How many 70 year olds do you see in the workplace? If they don’t retire on their own, they are forced out because they can’t keep up or their health is too bad. Thats what I’ve seen.
I’m trying to drag a 22 year old nephew through life in the trades. Has no idea of the opportunity staring him in the face right now. I’m at the end of my career (55), we’re making a base of 129,000 with $189k as the OT potential. Had to get him to sign up for deferred comp, take the max for the pension, we pay nothing out of pocket for insurance. He just wants to get his tow business going, which I get but he’s now making that much doing tows. He’s not seeing the end game for some reason, instant gratification is engraved in their brains
Millennial here, we’ll be fine. By the time we get old we’d acquire what the boomers had since they currently occupy almost everything and are the most populated generation.
@@mrwilliamwonderit’s so sad when old people buy expensive things when they are at the end, should have made better choices when they were younger to afford a lifestyle that is worth living.
We are gen x . We do not rely on government. Setting out garden and fruit trees. Avoid g debt and credit cards as a plague, following Dave Ramsey book” total money makeover “. Saving and investing
Yes that's true. But gen x is the gap generation between pensions and 401k and we had more financial crisis to recover from than boomers. That said, I'm a 50 year old gen x and I'm doing well above normal and will have a nice retirement because of common sense and saving
As the guinea pigs of the 'self-funded' retirement, there wasn't always great information out there for us. Our parents couldn't even give us good advice, because they didn't have the knowledge to share. Nowadays there's plenty of good information about when a Roth IRA makes sense vs traditional, how to take advantage of HSAs or do Roth conversions in retirement. The kind of information that guys like Azul make readily available to the masses wasn't time-tested the way that it is now. I'll be able to retire before age 60, but there were plenty of mistakes I made along the way.
Yeah not sure what Gen X he’s talking about but I believe his numbers. Growing up blue/gray collar was a blessing, good advice from our bosses and elders for those that were willing to listen
I think there’s a fair amount of clickbait happening here lately. Surely there’s people who haven’t bothered to live below their means and think about the future. Hopefully not as many a the title suggests.
I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Kathie Daisy Bosco who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I didn't realize how valuable my pension was. Apparently, I saved too much money and should have bought myself a huge house and spent lavishly instead of saving so much. I'm less than 2 years from my full pension age, so I can go then, and basically do whatever I want. I just gotta stay healthy.
…good on ya! Glad to see a bunch of us that have opted for early retirement. As a UAL Flight Attendant for 22 years I finagled a no healthcare retirement package in 2012 when I was 42 with evolving ailments but Kaiser has been a lifesaver in the Bay Area. Having known and invested with a few early key players in the Silicon Valley and a couple of rentals afforded me to pay off my home in Atherton where I have lived happily on my own.
Wife and I are Dave Ramsey Gen Xers. Working Stiffs but at 56, paid for home, 1.5M saved/invested so far. Kids off payroll with no BS Student Loans. We plan on retiring in 4 years at 60, as at 60 we have 35 GREAT Years into Social Security. Wont take it till 67, but when we turn on we get over 50K a year. How did we do it, One Spouse, One House and always invested 15% into mostly the S&P 500 Index, (some Roth, some Traditional, some Brokage). Kids are Engineers and went to In-State-State-College and worked part time, and NEVER Lease Cars!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@@FIRED13Althgouh I can not speak for @littlered4122, as someone whose numbers are close, 57 years old, $2.1 Million saved, zero debt, two pensions plus social security, I do not plan to retire at 60. Here is my plan. Work until I turn 62 then ask myself if I want to work one more year. If yes, repeat each year. I have no desire to retire today. I’m living where I want to live, doing what I want to do. We travel internationally once or twice a year, and have a nice boat thats the perfect size to entertain eight, feed four, and sleep two,… just us two. We dont take vacations to impress others, don’t dress to impress others, don’t do anything to impress others. We do what we want, and I enjoy what I do for my carrier and my hobbies blend into my carrier. I have a side gig consulting, and I’m enjoying every moment of it. You ask why not retire? My answer is “Because I don’t want to, thats why.”
@@FIRED134 years of wait may not be wasted. Depends on what they're doing with their time and their particular decisions about life. Let's not be too hasty in throwing the judgment
1968 GenX'er here. I'm not going to pretend we all hung around in high school talking about how pensions were disappearing. However it was not a secret and was understood by those of us who paid attention. We were aware retirement was going to be laid more on our shoulders than it was on our grandparents. We also thought SS would be gone by now too. Some of us took the data seriously and prepared; others didn't. Now I'm 56 and my retirement papers are in for next month. Both public and private entities did screw us, but that didn't mean we couldn't do the work to overcome these setbacks. As with everything else, personal choice and responsibility has a lot to do with life.
🙌@Shep68. Summer of 69 X here - shot out of high school learning about investments and personal finance, reading magazines and newspapers at the library (before days of computers and smartphones). My young goal was to hit $1M by 30; instead, got hit by Y2K and the Great Financial Crises/Recession. However, boneheaded me just kept plowing savings into investments, rain or shine. Fast forward, landed a job that provided not just a 401k (with a small match) but a private pension (too young/naive when hired to realize this benefit until almost 7-10 years into the job !). Then the big layoff came (replaced by cheaper oversea labor - what a unpatriotic move that was from Big Corp)! Looked up, and realized all the 'work' meant we were fortunate to not have to keep looking for work like the rest of my former coworkers, some who had been with the Company over 20 years, lots in their 40 and 50s (a few were older)... Sad situation. I am just grateful I was there for my family when The Pandemic hit, that I was not chained to work.
Same. I'm 56. I've got another 10 years before I want to retire but I'm semi retired now working 3 days/week. 6 homes, 5 of which are rentals. My own IRA and an inherited IRA are doing well. It's all about planning for that future, and sacrificing the moment.
@@DIVISIONINCISIONthe problem is is 1 minute you think you're set for retirement and the next minute a loaf of bread is $500... the 2 million you saved is now worth 15 grand.. There's no solidity in the system it's not backed up by gold or anything and we're kind of in uncharted Territory.. But I'm a gen xer and you know we're going to try to make the best of it.. good luck to all
Good advice. I live overseas and live comfortably, not eating caviar every day, but very comfortable. Once you get a home paid off, and no debts, life is much easier.
@@rowannicklous6397 Not in my name, in my wife's name, she is Peruvian. I have legal residency here though. We've been together since 2007 and she hasn't kicked me out yet. She even bought me chocolate chip cookies today. 😃
Agree with this, even though we have a strong portfolio. Plan to ‘slow travel’ in various parts of the world for 4-5 years. Guess what? Travel in the region is much cheaper when you don’t have to cross oceans! 😉
Key is living within your means. I'm 72 live on about $2000/mnth. My house was paid off. I have a Toyota truck, a couple of motorcycles. I'm very comfortable with my SS and a small pension. If I had to, I could live on just my SS. I don't have kids or a wife. Got a dog. live in the woods with everything paid off. This guy is saying you need a million dollars to retire. What kind of life style is he talking about maintaining? I must be living on another planet. I hate when I wake up and I'm on another planet. got to find my dog
I think he is saying a net worth of $1 million. Average home price is now $400k. 6% interest on 600k is $36000 per year, say $24,000 in SS your looking at $60k, then take taxes. In a metro area that is not a lot, it's liveable but not opulent.
@@bluebird3027 👏👏👏. I have 3 dogs I’m 63 house almost paid off still working plan on til approx 67. I like ur life style. It’s mine now and I live in the woods also
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult...
Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I've been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
*The wisest thing that should be on everyone's mind currently should be to invest in different streams of income that don't depend on the government. Especially with the current economic crisis around the world. This is still a good time to invest in gold, silver, and digital currencies (BTC, ETH...)*
I began investing in stocks and Def earlier this year, and it is the best choice l've ever made. My portfolio is rounding up to almost a million and I have realized that when a stock makes it to the news, chances are you're quite late to the party, the idea is to get in early on blue chips before it becomes public. There are lots of life changing opportunities in the market, and maximize it.
I'm a GenXer and have made sacrifices in my quality of life (working hard at jobs I don't like) because I have always been afraid of not having enough money at retirement. I've looked around me at my peers and wondered how they could live so carefree, oblivious to the fact that one day they will have to retire. I am set up VERY well financially and have little sympathy for those that are not. I will be enjoying my later years with plenty of money.
Gen Xers also were the first divorce generation. You know....wives became "I'm just not happy." The rule is divorce sets you (me) back 10 years. I recovered (remarried with prenup) but...I'm working until age 67.
I retired last year at 57. Amen. My Defined Benefit pension, savings, investments and eventual federal pension has left me fairly comfortable as a single, no debt, homeowner.
Me too. Headed to Europe or back to Mexico. I lived and worked as an expat American in Mexico City and if I am being honest prefer my life there immensely more. Culture, food cost of living all improvements over the US. Lived in Europe as a kid (parents European)….and much prefer life there as well.
@@ApriliaRacer14 Same I lived all my adult life in Italy. Had to come back to care for elderly relatives. 2K a month in Italy you live an upper middle class life, very comfortable, great food, no processed junk, quality products for everything, People are less angry. Everything in the usa is so expensive and garbage quality.
I'm a baby boomer and live off SS, veterans pension . Neither one keeps up with true inflation as the cola doesn't take into account the real cost of living. , So I work part time to make up the difference. Have savings but not enough.
