Rising prices are impacting my plans to retire at 62, work part-time, and build savings, raising concerns about a more challenging situation than those who weathered the 2008 financial crisis. The stock market's volatility and reduced income are causing anxiety about having enough for retirement.
In a recession, consider investing in stocks cautiously, as it presents opportunities to buy low and sell high. While not financial advice, it's a favorable time to contemplate stock purchases, recognizing that having cash on hand may not always be the best option.
Absolutely! A skilled coach helped grow my investments from $321k to over $750k, primarily through stocks, ETFs, and bonds. I anticipate housing prices will stay stable until more homes become available.
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The wisest thing that should be on everyone's mind currently should be to trading in different streams of income that doesn't depend on government, especially with the current economic crises around the world?
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The disastrous decision to repeal the Glass-Steagall Act in the late 1990s led to the spectacular failure of huge banks during the financial crisis of 2007-2008. To prevent a future catastrophe, Dodd-Frank and this Act both need to be revived right away. What happened with SVB is just the start of what will happen if nothing is done to address the current problem.
I think SVB was attempting to restructure their bond holdings. Yes, they would lose money if they sold their low-yield bonds. However, they were attempting to make up for it by repurchasing bonds on the open market at the higher interest rate.
The SVB scenario warns that the effects of the Fed's rate hikes are still being felt, despite the economy's so far successful resilience. Investors need to be cautious about the upcoming inevitable in situations like these. I'll suggest hiring a financial advisor because you don't have to act on every forecast. For a time, I've been using this as my backup strategy.
@@jeffery_Automotive Would you please let me know how I might use their service to get in touch with this particular coach? You seem to know everything, unlike the rest of us.
The adviser I'm in touch with is 'Julie Anne Hoover' She works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
@@jeffery_Automotive Thanks a lot man, I just looked her up and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. Hope she responds soon
This is the mind set of all the generations after baby boomers, milenials and gen Z just wana spend thier retirements funds now because the world they have lived through makes them think the world in the future isnt going to be a pleasant one
Not to mention, you can really enjoy your time off when you're young and do cool things. I'd rather travel the world before I turn 50 than after, and I certainly don't regret all the time I've spent surfing in my 20's and 30's
Not the only reason. A non-guaranteed retirement isn't the only uncertain factor in a decade full of very obvious global political tensions. In addition, it just seems so illogical to put off happiness by spending two-thirds of your life miserably married to an exploitative corporate or manufacturing grindhouse. Not saying work should be abolished (or we'd end up in a non-functional society), but it *shouldn't* be the only thing life is about.
@@krumuvecis So basically. Enjoy life and party while in your 20-30s. And then commit suicide around late 50s since you won't get pensions anyways. Demographically it won't help. Dying early won't solve the problem of an aging population. In fact it'll only make it worse. This is going to be a big problem for Russia in the future due to them sending large amounts of young conscripts to die in Ukraine. So Russia will probably struggle with having an aging population in the future.
I'm 24 and have been working for a year only and it scares me to think I may have to do this until I physically can't. Already my work is so mentally draining.
I’m 27 and been working awhile and I only have 401k. We need to put money elsewhere because I’m sure we won’t have SS when we are older. Something that has been on my mind for a few years
The thing I miss often from this conversation is that the boomer generation has in many developed countries grown up in generous welfare conditions, while simultaneously continuously voting to drive down taxes, and water down that welfare state as they have the funds to lean less on it. However they still fight tooth and nail for their pensions and will not suffer the consequences of their voting history meanwhile the younger generation sees no hope in even receiving a pension as the age goes up and up while they still have 75+% of their working life to go.
this is why i support ending social security and its taxes. im tired of paying for other poeples retirement. that is what ira accounts are for. we need to get back to individual responsibility!
@@rmrobertmcgillivray Correct me if im wrong but pensions were never sustainable people are literally better off putting said pension to their own investment/retirement scheme instead of forcing people to pay for a future that current politicians squeeze out of for "greater good" pensions only work for high-risk low supply jobs (like military) but other safe jobs? they shouldn't have a pension cuz it's not sustainable to assume all will retire unless populations exponentially grows (unsustainable on planet) or assume that politicians will not take from the pension balance sheet
The solution is in connecting the cost of living crisis to the record profits elsewhere. Then people can start to prepare for their retirement. There are enough resources and money there. It just has to be distributed fairly
There is enough money, but resources is a different story, if half of riches were to be given to the poor, everything would soure in price bc resource availability stays the same
I go working 6 months full time every day and the rest of the year i do what i want and i am very happy for the moment with my system , i live when i´m young not when my body is broken !
Great video on an important topic. Thanks DW. Pensions in Japan are woefully inadequate. Companies ruthlessly exploit non-regular workers, a category into which the majority of elderly workers fall. A frequent scenario goes like this: the company forces an employee to retire at 60+ and then immediately hires them again at a hugely reduced salary and no benefits. And the politicians suck their teeth and do nothing.
Something that really hurts our pensions (both from the perspective of privately and publicly funded/supported ends of the spectrum) is wage stagnation. When real-wages fall for the majority of people, so do the real-taxes that go with them, and consequently, so does the ability of people to set aside their own savings for old age. I think a legitimate question not raised in this documentary is the degree to which venture capital and investment dividends are defining the dynamics of our economy today - taking up a larger slice of the societal economic pie so to speak - and this has profound implications for a wage/tax-funded pension system.
And yet if the programs were individualized investment accounts instead of current workers simply paying for current retirees, something that our pension systems completely missed out on with the enormous asset price appreciation of the 1980s, 90s, and 10s, there would be no major crises. So (imo) monetary policies that suppressed real wages to prop up assets, workers suffered from that, but then neither did their retirement savings ever benefit from that policy environment either. Just a total waste.
Capital gains, yknow, equity from investments or real estate, need to be taxed proportionate to their contributions to society. If there's no benefit to society, tax it 100%. Like landlords and insurance companies. Inserting yourself into the supply chain provides zero benefit to society, at best, and a negative return in general. We need to stop allowing capital to nominally extract without adding to the collective wellbeing. The effects are obvious. Like, in the midst of a pandemic, social lockdowns, why didn't we mandate a moratorium on rent, writ all and bar none? Why does every class suffer BUT the owner class? They make up 0.01% of the population. We could just make another Friday the 13th and rid us of the problem in one go. I'm not arguing. Greed and wealth hoarding, especially generational, produce the worst humanity has to offer. Nero and other nepobabies don't come from the projects. They're the aristocracy untethered from everyday struggle. They're the natural conclusion of capitalist, err, cannabalistic society.
@@Mix1mum Nobody is qualified to say what value something has to society, that’s why we have voluntary markets where prices confer these decisions at an individual level, with the sum of those millions of decisions being the only valid answer to the question, and always responding dynamically to continuing developments in their lives and in the economy, in a way that can probably never be predicted.
@@Mix1mum Believing that landlords and insurance companies don't add anything to society, puts you in a category of people that should be kept as far away from any economic policy as possible.
Canada is suffering from this. Very little wage gains, was manageable with low inflation. But now with inflation taking off, its become glaringly obvious that working age people cannot save enough to retire or even purchase vehicles or houses without very large burdens that then rely on the price always going up (real estate). This is going to have a sad ending for a lot of hard working people.
@@NikolaStamenkovic6 I think if you work for 30+ years in a public or private sector that promised retirement (by contract) upon a lifetime of service you are, by definition, entitled to that promise. Government or private policy applied later is irrelevant. Failure on the other parties fulfillment of this bargain should be met with "tea in the harbor". "‘It may be thought that suicide follows revolt - but wrongly. … [R]evolt gives value to life. … To a man devoid of blinders, there is no finer sight than that of the intelligence at grips with a reality that transcends it’ (Camus, The Myth of Sisyphus)."
@@NikolaStamenkovic6 Usually works best if its a best of both worlds. Have a basic state pension which will literally provide the minimal amount to live (say £1000 a month in england for example). Here in the uk workplace pensions are legal requirements, so whatever you pay in a year (usually around 5%) the company you work for also has to put in 5%
@@NikolaStamenkovic6 Would you prefer that governments look out for the well being of most people or that they look out for the fortunes of a few who are already rich? Just curious.
Saving is definitely needed but the real problem is your savings go backwards so easily through ripe off investments and inflation. Its very hard to see into the future now because things are changing very quickly and there appears to be no stability so planning is really called guessing these days
Thats why the only non rip-off investment and way to lock your money away from the effects of inflation is to invest in precious metals such as gold and silver.
The best investment nowadays is your own. Learn to take care of yourself, learn to be self sufficent(growing your own food is like printing your own money), learn to be not so dependent on th system
Also all the rare earth metals used in technology are fairly safe investments.... Neodymium, Lanthanum, Indium, Lanthanum, Lithium, Yttrium, Praseodymium, Palladium, Ruthenium, Scandium.....
@@blanckieification Totally agree, I retired 3 years ago and I have a good workshop that allows me to earn when I want not to mention maintaining my own house and car etc
@@unconventional_health if we’re talking about the largest companies yes. Don’t give yourself the California problem we’re nobody can start a business because of policies and taxes
@Annoying Commentator Tell me you're a privileged piece of garbage without telling me you're a privileged piece of garbage. Ah yes. "Let the people starve." That's a pretty good way to get your entire country burnt down in a glorious revolution. Dude, I know you hate poors, many people do. But you're supposed to pretend to care just enough in order to prevent the kind of violence that upper-middle-class white suburbanites piss themselves every night too
Taxing the companies (I assume you mean corporate tax) won't work, it will shrink the economy even more, and if the companies don't have employees their profits will also decrease, the solution is fixing the demographic issue, first with immigration then with highter child benefits.
One problem with the US Social Security pension system is that you are taxed if you work once you are retired, so it does not incentivize retirees to work. If they only taxed the employer's portion once you hit full retirement age, then you would have more people working, money would still flow into the system and it wouldn't penalize retirees.
If you have reached full retirement age (FRA) and are a single tax filer the first $25,000 of work-earned income is income-tax EXEMPT. You will pay 7.5% Social Security Tax on all work-earned income but that will be added to your calculated SS benefit increasing it. Can a small 7.5% "hair cut" really be a disincentive to work?
@@michaelb6529 $25,000 isn't what it use to be, the problem is up to 80% of your Social Security can be subjected to taxes, and if you are withdrawing some money from your 401K or IRA because eventually you will be forced to, it is easy to get taxed a lot of extra for each additional dollar earned, and yes 7.5% is a lot as well on top of other taxes. My point is to exempt Social Security 100% from taxation and also that 7.5% if you work, and maybe more people would work as there is no penalty to work as your SS would be tax free income.
Does the US social security system offer you enough money to live? The UK sure doesn't. The cost of living is about £21,000 per year, depending on where you live. The UK state pension is currently £10,000 per year. You can take steps to bring your cost of living down by buying your home, create passive income through investments and private pensions or you'll have to work part time for your "retirement" or you'll not make ends meet. The most interesting point from this video is that those who are most capable of working late in life are also those most likely to be able to achieve early retirement. Incentivising delayed retirement through poverty (postponing or reducing state pensions) only retains working class people who are likely to be disabled and/or chronically ill. To keep highly skilled, white collar workers it will be up to employers to create positive work environments with flexible working options that promote semi-retirement. Cutting employer taxes could give better results than cutting employee taxes, as backwards and unjust as it seems.
@@Draggonny To your first part, not necessarily. Your payments are based on your highest earning years, so in theory your benefits are related to your working income. It is adjusted for cost of living every few years, but it's not exact. This means that many people - especially those with lower earning jobs - make very little in retirement, I'd say less than $10k per year. Higher earners have the benefit of higher payments, as well as more likely to have separate savings and assets.
The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations,I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market??
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun.. Lloyd Bernard
Ironically, these are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The banks are in a big crisis. The market looks very shaky. The bigger the red candles, the bigger the green ones. I have made over $280k in the last 4 months by investing through my FA.
My financial advisor, Kate Elizabeth Amdall"", is a highly qualified and experienced professional in the financial market. She possesses a broad understanding of portfolio diversification and is recognized as an expert in this field.
The problem in society today is the uneven distribution of the steadily increased wealth. Which is due to how our financial system thrives on constant growth and exploitation of workers, minorities, animals and resources. We are reaching a point where neo-capitalism doesn't really work anymore. It will not work for humans, societies, nature and well, our planet.... Honestly, I think we're at a point where we need to consider a paradigm shift in our financial model in which we should transition to circular model which is just and morally sound.
How about more freedom to the individual. The ability to make their own decisions, good or bad. A higher percentage of what I work for, I keep, instead of having it taken away without my permission and spent without my consent. Too many people wanting to make decisions for other people. Charity is absolutely necessary, but it is only charity if it is voluntary, otherwise it is stealing, and a lot of people are involved it it, not just the politicians, the voters, sometimes the majority. How about leave me alone, and let me manage my own life. If you can't do a job, you shouldn't expect to be paid, that agreement should be between employer and employee, it really is nobody else's business.
You hit the nail on the head. The system of capitalism (at least in the USA) may have once funtioned, but now has become essentially an unsustainable ponzi scheme. What you are describing would be more sustainable.
That's one of Elon Musks motivations. When scientists working on US particles accelerator got fired because of a politicians decision. ..... he never wanted to be in this place.
Indeed. Not only that the quality of our "leaders" has clearly declined in the last few decades. Most politicians are only concerned about getting reelected and not about serving the people as their supposed to.
The issue is that in many countries, notably the U.S. and U.K., the generations now in retirement tore up the social contact by taking too much out and putting too little in. They an are in charge, and don't want to share in any of the sacrifices, whether paying more in tax or suffering lower benefits. As a result of the 1983 plan to "Save Social Security," the later born will get 20% less if they retire at the same age. But the average person born after 1957 or so is paid 20% less than comparable people born 1930 to 1957, and that will also decrease their benefits by 20%. Whether the retirement age is raised again, or benefits are just allowed to be cut, that will be a further 20% reduction. The "small government" Republicans have promised to guarantee the old age benefits of the older generations that vote Republican. And .8 x .8 x .8 mean a benefit that is half a comparable boomer. And in the U.S., later born generations also have lower life expectancy. The alternative proposed by the Democrats is another 2.4% in payroll tax, assessed on later born generations only. A higher tax on work income only, not investment or retirement income. With an immediate tax cut and benefit increase for today's retirees, the richest in history. In places like China, later born generations are smaller but richer than their parents. While they face challenges, the later born should be able to afford to support their parents' more modest lifestyles. Not so in the U.S.
America is the richest nation in the world, by far! But the problem is that over 70% of those wealths belong to baby boomers. The baby boomers also stuck in the cold-war mentality. Where war & blood are "key" to resolve conflicts instead of dialogues. We desperately need a multipolar world. A check and balance on The International stage.
We should also do our best to educate people on the importance of taking their health seriously so the financial burden as a result of failing/ill health reduces. Retirement planning should also be encouraged. We all know how slowly governments react to things like this and as such we should do the best we can from our end.
