He mentions at about 44:00 min, that some people become older, and wonder why they placed so much emphasis on personal saving/investing; and aren't drawing it down because Social Security and/or pensions are meeting their needs. I'm retired, have adequate income from a pension, am not drawing from my investments either, BUT; I sure am glad that I have a portfolio as a "back-up"..because having pensions and Social Security alone, put you in a position of TOTAL DEPENDENCY, upon the entities which "promise" those payments. To me..that's a VERY risky place to be, especially when one is elderly; and your "human capital" is mostly (or, entirely) in the rear-view mirror!
Thank you for the great interview!
He mentions at about 44:00 min, that some people become older, and wonder why they placed so much emphasis on personal saving/investing; and aren't drawing it down because Social Security and/or pensions are meeting their needs. I'm retired, have adequate income from a pension, am not drawing from my investments either, BUT; I sure am glad that I have a portfolio as a "back-up"..because having pensions and Social Security alone, put you in a position of TOTAL DEPENDENCY, upon the entities which "promise" those payments. To me..that's a VERY risky place to be, especially when one is elderly; and your "human capital" is mostly (or, entirely) in the rear-view mirror!
I had the concentration argument with my father constantly. His income and all his investments were all dependent on the same company and industry.
The big lie worked for me, Cutting spending and savings was the key for me.
Me too!
Thanks. I will checkout his book.
Thank you for great content 👏
Epic! Thanks.