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 Hello QDT listeners,
This week, Money Girl tackled how to save for retirement in a recession. Saving for retirement is the granddaddy of financial goals because it requires a significant nest egg. And a recession can make it challenging to save enough if you lose your job or get lower-than-expected investment returns.
Knowing how much to save for retirement is more of an art than a science (even when the economy is stable) because there are many variables. So, navigating through a recession can really rock your retirement boat.
The whole point of saving for retirement is being able to enjoy a comfortable lifestyle after you stop earning an income. Most people reach an age when they're ready to slow down or cannot work due to poor physical or mental health.
Having a secure retirement means you have enough savings to preserve your pre-retirement income and standard of living. After you retire, you'll probably want to buy the same food, shop for similar clothes, and enjoy the same hobbies that you do now. You might downsize to a less expensive home or have lower transportation expenses, but other costs, such as medical bills and travel, could go up.
A typical retirement goal is saving 70% to 80% of your pre-retirement income. For instance, if you earn $100,000 on average in the years leading up to retirement, you might need a minimum of $70,000 to enjoy a similar lifestyle. However, the lower your income, the more difficult it may be to live on less in retirement.
If you want the full run-down on how to plan for retirement at every age, listen to this week's Money Girl here. |
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- Savvy Psychologist explains the effects of ADHD. Listen here.
- Project Parenthood navigates equitable schools with a special guest. Listen here.
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- Get-Fit Guy looks at repetitive stress injuries. Listen here.
- Grammar Girl gets excited about code-switching. Listen here.
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| Elsewhere |
Richly emotive and darkly captivating, with elements of Shirley Jackson’s “The Lottery” and the imaginative depth of Margaret Atwood, Elsewhere by Alexis Schaitkin (Saint X) conjures a community in which girls become wives, wives become mothers and some of them, quite simply, disappear.
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