I’m 52 and I am just starting to invest for the first time in my life. I have started contributing to my 401K and opened a Roth IRA with automatic contributions. My question is, does asset allocation even matter at first, or am I just overthinking this?
There’s a lot to decide on… most times it is better to delegate your day-to-day investing to a license professional, someone with a comprehensive strategy that can cover many investment sectors
Couldn't agree more, investing with the help of a financial advisor set me up for life. Retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually, although if it wasn't for the covid-19 lockdown, I wouldn't have supplemented my income with stocks and alternative investments.
@@SeanTalkoff good gains! who is this professional that guides you please? enthused about investing for my eventual retirement but dont know how to go about it, for now I only invest in my 401k through my employer and gains are quite slow
My CFA ’’ Sharon Ann Meny, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
This is not a Gen x problem, Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
I've shuffled through a few advisors in the past, but settled with Annette Christine Conte her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.
very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Credits goes to " Izella Annette Anderson " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
High prices for everything have severely affected my plan of retiring. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I’m worried about retirement planning and I want to ensure a comfortable future. I’ve worked hard my entire life and I want to enjoy the fruits of my labor without financial stress. I’m really concerned about whether I’ve saved enough and invested wisely.
I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.
There are numerous strategies to achieve high yields during a financial crisis, but it is crucial to undertake such trades with the guidance and supervision of a professional financial advisor to ensure informed decision-making and risk management.
That's true. I've been assisted by a financial advisor for almost a year now. I started with less than $214K, and I'm just $19,000 short of half a million in profit.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing.. I will write her an e-mail shortly.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my late 40's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $287k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
“Diana Casteel Lynch” has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
@@dr_flunkstipping low is not how you get wealthy. Teach living below your means which means eating at home and seldoming eating out. If I eat out I am tipping 20%. More importantly I have invested 15% of my income since I was 22. That is how you reach 1 million in your early 40s.
So, you never noticed that things just changed over the years? Not to be mean, but you are coming off as smug. Not only that, but savings require an income and sometimes people lose this through no fault of their own.
My neighbor the other day talking about how this inflation is affecting the renovation of his cottage in Maine... Me: I was able to buy a pack of hand towels instead of the single ones this week.
My dad is 63 and retired earlier this year. He has about $400k to live off of for the rest of his life. He lives in a small town and the cost of living is very low, but it's still not a lot of money to depend on for the rest of your days.
If he lives another 30 years, that's just $33.00 a day (if not continually invested) and without social security. I am 65, have three times that amount saved, and still intend to work another 5-10 more years. I am more concerned about being destitute at 90+ than I am about working longer.
Your dad's 400k is a buffer, but basically any major car accident, medivac or other event could deplete much of that quickly. It is precarious, especially in the US where our medical care is so many times more expensive than the rest of the world.
My Boomer parents had a pension and Social Security for their retirement, and couldn’t teach me anything about IRAs or 401ks, since they had no experience with them. And my public school education during “Home Economics” only covered savings and checking accounts. We GenXer’s had to learn everything on our own, before easy access to information via the web like current younger generations. I remember buying Jane Bryant Quinn’s big book at a book store and subscribing to Money magazine to try to educate myself. Then we had the SP500 peak early in our careers in 2001 and not to hit that level again until 14 years later, so investors my age didn’t see big growth in retirement accounts until after 2014. It has been a heck of a ride and test of patience for Gen Xer’s!
This is a great point !! My father is Silent Gen and my late mother was a Boomer. they both grew up poor , so just living within your means and sticking extra $$ in a savings account was all they knew. We had to learn all this starting at ZERO . Also , most of us were making more $$ back in the 80's and 90's until the Reagan inspired trickle down started , not to mention we've been through TWO recessions which dragged a lot of us backwards. God knows I've made every mistake with money imaginable, but the world I came into after college is not the same one we're living in now and I'm worried all the "catching up" i'm trying to do for the past 15 years won't be enough. Won't retire until full age 67 unless something happens and can't work . I'll need that extra SS especially if they start cutting benefits. Of course SS would have been fine if congress had kept their hands out of the $$ to begin with....
This was my experience. My Ma was a single mother, no help from my father and she hustled and took care of us and did a great job but gave us the only knowledge she had which was save money. I did do that but you don’t get far ahead with just saving. I did good but it’s about investing and CD’s and Roth’s. I didn’t even know what that was. GenX was the perfect generation to get ahead financially, especially being ahead of social media, the 2008 housing crisis, the tech boom. But I just didn’t know any better.
I was lucky, as the learned about investing from the military, college, and friends. I learned that there was nothing better than making money without having to work for it. I was continually told growing up from my mother to pay myself first. I’m also very forward looking, so I understand the future will come and I didn’t want to be caught short handed. I plan on retiring in an about 10 years with more than enough money invested, but it really depends on inflation and the markets.
@@jesse_- You are humble, you say you were lucky, but I say you were just a hard worker who understood the concept of a piggy bank. All these people moan that they were "never taught finances or saving" I was in the military, got paid every 2 weeks, cashed the check on base on Friday- Flat BROKE the next Monday.... I noticed there were always a few guys around that could "loan money" I was always amazed at that guys would eagerly pay 50% interest on cash loans that were to be paid back the following payday. I even had friends approach me asking me if I could loan $20 for $40 or $50 for a $100... There were always clients that would need a "loan" Of course was I very broke and not able to loan. I did learn not to "not spend" all my money. Did not take me much time to start saving, not for retirement at the time, just saving. In later years the savings were converted into retirement stuff. IN the beginning I did not know how to save for retirement, but I knew I had to save. A person does not need school or parents to teach you about money. Just do not spend on wants, only needs. And save what you have left over.
I'm happy I'll be retiring this year, with about $500k, but I'm afraid my portfolio will not sustain a long retirement. The funds are likely to be depleted by expenses faster than my portfolio can recover through compounding returns
I'm almost ready to retire, and having a financial advisor has been incredibly beneficial. Since I started investing later in life, I couldn't rely solely on compound interest from index funds. Nonetheless, I've managed to earn more than some long term investors. I'll be retiring with at least $5 million
I usually avoid giving specific recommendations since everyone's situation is unique. However, having worked with Emily Ava Milligan for 7 years, I can attest to her excellent service. You might want to see if she meets your needs
The worst part is the people working hardest are getting the least remuneration for their efforts and then shamed in the media for not taking more hours, more work despite the poverty wages. 40% of people in work need state support. That’s a reflection of greed not poor work ethics by working people. This is being done by design, by greed.
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate and stocks..
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
*Mr Gary Mason Brooks* a highly respected figure in his field. I suggest delving deeper into his credentials, as he possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Well maybe they shouldn't buy that brand new car they can't afford at $900/month or the 3 or 4 bedroom McMansion they can't afford or insert all the other things they spend their money on that they can't reasonable afford.
Most people living paycheck to paycheck CHOOSE to do so. You need very little to be happy and comfortable. Don't come to me and cry poor while drinking Starbucks, driving a new model truck, and wearing designer clothing.
I wish that these studies would be realistic. What middle class American will ever have 1.5 million saved for retirement? I think these reports have most people asking themselves why to even try.
Most AVERAGE Boomers don’t have enough saved for retirement. But you can definitely retire on less than 1.5 million. The key is to have no debt at retirement and your home paid off
Almost everybody that I know has millions saved for retirement. Asians tend to be frugal and live below their means. They also own multiple homes and invest regularly. Half of the people on the street drive newer and nicer vehicles than me. I just assume they make more and save more than I do. For me to purchase a $70,000 car, I would need to have at least $4 million saved to feel that it could be justified. I see many people driving Dodge Hellcats so they must all be multimillionaires.
As a Gen X’er I prefer the Media and everyone to forgot about us , This is has been The status quo for decades and there’s no need to change. Now Get Off My Lawn.
Yes , as genX as well , i get offended when i hear anything regarding to X( as a generation related ) coming out of their dd-irty big s-melly, corporative mouthpieces. The way they pretend to care about is offensive.
@@JohnDoe-pk2hs This was reply to a comment on a video of a corporation talking about a generation ( mine ) . I made a comment ( not a reply ) myself regarding this matter, if you care to look for and realise you're wrong is up to you, i'm not givin you in a silver tray...if you don't care , so do i...
@@rickm8456 that was exactly the message. Use us as inverted scapegoats, distraction...making other generations think they still have a chance and placing the guilt omly on X ( ironically, the only generation tha made it ) , that was the underlines, the print stamp, cause they don't want other generations thinking as X'ers
Proud Gen Xer here Too many people not thinking about paying their future selves. I’m 53, married 23 years, two teens. The wife and I have always contributed something to our 401ks. The past ten years we’ve been slowly increasing contributions. We’ve picked up some mutual funds along the way. We dollar cost average invest in those. Stayed in the same 3 bedroom 2.5 bath house for twenty years. Don’t buy new cars and take modest vacations every year. Six months emergency fund saved. Use cash back credit cards for everything (pay off in full every month. The bank pays me!) Current net worth 1.7M. We will be retiring at 59 1/2. Never underestimate the power of compounding interest. The time to start investing is today no matter how little or how much you can contribute. You must start now.
