Dalton — What’s your number? I know you’ve thought about it—the size of the investment portfolio you’ll need to feel comfortable retiring. According to a recent Charles Schwab survey of 1,000 401(k) plan participants nationwide, the number is $1.7 million. Here is where I’m supposed to tell you what you already know—that if you start investing about 10 to 15% of your salary when you’re in your 20s, you’ve got a good shot at hitting that number. Thank you, compound interest. But if you wait until you are my age, mid-40s, then you’ll have to save about one-third of your income to have a good shot at hitting that number. Blah, blah, blah. You’ve read that a hundred times. Let’s talk about what people don’t know: that they have absolutely no idea if that number, their number, is the right number.
Insights & Advice
Reflecting on 2022 at Berkshire Money Management
by Allen Harris
To Our Family of Clients, Last year felt like it would never end. It wasn’t as bad as 2020, but we still felt the weight of the COVID-19 pandemic. In contrast, 2022 felt like a blur. This was...
Join us for Open Office Hours in Dalton and Great Barrington
Stop in for free, judgement-free financial advice! Financial Advisors Holly Simeone, CES™ and Lauren Russo, CEPA, FPQP™, CVB, together with Paraplanner Angela Elzner, FPQP™, invite you to invest in your financial health by joining them during Open Office...
Layoffs ahead? The Fed’s efforts to beat inflation, October 2022
by Allen Harris
For the Federal Reserve, slowing inflation may mean slashing job growth. Will we trade high inflation for high unemployment? Berkshire Money Management CEO and Founder Allen Harris explores how employment is impacted by interest rates, and why the...