I think the critical distinction is between single people and couples. Couples can survive and even feel comfortable on 2 social security checks. Singles have to do with one check. The bad news is once one spouse inevitably dies the surviving spouse becomes a single person with one social security check. At this point having savings becomes critical.
And or lack of learning to invest. Around age 65 you may have saved around 25-50 of you total savings. Compounding from investments will be 50-75%. If you do it right. Time in the market!
If there is one thing that put so many seniors in this position was that when the 401K took the place of pensions, there was no training or education required. This complicated task of saving for retirement was completely left to the employees to figure out. My company provided a 10 minute presentation. They offered free Costco pizza so I showed up for the pizza. Fortunately, I did pay attention and always contributed 10% plus the company's 3% match. After 30+ years, that was enough to retire.
@@davidhoy8557 About as good as any lukewarm Costco pizza gets; however, as a frugal person, I was not going to pass up on a free lunch. I hardly ever paid for lunch at work. They usually brought lunch in.
Never had it. But we just had a Costco open up near me. Hope you’re enjoying your retirement. 4 years for me and it’s the best decision I’ve ever made.
@@jrm2383 For some, not complicated; however, I did talk to a number of my coworkers and they didn't have a clue what the 401K. I coached a number of them join by explaining that they were throwing away the company's 3% match. I helped them select funds and if they followed my recommendations, they did quite well.
One argument against teaching "Personal Finance" in HS (which I do not agree with, btw) is that such things should be the parents' responsibility. However, each and every US School District could require this NOW in the curriculum - if it was demanded by enough voters in each SD.
The average American is struggling financially-I know I’m not alone. About 22% of Americans have no retirement savings. 64% worry they won’t have enough in their later years, and nearly half of adults think they'll need to work part-time in retirement. I’ve managed to save $100K outside my retirement fund, which has already taken some hits. How can I make this money work for me?
First, think about financial habits that might be holding you back, like carrying credit card debt month-to-month. Small changes can make a big difference.
The key is to start somewhere. Even small financial adjustments can make a big difference over time. The worst thing you can do is nothing. Consider creating a clear budget that outlines your income and expenses. A financial advisor can help you spot opportunities you might miss on your own.
I couldn’t agree more. Without professional guide, it’s easy to overlook strategies that could significantly boost your savings. Working with Rebecca Dolva Watson, I’ve grown my investments by over 150% in just 11 months. Sometimes, expert advice isn’t just helpful-it’s life-changing.
If retirement feels overwhelming, focus on what you can control: cut unnecessary expenses, avoid lifestyle inflation after promotions, and approach money decisions with logic, not emotion. The earlier you start, the better.
Just looked up Rebecca Dolva Watson and found her consulting page. I’ve got to say her credentials are truly impressive! I've scheduled a call to discuss further
I’m an RN and was fortunate enough to retire with a decent pension,which I claimed at 55. Claimed Social Security benefits at 62. Not wealthy ,but the two income streams keep me financially comfortable.
As a boomer myself 401k with company match worked for me. My wife worked for the city and has a pension that's almost as much as her SS. Neither of us made a huge amount of money with no college degree. Yea I think we're lucky but we lived WAAAAY below our means all whole lives.
@@tonyherdina9142 I was raised by my mother who raised 8 kids by herself because my father wouldn't stop drinking. We went on welfare briefly but she was able to borrow money to get a college degree and gain meaningful employment. We always had less then our neighbors so we were used to it I guess.
"Below means" is the secret. I remember my wife complaining. Why does everyone we know have $$ and I don't. And I had explained to her. Because you are saving 25% of your income for the future "you". And they are spending it now. You will see in time.
This is my sister. She plans (hopes) to work until 70, maybe beyond. "$250k or less"? More like $25k or less! If she buys a new car, which she desperately needs, her net worth will be zero or less. We've been warning her for decades.
I have a brother who lives off SS only. It’s a rough road and not what he planned on. He didn’t pay close enough attention to his finances during the 50 years he worked.
I worked with seniors for many years. Who was financially ok? The poor who qualified for rental assistance, food stamps and home health aides for free through Medicaid. The rich were ok too. The middle class was not. Once you reach the age when you need someone to take care of you, you need a lot of money. Home health aides in New Jersey are over $32 per hour through an Agency. Assisted Living is $8000 to $10000 per month. People normally have to sell and give up their homes to receive the help they need. In your early retirement you can get by with less. Once you hit 80 it is a different story.
@@cutehumor in the UK many people do this in order to try and avoid paying for care in later life. It's likely that this loophole will be closed though as there are serious finding problems in the social healthcare system. It also means they have no choice where they end up, and some care facilities are not great places to be. At least having a house to sell to find your care means you get to choose where you end up.
We have a pension/rent a room to a family member/ have social security and save every month enough to live on in one year to live another two months and have our expenses set up ahead one month ahead waiting in our checking account. We saved from our twenties until age 65 for retirement and added this amount to our pension and our social security. Our social security was much more than we anticipated back then so we can now save the difference without any stress. We also lived a frugal life throughout which probably had the most impact on our retirement overall. It is never too early to start saving for your future retired life. God bless and thanks so much~
Generation Jones- the second half of the Baby Boomers (born 1954 - 1965) had way more economic headwinds and economic stress (including recessions) than the Older Baby Boomers. Generation Jones are between the Older Baby Boomers and Generation X. Generation X is struggling too. Good luck to us all.... ✨😊✨.
I entered the workforce in 1979 when the economy was in the doldrums and unemployment was high. I am in the last cohort of that generation 1957-62. IMO 1963 and after is Gen X, birth rates dropped a lot. No more baby boom.
Funny how a Viking European River Cruise Ad came on during this thing. When you are out and about, Americans, take note of 2 things: Look at the cars people are driving. Grey Beards in some Tesla Mars Rover looking contraption. HUGE trucks and SUV's brand new and riddled with debt, old people driving them thinking "Hey, I live in the LAND 'O PLENTY!" Also, they can't park their cars in their garages because of all the "STUFF" overflowing in them. HUGE houses people overbought into. There are lines of cars leaving my neighborhood on Friday nights going out on the town with their credit cards to pay for things. One Friday night (several actually) I threw about 300 bucks into my Roth IRA. We walked our dog watching the line of spenders as they headed out. I said to my wife "This is why we will always be ok. We cook at home (better meals than any American restaurant can serve btw) and we save and invest. Many Americans have no clue as to just how serious saving and investing is when it comes to their future. "Sha La La La La La live for today" seems to be their mantra.
