Surya Kalluri

speaker

22 appearances 1 recordings 1 series first heard Sep 2023 last heard Sep 2023

Surya Kalluri’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How to Save Enough to Retire After a 60-Year Career · 20 Sep 2023 podcast

From a financial perspective, think about that saving and having that compounding work for you so that it lasts into your longer years.

So let's say a company offers 5% match.

So if somebody can set aside 5% of their income and enjoy the 5% match that the company provides, we're already talking about 10%.

And that adds up over a period of time.

So this is not a huge percentage of their total salary, but an amount that is probably affordable.

Thinking about it in those increments is going to be pretty powerful.

There is a term that we call escalate or auto-escalate.

So if one can start at a point where it is affordable, one can manage it.

As one progresses in their career, and presumably as their compensation changes, if they can think about adjusting it accordingly, make it a 6% or a 7%, increasing that amount can be pretty beneficial.

I would very much shy away from rule-of-thumb dollar figures like that.

Folks can set aside X number of dollars, but once one reaches age 50, they can set aside extra.

And in fact, under newly passed regulations, that amount has been increased.

So in addition to what is being allowed, people can put extra money into their retirement accounts.

So if you think about when Social Security was passed and compared to life expectancy today, we've been afforded what one might call a longevity bonus.

Now, the question is, do we want to take this longevity bonus and stick it at the end of our lives?

Or do you want to take that longevity bonus and use it effectively throughout our lives?

Maybe take somaticals.

Maybe think about change in careers.

So what one has in terms of an education at age 22 or 27 may not be viable when one is 50 or 65 and continue to think about working.

So take those longevity bonus years and spread it throughout.

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