That's very true. Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement? Mine draws nearer by the day and I'm gradually going into panic mode
@@thesportsguruu There's no need to panic. The simplest way is to save more and invest those savings in profitable ventures (you must either be very informed or get the services of a professional so you don't end up losing your savings). I made my first million this year only through something as casual as Stocks and with less than 5 years left to retire, I don't have much to fear. Goodluck!
@@dr.karidouglas1312 ...Very sound and realistic... You mentioned investing and using pros, if its not a problem. do you mind telling if you used one or recommending a good one? I could definitely use external help right now... I look forward to you replying...
@@Mrcarlson_E Funny enough, I can honestly relate. Yes, I used one as I literally know next to nothing on the subject. For the professional, I don't know if I am permitted to go into details here, but mine is "Abraham Adam Keith" and you could look him up. I'm not so sure he takes on new people right now, but you could try.
As an elder millennial, one of the few advantages is having lived through the Great Recession. My advice. Reduce unnecessary expenses, increase your savings by investing in financial markets and do not sell. One thing I know for sure is that diversifying your income can help insulate you from much of the craziness going on in the world.
The stock market is a way to hedge against inflation. Most notably amidst recession, investors need to understand where and how to allocate funds to hedge against inflation and still make profits.
In my opinion, the impact of the rise or fall of the U.S. dollar on investments is multi-faceted but learning how to grow your money has never been easier than now that you can explore and experience a truly diverse marketplace passively by using a well-performing portfolio-advisor.
Thats true, I've been getting assisted by a coach for almost 2 year now, I started out with less than $120K and I'm just $19,000 short of half a million in profit.
well the stock market is down 20% since last year. Keeping my money in bank could be no good but investing is riskier I wish to find better value deals as asset prices keep decreasing but lack the skillset mind if I look up your advisor? I admit this is the only way for amateurs like myself
It would be very innovative suggestion to look out for Financial Advisors like ''Jackson Sten Marsh'' who can help shape up your portfolio. Trying times are ahead, and good personal financial management will be very important to weather the storm.
Not mentioned, the fact that a tiny fraction of families are hoarding the vast majority of wealth, and passively earning interest off of it. Raising taxes on these families with a global wealth tax would solve this.
damn bro thats a lot of talk coming from someone who got no idea how money works. You think billionaires got billions in cash just sitting around ready to be handed out? give me a break
It already exists in the form of inheritance tax in most countries. You just don't hear about it much because it's just not brought up. They pay far more than their share.
@@Captain__cooked He is talking about a wealth tax not an income. This means taxing the assets, this can be done by calculating the approx increase in asset value and taxing that. Say a person holds 1 billion in stocks if this year these stocks increase by 5% then that will be taxed. This is not capital gains, this person will be taxed on his holdings. An example of this would be liechtenstein's wealth tax.
@@Captain__cooked They literally do get billions off exactly that. Tax breaks, inherence, and profits off unequal wages are factually proven to be the way vast wealth accumulates the greatest. The wealthy hold 2/3rd of the worlds newly created wealth since Covid despite making up less than actual 1% of the population. It doesnt take a genius to figure out if Rich boy mc millionaire gets taxed a few millions to build a few schools or hospitals off the insane wealth their children will inherit for literally just existing. You sure talk alot for some one who has no concept of the wealth divide or why its growing.
@@soulr5307 their assets exist in the form of investments, taxing them will just reduced the size of the economy as a hole, a wealth tax is also hard to implement, costly to collect and it can result in capital flight, that's why most countries which had a wealth tax don't anymore, and others reduced it.
Everyone with a brain knew this was coming. I mean what else would happen when wealth keeps concentrating in the top 1%? If the vast majority of people are becoming poorer, then tax revenues fall (because rich people have ways to avoid paying their fair share). This reduces funds for public services.
This seems to put the responsibility of the problem on the workers. We now now after banking crisis, savings will not help. The root problem is wealth inequality and the rich getting richer. We saw in 2008 people who lost all their pension because of the greed and risks taken by their pension funds.
Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock.
@lloydbernard5847 I agree with you. I started investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money with an investment advisor and in seven months raised almost $873,000.
@@baileymclean8186 Any chance you can recommend who you work with for those of us who want to make the right plays now and be better positioned for a healthy retirement?
@@lisaollie4594 The thing is that I really don't like making such recommendations. But there are many freelance wealth managers you could check out. I have been working with "LISA ELLEN SHAW" for about four years now, and she's made decent returns. If she meets your discretion, then you could go ahead.
@@baileymclean8186 Thanks a lot for this. I really needed the recommendation, and I would love to move my funds from an existing mutual fund. I'll check her ouT.
I am uncertain of the details but Italy has a system where those employed in blue collar work can retire before those which have a white collar job. IN principal this is reasonable, as even if life expectancy is different, which I would argue is due to other factors than simple work factors, extending the working life a blue collar worker is much harder than that of a white collar worker. Standing all day on a factory floor at the age of 67 is a lot harder than sitting at a desk all day at the age of 67.
@@johnsamuel1999 That is true, however my wild guess is that some jobs simply cannot be continued as you get older so deciding to undertake a blue collar job has a long term disadvantage which requires some additional assistance. I am not certain if this is reasonable or not, I will leave that to others to decide.
You are what we Asian Americans shake our heads at. Wonder why we are wealthier than white people even though we came to America poorer? It's because we invest on education and plan for the long term. Don't indulge in foolish spending, and save/invest like an Asian and you will see why getting wealthy in America is quite easy, we know it is compared to Asia.
Why not do it like Australia? Everyone has individual retirement accounts and they have to pay 10% of their wage into them. That's why Australia has the highest net worth in the world, and there's no pension collapse coming.
I semi-retired at 35 years old. That was 20 years ago and I still dabble in my own Company. Best plan is to do something you enjoy, then full retirement never needs to happen
Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. 2023 will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $280,000 savings to turn to dust.
Me too. I thought about investing in the financial market, I heard that people make millions if you know the tricks of the trade, but I lack good knowledge and a strategy to outperform the market and generate good yields. I have $160,000 but it's hard to bite the bullet and do it.
@@Aziz__0 I came to realize that bear and bull markets provide opportunities for high gains, I used to bluff people who boasted of making a fortune in such bear markets until I do it myself. Well, unlike Canada the US stock market has had its longest bull run in history, so the hysteria and mass panic is understandable given that we're not used to such a troubled market. However, there are opportunities everywhere if you know where to look; with the help of an investment advisor who helped me diversify my portfolio, I made over $860,000 in profit the previous year.
@@Blitcliffe I have "NICOLE DESIREE SIMON" as my investment advisor. She has a solid reputation in her field and is a true genius when it comes to diversified portfolios, which help portfolios be less vulnerable to market downturns. She may be a name you are already familiar with; a Newsweek piece helped me to do so. She's a Google-able person.
@@2024Red-j5t I searched her up online and checked out her credentials since I was so intrigued. Top-notch! I emailed her to inquire about accepting new clients.
There's a trap in advanced civilizations of going through all the years of education, followed by low entry-level income, and finally being ready to commit to a relationship and start a family in your late 20s or even later. Some families even push their kids not to "mess around with a girlfriend/boyfriend and concentrate on school."
So true, my parents were very strict about relationships....I don't blame them, it's almost impossible to raise successfully child these day, hence my hesitance to have my own kids.With every aspect of life changing so fast, its hard to predict anything about future. ...Except maybe lack of new generations😅
@Universe Slap That was me too! My mom was always like "she's not good enough for you" about any girl, so I rarely dated at all. I kind of understand why with all the female peers I've had that made fast friends, got pregnant, and dropped out of school to work in retail.
In addition I see many parents forbid their kids from even working until they graduate from university. Many educated young people lacking any form of work experience, even life experience.
And yet production and efficiency is on the rise from the 70's... Revenue of a country grew yet the salaries didn't even close... So greed and power and re-distributon of wealth must happen and it will... There is no lack in the world just poor systems.
Productivity went up, but working hours went down. Standards of living went up. Life expectancies went up. Confiscating paper wealth from the wealthy doesn't solve the problem of a large number needing things like health care, while only a small number can provide it. Some people are very rich, but even the VERY RICH have very little compared to the needs of billions of people. If we took Jeff Bezos 250 billion dollars of paper wealth(which is really much less than that if he tried to cash it all in) and spread it around to everyone in America, it would be abput 800 dollars per Amerrican. Now that's a lot of money in aggregate, but it wouldn't last for very long. It might support a retired person for two weeks before it was gone. Even if you move on to Elon Musk, Bill Gates, Warren Buffett, and keep going down the line, ypu will wind up with a lotbof money, trillions of dollars before you're done, but it would still only fund social security + medicare for a year or two. It's not enough to solve the issue, only kick it down the road a little way into the future. And that's America, where we have "only" 340 million people and we have some ridiculously rich people. The situation would be much more dire in Europe or Asia, where the population imbalance is worse, there are far more people, and the wealthiest people aren't as wealthy.
The US economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?
Well I recommend you make a diversification plan because it's been harder to build a good stocksportfolio since COVID. My colleague suggested I hire a brokerage Advisor, and I've actually made over $150K with their help during last market upheavel. They used defensive strategies to protect my portfolio and make profits despite the ups and downs.
I have heard from my friend in Canada that the 20s and the 30s are working 2-3 jobs (either Parttime or full time) just for a living. The elderly need to postpone retirement age. This is a worldwide phenomenon.
As someone who live in the US, born in the 80s, we come to understand we wont ever be able to retire. Only those who became rich will enjoy that luxury. And after AI leaves it mark on the world there will only be two groups of people the haves and have nots. I never worried about it before but then I had kids now I do .
Speak for yourself. Like most responsible person, I don't spend all my wages each month. By taking advantageof the 401k, HSA and company matching, diversified investing, my wife and I have over $2 million now. This is typical among us Asian Americans. We shake our heads at how people who make less money than us wasting their money buying daily Starbucks and new cars every few years, rather living up the moment than have a plan for life.
@@olgagreen6059 Why should rich people not pay a living wage for their workers? Do you think it’s acceptable that Amazon doesn’t pay enough and exploits their workers? Stop licking the boot and support your kind.
@@adoe2305 Yes, people should have just made sure they were born into wealthy families. Making these terrible decisions to be born into the lower orders has consequences. Wise up people!
@WolfenGod 82 Ummm. Okay.. I don't see how that has any bearing on the decisions you make.. wealthy people make terrible decisions too. Quit trying so hard to be cool and go outside.
The whole story is about how good it is for old sick people after 65 to work as gardeners. This is idiotic. Working as a gardener is extremely physically demanding even for young people. And tell me, please, what does work in retirement have to do with the question that the state has nothing to pay pensions with? The only conclusion from this plot is to work until you die, the state has abandoned you.
I thought, in general, Australia has done pretty well. There are the regular groups who miss out, which definitely needs attention, but we get 10% of our pay, usually on top of our pre tax pay, going into our pension fund. It's enforced so everyone working gets it. Which should enable the government to be much less responsible for pension funding of the population, and so enabling them to afford those who haven't been lucky in life
It is a good system, although some workers (particularly with the rise of the gig economy) fall through that safety net due to being contractors and their employer using that to get around paying into their super funds. We also have the Future Fund, which is there to fund the public sector pensions, so I’m not sure Australia will have the 9T blow out as suggested in this video - some of the work has been done to address this issue, which has been known about for a long time.
@Maddie No. I'm really aware that firstly it's only for those of us with secure permanent jobs. And also if the stock market crashes a week before my retirement then I'm screwed. Super really shouldn't be linked to the stock market. It's made us all locked into the insanity that is stocks and shares. Basically we're gambling our entire work life savings on a fixed game. Inflation is less of an issue, as the stock market and our pay would likely increase too. Although as is happening now by not as much. If petrol suddenly cost $10 a litre, the global economy would collapse, so let's hope that doesn't happen
@@danellis-jones1591 Stocks should absolutely be a part of it since they earn the best returns generally, but you don't want the whole fund to be in that ofc, as it's too volatile. A mixture of stocks, bonds, including getting creative with infrastructure bonds, mining etc, and then gold, gold really ought to have a decent footprint. There is no comparing a system like that, to a system like we have here in the states, and in most developed countries, where there isn't even a return being generated, where the accounts aren't even individually personalized, just the current workers paying taxes which then goes to current retirees.
the daft government said during covid that you could draw on your suprer and alot did ,now thay cant put it back and some did un necessary things and didnt cut back on entertainment and home improvements
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.
It's not about money, it's the fact that no matter how you tax or penalize the younger generation, there just won't be enough available labor and productivity to service the retirees. You can't buy something that is not going to exist, and even if all of the wealth is shunted to the old, there will be nowhere to spend it.
As a man living in the Glasgow area, I am subject to the Glasgow Effect. That means I have a 25% chance of dying by 65 and a 50% chance of dying by 70. The UK State pension age will probably increase to 70 pretty soon which means I am likely to die before ever receiving a penny from the government despite my national insurance contributions. As I am likely to die early, I have saved and invested my money. I now own a rental property, invest in the stock market and have bottles of premium scotch whisky that I can also sell to collectors. This allows me to retire with some dignity in the next decade when I reckon I am likely to die of cancer or perhaps heart disease. The philosopher Nietzsche encouraged us to love our fate. If, like me, an early death is on the cards for you, I encourage you to pursue financial freedom so that you can retire early and don't need the state pension to survive. It probably won't be there for you anyway. Remember that the economic system we live in is a giant game of Monopoly. You cannot just work a job and collect your £200 and pass Go each month. You need to buy assets because if you don't you will be wiped out by things like interest rates and inflation. The best of luck to you all. If you want to know more, there are some excellent videos on TH-cam especially on The Simple Path to Wealth by JL Collins.
I am 64 years old and I am planning to work until I am 74, almost seven years past my government-declared full retirement age to begin collecting my social security retirement pension that I will have paid into for 53 years. I am delaying collecting my SS retirement pension until age 70, which will increase my benefit, banking it for the next four years and saving every dollar i can between now and 74. I also have a small pension. I still plan to work part-time after 74, probably in a virtual capacity as I am a white collar worker, in addition to doing volunteer work and focusing on my health and family. My parents got to experience the real "retirement" we all thought we were working towards but i realized it was not going to happen for me that way and i am going to have to continue to work and take responsibility for my retirement future. I am grateful that i can. It makes no sense to become entangled with the anger and frustration that is rooted in feelings of entitlement about our retirement years. I'm not college-educated but I am a reasonably intelligent person and I've seen the handwriting on the wall about this current and future situation for a while now. I think the comments about the economy, inflation, and the 1% not paying into the system are valid. Those and other reasons out of my control (including the loss of employer pensions across the board) have contributed to my inability to retire when I expected and was told I would be able to. So i have another plan that will (should) work for me. Thank you for airing this video. It really hit home for me.
In Germany, I heard warnings no less than thirty years ago that official authorities were already worrying how to deal with state funded pensions, if things would go on as envisioned. To curb the expenses, they decided to stop installing officers, and instead hire clerks. Moving the burden from the local finance treasuries to the higher authorities, including the federal state. Worries about common workers pensions also had been there even in the 1980ies (when Norbert Blüm was Minister for Work and Social affairs). It hasn't been resolved yet. It isn't only the inverted population pytramid. It is also the fact that many which are at an age to work, either cannot find jobs (them being taken away by automatization) or are so underpaid that they cannot pay high amounts of income tax, which is funding the state. Often it is even the other way around, that they are earning so little that the state has to fund them. Talking about companies privatizing the gains and socializing their losses (often by avoiding taxes and laying workers off) - this is aggravating the situation even more.
