NerdWallet's Smart Money Podcast
Why Traditional Budgeting Fails and What’s Missing from Your Money Plan
17 Feb 2025
Why does traditional budgeting often fail?
That's really interesting. And it leads me to a next question, because I know when I first started saving for retirement, I didn't actually have a goal in mind. I just was thinking, you know, let me max out everything I can and save as much as I can. But it really helped me to put things into perspective when I realized I should probably have a number that I'm saving towards.
So with that said, have you used a retirement calculator to get an estimate of how much you may need to save for retirement?
I did, I think it's probably like three or four years ago, to be honest, at this point. And I think the number I came up with was in the range of like 1.3 million. But I have not done it recently. And that probably would be a helpful thing for me to do.
Yeah, I would encourage you to play with that. We have a great retirement calculator on NerdWallet's website, so that's a pretty handy thing to pull up. Just Google like NerdWallet retirement calculator.
31.
Okay. And can I ask what your salary is?
It is just from my full-time job, or I have a couple other streams of income from part-time work as well. So total income?
I guess annual income, yeah.
Annual income is looking around a little above $130 a year.
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