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WSJ Your Money Briefing

How to Save Enough to Retire After a 60-Year Career

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.81.6K Ratings

🗓️ 20 September 2023

⏱️ 14 minutes

🧾️ Download transcript

Summary

People currently in their 20s are likely facing a 60-year career because of longevity and rising living costs. In the second episode of our series, we explore the importance of beginning the retirement-saving process early, and how accounts like a 401(k) and an IRA can help people maximize their saving efforts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:05.2

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0:10.8

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0:16.7

For decades, we work, work, work, hoping to make enough money to live comfortably, pay the

0:23.6

bills, and save up for the day when we can finally clock out. But saving money for your big life

0:29.2

plans is far from straightforward, especially for anyone working past age 65.

0:35.8

I mean, I've had it on my mind since I started putting money away. The year was 1994.

0:42.6

Ace of Base with number one on the charts. The Lion King took the movie box office by storm.

0:51.3

And everyone was wondering if Ross and Rachel would end up together on-friend.

0:59.9

I just landed my first full-time job in corporate America. I was making $27,000 a year. Pretty

1:07.2

decent money for a 20-something back then. And that's when I started putting some of it away for

1:11.8

retirement. I was fortunate enough to put aside 6% of every paycheck, and the company matched

1:17.7

two-thirds of that. In all, I'm on a path toward a 40-year career. And if you're doing some

1:23.2

quick mental math right now and thinking, yeah, 40 years sounds about right. Good luck.

1:29.8

Because today we're talking about how to prepare financially for the very real possibility

1:34.7

that today's young workers will be working and saving for 20 more years than that.

1:40.3

So much depends on things that are hard to predict. How long are you going to live and where are

1:46.6

you going to live? From a financial perspective, think about that saving and having the

1:52.6

compounding work for you so that it lasts in your longer years.

1:57.6

This is a special edition of your money briefing for Wednesday, September 20th. I'm J.R.

2:02.4

Whalen for the Wall Street Journal. Welcome to the second installment in our special series

2:08.9

on the 60-year career. Last week, we discussed how a longer life expectancy and changing ideas

...

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