J.R. Whelan

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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.

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And this can be really useful if you're looking at a longer career, more time for that money to grow.

But don't rule out the power of a traditional 401k over a 60-year career.

Lots of employers offer matches to your 401k account, just like mine did early in my career.

That's free money.

Surya Kaluri is the head of the financial research group TIAA Institute.

Before that, he spent 16 years at Bank of America, where he was the managing director of the retirement research and insights team.

He suggests thinking about 401Ks long term.

So how should your retirement goals and your contributions change over a longer career?

Many retirement plans have that built in.

Over time, it does add up.

But when will it be enough to retire?

People closer to retirement typically have a pretty good idea of how much they're going to spend.

But...

The magic number that gets thrown around for what to save up for retirement is often $1 million.

But in a changing economy and over the course of a longer life, is that enough?

Well, turns out that million-dollar figure was never really meant to be a one-size-fits-all target.

Oh, and that tapping on your shoulder?

That's the long arm of inflation.

Even modest inflation of just 2% a year can add up when it's compounded over 60 years.

Plus, your out-of-pocket health care costs tend to ramp up as you get older, making it hard to budget for.

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