In my opinion, the way to solve for this issue. As an individual you must understand that we're in an asset economy. You must own assets which you can rent later, houses, apartments, potentially also stocks with dividend re-investments. In your lifetime you must complete on 2-3 of those assets and own them outright. In doing so, you insulate yourself from money inflation and you have a future incoming which can allow you to retire early and or pay for healthcare. You should move to spend most of your time in a lower cost location as you retire, or if you can work remotely. And finally, you must also think wisely to be around your children and pass these assets to them in an orderly manner.
tax the rich and they will move to another country with low tax rates like cayman islands. I dunno why u thick people can't undertand that. Money is liquid. It can be moved.
@@alexanderdekeuyper2990 Well, if they are filty rich, they are not going to care , are they ? They probably belong to the elites International citizenships .
What Margaret Thatcher and a family tragedy taught me was: Capitalism is bs, and life is short . So, I made a plan. My plan was, have as much time off having fun in my late 20's and in my 30's and then spend my old age working until i drop dead. It worked. Now, in my late 50's I absolutely love working, and even if they raise the retirement age to 90, I could not care less; I HAD MY FUN...and in fact continued well into my 40's before I knuckled down. Delaying "living life to the fullest" until your body is knackered, is a lie sold world wide...as the system gets you to work like a dog, with a promise. I regret NOTHING. I remember going into my office and telling my ahole of a boss: "I quit". I then spent 2 years going around the world windsurfing. There is ALWAYS time for work. So, chillax if you are young...live life and enjoy everyday.
This is exactly what I do in my late 20s.. I work 6 months, then off 6 months, spent traveling… hopefully will continue this trend in my 30s… what’s the point to relax and enjoy life later when that date may never even come
Excellent theme. We tried to forget the future consequences of our acts. The actual retirement system will colapse all over the world in the next decades. We have to speak openly and frankly about this with our family and friends.
I think the most telling thing is "They deserve to retire they deserve to enjoy life" as in, working and enjoying life are not synonymous. This is what needs to be fixed.
Sure, and who is going to pay for the daily requirements - food, water, electricity, maintenance, housing...? Are we just going to have a slave class that works for another group? People can't just live for free. That is why we have work and retirement savings. There needs to be a balanced way to work and enjoy life, not get rid of the concept of work altogether, unless you have some robotic-worker utopia in mind.
That's because for the great majority of people working and enjoying life are DEFINITELY not synonymous. For me personally, work is just a mandatory evil to get the bills paid and food on the table. I'm not going to work one millisecond longer than I have to. I have so many things I want to do and work's just stealing away my time, the best years of my life.
Any proof of that? My parents could never travel abroad, ate simple foods, had no internet, mobile phones, dangerous and unreliable cars and paid 15% interest on their mortgage. I’ll take my life any day.
@@TheSteinbitt An individual from the royal institute gave a presentation around the idea that older generations had in some ways screwed over the younger generations economically. One of the examples he gave was a line chart showing the average wealth of each generation over time. And yes, millennials and gen z are currently on track to be poorer then their parents. Also keep in mind that how much you earn isn’t the only thing that matters. It’s also how much you can buy with what you earn
@@TheSteinbitt Are you from the UK? I saw a comparison the other day between the millennial generation and the boomer generation (I think it was) and they only had to pay 4-5x their annual income for a property, it is now 9x annual income for this generation. The only thing that has improved is the technology/medicine etc.
Most retirement programs include some degree of investment risk, which is managed by a financial/banking institution. And what the banking sector has done in the last decades is to increase more and more investment in riskier elements that imply greater losses, and that includes buyback stocks to some degree (especially when there are losses in the stock market and shareholders put pressure). Thus, the money of the workers (everyone who has savings in an institution) generates profits for the shareholders, but when there are losses, they end up in the workers account, not in the shareholders'. It's money that enters the financial system, but does not return to people.
"it's the fact that birthday parties will soon become a rarer sight than funerals." Boy does that sound clever, but unless they start re-burying every corpse once a year that's not possible.
Don't see what the problem is. It is common knowledge that work required is less as robotics and ai expand. The only problem is that the benefits are not being shared, they are being pocketed by a few greedy super-rich. Legislation to fix that is all that is needed to be able to afford a well-deserved society which can afford to shrink and afford for the old to enjoy funded retirement. And also to afford to fix environmental and poverty problems.
As I see it, several factors are contributing to this. Corporate greed and wealth inequality are the two biggest factors. A handful of people earn more than everyone else combined. This is just absurd. Another factor not many are discussing is the population growth. While having kids can be an enjoyable adventure, it is a costly one; both for the parents, but also for society. With more people you need more resources (food, housing, energy, space, transport) and more money to keep the wheel turning. We are rapidly depleting even our renewable resources, because we are simply using too much of them. Eating beef vs eating plants is not a long term solution, neither is green energy. These strategies will help in slowing our decline, but it is not enough to stop it. But decreasing our population would.
Population in the developed world is already on course for decline, the rest of the world will be in the same boat in a few decades. We're going to be dealing with a population shortage, not overabundance, some of the dynamics of which are covered in this video.
Completely agree, we need more than 90-95% taxes to eradicate economical inequality. And rising population is even bigger problem nobody talks about. People shouldn't have more than one kid it dangerous. Why people don't understand it? Less people means less consumption. And free market leads to inequality. There are also many who suffers from spreading racism and sexism and it will shure eventually kill our economy. Why just not rise allowance a bit for them? Capitalism is a big mistake, sad a few people understand that.
@@Cotswolds1913 We won’t have population shortage for a very long time…. And the decline is extremely slow. We will have climate collapse sooner than our population will shrink to a more sustainable size.
@@naniyotaka Not that fast in the US sure. In most of the developed world the shortage has already started. Most European countries population will shrink by 2050, but working age is gonna decline much more drastically. For some countries it’s downright apocalyptic.
In the U.S. we need to educate our kids in public schools about being fiscally responsible. Social security taxes should be increased on large corporations regardless of how many people they employ (fulltime, part-time, or 1099). Corporations are more profitable with less employees. Also, the federal government needs to keep their hands out of these funds, and part of it needs to be invested.
Social security taxes are taxes on your wage, including the employer portion. You would just be increasing taxes on workers. Yea we pay 15%+ to social security and medicare, not 7.6% lol. We should be abolishing the payroll tax altogether imo (& it is do-able), but that's a discussion for another time.
Japan's problem was a bit different .Pensions were diverted in National Debt mechanisms rather than stocks and share with very low interest .So upon retirement the private pensions were low .
Pay people a living wage to have a family and they will. It's really not that hard. Spread the allocation of resources more equitably and things will improve significantly. Edit: these experts and journalist have so many questions, but the workers have the answers.
The economy also does badly if most people are saving and not consuming or investing. Then the old will have all the capital and still exploit the young. We are really living in the mice paradise
It is really striking to me that Governments and the majority of the Population are not able to see that the major issue which remains to be solved is Birth Rate. It is the birth rate which caused: a) This issue with retirement plans; b) The scarcity of people in many jobs in the economy; c) Which caused the increase of payments, which increased the inflation; d) In turn, was solved in part by immigration in our European societies; e) Which in turn has divided the society, and allowed the extreme right political movements to rise. Hence, it is highly important to talk about Birth Rate. Why has birth rate declined so sharply? Some say that is due to higher education, which makes people delay their age of starting earning their own salaries. To be honest, not only I think this could only delay this phenomenon by, at most, the 5 year period of a BSc + MSc, but also there are still people which get out of Education at the minimum mandatory schooling. To be honest, I think the root causes to the decline of Birth Rate are as follows: 1. The decline in purchasing power, in general; 2. The decline in wages, especially in an early stage of the career, which did not accompany the inflation rate in the last 10 to 20 years; 3. The excuse given by the 2008 financial crisis to not increase wages; 4. The corporate greed, and by CEOs in general, to squeeze the most from worker; 5. In line with that, the move to produce goods in Asian markets, which cut jobs in Europe; 6. The difficulty in having a stable job income; 7. More importantly, the difficulty in getting a house. I notice, namely the 6. and the 7. the most, when talking to older friends, family, and people in general. They simply do not understand that it has gotten quite difficult to save money on our young salaries, especially given the precocity situation that many young people face - namely, internships not paid, contracts which only have a duration of one year, contractor jobs / freelancer, etc... Many of these working relationship behaviors came from the period of post-2008 financial crisis, where there was more people seeking for a job, than actual jobs. Thus, companies saw this period as an opportunity to pay less, offer less, and earn more. It was only after the COVID-19 pandemic, has the plain field shifted, Now, companies have to pay more to attract talent. Moreover, Governments have disregarded housing. Housing is a major part of a society, after water and food security. Thus, Governments shall pay more attention to it, namely make affordable housing a reality again! Please, pay attention to birth rate TODAY! Because, the good earning of today's policy will only provide the fruit in 20+ years time
A remarkable report for what it omits to mention. The economies of industrialised nations have vastly increased their productivity over the last decades, but most people‘s salaries are not reflecting that. The salaries of employees have been rising more slowly than the value they create. It could be argued that pensions would not be a problem if employees incomes - and the portion they pay in pension contributions - had risen in line with productivity gains. What we see instead is a vast increase in capital gains on stocks, investments and real estate, an ever increasing concentration of private wealth in the hands of a few and commercial companies paying out record dividends, buying back shares to benefit their shareholders and a large part of the wealth created being bunkered in tax havens or tax avoidance schemes. Those who are able to save and invest a portion of their income may benefit from increasing capital gains, but large parts of the workforce - 40% in Germany - have no savings at all because they need all their income to pay for rent, food, and the basic necessities of life. They will not benefit from this investment economy. So, in the end, the real question is who really benefits from the value that is being created and could these benefits be distributed differently so that all of society and not just its wealthiest segment benefits? I am quite baffled that this report does not address this question at all, but simply presents either reducing pension payments or raising retirement (which are, in effect, largely the same thing) as the only alternative to fixing the pensions crisis. Why would the report fail to ask how the value created by people‘s work might be shared more equally across society to pay for retirement benefits?
The funny thing is... That by not having too many people in the labor pool means that low productivity services will need to pay more or start automating. The service sector has been driving the race to the bottom, along with wage arbitrage on the industrial sector. The so called pension crisis wouldn't be a problem if the private and public sectors weren't so committed to a race to the bottom on wages, and actually made inroads in investment for the future instead of promoting the financialization of the economy.
@@sociolocomtsac Yes, but there is a catch. The model of Software support pricing depends on scale and monopoly power. At this stage of the automation cycle the elements that are being automated are mostly to push the work to the customer. Which is easier to implement and allows for competition. For specialized robots for some tasks the complexity is greater and also the number of entrants small, so you will get pricing models that will become somewhat exploitative once the vendor has enough market share.
You can’t think like that. The same could have been said for steam engines, horse and cart, electricity, planes etc. ChatGTP and LLM is just something now, there will be more in 5 years and something else beyond that. As a human you need to evolve with it and remain flexible. Don’t consider your job/career as something you will do forever. Just think in 5 years increments.
A lot of the comments that I hear compare the technological advances in AI to the industrial revolution days.I feel the real basis should be what’s the scale of impact when steam engines were introduced vs models like ChatGPT.
A joint family system to look after our near and dear ones, the elderly looking after the young and the young ones taking care of the elderly is a simple universal solution. But in our quest for individual liberty, economic exclusivity and superiority, this idea itself would sound outlandish to many.
You can't look after anyone if your wages are eaten away by inflation, the financial institutions steal your savings (collapse of banks) and your government abandons any concern for you by allowing zero hour contracts and privatising the essentials of life such as water, energy and accommodation.
The calm and reasonable manner in which this problem was discussed is a credit to professional journalism. Though the idea that reasonable solutions can be found seems to be based on the presupposition that all else remains equal. Given the disruptive forces that threaten the stability of global society i.e the looming energy crisis, water shortages, climate change and, the challenge to the dollar's dominance - that seems unlikely. Moreover the younger generations, who will be asked to shoulder the increasing financial burden of these pension plans, themselves may not have much hope of enjoying the golden years of which you speak.
Enjoy life along the way and there’s no need for full retirement, I’m certainly looking forward to slowing down but also looking forward to being productive till I drop
No one seems to think ahead either. A lot of jobs will automated. UBI should be made for all or at least for those that can't work anymore or for those of a certain age.
There won't be enough jobs even for people who can work. So many artists are out of a job due to AI, and even warehouse work will be replaced by robots soon enough. Capitalism will collapse due to a lack of sufficient people with disposable income to actually buy anything, and with so many people out of work, that is just going to create even more discontent, the kind that revolutions are made of.
Well, automation will make us more efficient, like the PC revolution did - and we will be working the same or more hours despite the huge leaps in efficiency because all the extra profits from our increased productivity will funnel to the top.
Yes, technological advances have outstripped our old ideological systems. So the increased profits go to the rich owners who become richer while the poor become poorer. There needs to be a world revolution to create a new and sustainable system for all people for our future and an end to rampant and extreme capitalism.
It is so true about how it dificult to get hired after a certain age😢. I lived it, so many in terviews, so much discrimamation at work, it was painfull. Thank you for informing the public. Looks like i was not alone living this.🤑
over the last 50 years production per worker has gone through the roof yet wages have not kept pace and now a home a single high school educated worker could afford now needs a DINK with a pair of tech jobs and a helping hand from mom and dad. Don't tell me there's no money for pensions. Money is just production and we have no shortage of production. The wealth is being taken away by the owning class. Late stage capitalism, baby!
Look at the Australian model. 10.5 percent of your wage is withheld and put into compulsory superannuation. It is not voluntary. You can also add more if you wish. Compounding interest really helps as well.
If you want to save for retirement you have to do it in your twenties, especially if your still living with your parents. Another great tip is to study older people first hand and find out how they cope. People should be retiring at 65 and doing the things that make sense to them and spending some of their savings. By the time your 85 to 90 your lucky if you can still read license plates or paint a wall. Most people who are older have multiple problems, especially if they lose their mobility, everything starts shutting down. Seniors can extend their life by having younger people keeping in regular contact with them and taking them to medical appointments. But money talks and merit walks for some people, so having kids and looking after your parents is not a thing. It's also a sign of immaturity that bites in retirement.
Bro this isn't a life - Ur working for most of Ur life - wtf so you could have 10 years max to yourself ? And when Ur 65 Ur youth is gone ! Ur almost over - u can't really live a good life - we were not born to slave away in a system that despises us
This may have been true once, but not anymore - savings are being depleted by inflation rapidly. There’s no way for regular, working class people to save for retirement these days: you need to buy assets that generate passive income or else be doomed to work until you die.
@@keyboards6364 Nobody is born with the right to not work AND have everything provided for them. If you wanna opt out of modern society go buy a shack in the middle of nowhere and fend for yourself. You're not a slave, you're a participant in society. Grow up.
