Anne/Ann Tergesen

speaker
27 appearances 1 recordings 1 series first heard Sep 2023 last heard Sep 2023

Anne/Ann Tergesen’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How to Save Enough to Retire After a 60-Year Career · 20 Sep 2023 podcast
So much depends on things that are hard to predict.
You know, how long are you going to live and where are you going to live?
It might be actually very likely that a lot of people in their 20s today will live well into their 90s.
The sooner you start saving, the better.
You have more years of saving in front of you.
Even if you could just put aside a small amount, every dollar you put away earlier compounds and grows for more years.
So it's got a lot of power behind it.
So 401 s are typically retirement plans that companies sponsor, and IRAs are typically what you can kind of save on your own.
There are a couple differences, but the key one is that with a 401 , you can usually save much more.
If you're 50 and older, the limits go up a little bit, but that's typically that you can save a lot more with a 401k than an IRA.
So with a Roth, you're paying taxes upfront on the money that you contribute, but the money grows tax-free and you're entitled to take it out tax-free
Typically, as a rule of thumb, younger people who are in low tax brackets do much better to use a Roth.
They pay taxes now, but they're in a low tax bracket.
And then in the future, when they're in retirement, the idea is that they're likely to be in a higher tax bracket, but the money's sitting in their account and it's tax-free.
So much depends on things that are hard to predict.
You know, how long are you going to live?
And where are you going to live?
For younger people, this is kind of a theoretical exercise in estimation.
But the idea is that you sort of estimate how much you might need to spend and you figure that you're going to need to have that amount of money multiplied by as much as 30, 35 years, depending on what age you're going to retire at.
You need to assume you're probably going to live into your 90s.
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