Exactly. Living within means not within wants. I’ve been married, divorced and remarried. So life “happened to me too”. And raised 4 steps kids and retired from a grocery clerk wage at 52 by living below means and saving and investing 25% of my income for 30 years. The problem today is the “floor” of what people “feel” are necessities is much higher now than when we were kids. This “floor” is what is keeping everyone working until late in life.
@@eliflynn7282they can take your house too or your job for that matter or cancel S.S.. All you can do is plan and adjust if your plan fails! For 18 months during Covid-19 our government told landlords that they could not evict, but still had to pay taxes and insurance and do maintenance on said rental. Even if they did not collect rent. And if taxes were not paid our government would take the home! Never happened before in our history. And was not legal per the constitution, but they still did it. Nothing in life is guaranteed except taxes and death.
I’m Gen X, and I remember being in high school and hearing that Social Security would not be around when I retired. It scared me to death, financially speaking. I read as much as I could about retirement plans and how they work. And then started investing as much as I could into a 401(k) starting at age 23. I had arguments with friends and family who wondered why I invested so much instead of just spending it and having fun. I’m happy to say that I’m in my late 40s and already have enough to retire on, but I plan on working about 10 more years so that I can leave a sizable inheritance for my three kids. My wife and I are taken care of, now it’s about the next generation.
I am in the same boat as you. I feel as though everybody has more money than us. People drive fancy cars, take lavish vacations and eat out all the time.
I’m not worried about leaving an sizable inheritance to my children. I raised them and helped them with college education. I have worked very hard as a nurse for over forty years. I plan on enjoying my retirement with travel, hobbies and volunteer work. I want to spend time with my children now instead of leaving them money when I’m dead.
For any 20-something watching this, invest in a 401K as soon as possible! The compound interest will pay off exponentially. Once you are able, start investing 15% of your annual income. I am a 35 year-old teacher from a single family household whose mom will likely never be able to retire. My 401K is projected to surpass $1 million mark by my mid-50's. Start young, and always think ahead.
I have lost more money over the past 10 years with a 401k than was ever added to my account due to its success being dependent on the stock market which is controlled by the top 1% and was proven twice in the past year by the gamestop trade that was interfered with by the same 1% because they were losing money and the average person was making hand over fist.
So we are expected to pay 20%+ just in federal tax, 15% for retirement 5-7% for state tax not including social security, Medicare, etc health and other insurances. So that's around 50% total of your income just gone and we are expected to pay for a car, rent or house, food, clothes, and anything else. The math just doesn't add up
Luckily, not the case for me. I listened to Dave Ramsey, and I am debt free in a paid for house and well on my way to financial freedom. If I can do it, so can anyone else. Majority of people are living beyond their means even if they think they aren’t.
Great going🎉 I also listen and follow Dave Ramsey. I am 53 and debt free, house included as a single mom. It is absolutely possible regardless of the current economy. ❤
Good for you. And, you are much more likely to have had the foundation to do so in the first place if you: Had a consistent place to live growing up, had an income of some kind, and didn't deal with caretaker abuse/addiction. It's very tempting to believe that we're much smarter or more disciplined than others, but sorry to break it to you - that's not the whole story.
Bro people come from insane trauma and do great. We have refugees that lost both parents and started companies and retired early. Your name should be no accountability.
This is great advice for people who have at least some wisdom. There are too many who misinterpret that and are racking up some serious debt while paying themselves first. Some people have no concept of living within the means.
Yes. To elaborate, they need to understand that they enter the workforce with no gurantees and no safety net. We are all in a situation of survival. Too many people don't know how to survive. The responsebility of creating the safety net is on everyone for themselves, so that is the first goal to accomplish, otherwise the odds of survival are low.
I’m 51 years old and I’m currently working a full time and part time job to pay off my mortgage. I live on a budget and I don’t have consumer debt. I’m a government employee with a full pension. My mortgage will be paid off by “2029” and I’ll retire in “2033”. Hearing these stories makes me grateful that I have a pension and smart enough to live under my means.
Im a similar age to you and a govt worker. YOu are quite fortunate ... nowadays we govt workers often dont make much money -- as we go without raises for years, like almost decades, etc. THIS impacts our retirement/pensions. At 19 years in, I finally make enough to start putting aside a bit of a savings. Managing to pay my house off by then might help me out -- but I was fortunate to get a bit of help with a down payment from seven members of my family -- many, many dont have the luxury that I had -- altho it was well in my mid-40s when that happened .... And my particular job is a college degreed job -- altho I believe everyone should get slight increases and stuff year to year like most jobs did in the 70s, like my dad's factory worker job when those were plentiful ... Good for you on your good planning - Cheers!
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over $2.8million.
@@joshbarney114 I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Finding financial advisors like Marisa Breton Dollard who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
The segment ends with the financial expert saying, “financial literacy is important”. But, nothing that he said or anyone else even speaks to what that means. They complain about the cost of living is going up and inflation and that there is no money left to invest for retirement. They say nothing about even setting up a budget to plan so that you don’t live paycheck to paycheck. They say nothing about the fact that most people live far beyond their means. Don’t listen to this nonsense. Go over to the Ramsey Show where they talk in detail about how to turn things around and to be able to plan and get ready for retirement.
I have been watching a lady on you tube who has challenged herself to live on $20 a week grocery budget she doesn't have to but it does allow you to focus on what you can do to save money each week towards your savings a example for me is I do not buy potato chips ever.. when I have something that you would normally pair with chips, I buy a 59 cents cucumber, slice it and sprinkle with salt I don't eat the whole thing in one sitting.. that saves me at least $4 in a weeks time to dedicate to savings. I make my own coffee never buy it if I'm out I take a coffee cup with me with coffee, same with drinks Water is what I drink most of the time ( using a Brita filter) there are a lot of little things we can do that save money and help achieve long term goals. Anna In Ohio
I’m a 68 year old boomer and saved a lot by driving reasonable cars. They were all fun to drive, comfortable and reasonably priced. All were purchased new and would trade in about every 4 years since I put on 25,000 miles per year. Most were manual transmissions because I preferred them that way. Loved every one of them 1985 Accord, 1989 VW GTI, 1994 Accord, 1999 RAV4, 2004 Endeavor, 2012 Sorento ….
@user-zm6qj9cz7b so then what is social security. Surely that’s not a socialist program right? If you’re so anti-socialist, let’s start by getting rid of that.
Citizens are bleeding themselves. The government taxes labor too much in my opinion but other than that people have only themselves to blame. Even in today's crappy economy there is no reason why an able body person couldn't live comfortably and save for retirement, but instead most people CHOOSE to live above their means to show off and foolishly try to keep up with what they see on social media. Fools be fools.
This is all bullcrap - I am Gen X, worked almost 30 years... no pension, small 401K balance. I am retiring in 7-8 years. You know how? I bought my first house 25 years ago and paid it off in 20 years. I have no mortgage and no car payment. People waste so much money on cars, eating out and rent... money you are throwing away. It all comes to sound judgement.
Yes!! When I was in my 20’s most of my friends bought expensive cars and clothes. I always bought practical cars, pre-loved designer handbags, and put my money in my 401k. A 401k is not an option but a priority.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
@@LucaMurgia-j7b The issue is people have the "I want to do it myself mentality" but are not equipped enough for a crash and, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
@@CharliesMcCormicks How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
@@JacobReynolds-t7v MARGARET MOLLI ALVEY is a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and is a valuable resource for individuals seeking guidance in navigating the financial market.
Instead of complaining about them, I listened to the boomers. never had a car payment, kept rent/house payment low, ate cheap food for 10 yrs. Allowed me to max out retirememt accounts for the last 15 yrs. Retirememt is now taken care of.
This crisis is multigenerational. The majority of Boomers born in the mid to late 50's and 60's missed the boat on defined benefit pensions. Many younger Boomers got caught in the same retirement trap GenX is in. Younger Boomers are one of the largest growing demographics of seniors who are in poverty and homeless. Many weren't able to save enough for retirement due to low wage, no benefit, paycheck, to paycheck jobs that existed after global outsourcing that allowed them to survive, but not thrive. Now that they are in their late 50's to early to mid 60's, many find themselves unprepared for retirement even though they are aging out of the workforce. Many younger Boomers watched the retirement ladder get pulled up in front of them before they could ever put a foot or a hand on the rung.....
It’s not that they weren’t able to. It’s that they didn’t. Quite literally Amir $300 a month invested over one’s lifetime can be worth a seven digits sum based on historic market returns. People live balls to the wall paycheck to paycheck and then when they get to retirement age, they look for excuses .
Live below your means, invest as much as you can and be consistent with it. Plan to retire debt free. It’s possible if you live below your means and have a financial plan.
The 401k plan is great for self disciplined people that prepare for the future, rather than always living in the moment. The problem is, it has become a fiasco because there are too many slackers that just aren’t going to save. These types have to be made to save in order for them to have anything when retirement age comes.