You have to also consider the generational culture as well. Those in their 70s and above come from generation that do not complain too much about their hardships. Theyre too proud to admit it. They just get on without complaining.
Younger Boomers got caught in the 401K craze having the defined benefit pension ladder pulled up before they could put a foot on a rung. Add to that a significant amount working in low wage jobs, with few to no benefits, and no clear path to retirement, many had no access to 401K plans, and many who did, weren't able to save/invest substantially. Many never recovered from 2008. Fast forward to now, and you have a large segment of seniors who are in danger of living out their final years in poverty. Many will continue to be in the workforce until they are too old, or infirm to, or until they DIE. Boomers didn't take anything from the younger generations. The plutocracy of this country took EVERYTHING starting with the wealth of middle and working class Boomers, continuing with Gen X, and Millennials. This isn't based on generations, it's based on CLASS. Don't be FOOLED.
You are absolutely correct that 40 years ago govt began to work hand in glove with corporations to u define the economic prospects for most workers. Stagnated the wage ladder by holding the minimum wage well below a living wage, weakened unions at every turn, stopped investing in public infrastructure and public agencies that helped build bridges to middle class life. Also to enrich the rich. That's why the middle class is shrinking.
Bologna, just work hard, live below your means and save for retirement. It’s not rocket science. You can play the blame game all you want, but it doesn’t change the fact that most people don’t prepare for the future. I follow my own advice and will be very comfortable in retirement.
Boomer here, retired 10 years ago at 55 thanks to having a very nice defined benefit pension. The only reason I could do this is because I joined one of the building trades union. The American worker got sold out by the government in the 70s by shipping jobs overseas and foolish people that walked away from organized labor. The workers have the power but only if you organize and have collective bargaining.
I have the same reaction when some article says you need to make $150k to live comfortably in my area (SF Bay Area). If you can't live VERY comfortably on that much, then you are doing it wrong.
The post boomers. Forgotten half generation could not get ready for retirement because our older siblings and cousins had the middle management jobs and many other jobs suddenly required a college degree. The inflation of the mid 1970s meant homes were out-of-reach price wise, especially since the interest rates were double digits. The regular jobs were exported to China and other countries with the explanation that "America will just manage the world." Service economy. If you retired in 1981, congratulations. Yet, the standard MUST be maintained! Get a job, have kids, go to college, send THEM to college, have a paid-off house, etc. All this knowing "social security will not be there for you, you're screwed." So, the 59 to 64ers are retiring at 62 and living like our grandparents. It is amazing how much stuff you don't really need. Like take-out food.
Azul made a joke about people eating pet food in retirement due to lack of money. She made a joke that cat food isn't cheap. I made a joke that my nightmare retirement scenario would be even worse given the knowledge that cat food isn't cheap. What am I missing here?
As a cat owner, i agree with you! Pet food is far more expensive than people food! I can afford to eat rice and beans when i retire, but i would run out of money if i chose to eat cat food instead!
Living too large. Just like most younger generations are now. I see a lot of people under 30 driving new cars. I'd bet most of those people are saving the minimum for retirement, if at all. So the cycle will continue.
We're not broke. And I'm not sure what the perfect time was, but the draft in the early 70's, inflation and stagflation in the late 70's, recession in the early 80's and interest rates in the high double digits in the 70's and 80's didn't seem all that perfect. It's not easy for any of us (you or me) ever.
as a GenX, I learned from my parents, Azul. they lived within their means, always put something from every paycheck into savings, invested over decades, and educated themselves on taxes. they've been happily retired for many years and it's reassuring to know financial issues are a non-issue for them.
Many years ago I sold insurance and financial savings policies. I quit because my conscience told me it is wrong to live off other people’s hard earned income. Instead I studied engineering and became an engineer and a builder. Manufacturers, engineers and builders create economies. Government bureaucrats and “financial advisors” live off the wealth created by those who make and build things, like parasites live off their hosts. It annoys me that productive, hard workers retire with just enough to get by, whilst government bureaucrats and financial advisors have no worries for their retirement funding, because the real workers are effectively funding the comfortable retirement of the parasites. p.s. I am comfortably retired on my own wealth creation and savings. I am motivated to write a book and start a podcast to help the real workers who are financially illiterate to aim and create their personal targets for a comfortable retirement without having to give their hard-earned away.
60% of Americans never heard of the 50,30,20 rule. I just googled it. It may be too late for boomers now. Teach your children and grand children. Even if they don't care now, it will eventually click. I have used it for over 30 years. I am 66, retired, and plan to never run out of money. Best for y'all.
Peak boomer, that's me! I retired last year. Probably ok on money. Nobody really knows what's coming do they. But like a lot of Midwestern boomers we've lived a frugal life and we have enough investments to put us in the "Comfortable" category. No pensions for us, those are pretty scarce among us tail end boomers.
Soon to be retirees should consider taking some or all of their 401k and convert it to an Income Annuity. The total payout rate is over 7 % for a 65 year old and you can tack on a 15 year guaranteed period.
It's more likely that older folks end up as what I call "Fivers" -- because they only go five places: doctor, pharmacy, grocery store, library, and church. The good news is gas prices matter very little to Fivers, since they only need to fill up every other month.
Amortization calculator shows $250,000 earning 4.25% a person can withdraw $1200/mo for 30 years. $1200 + Social Security a in person could live for a while, the problem is expenses increase by 6% per year, they may find themselves homeless as time goes by.
Yes people can get by on $30,000 a year. I have a friend that does. He gets by by hitting the credit cards in a pinch, and then asking ME for money. But he is getting by on $30k a year.
Our Social Security Income is about $60K and my wife has a small pension of about $7,200. Our living expenses are around $70K. And I'd say that's comfortable but we have paid off houses and paid off cars.
I was born the last year of the baby boomer generation. I don't know how many of the people I grew up with are living paycheck to paycheck but its a lot. They literally expect to work until they die.
The challenge is not living in the first several years of retirement. The challenge is living in the last couple of years of retirement, especially once we’re single and living on one income.
I retired with 2 government pensions. Military, fire dept. on SSN now at 64. No regrets. House is 1 year from being paid for. Making the same as when I was working. Actively looking for a part time job. Just for something to do
@JasperJokerII If a person has legally qualified for a pension or, for that matter, more than one pension, what's the big deal??!! I know of a couple people who have done this. Criticizing this guy is like criticizing someone for making wise financial planning decisions starting at an unusually young age. It's silly, and just demonstrates pointless jealousy on your part.
