Dec 3, 2021
One of the most basic retirement planning questions people have is “How am I doing?” We want to know if we’re on track for a comfortable retirement, or if we might need to change something. To help, Fidelity came up with some so-called “benchmarks” for how much money we should have set aside, by certain ages. Are these kinds of things generally helpful, or is there a better way of determining how we’re doing?
There’s a term that occasionally pops up in the financial media “lifetime income.” Market Watch cited a survey in which one-in-three people believed they could get lifetime income from a mutual fund. And one-in-five thought it comes from a target date fund. Let’s try to clear this up: First, is there really such a thing as lifetime income, or is that just some kind of marketing term? And if there is, how does it work? Hear Steve explain!