J.R. Whelan
speaker
21,375 appearances
574 recordings
1 series
first heard Oct 2017
last heard Aug 2024
J.R. Whelan’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
So what does that extra longevity mean financially for people who might not be retiring until their 80s or even 90s?
You might think living longer and working longer means you'll have an extra few years of income, even more time to save.
Problem solved, right?
Well, it's complicated.
It's actually to your benefit if you start saving early, even if you'll have an extra long career.
I spoke with WSJ retirement reporter Ann Tergesen about this.
It's what financial advisors call compounding interest.
And if you're working longer, your money has the ability to grow even more.
But to start saving up for that extra long career, you have to know the different options.
So here's a quick refresher on some of the major alternatives.
The key terms are 401k, an individual retirement account, or IRA.
Here's Anne again.
How much more?
Well, the IRS sets a cap on how much anyone can contribute to their 401 in a given year.
And that cap can change depending on the age of the person and the year.
For example, in 2023, the IRS cap on how much a person under the age of 50 can put into their 401k each year is $22,500.
With an IRA, it's $6,500.
Then there's the question of when your money is taxed.
For a traditional 401k or a traditional IRA, the money goes into your account before it gets taxed, meaning you'll take the hit when you pull the money out.
But in a Roth 401k and a Roth IRA account, the money is taxed before it goes into the account.
Showing 1001–1020 of 21,375 · page 51 of 1069
← Previous
Next →