@@aao449 Go apply for either, they are hiring! This crap irritates me to no end. “It must be nice to have a pension” You’re right it is. I busted my @ss for 26 years defending this country🙄
@ I don’t look at it as a ‘club’ I didn’t plan on retiring when I was 18 when I joined the Army. Like any other job. You apply yourself, learn to work with other people. Better yourself. Life is what you make of it. All those types of employment are open to anyone.
Common sense is something you understand or unfortunately something you you don’t get just yet! A good mentor is everything! Also you can’t help some people!
Seniors preparing to retire need to do everything they can to get rid of debt including their mortgage. Yes the habit of saving is important but avoiding debt is more so, IMHO.
That is a very dangerous comment. If you wait to save until you’re out of debt, you’ll be one of these folks out here needing to collect SS at 62, not choosing.
Social Security of US$28,000 per annum is US$2333 per month. That is double the amount you get in the UK or Germany. You can live very well as an expat in Thailand on US$2333 per month.
I live very well on that right here in Cleveland. It's called living below your means, and if you adopt that lifestyle while you're in your twenties and thirties, the rest of you life just follows suit because you'll have plenty in retirement and no debt when you're a senior. People just don't like to not have instant gratification these days.
Lol, I'm still at it because with a high savings rate/low spending I can completely eliminate our income tax liability AND make pretty large Roth conversions every year completely tax free as well.
My wife is still working while I am semiretired. We have helped our children to buy homes that they will be able to pay off by the time that they are 50 years old. I want to help them out by leaving at least $200K each. We are planning our future around these goals.
I m a nearly retired boomer. If we are having a hard time imagine how it will be in the future. So this vid is a crock of scary words directed at me and my peers while totally ignoring the iceberg just ahead
That's what these guys do, they sell doom and gloom. Keep working and investing to pay their commissions; until you die. Pay off your mortgage, downsize if need be. Check your SS benefits and see how much you will actually receive. Your monthly expenses should be under $1800/ month for two if you are debt free. Get rid of the mortgage and car payments and you will be amazed at how little it actually costs to live.
Reign in expenses now. Excess (most) streaming and other subscriptions must go. Stop buying coffee and sandwiches in a drive-thru. Money will fill your pockets. And if you spend on cigarettes or vape products, then blame yourself.
I appreciate this video. Younger generations need to understand that most seniors aren't rich. Many boomers are struggling, and many others are just getting by. Yeah, a few of us are lucky to have a 401k but we put that money away dollar by dollar for decades. And only a few are house rich. It's not real wealth if you're living in a modest home because you have to have a place to live and you can't sell down, and home maintenance is expensive. It's extremely difficult to live on social security alone, and the politicians are threatening to reduce that to put more money into the hands of the wealthy. And inflation is out of control and will be getting worse with this Administration’s tarrifs which are intended to take our money and put it into their corporate and billionaire friends' hands through tax cuts. It's essentially robbing the middle and working class and seniors of what little they have for corporate welfare. I think there's a weird false perception about boomers. Every generation will have unusually rich people. If you want somebody to blame, look at the corporations, Wall Street, and the politicians that are owned by them. Especially right now. It's blatant. Make no mistake, we're under attack regarding our cost of living, our income, our savings, and our rights.
Correct. Too many, in fact most can't wrap their head around what you just posted. Millions should be in the streets protesting! This corrupt administration will destroy a large swath of what's left of the middle class.
Here's my mantra: Get and stay out of debt, budget, live below your means, save, and invest and live by that every day of your life. Face reality and do yourself a favor and be realistic about your finances. A little planning goes a long way. Young people think they will live forever, but they would be amazed how fast time flies the older you get.
Boomers had more accessible real estate prices relative to average incomes across all industries, better odds of admission to universities, and higher quality average of foods. If boomers are struggling, I cannot even imagine how much worse this will be for the later generations. We are in deep trouble as a nation.
I agree. I am a gen x and I was told as soon as I started working that Social Security might not be there. So invest in 401Ks. That's what I did since I was in my 20's. I would think the younger generations would have a much more difficult time because of the cost of living and it is more difficult to invest when there isn't anything extra.
To be fair, boomers also had 12% home mortgage rates during their child-raising years. On the flip side, those who had lots of cash in their bank accounts made incredible interest for a while.
I retired 2 years ago and have around 630k in my retirement account, almost 100k in money markets, and around 15k in savings in a bank. I am single with no debt, and other than a trip to Europe last summer, I can't even SPEND money. I literally try to spend money but I don't need anything, and I've never been one to blow money just for the hell of it. I only take a thousand a month out of my retirement and with the $2200 I get from SS, I have EXTRA money left over each month. Sometimes a lot left over - so I end up putting another thousand dollars at a time back into my bank account, probably every two months or so until it starts growing to the point where I move it into the MM account. I say all this to say that the million dollar "gold standard" isn't necessary to the "average" senior, in my opinion. However, I will say I do live and always have lived, below my means, so I'm probably not the "normal" in my age group.
On another SS "complaining" channel, I posted this question: How many struggling with SS have an investment account? The only responses I got were ones talking about how crooked Wall Street is. To me, that answers the question as to why people don't have enough money to retire. They have never saved anything, much less enough.
Wallstreet is corrupt and so is our government, especially now. The great wealth transfer is now in full swing. I think 60%+ won't make it financially.
The American mentality is to spend more than you have to. They buy bigger houses, more expensive cars and things that are not necessary. So they don't save enough. I've made that mistake and have worked to change that.
Soon to be retirees should consider taking some or all of their 401k and convert it to an Income Annuity. The total payout rate is over 7 % for a 65 year old and you can tack on a 15 year guaranteed period. A lifetime income stream/pension is your best solution.
Born in late 63 here. Seemed we suffered the excesses of the boomers and none of the advantages. The 80's yuppies I never understood. Parents were dead right after high school. Seemed impossible to get a decent job without connections which I didnt have. Worked several min wage jobs. Reagan was in office for so long. After college still could not find a decent paying job. Fumbled along for 17 years and went back to school in a health care field and acquired huge student loans which I still have due to health issues popping up a couple years into working as a professional. Flash forward now I have been saving the max allowable per year which was 24,500 for too long . It needed to be more. Makes no sense that the feds didnt allow a person to save more than that if they were a certain age. Not saying they had to allow huge amounts but $50,0000/yr is not unreasonable. Its not like someone is saving millions and screwing the govt. Anyway finally last few years its creeping up to $30,500 and then they threw us the $7500 extra bone except Only for 60-63 yrs old. I am 61 1/2. Come on ...? I've been able to save in 401 K a little over 1/2 of the million I feel is needed for a single person. No house. Houses are $400,000 for a fixer upper. Live in fear daily as I see that the market could crash at any minute. This is nerve wracking.
