If you earn $100,000 a year and want to maintain that income into retirement, plus account for inflation, how much would you actually need to save? That’s the question Eric, a GOBankingRates reader, recently submitted as part of our Top 100 Money Experts series. To help answer it, we turned to Jamie Hopkins, CEO of Bryn Mawr Trust Advisors, chief wealth officer for WSFS Bank and a Wall Street Journal best-selling author. Learn More: I Help People Retire Every Day — Here’s the Most Common Retirement Mistake ...

Core Insights - The article discusses the need to rethink retirement in the context of increasing life expectancy and the challenges faced by older workers in the U.S. [4] Group 1: Retirement Trends - Larry Fink, CEO of BlackRock, suggests that Americans may need to work beyond the traditional retirement age of 65 to address the looming retirement crisis [4] - The increasing length of retirements is impacting the Social Security system, which is facing financial strain due to a growing number of retirees [3][4] Group 2: Labor Market and Retirement Decisions - Labor economist Teresa Ghilarducci emphasizes that many older workers do not have the option to choose when to retire, with 52% of older workers reporting they were forced into involuntary retirement [7] - Health issues and caregiving responsibilities often dictate retirement timing, challenging the notion that individuals can simply decide to work longer [6][7] Group 3: Financial Management for Retirement - Individuals can control aspects of their retirement planning, such as managing finances, deciding when to take Social Security, and saving and investing effectively [8][9] - Establishing an emergency fund is crucial to mitigate financial stress from unexpected expenses during retirement [8]

Experts explain whether $2 million is enough to retire comfortably and how factors—like your cost of living, lifestyle, and life expectancy—can play a key role. https://t.co/iForrCsw12 ...

Whether you lived through the Great Depression or have been on the edge of your seat through the Great Recession, planning for retirement is challenging in any environment, but especially during times of economic crisis. It’s hard to know exactly how much you’ll need to set aside and, perhaps more importantly, to save enough to cover unexpected expenses. Check Out: I Help People Retire Every Day — Here’s the Most Common Retirement Mistake People Make Find Out: 3 Advanced Investing Moves Experts Use to Mini ...

Planning for retirement requires wise savings and investment choices so you’ll have enough money to sustain yourself comfortably after you leave the workforce. The ultimate goal is to create a nest egg substantial enough to provide financial security for the rest of your life. But therein lies the problem — how long will that be? Learn More: Retirees Share the One Thing They Regret Not Saving For Consider This: 5 Types of Cars Retirees Should Stay Away From Buying Underestimating the length of your retire ...

Retirement Planning - Experts discuss the adequacy of $2 million for comfortable retirement [1] - Retirement comfort depends on cost of living, lifestyle, and life expectancy [1]

Group 1 - A significant concern for many Americans is the fear of running out of money in retirement, with 64% expressing this worry over death [1] - The average amount believed necessary for retirement is approximately $1.26 million, which can be discouraging for individuals [1] - Strategies exist to stretch retirement funds, with some experts suggesting that one might retire comfortably with as little as $500,000 [2][3] Group 2 - Kevin O'Leary suggests that careful investing can yield a 5% return on a $500,000 investment, resulting in an annual income of $25,000 [3] - While $25,000 exceeds the federal poverty line, it is significantly lower than the median salary in the U.S., which is reported at $62,192 [4] - Investing in riskier securities, such as index funds, could potentially yield higher returns, with the S&P 500 historically providing a return of 10.47% over 33 years [5][6] Group 3 - The average inflation rate over the past 20 years has been around 2.1%, which adjusts the effective return on index funds to approximately 8.37%, leading to an annual income of about $41,850 [7] - The volatility of the stock market means that annual returns can vary, and achieving a stable income of over $40,000 may present challenges depending on lifestyle and location [7]

Core Insights - Real estate investment is viewed as a strong strategy for retirement planning due to its potential for generating passive income and capital appreciation over time [1][5] - Concerns regarding the sustainability of Social Security have increased, with projections indicating the exhaustion of the Social Security Old-Age and Survivors Insurance Trust Fund by fiscal year 2032 [2] - Warren Buffett supports the Social Security program, emphasizing its role as a transfer payment from productive individuals to retirees, and advocates for a reasonable level of sustenance for those beyond their productive years [3][4] Real Estate Investment Opportunities - New investing platforms are making it easier for individuals to access the real estate market, with options for both accredited and non-accredited investors [5][7] - Homeshares provides access to the $36 trillion U.S. home equity market, previously dominated by institutional investors, with a minimum investment of $25,000 [6] - Mogul offers fractional ownership in blue-chip rental properties, allowing investments starting at $250, with an average annual internal rate of return (IRR) of 18.8% and cash-on-cash yields between 10% to 12% annually [8][9] Investment Security and Process - Each property on investment platforms is secured by real assets, ensuring that investors own the property through standalone LLCs, with blockchain-based fractionalization providing a verifiable record of ownership [10] - The investment process is streamlined, allowing individuals to browse properties and invest in as little as 30 seconds after account verification [11] - First National Realty Partners enables individual investors to access institutional-quality commercial real estate, focusing on grocery-anchored properties [12]

Core Insights - The article highlights the significant retirement savings shortfall faced by many Americans, with 47% of working-age households at risk of not having enough saved for retirement [4][7] - The traditional three-legged stool of retirement funding—Social Security, employer pensions, and personal savings—has shifted, leaving many reliant solely on Social Security and personal savings due to the decline of pensions [2] Group 1: Retirement Savings Shortfall - A substantial portion of the population is aware of the retirement crisis, with 79% of Americans acknowledging the issue in 2024 [4] - The risk of falling short on retirement savings spans all income levels: 56% of lower-income, 45% of middle-income, and 41% of high-income workers are at risk [5] Group 2: Strategies to Avoid Shortfall - Setting a clear retirement savings goal is essential, with a recommendation to save around 10 times the final salary, adjusted for factors like inflation and healthcare costs [6][8] - Choosing the right retirement account is crucial, with suggestions to maximize employer 401(k) matches and consider traditional or Roth IRAs based on current and future tax rates [8] - Automating contributions to retirement accounts can enhance saving consistency and help meet targets [8] - Smart investment choices, such as ETFs and target date funds, are recommended to balance risk and potential returns while being mindful of investment fees [8] - Increasing investment contributions in line with income raises can help individuals stay on track with their retirement savings goals [8]

Key Points Many people want to claim Social Security at 62 when they first become eligible. Some older workers also want to continue earning some income while collecting Social Security. Senior workers may not be aware of rules that limit how much they can work while collecting benefits. The $23,760 Social Security bonus most retirees completely overlook › There are a lot of things that people don't understand about Social Security. This is true even for people in their late 50s and 60s who are ...