@@ten_tego_teges Depends... What is a slave? In Rome a slave couldn't choose what they do, where they live, who they interact with, were constantly oppressed, and got nothing for their work. In the 1880s there were coal towns. The company owned the coal mine, the shops and the houses. They priced everything so in the end every person in town had given their entire pay check back to the company. They truly got as much for their work as the Roman slaves ... and their mortality was higher due to coal dust. In essence they were slaves. It took a concerted political effort to break these up. For us with means we can't say we're slaves. But to low income earners... Take my foster child's dad. He got out of prison two years ago for crimes committed to feed the drug addiction caused by pain killers prescribed by doctors to ease the pain of injuries from military service. He no longer drinks or does drugs. There is no social housing and private housing is super expensive. He pays $650 a week Australian in rent for a two bedroom apartment when the average rent for a 3 bedroom is $500. In order to do that he's a cleaner in a hotel. That hotel is owned by the same people who own his apartment. He can't afford a car so he shops at a store at the base of his building. This store rents also from the same people he works for and due to the high rent their food prices are a lot higher. At the end of each week he has $2 if nothing happens. He has no ability to buy a bus ticket to go to job interviews. If he could buy a bus ticket he couldn't use it for shopping as they put a limit on the amount of shopping bags you can take on a bus so you can't do big shops any more. He has no ability to save. The only way to move is be homeless. Saying that.. he has walked up to 15km to see his son's football game... He has the freedom to do that. To me, he is a slave. Gotta love participating in society.
Something the video does not state is that: we as society should prevent the existence of billionaires. This degree of wealth concentration will make everyone lifes (except for them) worst and worst.
I'd prefer the following rule: government please don't take any social security money from me and I won't require anything from you when I'm old. Sounds fair, no?
Here in our country they even proposed this officially 10 years ago, but only for a second, before quickly retracting the proposal) Because EVERYONE cheered on this and was ready to give up their future pension (which nobody will get anyway).
In the USA we could remove pay caps on social security. Right now income is only taxed up to $250k per annum. If we extended it to billionaires we would fund he program for ever.
Let’s be real here - the only way to have anything like a retirement these days is to own assets that generate income passively. Saving money just doesn’t cut it anymore…
Great reporting, as always! Thank you to DW for is editorial impartiality efforts, and also to all the people at DW who strive on a daily basis to make their best quality work to inform us. From the bottom of my heart, thank you! It is only with transparency on information that we collectively, as a society, can evolve and improve our lives. Cheers from Portugal.
impartial ? dont make me laugh.. this was horrid. the message here is clear, people need to stop bitching and work longer and harder. HOWEVER, there is no mention of the sheer inefficiency of our econemy. so many useless jobs, so many things that could be done better, so much stress and extra jobs because of bureaucratic failure and horrid policy making. no mention of UBI no mention of larger economic reforms at all. this is stuck in the same system and unwilling to look to the future with impartial eyes. true impartial eyes would look at options beyond the rich class wishlist. "the government needs to raise the retirement age" instead of "the goverment should stop rampant greed that is destroying the pension systems and economy"
@@DaStefanP Laughing is great. If I made you laugh, I am a happy person. Thank you for the feedback 😀 Regarding your comment: The math is pretty simples: if the average life expectancy has risen - fortunately, due to advancements in drugs and medicine practices, coupled with the Government's investment on Health Systems - how should the current retirement model work? Meaning, if there is more people receiving pensions, for what the system was originally designed for, what is supposed to happen? Compounding to this, there are two factors: a) There are less adults in active age contributing to the social security system, which is part due to the decline in birth rate; and b) There is a considerable decrease in salaries of the current entering generation, compared to the retiring generation (accounting for inflation, which is also a factor for increasing pensions). This is why we have to be pro-immigration, and be strategic in increasing the birth rate in Europe. Otherwise, we are destiny to fail as a society.
the elderly in Japan, they used to love working so much and they dont want to quit neither and we usually dont have layoff if you are permanant employee
The biggest problem for this retirement issue is that many people depend on government for the majority of their retirement. One solution is to have a stable set of laws that allow people to save and invest on their own and people educating themselves on how things work rather than always just depending on someone else. The information is readily available on anyone’s mobile device. The problem is some people love spending/wasting time on social media and other things. Those are good distractions but people need to have the initiative to use majority of their time to learn. When you teach people to fish, you feed them for life. Now if no one offers to teach you to fish, go seek the info yourself and teach yourself how to fish. It’s not rocket science. And it’s not impossible.
Yes, people deserve to retire, but they also need to realise that younger people are paying for it. Younger people, for whom it is ever harder to afford a home, a car, heating and electricity.
This wouldn't be as much of a problem if we didn't have so much wealth inequality. We need to finally raise taxes on billionaires, millionaires and large corporations and close the loopholes that allow them to amass more and more wealth in fewer and fewer pockets.
Workers pay the corporate tax. Most studies put the burden of the corporate tax on workers at around 50% per $, some even higher. After all you're taking from the same pool of funds that would be making capital investments into things which make workers more productive & thus command higher incomes, as well as providing raises, as well as effecting the incentive for enterprise formation to begin with, as well as the fact that around half of American households are stock owners so reduced shareholder income also reduces income to workers.
Beyond that studies also show the corporate tax to be the single most harmful tax to economic growth, of them all, not to mention plays a big role in determining competitiveness of your country's industry, i.e. job opportunities.
@@Cotswolds1913 Many large corporations these days just use their profits for stock buybacks, manager bonuses and just generally increasing short-term shareholder profits without regard for the company's long-term health, the quality of its services or products or the happiness of its workers. If you're going to argue against higher corporate taxes for the benefit of workers, then that only makes sense if you simultaneously argue for way stricter regulations on how large corporations are allowed to spend their money and better worker protection laws.
@@neon-kitty You don’t need regulations for corporates to spend their money more effectively for the economy. The dynamic you refer to is primarily a reflection of a decade+ of 0% interest rates and QE. When the fed enormously increases credit and injects it into financial markets to drive up asset prices by unprecedented levels, with essentially free gambling money for any businesses who can get access to that credit (no interest cost), why wouldn’t you just buy stock?? Of course you would. In other words….you’re trying to solve a problem created by state/central bank regulation of the money supply, with more regulation lol. The classic break your leg and give you a crutch scenario.
The problem is that for the rich to stay rich, somebody has to give up their time to do low paid jobs unwillingly. Why is there a lack of labor? Because companies are always about growth and making more profits. The growth concept needs to be eradicated before we suck out every little ounce of resources on this earth. We don't need to increase population for the sake of growth. There will be no end to this.
Every day we encounter novel challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $500,000 savings vanish after putting in so much effort to accumulate them.
Despite hearing that insider trading secrets could lead to making millions in the financial market, I hesitated to invest as I lack the required skills and a sound strategy to surpass the market and achieve profitable returns. Additionally, although I possess $150,000, I find it challenging to take the plunge due to a shortage of funds.
It is advisable to steer clear of cons that appear improbable. Seeking guidance from a fiduciary advisor can be helpful as they are highly skilled in their field and can provide tailored advice based on an individual's risk appetite. While there may be unscrupulous individuals, there are also remarkable ones with a positive track record.
My Fin.Adviser is Debra Ella Nicholas. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.
A bear market will eventually finish, and a new bull market will commence. But how do you know when the market has reached its bottom? How can I profit from the current market?" I've heard of people getting up to $250k in a couple of months during this crash, and I'd like to know how.
The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
Elise Marie Terry is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
@@ThomasHeintz Thank you for this tip. it was easy to find your investment advisor. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
In the US, the reason that there is such a big dip in Social Security going in, is that forever the amount you make is taxed for Social Security is capped at about $150000 or so. But, there are many people making well over that amount: $300000, $400000, millions. All do not pay Social Security tax after $150000.
I live in a 3rd world country. Our pensions can’t even cut it for living subsistence. We all work with knowledge that we need to save up enough for ourselves or else…
Birthday parties will soon become a rarer site than funerals??? A person has a birthday once a year, and a funeral once a lifetime. The average human lifespan must be less than 1 year to make birthday parties rarer than funerals
The population rate of some countries is negative. If there are more deaths than births, does that not make funerals more common? Are you incapable of doing basic math?
Thank you for this wonderful video! I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong?
I strongly advise you against self trading, it's really dangerous and had brought so many investors down, you need someone with the knowledge and strategies, someone dedicated to the crypto currency market business, and I will strongly recommend expert, Mrs Shannon
This whole conversation to me seems to be overlooking something quite obvious but terrifying; this all functions under an assumption about capitalism and its maintenance, which given the climate crisis and the inevitability of profits to stabilize, we are just ignoring. What does it even mean to live in a society where we can live to 100 but can’t afford to? That’s a problem of philosophy, of what we as humans actually value. So far it appears we are unwilling to let go of this form of hierarchy, even as it kills us.
Exactly, the main reason this is an issue is: corporations gaining record profits yet workers having to compromise their retirement and not even gaining better wages, the ridiculous amount of BS jobs that only function to prop up current hierarchies rather than producing useful products/services (without those there'd be more labor force to help the elder population), and the constant degradation of the healthcare services making it a less appealing field to work in. If people had more direct power over their workplaces and communities, this whole retirement thing would go a lot smoother. Also we might not even have as much of a greying population because people wouldn't struggle to afford having children.
That's why I regret having kids. I trapped them in a life of slavery just like me. Living to work, not working to live. We have no rights to live anymore.
You do describe some of the problem but the biggest problem is that there is a massive increase in tax consumers (people that work or don't that consume more tax than they generate.) That means that governments can't allocate enough of the tax revenue to support those that paid the tax in their retirement.
Yes that what else call tax fraud. Poor people by definition can't provide enough tax that is the reason we tax the rich, because they have more money than those who need it and more than even what they need. Even if we account for private ownership it doesn't make sense to allow someone to own almost a whole country's worth of land and not have them pay enough tax and deny workers enough pay.
Given how little support parents get from the government and society in general. Plus the challenges with increasing cost of living this problem will only be exacerbated further.
@@adoe2305 Maybe because I worked all my life, paid taxes and paid my pension dues. also, I raised taxpayers myself with my own money , sweat and blood.I technically paid for my own retirement. Who’s retirement you are paying for I don’t know.
Retirement doesn’t have to be something that you wait around for until you reach your 60s. With a decent job and an aggressive savings plan, many are able to retire in their 40s and 50s.
Rising prices are impacting my plans to retire at 62, work part-time, and build savings, raising concerns about a more challenging situation than those who weathered the 2008 financial crisis. The stock market's volatility and reduced income are causing anxiety about having enough for retirement.
In a recession, consider investing in stocks cautiously, as it presents opportunities to buy low and sell high. While not financial advice, it's a favorable time to contemplate stock purchases, recognizing that having cash on hand may not always be the best option.
Absolutely! A skilled coach helped grow my investments from $321k to over $750k, primarily through stocks, ETFs, and bonds. I anticipate housing prices will stay stable until more homes become available.
@@ThomasChai05 I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
CAMILLE ALICIA GARCIA maintains an online presence. just make a simple search for her name online.
I just googled Camille and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
Thank you for sharing your thoughtful content... for
putting it out there with the passion that many of us need and strive for. I'm starting to listen to you
almost every morning. Your voice and words are calming, clarifying, uplifting and motivating.
It feels real and genuine. I am grateful to have your channel as a source for having a better relationship with myself and the world around me?
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The wisest thing that should be on everyone's mind currently should be to trading in different streams of income that doesn't depend on government, especially with the current economic crises around the world?
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The disastrous decision to repeal the Glass-Steagall Act in the late 1990s led to the spectacular failure of huge banks during the financial crisis of 2007-2008. To prevent a future catastrophe, Dodd-Frank and this Act both need to be revived right away. What happened with SVB is just the start of what will happen if nothing is done to address the current problem.
I think SVB was attempting to restructure their bond holdings. Yes, they would lose money if they sold their low-yield bonds. However, they were attempting to make up for it by repurchasing bonds on the open market at the higher interest rate.
The SVB scenario warns that the effects of the Fed's rate hikes are still being felt, despite the economy's so far successful resilience. Investors need to be cautious about the upcoming inevitable in situations like these. I'll suggest hiring a financial advisor because you don't have to act on every forecast. For a time, I've been using this as my backup strategy.
@@jeffery_Automotive Would you please let me know how I might use their service to get in touch with this particular coach? You seem to know everything, unlike the rest of us.
The adviser I'm in touch with is 'Julie Anne Hoover' She works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
@@jeffery_Automotive Thanks a lot man, I just looked her up and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. Hope she responds soon
that is the reason why nowadays people want to enjoy life as of their young years because they already know their retirement isn’t sure at all
This is the mind set of all the generations after baby boomers, milenials and gen Z just wana spend thier retirements funds now because the world they have lived through makes them think the world in the future isnt going to be a pleasant one
"live fast die young" now seems like a valid strategy
Not to mention, you can really enjoy your time off when you're young and do cool things. I'd rather travel the world before I turn 50 than after, and I certainly don't regret all the time I've spent surfing in my 20's and 30's
Not the only reason. A non-guaranteed retirement isn't the only uncertain factor in a decade full of very obvious global political tensions. In addition, it just seems so illogical to put off happiness by spending two-thirds of your life miserably married to an exploitative corporate or manufacturing grindhouse. Not saying work should be abolished (or we'd end up in a non-functional society), but it *shouldn't* be the only thing life is about.
@@krumuvecis So basically. Enjoy life and party while in your 20-30s. And then commit suicide around late 50s since you won't get pensions anyways.
Demographically it won't help. Dying early won't solve the problem of an aging population. In fact it'll only make it worse.
This is going to be a big problem for Russia in the future due to them sending large amounts of young conscripts to die in Ukraine.
So Russia will probably struggle with having an aging population in the future.
I'm 24 and have been working for a year only and it scares me to think I may have to do this until I physically can't. Already my work is so mentally draining.
I’m 27 and been working awhile and I only have 401k. We need to put money elsewhere because I’m sure we won’t have SS when we are older. Something that has been on my mind for a few years
u got another 41 ye8ars to go before escaping your prison cell! Good luck!
lolololololol only a year and youre whining ffs
@donsteffes9792 the value of whatever money you save will plummet by the time you retire keep that in mind too
What life have you seen to say the comment?..life has just started for you and you already want to retire???!!!
The thing I miss often from this conversation is that the boomer generation has in many developed countries grown up in generous welfare conditions, while simultaneously continuously voting to drive down taxes, and water down that welfare state as they have the funds to lean less on it. However they still fight tooth and nail for their pensions and will not suffer the consequences of their voting history meanwhile the younger generation sees no hope in even receiving a pension as the age goes up and up while they still have 75+% of their working life to go.
this is why i support ending social security and its taxes. im tired of paying for other poeples retirement. that is what ira accounts are for. we need to get back to individual responsibility!
@@rmrobertmcgillivray Correct me if im wrong
but pensions were never sustainable
people are literally better off putting said pension to their own investment/retirement scheme
instead of forcing people to pay for a future that current politicians squeeze out of for "greater good"
pensions only work for high-risk low supply jobs (like military)
but other safe jobs? they shouldn't have a pension cuz it's not sustainable to assume all will retire unless populations exponentially grows (unsustainable on planet)
or assume that politicians will not take from the pension balance sheet
@@rmrobertmcgillivray all that will do is increase inequality and further allow the haves to expand their riches, and trap more people in poverty.