This is so real. Learn taxes, I invested an inheritance into a brokerage account letting it grow. paid a little in taxes but not much. Bought land we could make payments to the owner on for 1 year. Had a permitted building so we DIY remodel dit (paid to have sheet rock hung) then moved in. Outdoors is our illegal kitchen/bathroom/shower/fireplace seating area under shaded trees. Moved into a County which has a ton of dumpy illegal trailers so we went that's for us! Grow our food, love our church. Think outside the box a little, the fixer upper thing is great but they are so in demand here. Anyhow just a thought. We struggled forever just like you described
agree - you really did everything you could --- education --- getting a career --- saving + living below your means. I agree the lack of owned housing is tough --- for two decades i moved across the country and up/down the coasts getting work until in my late 50's i was able to buy a small house. i was not FIRE - retired a few years ago at 68. --- so much success funding a house or some stable rental (oxymoron probably). just my best to you and that you keep working & keeping your health.
Three-generation households are going to be the future. I have several in my neighborhood. Of course one is Indian, One is Pakistani, and one is Chinese.
Boomers nees to take their own advice and pull themselves up by their bootstraps and get to it. The past 40 years were the greatest years of wealth generation in history. If you dont have retirement money thats entirely your fault.
I feel that we're going to need a lot of communes for seniors in the near future. Seniors who didn't save enough are going to need a cheap place to live. Some kind of shared housing/large food kitchen may at least keep them from going homeless. And maybe when young adults see this type of living arrangement becoming more common, it will incentivize them to take saving for retirement seriously.
Know one needs a think tank to realize how easy or difficult retirement will be based on their retirement funds. People need to add up their home taxes + annual utilities including gasoline and see what is left. This will quickly tell an individual how much the will have a month to live on. Living on SS is often a shocker as people forget it is only a supplement. Changes are coming for folks who think they are going to live only on SS.
I think the difference is, Boomers and older Gen Z had more economic opportunities than younger people. I'm not quite a Boomer. 30 years ago my house was under $50k. Now it's over $250k. I graduated college and under grad with very little debt. Some of that was good choices and good planning on my part. But schools were also more affordable. Retail jobs were willing to accommodate student schedules, for example.
60 years old is the age where most people make a decision on whether they work or retire. This process for the baby boomers begain in 2005, not now. Thoses boomers that were 60 in 2005 are now 85 years old. The impact of the baby boomer retirement myth has long since past. Up to 20% or more probably are still in the workforce. They are still paying taxes. they still haven't apparently unloaded their primary home and they probably should just pass it to their kids now. You are a fool if your not taking advantage of the estate rules and regualtions. Depending on the state they can be most advantageous. This is no longer an issue it is already factored in. This is why Harry Dent can't figure it out
I hope my Roth and SS will be the same amount of monthly income as what I make now at my job. 3 thousand . yes i'm not rich. Most boomers worked hard for what they saved at a blue-collar job.
We are financially well. But we moved to Spain anyway. I can’t recommend enough that leaving the U.S. may be the best financial and healthy decision one could make.
I cut my COL in less than half by moving to a welcoming, beautiful SE Asia country. Great weather. Pretty scenery. Beautiful, kind, thoughtful ladies. Hard-working gentlemen. I hope to live here the rest of my days.
I think your video is spot on. There is money to be made to make people think they can not retire by the investment firms, wall street, etc. Retirement these days has to be well thought out, especially if one income, and perhaps living a different way than when working. And that is okay, and certainly can provide adventures one would not have had otherwise.
I have been retired for five years now. Although I've been adhering to the 4% rule, things are challenging as I did not anticipate. 30% of the $600K I invested in st0cks is lost to the market. How can I diversify my portfolio for retirement
Now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $$275k to $850K...
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
3:00 'boomers eating cat food and dog food" ? Cheapest dog food is pedigree at $1 per 28oz can. While Chef Boyardee Mini Beef Ravioli and Meatballs is $1 of 15 oz. at Kroger's right now. Boomers that live in areas with high cost of living will have it very very tough.
A median boomer couple get $50k p.a. from Social Security. At today’s exchange rates that’s about £40k. The median household income in the UK in 2024 was £37.5k. These people are trying to pay for a mortgage, child costs, pensions and savings none of which apply to the average boomer retiree. So please tell me what the problem is?
Medical costs in retirement average about $5k to$7k annually in USA. Prorperty taxes and insurance can run $5k to $10k on a modest home. Car insurance around 2K. Groceries are much more expensive than UK. Costs a lot more to live here.
Reality set in here, at his 1st statement numbers wise as those are real in my retirement as we are ok, scary a bit and tightening up wants still to curb budget for distance. Wow thanks for sharing this. Fear/High Caution of losing what savings we have has lead to minimal investments also
Nice comments section beating up on boomers and those who didn't make enough to save much money. I recommend getting out of debt by retirement and downsizing instead of trying to live the same lifestyle when you were employed full time.
This is not vanilla for everyone... we have a home that's paid for, no debt at all. We live in central fla our RE taxes are less than $400 per year. We have a 34 foot class A motorhome and camp at state campgrounds ( 1/2 price in fla for seniors ) we hike, bike and kayak. I still save 15 + % of my SS ! Your expenses and expectations are the problem.
My retirement, which I just started this week, undoubtedly looks different than the next guy’s retirement, and I’m okay with that. I keep my living expenses relatively low, same with my hobby expenses, and I don’t feel deprived in the least. As I have heard it explained recently, each person’s retirement is different. I will probably delay taking SS for at least six months, and maybe even until my FRA in September 2026. BTW, I don’t have $500k socked away for retirement, it’s actually less than half that, but it’s enough according to my calculations and lifestyle. I may pick up a part-time job later this year, but I’m going to enjoy the summer and fall first. As always, YMMV.
Unless you know you will live to be 80, you should not delay in taking your SS check. Numerous videos have shown that even with living past 80, it is more wise to take it now and reinvest that check in a 5% CD; it plus your reduced amount will exceed the amount you will get at FRA. Besides, you have no guarantee of living past "the break even age" (78 or 79). Do you KNOW you won't pass 6 or 7 years from now? The odds are NOT in your favor; nor are they in mine so I am collecting early right now.
@@briangc1972 Thanks for the reply. If you know of a CD that gives a 5% ROR, I would love to know about it. The ones at my credit union are just barely above 4%. I understand that nothing is guaranteed, future health included, and maybe I’m fooling myself, but I will take my chances. If I turn out to be wrong, I’ll accept the blame and muddle forward. Again, thank you for your thoughtful response.
