BUSINESS + ECONOMY

Eyeing retirement: How much money is enough after you leave a job?

Feb 2, 2023, 8:00 PM

Multiple dollar bills are pictured, social security will see a bump...

According to a new report, 68% of parents with children over 18 have made some kind of financial sacrifice for their children. This begs the question, when should parents financially cut off their children? (Pexels)

(Pexels)

SALT LAKE CITY — Roughly, 4.2 million people voluntarily left their jobs in November, that’s according to a report by CNBC. So, the question begs to ask, how to know when it’s time to leave your job or if you have enough for retirement?

Shane Stewart, a certified financial planner with Deseret Mutual Benefit Administrators, joined Dave & Dujanovic with hosts Dave Noriega and Debbie Dujanovic to discuss this important question.

“It’s a great and scary question to ask because we are creatures of habit,” Noriega said. “We like waking up and knowing where we’re going and what we’re going to do.”

CNBC also reports the best way to get a raise is to make yourself part of the quit rate. 

Leave a job for retirement

However, there are some people who are afraid to retire from their job because they aren’t sure how much they need to live off. The Wall Street Journal has reported that the number people need to retire on is $1.25 million. And that is a 20% increase from last year.

Dujanovic asks Stewart, “So that 1.25 million. Is that really the number we need, or can we get by on less than that?”

“You can get by on less than that,” Stewart said. “But you might need more.”

Stewart explains that for most Americans retirement is still a long way away. Additionally, it’s also a moving number based on the lifestyle you want to live.

“It’s very difficult to peg,” Stewart said. 

“I feel like that 1.25 million, if that’s what most Americans feel they need in the bank, how do they get there?” Dujanovic asked.

“I mean most Americans would say (that’s) too much,” Stewart said. “‘I’m never going to make it, I’ll just keep working.’ And what they don’t understand is that all the pieces to the puzzle would probably patch together a 1.2 or 1.5 million.”

Stewart says if you add up what you have gotten from Social Security over the course of your lifetime, it could be between $500,000 and $750,000.

He also says it’s important to look at how you are going to live in retirement. Are you going to spend more or less?

Forbes reports that one-third of seniors will continue to work past retirement age. 

Dave & Dujanovic can be heard weekdays from 9 a.m. to noon. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app, as well as Apple Podcasts and Google Play.  

Read more:

 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

wall street and broad signs shown...

STAN CHOE AP Business Writer

Stock market today: Wall Street falls toward its worst week in months as oil jumps

The nation’s largest bank gave a forecast for a key source of income this year that fell below Wall Street’s estimate.

1 day ago

A man sits at an office computer - Companies are experimenting with a four day workweek...

CNN

4-day workweeks may be around the corner. A third of America’s companies are exploring them

Nearly one-third of large US companies are exploring new work schedule shifts such as a four-day workweek, according to a survey by KPMG.

1 day ago

President Joe Biden delivers remarks on student loan debt at Madison College on April 8 in Madison,...

Katie Lobosco, CNN

Biden to forgive $7.4 billion more in student loan debt for 277,000 borrowers

President Joe Biden announced another round of student loan forgiveness helping around 277,000 borrowers.

1 day ago

The Instagram logo is seen on a cell phone in Boston, USA, Oct. 14, 2022....

KELVIN CHAN AP Business Writer

Instagram begins blurring nudity in messages to protect teens and fight sexual extortion

Instagram says it's deploying new tools to protect young people, including a feature that will automatically blur nudity in direct messages.

1 day ago

International flights could start flying out of the Provo Airport within the next couple of years, ...

Mariah Maynes

American Airlines announces service to Provo Airport

American Airlines announced that it will begin offering nonstop service to and from Provo airport this fall. 

2 days ago

Mortgage rates soar to their highest level in 21 years...

Peter Johnston

Homebuyers pause as mortgage rates jump

Mortgage rates have jumped to their highest level since Thanksgiving. Potential homebuyers are pressing pause on applying for new home loans.

2 days ago

Sponsored Articles

...

Live Nation Concerts

Artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Eyeing retirement: How much money is enough after you leave a job?