Where did taxes really go down? In my country taxes only go up and up.
@@anj000 and that country is?
The solution is in connecting the cost of living crisis to the record profits elsewhere. Then people can start to prepare for their retirement. There are enough resources and money there. It just has to be distributed fairly
There is enough money, but resources is a different story, if half of riches were to be given to the poor, everything would soure in price bc resource availability stays the same
Older people squeeze younger people with bad policies. Birth rates decline. Fewer people to support pensions.
I go working 6 months full time every day and the rest of the year i do what i want and i am very happy for the moment with my system , i live when i´m young not when my body is broken !
The Dollar printer has broken down, and the wolf is already at your door.
@@ramdev9578 The wolf is capitalism, and yeah its failed us.
This is exactly what I plan on doing… I want to enjoy my youth, not wait to do things for a later day that maybe never comes
It’s better to burn out.. than fade away.
so are you planning on being "homeless" when you get older? it just sounds like you are lazy.
Great video on an important topic. Thanks DW.
Pensions in Japan are woefully inadequate. Companies ruthlessly exploit non-regular workers, a category into which the majority of elderly workers fall. A frequent scenario goes like this: the company forces an employee to retire at 60+ and then immediately hires them again at a hugely reduced salary and no benefits. And the politicians suck their teeth and do nothing.
Germany :pension average monthly income after tax is 1.152 euros. $1,272.
japanese: penston average monthly income after tax is 145,638 yen . $1,085
Something that really hurts our pensions (both from the perspective of privately and publicly funded/supported ends of the spectrum) is wage stagnation. When real-wages fall for the majority of people, so do the real-taxes that go with them, and consequently, so does the ability of people to set aside their own savings for old age.
I think a legitimate question not raised in this documentary is the degree to which venture capital and investment dividends are defining the dynamics of our economy today - taking up a larger slice of the societal economic pie so to speak - and this has profound implications for a wage/tax-funded pension system.
And yet if the programs were individualized investment accounts instead of current workers simply paying for current retirees, something that our pension systems completely missed out on with the enormous asset price appreciation of the 1980s, 90s, and 10s, there would be no major crises. So (imo) monetary policies that suppressed real wages to prop up assets, workers suffered from that, but then neither did their retirement savings ever benefit from that policy environment either. Just a total waste.
Capital gains, yknow, equity from investments or real estate, need to be taxed proportionate to their contributions to society. If there's no benefit to society, tax it 100%. Like landlords and insurance companies. Inserting yourself into the supply chain provides zero benefit to society, at best, and a negative return in general.
We need to stop allowing capital to nominally extract without adding to the collective wellbeing. The effects are obvious.
Like, in the midst of a pandemic, social lockdowns, why didn't we mandate a moratorium on rent, writ all and bar none?
Why does every class suffer BUT the owner class?
They make up 0.01% of the population.
We could just make another Friday the 13th and rid us of the problem in one go. I'm not arguing. Greed and wealth hoarding, especially generational, produce the worst humanity has to offer. Nero and other nepobabies don't come from the projects. They're the aristocracy untethered from everyday struggle. They're the natural conclusion of capitalist, err, cannabalistic society.
@@Mix1mum Nobody is qualified to say what value something has to society, that’s why we have voluntary markets where prices confer these decisions at an individual level, with the sum of those millions of decisions being the only valid answer to the question, and always responding dynamically to continuing developments in their lives and in the economy, in a way that can probably never be predicted.
@@Mix1mum Believing that landlords and insurance companies don't add anything to society, puts you in a category of people that should be kept as far away from any economic policy as possible.
Canada is suffering from this. Very little wage gains, was manageable with low inflation. But now with inflation taking off, its become glaringly obvious that working age people cannot save enough to retire or even purchase vehicles or houses without very large burdens that then rely on the price always going up (real estate).
This is going to have a sad ending for a lot of hard working people.
If countries the world over can still provide tax breaks to megacorporations then they can much more easily fund retirement pensions.
Would you prefer that everyone save for their pension or that gov do that for you? Just curious.
@@NikolaStamenkovic6 I think if you work for 30+ years in a public or private sector that promised retirement (by contract) upon a lifetime of service you are, by definition, entitled to that promise. Government or private policy applied later is irrelevant.
Failure on the other parties fulfillment of this bargain should be met with "tea in the harbor".
"‘It may be thought that suicide follows revolt - but wrongly. … [R]evolt gives value to life. … To a man devoid of blinders, there is no finer sight than that of the intelligence at grips with a reality that transcends it’ (Camus, The Myth of Sisyphus)."
@@NikolaStamenkovic6 Usually works best if its a best of both worlds. Have a basic state pension which will literally provide the minimal amount to live (say £1000 a month in england for example). Here in the uk workplace pensions are legal requirements, so whatever you pay in a year (usually around 5%) the company you work for also has to put in 5%
@@NikolaStamenkovic6 Would you prefer that governments look out for the well being of most people or that they look out for the fortunes of a few who are already rich? Just curious.
Have some consideration for the rich people who consider their vast and growing fortunes to be more important than the well-being of everyone else. /s
Saving is definitely needed but the real problem is your savings go backwards so easily through ripe off investments and inflation. Its very hard to see into the future now because things are changing very quickly and there appears to be no stability so planning is really called guessing these days
My savings have been obliterated since the great ‘Covid’ inflation
Thats why the only non rip-off investment and way to lock your money away from the effects of inflation is to invest in precious metals such as gold and silver.
The best investment nowadays is your own. Learn to take care of yourself, learn to be self sufficent(growing your own food is like printing your own money), learn to be not so dependent on th system
Also all the rare earth metals used in technology are fairly safe investments....
Neodymium, Lanthanum, Indium, Lanthanum, Lithium, Yttrium, Praseodymium, Palladium, Ruthenium, Scandium.....
@@blanckieification Totally agree, I retired 3 years ago and I have a good workshop that allows me to earn when I want not to mention maintaining my own house and car etc
I mean, given that companies are boasting record profits. You can just tax them more.
Yeah, pretty damn simple.
@@unconventional_health if we’re talking about the largest companies yes. Don’t give yourself the California problem we’re nobody can start a business because of policies and taxes
@Annoying Commentator Tell me you're a privileged piece of garbage without telling me you're a privileged piece of garbage.
Ah yes. "Let the people starve."
That's a pretty good way to get your entire country burnt down in a glorious revolution. Dude, I know you hate poors, many people do. But you're supposed to pretend to care just enough in order to prevent the kind of violence that upper-middle-class white suburbanites piss themselves every night too
Taxing the companies (I assume you mean corporate tax) won't work, it will shrink the economy even more, and if the companies don't have employees their profits will also decrease, the solution is fixing the demographic issue, first with immigration then with highter child benefits.
Lol classic simpletons giving out oversimplified solutions. No wonder you all achieve nothing real in life.
One problem with the US Social Security pension system is that you are taxed if you work once you are retired, so it does not incentivize retirees to work. If they only taxed the employer's portion once you hit full retirement age, then you would have more people working, money would still flow into the system and it wouldn't penalize retirees.
If you have reached full retirement age (FRA) and are a single tax filer the first $25,000 of work-earned income is income-tax EXEMPT. You will pay 7.5% Social Security Tax on all work-earned income but that will be added to your calculated SS benefit increasing it. Can a small 7.5% "hair cut" really be a disincentive to work?
@@michaelb6529 $25,000 isn't what it use to be, the problem is up to 80% of your Social Security can be subjected to taxes, and if you are withdrawing some money from your 401K or IRA because eventually you will be forced to, it is easy to get taxed a lot of extra for each additional dollar earned, and yes 7.5% is a lot as well on top of other taxes. My point is to exempt Social Security 100% from taxation and also that 7.5% if you work, and maybe more people would work as there is no penalty to work as your SS would be tax free income.
Does the US social security system offer you enough money to live? The UK sure doesn't. The cost of living is about £21,000 per year, depending on where you live. The UK state pension is currently £10,000 per year. You can take steps to bring your cost of living down by buying your home, create passive income through investments and private pensions or you'll have to work part time for your "retirement" or you'll not make ends meet.
The most interesting point from this video is that those who are most capable of working late in life are also those most likely to be able to achieve early retirement. Incentivising delayed retirement through poverty (postponing or reducing state pensions) only retains working class people who are likely to be disabled and/or chronically ill. To keep highly skilled, white collar workers it will be up to employers to create positive work environments with flexible working options that promote semi-retirement. Cutting employer taxes could give better results than cutting employee taxes, as backwards and unjust as it seems.
@@Draggonny To your first part, not necessarily. Your payments are based on your highest earning years, so in theory your benefits are related to your working income. It is adjusted for cost of living every few years, but it's not exact. This means that many people - especially those with lower earning jobs - make very little in retirement, I'd say less than $10k per year. Higher earners have the benefit of higher payments, as well as more likely to have separate savings and assets.
The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations,I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market??
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun.. Lloyd Bernard
Ironically, these are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The banks are in a big crisis. The market looks very shaky. The bigger the red candles, the bigger the green ones. I have made over $280k in the last 4 months by investing through my FA.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings, IRA and 401k accounts.
My financial advisor, Kate Elizabeth Amdall"", is a highly qualified and experienced professional in the financial market. She possesses a broad understanding of portfolio diversification and is recognized as an expert in this field.
Thanks, I just googled her and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
The problem in society today is the uneven distribution of the steadily increased wealth. Which is due to how our financial system thrives on constant growth and exploitation of workers, minorities, animals and resources. We are reaching a point where neo-capitalism doesn't really work anymore. It will not work for humans, societies, nature and well, our planet.... Honestly, I think we're at a point where we need to consider a paradigm shift in our financial model in which we should transition to circular model which is just and morally sound.
100% agree with this statement!
How about more freedom to the individual. The ability to make their own decisions, good or bad. A higher percentage of what I work for, I keep, instead of having it taken away without my permission and spent without my consent. Too many people wanting to make decisions for other people. Charity is absolutely necessary, but it is only charity if it is voluntary, otherwise it is stealing, and a lot of people are involved it it, not just the politicians, the voters, sometimes the majority. How about leave me alone, and let me manage my own life. If you can't do a job, you shouldn't expect to be paid, that agreement should be between employer and employee, it really is nobody else's business.
You hit the nail on the head. The system of capitalism (at least in the USA) may have once funtioned, but now has become essentially an unsustainable ponzi scheme. What you are describing would be more sustainable.
True but that will never happen before this system collapses.
The most important lesson I ever learned in my youth was to never ever depend on somebody else especially politicians.
I started an OF so I’m good
You still depend on your country's police and military to protect you from criminals, cartels, gangs, and other country's militaries.
@@ihmpall link?
That's one of Elon Musks motivations.
When scientists working on US particles accelerator got fired because of a politicians decision.
..... he never wanted to be in this place.
Indeed. Not only that the quality of our "leaders" has clearly declined in the last few decades. Most politicians are only concerned about getting reelected and not about serving the people as their supposed to.
The issue is that in many countries, notably the U.S. and U.K., the generations now in retirement tore up the social contact by taking too much out and putting too little in. They an are in charge, and don't want to share in any of the sacrifices, whether paying more in tax or suffering lower benefits.
As a result of the 1983 plan to "Save Social Security," the later born will get 20% less if they retire at the same age. But the average person born after 1957 or so is paid 20% less than comparable people born 1930 to 1957, and that will also decrease their benefits by 20%. Whether the retirement age is raised again, or benefits are just allowed to be cut, that will be a further 20% reduction. The "small government" Republicans have promised to guarantee the old age benefits of the older generations that vote Republican. And .8 x .8 x .8 mean a benefit that is half a comparable boomer. And in the U.S., later born generations also have lower life expectancy.
The alternative proposed by the Democrats is another 2.4% in payroll tax, assessed on later born generations only. A higher tax on work income only, not investment or retirement income. With an immediate tax cut and benefit increase for today's retirees, the richest in history.
In places like China, later born generations are smaller but richer than their parents. While they face challenges, the later born should be able to afford to support their parents' more modest lifestyles. Not so in the U.S.
Eat the Rich is not going to just be a phrase in a couple of generations
America is the richest nation in the world, by far!
But the problem is that over 70% of those wealths belong to baby boomers.
The baby boomers also stuck in the cold-war mentality.
Where war & blood are "key" to resolve conflicts instead of dialogues.
We desperately need a multipolar world.
A check and balance on The International stage.
Social security taxes only apply to the first $118k yearly income, remove the cap problem fixed.
Yep. the "Boomers" partied like a rock star, and we've got to pay for it.
You are wrong about china and they have an ageing population, they will face those problems before the US does because of population demographics
We should also do our best to educate people on the importance of taking their health seriously so the financial burden as a result of failing/ill health reduces. Retirement planning should also be encouraged. We all know how slowly governments react to things like this and as such we should do the best we can from our end.
That's very true. Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement? Mine draws nearer by the day and I'm gradually going into panic mode
@@thesportsguruu There's no need to panic. The simplest way is to save more and invest those savings in profitable ventures (you must either be very informed or get the services of a professional so you don't end up losing your savings). I made my first million this year only through something as casual as Stocks and with less than 5 years left to retire, I don't have much to fear. Goodluck!
@@dr.karidouglas1312 ...Very sound and realistic... You mentioned investing and using
pros, if its not a problem. do you mind telling if you used one or recommending a good one? I could definitely use external help right now... I look forward to you
replying...
true, a lot of times, you see people living like they won't retire. even footballers and musicians plan for this, why not you
@@Mrcarlson_E Funny enough, I can honestly relate. Yes, I used one as I literally know next to nothing on the subject. For the professional, I don't know if I am permitted to go into details here, but mine is "Abraham Adam Keith" and you could look him up. I'm not so sure he takes on new people right now, but you could try.
As an elder millennial, one of the few advantages is having lived through the Great Recession. My advice. Reduce unnecessary expenses, increase your savings by investing in financial markets and do not sell. One thing I know for sure is that diversifying your income can help insulate you from much of the craziness going on in the world.
The stock market is a way to hedge against inflation. Most notably amidst recession, investors need to understand where and how to allocate funds to hedge against inflation and still make profits.
In my opinion, the impact of the rise or fall of the U.S. dollar on investments is multi-faceted but learning how to grow your money has never been easier than now that you can explore and experience a truly diverse marketplace passively by using a well-performing portfolio-advisor.
Thats true, I've been getting assisted by a coach for almost 2 year now, I started out with less than $120K and I'm just $19,000 short of half a million in profit.
well the stock market is down 20% since last year. Keeping my money in bank could be no good but investing is riskier I wish to find better value deals as asset prices keep decreasing but lack the skillset mind if I look up your advisor? I admit this is the only way for amateurs like myself
It would be very innovative suggestion to look out for Financial Advisors like ''Jackson Sten Marsh'' who can help shape up your portfolio. Trying times are ahead, and good personal financial management will be very important to weather the storm.