No offense intended but I think you have a spending problem. Maybe its beyond your control. I have an enlisted E-7 (redux) military pension and I retired on it just fine and I am not old enough to get early SS yet. Once I get early SS and my pension gets a raise due to redux at 62 I will be looking even better financially.
If you are 100% service connected, your healthcare is free and you are making at least $45K/year at the very least from that. My guess is that your spending is too high.
@@Reload77725 You turn on the TV and see the ad that says "buy this particle board furniture, no money down...do not pay for 18 months.' And you ask yourself, "Who would fall for this? Who would buy go into debt to buy new furniture when used furniture is sold for next to nothing?" And now we have our answer.
Older gen X here. The fear of being homeless, brought on by being a latch key kid I guess, caused me to save. Unless your making g a lot of money, you would have had to start saving early and be consistent to be okay today. I cashed out money in my early 30s to go back to school during the financial crisis 2008, now saving max allowed per yr plus IRA and dabble stocks on my own too, and at 67 will have almost 2M. I paid off 120K student laons as well. 🥵. Its been solid work for the past 10 yrs. Worth it? We shall see but I am guessing yes. Dont give up. If your older with no savings, find out what your SS check will be amd start to live on that budget now! Pay things off and buy cheap housing if you can.
Gotta love all these glib "welp, me an muh wife saved up and now we gun' retire at age 56" replies on here. None of you are immortal, bulletproof geniuses, so please can it with the "doesn't dun affect me" crap. There a million ways to have your financial legs broken in this day and age, don't be a cocky ass and pretend you are immune to them. The health of your generation, community, nation, et al. affects EVERYONE who lives in it. If you're the 1% who got it right, show others how to get it right, please stop with the "nyeah nyeah nyeah nyeah nyeah- I'm ok and you're not!" BS.
Never really understood “net worth” . My house is paid off and worth about 600K. But what good does it do if your not planning on moving and downsizing.
Yeah. Can't eat a house. But you can reverse mortgage it. Can't take it with you anyway. Not saying this is MY plan but if everything else craters, then ya do what you have to do.
Everyone here is bragging about how much they saved but I wonder how many of those splurged along the way. You're not rich if you missed out on the opportunities of your youth. Vacationing after 60 is not the same as vacationing in your 20s, 30s, and 40s.
Yes, i always kept that in mind. I think the biggest thing to think about is what make a person happy. I have a firend super wealthy will not retire because he likes EVERYTHING FIRST CLASS. Myself i am way more laid back in the middle of the pack. Poor people would call me Rich and Rich People would call me poor... hmmm strange times we live in. Many of us have taken the middle path some fun some savings. Might retire in the next few years.
@@RajDeelish That is a good point you bring up I’ve traveled the world. Dove the barrier reef, snow skied etc. But then there are the other things. Divorce, child support, having my 401 molested. It’s been a rich life with ups and downs. I thank the Lord that I’ve gotten the life I have had. I do agree that life should be enjoyed when you’re young, well at least the risky stuff. Older doesn’t work well with bones 😉
My sister thinks like you do. She wastes so much money. I have been taking multiple vacations yearly, however, there is a way to do it where you aren't wasting money. Vacation during off-peak times when you can get cheaper hotels, food etc. People who fail to plan, plan to fail.
Plenty of people managed to enjoy life all this time (including travel) AND still invest & save for retirement. It's not a zero-sum game. I suppose if you want to reminisce about how much more coin you blew in your 20's/30's while eating ramen and picking up hours at Wendy's in your 70's . . . have at it.
@@RajDeelish a vacation every year likely isn't wise but I take a big vacation every five years and a couple of weekends away a year. Keeps it so my life is rich but I'm not poor. Balance
I am older than 65 and I have nowhere near $58,000 in living expenses. When your house is paid off and have no car payment living expenses are probably only half of that $58,000 if that.
I'm 55 and the wife and I have a beach home paid off, plus a small apt. No debts of any kind. Plus my pension goes a lot further here in Peru. I'm sure I would pay at least twice as much on groceries in the U.S.A. I would hate to see how much avocados and papayas cost in the U.S. Dentists and medical care are very reasonable here, but we exercise and eat healthy, except for Papa John's once a month, and my cookies. Without cookies there would only be darkness, chaos, and anarchy.
I'm not 65 and live a pretty great life and we barely spend 5k a month WITH a mortgage and a 200-300K income. None of these "average" numbers seem to mean anything whether we're talking about net worth, income, expenses, whatever.
@@FooFan-b3k My financial advisor says most retired people live on 4K/month so if social security stays intact (big IF at this point), it doesn’t take much savings to supplement your income, if at all. Not a lavish lifestyle, but that’s not what I’m used to anyway. Just planning to have a home paid off before I pull the plug. Can’t wait
50 Here and while most of my peers were dogging me for not partying (Come on man, you only live once), I was studying and saving and carrying limited debt. Now I can say it was totally worth the minor sacrifices. Almost a million net worth with about 300k of that in investments/retirement funds. No debt besides my mortgage at 2.7%. My generation had ample opportunity to save and invest and do great even with the market crash of 08. I lost a house and over half my savings, but still invested which payed off big when the market turned around. Looking to have the ability to retire at 58 (having FU money) but working as long as I still enjoy it.
I see things haven't changed much lol. I am almost 40, studied and worked hard in my 20s and early 30s and now the same party ppl are up a creek in many ways. Thanks for sharing your story
I'm shooting for 500k in stocks by the time I hit 50. Condo already paid for... worth about another 200k. I'm looking to flee the u.s. when I reach 50. If i kept working till 53-54... my net worth would easily be over a million.... But I ain't got it in me 😂😂 I'm leaving the matrix at 50 🔥🔥🔥
@@HughJass-jv2lt Foolish to buy a condo. It's basically an apartment. Always, always invest in a house. That's land that you own. A condo is worthless. Look at what's happening in Florida right now.
As an older GenX'er--the fact that you were going to be on your own to secure your future wasn't a closely held secret or a surprise. If you were even slightly curious, you knew to invest early and consistently to build up the 401k (or similar) and worked to reduce or eliminate debt. Nothing "happened to" GenX. Some may have fallen on hard times . . . but many who are feeling the pinch now just didn't bother to do anything about it when it really mattered.
Gen X effectively is the first generation for the most part to depend on the 401k system almost entirely instead of pensions. That means they're the most hurt being "thrown to the wolves" to learn what to invest in and how much ... their parents and peers knew the least, learning resources were the least plentiful, and the plans were the worst with higher plan admin fees and fees on the investments. Heck - my 401k plans didn't have low cost index fund options until like 2015-ish. It's also easy to assume people who did nothing about it just "didn't bother". Labor rates did not keep up with inflation. Some people didn't have access to a 401k or equivalent. Some weren't paid well enough to pay for costs of living and afford to put much away. There's plenty of scenarios someone might be feeling the pinch but couldn't have done enough about it when it really mattered.
In my working lifetime, we have had 1987, 1991, 1998, 2008, and 2020 collapses. Not to mention the dollar in 1970 would buy 7.81 today and with inflation we have had 680% cumulative price increase, but wages sure haven't increased that much. Factor in many are raising kids AND caring for elderly boomer parents. Most of us will work at least until 70.
My wife and I are young Gen Xers(46 and 45 respectively). Even though I’m one of the few that does have a Define Benefit Plan(Pension) with a private employer, we also have investment accounts as well(401K, 403B, taxable brokerage account). We’ve been homeowners for over 15 years now. We’re trying to save us much as possible since I believe there will be changes to Social Security at some point or another.
As a Gen Xer who in his mid twenties had less than $100 in my bank account when I started grad school, I made a promise to myself that once I finished getting my masters degree I would scrimp, save and invest- no matter how difficult it was. I’m glad I made that commitment because being poor is no picnic. If you wait until you’re in your mid fifties, it’s too late.
I was a stay at Home mom with no money or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9k in an IRA and $40k in my portfolio with CFA, Stacey Macken. Since the goal of getting a job was to invest for retirement, I was able to scale this quickly to $370k. If I can do this in a year, anyone can
She understands every beginner's intention and fix you to a trading course that matches your capacity, she knows her stuff! Her advice has been invaluable to my trading journey. Definitely worth giving a shot
I agree with you.I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but I'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!
GenXer here... don't worry about us, we already knew that we were expected to work until we die and we know how to work. You should worry about the younger generations who think they are entitled to everything.
Gen X'er here, as well. My late father helped me open an IRA mutual fund when I was a teen-ager. He gifted me $2000 to invest in it, and told me not to touch it, which I didn't. I didn't contribute much to it over the years - mostly due to struggling to pay the bills with a young family. I've been out of those woods for a little over 5 years. Good job now, and have re-discovered investing. Hoping to make up for lost time by saving as much of my income as possible between now and retirement at 67. Oh, that IRA I mentioned at the beginning? Now worth over $60,000. So, between that, my 401k, my wife's IRA and 401k, and other investments, we'll be just fine come retirement.
Yep. X-ers learned to knuckle down and pinch pennies, after watching the travails of parents in the early 1980s recession. In my case, I saved up enough money to pay for my freshman and sophomore years of college. Paid for the rest of it working as an intern, and took a few part-time jobs too along the way. Graduated WITH savings and NO debt.
I plan on doing something similar with my daughter. Was the IRA in your name or his? I was told she had to have proof of income to have an IRA as a minor.
