Here’s how to create a retirement plan that ensures you never run out of money.
Transcript:
CONWAY GITTENS: So when it comes to retirement planning, what’s your number one piece of advice you think everyone should know?
JEAN CHATZKY: That this is on you. Retirement, more than any previous generation is on you. We are. We are the first generation. Gen X is the first generation really not to have access to pensions in a major way, which makes the savings that we put aside for ourselves the most important bucket of money. So you want to do whatever you can to max out your ability to put away money for retirement. Once you get to retirement, we need to have a whole different conversation about how to make that money last. And and it’s an area where people need a lot of education and a lot of different tools. But for now, save as much as you can for as long as you can and make sure that money is invested.
CONWAY GITTENS: And what’s the biggest retirement myth you tend to to see often?
JEAN CHATZKY: The biggest retirement myth, I think, is that people know what they want from their retirement. What I see and I do a lot of work in the retirement space is that many people get very close to retirement. They don’t know when they want to retire, they don’t know where they want to retire. They certainly do not know how much retirement is going to cost. And it’s why, 10 years out from retirement, I think it’s really important to do a pre-retirement checkup to make sure that you’re on track.
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