Reign in expenses now. Excess (most) streaming and other subscriptions must go. Stop buying coffee and sandwiches in a drive-thru. Money will fill your pockets. And if you spend on cigarettes or vape products, then blame yourself
We didn't start saving until I hit 62. We inherited 175k so bought land with a permitted structure and creek. Turned it into a home with an outdoor bath/kitchen. We'll have very little 4 in retirement but with Solar, and very few bills, it can be done just fine.
If you have a paid off house, no credit card debt, and a fat pension plus SS is more than enough to live on without any savings. However, that was the past generation. Today's boomers and gen x are less likely to have a fully paid off home, and even less have a pension, and leven less have no CC debt. So yes, to live a comfortable retirement, they probably need $1m+. That said, if someone doesn't plan and save, the person they can blame is the person in the mirror. They'll get the retirement they deserve vs the retirement they want.
If you live in a flyover the bare bones minimum you need is $600k plus a paid off house. $50k in checking/savings, $50k emergency fund and you draw $2k a month from a money market/retirement portfolio of $500k and then also have social security. If you dont have that its going to be very painful. You really need $1 million plus a paid off house to be comfortable and to live pretty well, travel, help family out a bit, you will need $2 million.
All the talk of lowering interest rates really hurts seniors. We are at lower than average interest rates now if you take them over the last 50 years. 4.5% is low. I am tired of having to put my money at risk. The markets are always up over ten year periods, but if you are 65, you cannot risk more than 40% in the market. IMHO
I think the critical distinction is between single people and couples. Couples can survive and even feel comfortable on 2 social security checks. Singles have to do with one check. The bad news is once one spouse inevitably dies the surviving spouse becomes a single person with one social security check. At this point having savings becomes critical.
And having those savings in an INVESTMENT account that yields interest payments.
Keep your spouse alive
I believe surviving spouse gets both social security benefits. Definitely better to be a loving couple for many reasons.
Living whole lives in debt is the main downfall of many Americans. Debt is a prison and a impoverisher.
And or lack of learning to invest. Around age 65 you may have saved around 25-50 of you total savings. Compounding from investments will be 50-75%. If you do it right. Time in the market!
If there is one thing that put so many seniors in this position was that when the 401K took the place of pensions, there was no training or education required. This complicated task of saving for retirement was completely left to the employees to figure out. My company provided a 10 minute presentation. They offered free Costco pizza so I showed up for the pizza. Fortunately, I did pay attention and always contributed 10% plus the company's 3% match. After 30+ years, that was enough to retire.
How was the pizza 🍕
@@davidhoy8557 About as good as any lukewarm Costco pizza gets; however, as a frugal person, I was not going to pass up on a free lunch. I hardly ever paid for lunch at work. They usually brought lunch in.
Never had it. But we just had a Costco open up near me. Hope you’re enjoying your retirement. 4 years for me and it’s the best decision I’ve ever made.
It’s not that complicated
@@jrm2383 For some, not complicated; however, I did talk to a number of my coworkers and they didn't have a clue what the 401K. I coached a number of them join by explaining that they were throwing away the company's 3% match. I helped them select funds and if they followed my recommendations, they did quite well.
This video shows how IMPERATIVE it is to teach financial literacy in high school! Required graduation courses should be the norm.
@@robedmund9948 That’s the case in my state (Iowa).
When I was in high school in the 60's they did teach basic finances, from a home budget to savings.
This should start as pre-teen. High school is too long to wait. Children should have custodial accounts the moment they have social security number.
One argument against teaching "Personal Finance" in HS (which I do not agree with, btw) is that such things should be the parents' responsibility. However, each and every US School District could require this NOW in the curriculum - if it was demanded by enough voters in each SD.
I agree completely.
The average American is struggling financially-I know I’m not alone. About 22% of Americans have no retirement savings. 64% worry they won’t have enough in their later years, and nearly half of adults think they'll need to work part-time in retirement. I’ve managed to save $100K outside my retirement fund, which has already taken some hits. How can I make this money work for me?
First, think about financial habits that might be holding you back, like carrying credit card debt month-to-month. Small changes can make a big difference.
The key is to start somewhere. Even small financial adjustments can make a big difference over time. The worst thing you can do is nothing. Consider creating a clear budget that outlines your income and expenses. A financial advisor can help you spot opportunities you might miss on your own.
I couldn’t agree more. Without professional guide, it’s easy to overlook strategies that could significantly boost your savings. Working with Rebecca Dolva Watson, I’ve grown my investments by over 150% in just 11 months. Sometimes, expert advice isn’t just helpful-it’s life-changing.
If retirement feels overwhelming, focus on what you can control: cut unnecessary expenses, avoid lifestyle inflation after promotions, and approach money decisions with logic, not emotion. The earlier you start, the better.
Just looked up Rebecca Dolva Watson and found her consulting page. I’ve got to say her credentials are truly impressive! I've scheduled a call to discuss further
I’m an RN and was fortunate enough to retire with a decent pension,which I claimed at 55. Claimed Social Security benefits at 62. Not wealthy ,but the two income streams keep me financially comfortable.
Christopherhennessey8991- thank you for your service ✨😊✨!
I have to ask, what does a Roaring Nun do?
As a boomer myself 401k with company match worked for me. My wife worked for the city and has a pension that's almost as much as her SS. Neither of us made a huge amount of money with no college degree. Yea I think we're lucky but we lived WAAAAY below our means all whole lives.
I bet your parents were brought up during the depression and you learned from them. I learned from my parents as well.
@@tonyherdina9142 I was raised by my mother who raised 8 kids by herself because my father wouldn't stop drinking. We went on welfare briefly but she was able to borrow money to get a college degree and gain meaningful employment. We always had less then our neighbors so we were used to it I guess.
That's not lucky. That's good prep, good discipline, good character. Congrats. Delayed gratification is admirable in all realms of life.
"Below means" is the secret. I remember my wife complaining. Why does everyone we know have $$ and I don't. And I had explained to her. Because you are saving 25% of your income for the future "you". And they are spending it now. You will see in time.
This is my sister. She plans (hopes) to work until 70, maybe beyond. "$250k or less"? More like $25k or less! If she buys a new car, which she desperately needs, her net worth will be zero or less. We've been warning her for decades.
I have family that have done the same. I don't know what they're going to do.
I have a brother who lives off SS only. It’s a rough road and not what he planned on. He didn’t pay close enough attention to his finances during the 50 years he worked.
Some people just don't listen.
@@tmusa2002He DIDN'T plan! That's the problem. YOLO only works until it doesn't.