I'm a Gen X'r and just turned 56. I have just over 2 million in my investment portfolio and outright own a home appraised at 900K. I've been putting 15-20% of my income into a 401k and 403b for the past 30 years. I'm also fully vested in my employers pension. Life is good.
0:40 - Just thought I'd point out an apparent mistake. I was just looking at the list of expenditures and noticed there's a "Food away from home" and a "Food at home" category. But there is also a "Food total" which is equal to the "away from home" and "at home" categories. So, it looks like food got counted twice?
Im 58. Retired with 100k income which will adjust with inflation. My duplex is worth 1.7 million paid off. I also have $400k Roth. Came to this country in 1974 and have worked since 15 1/2.
In my experience immigrants from Africa and Asia, back then (70's and 80's) had something to prove because they knew where they were coming from. Most worked hard to buy their homes and put kids through school including siblings back home. Immigrants today are a different breed. Anyway enjoy your money, you earned it.
Genx are the spearhead for the switch from pensions to self funded retirement plans. Unfortunately, all we got was a brief workplace FYI rather than what was necessary with required classes throughout high school driving home that there is almost nothing more important to learn and starting early with saving is so critical. I like to say that the US is a capitalist country that forgot to teach it's people to be capitalists. You could put it on the individual to be responsible for their own education, but really that isn't a fair expectation. Most of us were put on our path, to one degree or another, by a mentor. I was fortunate that my father took an interest in the market and instilled the criticality of this pursuit in me. Most people have no such mentor. They just go year after year contributing nothing for their future in the belief that it's a tomorrow problem. They're entirely ignorant of their complicity in their own ruin.
I equate the grotesque lack of financial education in our school systems with child abuse. We are setting them up for failure. They are taught ridiculous, feel-good nonsense and are sent into the world without a clue about how to build their future.
Geez, what are my Gen X peers doing with their money? My wife and I are in our mid-50s. We put $50K in each kid's college fund when they were young to use for college. We paid off our house. We have about $3 million in our retirement and savings accounts. We are not doctors, lawyers, or executives, we just put away 15-20% of our income from a young age.
Who the heck are these Gen Xers?!? We've been told since we first started working that SS probably wouldn't be there for us. Did they never watch the news? BTW, I'm about to turn 59 and just passed the million-dollar mark last weekend. I took that news about SS seriously.
Dude I don’t know what world you’re living in but Gen X-ers do not intend on retiring at age 65. For most that would be impossible. So work will continue.
I will be 60 and retiring next year. I learned very early on that nobody was going to do anything for you. We are pretty much the first generation that went fully 401k but nobody told us formally that we had to do this. The guys older than me told me to start right away. So I did. Been saving in 401k for 35 years now. I’m probably skewing the statistics lol.
yah, out of curiosity I went and looked at the stats for the region I live in and apparently I'm a 1%'r here. Blew my mind. I am still middle class by national standard though :P
Many of my peers in finance careers are just now starting to recover if they lost their jobs in 2007 -2009. The Great Financial Recession destroyed many at the most critical time of our careers. Those that never got laid off got very lucky; especially since finance is not filled with the brightest folks.
As a younger Xer I figured it out a while ago. Don’t underestimate Gen X as we’ve been getting underestimated for as long as I can remember. Your generation is lazy slackers who drink too much soda and play too many video games and will never make it is what we were told. Keep telling us that we will keep wanting to prove you wrong. I love the content keep it coming!
I agree. Gen X are the most resilient generation. We have lived since the times before hi-tech came along and with hi tech since the lates 70s and 80s. The snowflake generations came after us! We are the last of a breed of tough guys and gals.
I hear ya. That hole went DEEP. Thinking back on that shameful mess, I'd be retired YEARS ago had our financial industry not decided to loan to everyone with a pulse.
It is not what your income is it is what you spend or in some cases owe. Being debt free and a homeowner must mean you will need less income to live on. All these projections don't match many people's reality . You and only you know how much you need and not some graph prepared by someone in the pension industry who want you to invest more so their standard of living increases by the percentage you pay them on the more you invest.
Im a gen x at 55...no fear , ive worked hard and took care of all my responsibilities, but have nothing. No fear dont be afraid to die, get out of system live off the land go out living free
@@DIVISIONINCISION There are many studies that work can make you live longer. It keeps you sharper and more active. But it has to be a stress free job you are passionate about.
I thank God for mine…had surgery and they were there to help, I got ill another time, they took me to the doctor. Also, my both elderly parents died within 7 year period. Brothers and sisters took care of them to the end. My kids were expensive to raise, but some things you can calculate the value of like good health and relationships.
I thank God for mine…had surgery and they were there to help, I got ill another time, they took me to the doctor. Also, my both elderly parents died within 7 year period. Brothers and sisters took care of them to the end. My kids were expensive to raise, but some things you can’t calculate the value of like having good health and relationships.
Not sure the math checks out here... If Social Security hypothetically pays you $2K/mo, and you need 5K/mo for expenses, leaving 3K shortfall, that's totalling $36000, and $1,000,000 yields $40k with the 4% rule. Fair enough, but look at the expenses - some of them are only there because of the upper middle class... $8172/yr in transportation seems outlandish for someone in this situation $1130/yr on clothes? seems excessive $373 on education AND $152 on books? $4443 in "cash contributions" ... to what? Is this charitable giving or what's going on here? These add up to about 10K, and yes, you gotta spend some money on these things, but surely this could be cut in half at least. $5000 less is no joke when we're talking 58k/yr in living expenses dropping to 53k. And almost certainly you could cut more if needed honestly. Don't get me wrong - if you have nothing saved for retirement, it's definitely a problem. I just don't think because of wealth stratification using average living expenses makes much sense.
it's probably just that you don't see outside of the circle you keep in your personal life. If you look at the national stats, it's clear the poor class has grown significantly and the middle class has shrunk by that same amount. Upper class is mostly unaffected. There are lots of reasons for this, but the reason his numbers are so very low is because of the downward movement as the middle class gets dismantled.
I see that a lot too….but I don’t want to be that guy who is too frugal to enjoy life now who turns 60 with millions in savings but don’t have the good health, time, and vigor to enjoy it. After 55 your energy levels start to slowly decrease and your health decline due to natural aging progression. It’s a balance of living life now and saving for tomorrow.
Why aren't people humble about how much they have? So much bragging. A good lesson I learned from my parents was to never talk about how much money you have. What is the goal in that?
so you were taught that wealth is something sacred, which is part of the problem a lot of people have with it. Sharing information is important, it's how you can learn to turn the ship around if you're floundering. You don't become successful by following the advice of someone that isn't successful themself. Some are bragging, true, but most are also sharing insight on how they got there. It's up to you to discern which is which and have the wisdom to learn or not.
Always great videos but have you thought about getting a small tripod so you don’t have to hold your phone for 10 mins or more? It would also avoid the shaking. Just an idea. Continued success! 🙏🏾
Gen X here. 55 y.o. Am retired, now living in Peru, with a military pension with a beach home paid off, and a small apt. No mortgage, no debts of any kind. My wife still works but enjoys her work (hair stylist). We rent the beach home during the summer, and live in our apt. most of the year. Not rich, but no debts, and low monthly expenses. Food is our biggest monthly expense, but is very manageable here.
Did you meet your wife in Peru? I'm looking at your channel.... trying to see if you had any vids about your "life in peru"... But just figured I'd ask. Is $1,800 per month enough to make it in Peru? I'm aiming to flee the country when I turn 50 in a few years 😂😂
Don't forget to calculate the disasters that are on the way, but have not yet arrived. We have more 2008s on the way, more financial disasters, climate change, WWIII, peak oil, mineral exhaustion, political change, and the fact that prices of all kinds will be rising relentlessly, which will destroy your calculations on the way to retirement.
Peak oil was a myth, there's a lot of oil and we as a Nation are looking toward alternative energies. But yes, always prepare for worse case scenarios.
10k in savings sounds like a dream. Im only going to be able to retire in a box. How am I supposed to save when everything gets more expensive every year But income doesn't
hahahahha.... "Gen X in trouble", not even close. 7 figure retirement account and growing - not sure what you are dreaming about. I know more Boomers who are in deep shit not us Gen X'ers.
This Gen X learned how to save and invest in his mid 20's. Bought his first house at 30 second house at 35, 401(k) and lucky to have a small pension plan too. No college debt at this point, a small passive income stream, might be able to swing this retirement thing. Working until 70 and them I am done.
if you’re in your mid fifties and your just starting to invest forget about asset allocation - focus on one or two growth stocks with high dividend yields and hope or the best - sometimes diversification is not your friend
Trying to convince my fellow gen-x'ers to focus on saving has been like hitting my head against the wall. From a behavior point of view it makes sense though. Most of us just wanted to hang out, and bumming a ride or sleeping on a friend's couch was ok. I myself just retired this year. Yip!
My parents are boomers and my dad has a pension. My husband and I are Gen X and no pensions but we’ve been putting into our Mortage, 401K and Roth IRA’s. My husband is 59 I’m 54 looking to retire in 2032 - Darn it! I want to retire now but the fiscally responsible thing is to pay off the house.
Young Gen X here. Took school seriously and picked a career that was in demand and paid well. Saved, invested, lived below our means. Life is good. No financial worries. Ignore what everyone else says and does. This strategy worked and it really wasn't that hard.
I'm a younger Gen X. I currently have 3.6x my income in the TSP and will also have a federal pension. I have a small house that is paid for and don't have much debt. I guess it is just about finding a balance between saving for retirement and enjoying life while you are younger.
