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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You don't have to do anything.
So if you're automatically enrolled, you're just in the plan.
You don't have to make decisions, especially if your plan has automatic escalation.
You go in at maybe 3% of pay.
If you want to be proactive, you increase that rate yourself.
Otherwise, your company is going to increase it every year for you.
Whereas to save in an IRA, it means that you have to take actions.
If you're an employee at a company that does not offer a 401k, you can open an IRA.
Now, unfortunately, the contributions are significantly lower with an IRA.
They're about $6,500 a year for people who are under 50, about $7,500 a year for people who are 50 and older.
In contrast with the 401k, you can save on a pre-tax basis or a Roth basis up to $22,500 a year.
So you can see there are substantially different contribution limits there.
But if you aren't offered a 401k, you can go and open an IRA.
WSJ Your Money Briefing · For Stock Investing, Older Americans Are Thinking Young · 10 Jul 2023
podcast
Some people are still working, and maybe they don't have a retirement date in sight.
People who are 55, some of those people maybe are going to work for another 10 or 15 years, or they don't really know when they're going to retire, but they feel they can afford to take the risk.
Well, you know, the specific allocation recommendation is going to vary by individual, but typically what you see is for people who are in retirement, approaching retirement, is a recommendation maybe to have about 60% in stocks and 40% in bonds.
That's been the sort of traditional favorite allocation.
So some data from Vanguard shows that 401k investors who manage their own money, as opposed to relying on some kind of financial advisory service to manage money for them, but these do-it-yourself investors over age 55, a large proportion of them, nearly half, held about 70% or more of their portfolio in stocks, which is a pretty aggressive allocation compared to the 60-40 traditional recommendation.
These are people who are 55 or older.
So that can be anywhere from Gen X to baby boom to older.
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