Not mentioned, the fact that a tiny fraction of families are hoarding the vast majority of wealth, and passively earning interest off of it. Raising taxes on these families with a global wealth tax would solve this.
damn bro thats a lot of talk coming from someone who got no idea how money works. You think billionaires got billions in cash just sitting around ready to be handed out? give me a break
It already exists in the form of inheritance tax in most countries. You just don't hear about it much because it's just not brought up. They pay far more than their share.
@@Captain__cooked He is talking about a wealth tax not an income. This means taxing the assets, this can be done by calculating the approx increase in asset value and taxing that. Say a person holds 1 billion in stocks if this year these stocks increase by 5% then that will be taxed. This is not capital gains, this person will be taxed on his holdings. An example of this would be liechtenstein's wealth tax.
@@Captain__cooked They literally do get billions off exactly that. Tax breaks, inherence, and profits off unequal wages are factually proven to be the way vast wealth accumulates the greatest. The wealthy hold 2/3rd of the worlds newly created wealth since Covid despite making up less than actual 1% of the population. It doesnt take a genius to figure out if Rich boy mc millionaire gets taxed a few millions to build a few schools or hospitals off the insane wealth their children will inherit for literally just existing.
You sure talk alot for some one who has no concept of the wealth divide or why its growing.
@@soulr5307 their assets exist in the form of investments, taxing them will just reduced the size of the economy as a hole, a wealth tax is also hard to implement, costly to collect and it can result in capital flight, that's why most countries which had a wealth tax don't anymore, and others reduced it.
Everyone with a brain knew this was coming. I mean what else would happen when wealth keeps concentrating in the top 1%? If the vast majority of people are becoming poorer, then tax revenues fall (because rich people have ways to avoid paying their fair share). This reduces funds for public services.
People have gotten richer for hundreds of years, what are you talking about?
@@TheSteinbitt defo not you
Wealth on its own will not help us. We need working age people.
All those who didn’t have kids contributed to this
the west tanked the whole system when most production went offshore.trickle down economy/service economy remember those?...wow never seen this coming
@@TheSteinbitt thats just a lie in the 60s you could have 5 kids a stay at home wife working as a carteter
This seems to put the responsibility of the problem on the workers. We now now after banking crisis, savings will not help. The root problem is wealth inequality and the rich getting richer. We saw in 2008 people who lost all their pension because of the greed and risks taken by their pension funds.
Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock.
@lloydbernard5847 I agree with you. I started investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money with an investment advisor and in seven months raised almost $873,000.
@@baileymclean8186 Any chance you can recommend who you work with for those of us who want to make the right plays now and be better positioned for a healthy retirement?
@@lisaollie4594 The thing is that I really don't like making such recommendations. But there are many freelance wealth managers you could check out. I have been working with "LISA ELLEN SHAW" for about four years now, and she's made decent returns. If she meets your discretion, then you could go ahead.
@@baileymclean8186 Thanks a lot for this. I really needed the recommendation, and I would love to move my funds from an existing mutual fund. I'll check her ouT.
Was the Cinematic/trailer music score necessary in the beginning? Sounds more like a Hollywood trailer than a News Documentary.
I am uncertain of the details but Italy has a system where those employed in blue collar work can retire before those which have a white collar job. IN principal this is reasonable, as even if life expectancy is different, which I would argue is due to other factors than simple work factors, extending the working life a blue collar worker is much harder than that of a white collar worker. Standing all day on a factory floor at the age of 67 is a lot harder than sitting at a desk all day at the age of 67.
thank you ,, i agree
Good model
I'm italian and I can assure you are right, in Italy those employed in most straining blue collar jobs can retire before white collar workers!
But that means white collar workers will have to pay more into the pension system and get overall less, since the retirement age is different
@@johnsamuel1999 That is true, however my wild guess is that some jobs simply cannot be continued as you get older so deciding to undertake a blue collar job has a long term disadvantage which requires some additional assistance. I am not certain if this is reasonable or not, I will leave that to others to decide.
As an American, I've always expected to have to work until I die. It's hard to imagine retirement.
The average retirement age in the US is 62, which is pretty good though
I feel that needing to work until you die is different from being productive because you want to.
You are what we Asian Americans shake our heads at. Wonder why we are wealthier than white people even though we came to America poorer? It's because we invest on education and plan for the long term. Don't indulge in foolish spending, and save/invest like an Asian and you will see why getting wealthy in America is quite easy, we know it is compared to Asia.
Retire and do what? I like my work and will do it as long as I can.
@@live_free_or_perish Good for you, but most are not as luck as you.
Why not do it like Australia? Everyone has individual retirement accounts and they have to pay 10% of their wage into them. That's why Australia has the highest net worth in the world, and there's no pension collapse coming.
Money in your super won't help if there's no workers to take your money....
@@calj2090 We'll take our millions to retire in South East Asia.
Because lots of lazy people relying on those who work. So if they are lazy bastards they won’t have any money
I semi-retired at 35 years old. That was 20 years ago and I still dabble in my own Company.
Best plan is to do something you enjoy, then full retirement never needs to happen
Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. 2023 will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $280,000 savings to turn to dust.
Me too. I thought about investing in the financial market, I heard that people make millions if you know the tricks of the trade, but I lack good knowledge and a strategy to outperform the market and generate good yields. I have $160,000 but it's hard to bite the bullet and do it.
@@Aziz__0 I came to realize that bear and bull markets provide opportunities for high gains, I used to bluff people who boasted of making a fortune in such bear markets until I do it myself. Well, unlike Canada the US stock market has had its longest bull run in history, so the hysteria and mass panic is understandable given that we're not used to such a troubled market. However, there are opportunities everywhere if you know where to look; with the help of an investment advisor who helped me diversify my portfolio, I made over $860,000 in profit the previous year.
@@2024Red-j5t Please how can i reach this your investment adviser?
@@Blitcliffe I have "NICOLE DESIREE SIMON" as my investment advisor. She has a solid reputation in her field and is a true genius when it comes to diversified portfolios, which help portfolios be less vulnerable to market downturns. She may be a name you are already familiar with; a Newsweek piece helped me to do so. She's a Google-able person.
@@2024Red-j5t I searched her up online and checked out her credentials since I was so intrigued. Top-notch! I emailed her to inquire about accepting new clients.
There's a trap in advanced civilizations of going through all the years of education, followed by low entry-level income, and finally being ready to commit to a relationship and start a family in your late 20s or even later. Some families even push their kids not to "mess around with a girlfriend/boyfriend and concentrate on school."
So true, my parents were very strict about relationships....I don't blame them, it's almost impossible to raise successfully child these day, hence my hesitance to have my own kids.With every aspect of life changing so fast, its hard to predict anything about future.
...Except maybe lack of new generations😅
@Universe Slap That was me too! My mom was always like "she's not good enough for you" about any girl, so I rarely dated at all.
I kind of understand why with all the female peers I've had that made fast friends, got pregnant, and dropped out of school to work in retail.
In addition I see many parents forbid their kids from even working until they graduate from university. Many educated young people lacking any form of work experience, even life experience.
There are no jobs, homes and no one can maintain a real relationship. Boomers broke everything.
That’s really sad
And yet production and efficiency is on the rise from the 70's... Revenue of a country grew yet the salaries didn't even close... So greed and power and re-distributon of wealth must happen and it will... There is no lack in the world just poor systems.
Even this video doesn't even introduce the idea of taking the money from corporations
Revenue of the country grew? WTF does that mean? How is that related to salaries? Learn economics
Productivity went up, but working hours went down. Standards of living went up. Life expectancies went up. Confiscating paper wealth from the wealthy doesn't solve the problem of a large number needing things like health care, while only a small number can provide it.
Some people are very rich, but even the VERY RICH have very little compared to the needs of billions of people. If we took Jeff Bezos 250 billion dollars of paper wealth(which is really much less than that if he tried to cash it all in) and spread it around to everyone in America, it would be abput 800 dollars per Amerrican.
Now that's a lot of money in aggregate, but it wouldn't last for very long. It might support a retired person for two weeks before it was gone. Even if you move on to Elon Musk, Bill Gates, Warren Buffett, and keep going down the line, ypu will wind up with a lotbof money, trillions of dollars before you're done, but it would still only fund social security + medicare for a year or two. It's not enough to solve the issue, only kick it down the road a little way into the future.
And that's America, where we have "only" 340 million people and we have some ridiculously rich people. The situation would be much more dire in Europe or Asia, where the population imbalance is worse, there are far more people, and the wealthiest people aren't as wealthy.
The US economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?
Well I recommend you make a diversification plan because it's been harder to build a good stocksportfolio since COVID. My colleague suggested I hire a brokerage Advisor, and I've actually made over $150K with their help during last market upheavel. They used defensive strategies to protect my portfolio and make profits despite the ups and downs.
I find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.
I have heard from my friend in Canada that the 20s and the 30s are working 2-3 jobs (either Parttime or full time) just for a living. The elderly need to postpone retirement age. This is a worldwide phenomenon.
In Australia we have a decent minimum wage and plenty of jobs.
As someone who live in the US, born in the 80s, we come to understand we wont ever be able to retire. Only those who became rich will enjoy that luxury. And after AI leaves it mark on the world there will only be two groups of people the haves and have nots. I never worried about it before but then I had kids now I do .
It's bad enough now that people see in their teens the dangers of even attempting a family, so they don't.
Not enough people see that and they certainly dont vote like it.
Speak for yourself. Like most responsible person, I don't spend all my wages each month. By taking advantageof the 401k, HSA and company matching, diversified investing, my wife and I have over $2 million now. This is typical among us Asian Americans. We shake our heads at how people who make less money than us wasting their money buying daily Starbucks and new cars every few years, rather living up the moment than have a plan for life.
Why should rich people pay for the bad decisions that poor people’s families made?
@@olgagreen6059 Why should rich people not pay a living wage for their workers? Do you think it’s acceptable that Amazon doesn’t pay enough and exploits their workers? Stop licking the boot and support your kind.
The sad fact is that most of us are screwed…
Amen Brother.
Because most people make HORRIBLE decisions...
Get new skills. Rich people are not responsible for us 🙄
@@adoe2305
Yes, people should have just made sure they were born into wealthy families. Making these terrible decisions to be born into the lower orders has consequences. Wise up people!
@WolfenGod 82 Ummm. Okay.. I don't see how that has any bearing on the decisions you make.. wealthy people make terrible decisions too. Quit trying so hard to be cool and go outside.
The whole story is about how good it is for old sick people after 65 to work as gardeners. This is idiotic. Working as a gardener is extremely physically demanding even for young people. And tell me, please, what does work in retirement have to do with the question that the state has nothing to pay pensions with? The only conclusion from this plot is to work until you die, the state has abandoned you.
I thought, in general, Australia has done pretty well. There are the regular groups who miss out, which definitely needs attention, but we get 10% of our pay, usually on top of our pre tax pay, going into our pension fund. It's enforced so everyone working gets it. Which should enable the government to be much less responsible for pension funding of the population, and so enabling them to afford those who haven't been lucky in life
It is a good system, although some workers (particularly with the rise of the gig economy) fall through that safety net due to being contractors and their employer using that to get around paying into their super funds. We also have the Future Fund, which is there to fund the public sector pensions, so I’m not sure Australia will have the 9T blow out as suggested in this video - some of the work has been done to address this issue, which has been known about for a long time.
@Maddie No. I'm really aware that firstly it's only for those of us with secure permanent jobs. And also if the stock market crashes a week before my retirement then I'm screwed. Super really shouldn't be linked to the stock market. It's made us all locked into the insanity that is stocks and shares. Basically we're gambling our entire work life savings on a fixed game.
Inflation is less of an issue, as the stock market and our pay would likely increase too. Although as is happening now by not as much. If petrol suddenly cost $10 a litre, the global economy would collapse, so let's hope that doesn't happen
@@danellis-jones1591 Stocks should absolutely be a part of it since they earn the best returns generally, but you don't want the whole fund to be in that ofc, as it's too volatile. A mixture of stocks, bonds, including getting creative with infrastructure bonds, mining etc, and then gold, gold really ought to have a decent footprint.
There is no comparing a system like that, to a system like we have here in the states, and in most developed countries, where there isn't even a return being generated, where the accounts aren't even individually personalized, just the current workers paying taxes which then goes to current retirees.
the daft government said during covid that you could draw on your suprer and alot did ,now thay cant put it back and some did un necessary things and didnt cut back on entertainment and home improvements
And this 10% is going to an account and is stored there? Or is used to pay pensions for current retires NOW?
it's getting harder to retire comfortably, especially since people are saving less than they need. It’s like a real retirement crisis going on
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.
It's not about money, it's the fact that no matter how you tax or penalize the younger generation, there just won't be enough available labor and productivity to service the retirees. You can't buy something that is not going to exist, and even if all of the wealth is shunted to the old, there will be nowhere to spend it.
Then add the pressure on governments - and willingness of the big-government politicians - to tax people and companies with money!
@@dro355 the corporate money not gonna take care of the old people alone lmao
@@prodbyfm it would be a start...
@@Musamecanica i really commented on a news video like im not 18 lmao idc about seniors fr im prolly gonna get drafted to go to war soon
bs. AI and Automation and Humanoids exist
As a man living in the Glasgow area, I am subject to the Glasgow Effect. That means I have a 25% chance of dying by 65 and a 50% chance of dying by 70. The UK State pension age will probably increase to 70 pretty soon which means I am likely to die before ever receiving a penny from the government despite my national insurance contributions. As I am likely to die early, I have saved and invested my money. I now own a rental property, invest in the stock market and have bottles of premium scotch whisky that I can also sell to collectors. This allows me to retire with some dignity in the next decade when I reckon I am likely to die of cancer or perhaps heart disease. The philosopher Nietzsche encouraged us to love our fate. If, like me, an early death is on the cards for you, I encourage you to pursue financial freedom so that you can retire early and don't need the state pension to survive. It probably won't be there for you anyway. Remember that the economic system we live in is a giant game of Monopoly. You cannot just work a job and collect your £200 and pass Go each month. You need to buy assets because if you don't you will be wiped out by things like interest rates and inflation. The best of luck to you all. If you want to know more, there are some excellent videos on TH-cam especially on The Simple Path to Wealth by JL Collins.
I am 64 years old and I am planning to work until I am 74, almost seven years past my government-declared full retirement age to begin collecting my social security retirement pension that I will have paid into for 53 years. I am delaying collecting my SS retirement pension until age 70, which will increase my benefit, banking it for the next four years and saving every dollar i can between now and 74. I also have a small pension. I still plan to work part-time after 74, probably in a virtual capacity as I am a white collar worker, in addition to doing volunteer work and focusing on my health and family. My parents got to experience the real "retirement" we all thought we were working towards but i realized it was not going to happen for me that way and i am going to have to continue to work and take responsibility for my retirement future. I am grateful that i can. It makes no sense to become entangled with the anger and frustration that is rooted in feelings of entitlement about our retirement years. I'm not college-educated but I am a reasonably intelligent person and I've seen the handwriting on the wall about this current and future situation for a while now. I think the comments about the economy, inflation, and the 1% not paying into the system are valid. Those and other reasons out of my control (including the loss of employer pensions across the board) have contributed to my inability to retire when I expected and was told I would be able to. So i have another plan that will (should) work for me. Thank you for airing this video. It really hit home for me.
