How to figure out how much you need to save for retirement

NBC's Christine Romans joins TODAY with what to consider when planning for retirement and shares tips for reaching those financial goals — including implementing the 50/30/20 rule and more.

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#money #retirement #401k

[tatianastarcic]

The Fed's talk of interest rate cut leaves me pondering what stocks to buy now and when do I sell? I'm unsure how to properly allocate my money to achieve an optimal portfolio in this present economy, my goal is huge for retirement.

[Jasongonzales-]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

[alexsteven.m]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[HectorSnipes]

I'm uncertain if my 401(k) and IRA will secure a stable future. I'm looking for an investment strategy that aligns with my risk tolerance and financial goals. I've set aside $1 million for this purpose. Would you recommend investing in stocks or purchasing rental property?

[VioletJessica-]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[elviegoodman]

I came across your channel through this video—case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.

[Susanhartman.]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[Ravers-lyxd]

I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $120k in a savings account that i want to invest in a non-retirement account. Where would you invest this as of now?

[JennaHerberholz]

I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024

[devereauxjnr]

The Fed's talk of interest rate cut leaves me pondering what stocks to buy now and when do I sell? I'm unsure how to properly allocate my money to achieve an optimal portfolio in this present economy, my goal is $3m for retirement.

[DaliaBrown-be]

If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.

[FennaVa]

Great video, Another factor to add is Do they spend a lot of time planning their financial future? The stock market is making me really worried because I've lost over $ 27, 000 in just this month and I'm not making as much money as I used to. This is making me concerned that I might not have enough money saved up for my retirement since I can't add to my savings.

[sirheisenberg]

To achieve a secure retirement, aiming to save at least 15% of your income in a 401(k) is advisable. Online tools can assist in calculating the best savings strategy for you, considering factors like age and income. Consistently saving this percentage can help build your retirement fund effectively, thanks to the benefits of compound interest.

[blaquopaque]

I’m 55 from southeastern Ohio but worked overseas all my life. I have savings of $1, 000, 000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management

[shellylofgren]

Recently, I've been pondering retirement. I've also want to put $800K into the stock market but i need an approach that will align with my risk tolerance and financial goals to secure our future

[BradleyMaurice]

From paying for day care and college, to managing mortgage payments. I'm approaching retirement yet inflation is getting worse. How can I generate more income to retire with at least $3m for long term care? I have about 750k in savings.

[cybshbv]

Retirement? Yeah, just throw your entire emergency fund at it, right? 😂 Just kidding—$231k sitting pretty in my emergency fund, and now I’m wondering if it’s time to make it work for me. But figuring out how much to save for retirement? That’s like trying to predict the weather in 30 years. Anyone got a crystal ball or some solid advice on where to start?

[blissds-gimb]

Alright, so I’ve got $75k sitting pretty in my emergency fund, and I’m itching to start investing. This video is like a beacon in the foggy sea of retirement savings. But seriously, how do you figure out exactly how much you need? I mean, do I just throw darts at a retirement calculator and hope for the best? 😂 Cheers to finally ditching the mattress-stash and getting serious!

[Colbe-lxfb]

I've been trying to figure out how much I need to save for retirement, but it seems overwhelming

[MarcusJ.Hastings]

I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.