to retirement? |
| 1:11.0 | First of all, you're doing great. |
| 1:13.6 | I mean, you already got 400, how old are you? |
| 1:16.3 | 35. |
| 1:17.6 | Oh my God. |
| 1:18.6 | So calm down, all right? |
| 1:20.6 | And let's say you're 35, you said 25 years you want to work? |
... |
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