I'm 37 and getting close to 2 million in net worth, but you and I are not the norm; if 80% of students failed a class, the teacher or school would likely be held responsible. Similarly, eight are struggling for every two people who are doing well financially. The problem can't be solved by blaming small expenses like buying coffee.
@@DiegoMejia86 Agreed, it's not the coffee. It's the system. It is designed to get one to consume. The system benefits the people who invest into those consumer type companies. As well people have a fear of losing money if they invest. Can't go wrong if you just play the whole market. As for the 80 percent those people have a pain intolerance. They are more comfortable to be where they are as the anxiety of possibly doing better elsewhere is overwhelming as they lack the self confidence to go forth. When I was young I just had me to worry about it so that was an easy choice to make. Others in their 30s-50s are not so fortunate as they may have other obligations.
I hit $3 million at 50, but plan to work until age 60. I can work until age 65 if needed though. I would have paid off both of my kids college tuitions by age 60. Until then, I will continue to max out my 401 K and utilize the catch up contributions as well.
I am a millennial, my parents are boomers, they got pretty much wiped out early in adulthood with the interest rates being double digits under Carter. They didn't buy a home until their 30s. My teachers at school were mostly boomers and they were not buying vacation homes on teacher's salaries!
But they were young broke adults, with a young family. You could say that people could have made a killing in the stock market in 2020 when everything crashed and rebounded, but only those with means to do that COULD do that! Every generation has their challenges and opportunities.
You and me: We have a $150k balance in our 401((k). IRS: Not really. Because you also have a deferred tax liability (Assume 20% tax rate) of $30k. You and me: So I can only spend $120k ($150k - $30k) of it? IRS: That's how taxes work.
As a young Gen Xer, I have always lived below my means, saved the excess and never had consumer debt and will be retired at 50. I played the long game early in my life and am ready to retire soon.
All the financial literacy in the world would not have prepared us for this economy (over the last 2 decades), where corporations are treated better than people, the rich are not taxed remotely near their fair share, and the name of every CEO's game is increasing margins quarter over quarter forever. Higher education is much closer to maximizing profits across the board now. This in itself has put our generation and those after us into exponentially more debt than the Boomers had. THIS is why we're where we are - not simply financial literacy. Hold the rich to account! Close the corporate loopholes that allow them to write off everything while fighting to keep our wages unlivable! Yes, financial literacy should be taught in public schools (as it is in many private schools), but also - none of this works when the rich hoard wealth!!!
I’m a Gen X person. I retired at age 55 from a government job. I now draw from my pension. I continued working as a dock worker and now pay into Social Security, 401K, and will receive a second pension when I retire again from that line of work (65). We have 4 grown children who are all independent. My wife and I own 2 homes (1 is a vacation home on the lake). We both manage our money as good as can be. We take our vacations every year and eat out at nice restaurants. Where there is a will, there’s a way. By the way, I read “Personal Finance for Dummies” at a young age and gave my kids the same book too! 🤙🏼
I'm a gen xer, didn't invest in my 401k until my late late 30s. But, I did invest in multiple multi-unit rental properties during the 2008 housing bubble. I'm lucky, my wife and I will retire comfortably.
even if you have your house paid off you think 'sweet no mortgage' but still you are paying at least 1/2 of it with Taxes and Insurance, and Property taxes go up 1-2 times a year so its hard to calculate that into a fixed income...stop taxing your seniors on their homes!
That and misc home repairs and maintenance especially the unexpected things like hot water heater going out, siding that needs replacing, foundation repairs from a shifting and aging home, etc etc
@@m80mangg That’s exactly the long term strategy of certain leaders in this world - squeeze and force you to sell. It is part of the long term playbook … “you will own nothing - and - like it”
Accumulating money when in service could seem challenging, but surviving after active service without accumulating enough money is definitely more challenging. You will struggle to meet basic needs. Retirement choices determines a lot of things. My uncle and his wife spent over 20 in the civil service, his wife was investing through a wealth manager while my uncle through a 401(k). I think his wife is standing at the fruitful end of ritirement..
You're correct..!! Some fews years ago I pulled out my money and invested with my wife's private wealth manager. Though there is still a huge gap between my profit and hers because she started investing long before I joined , but at least I am earning more, my money has grown even more than it would with 401k. I am even making money before retirement.
The wealthy didn't create any jobs, increase wages or lower consumer prices with their taxcut windfalls. They're buying up homes and making it more expensive for everybody else to live.
A good place to start learning about retirement is the FIRE movement even if you don’t plan on retiring early. It taught me the importance of staying on a budget and saving and more importantly what and how to invest. It’s not to late for us gen Xers!
it's more fun to blame racists and boomers, besides i gotta look rich and i nnneeeddd that iphone 19. plus i need my nails pampered. because i'm worth it.
He said it well about reality being a factor. Ignoring reality will make life difficult for anyone. Shame on the parents for not telling their children that they would grow old and have to retire. This was considered common sense in my family.
There's gonna be a lot of suicides as more of Gen-X arrives at retirement. 50 years from then they'll make a movie and everyone will be sad. But nothing will be done now and nothing will be done then. Greed, rampant, late-stage capitalism. Welcome to 'Merika
We are the “sandwich generation “, helping our parents and over helping our children… mix that with heavy consumerism and lacking financial education. That about sums us up!
That is wrong, just plain deceitful. Ronald Reagan introduced the first IRA plans to provide for people who worked in companies that had little to no plan. These plans were for everyone, even the self-employed, like farmers, housewives etc. AND those plans were TAX free!!!! Which the unions and democrats hated and brought the taxes back. I know because I was a young union worker. Welder for almost 40 years. I invested in 401k and other things and retired good. It makes a difference what you believe. Who you listen to, and what YOU do. Dont throw your time/life away.
IRA plans were introduced in the 1974, well before Reagan became President. Reagan just expanded eligibility for what was already there. But Reagan removed the tax deduction for high income workers. Further, Social Security, which is a component of many retirement plans, started being taxed when Reagan signed the taxes into law. in 1984.
My husband and I are 63 and were married in 1987, during one of the worst recessions in our history. There was never a pension option for us. The threat of SSN being decimated, along with the constant worry about layoffs, has been a constant our entire professional lives, longer than the working life of Gen X. We are technically “boomers” but have none of the perks of friends and family in their later 60’s and older. We have lived the 401K retirement life, and have the same concerns as those in Gen X.
I am one of the people they are talking about in this video. I could start drawing out of my retirement later this year. But paying for health insurance would cost more than all of my other living expenses combined. That I why I need to keep working until I'm 65.
Young Gen X here. I already have tons in retirement. You HAVE to get into a 401k and IRA, contribute a good chunk every single paycheck into an S&P 500 index fund, and NEVER EVER sell or rebalance. Ignore the broke fools and doom mongers: they will keep you poor. Stop looking for excuses and stop putting it off.
Late Gen Xer, I was 11 and listening to Wall Street journal tapes on how to evaluate companies and invest. No one had to spoon fed it. Surprised more people don’t try to learn. It also takes disciple and delayed gratification.
I wish I understood more about this when I was younger not because I am behind the curve per se but because if I would have understood the importance of investing and the power of compounding and ownership like I understand it now my net worth would be ridiculously greater now. This is something that our schools and most of our parents failed to teach us. Someone made a comment on a video recently that really struck me where they stated (I'm paraphrasing) how our school systems are designed to teach us to be an employee and not how to actually make money.
The conversation at the end of this clip really resonated with me. Where she said how we were not taught. And it’s interesting I would’ve done well I believe if I was taught. But some people just naturally gravitate toward being smart with money even if their parents weren’t. And I know people whose parents did very well with money but did not teach them and they did not do well at all. If we only had that time machine or crystal ball. I would really like this to be taught in school as a requirement because we are just a Country of if you can afford the payment it’s not looked at as dirt. People are accustomed to car payments and payments of all kinds but they don’t think of that as debt and it keeps you in a horrible cycle. And also we are the first generation that had computers at an older age but not access to things online about retirement and everything you just kind of assumed without knowing the numbers, the Social Security is what people lived off of when that’s virtually impossible
I'm a Gen X with only a HS education and I managed to retire at 55. I only started making a 6-figure income in the last three years of my employment. I started saving at 21 right after Black Monday in 1987. All the talking heads on TV/Radio were parroting the same line, "Now is the time to invest". I bought some financial magazines at the corner newsstand and read them from cover-to-cover. My conclusion, a no-load mutual fund that mimics the NASDAQ. I bought one from Fidelity and started with $30 a month. Slowly increasing as my paycheck went up. 30-years later, I realized I had enough to retire at 55. and, i did.
I'm older Gen X, never been in debt, never owned a car, never owned property, just lived my life and steadily saved. A couple of points in my favor: except for a couple of years in California, I've never lived without comprehensive public health care, and I'm able to ride a bike to work. I think a lot of the problems identified here would be resolved if the US actually provided health care to all and made cities (where a lot of us work) more friendly to cyclists. Cheers, Guy
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
Been debt free for two years thanks to Abby Joseph Cohen Services. So sad to see my friends in their 40s with car loans, mortgages and credit card debt.
