How much do you need to retire? Financial advisor breaks it down | In Your Corner Podcast, Ep. 15 скачать в хорошем качестве

How much do you need to retire? Financial advisor breaks it down | In Your Corner Podcast, Ep. 15

A new report reveals a shocking stat: the typical American worker has just $955 saved for retirement. In this episode of the In Your Corner podcast from CBS News Philadelphia, consumer reporter Josh Sidorowicz sits down with New Jersey-based financial advisor Jay Foley of MaxGuard Wealth to break down the retirement crisis — and what you can do about it right now. Foley explains why so many people fall behind, the biggest misconceptions about Social Security, why $1 million isn't what it used to be, and how to figure out whether you truly have enough to retire. He also shares practical strategies on 401(k)s, Roth vs. traditional IRAs, compounding interest, long‑term care costs, and avoiding early withdrawals. Whether you're just starting to save or trying to catch up, this episode gives you clear, doable steps to build a retirement plan that actually works. 🔗 How to choose a financial advisor https://www.cbsnews.com/philadelphia/... 🔔 Subscribe for more consumer advice, money tips, and scam alerts from CBS News Philadelphia. 💬 Got a question or topic idea? Fill out our consumer complaint form at cbsphiladelphia.com/inyourcorner. 00:00 The U.S. retirement crisis 00:42 Why people don't save: Behavioral mistakes & money habits 01:55 No 401(k)? What 56 million workers need to know 03:05 The Social Security myth that's costing people 04:42 How much do you need to retire? Income-based planning explained 06:12 Why $1 million isn’t what it used to be 07:30 Taxes, inflation & the rising cost of aging 09:05 The hidden reality of healthcare and long-term care costs 11:10 The go‑go, slow‑go, and no‑go retirement years 12:55 The 4% rule & rethinking retirement benchmarks 19:50 How to save: 401(k), IRA & Roth strategies 27:40 Should you withdraw early from your 401(k)? Pros, cons & penalties 30:30 Final steps: How to start a real retirement plan now Subscribe on YouTube:    / cbsphilly   Follow us on X: @CBSPhiladelphia Like us on Facebook:   / cbsphiladelphia   Follow us on TikTok: @CBSPhiladelphia Follow us on Instagram: @CBSPhiladelphia