Questions about your money? Ask Laura

Posted: 25 January 2023 5:04 pm
Back view of a woman wants to ask a question on a seminar.

Get your money questions answered by a leading financial expert.

No one is born with financial literacy — nor has the time to hit all the books needed to get there. Yet it’s never too late to learn what you need to manage, save, spend and invest your money.

Now, you’ve got access to a personal finance expert that can help you improve your relationship to money: our own Laura Adams.

Laura is a personal finance and small business expert, award-winning author, media spokesperson, PR and marketing consultant, content creator and host of the top-rated Money Girl podcast since 2008.

She’s on a mission to empower everyday Americans to improve their lives by helping them plan for the future and make smart financial decisions every day.

Submit your questions on budgeting, saving and investing, and let Laura help you navigate the sometimes confusing world of personal finance.

January 25, 2023 | JJ: How much of my paycheck should I save?

A good rule of thumb is to save at least 10% for retirement. For instance, if you make $100,000 and get paid biweekly, contributing $385 per paycheck to a 401(k) would total about $10,000 annually (the max for 2023 is $22,500 or $30,000 if you’re over 50).

Regularly investing that much for three decades, with an average 7% return, would give you over $1 million to spend in retirement! And that doesn’t even take future salary raises into account.

Don’t have a workplace retirement plan? Not a problem! You can put up to $6,500 or $7,500 if you’re over 50 in a traditional or Roth IRA (up to certain income limits). Max monthly contributions of $540 over three decades earning 7%, would give you over $662,000!

Those with self-employment income from a small business, side gig, or freelance work can have a SEP-IRA or a solo 401(k). They come with much higher contribution limits, up to $66,000, when you have as much business income. In addition, the IRS will likely boost contribution limits in future years, helping you grow an even bigger retirement nest egg.

Laura Adams, MBA, is a nationally recognized personal finance and business expert. She’s an award-winning author with more than 3,000 features in the national broadcast media. Her weekly Money Girl podcast has been downloaded over 40 million times. Now, she’s here to answer your burning money questions.

Ask an Expert provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

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