Abby Joseph Cohen hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I'm stoked because I'm heading into retirement with almost a million bucks in my portfolio.
Imagine going back in time to the 1980s and telling your young self that you won’t be able to save up to retire because you will buy everyone in your family a new laptop computer-equivalent every 2-3 years and car every 6 years; laptop purchases start at age 11. Every laptop will also require a monthly expense for a phone line. Those are the averages for cell phones, and cost is roughly that of a laptop-can put it in more relatable terms to yourself that way though.
The 401K may have worked better but the 6% company match - even if that’s available - is nothing compared to what they’d need to contribute to equate to pension. So companies removed their risk plus got cheap. And in exchange, there are no long-term incentives to stay at a given employer and they’re starting to feel the pinch.
The employer didn't contribute enough with the 401K match. All of a sudden, executive pay went from 30x the average wage of the worker to 3000x or more. And then they cap the salary subject to social security taxes.
Better have your house and cars(s) paid off as a bare minimum. You are going to need that payment money for other expenses. Also I would forget the kids college fund, let them pay for it like we had to. Time to get serious if you want to retire. I won’t be retiring because I’m going to keep working just to keep myself from spending money to address boredom.
lol yes you sure paid for your college didn’t you? You know that college costs so much now because the government has put less and less money into universities. Your university education was subsidised by the govt more so than students now.
I see why my friends who are late Gen X and early Millennials are complaining about how they feel like retirement planning is so overwhelming. It’s the lack of financial education that Gen X never really got from Boomers to pass on to their kids. The Gen Z are much more informed about retirement planning due to the Information Age, and the FIRE Movement. I’m glad that I spent my early 40s learning about all the different methods of retirement from Gen X TH-camrs who are now retiring and their financial planning. What worked and what didn’t. :)
Why do they keep saying you need 1.5 million? Does that assume you're still renting? What about those who own their homes, no debt and live reasonably? Still need 1.5 million? I don't think so.
@soniak2269 That still needs context. Are they getting 2800 or more per month SS payments? Do they have debt? Are they frugal in lifestyle to begin with? The same formula doesn't necessarily apply.
I can't feel bad. As a Gen X myself it was pretty apparent that nobody was coming to save me. I suppose you could blame the Boomers, but the reality is that they had pensions (mostly) and nobody knew how a 401k would shake out. We're kind of the first generation to figure that out. Also, blame schools. Home economics was long gone by the time I went, but thankfully I figured it out. Teaching useless math (for many, I mean when did you ever have to find the square root of 9 in your daily life?) is not doing anyone a service. We should be teaching money habits and how money works. All that said, people love to consume and spent money on useless things. My parents grew up with nothing (because my grandparents were depression era) and we still were happy and did things. Problem today is people don't want to go without. Now, they are crapping bricks because all those years of saving and investing are long gone.
GenX entered the working world when most employers were ditching traditional retirement funds and switching employees to 401Ks. It was and is a big change. I’ve seen my retirement portfolio have a few significant ups and downs, and that is not comforting
I’m 50 and $75k in student loan debt. I gave pension that accrues about 1% a year. I have a home mortgage balance at $88k, home is worth $275k. 401k is not even an option at this point, since being laid off 6 months ago. Finding full time work to even make $60k-$ 70k is becoming more futile by the day.
Finally someone my age! I have 124K in student loans (only debt) - renting/no mortgage. Yes some people go to college later in life and unfortunately get a late start to retirement but better late than never.
My parents taught me to save. Both blue collar as myself. At 56 i am retired and haven't touched my current IRA with 7 figures. Buy apartment buildings is the best advice i can give young people. Don't overpay and don't sell
Most of my Gen X friends retired at age 50 with average savings of $5-$10 million. Unfortunately, I am behind compared to them and will need to work until age 60. I also have a pension through work. I would work 65 hours per week just to be able to save for retirement and contribute to a 529 plan for my kids.
Early Gen X here. My boomer parents didn't teach me money - and I made stupid decisions. However we are also the generation who first made use of the internet. 10 years away from retirement and I can quit work today if I wanted. Why? Because I LEARNED and took RESPONSIBILITY. How about that? Stop blaming others.
Stop paying $1000 for a phone or $5 for a latte or leasing a new car or eating out or expensive meat become a vegetarian stay home develop a hobby save money instead of spending it plan for the future instead of partying and playing video games
I am 55 and I have $1.6M, and I still don't think I have enough to retire in California. I need about $10M to live the life I want (i.e., beachfront home, beautiful wife, and a vacation every month).
I’m 52 and I am just starting to invest for the first time in my life. I have started contributing to my 401K and opened a Roth IRA with automatic contributions. My question is, does asset allocation even matter at first, or am I just overthinking this?
There’s a lot to decide on… most times it is better to delegate your day-to-day investing to a license professional, someone with a comprehensive strategy that can cover many investment sectors
Couldn't agree more, investing with the help of a financial advisor set me up for life. Retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually, although if it wasn't for the covid-19 lockdown, I wouldn't have supplemented my income with stocks and alternative investments.
@@SeanTalkoff good gains! who is this professional that guides you please? enthused about investing for my eventual retirement but dont know how to go about it, for now I only invest in my 401k through my employer and gains are quite slow
My CFA ’’ Sharon Ann Meny, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.
This is not a Gen x problem, Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
I've shuffled through a few advisors in the past, but settled with Annette Christine Conte her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.
very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@ThomasChai05Mind if I ask you to recommend this particular coach you using their service?
Credits goes to " Izella Annette Anderson " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.
High prices for everything have severely affected my plan of retiring. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That's impressive ! I could really use the expertise of these advisors.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
I’m worried about retirement planning and I want to ensure a comfortable future. I’ve worked hard my entire life and I want to enjoy the fruits of my labor without financial stress. I’m really concerned about whether I’ve saved enough and invested wisely.
I completely understand. Ensuring financial security in retirement is crucial. Have you considered consulting a financial advisor?
Yes I have. But I don’t know who exactly to trust to provide the right advices and guidance for me.
True. I have been in contact with a CFA that specializes in retirement planning. His expertise can help optimize your savings and investments.
Who’s this CFA? And how can I reach out to him?
He’s a CFA with strong track record and you can research more about him online and also get to leave him a mail to reach out to him.
I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.
There are numerous strategies to achieve high yields during a financial crisis, but it is crucial to undertake such trades with the guidance and supervision of a professional financial advisor to ensure informed decision-making and risk management.
That's true. I've been assisted by a financial advisor for almost a year now. I started with less than $214K, and I'm just $19,000 short of half a million in profit.
That's quite impressive! Can you share more information about your financial advisor?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing.. I will write her an e-mail shortly.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
Mind if I ask you to recommend this particular coach you using their service?
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
Vivian is a scammer, she’s about to be put into jail. Fyi
I would never trade with someone that I heard about on TH-cam
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my late 40's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $287k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.
“Diana Casteel Lynch” has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
parents really need to start talking to their kids about money at an early age and not make it a taboo subject
money is taboo to the poors. my kids contribute to their roths after every teenage paycheck. we teach them to never tip more that 5$
@@dr_flunkstipping low is not how you get wealthy. Teach living below your means which means eating at home and seldoming eating out. If I eat out I am tipping 20%. More importantly I have invested 15% of my income since I was 22. That is how you reach 1 million in your early 40s.
@@samthompson6632 now i'm tipping just 4%. plus i'm way richer than you.
Thee military offers retirement at 20 years.
So, you never noticed that things just changed over the years? Not to be mean, but you are coming off as smug. Not only that, but savings require an income and sometimes people lose this through no fault of their own.
When Mike + The Mechanics sang "All I need is a miracle, all I need is you", I never thought they meant retirement!
Tell me you grew up in the 80s without telling me you grew up in the 80s😂
When the Butthole Surfers sang "I'm gonna move down to Florida, And I'm gonna bowl me a perfect game", I never thought they meant retirement!
My husband and I start way too many sentences with “if we win the lottery…” 😂
😆
My neighbor the other day talking about how this inflation is affecting the renovation of his cottage in Maine... Me: I was able to buy a pack of hand towels instead of the single ones this week.
My dad is 63 and retired earlier this year. He has about $400k to live off of for the rest of his life. He lives in a small town and the cost of living is very low, but it's still not a lot of money to depend on for the rest of your days.
If he lives another 30 years, that's just $33.00 a day (if not continually invested) and without social security. I am 65, have three times that amount saved, and still intend to work another 5-10 more years. I am more concerned about being destitute at 90+ than I am about working longer.
Your dad's 400k is a buffer, but basically any major car accident, medivac or other event could deplete much of that quickly. It is precarious, especially in the US where our medical care is so many times more expensive than the rest of the world.
If his Dad needs a medivac it's not like the hospital will take his home or garnish his wages
@@northerniltreeif you have $1,200,000 with social security you should be okay.