Shoutout to my fellow Gen Xers-we truly are a special generation! We’re the last to live through both pre-cellphone and post-cellphone times, the pre-internet and post-internet era, but we didn’t just witness it-we created it! We were the inventors and pioneers of the tech revolution that shapes the world today. Our music? Unmatched. Our fashion? Iconic. While the world keeps recycling trends, we’re here to take back the recognition we deserve. And like the Chainsmokers said, 'We ain’t ever getting older'-just stronger, wiser, and more relevant than ever! 🙌
We’re also the invisible glue that holds workplaces together who will accept responsibility and accountability, not sure who will put up with the pressure when we all retire !
Gen X’er who is almost 60 and am retiring in 4 months with 2 pensions and a lot of money in my 403b/401K and a paid off home. Learned all of this by raising myself and being responsible. Most of my friends have done as well or better than me.
I'm a late Gen Xer with a little over 200k saved in retirement. if I had less than 50k I'd work 3 jobs and save every dime. $40k saved for retirement and only 1900/mo in SS sounds like a nightmare scenario.
Gen Xer here. Wife and I have combined 1.9 mil in investments. Hope to have it double in 8 or 9 years. Will have a paid off house and no other debt when we retire. Been investing since 23.
This can be true as my first marriage was a disaster. Thank God no kids or alimony. However my current marriage is a home run. I’m 53 and our home will be paid off in six years. Savings not exactly where I’d want them to be right now, but at my current rate of investment I should still be able to retire at about 63 with no debt, $2,000 month in SS and about $250,000 saved for retirement. I won’t be rich, but I should be comfortable. And when you are retired and have a lot of time on your hands you can always find all the best deals regarding travel, and shopping, etc…because you can do anything whenever.
I'm early Gen X. Been saving at least 10 percent for retirement while I try to pay off massive student loan debt. Unfortunately my university education never helped me to find work.
@@bka8851 kidnapped? Those two countries are just examples. There are other developing countries or countries where the cost of living is way lower than the United Stares, where kidnapping is not a thing. Thailand, Vietnam, Cambodia, Dominican Republic, Spain, Portugal, Turkey, countries in Eastern Europe. Take your pick. Have you travelled outside of your country?
Nursing homes are $10k to $15k a month right now and when GenX will need them it will be $20k to $25k per month. A lot of people are going to end up losing everything and fall into Medicaid. GenXers need to start thinking about long term care insurance and protecting their assets in some type of trust.
The vast majority of Americans don’t gross nowhere near $10-15k a month, how the heck would anyone save that much to pay to be put in a home? The government picks up the tab for illegals, let it pick up the tab for the nursing home.
The question I ask, is why do I need to pay for a deck --chairs and a table on the grass or on some patio blocks from Home Depot isn't so bad. Decks need annual maintenance. Patio blocks just need power washing. There are so many ways we can save to achieve our retirement goals. My whole retirement portfolio is funded on me pushing a lawn mower and doing my own patio and I am in good shape. Oh, and I don't need to pay for a gym membership because I get lots of exercise taking care of my treed property. There are so many approaches to planning for retirement!
I don’t understand the concept of retiring. The day I retire is the day I stop living. This Gentleman is not retired either, he makes TH-cam videos and from the looks of it is a financial coach. IMO it’s best to stay active as much and as long as one can. Thank you.
I’m very early gen X. I had the advantage of knowing my entire working life that I’d have no pension and Social Security might not be there at all. So I started investing very early in my career.
I'm 75 and live on $767.06/month, my pension. I have no debt. My SSI check is $1825/month. I invest it all. My brokerage acct is at $276K and grows about $30K/year. I never made much, and had to retire at 58 but I was careful. I live in a paid for 2 bedroom home valued at $125K and drive a beater.
Great advice Azul about saving 20% but I think those stats don't take into account many variables. In real life, people rent out rooms, work under the table, visit the food bank, forage, grow food, family may helping, etc. They make do. That math doesn't compute.
I’m an old GenXer, we were on our own. You either helped yourself or you’re screwed
Another old GenXer and, yep, we learned that we had to fend for ourselves.
Yup😂
True. Started in my late 20s and live debt free.
It’s always been that way for us
Latch-key kids for sure. I still harken back to the days of coming home to en empty house and watching MTV. Both parents works.
Gen X here. Most of my friends say they expect to work until they die. :-(
Ouch. Working is not bad if it's for enjoyment but if it's because u have too. It's gotta be stressful
How many 70 year olds do you see in the workplace? If they don’t retire on their own, they are forced out because they can’t keep up or their health is too bad. Thats what I’ve seen.
@@tmusa2002 none. Saw one 68 year old and they were about to fire him when he retired.
@@deanrotering879 Yes, it’s a bad plan to work until you die. It sounds good when you’re younger and don’t understand how aging takes its toll.
@@tmusa2002 also how they like to get rid of higher salaries when things get tight.
If you think Gen X is screwed, *just wait* til the younger generations get older.
won't be seeing them though, they'll be huddled in their safe spaces :P
Socialism is on the way
I’m trying to drag a 22 year old nephew through life in the trades. Has no idea of the opportunity staring him in the face right now. I’m at the end of my career (55), we’re making a base of 129,000 with $189k as the OT potential. Had to get him to sign up for deferred comp, take the max for the pension, we pay nothing out of pocket for insurance.
He just wants to get his tow business going, which I get but he’s now making that much doing tows. He’s not seeing the end game for some reason, instant gratification is engraved in their brains
The younger generations are investing earlier at least.
Millennial here, we’ll be fine. By the time we get old we’d acquire what the boomers had since they currently occupy almost everything and are the most populated generation.
I'm fine. Had zero kids and retired at 50. It's easy as a childless cat dude!
I'm 62, same deal, just bought a new vette for cash.
Dying alone sounds like solid life choices, congrats.
@@mrwilliamwonderit’s so sad when old people buy expensive things when they are at the end, should have made better choices when they were younger to afford a lifestyle that is worth living.
Absofuckinlutley!
👍🏼🌴🐈🐈🐈🐈🌴🏴☠️
@@user-fv3vq4qq7meveryone dies alone. People with kids just find solace in the fact that someone might be looking at you when you do.
49 year old gen-x here.
Whatever.
😂😂
You CRUSHING it?
😎😎
Meh.
Yesssss
Squall is that you?
You mean “ Whatever, never mind…” 🎼 🎶
Everyone who reads this, we don't know each other and probably never will but I wish you all the best in life and all the luck in the world!
Thank you and same to you! ❤️
Back at you my friend
👍
You too. Remember Gen X was the best generation no matter what!
Thank you
My retirement plans are to die
LOL exit stage left
Sad.
We are gen x . We do not rely on government. Setting out garden and fruit trees. Avoid g debt and credit cards as a plague, following Dave Ramsey book” total money makeover “. Saving and investing
According to the video, you're the minority
Every generation has its fair share of winners and losers.
Well said!
Yes that's true. But gen x is the gap generation between pensions and 401k and we had more financial crisis to recover from than boomers. That said, I'm a 50 year old gen x and I'm doing well above normal and will have a nice retirement because of common sense and saving
As the guinea pigs of the 'self-funded' retirement, there wasn't always great information out there for us. Our parents couldn't even give us good advice, because they didn't have the knowledge to share. Nowadays there's plenty of good information about when a Roth IRA makes sense vs traditional, how to take advantage of HSAs or do Roth conversions in retirement. The kind of information that guys like Azul make readily available to the masses wasn't time-tested the way that it is now. I'll be able to retire before age 60, but there were plenty of mistakes I made along the way.
Not according to these financial experts. Gen X we're all lovers. All of us.
@@dc76384 A lot of Gen Xers are single. I wouldn't define them as all "lovers." But maybe they love gardening or coin collecting.
I'm Gen X. 56. 7 figure retirement balance. This latch key kid learned investments in my 20s.
Me too
Yeah not sure what Gen X he’s talking about but I believe his numbers.
Growing up blue/gray collar was a blessing, good advice from our bosses and elders for those that were willing to listen
I think there’s a fair amount of clickbait happening here lately. Surely there’s people who haven’t bothered to live below their means and think about the future. Hopefully not as many a the title suggests.
Same - plan to retire at 62 and never look back...
From Tom Cruise?
I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Kathie Daisy Bosco who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
All these people talking about their 7 figure savings like we aren’t about to go full Weimar Republic.
HA!
You’re part of a small percentage of the population that know and understand the situation.
around 800 comments, and 80% are multi-millionaires who retired at 50. Insert "Sure Jan" meme here.
Society will collapse completely before any of that money can be taken out.
“If you want to make God laugh, tell him your plans.”
They gonna be back after those accts get zeroed.out stolen. 😂😅😂😅
I guess I’m doing alright. Retired at 58. Own my home outright. Have a pension coming in and my 401 is doing good.
No debt.
I didn't realize how valuable my pension was. Apparently, I saved too much money and should have bought myself a huge house and spent lavishly instead of saving so much. I'm less than 2 years from my full pension age, so I can go then, and basically do whatever I want. I just gotta stay healthy.
Me 2 my friend. Zero debt, pension. Just got my 1st soc. sec. Check 2 months after I turned 62 in July. Life is good
…good on ya! Glad to see a bunch of us that have opted for early retirement. As a UAL Flight Attendant for 22 years I finagled a no healthcare retirement package in 2012 when I was 42 with evolving ailments but Kaiser has been a lifesaver in the Bay Area. Having known and invested with a few early key players in the Silicon Valley and a couple of rentals afforded me to pay off my home in Atherton where I have lived happily on my own.