@fdm2155 You are your sister's retirement plan. Prepare a guest bedroom for your sister in your retirement. 🤣🤣🤣
I worked with seniors for many years. Who was financially ok? The poor who qualified for rental assistance, food stamps and home health aides for free through Medicaid. The rich were ok too. The middle class was not. Once you reach the age when you need someone to take care of you, you need a lot of money. Home health aides in New Jersey are over $32 per hour through an Agency. Assisted Living is $8000 to $10000 per month. People normally have to sell and give up their homes to receive the help they need. In your early retirement you can get by with less. Once you hit 80 it is a different story.
have to plan ahead and put the home in a trust.
@@cutehumor yes many people do that. Not everyone is willing to do that though.
@@cutehumor in the UK many people do this in order to try and avoid paying for care in later life. It's likely that this loophole will be closed though as there are serious finding problems in the social healthcare system. It also means they have no choice where they end up, and some care facilities are not great places to be. At least having a house to sell to find your care means you get to choose where you end up.
We have a pension/rent a room to a family member/ have social security and save every month enough to live on in one year to live another two months and have our expenses set up ahead one month ahead waiting in our checking account. We saved from our twenties until age 65 for retirement and added this amount to our pension and our social security. Our social security was much more than we anticipated back then so we can now save the difference without any stress. We also lived a frugal life throughout which probably had the most impact on our retirement overall. It is never too early to start saving for your future retired life. God bless and thanks so much~
Generation Jones- the second half of the Baby Boomers (born 1954 - 1965) had way more economic headwinds and economic stress (including recessions) than the Older Baby Boomers. Generation Jones are between the Older Baby Boomers and Generation X. Generation X is struggling too. Good luck to us all.... ✨😊✨.
I entered the workforce in 1979 when the economy was in the doldrums and unemployment was high. I am in the last cohort of that generation 1957-62. IMO 1963 and after is Gen X, birth rates dropped a lot. No more baby boom.
Funny how a Viking European River Cruise Ad came on during this thing.
When you are out and about, Americans, take note of 2 things: Look at the cars people are driving. Grey Beards in some Tesla Mars Rover looking contraption. HUGE trucks and SUV's brand new and riddled with debt, old people driving them thinking "Hey, I live in the LAND 'O PLENTY!" Also, they can't park their cars in their garages because of all the "STUFF" overflowing in them.
HUGE houses people overbought into. There are lines of cars leaving my neighborhood on Friday nights going out on the town with their credit cards to pay for things.
One Friday night (several actually) I threw about 300 bucks into my Roth IRA. We walked our dog watching the line of spenders as they headed out. I said to my wife "This is why we will always be ok. We cook at home (better meals than any American restaurant can serve btw) and we save and invest.
Many Americans have no clue as to just how serious saving and investing is when it comes to their future. "Sha La La La La La live for today" seems to be their mantra.
You have to also consider the generational culture as well. Those in their 70s and above come from generation that do not complain too much about their hardships. Theyre too proud to admit it. They just get on without complaining.
Younger Boomers got caught in the 401K craze having the defined benefit pension ladder pulled up before they could put a foot on a rung. Add to that a significant amount working in low wage jobs, with few to no benefits, and no clear path to retirement, many had no access to 401K plans, and many who did, weren't able to save/invest substantially. Many never recovered from 2008. Fast forward to now, and you have a large segment of seniors who are in danger of living out their final years in poverty. Many will continue to be in the workforce until they are too old, or infirm to, or until they DIE. Boomers didn't take anything from the younger generations. The plutocracy of this country took EVERYTHING starting with the wealth of middle and working class Boomers, continuing with Gen X, and Millennials. This isn't based on generations, it's based on CLASS. Don't be FOOLED.
👍
You are absolutely correct that 40 years ago govt began to work hand in glove with corporations to u define the economic prospects for most workers. Stagnated the wage ladder by holding the minimum wage well below a living wage, weakened unions at every turn, stopped investing in public infrastructure and public agencies that helped build bridges to middle class life. Also to enrich the rich. That's why the middle class is shrinking.
Bologna, just work hard, live below your means and save for retirement. It’s not rocket science. You can play the blame game all you want, but it doesn’t change the fact that most people don’t prepare for the future. I follow my own advice and will be very comfortable in retirement.
Boomer here, retired 10 years ago at 55 thanks to having a very nice defined benefit pension. The only reason I could do this is because I joined one of the building trades union. The American worker got sold out by the government in the 70s by shipping jobs overseas and foolish people that walked away from organized labor. The workers have the power but only if you organize and have collective bargaining.
@@fdm2155 40 years ago is exactly when we all graduated high school. The 80's were not fun financially and it just kept getting worse
There’s always somebody looking to get in your pocket. Taxes, relatives, insurance companies, ….
Your'e right about that.
Trump will take whatever he can from you, because he can.
I have the same reaction when some article says you need to make $150k to live comfortably in my area (SF Bay Area).
If you can't live VERY comfortably on that much, then you are doing it wrong.
I am in the SF Bay Area, home paid off. I can assure all of you that me and my wife can comfortably retire with much less than $150k a year.
I would be a nervous wreck if I only had $50k in savings. And I wouldn't be retired!
The post boomers. Forgotten half generation could not get ready for retirement because our older siblings and cousins had the middle management jobs and many other jobs suddenly required a college degree. The inflation of the mid 1970s meant homes were out-of-reach price wise, especially since the interest rates were double digits. The regular jobs were exported to China and other countries with the explanation that "America will just manage the world." Service economy. If you retired in 1981, congratulations. Yet, the standard MUST be maintained! Get a job, have kids, go to college, send THEM to college, have a paid-off house, etc. All this knowing "social security will not be there for you, you're screwed." So, the 59 to 64ers are retiring at 62 and living like our grandparents. It is amazing how much stuff you don't really need. Like take-out food.
As the soon to be 3 years retired Boomer and mom to rescue cats, cat food is not a cheap option…LOL😂
Oh no. My worst fear is eating cat food in my 70s and now you're telling me I might need a cheaper option? :(
@@jdratlifI think you mis read her comment.
Azul made a joke about people eating pet food in retirement due to lack of money. She made a joke that cat food isn't cheap. I made a joke that my nightmare retirement scenario would be even worse given the knowledge that cat food isn't cheap. What am I missing here?
As a cat owner, i agree with you! Pet food is far more expensive than people food! I can afford to eat rice and beans when i retire, but i would run out of money if i chose to eat cat food instead!
How can the generation that was born at the perfect time and wrote all the rules to their advantage be broke?
Many blew money on status items, see it all the time.