@@northerniltreeI'm 31 with $400k saved. I would have a heart attack if I only had $400k to live off today.
My Boomer parents had a pension and Social Security for their retirement, and couldn’t teach me anything about IRAs or 401ks, since they had no experience with them. And my public school education during “Home Economics” only covered savings and checking accounts. We GenXer’s had to learn everything on our own, before easy access to information via the web like current younger generations. I remember buying Jane Bryant Quinn’s big book at a book store and subscribing to Money magazine to try to educate myself. Then we had the SP500 peak early in our careers in 2001 and not to hit that level again until 14 years later, so investors my age didn’t see big growth in retirement accounts until after 2014. It has been a heck of a ride and test of patience for Gen Xer’s!
This is a great point !! My father is Silent Gen and my late mother was a Boomer. they both grew up poor , so just living within your means and sticking extra $$ in a savings account was all they knew. We had to learn all this starting at ZERO . Also , most of us were making more $$ back in the 80's and 90's until the Reagan inspired trickle down started , not to mention we've been through TWO recessions which dragged a lot of us backwards. God knows I've made every mistake with money imaginable, but the world I came into after college is not the same one we're living in now and I'm worried all the "catching up" i'm trying to do for the past 15 years won't be enough. Won't retire until full age 67 unless something happens and can't work . I'll need that extra SS especially if they start cutting benefits. Of course SS would have been fine if congress had kept their hands out of the $$ to begin with....
This was my experience. My Ma was a single mother, no help from my father and she hustled and took care of us and did a great job but gave us the only knowledge she had which was save money. I did do that but you don’t get far ahead with just saving. I did good but it’s about investing and CD’s and Roth’s. I didn’t even know what that was. GenX was the perfect generation to get ahead financially, especially being ahead of social media, the 2008 housing crisis, the tech boom. But I just didn’t know any better.
I was lucky, as the learned about investing from the military, college, and friends. I learned that there was nothing better than making money without having to work for it. I was continually told growing up from my mother to pay myself first. I’m also very forward looking, so I understand the future will come and I didn’t want to be caught short handed. I plan on retiring in an about 10 years with more than enough money invested, but it really depends on inflation and the markets.
@@jesse_- You are humble, you say you were lucky, but I say you were just a hard worker who understood the concept of a piggy bank. All these people moan that they were "never taught finances or saving" I was in the military, got paid every 2 weeks, cashed the check on base on Friday- Flat BROKE the next Monday.... I noticed there were always a few guys around that could "loan money" I was always amazed at that guys would eagerly pay 50% interest on cash loans that were to be paid back the following payday. I even had friends approach me asking me if I could loan $20 for $40 or $50 for a $100... There were always clients that would need a "loan" Of course was I very broke and not able to loan. I did learn not to "not spend" all my money. Did not take me much time to start saving, not for retirement at the time, just saving. In later years the savings were converted into retirement stuff. IN the beginning I did not know how to save for retirement, but I knew I had to save. A person does not need school or parents to teach you about money. Just do not spend on wants, only needs. And save what you have left over.
I love when these very wealthy people pretend that they won’t be able to retire comfortably 😂
Lol yeah news anchors aren’t rich, unless you’re like Dan rather or something
@@pensivepenguin3000 They’re not on a local news program but a national morning show in NYC. Something tells me they’ll be alright
I'm happy I'll be retiring this year, with about $500k, but I'm afraid my portfolio will not sustain a long retirement. The funds are likely to be depleted by expenses faster than my portfolio can recover through compounding returns
I'm almost ready to retire, and having a financial advisor has been incredibly beneficial. Since I started investing later in life, I couldn't rely solely on compound interest from index funds. Nonetheless, I've managed to earn more than some long term investors. I'll be retiring with at least $5 million
Your advisor must be excellent. How can I get in touch with them? I'm worried about my retirement portfolio and could really use some guidance
I usually avoid giving specific recommendations since everyone's situation is unique. However, having worked with Emily Ava Milligan for 7 years, I can attest to her excellent service. You might want to see if she meets your needs
I looked up her name online and found her page. I emailed and made enquiries. Thanks for the help
Live on less. $500,000 in good dividend stocks should net you $5000 to $8000 a month. If your house is paid off it is easy to live off that.
The worst part is the people working hardest are getting the least remuneration for their efforts and then shamed in the media for not taking more hours, more work despite the poverty wages. 40% of people in work need state support. That’s a reflection of greed not poor work ethics by working people. This is being done by design, by greed.
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate and stocks..
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
*Mr Gary Mason Brooks* a highly respected figure in his field. I suggest delving deeper into his credentials, as he possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Hard to save for retirement when 2/3 of Americans are living paycheck-to-paycheck.
Well maybe they shouldn't buy that brand new car they can't afford at $900/month or the 3 or 4 bedroom McMansion they can't afford or insert all the other things they spend their money on that they can't reasonable afford.
They are choosing to live paycheck to paycheck … (1) buying WAY too many things they can’t afford (2) not focusing on career growth over a long term
Maybe should earn more, live below their means
Start living below your means decades in advance.
Most people living paycheck to paycheck CHOOSE to do so. You need very little to be happy and comfortable. Don't come to me and cry poor while drinking Starbucks, driving a new model truck, and wearing designer clothing.
I wish that these studies would be realistic. What middle class American will ever have 1.5 million saved for retirement? I think these reports have most people asking themselves why to even try.
Most AVERAGE Boomers don’t have enough saved for retirement. But you can definitely retire on less than 1.5 million. The key is to have no debt at retirement and your home paid off
@@laurijohnson7754 And a modest lifestyle
@@laurijohnson7754 And plenty of passive income to live on.
Almost everybody that I know has millions saved for retirement. Asians tend to be frugal and live below their means. They also own multiple homes and invest regularly. Half of the people on the street drive newer and nicer vehicles than me. I just assume they make more and save more than I do. For me to purchase a $70,000 car, I would need to have at least $4 million saved to feel that it could be justified. I see many people driving Dodge Hellcats so they must all be multimillionaires.
@@mocheen4837 Why is $4 million the amount that you’d need to have in order to justify the car purchase?
As a Gen X’er I prefer the Media and everyone to forgot about us , This is has been The status quo for decades and there’s no need to change.
Now Get Off My Lawn.
Yes , as genX as well , i get offended when i hear anything regarding to X( as a generation related ) coming out of their dd-irty big s-melly, corporative mouthpieces. The way they pretend to care about is offensive.
I'm not even sure if they're pretending, i guess they are actually laughing out about...
@@aquariumlife2929 You know what else is offensive? You Gen X folks pretending you ever cared about the next generation.
@@JohnDoe-pk2hs This was reply to a comment on a video of a corporation talking about a generation ( mine ) . I made a comment ( not a reply ) myself regarding this matter, if you care to look for and realise you're wrong is up to you, i'm not givin you in a silver tray...if you don't care , so do i...
Very true as a gen xer myself an the middle child of 5 siblings I was always sidelined
I love how they make it look it will only happen with genX.
I don’t think that’s the message
Right. At least we were able to buy houses.
Corporate media have been salivating to kick gen x in the teeth again.
@@creeper2054 Yes. And now we are ready to shine. Show others the path.
@@rickm8456 that was exactly the message. Use us as inverted scapegoats, distraction...making other generations think they still have a chance and placing the guilt omly on X ( ironically, the only generation tha made it ) , that was the underlines, the print stamp, cause they don't want other generations thinking as X'ers
Proud Gen Xer here Too many people not thinking about paying their future selves. I’m 53, married 23 years, two teens. The wife and I have always contributed something to our 401ks. The past ten years we’ve been slowly increasing contributions. We’ve picked up some mutual funds along the way. We dollar cost average invest in those. Stayed in the same 3 bedroom 2.5 bath house for twenty years. Don’t buy new cars and take modest vacations every year. Six months emergency fund saved. Use cash back credit cards for everything (pay off in full every month. The bank pays me!) Current net worth 1.7M. We will be retiring at 59 1/2. Never underestimate the power of compounding interest. The time to start investing is today no matter how little or how much you can contribute. You must start now.
Kudos to you! 🙌🏼
Slow and steady.
They can take your 401k at any time they want. You could lose everything at any moment.
Exactly. Living within means not within wants. I’ve been married, divorced and remarried. So life “happened to me too”. And raised 4 steps kids and retired from a grocery clerk wage at 52 by living below means and saving and investing 25% of my income for 30 years. The problem today is the “floor” of what people “feel” are necessities is much higher now than when we were kids. This “floor” is what is keeping everyone working until late in life.
@@eliflynn7282they can take your house too or your job for that matter or cancel S.S.. All you can do is plan and adjust if your plan fails! For 18 months during Covid-19 our government told landlords that they could not evict, but still had to pay taxes and insurance and do maintenance on said rental. Even if they did not collect rent. And if taxes were not paid our government would take the home! Never happened before in our history. And was not legal per the constitution, but they still did it. Nothing in life is guaranteed except taxes and death.