In Germany, I heard warnings no less than thirty years ago that official authorities were already worrying how to deal with state funded pensions, if things would go on as envisioned. To curb the expenses, they decided to stop installing officers, and instead hire clerks. Moving the burden from the local finance treasuries to the higher authorities, including the federal state. Worries about common workers pensions also had been there even in the 1980ies (when Norbert Blüm was Minister for Work and Social affairs). It hasn't been resolved yet.
It isn't only the inverted population pytramid. It is also the fact that many which are at an age to work, either cannot find jobs (them being taken away by automatization) or are so underpaid that they cannot pay high amounts of income tax, which is funding the state. Often it is even the other way around, that they are earning so little that the state has to fund them.
Talking about companies privatizing the gains and socializing their losses (often by avoiding taxes and laying workers off) - this is aggravating the situation even more.
In my opinion, the way to solve for this issue. As an individual you must understand that we're in an asset economy. You must own assets which you can rent later, houses, apartments, potentially also stocks with dividend re-investments. In your lifetime you must complete on 2-3 of those assets and own them outright. In doing so, you insulate yourself from money inflation and you have a future incoming which can allow you to retire early and or pay for healthcare. You should move to spend most of your time in a lower cost location as you retire, or if you can work remotely. And finally, you must also think wisely to be around your children and pass these assets to them in an orderly manner.
Have we thought of taxing the rich? Nah, more tax cuts.
tax the rich and they will move to another country with low tax rates like cayman islands. I dunno why u thick people can't undertand that. Money is liquid. It can be moved.
France already has pretty high tax rates. They need to reduce their expenses.
The rich either left their country or become a None Dom .
@@alexanderdekeuyper2990 Well, if they are filty rich, they are not going to care , are they ? They probably belong to the elites International citizenships .
@@alexanderdekeuyper2990 sir, this violates the Universal Declaration of Human Rights
In Australia the pension age is 67. That being said I have intention of retiring. I will keep working till I cant.
What Margaret Thatcher and a family tragedy taught me was: Capitalism is bs, and life is short . So, I made a plan. My plan was, have as much time off having fun in my late 20's and in my 30's and then spend my old age working until i drop dead. It worked. Now, in my late 50's I absolutely love working, and even if they raise the retirement age to 90, I could not care less; I HAD MY FUN...and in fact continued well into my 40's before I knuckled down. Delaying "living life to the fullest" until your body is knackered, is a lie sold world wide...as the system gets you to work like a dog, with a promise. I regret NOTHING. I remember going into my office and telling my ahole of a boss: "I quit". I then spent 2 years going around the world windsurfing. There is ALWAYS time for work. So, chillax if you are young...live life and enjoy everyday.
This is exactly what I do in my late 20s.. I work 6 months, then off 6 months, spent traveling… hopefully will continue this trend in my 30s… what’s the point to relax and enjoy life later when that date may never even come
That sucks imo. I plan to enjoy my life until I die imagine working into your 80s. Lmao
Exactly. You can work like a dog then be too sick to travel or die.
Yes to all of this! I did the same.
Tax people that make over 165000 dollars a year ON THEIR WHOLE SALARY.
Problem solved. Thank you for you support and common sense.
Excellent theme. We tried to forget the future consequences of our acts. The actual retirement system will colapse all over the world in the next decades. We have to speak openly and frankly about this with our family and friends.
I think the most telling thing is "They deserve to retire they deserve to enjoy life" as in, working and enjoying life are not synonymous. This is what needs to be fixed.
Sure, and who is going to pay for the daily requirements - food, water, electricity, maintenance, housing...? Are we just going to have a slave class that works for another group? People can't just live for free. That is why we have work and retirement savings.
There needs to be a balanced way to work and enjoy life, not get rid of the concept of work altogether, unless you have some robotic-worker utopia in mind.
If you work a job that excites you, no, but MOST jobs are for the paycheck and simply paying bills
Work might be more enjoyable if employers didn't go out of their way to exploit their workers.
That's because for the great majority of people working and enjoying life are DEFINITELY not synonymous. For me personally, work is just a mandatory evil to get the bills paid and food on the table. I'm not going to work one millisecond longer than I have to. I have so many things I want to do and work's just stealing away my time, the best years of my life.
The hard truth is, new generations earn relatively less than their parents, so it's harder for them to save enough.
Especially now with inflation
Any proof of that? My parents could never travel abroad, ate simple foods, had no internet, mobile phones, dangerous and unreliable cars and paid 15% interest on their mortgage. I’ll take my life any day.
@@TheSteinbitt An individual from the royal institute gave a presentation around the idea that older generations had in some ways screwed over the younger generations economically. One of the examples he gave was a line chart showing the average wealth of each generation over time. And yes, millennials and gen z are currently on track to be poorer then their parents.
Also keep in mind that how much you earn isn’t the only thing that matters. It’s also how much you can buy with what you earn
and hard to contribute to the pension system when the overall salary average of a country has been stagnated for decades.
@@TheSteinbitt Are you from the UK? I saw a comparison the other day between the millennial generation and the boomer generation (I think it was) and they only had to pay 4-5x their annual income for a property, it is now 9x annual income for this generation. The only thing that has improved is the technology/medicine etc.
Most retirement programs include some degree of investment risk, which is managed by a financial/banking institution. And what the banking sector has done in the last decades is to increase more and more investment in riskier elements that imply greater losses, and that includes buyback stocks to some degree (especially when there are losses in the stock market and shareholders put pressure). Thus, the money of the workers (everyone who has savings in an institution) generates profits for the shareholders, but when there are losses, they end up in the workers account, not in the shareholders'. It's money that enters the financial system, but does not return to people.
Spot on!
"it's the fact that birthday parties will soon become a rarer sight than funerals."
Boy does that sound clever, but unless they start re-burying every corpse once a year that's not possible.
Don't see what the problem is. It is common knowledge that work required is less as robotics and ai expand.
The only problem is that the benefits are not being shared, they are being pocketed by a few greedy super-rich.
Legislation to fix that is all that is needed to be able to afford a well-deserved society which can afford to shrink and afford for the old to enjoy funded retirement. And also to afford to fix environmental and poverty problems.
As I see it, several factors are contributing to this. Corporate greed and wealth inequality are the two biggest factors. A handful of people earn more than everyone else combined. This is just absurd. Another factor not many are discussing is the population growth. While having kids can be an enjoyable adventure, it is a costly one; both for the parents, but also for society. With more people you need more resources (food, housing, energy, space, transport) and more money to keep the wheel turning. We are rapidly depleting even our renewable resources, because we are simply using too much of them. Eating beef vs eating plants is not a long term solution, neither is green energy. These strategies will help in slowing our decline, but it is not enough to stop it. But decreasing our population would.
Population in the developed world is already on course for decline, the rest of the world will be in the same boat in a few decades. We're going to be dealing with a population shortage, not overabundance, some of the dynamics of which are covered in this video.
Completely agree, we need more than 90-95% taxes to eradicate economical inequality. And rising population is even bigger problem nobody talks about. People shouldn't have more than one kid it dangerous. Why people don't understand it? Less people means less consumption. And free market leads to inequality. There are also many who suffers from spreading racism and sexism and it will shure eventually kill our economy. Why just not rise allowance a bit for them? Capitalism is a big mistake, sad a few people understand that.
Decreasing the population would make the problem bigger lol
@@Cotswolds1913 We won’t have population shortage for a very long time…. And the decline is extremely slow. We will have climate collapse sooner than our population will shrink to a more sustainable size.
@@naniyotaka Not that fast in the US sure. In most of the developed world the shortage has already started. Most European countries population will shrink by 2050, but working age is gonna decline much more drastically. For some countries it’s downright apocalyptic.
I’m in Japan and all around me are people who look older than I am (73).😢
In the U.S. we need to educate our kids in public schools about being fiscally responsible. Social security taxes should be increased on large corporations regardless of how many people they employ (fulltime, part-time, or 1099). Corporations are more profitable with less employees. Also, the federal government needs to keep their hands out of these funds, and part of it needs to be invested.
Social security taxes are taxes on your wage, including the employer portion. You would just be increasing taxes on workers. Yea we pay 15%+ to social security and medicare, not 7.6% lol. We should be abolishing the payroll tax altogether imo (& it is do-able), but that's a discussion for another time.
Japan's problem was a bit different .Pensions were diverted in National Debt mechanisms rather than stocks and share with very low interest .So upon retirement the private pensions were low .
Pay people a living wage to have a family and they will. It's really not that hard. Spread the allocation of resources more equitably and things will improve significantly.
Edit: these experts and journalist have so many questions, but the workers have the answers.
👏🏾
bs. Companies don't have the money to "spread" resources, they are to heavily taxed because of retirements
@@Solid_Snake99 American co.panies are reporting record profits. Sontag take my word for it at sec filings.
@@derekhauser6780 I am talking about europe!! Get off european comments
@@Solid_Snake99 I don't think you understand the global economy.
The economy also does badly if most people are saving and not consuming or investing. Then the old will have all the capital and still exploit the young.
We are really living in the mice paradise
It is really striking to me that Governments and the majority of the Population are not able to see that the major issue which remains to be solved is Birth Rate.
It is the birth rate which caused:
a) This issue with retirement plans;
b) The scarcity of people in many jobs in the economy;
c) Which caused the increase of payments, which increased the inflation;
d) In turn, was solved in part by immigration in our European societies;
e) Which in turn has divided the society, and allowed the extreme right political movements to rise.
Hence, it is highly important to talk about Birth Rate.
Why has birth rate declined so sharply?
Some say that is due to higher education, which makes people delay their age of starting earning their own salaries.
To be honest, not only I think this could only delay this phenomenon by, at most, the 5 year period of a BSc + MSc, but also there are still people which get out of Education at the minimum mandatory schooling.
To be honest, I think the root causes to the decline of Birth Rate are as follows:
1. The decline in purchasing power, in general;
2. The decline in wages, especially in an early stage of the career, which did not accompany the inflation rate in the last 10 to 20 years;
3. The excuse given by the 2008 financial crisis to not increase wages;
4. The corporate greed, and by CEOs in general, to squeeze the most from worker;
5. In line with that, the move to produce goods in Asian markets, which cut jobs in Europe;
6. The difficulty in having a stable job income;
7. More importantly, the difficulty in getting a house.
I notice, namely the 6. and the 7. the most, when talking to older friends, family, and people in general.
They simply do not understand that it has gotten quite difficult to save money on our young salaries, especially given the precocity situation that many young people face - namely, internships not paid, contracts which only have a duration of one year, contractor jobs / freelancer, etc...
Many of these working relationship behaviors came from the period of post-2008 financial crisis, where there was more people seeking for a job, than actual jobs.
Thus, companies saw this period as an opportunity to pay less, offer less, and earn more.
It was only after the COVID-19 pandemic, has the plain field shifted,
Now, companies have to pay more to attract talent.
Moreover, Governments have disregarded housing.
Housing is a major part of a society, after water and food security.
Thus, Governments shall pay more attention to it, namely make affordable housing a reality again!
Please, pay attention to birth rate TODAY!
Because, the good earning of today's policy will only provide the fruit in 20+ years time
A remarkable report for what it omits to mention. The economies of industrialised nations have vastly increased their productivity over the last decades, but most people‘s salaries are not reflecting that. The salaries of employees have been rising more slowly than the value they create. It could be argued that pensions would not be a problem if employees incomes - and the portion they pay in pension contributions - had risen in line with productivity gains. What we see instead is a vast increase in capital gains on stocks, investments and real estate, an ever increasing concentration of private wealth in the hands of a few and commercial companies paying out record dividends, buying back shares to benefit their shareholders and a large part of the wealth created being bunkered in tax havens or tax avoidance schemes. Those who are able to save and invest a portion of their income may benefit from increasing capital gains, but large parts of the workforce - 40% in Germany - have no savings at all because they need all their income to pay for rent, food, and the basic necessities of life. They will not benefit from this investment economy. So, in the end, the real question is who really benefits from the value that is being created and could these benefits be distributed differently so that all of society and not just its wealthiest segment benefits? I am quite baffled that this report does not address this question at all, but simply presents either reducing pension payments or raising retirement (which are, in effect, largely the same thing) as the only alternative to fixing the pensions crisis. Why would the report fail to ask how the value created by people‘s work might be shared more equally across society to pay for retirement benefits?
The funny thing is... That by not having too many people in the labor pool means that low productivity services will need to pay more or start automating. The service sector has been driving the race to the bottom, along with wage arbitrage on the industrial sector.
The so called pension crisis wouldn't be a problem if the private and public sectors weren't so committed to a race to the bottom on wages, and actually made inroads in investment for the future instead of promoting the financialization of the economy.
Now you have server robots, self-service kiosks, etc. It's only going to accelerate.
@@sociolocomtsac Yes, but there is a catch. The model of Software support pricing depends on scale and monopoly power. At this stage of the automation cycle the elements that are being automated are mostly to push the work to the customer. Which is easier to implement and allows for competition.
For specialized robots for some tasks the complexity is greater and also the number of entrants small, so you will get pricing models that will become somewhat exploitative once the vendor has enough market share.
I now wonder how advancements in AI and automation will aggravate this problem. We are already seeing jobs cuts due to automation.
The Japanese government is already working with OpenAI to automate some government jobs.
We've been seeing job cuts due to automation since the invention of the steam engine.
@@guydreamr But there is an entire white collar class that can be AI’d away. If not now, then within 10 years.
You can’t think like that. The same could have been said for steam engines, horse and cart, electricity, planes etc. ChatGTP and LLM is just something now, there will be more in 5 years and something else beyond that.
As a human you need to evolve with it and remain flexible. Don’t consider your job/career as something you will do forever. Just think in 5 years increments.
A lot of the comments that I hear compare the technological advances in AI to the industrial revolution days.I feel the real basis should be what’s the scale of impact when steam engines were introduced vs models like ChatGPT.
A joint family system to look after our near and dear ones, the elderly looking after the young and the young ones taking care of the elderly is a simple universal solution. But in our quest for individual liberty, economic exclusivity and superiority, this idea itself would sound outlandish to many.
You can't look after anyone if your wages are eaten away by inflation, the financial institutions steal your savings (collapse of banks) and your government abandons any concern for you by allowing zero hour contracts and privatising the essentials of life such as water, energy and accommodation.
Simple solutions usually fail.
The calm and reasonable manner in which this problem was discussed is a credit to professional journalism.
Though the idea that reasonable solutions can be found seems to be based on the presupposition that all else remains equal.
Given the disruptive forces that threaten the stability of global society i.e the looming energy crisis, water shortages, climate change and, the challenge to the dollar's dominance - that seems unlikely. Moreover the younger generations, who will be asked to shoulder the increasing financial burden of these pension plans, themselves may not have much hope of enjoying the golden years of which you speak.
Enjoy life along the way and there’s no need for full retirement, I’m certainly looking forward to slowing down but also looking forward to being productive till I drop
No one seems to think ahead either. A lot of jobs will automated. UBI should be made for all or at least for those that can't work anymore or for those of a certain age.