Then hopefully you won’t make the same mistakes
Living too large. Just like most younger generations are now. I see a lot of people under 30 driving new cars. I'd bet most of those people are saving the minimum for retirement, if at all. So the cycle will continue.
We're not broke. And I'm not sure what the perfect time was, but the draft in the early 70's, inflation and stagflation in the late 70's, recession in the early 80's and interest rates in the high double digits in the 70's and 80's didn't seem all that perfect. It's not easy for any of us (you or me) ever.
as a GenX, I learned from my parents, Azul. they lived within their means, always put something from every paycheck into savings, invested over decades, and educated themselves on taxes. they've been happily retired for many years and it's reassuring to know financial issues are a non-issue for them.
Most parents like mine didn't
@niciassmith1204 some, not most. no different than every generation. we can learn from their mistakes.
Many years ago I sold insurance and financial savings policies. I quit because my conscience told me it is wrong to live off other people’s hard earned income. Instead I studied engineering and became an engineer and a builder. Manufacturers, engineers and builders create economies. Government bureaucrats and “financial advisors” live off the wealth created by those who make and build things, like parasites live off their hosts. It annoys me that productive, hard workers retire with just enough to get by, whilst government bureaucrats and financial advisors have no worries for their retirement funding, because the real workers are effectively funding the comfortable retirement of the parasites.
p.s. I am comfortably retired on my own wealth creation and savings. I am motivated to write a book and start a podcast to help the real workers who are financially illiterate to aim and create their personal targets for a comfortable retirement without having to give their hard-earned away.
A good report, thanks.
60% of Americans never heard of the 50,30,20 rule. I just googled it. It may be too late for boomers now. Teach your children and grand children. Even if they don't care now, it will eventually click. I have used it for over 30 years. I am 66, retired, and plan to never run out of money. Best for y'all.
A lot in my area lived keeping up with the Jones in the 80s forward and now have not enough money.
The peace, love and just chill crowd lifestyle catches up to you.
Peak boomer, that's me! I retired last year. Probably ok on money. Nobody really knows what's coming do they. But like a lot of Midwestern boomers we've lived a frugal life and we have enough investments to put us in the "Comfortable" category. No pensions for us, those are pretty scarce among us tail end boomers.
Soon to be retirees should consider taking some or all of their 401k and convert it to an Income Annuity. The total payout rate is over 7 % for a 65 year old and you can tack on a 15 year guaranteed period.
It's more likely that older folks end up as what I call "Fivers" -- because they only go five places: doctor, pharmacy, grocery store, library, and church. The good news is gas prices matter very little to Fivers, since they only need to fill up every other month.
Wrong. Gas prices matter a lot, because that is the #1 impact on all other prices, over and above groceries. Think about it.
Amortization calculator shows $250,000 earning 4.25% a person can withdraw $1200/mo for 30 years. $1200 + Social Security a in person could live for a while, the problem is expenses increase by 6% per year, they may find themselves homeless as time goes by.
Yes people can get by on $30,000 a year. I have a friend that does. He gets by by hitting the credit cards in a pinch, and then asking ME for money. But he is getting by on $30k a year.
But if he had a mortgage he would be in trouble. Never retire with a mortgage! Pay it off.
Our Social Security Income is about $60K and my wife has a small pension of about $7,200. Our living expenses are around $70K. And I'd say that's comfortable but we have paid off houses and paid off cars.
We must remember that social Security benefits may be reduced 20%? 30% to keep the system solvent.
Janis Scott, 74, retired from marathon oil executive, died recently. Americans don't live long after retirement sadly
I was born the last year of the baby boomer generation. I don't know how many of the people I grew up with are living paycheck to paycheck but its a lot. They literally expect to work until they die.
I retired at 62. Have a decent pension.403B and SS. Even though I'm retired I still put money in my account. Live comfy.
The challenge is not living in the first several years of retirement. The challenge is living in the last couple of years of retirement, especially once we’re single and living on one income.
I retired with 2 government pensions. Military, fire dept. on SSN now at 64. No regrets. House is 1 year from being paid for. Making the same as when I was working. Actively looking for a part time job. Just for something to do
2 pensions? You’re welcome
@JasperJokerII If a person has legally qualified for a pension or, for that matter, more than one pension, what's the big deal??!! I know of a couple people who have done this. Criticizing this guy is like criticizing someone for making wise financial planning decisions starting at an unusually young age. It's silly, and just demonstrates pointless jealousy on your part.
This is why govt jobs like police and fire fighters are a club. Tax payer-funded, guaranteed pensions for “club” members.
@@aao449 Go apply for either, they are hiring! This crap irritates me to no end. “It must be nice to have a pension” You’re right it is. I busted my @ss for 26 years defending this country🙄
@ I don’t look at it as a ‘club’ I didn’t plan on retiring when I was 18 when I joined the Army. Like any other job. You apply yourself, learn to work with other people. Better yourself. Life is what you make of it. All those types of employment are open to anyone.
Common sense is something you understand or unfortunately something you you don’t get just yet! A good mentor is everything! Also you can’t help some people!
Seniors preparing to retire need to do everything they can to get rid of debt including their mortgage. Yes the habit of saving is important but avoiding debt is more so, IMHO.
Yes, that’s the key. 💯
If you have savings but still have debt, you don't have savings.
That is a very dangerous comment. If you wait to save until you’re out of debt, you’ll be one of these folks out here needing to collect SS at 62, not choosing.
People, regardless of generation, who have not created a decently funded retirement portfolio, will have a difficult time in retirement.
Social Security of US$28,000 per annum is US$2333 per month.
That is double the amount you get in the UK or Germany.
You can live very well as an expat in Thailand on US$2333 per month.
I live very well on that right here in Cleveland. It's called living below your means, and if you adopt that lifestyle while you're in your twenties and thirties, the rest of you life just follows suit because you'll have plenty in retirement and no debt when you're a senior. People just don't like to not have instant gratification these days.
Can't compare to UK, cheaper cost of living no medical expenses
Lol, I'm still at it because with a high savings rate/low spending I can completely eliminate our income tax liability AND make pretty large Roth conversions every year completely tax free as well.
My wife is still working while I am semiretired. We have helped our children to buy homes that they will be able to pay off by the time that they are 50 years old. I want to help them out by leaving at least $200K each. We are planning our future around these goals.
I m a nearly retired boomer. If we are having a hard time imagine how it will be in the future. So this vid is a crock of scary words directed at me and my peers while totally ignoring the iceberg just ahead
That's what these guys do, they sell doom and gloom. Keep working and investing to pay their commissions; until you die. Pay off your mortgage, downsize if need be. Check your SS benefits and see how much you will actually receive. Your monthly expenses should be under $1800/ month for two if you are debt free. Get rid of the mortgage and car payments and you will be amazed at how little it actually costs to live.