I’m Gen X, and I remember being in high school and hearing that Social Security would not be around when I retired. It scared me to death, financially speaking.
I read as much as I could about retirement plans and how they work. And then started investing as much as I could into a 401(k) starting at age 23.
I had arguments with friends and family who wondered why I invested so much instead of just spending it and having fun.
I’m happy to say that I’m in my late 40s and already have enough to retire on, but I plan on working about 10 more years so that I can leave a sizable inheritance for my three kids. My wife and I are taken care of, now it’s about the next generation.
I am in the same boat as you. I feel as though everybody has more money than us. People drive fancy cars, take lavish vacations and eat out all the time.
Same but hey we will stop working by 60 and buy or do whatever we want. I rather do that then being old and eat cat food!
I’m not worried about leaving an sizable inheritance to my children. I raised them and helped them with college education. I have worked very hard as a nurse for over forty years. I plan on enjoying my retirement with travel, hobbies and volunteer work. I want to spend time with my children now instead of leaving them money when I’m dead.
That’s awesome! I love stories like this! Good for you!!!
For any 20-something watching this, invest in a 401K as soon as possible! The compound interest will pay off exponentially.
Once you are able, start investing 15% of your annual income.
I am a 35 year-old teacher from a single family household whose mom will likely never be able to retire. My 401K is projected to surpass $1 million mark by my mid-50's.
Start young, and always think ahead.
I have lost more money over the past 10 years with a 401k than was ever added to my account due to its success being dependent on the stock market which is controlled by the top 1% and was proven twice in the past year by the gamestop trade that was interfered with by the same 1% because they were losing money and the average person was making hand over fist.
So we are expected to pay 20%+ just in federal tax, 15% for retirement 5-7% for state tax not including social security, Medicare, etc health and other insurances. So that's around 50% total of your income just gone and we are expected to pay for a car, rent or house, food, clothes, and anything else. The math just doesn't add up
@@Methusalah0 The S&P 500 has TRIPLED in the last 10 years. You just seem to be extremely bad with money.
@chrisi2893 You took the words right out of my mouth.
@@Methusalah0Uh yeah. Let me see your budget, I’ll tell you what you can cut to make that happen.
Luckily, not the case for me. I listened to Dave Ramsey, and I am debt free in a paid for house and well on my way to financial freedom. If I can do it, so can anyone else. Majority of people are living beyond their means even if they think they aren’t.
Yep, Dave Ramsey provides great advice for people wanting to improve their financial literacy.
Great going🎉 I also listen and follow Dave Ramsey. I am 53 and debt free, house included as a single mom. It is absolutely possible regardless of the current economy. ❤
Good for you. And, you are much more likely to have had the foundation to do so in the first place if you: Had a consistent place to live growing up, had an income of some kind, and didn't deal with caretaker abuse/addiction. It's very tempting to believe that we're much smarter or more disciplined than others, but sorry to break it to you - that's not the whole story.
Bro people come from insane trauma and do great. We have refugees that lost both parents and started companies and retired early. Your name should be no accountability.
why wouldnt sc be around???? THERE is your problem. Our ONLY problem.
Young adults need to understand they MUST “pay themselves first” and automatically save
This is great advice for people who have at least some wisdom. There are too many who misinterpret that and are racking up some serious debt while paying themselves first. Some people have no concept of living within the means.
Yes. To elaborate, they need to understand that they enter the workforce with no gurantees and no safety net. We are all in a situation of survival. Too many people don't know how to survive.
The responsebility of creating the safety net is on everyone for themselves, so that is the first goal to accomplish, otherwise the odds of survival are low.
Yep! Invest as much as you can and start as soon as you make your first buck. Pay yourself first is the best advice ever.
Why are these people chuckling?
I’m 51 years old and I’m currently working a full time and part time job to pay off my mortgage. I live on a budget and I don’t have consumer debt. I’m a government employee with a full pension. My mortgage will be paid off by “2029” and I’ll retire in “2033”. Hearing these stories makes me grateful that I have a pension and smart enough to live under my means.
Im a similar age to you and a govt worker. YOu are quite fortunate ... nowadays we govt workers often dont make much money -- as we go without raises for years, like almost decades, etc. THIS impacts our retirement/pensions. At 19 years in, I finally make enough to start putting aside a bit of a savings. Managing to pay my house off by then might help me out -- but I was fortunate to get a bit of help with a down payment from seven members of my family -- many, many dont have the luxury that I had -- altho it was well in my mid-40s when that happened .... And my particular job is a college degreed job -- altho I believe everyone should get slight increases and stuff year to year like most jobs did in the 70s, like my dad's factory worker job when those were plentiful ... Good for you on your good planning - Cheers!
The difference is back then it was possible to save but now days its to expensive to start saving early, invest, etc
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over $2.8million.
@@joshbarney114 I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Finding financial advisors like Marisa Breton Dollard who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Nothing but excuses here. At some point you have to educate yourself
The segment ends with the financial expert saying, “financial literacy is important”. But, nothing that he said or anyone else even speaks to what that means. They complain about the cost of living is going up and inflation and that there is no money left to invest for retirement. They say nothing about even setting up a budget to plan so that you don’t live paycheck to paycheck. They say nothing about the fact that most people live far beyond their means. Don’t listen to this nonsense. Go over to the Ramsey Show where they talk in detail about how to turn things around and to be able to plan and get ready for retirement.
Ramsey is a quack.
I have been watching a lady on you tube who has challenged herself to live on $20 a week grocery budget she doesn't have to but it does allow you to focus on what you can do to save money each week towards your savings a example for me is I do not buy potato chips ever.. when I have something that you would normally pair with chips, I buy a 59 cents cucumber, slice it and sprinkle with salt I don't eat the whole thing in one sitting.. that saves me at least $4 in a weeks time to dedicate to savings. I make my own coffee never buy it if I'm out I take a coffee cup with me with coffee, same with drinks Water is what I drink most of the time ( using a Brita filter) there are a lot of little things we can do that save money and help achieve long term goals. Anna In Ohio
Live like a poor person because one day you'll be done living. Think about what you're saying to people. Think about that. What type of life is that??
corporate people be like: excellent
I’m a 68 year old boomer and saved a lot by driving reasonable cars. They were all fun to drive, comfortable and reasonably priced. All were purchased new and would trade in about every 4 years since I put on 25,000 miles per year. Most were manual transmissions because I preferred them that way. Loved every one of them 1985 Accord, 1989 VW GTI, 1994 Accord, 1999 RAV4, 2004 Endeavor, 2012 Sorento ….
i already retired. all you had to do is live under your means and invest. not hard.
Amazing how easy it is to get pretty wealthy. Buffet extols the power of compounding and he is right.
Lmao avg is 150k wow and it's getting worse. Richest Country in the World bleeding its citizens dry.. nice
Best country in the world though!!!🤣
@user-zm6qj9cz7b so then what is social security. Surely that’s not a socialist program right? If you’re so anti-socialist, let’s start by getting rid of that.
@@cur244yeah, in mass shootings.
My dad said, “best to make money, but hard to live a life.”
Citizens are bleeding themselves. The government taxes labor too much in my opinion but other than that people have only themselves to blame. Even in today's crappy economy there is no reason why an able body person couldn't live comfortably and save for retirement, but instead most people CHOOSE to live above their means to show off and foolishly try to keep up with what they see on social media. Fools be fools.
This is all bullcrap - I am Gen X, worked almost 30 years... no pension, small 401K balance. I am retiring in 7-8 years. You know how? I bought my first house 25 years ago and paid it off in 20 years. I have no mortgage and no car payment. People waste so much money on cars, eating out and rent... money you are throwing away. It all comes to sound judgement.
Absolutely. The secret to being wealthy? Want less than you have.
It comes down to education as well. It’s good that you were able to figure this all out by yourself.
Gen Xer here too. You get it too. Glad to hear it.
you still have property taxes, you never own anything. We still have pensions at the company where I work.
Yes!! When I was in my 20’s most of my friends bought expensive cars and clothes. I always bought practical cars, pre-loved designer handbags, and put my money in my 401k. A 401k is not an option but a priority.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
@@LucaMurgia-j7b The issue is people have the "I want to do it myself mentality" but are not equipped enough for a crash and, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
@@CharliesMcCormicks How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
@@JacobReynolds-t7v MARGARET MOLLI ALVEY is a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and is a valuable resource for individuals seeking guidance in navigating the financial market.
@@CharliesMcCormicks Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible.
We need more financial literacy taught, too many people find out too late they missed many years of compounding interest
Instead of complaining about them, I listened to the boomers. never had a car payment, kept rent/house payment low, ate cheap food for 10 yrs. Allowed me to max out retirememt accounts for the last 15 yrs. Retirememt is now taken care of.
You must be really proud of yourself.
@@Tehui1974 when everyone else around me was making fun of me for years making me second guess it....yeah I'm proud of myself.
