I am contributing to 401k matching at 6% and 12% to Roth. Is this sufficient for retirement?

I am contributing to 401k matching at 6% and 12% to Roth. Is this sufficient for retirement?
0

#1

I am 58 years old.


#2

It’s really hard to answer this without knowing what your current retirement balances are and how much income you need in retirement.
I generally tell people they need to save between 10-20% of their income for retirement. However, that is directed more at people with 20-30 years until retirement. Given how close you are to retirement age, you likely need to be saving more, especially if you don’t have much of a balance currently.
A good rule of thumb in retirement is you can withdraw 3-5% of your portfolio balance each year and not eat into the principal balance. If you have $100k, that would mean ~$4k/year, or ~$330/month. If that, coupled with other sources of retirement income (social security, PT job, etc) then you are on-track.
Hope that helps and let me know if you have additional questions.
-Marc
I send out a weekly market recap on Friday afternoon, if you’re interested in receiving it, you can sign up here - http://redwaveinvestments.us10.list-manage.com/subscribe?u=a70963bcdcc068b15704ef172&id=12b6e4a7b2


#3

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