Anne Tergesen
speaker
4,485 appearances
83 recordings
1 series
first heard Jul 2017
last heard Feb 2025
Anne Tergesen’s voice in public audio — every appearance, attributed to the second.
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Appearances
So it's up 15% from a year ago.
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Now inflation is trending at about 3%.
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So there is obviously a disconnect there.
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But part of it is that people have been a little bit scarred by the super high inflation that we've had post-pandemic.
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So they may be including expectations about inflation in that number.
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The survey respondents on average have a pretty low number, about $88,000 is what they reported.
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That could include a lot of people who maybe don't have much because they're young, they haven't started yet.
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According to the Federal Reserve, the average American has saved about $330,000, and that's a 2022 number, so it's going to be up since then because the market has done well.
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It's small compared to that $1.4 million.
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The Fed data shows that people 65 to 74 have average retirement savings of about $600,000.
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No, there really isn't.
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There are some rules of thumb that people use to calculate off the top of their head how much they need.
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The way advisors do the math is often to take what somebody's earning right before retirement, assume they need about 80% of that, and then do a calculation of how long they might live.
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Or often advisors will assume a 30-year retirement just to be safe.
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So it involves math.
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There is a formula that Fidelity promotes, and the gist of it is 10 times earnings.
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So you take your salary, you multiply by 10.
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That's a ballpark of how much you might need given certain assumptions.
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A range of things.
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Your income, your marital status.
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Showing 521–540 of 4,485 · page 27 of 225
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