Working at 12yrs i felt so true loves women's 39 years ago older
This crisis is multigenerational. The majority of Boomers born in the mid to late 50's and 60's missed the boat on defined benefit pensions. Many younger Boomers got caught in the same retirement trap GenX is in. Younger Boomers are one of the largest growing demographics of seniors who are in poverty and homeless. Many weren't able to save enough for retirement due to low wage, no benefit, paycheck, to paycheck jobs that existed after global outsourcing that allowed them to survive, but not thrive. Now that they are in their late 50's to early to mid 60's, many find themselves unprepared for retirement even though they are aging out of the workforce. Many younger Boomers watched the retirement ladder get pulled up in front of them before they could ever put a foot or a hand on the rung.....
It’s not that they weren’t able to. It’s that they didn’t.
Quite literally Amir $300 a month invested over one’s lifetime can be worth a seven digits sum based on historic market returns.
People live balls to the wall paycheck to paycheck and then when they get to retirement age, they look for excuses .
My savings went out the door because of heart attack several years ago.
Living on SSI
Only in the USA, I'm sorry that happened to you.
At least she's so true thanks fullest entire life
How can you retire when the cost of everything is increasing at a phenomenal rate. Taxes are out of control!
Live below your means, invest as much as you can and be consistent with it. Plan to retire debt free. It’s possible if you live below your means and have a financial plan.
The 401k plan is great for self disciplined people that prepare for the future, rather than always living in the moment. The problem is, it has become a fiasco because there are too many slackers that just aren’t going to save. These types have to be made to save in order for them to have anything when retirement age comes.
I'm on track to retire. I'll be worth 1,000,000 when I'm 40. Born out of trailer park, no college too. Live below your means and invest.
I'm 37 and getting close to 2 million in net worth, but you and I are not the norm; if 80% of students failed a class, the teacher or school would likely be held responsible. Similarly, eight are struggling for every two people who are doing well financially. The problem can't be solved by blaming small expenses like buying coffee.
@@DiegoMejia86 Agreed, it's not the coffee. It's the system. It is designed to get one to consume. The system benefits the people who invest into those consumer type companies.
As well people have a fear of losing money if they invest. Can't go wrong if you just play the whole market.
As for the 80 percent those people have a pain intolerance. They are more comfortable to be where they are as the anxiety of possibly doing better elsewhere is overwhelming as they lack the self confidence to go forth. When I was young I just had me to worry about it so that was an easy choice to make. Others in their 30s-50s are not so fortunate as they may have other obligations.
@@DiegoMejia86 Also good job homie getting to 2 mil.
I hit $3 million at 50, but plan to work until age 60. I can work until age 65 if needed though. I would have paid off both of my kids college tuitions by age 60. Until then, I will continue to max out my 401 K and utilize the catch up contributions as well.
@@mocheen4837 That's awesome! I'm happy for you to get to that!
The American Dream: endless struggling?
Yeah first world struggling. It's so bad. 😂
@@ryanwalters6184 It is for a lot of people in this country.
@@808zhu weakness
@@ryanwalters6184 Circumstance.
The American dream is still real. It just takes hard work and good choices....most of all sacrifices.
I am a millennial, my parents are boomers, they got pretty much wiped out early in adulthood with the interest rates being double digits under Carter. They didn't buy a home until their 30s. My teachers at school were mostly boomers and they were not buying vacation homes on teacher's salaries!
thanks for this useful information.
The high interest rates are how many boomers got their retirement money. If you were investing in the 80s you could get 15-20% on your savings!
But they were young broke adults, with a young family. You could say that people could have made a killing in the stock market in 2020 when everything crashed and rebounded, but only those with means to do that COULD do that! Every generation has their challenges and opportunities.
The middle and younger Gen X grew up in the peak of the tech madness.
You and me: We have a $150k balance in our 401((k).
IRS: Not really. Because you also have a deferred tax liability (Assume 20% tax rate) of $30k.
You and me: So I can only spend $120k ($150k - $30k) of it?
IRS: That's how taxes work.
As a young Gen Xer, I have always lived below my means, saved the excess and never had consumer debt and will be retired at 50. I played the long game early in my life and am ready to retire soon.
All the financial literacy in the world would not have prepared us for this economy (over the last 2 decades), where corporations are treated better than people, the rich are not taxed remotely near their fair share, and the name of every CEO's game is increasing margins quarter over quarter forever. Higher education is much closer to maximizing profits across the board now. This in itself has put our generation and those after us into exponentially more debt than the Boomers had. THIS is why we're where we are - not simply financial literacy. Hold the rich to account! Close the corporate loopholes that allow them to write off everything while fighting to keep our wages unlivable!
Yes, financial literacy should be taught in public schools (as it is in many private schools), but also - none of this works when the rich hoard wealth!!!
I’m a Gen X person. I retired at age 55 from a government job. I now draw from my pension. I continued working as a dock worker and now pay into Social Security, 401K, and will receive a second pension when I retire again from that line of work (65). We have 4 grown children who are all independent. My wife and I own 2 homes (1 is a vacation home on the lake). We both manage our money as good as can be. We take our vacations every year and eat out at nice restaurants. Where there is a will, there’s a way. By the way, I read “Personal Finance for Dummies” at a young age and gave my kids the same book too! 🤙🏼
I'm a gen xer, didn't invest in my 401k until my late late 30s. But, I did invest in multiple multi-unit rental properties during the 2008 housing bubble. I'm lucky, my wife and I will retire comfortably.
even if you have your house paid off you think 'sweet no mortgage' but still you are paying at least 1/2 of it with Taxes and Insurance, and Property taxes go up 1-2 times a year so its hard to calculate that into a fixed income...stop taxing your seniors on their homes!
This is how Klaus will win when he states “You vil own nu-thing and like it”
Texas property taxes are going up so much. People don't realize how many are affected.
That and misc home repairs and maintenance especially the unexpected things like hot water heater going out, siding that needs replacing, foundation repairs from a shifting and aging home, etc etc
Then sell your house if you can't afford the taxes. 😢
@@m80mangg That’s exactly the long term strategy of certain leaders in this world - squeeze and force you to sell. It is part of the long term playbook … “you will own nothing - and - like it”
Accumulating money when in service could seem challenging, but surviving after active service without accumulating enough money is definitely more challenging. You will struggle to meet basic needs. Retirement choices determines a lot of things. My uncle and his wife spent over 20 in the civil service, his wife was investing through a wealth manager while my uncle through a 401(k). I think his wife is standing at the fruitful end of ritirement..
You're correct..!! Some fews years ago I pulled out my money and invested with my wife's private wealth manager. Though there is still a huge gap between my profit and hers because she started investing long before I joined , but at least I am earning more, my money has grown even more than it would with 401k. I am even making money before retirement.
Wow..!! I would really like to try something like this. But finding the right firm to work with is challenging, they all feel the same to me.
“Retirement is when you stop living at work and start working at living.” Unfortunately No longer a reality
Don't worry that trickle will get down to the middle class any decade now.
ha 😂 ha.
it did already. can you spell stock market?
The wealthy didn't create any jobs, increase wages or lower consumer prices with their taxcut windfalls. They're buying up homes and making it more expensive for everybody else to live.
And it'll be warm and yellow.
it did. you had to invest in something. what did you invest in?
A good place to start learning about retirement is the FIRE movement even if you don’t plan on retiring early. It taught me the importance of staying on a budget and saving and more importantly what and how to invest. It’s not to late for us gen Xers!
it's more fun to blame racists and boomers, besides i gotta look rich and i nnneeeddd that iphone 19. plus i need my nails pampered. because i'm worth it.
i don't know anyone that had vacation homes. what you talking about willis?
And that reference will only be know to us Xers 😂
How health care insurance is filing bankruptcy 99percent of thy entirely new world 🌎
He said it well about reality being a factor. Ignoring reality will make life difficult for anyone. Shame on the parents for not telling their children that they would grow old and have to retire. This was considered common sense in my family.
There's gonna be a lot of suicides as more of Gen-X arrives at retirement. 50 years from then they'll make a movie and everyone will be sad. But nothing will be done now and nothing will be done then. Greed, rampant, late-stage capitalism. Welcome to 'Merika
GTFOH, teachers were not buying vacation homes in the 60s. 😂😂😂
We are the “sandwich generation “, helping our parents and over helping our children… mix that with heavy consumerism and lacking financial education. That about sums us up!
I read recently that when 401k plans were first pitched, it was only for high income workers. It was never intended to be a plan everyone.
That is wrong, just plain deceitful. Ronald Reagan introduced the first IRA plans to provide for people who worked in companies that had little to no plan. These plans were for everyone, even the self-employed, like farmers, housewives etc. AND those plans were TAX free!!!! Which the unions and democrats hated and brought the taxes back. I know because I was a young union worker. Welder for almost 40 years. I invested in 401k and other things and retired good. It makes a difference what you believe. Who you listen to, and what YOU do. Dont throw your time/life away.
