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

Yeah.

So people have forgotten about 401ks from previous jobs.

You don't always roll it over to an IRA or to your new 401k.

So tracking that down can be really helpful.

I heard from some advisors who had clients who were surprised that they had a 401k from 20, 30 years back.

You should also be thinking about income sources like Social Security.

I know a lot of people feel a lot of gloom and doom about whether Social Security will be there for them when they retire.

But you can do a calculation that factors in what your projected Social Security benefits might look like.

But think about those kinds of income sources that you might not be thinking about now.

The IRS allows people 50 and older to make additional contributions to 401ks or other similar employee-sponsored retirement plans.

So, for example, 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.

So these are ways that if you're trying to up your contribution rate, you can add it to that 401k, get that tax benefit in the meantime.

But starting in 2026, just keep in mind that if you are a high earner, meaning you're making more than $145,000, those catch up dollars will have to be put into Roth accounts, which means the contributions will be post-tax, but the withdrawals will be tax-free.

So advisors I spoke to said that people should really prioritize paying down high interest debt before they jump all in on upping their savings.

For example, credit card debt, some interest rates can be 24%, 25% on those unpaid balances.

So you definitely want to tackle that so it doesn't snowball and become even greater.

Many in the financial industry talk about the 4% rule.

So this is the idea that historically, if retirees withdraw 4% from their retirement savings in their first year of retirement and adjust their spending based on inflation from there on out, they have a historically low probability of running out of money.

And so this is a common benchmark people use.

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