When my father in law was alive and living in Sanfrancisco he swore by kaiser.
Wife and I are Dave Ramsey Gen Xers. Working Stiffs but at 56, paid for home, 1.5M saved/invested so far. Kids off payroll with no BS Student Loans. We plan on retiring in 4 years at 60, as at 60 we have 35 GREAT Years into Social Security. Wont take it till 67, but when we turn on we get over 50K a year. How did we do it, One Spouse, One House and always invested 15% into mostly the S&P 500 Index, (some Roth, some Traditional, some Brokage). Kids are Engineers and went to In-State-State-College and worked part time, and NEVER Lease Cars!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Seems REALLY great setup. So, what is preventing you from RE now vs waiting until 60 ? Four years wait is four years a wasted.
@@FIRED13Althgouh I can not speak for @littlered4122, as someone whose numbers are close, 57 years old, $2.1 Million saved, zero debt, two pensions plus social security, I do not plan to retire at 60.
Here is my plan. Work until I turn 62 then ask myself if I want to work one more year. If yes, repeat each year.
I have no desire to retire today. I’m living where I want to live, doing what I want to do.
We travel internationally once or twice a year, and have a nice boat thats the perfect size to entertain eight, feed four, and sleep two,… just us two.
We dont take vacations to impress others, don’t dress to impress others, don’t do anything to impress others. We do what we want, and I enjoy what I do for my carrier and my hobbies blend into my carrier.
I have a side gig consulting, and I’m enjoying every moment of it.
You ask why not retire? My answer is “Because I don’t want to, thats why.”
@@FIRED134 years of wait may not be wasted. Depends on what they're doing with their time and their particular decisions about life. Let's not be too hasty in throwing the judgment
Looks like you're sorted. Congratulations.
You won’t get any SS after 2030, take it now.
1968 GenX'er here. I'm not going to pretend we all hung around in high school talking about how pensions were disappearing. However it was not a secret and was understood by those of us who paid attention. We were aware retirement was going to be laid more on our shoulders than it was on our grandparents. We also thought SS would be gone by now too. Some of us took the data seriously and prepared; others didn't. Now I'm 56 and my retirement papers are in for next month. Both public and private entities did screw us, but that didn't mean we couldn't do the work to overcome these setbacks. As with everything else, personal choice and responsibility has a lot to do with life.
🙌@Shep68.
Summer of 69 X here - shot out of high school learning about investments and personal finance, reading magazines and newspapers at the library (before days of computers and smartphones). My young goal was to hit $1M by 30; instead, got hit by Y2K and the Great Financial Crises/Recession. However, boneheaded me just kept plowing savings into investments, rain or shine. Fast forward, landed a job that provided not just a 401k (with a small match) but a private pension (too young/naive when hired to realize this benefit until almost 7-10 years into the job !). Then the big layoff came (replaced by cheaper oversea labor - what a unpatriotic move that was from Big Corp)! Looked up, and realized all the 'work' meant we were fortunate to not have to keep looking for work like the rest of my former coworkers, some who had been with the Company over 20 years, lots in their 40 and 50s (a few were older)... Sad situation. I am just grateful I was there for my family when The Pandemic hit, that I was not chained to work.
@@FIRED13 Yes, but can you retire comfortably, though?
Same. I'm 56. I've got another 10 years before I want to retire but I'm semi retired now working 3 days/week.
6 homes, 5 of which are rentals. My own IRA and an inherited IRA are doing well.
It's all about planning for that future, and sacrificing the moment.
@@DIVISIONINCISIONthe problem is is 1 minute you think you're set for retirement and the next minute a loaf of bread is $500...
the 2 million you saved is now worth 15 grand..
There's no solidity in the system it's not backed up by gold or anything and we're kind of in uncharted Territory..
But I'm a gen xer and you know we're going to try to make the best of it..
good luck to all
@@DIVISIONINCISION Yes. So far so good. Been over 5 years since I cut the cord. Next step is partner will quit s soon as next year.
Advice to Genx. Retire overseas, you will live like a king or queen overseas, Asia and the Caribbean provides cheap living and good quality of life
Good advice. I live overseas and live comfortably, not eating caviar every day, but very comfortable. Once you get a home paid off, and no debts, life is much easier.
Can you actually own one there
@@rowannicklous6397 Not in my name, in my wife's name, she is Peruvian. I have legal residency here though. We've been together since 2007 and she hasn't kicked me out yet. She even bought me chocolate chip cookies today. 😃
@@EudociaJanampanice!
Agree with this, even though we have a strong portfolio. Plan to ‘slow travel’ in various parts of the world for 4-5 years. Guess what? Travel in the region is much cheaper when you don’t have to cross oceans! 😉
Key is living within your means. I'm 72 live on about $2000/mnth. My house was paid off. I have a Toyota truck, a couple of motorcycles. I'm very comfortable with my SS and a small pension. If I had to, I could live on just my SS.
I don't have kids or a wife. Got a dog. live in the woods with everything paid off. This guy is saying you need a million dollars to retire. What kind of life style is he talking about maintaining?
I must be living on another planet. I hate when I wake up and I'm on another planet. got to find my dog
Me too
Your dog is pooping on my kitchen floor. I guess I shouldn't have fed him that chocolate.
I think he is saying a net worth of $1 million. Average home price is now $400k. 6% interest on 600k is $36000 per year, say $24,000 in SS your looking at $60k, then take taxes. In a metro area that is not a lot, it's liveable but not opulent.
@@bluebird3027 👏👏👏. I have 3 dogs I’m 63 house almost paid off still working plan on til approx 67. I like ur life style. It’s mine now and I live in the woods also
No wife and No kids is the key.
hardly in trouble here, I have been investing since my first job at 24, at 50 i now invest 50% of my gross income.
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult...
I'm in a similar situation where should I look to increase income? Do you have any advice? What did you do ? Thank you
Well I engage in nice side hustles like inves'ting, and the good thing is I do it with one one of the best(Ricky wen), he's really good!
Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I've been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Ricky Wen demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
*The wisest thing that should be on everyone's mind currently should be to invest in different streams of income that don't depend on the government. Especially with the current economic crisis around the world. This is still a good time to invest in gold, silver, and digital currencies (BTC, ETH...)*
I began investing in stocks and Def earlier this year, and it is the best choice l've ever made. My portfolio is rounding up to almost a million and I have realized that when a stock makes it to the news, chances are you're quite late to the party, the idea is to get in early on blue chips before it becomes public. There are lots of life changing opportunities in the market, and maximize it.
What opportunities are there in the market, and how do I profit from it?
You can make a lot of money from the market regardless of whether it strengthens or crashes. The key is to be well positioned.
I would really like to know how this actually works.
All you need is a good capital and the service of a professional broker, with those your investment will most certainly produce high yields.
I'm a GenXer and have made sacrifices in my quality of life (working hard at jobs I don't like) because I have always been afraid of not having enough money at retirement. I've looked around me at my peers and wondered how they could live so carefree, oblivious to the fact that one day they will have to retire. I am set up VERY well financially and have little sympathy for those that are not. I will be enjoying my later years with plenty of money.
Some people are ants, and others are grasshoppers.
You can't take it with you, young Highside. You only need about a $1M to retire on provided your expenses are low and you have good health insurance.
Gen Xers also were the first divorce generation. You know....wives became "I'm just not happy."
The rule is divorce sets you (me) back 10 years.
I recovered (remarried with prenup) but...I'm working until age 67.
Why are you so sure you'll make it long enough to enjoy all that money? What's a life of living in fear of a day that may never come?
Yea but you did waste your young years. Never get that back.
I retired last year at 57. Amen. My Defined Benefit pension, savings, investments and eventual federal pension has left me fairly comfortable as a single, no debt, homeowner.
57 this month. I've been priced out of being an American, so I'm leaving.
Cheap living in SEA. Me koh Samui, Thailand. $1.000 gives me a comfy life away from the tourists.
Me too. Headed to Europe or back to Mexico. I lived and worked as an expat American in Mexico City and if I am being honest prefer my life there immensely more. Culture, food cost of living all improvements over the US. Lived in Europe as a kid (parents European)….and much prefer life there as well.
@@ApriliaRacer14what did you do in 🇲🇽?
@@ApriliaRacer14 Same I lived all my adult life in Italy. Had to come back to care for elderly relatives. 2K a month in Italy you live an upper middle class life, very comfortable, great food, no processed junk, quality products for everything, People are less angry. Everything in the usa is so expensive and garbage quality.
I'm a baby boomer and live off SS, veterans pension . Neither one keeps up with true inflation as the cola doesn't take into account the real cost of living. , So I work part time to make up the difference. Have savings but not enough.
No offense intended but I think you have a spending problem. Maybe its beyond your control. I have an enlisted E-7 (redux) military pension and I retired on it just fine and I am not old enough to get early SS yet. Once I get early SS and my pension gets a raise due to redux at 62 I will be looking even better financially.
If you are 100% service connected, your healthcare is free and you are making at least $45K/year at the very least from that. My guess is that your spending is too high.
@@DIVISIONINCISION Exactly. A lot of young people don't make that working full time.
Huh? What you really meant to say is that you did a terrible job of planning for retirement, and now your life sucks really, really bad
@@Reload77725 You turn on the TV and see the ad that says "buy this particle board furniture, no money down...do not pay for 18 months.'
