How Much Do You Need for Retirement? (The Drew Mariani Show)

Worried about saving for retirement? Eager to be done with work for good?   Drew looks at the pressing issue of retirement savings with Deacon Chris Kabat. 💰 Catch the whole hour here!   Northwestern Mutual surveyed 4,500 adults and decided that the new target for a comfortable retirement has jumped to $1.46 million. This is up from last year's $1 million due to inflation and rising costs. The median retirement account, however, holds only $87,000, leaving many far behind.   Deacon Chris, with 28 years as a financial advisor, emphasizes that retirement savings is highly individual. Your needed amount depends on various factors, including lifestyle, location, and additional income sources like Social Security or pensions. He points out that the 4% rule (withdrawing 4% annually) suggests needing around $1.5 million to generate $60,000 per year. However, unexpected expenses like medical emergencies can disrupt this plan.   Listeners shared their experiences, from managing with modest savings to leveraging low-cost living areas. One listener highlighted how selling their house and downsizing during COVID led to a debt-free, stress-free retirement. (That's the good life!)            Deacon Chris advises that even if you're starting late, it's never too late. So don't worry! Utilize catch-up contributions in your 401(k) or Roth IRA if you're over 50. The power of compound interest can still work in your favor.   Paying off high-interest debt is super important. However, those with low-interest mortgages might benefit more by investing their money instead of paying off their mortgage early, given potential higher returns from the market.   Final Thoughts:   Retirement planning can seem scary, but with strategic planning and realistic goals, it's achievable. 💪💼 Whether you're just starting out or catching up, every little bit helps.     The best way to listen to the Best of the Week is on our #1 Free Catholic App. It’s free, and always will be! To get and share the Relevant Radio app, check it out here.