IRA plans were introduced in the 1974, well before Reagan became President. Reagan just expanded eligibility for what was already there. But Reagan removed the tax deduction for high income workers. Further, Social Security, which is a component of many retirement plans, started being taxed when Reagan signed the taxes into law. in 1984.
These same people bought expensive cars, went on fancy vacations, and didn’t save a dime. No sympathy from me
No mention of Roth, Traditional IRA, Spousal IRA, HSA, or 529 accounts?
Looking at the spending habits of those around me, a lot of it is self-inflicted
Saving $100K for your retirement is essentially depending on the government to pay for your retirement, which is a very risk bet.
better start digging in your backyard then, see how that works out for you
My husband and I are 63 and were married in 1987, during one of the worst recessions in our history. There was never a pension option for us. The threat of SSN being decimated, along with the constant worry about layoffs, has been a constant our entire professional lives, longer than the working life of Gen X. We are technically “boomers” but have none of the perks of friends and family in their later 60’s and older. We have lived the 401K retirement life, and have the same concerns as those in Gen X.
I am one of the people they are talking about in this video. I could start drawing out of my retirement later this year. But paying for health insurance would cost more than all of my other living expenses combined. That I why I need to keep working until I'm 65.
Young Gen X here.
I already have tons in retirement.
You HAVE to get into a 401k and IRA, contribute a good chunk every single paycheck into an S&P 500 index fund, and NEVER EVER sell or rebalance. Ignore the broke fools and doom mongers: they will keep you poor.
Stop looking for excuses and stop putting it off.
4:03 school will focus on expressing yourself over teaching how stocks work and or money management. Not as a one time field trip but curriculum.
Late Gen Xer, I was 11 and listening to Wall Street journal tapes on how to evaluate companies and invest. No one had to spoon fed it. Surprised more people don’t try to learn. It also takes disciple and delayed gratification.
I wish I understood more about this when I was younger not because I am behind the curve per se but because if I would have understood the importance of investing and the power of compounding and ownership like I understand it now my net worth would be ridiculously greater now. This is something that our schools and most of our parents failed to teach us. Someone made a comment on a video recently that really struck me where they stated (I'm paraphrasing) how our school systems are designed to teach us to be an employee and not how to actually make money.
The conversation at the end of this clip really resonated with me. Where she said how we were not taught. And it’s interesting I would’ve done well I believe if I was taught. But some people just naturally gravitate toward being smart with money even if their parents weren’t. And I know people whose parents did very well with money but did not teach them and they did not do well at all. If we only had that time machine or crystal ball. I would really like this to be taught in school as a requirement because we are just a Country of if you can afford the payment it’s not looked at as dirt. People are accustomed to car payments and payments of all kinds but they don’t think of that as debt and it keeps you in a horrible cycle. And also we are the first generation that had computers at an older age but not access to things online about retirement and everything you just kind of assumed without knowing the numbers, the Social Security is what people lived off of when that’s virtually impossible
I'm a Gen X with only a HS education and I managed to retire at 55. I only started making a 6-figure income in the last three years of my employment. I started saving at 21 right after Black Monday in 1987. All the talking heads on TV/Radio were parroting the same line, "Now is the time to invest".
I bought some financial magazines at the corner newsstand and read them from cover-to-cover. My conclusion, a no-load mutual fund that mimics the NASDAQ. I bought one from Fidelity and started with $30 a month. Slowly increasing as my paycheck went up. 30-years later, I realized I had enough to retire at 55. and, i did.
Property taxes going up higher than raises in wages
Right? At 31 years old I have around $800/mo in property taxes on my cars and house I built a few years ago!!
What is the median number? Average is not the best representation
It would be lower
I'm older Gen X, never been in debt, never owned a car, never owned property, just lived my life and steadily saved. A couple of points in my favor: except for a couple of years in California, I've never lived without comprehensive public health care, and I'm able to ride a bike to work. I think a lot of the problems identified here would be resolved if the US actually provided health care to all and made cities (where a lot of us work) more friendly to cyclists. Cheers, Guy
Working your typical middle class jobs...
Boomers: Main home + vacation home
Gen-X- Main House
Millennials: No house for you!
They should definitely keep voting against a social safety net
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
Been debt free for two years thanks to Abby Joseph Cohen Services. So sad to see my friends in their 40s with car loans, mortgages and credit card debt.
Abby Joseph Cohen hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I'm stoked because I'm heading into retirement with almost a million bucks in my portfolio.
Sick made up advertisement.
If it sounds too good to be true….. it is…..
the scammers are at it again. YT needs to clean up these comment sections.
Imagine going back in time to the 1980s and telling your young self that you won’t be able to save up to retire because you will buy everyone in your family a new laptop computer-equivalent every 2-3 years and car every 6 years; laptop purchases start at age 11. Every laptop will also require a monthly expense for a phone line.
Those are the averages for cell phones, and cost is roughly that of a laptop-can put it in more relatable terms to yourself that way though.
The 80s ask ... what's a laptop?
The 401K may have worked better but the 6% company match - even if that’s available - is nothing compared to what they’d need to contribute to equate to pension. So companies removed their risk plus got cheap. And in exchange, there are no long-term incentives to stay at a given employer and they’re starting to feel the pinch.
The employer didn't contribute enough with the 401K match. All of a sudden, executive pay went from 30x the average wage of the worker to 3000x or more. And then they cap the salary subject to social security taxes.
Better have your house and cars(s) paid off as a bare minimum. You are going to need that payment money for other expenses. Also I would forget the kids college fund, let them pay for it like we had to. Time to get serious if you want to retire. I won’t be retiring because I’m going to keep working just to keep myself from spending money to address boredom.
lol yes you sure paid for your college didn’t you? You know that college costs so much now because the government has put less and less money into universities. Your university education was subsidised by the govt more so than students now.
I see why my friends who are late Gen X and early Millennials are complaining about how they feel like retirement planning is so overwhelming. It’s the lack of financial education that Gen X never really got from Boomers to pass on to their kids. The Gen Z are much more informed about retirement planning due to the Information Age, and the FIRE Movement.
I’m glad that I spent my early 40s learning about all the different methods of retirement from Gen X TH-camrs who are now retiring and their financial planning. What worked and what didn’t. :)
Why do they keep saying you need 1.5 million? Does that assume you're still renting? What about those who own their homes, no debt and live reasonably? Still need 1.5 million? I don't think so.
It’s recommended to withdraw 4% every year so you don’t run out if you live another 25-30 years….. that’s only 60K a year if you have 1.5 million
@soniak2269 That still needs context. Are they getting 2800 or more per month SS payments? Do they have debt? Are they frugal in lifestyle to begin with? The same formula doesn't necessarily apply.
I can't feel bad. As a Gen X myself it was pretty apparent that nobody was coming to save me. I suppose you could blame the Boomers, but the reality is that they had pensions (mostly) and nobody knew how a 401k would shake out. We're kind of the first generation to figure that out. Also, blame schools. Home economics was long gone by the time I went, but thankfully I figured it out.
Teaching useless math (for many, I mean when did you ever have to find the square root of 9 in your daily life?) is not doing anyone a service. We should be teaching money habits and how money works.
All that said, people love to consume and spent money on useless things. My parents grew up with nothing (because my grandparents were depression era) and we still were happy and did things.
Problem today is people don't want to go without. Now, they are crapping bricks because all those years of saving and investing are long gone.
S***, they'll need a miracle just to survive until retirement with the world falling apart.
GenX entered the working world when most employers were ditching traditional retirement funds and switching employees to 401Ks. It was and is a big change. I’ve seen my retirement portfolio have a few significant ups and downs, and that is not comforting
I’m 50 and $75k in student loan debt. I gave pension that accrues about 1% a year. I have a home mortgage balance at $88k, home is worth $275k. 401k is not even an option at this point, since being laid off 6 months ago. Finding full time work to even make $60k-$ 70k is becoming more futile by the day.
Finally someone my age! I have 124K in student loans (only debt) - renting/no mortgage. Yes some people go to college later in life and unfortunately get a late start to retirement but better late than never.
My parents taught me to save. Both blue collar as myself. At 56 i am retired and haven't touched my current IRA with 7 figures. Buy apartment buildings is the best advice i can give young people. Don't overpay and don't sell
Most of my Gen X friends retired at age 50 with average savings of $5-$10 million. Unfortunately, I am behind compared to them and will need to work until age 60. I also have a pension through work. I would work 65 hours per week just to be able to save for retirement and contribute to a 529 plan for my kids.
Early Gen X here. My boomer parents didn't teach me money - and I made stupid decisions. However we are also the generation who first made use of the internet. 10 years away from retirement and I can quit work today if I wanted. Why? Because I LEARNED and took RESPONSIBILITY. How about that? Stop blaming others.
Stop paying $1000 for a phone or $5 for a latte or leasing a new car or eating out or expensive meat become a vegetarian stay home develop a hobby save money instead of spending it plan for the future instead of partying and playing video games
I am 55 and I have $1.6M, and I still don't think I have enough to retire in California. I need about $10M to live the life I want (i.e., beachfront home, beautiful wife, and a vacation every month).