And you ask yourself, "Who would fall for this? Who would buy go into debt to buy new furniture when used furniture is sold for next to nothing?"
And now we have our answer.
Older gen X here. The fear of being homeless, brought on by being a latch key kid I guess, caused me to save. Unless your making g a lot of money, you would have had to start saving early and be consistent to be okay today. I cashed out money in my early 30s to go back to school during the financial crisis 2008, now saving max allowed per yr plus IRA and dabble stocks on my own too, and at 67 will have almost 2M. I paid off 120K student laons as well. 🥵. Its been solid work for the past 10 yrs. Worth it? We shall see but I am guessing yes. Dont give up. If your older with no savings, find out what your SS check will be amd start to live on that budget now! Pay things off and buy cheap housing if you can.
Gotta love all these glib "welp, me an muh wife saved up and now we gun' retire at age 56" replies on here. None of you are immortal, bulletproof geniuses, so please can it with the "doesn't dun affect me" crap. There a million ways to have your financial legs broken in this day and age, don't be a cocky ass and pretend you are immune to them. The health of your generation, community, nation, et al. affects EVERYONE who lives in it. If you're the 1% who got it right, show others how to get it right, please stop with the "nyeah nyeah nyeah nyeah nyeah- I'm ok and you're not!" BS.
THANK YOU! This needed to be said!!!
The one percent aren't going to share their knowledge. But I'm sure it has to do with investing and knowing when and how to spend.
Never really understood “net worth” . My house is paid off and worth about 600K. But what good does it do if your not planning on moving and downsizing.
It doesn’t mean a thing! All about cash flow to support the life style you need or desire. 😅
Yeah. Can't eat a house. But you can reverse mortgage it. Can't take it with you anyway. Not saying this is MY plan but if everything else craters, then ya do what you have to do.
Your investment portfolio is what's important in retirement. But net worth gives you a buffer since you can downsize or take a reverse mortgage.
and rents are skyrocketing
It matters to the retirement home who will take it all and leave nothing to your kids.
Everyone here is bragging about how much they saved but I wonder how many of those splurged along the way. You're not rich if you missed out on the opportunities of your youth. Vacationing after 60 is not the same as vacationing in your 20s, 30s, and 40s.
Yes, i always kept that in mind. I think the biggest thing to think about is what make a person happy. I have a firend super wealthy will not retire because he likes EVERYTHING FIRST CLASS. Myself i am way more laid back in the middle of the pack. Poor people would call me Rich and Rich People would call me poor... hmmm strange times we live in. Many of us have taken the middle path some fun some savings. Might retire in the next few years.
@@RajDeelish That is a good point you bring up
I’ve traveled the world. Dove the barrier reef, snow skied etc. But then there are the other things. Divorce, child support, having my 401 molested. It’s been a rich life with ups and downs. I thank the Lord that I’ve gotten the life I have had. I do agree that life should be enjoyed when you’re young, well at least the risky stuff. Older doesn’t work well with bones 😉
My sister thinks like you do. She wastes so much money. I have been taking multiple vacations yearly, however, there is a way to do it where you aren't wasting money. Vacation during off-peak times when you can get cheaper hotels, food etc. People who fail to plan, plan to fail.
Plenty of people managed to enjoy life all this time (including travel) AND still invest & save for retirement. It's not a zero-sum game. I suppose if you want to reminisce about how much more coin you blew in your 20's/30's while eating ramen and picking up hours at Wendy's in your 70's . . . have at it.
@@RajDeelish a vacation every year likely isn't wise but I take a big vacation every five years and a couple of weekends away a year. Keeps it so my life is rich but I'm not poor. Balance
When rent is 50% , where is that 30% for vacations. There is nothing to cut. Most of the people I know who own homes got them via an inheritance.
Well, in typical GenX fashion, I expect the GenX response would be .... "don't worry about it, I can take care of myself."
I am older than 65 and I have nowhere near $58,000 in living expenses. When your house is paid off and have no car payment living expenses are probably only half of that $58,000 if that.
Health care costs?
Agree. Come on, Azul. You must know this. Listen to Josh Scanlon.
I'm 55 and the wife and I have a beach home paid off, plus a small apt. No debts of any kind. Plus my pension goes a lot further here in Peru. I'm sure I would pay at least twice as much on groceries in the U.S.A. I would hate to see how much avocados and papayas cost in the U.S. Dentists and medical care are very reasonable here, but we exercise and eat healthy, except for Papa John's once a month, and my cookies. Without cookies there would only be darkness, chaos, and anarchy.
I'm not 65 and live a pretty great life and we barely spend 5k a month WITH a mortgage and a 200-300K income. None of these "average" numbers seem to mean anything whether we're talking about net worth, income, expenses, whatever.
@@FooFan-b3k My financial advisor says most retired people live on 4K/month so if social security stays intact (big IF at this point), it doesn’t take much savings to supplement your income, if at all. Not a lavish lifestyle, but that’s not what I’m used to anyway. Just planning to have a home paid off before I pull the plug. Can’t wait
50 Here and while most of my peers were dogging me for not partying (Come on man, you only live once), I was studying and saving and carrying limited debt. Now I can say it was totally worth the minor sacrifices. Almost a million net worth with about 300k of that in investments/retirement funds. No debt besides my mortgage at 2.7%. My generation had ample opportunity to save and invest and do great even with the market crash of 08. I lost a house and over half my savings, but still invested which payed off big when the market turned around. Looking to have the ability to retire at 58 (having FU money) but working as long as I still enjoy it.
I see things haven't changed much lol. I am almost 40, studied and worked hard in my 20s and early 30s and now the same party ppl are up a creek in many ways. Thanks for sharing your story
FU money is more like 5-8M. Having 1M is basically 40k a yr til you die.
@@firefeethok_tui2355you are right but you will also get SS. Well I will
I'm shooting for 500k in stocks by the time I hit 50.
Condo already paid for... worth about another 200k.
I'm looking to flee the u.s. when I reach 50.
If i kept working till 53-54... my net worth would easily be over a million....
But I ain't got it in me 😂😂
I'm leaving the matrix at 50 🔥🔥🔥
@@HughJass-jv2lt Foolish to buy a condo. It's basically an apartment. Always, always invest in a house. That's land that you own. A condo is worthless. Look at what's happening in Florida right now.
As an older GenX'er--the fact that you were going to be on your own to secure your future wasn't a closely held secret or a surprise. If you were even slightly curious, you knew to invest early and consistently to build up the 401k (or similar) and worked to reduce or eliminate debt. Nothing "happened to" GenX. Some may have fallen on hard times . . . but many who are feeling the pinch now just didn't bother to do anything about it when it really mattered.
Gen X effectively is the first generation for the most part to depend on the 401k system almost entirely instead of pensions. That means they're the most hurt being "thrown to the wolves" to learn what to invest in and how much ... their parents and peers knew the least, learning resources were the least plentiful, and the plans were the worst with higher plan admin fees and fees on the investments. Heck - my 401k plans didn't have low cost index fund options until like 2015-ish.
It's also easy to assume people who did nothing about it just "didn't bother". Labor rates did not keep up with inflation. Some people didn't have access to a 401k or equivalent. Some weren't paid well enough to pay for costs of living and afford to put much away. There's plenty of scenarios someone might be feeling the pinch but couldn't have done enough about it when it really mattered.
In my working lifetime, we have had 1987, 1991, 1998, 2008, and 2020 collapses. Not to mention the dollar in 1970 would buy 7.81 today and with inflation we have had 680% cumulative price increase, but wages sure haven't increased that much. Factor in many are raising kids AND caring for elderly boomer parents.
Most of us will work at least until 70.
My wife and I are young Gen Xers(46 and 45 respectively). Even though I’m one of the few that does have a Define Benefit Plan(Pension) with a private employer, we also have investment accounts as well(401K, 403B, taxable brokerage account). We’ve been homeowners for over 15 years now. We’re trying to save us much as possible since I believe there will be changes to Social Security at some point or another.
The problem is usually spending rather than earning. People finance 50k-100k vehicles. Being stupid is expensive.
Keeping up with the Jones is expensive too.
As a Gen Xer who in his mid twenties had less than $100 in my bank account when I started grad school, I made a promise to myself that once I finished getting my masters degree I would scrimp, save and invest- no matter how difficult it was. I’m glad I made that commitment because being poor is no picnic.
If you wait until you’re in your mid fifties, it’s too late.
Gen X’er here. Doing just fine and on par or above where I should be at age 50.
I was a stay at Home mom with no money or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9k in an IRA and $40k in my portfolio with CFA, Stacey Macken. Since the goal of getting a job was to invest for retirement, I was able to scale this quickly to $370k. If I can do this in a year, anyone can
That woman has changed my life for good. I attended her investment class couple of weeks and she's the best when it comes for guidance
She understands every beginner's intention and fix you to a trading course that matches your capacity, she knows her stuff! Her advice has been invaluable to my trading journey. Definitely worth giving a shot
I agree with you.I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but I'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!
I need someone like this Expert I need the info to message and talk to her, l need to win too
She often interacts on facebook , using the user name
GenXer here... don't worry about us, we already knew that we were expected to work until we die and we know how to work. You should worry about the younger generations who think they are entitled to everything.
Work until you die? That sounds like slavery to me.