😂
There won't be enough jobs even for people who can work. So many artists are out of a job due to AI, and even warehouse work will be replaced by robots soon enough. Capitalism will collapse due to a lack of sufficient people with disposable income to actually buy anything, and with so many people out of work, that is just going to create even more discontent, the kind that revolutions are made of.
Well, automation will make us more efficient, like the PC revolution did - and we will be working the same or more hours despite the huge leaps in efficiency because all the extra profits from our increased productivity will funnel to the top.
It's bizarre how much we work despite industrialism and automation, we should be working 3 hours a week.
Yes, technological advances have outstripped our old ideological systems. So the increased profits go to the rich owners who become richer while the poor become poorer. There needs to be a world revolution to create a new and sustainable system for all people for our future and an end to rampant and extreme capitalism.
It is so true about how it dificult to get hired after a certain age😢. I lived it, so many
in terviews, so much discrimamation at work, it was painfull. Thank you for informing the public. Looks like i was not alone living this.🤑
over the last 50 years production per worker has gone through the roof yet wages have not kept pace and now a home a single high school educated worker could afford now needs a DINK with a pair of tech jobs and a helping hand from mom and dad. Don't tell me there's no money for pensions. Money is just production and we have no shortage of production. The wealth is being taken away by the owning class. Late stage capitalism, baby!
If growing up poor has taught me anything is that you should never depend on someone else. The only person who can help you is YOU.
Look at the Australian model. 10.5 percent of your wage is withheld and put into compulsory superannuation. It is not voluntary. You can also add more if you wish. Compounding interest really helps as well.
If you want to save for retirement you have to do it in your twenties, especially if your still living with your parents. Another great tip is to study older people first hand and find out how they cope. People should be retiring at 65 and doing the things that make sense to them and spending some of their savings. By the time your 85 to 90 your lucky if you can still read license plates or paint a wall. Most people who are older have multiple problems, especially if they lose their mobility, everything starts shutting down. Seniors can extend their life by having younger people keeping in regular contact with them and taking them to medical appointments. But money talks and merit walks for some people, so having kids and looking after your parents is not a thing. It's also a sign of immaturity that bites in retirement.
Bro this isn't a life - Ur working for most of Ur life - wtf so you could have 10 years max to yourself ? And when Ur 65 Ur youth is gone ! Ur almost over - u can't really live a good life - we were not born to slave away in a system that despises us
This may have been true once, but not anymore - savings are being depleted by inflation rapidly. There’s no way for regular, working class people to save for retirement these days: you need to buy assets that generate passive income or else be doomed to work until you die.
@@wilberwhateley7569 yup but the thing with investing is if you don't know how to do it you could lose it all and go into even more trouble
@@keyboards6364 Nobody is born with the right to not work AND have everything provided for them. If you wanna opt out of modern society go buy a shack in the middle of nowhere and fend for yourself.
You're not a slave, you're a participant in society. Grow up.
@@ten_tego_teges Depends... What is a slave? In Rome a slave couldn't choose what they do, where they live, who they interact with, were constantly oppressed, and got nothing for their work.
In the 1880s there were coal towns. The company owned the coal mine, the shops and the houses. They priced everything so in the end every person in town had given their entire pay check back to the company. They truly got as much for their work as the Roman slaves ... and their mortality was higher due to coal dust. In essence they were slaves. It took a concerted political effort to break these up.
For us with means we can't say we're slaves. But to low income earners... Take my foster child's dad. He got out of prison two years ago for crimes committed to feed the drug addiction caused by pain killers prescribed by doctors to ease the pain of injuries from military service. He no longer drinks or does drugs. There is no social housing and private housing is super expensive. He pays $650 a week Australian in rent for a two bedroom apartment when the average rent for a 3 bedroom is $500. In order to do that he's a cleaner in a hotel. That hotel is owned by the same people who own his apartment. He can't afford a car so he shops at a store at the base of his building. This store rents also from the same people he works for and due to the high rent their food prices are a lot higher. At the end of each week he has $2 if nothing happens. He has no ability to buy a bus ticket to go to job interviews. If he could buy a bus ticket he couldn't use it for shopping as they put a limit on the amount of shopping bags you can take on a bus so you can't do big shops any more. He has no ability to save. The only way to move is be homeless.
Saying that.. he has walked up to 15km to see his son's football game... He has the freedom to do that.
To me, he is a slave.
Gotta love participating in society.
Something the video does not state is that: we as society should prevent the existence of billionaires. This degree of wealth concentration will make everyone lifes (except for them) worst and worst.
There is absolutely no way you can do that.
Dumb statement, no offense
I'd prefer the following rule: government please don't take any social security money from me and I won't require anything from you when I'm old. Sounds fair, no?
Here in our country they even proposed this officially 10 years ago, but only for a second, before quickly retracting the proposal) Because EVERYONE cheered on this and was ready to give up their future pension (which nobody will get anyway).
In the USA we could remove pay caps on social security. Right now income is only taxed up to $250k per annum. If we extended it to billionaires we would fund he program for ever.
Let’s be real here - the only way to have anything like a retirement these days is to own assets that generate income passively. Saving money just doesn’t cut it anymore…
Great reporting, as always!
Thank you to DW for is editorial impartiality efforts, and also to all the people at DW who strive on a daily basis to make their best quality work to inform us.
From the bottom of my heart, thank you!
It is only with transparency on information that we collectively, as a society, can evolve and improve our lives.
Cheers from Portugal.
impartial ? dont make me laugh.. this was horrid. the message here is clear, people need to stop bitching and work longer and harder.
HOWEVER, there is no mention of the sheer inefficiency of our econemy. so many useless jobs, so many things that could be done better, so much stress and extra jobs because of bureaucratic failure and horrid policy making. no mention of UBI no mention of larger economic reforms at all.
this is stuck in the same system and unwilling to look to the future with impartial eyes. true impartial eyes would look at options beyond the rich class wishlist.
"the government needs to raise the retirement age" instead of "the goverment should stop rampant greed that is destroying the pension systems and economy"
@@DaStefanP Laughing is great. If I made you laugh, I am a happy person.
Thank you for the feedback 😀
Regarding your comment:
The math is pretty simples: if the average life expectancy has risen - fortunately, due to advancements in drugs and medicine practices, coupled with the Government's investment on Health Systems - how should the current retirement model work?
Meaning, if there is more people receiving pensions, for what the system was originally designed for, what is supposed to happen?
Compounding to this, there are two factors:
a) There are less adults in active age contributing to the social security system, which is part due to the decline in birth rate; and
b) There is a considerable decrease in salaries of the current entering generation, compared to the retiring generation (accounting for inflation, which is also a factor for increasing pensions).
This is why we have to be pro-immigration, and be strategic in increasing the birth rate in Europe.
Otherwise, we are destiny to fail as a society.
the elderly in Japan, they used to love working so much and they dont want to quit neither and we usually dont have layoff if you are permanant employee
Send us your elderly.
Good for them. They can work until they drop dead, but I am not interested in such a life.
The biggest problem for this retirement issue is that many people depend on government for the majority of their retirement. One solution is to have a stable set of laws that allow people to save and invest on their own and people educating themselves on how things work rather than always just depending on someone else. The information is readily available on anyone’s mobile device. The problem is some people love spending/wasting time on social media and other things. Those are good distractions but people need to have the initiative to use majority of their time to learn.
When you teach people to fish, you feed them for life. Now if no one offers to teach you to fish, go seek the info yourself and teach yourself how to fish. It’s not rocket science. And it’s not impossible.
Yes, people deserve to retire, but they also need to realise that younger people are paying for it. Younger people, for whom it is ever harder to afford a home, a car, heating and electricity.
And we also need to realize most of the wealth we all created, is in the hands of an increasingly few people at the top.
This wouldn't be as much of a problem if we didn't have so much wealth inequality. We need to finally raise taxes on billionaires, millionaires and large corporations and close the loopholes that allow them to amass more and more wealth in fewer and fewer pockets.
Workers pay the corporate tax. Most studies put the burden of the corporate tax on workers at around 50% per $, some even higher. After all you're taking from the same pool of funds that would be making capital investments into things which make workers more productive & thus command higher incomes, as well as providing raises, as well as effecting the incentive for enterprise formation to begin with, as well as the fact that around half of American households are stock owners so reduced shareholder income also reduces income to workers.
Beyond that studies also show the corporate tax to be the single most harmful tax to economic growth, of them all, not to mention plays a big role in determining competitiveness of your country's industry, i.e. job opportunities.
@@Cotswolds1913 Many large corporations these days just use their profits for stock buybacks, manager bonuses and just generally increasing short-term shareholder profits without regard for the company's long-term health, the quality of its services or products or the happiness of its workers. If you're going to argue against higher corporate taxes for the benefit of workers, then that only makes sense if you simultaneously argue for way stricter regulations on how large corporations are allowed to spend their money and better worker protection laws.
@@neon-kitty You don’t need regulations for corporates to spend their money more effectively for the economy. The dynamic you refer to is primarily a reflection of a decade+ of 0% interest rates and QE. When the fed enormously increases credit and injects it into financial markets to drive up asset prices by unprecedented levels, with essentially free gambling money for any businesses who can get access to that credit (no interest cost), why wouldn’t you just buy stock?? Of course you would. In other words….you’re trying to solve a problem created by state/central bank regulation of the money supply, with more regulation lol. The classic break your leg and give you a crutch scenario.
Agree. Increase taxes on the wealthy not decreasing them.
depending on our governments to fix the problem is like asking to make it worse.
And yet it is a gov program, and so can only be fixed via political action.
Unconditional right to stop our own life medically whenever we want for all adults, my body my choice.
The problem is that for the rich to stay rich, somebody has to give up their time to do low paid jobs unwillingly. Why is there a lack of labor? Because companies are always about growth and making more profits. The growth concept needs to be eradicated before we suck out every little ounce of resources on this earth. We don't need to increase population for the sake of growth. There will be no end to this.
Birthday parties won’t be less common than funerals… the math makes no sense
Every day we encounter novel challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $500,000 savings vanish after putting in so much effort to accumulate them.
Despite hearing that insider trading secrets could lead to making millions in the financial market, I hesitated to invest as I lack the required skills and a sound strategy to surpass the market and achieve profitable returns. Additionally, although I possess $150,000, I find it challenging to take the plunge due to a shortage of funds.
It is advisable to steer clear of cons that appear improbable. Seeking guidance from a fiduciary advisor can be helpful as they are highly skilled in their field and can provide tailored advice based on an individual's risk appetite. While there may be unscrupulous individuals, there are also remarkable ones with a positive track record.
I'm intrigued by your experience. Could you possibly recommend a trustworthy advisor you've consulted with?
My Fin.Adviser is Debra Ella Nicholas. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.
Thanks a lot for this suggestion. I needed this myself so I looked her webpage up, and I have sent her an email. I hope she gets back to me soon.
A bear market will eventually finish, and a new bull market will commence. But how do you know when the market has reached its bottom? How can I profit from the current market?" I've heard of people getting up to $250k in a couple of months during this crash, and I'd like to know how.
The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@ThomasHeintz wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
Elise Marie Terry is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
@@ThomasHeintz Thank you for this tip. it was easy to find your investment advisor. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
The crisis no one in America seems to know or care about.
What rock do you live under?
Millennials care, the older generation has been giving us the middle finger for decades now.
No one has in America has the power to do anything about it so it's everyone for themselves
Cause we are divided, and that's how our overlords want it
@@thomsen256 I noticed! The same people say I am mad when I insist I am moving overseas for finantal reasons.
In the US, the reason that there is such a big dip in Social Security going in, is that forever the amount you make is taxed for Social Security is capped at about $150000 or so. But, there are many people making well over that amount: $300000, $400000, millions. All do not pay Social Security tax after $150000.
I live in a 3rd world country. Our pensions can’t even cut it for living subsistence. We all work with knowledge that we need to save up enough for ourselves or else…
I'd love to take personal responsibility but I'm still required to dump my money into a ponzi pension fund that I know I'll never see when I retire.
Birthday parties will soon become a rarer site than funerals??? A person has a birthday once a year, and a funeral once a lifetime. The average human lifespan must be less than 1 year to make birthday parties rarer than funerals
The population rate of some countries is negative. If there are more deaths than births, does that not make funerals more common? Are you incapable of doing basic math?
@@aditya-ml6km Just ask yourself this: how many times have you celebrated your own birthday? How many times will you hold your funeral?
Birthdays / birth celebrations.
@@chi-jenyang9752 improve your logical reasoning kid.
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Same here, My portfolio has been going down the drain while I try trading,l just don't know what I do wrong
Trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor trade
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This whole conversation to me seems to be overlooking something quite obvious but terrifying; this all functions under an assumption about capitalism and its maintenance, which given the climate crisis and the inevitability of profits to stabilize, we are just ignoring. What does it even mean to live in a society where we can live to 100 but can’t afford to? That’s a problem of philosophy, of what we as humans actually value. So far it appears we are unwilling to let go of this form of hierarchy, even as it kills us.
Exactly, the main reason this is an issue is: corporations gaining record profits yet workers having to compromise their retirement and not even gaining better wages, the ridiculous amount of BS jobs that only function to prop up current hierarchies rather than producing useful products/services (without those there'd be more labor force to help the elder population), and the constant degradation of the healthcare services making it a less appealing field to work in. If people had more direct power over their workplaces and communities, this whole retirement thing would go a lot smoother. Also we might not even have as much of a greying population because people wouldn't struggle to afford having children.
That's why I regret having kids. I trapped them in a life of slavery just like me. Living to work, not working to live. We have no rights to live anymore.
Bring in AI like chat gpt into the mix and all these preparations at personal and societal levels go right out of the window 😢
You do describe some of the problem but the biggest problem is that there is a massive increase in tax consumers (people that work or don't that consume more tax than they generate.) That means that governments can't allocate enough of the tax revenue to support those that paid the tax in their retirement.
Yes that what else call tax fraud.
Poor people by definition can't provide enough tax that is the reason we tax the rich, because they have more money than those who need it and more than even what they need.
Even if we account for private ownership it doesn't make sense to allow someone to own almost a whole country's worth of land and not have them pay enough tax and deny workers enough pay.
Given how little support parents get from the government and society in general. Plus the challenges with increasing cost of living this problem will only be exacerbated further.
This, the problem isn't that there are more old people, the problem is that there aren't enough new workers to cover them
@@HF7-ADlol, because the system is set up to require infinite growth.. with finite resources. Greed is the cause that no one wants to talk about.
@Robbie Tao greed is a part of it but the competition for resources is beyond just greed
Why are we responsible for your retirement??
@@adoe2305 Maybe because I worked all my life, paid taxes and paid my pension dues. also, I raised taxpayers myself with my own money , sweat and blood.I technically paid for my own retirement. Who’s retirement you are paying for I don’t know.
Retirement doesn’t have to be something that you wait around for until you reach your 60s. With a decent job and an aggressive savings plan, many are able to retire in their 40s and 50s.
Yeah if the inflation doesn’t destroy their savings and they already own a house, then maybe they can retire in their 40s or 50s. :)
Huge risk in an unstable world, which the world is becoming more and more