Hannah Miao
speaker
241 appearances
5 recordings
1 series
first heard Oct 2022
last heard Aug 2024
Hannah Miao’s voice in public audio — every appearance, attributed to the second.
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WSJ Your Money Briefing · Behind On Saving for Retirement? Here’s How to Catch Up · 26 Aug 2024
podcast
The IRS allows people 50 and older to make additional contributions to 401ks or other similar employee-sponsored retirement plans.
This year in 2024, everyone is allowed to put $23,000 into a 401k or an employer sponsored retirement plan.
If you're 50 and older, you can add an extra $7,500 on top of that.
Gen X is considered the guinea pig of the 401k system.
So the 401k system really became popular starting in the 80s.
So Gen X's career really lined up to begin at the start of this transition from pension systems to a 401k system.
where it's up to you to save for your retirement and invest it.
And when Gen X was starting out their career, a lot of the options that make 401ks more helpful for workers these days, like automatically enrolling workers in them or automatically upping contributions, were not quite commonplace yet.
So they were starting from a place of this being a new thing and trying to understand this transition.
First is to take a very thorough look at your finances.
And you can start by taking a look at your expenses.
Obviously, it's not always fun to see exactly what you're spending on things.
But once you do an audit of that and get a sense of what you're spending on necessities and what you're spending on everything else...
It helps you understand first a sense of how much money you actually are going to need in your retirement to keep up with your regular day-to-day living and also where you could potentially cut back on spending to increase your savings.
And then from that point on, you should also take a look at where your retirement funding is right now.
What are the savings you have in place?
What are the 401Ks plans that you have?
Do you have a pension that you're entitled to?
Getting a sense of that full picture.
And then from there, it helps you calculate exactly how much more you want to save to meet your goals.
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