Gen X'er here, as well. My late father helped me open an IRA mutual fund when I was a teen-ager. He gifted me $2000 to invest in it, and told me not to touch it, which I didn't. I didn't contribute much to it over the years - mostly due to struggling to pay the bills with a young family. I've been out of those woods for a little over 5 years. Good job now, and have re-discovered investing. Hoping to make up for lost time by saving as much of my income as possible between now and retirement at 67. Oh, that IRA I mentioned at the beginning? Now worth over $60,000. So, between that, my 401k, my wife's IRA and 401k, and other investments, we'll be just fine come retirement.
Yep. X-ers learned to knuckle down and pinch pennies, after watching the travails of parents in the early 1980s recession. In my case, I saved up enough money to pay for my freshman and sophomore years of college. Paid for the rest of it working as an intern, and took a few part-time jobs too along the way. Graduated WITH savings and NO debt.
I plan on doing something similar with my daughter. Was the IRA in your name or his? I was told she had to have proof of income to have an IRA as a minor.
@@DanielHBuchmann No, the IRA was in my name.
I'm a Gen X'r and just turned 56. I have just over 2 million in my investment portfolio and outright own a home appraised at 900K. I've been putting 15-20% of my income into a 401k and 403b for the past 30 years. I'm also fully vested in my employers pension. Life is good.
I'm happy for you..I lost 💯 percent of my stock portfolio in MMTLP stock fraud...
Very stressful..but happy ur good
0:40 - Just thought I'd point out an apparent mistake. I was just looking at the list of expenditures and noticed there's a "Food away from home" and a "Food at home" category. But there is also a "Food total" which is equal to the "away from home" and "at home" categories. So, it looks like food got counted twice?
In the future. History Will be defined as before gen X and after Gen X.
Im 58. Retired with 100k income which will adjust with inflation. My duplex is worth 1.7 million paid off. I also have $400k Roth. Came to this country in 1974 and have worked since 15 1/2.
In my experience immigrants from Africa and Asia, back then (70's and 80's) had something to prove because they knew where they were coming from. Most worked hard to buy their homes and put kids through school including siblings back home. Immigrants today are a different breed. Anyway enjoy your money, you earned it.
@@michaelgodden7187 thanks. Honestly I am struggling with that part but trying to change
Genx are the spearhead for the switch from pensions to self funded retirement plans. Unfortunately, all we got was a brief workplace FYI rather than what was necessary with required classes throughout high school driving home that there is almost nothing more important to learn and starting early with saving is so critical.
I like to say that the US is a capitalist country that forgot to teach it's people to be capitalists. You could put it on the individual to be responsible for their own education, but really that isn't a fair expectation. Most of us were put on our path, to one degree or another, by a mentor. I was fortunate that my father took an interest in the market and instilled the criticality of this pursuit in me. Most people have no such mentor. They just go year after year contributing nothing for their future in the belief that it's a tomorrow problem. They're entirely ignorant of their complicity in their own ruin.
I agree. Well said.
Partially wrong. Many of us veterans have full pensions from the military, as do disabled veterans. It's residual income for life.
I equate the grotesque lack of financial education in our school systems with child abuse. We are setting them up for failure. They are taught ridiculous, feel-good nonsense and are sent into the world without a clue about how to build their future.
I'm going to live on my good looks. That's something people always forget. Gen X-ers are good looking people.
Albeit a bit on the chunky side😊
Geez, what are my Gen X peers doing with their money? My wife and I are in our mid-50s. We put $50K in each kid's college fund when they were young to use for college. We paid off our house. We have about $3 million in our retirement and savings accounts. We are not doctors, lawyers, or executives, we just put away 15-20% of our income from a young age.
Gen X are spoiling their Gen Z kids
don't forget gen Y parents with Gen Z kids, the worst of all 🤣
@@MrVidification actually Gen X I think are the richer generation
@@SweetPotata10 you may be right
What kids? The reason I am where I am is because I didn't have kids. No wife, either.
@@DIVISIONINCISION well then this comment clearly is not relevant to you….
Who the heck are these Gen Xers?!? We've been told since we first started working that SS probably wouldn't be there for us. Did they never watch the news? BTW, I'm about to turn 59 and just passed the million-dollar mark last weekend. I took that news about SS seriously.
Younger GenX latchkey kid here. I figured we were all bread to be self sufficient, nobody going to take care of you but you.
Dude I don’t know what world you’re living in but Gen X-ers do not intend on retiring at age 65. For most that would be impossible.
So work will continue.
I will be 60 and retiring next year. I learned very early on that nobody was going to do anything for you. We are pretty much the first generation that went fully 401k but nobody told us formally that we had to do this. The guys older than me told me to start right away. So I did. Been saving in 401k for 35 years now. I’m probably skewing the statistics lol.
yah, out of curiosity I went and looked at the stats for the region I live in and apparently I'm a 1%'r here. Blew my mind. I am still middle class by national standard though :P
Many of my peers in finance careers are just now starting to recover if they lost their jobs in 2007 -2009. The Great Financial Recession destroyed many at the most critical time of our careers. Those that never got laid off got very lucky; especially since finance is not filled with the brightest folks.
As a younger Xer I figured it out a while ago. Don’t underestimate Gen X as we’ve been getting underestimated for as long as I can remember. Your generation is lazy slackers who drink too much soda and play too many video games and will never make it is what we were told. Keep telling us that we will keep wanting to prove you wrong. I love the content keep it coming!
I agree. Gen X are the most resilient generation. We have lived since the times before hi-tech came along and with hi tech since the lates 70s and 80s. The snowflake generations came after us! We are the last of a breed of tough guys and gals.
Wow luckily not my Gen X crowd, we all grew up poor and didn’t even know it, learned how to live cheap but good and saved saved saved
2008 really damaged me. Still haven't fully recovered.
I hear ya. That hole went DEEP. Thinking back on that shameful mess, I'd be retired YEARS ago had our financial industry not decided to loan to everyone with a pulse.
It is not what your income is it is what you spend or in some cases owe. Being debt free and a homeowner must mean you will need less income to live on. All these projections don't match many people's reality . You and only you know how much you need and not some graph prepared by someone in the pension industry who want you to invest more so their standard of living increases by the percentage you pay them on the more you invest.
Im a gen x at 55...no fear , ive worked hard and took care of all my responsibilities, but have nothing. No fear dont be afraid to die, get out of system live off the land go out living free
There are more people like you than all the money bags.
something is happening to GenX, Azul?
reality bites. my generation has had their entire lives to figure it out.
I’m a 45 yr old gen X. Just passed 500k saved in retirement savings and will get a small pension starting at 62.
Your pension will be absorbed by your company's faulty business practices prior to them firing you 3 weeks before you plan to retire.
Mid-Gen X here. Sitting on a $4.9M war chest right now. Plan on working a few more years to pad that even more. Enjoy life.
the key is if you enjoy what your doing. if not, retire asap. time more important than $
@@ryen7512 Time not important. Only life important.
@@vanji611 Time is most important. You don't know how long you will live. $5M is more than enough to retire if you want to.
I wouldn’t keep working unless you really enjoy it. That $4.9 million is going to keep compounding, so you don’t need to pad it.
@@DIVISIONINCISION There are many studies that work can make you live longer. It keeps you sharper and more active. But it has to be a stress free job you are passionate about.
45 here. We’re well on our way to retirement! Not having kids has been instrumental! 😂
Not having kids was the best decision!
Same here.
how many cars & pets ?
I thank God for mine…had surgery and they were there to help, I got ill another time, they took me to the doctor. Also, my both elderly parents died within 7 year period. Brothers and sisters took care of them to the end. My kids were expensive to raise, but some things you can calculate the value of like good health and relationships.
I thank God for mine…had surgery and they were there to help, I got ill another time, they took me to the doctor. Also, my both elderly parents died within 7 year period. Brothers and sisters took care of them to the end. My kids were expensive to raise, but some things you can’t calculate the value of like having good health and relationships.
Not sure the math checks out here...
If Social Security hypothetically pays you $2K/mo, and you need 5K/mo for expenses, leaving 3K shortfall, that's totalling $36000, and $1,000,000 yields $40k with the 4% rule. Fair enough, but look at the expenses - some of them are only there because of the upper middle class...
$8172/yr in transportation seems outlandish for someone in this situation
$1130/yr on clothes? seems excessive
$373 on education AND $152 on books?
$4443 in "cash contributions" ... to what? Is this charitable giving or what's going on here?
These add up to about 10K, and yes, you gotta spend some money on these things, but surely this could be cut in half at least. $5000 less is no joke when we're talking 58k/yr in living expenses dropping to 53k. And almost certainly you could cut more if needed honestly.
Don't get me wrong - if you have nothing saved for retirement, it's definitely a problem. I just don't think because of wealth stratification using average living expenses makes much sense.
Gen X here - it does not seem your numbers are right with how people seem to be living it up all around me!
They are either putting it on credit cards, or you are living in a well to do area.
it's probably just that you don't see outside of the circle you keep in your personal life. If you look at the national stats, it's clear the poor class has grown significantly and the middle class has shrunk by that same amount. Upper class is mostly unaffected. There are lots of reasons for this, but the reason his numbers are so very low is because of the downward movement as the middle class gets dismantled.
I see that a lot too….but I don’t want to be that guy who is too frugal to enjoy life now who turns 60 with millions in savings but don’t have the good health, time, and vigor to enjoy it. After 55 your energy levels start to slowly decrease and your health decline due to natural aging progression. It’s a balance of living life now and saving for tomorrow.
