Anne Tergesen

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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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WSJ Your Money Briefing · Money Moves for the New Year: Gearing Up for Retirement · 27 Dec 2024 podcast

And then, you know, you call your company.

If you're entitled to a pension, they should be able to give you an estimate of what that pension is going to be.

And you should also ask whether it's adjusted for inflation or not.

Exactly.

If you expect to have some kind of income from a part-time job, if you have rental income, these are all sources of income that you, as you get close to retirement, you may have some pretty concrete visibility into whether you're going to have these things.

And if so,

how much?

So you can add up all your sources of income and look at your expected spending.

And for example, if you expect to spend $100,000 a year and you expect your Social Security and a pension to bring in $60,000, you have a $40,000 gap right there.

And so the question then is, have I saved enough to spend $40,000 a year adjusted for inflation in retirement?

And one sort of

ballpark way that advisors answer that question is they look at something called the 4% rule.

The basic thing is if you need $40,000 and you've saved a million dollars or more, if you take 4% of the million dollars, that rule says you can afford to spend $40,000 adjusted for inflation and retirement.

So what you try to do is use that 4% rule and assess whether 4% of what you've saved is going to fill your gap.

It's important just to think about how are you spending your money now?

I spend X amount on property taxes.

I spend, you know, X amount on travel expenses or groceries, right?

Don't forget that when you retire, certain expenses that you have now are probably going to go away.

Commuting expenses may go away.

Some people spend a lot less money on things like clothes.

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