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

Описание: 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.

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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

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