Why aren't people humble about how much they have? So much bragging. A good lesson I learned from my parents was to never talk about how much money you have. What is the goal in that?
It's the Internet most are probably lying.
so you were taught that wealth is something sacred, which is part of the problem a lot of people have with it. Sharing information is important, it's how you can learn to turn the ship around if you're floundering. You don't become successful by following the advice of someone that isn't successful themself. Some are bragging, true, but most are also sharing insight on how they got there. It's up to you to discern which is which and have the wisdom to learn or not.
A decade of almost zero interest rate on CD'S
And a stock market that tanked in 2001 and 2008 and 2020 and again any day now.
Always great videos but have you thought about getting a small tripod so you don’t have to hold your phone for 10 mins or more? It would also avoid the shaking. Just an idea. Continued success! 🙏🏾
Gen X here. 55 y.o. Am retired, now living in Peru, with a military pension with a beach home paid off, and a small apt. No mortgage, no debts of any kind. My wife still works but enjoys her work (hair stylist). We rent the beach home during the summer, and live in our apt. most of the year. Not rich, but no debts, and low monthly expenses. Food is our biggest monthly expense, but is very manageable here.
Did you meet your wife in Peru?
I'm looking at your channel.... trying to see if you had any vids about your "life in peru"...
But just figured I'd ask.
Is $1,800 per month enough to make it in Peru?
I'm aiming to flee the country when I turn 50 in a few years 😂😂
As already stated, Peru is not safe. Third world country. I am also retired military. Owning land in Texas offers more than Peru ever could!
@@DIVISIONINCISION how much is land in Tx? sounds like a big dime.
Don't forget to calculate the disasters that are on the way, but have not yet arrived. We have more 2008s on the way, more financial disasters, climate change, WWIII, peak oil, mineral exhaustion, political change, and the fact that prices of all kinds will be rising relentlessly, which will destroy your calculations on the way to retirement.
Peak oil was a myth, there's a lot of oil and we as a Nation are looking toward alternative energies. But yes, always prepare for worse case scenarios.
The good news is that they will have to continue working and not collect SS, saving it for us millenials.
Pffft, we know Gen Z isn’t contributing much to it.
lol you are all heart man all heart.....
They would still collect social security at 70 especially since most jobs at that age are barely minimum wage.
10k in savings sounds like a dream. Im only going to be able to retire in a box. How am I supposed to save when everything gets more expensive every year But income doesn't
hahahahha.... "Gen X in trouble", not even close. 7 figure retirement account and growing - not sure what you are dreaming about. I know more Boomers who are in deep shit not us Gen X'ers.
So his numbers be are fake? Doubt it.
This Gen X learned how to save and invest in his mid 20's. Bought his first house at 30 second house at 35, 401(k) and lucky to have a small pension plan too. No college debt at this point, a small passive income stream, might be able to swing this retirement thing. Working until 70 and them I am done.
if you’re in your mid fifties and your just starting to invest forget about asset allocation - focus on one or two growth stocks with high dividend yields and hope or the best - sometimes diversification is not your friend
Trying to convince my fellow gen-x'ers to focus on saving has been like hitting my head against the wall. From a behavior point of view it makes sense though. Most of us just wanted to hang out, and bumming a ride or sleeping on a friend's couch was ok. I myself just retired this year. Yip!
There will be a big increase in Gen X retirees moving out of the country just to survive in low cost countries
And then expats get all the hate for driving up housing costs all over the place and they wonder why they aren't loved oversea 🤔
Good point... Not sure if that will work but yea i could see that.
My parents are boomers and my dad has a pension. My husband and I are Gen X and no pensions but we’ve been putting into our Mortage, 401K and Roth IRA’s. My husband is 59 I’m 54 looking to retire in 2032 - Darn it! I want to retire now but the fiscally responsible thing is to pay off the house.
Young Gen X here. Took school seriously and picked a career that was in demand and paid well.
Saved, invested, lived below our means.
Life is good. No financial worries. Ignore what everyone else says and does.
This strategy worked and it really wasn't that hard.
I'm a younger Gen X. I currently have 3.6x my income in the TSP and will also have a federal pension. I have a small house that is paid for and don't have much debt. I guess it is just about finding a balance between saving for retirement and enjoying life while you are younger.
Shoutout to my fellow Gen Xers-we truly are a special generation! We’re the last to live through both pre-cellphone and post-cellphone times, the pre-internet and post-internet era, but we didn’t just witness it-we created it! We were the inventors and pioneers of the tech revolution that shapes the world today. Our music? Unmatched. Our fashion? Iconic. While the world keeps recycling trends, we’re here to take back the recognition we deserve. And like the Chainsmokers said, 'We ain’t ever getting older'-just stronger, wiser, and more relevant than ever! 🙌
We’re also the invisible glue that holds workplaces together who will accept responsibility and accountability, not sure who will put up with the pressure when we all retire !
Gen X’er who is almost 60 and am retiring in 4 months with 2 pensions and a lot of money in my 403b/401K and a paid off home. Learned all of this by raising myself and being responsible. Most of my friends have done as well or better than me.
I'm a late Gen Xer with a little over 200k saved in retirement. if I had less than 50k I'd work 3 jobs and save every dime. $40k saved for retirement and only 1900/mo in SS sounds like a nightmare scenario.
The way Azul is talking, you best be getting the three jobs now.
How the hell are the living expenses so high!? Overspending for sure.
Gen Xer here. Wife and I have combined 1.9 mil in investments. Hope to have it double in 8 or 9 years. Will have a paid off house and no other debt when we retire. Been investing since 23.
I’m Gen X. Retired debt free at 55. You must learn below your means and invest. Debt will crush you. Don’t spend money you don’t have.
Dont get married! Thats all you need to know.
This can be true as my first marriage was a disaster. Thank God no kids or alimony. However my current marriage is a home run. I’m 53 and our home will be paid off in six years. Savings not exactly where I’d want them to be right now, but at my current rate of investment I should still be able to retire at about 63 with no debt, $2,000 month in SS and about $250,000 saved for retirement. I won’t be rich, but I should be comfortable. And when you are retired and have a lot of time on your hands you can always find all the best deals regarding travel, and shopping, etc…because you can do anything whenever.
I'm early Gen X. Been saving at least 10 percent for retirement while I try to pay off massive student loan debt. Unfortunately my university education never helped me to find work.
Here is a solution. Retire in a developing country like Mexico or the Philippines and you can live off 2-3k dollars like a king/queen. You’re welcome.
I believe your right!
*you're
And avoid being kidnapped for ransom. Sounds like a blast.
Why would I want to live in Mexico when I own land in Texas, acres and acres. Mexico is a slum. Who wants to live there?
@@bka8851 kidnapped? Those two countries are just examples. There are other developing countries or countries where the cost of living is way lower than the United Stares, where kidnapping is not a thing. Thailand, Vietnam, Cambodia, Dominican Republic, Spain, Portugal, Turkey, countries in Eastern Europe. Take your pick. Have you travelled outside of your country?
Not this GenXer. I learned how to invest, how to trade options, and moved to Thailand.
Nursing homes are $10k to $15k a month right now and when GenX will need them it will be $20k to $25k per month. A lot of people are going to end up losing everything and fall into Medicaid. GenXers need to start thinking about long term care insurance and protecting their assets in some type of trust.
The vast majority of Americans don’t gross nowhere near $10-15k a month, how the heck would anyone save that much to pay to be put in a home? The government picks up the tab for illegals, let it pick up the tab for the nursing home.
I have a back up plan….kid #1 or kid #2, they better take care of me…lol
The question I ask, is why do I need to pay for a deck --chairs and a table on the grass or on some patio blocks from Home Depot isn't so bad. Decks need annual maintenance. Patio blocks just need power washing. There are so many ways we can save to achieve our retirement goals. My whole retirement portfolio is funded on me pushing a lawn mower and doing my own patio and I am in good shape. Oh, and I don't need to pay for a gym membership because I get lots of exercise taking care of my treed property. There are so many approaches to planning for retirement!
I don’t understand the concept of retiring. The day I retire is the day I stop living. This Gentleman is not retired either, he makes TH-cam videos and from the looks of it is a financial coach. IMO it’s best to stay active as much and as long as one can. Thank you.
I’m very early gen X. I had the advantage of knowing my entire working life that I’d have no pension and Social Security might not be there at all. So I started investing very early in my career.
My parents retired mid-50s with millions and savings and also have large assets and land. But they still choose to work for some reason.
Gen Xer retired in my 40s but with a low 'retirement ' account balance. We adapt and overcome because we've been on our own since childhood.
Thank you for adding the visual aids and charts on the video, it brings home the point for Gen X for preparing stronger
I'm 75 and live on $767.06/month, my pension. I have no debt. My SSI check is $1825/month. I invest it all. My brokerage acct is at $276K and grows about $30K/year. I never made much, and had to retire at 58 but I was careful. I live in a paid for 2 bedroom home valued at $125K and drive a beater.
Why didn't you choose a career that paid more so you wouldn't have had to sacrifice so much?
sounds like you lived it up😢😢
$1900 a month will live like a king in most countries around the world
Great advice Azul about saving 20% but I think those stats don't take into account many variables. In real life, people rent out rooms, work under the table, visit the food bank, forage, grow food, family may helping, etc. They make do. That math doesn't compute.
I saved 12% my whole career and am set but I started when I was 24.
@@deanrotering879 Great job!!!