Reign in expenses now. Excess (most) streaming and other subscriptions must go. Stop buying coffee and sandwiches in a drive-thru. Money will fill your pockets.
And if you spend on cigarettes or vape products, then blame yourself.
I appreciate this video. Younger generations need to understand that most seniors aren't rich. Many boomers are struggling, and many others are just getting by. Yeah, a few of us are lucky to have a 401k but we put that money away dollar by dollar for decades. And only a few are house rich. It's not real wealth if you're living in a modest home because you have to have a place to live and you can't sell down, and home maintenance is expensive. It's extremely difficult to live on social security alone, and the politicians are threatening to reduce that to put more money into the hands of the wealthy. And inflation is out of control and will be getting worse with this Administration’s tarrifs which are intended to take our money and put it into their corporate and billionaire friends' hands through tax cuts. It's essentially robbing the middle and working class and seniors of what little they have for corporate welfare.
I think there's a weird false perception about boomers. Every generation will have unusually rich people. If you want somebody to blame, look at the corporations, Wall Street, and the politicians that are owned by them. Especially right now. It's blatant. Make no mistake, we're under attack regarding our cost of living, our income, our savings, and our rights.
Correct. Too many, in fact most can't wrap their head around what you just posted. Millions should be in the streets protesting! This corrupt administration will destroy a large swath of what's left of the middle class.
Here's my mantra: Get and stay out of debt, budget, live below your means, save, and invest and live by that every day of your life. Face reality and do yourself a favor and be realistic about your finances. A little planning goes a long way. Young people think they will live forever, but they would be amazed how fast time flies the older you get.
Boomers had more accessible real estate prices relative to average incomes across all industries, better odds of admission to universities, and higher quality average of foods. If boomers are struggling, I cannot even imagine how much worse this will be for the later generations. We are in deep trouble as a nation.
I agree. I am a gen x and I was told as soon as I started working that Social Security might not be there. So invest in 401Ks. That's what I did since I was in my 20's. I would think the younger generations would have a much more difficult time because of the cost of living and it is more difficult to invest when there isn't anything extra.
The great wealth transfer...
To be fair, boomers also had 12% home mortgage rates during their child-raising years. On the flip side, those who had lots of cash in their bank accounts made incredible interest for a while.
I retired 2 years ago and have around 630k in my retirement account, almost 100k in money markets, and around 15k in savings in a bank. I am single with no debt, and other than a trip to Europe last summer, I can't even SPEND money. I literally try to spend money but I don't need anything, and I've never been one to blow money just for the hell of it. I only take a thousand a month out of my retirement and with the $2200 I get from SS, I have EXTRA money left over each month. Sometimes a lot left over - so I end up putting another thousand dollars at a time back into my bank account, probably every two months or so until it starts growing to the point where I move it into the MM account. I say all this to say that the million dollar "gold standard" isn't necessary to the "average" senior, in my opinion. However, I will say I do live and always have lived, below my means, so I'm probably not the "normal" in my age group.
I'm sure you don't have a mortgage. People should never retire until their mortgage is paid off.
Get a girlfriend - your money will evaporate.
@@glorgau LOL - classic solution !!😉🤣
My suggestion is to learn to forage outdoors and to grow some of your food indoors/outdoors. It is healthy and cuts bills.
On another SS "complaining" channel, I posted this question: How many struggling with SS have an investment account? The only responses I got were ones talking about how crooked Wall Street is. To me, that answers the question as to why people don't have enough money to retire. They have never saved anything, much less enough.
Wallstreet is corrupt and so is our government, especially now. The great wealth transfer is now in full swing. I think 60%+ won't make it financially.
Now do single people.
The American mentality is to spend more than you have to. They buy bigger houses, more expensive cars and things that are not necessary. So they don't save enough. I've made that mistake and have worked to change that.
Soon to be retirees should consider taking some or all of their 401k and convert it to an Income Annuity. The total payout rate is over 7 % for a 65 year old and you can tack on a 15 year guaranteed period. A lifetime income stream/pension is your best solution.
Born in late 63 here. Seemed we suffered the excesses of the boomers and none of the advantages. The 80's yuppies I never understood. Parents were dead right after high school. Seemed impossible to get a decent job without connections which I didnt have. Worked several min wage jobs. Reagan was in office for so long. After college still could not find a decent paying job. Fumbled along for 17 years and went back to school in a health care field and acquired huge student loans which I still have due to health issues popping up a couple years into working as a professional. Flash forward now I have been saving the max allowable per year which was 24,500 for too long . It needed to be more. Makes no sense that the feds didnt allow a person to save more than that if they were a certain age. Not saying they had to allow huge amounts but $50,0000/yr is not unreasonable. Its not like someone is saving millions and screwing the govt. Anyway finally last few years its creeping up to $30,500 and then they threw us the $7500 extra bone except Only for 60-63 yrs old. I am 61 1/2. Come on ...? I've been able to save in 401 K a little over 1/2 of the million I feel is needed for a single person. No house. Houses are $400,000 for a fixer upper. Live in fear daily as I see that the market could crash at any minute. This is nerve wracking.
Just keep rockin' and rollin'. Fear not things outside of your control.
This is so real. Learn taxes, I invested an inheritance into a brokerage account letting it grow. paid a little in taxes but not much. Bought land we could make payments to the owner on for 1 year. Had a permitted building so we DIY remodel dit (paid to have sheet rock hung) then moved in. Outdoors is our illegal kitchen/bathroom/shower/fireplace seating area under shaded trees. Moved into a County which has a ton of dumpy illegal trailers so we went that's for us! Grow our food, love our church. Think outside the box a little, the fixer upper thing is great but they are so in demand here. Anyhow just a thought. We struggled forever just like you described
agree - you really did everything you could --- education --- getting a career --- saving + living below your means. I agree the lack of owned housing is tough --- for two decades i moved across the country and up/down the coasts getting work until in my late 50's i was able to buy a small house. i was not FIRE - retired a few years ago at 68.
--- so much success funding a house or some stable rental (oxymoron probably).
just my best to you and that you keep working & keeping your health.
Boomers had every opportunity to save and invest and retire comfortably during one of the biggest bull markets in history. Signed, Retired Gen Xer
Three-generation households are going to be the future. I have several in my neighborhood. Of course one is Indian, One is Pakistani, and one is Chinese.
That median number for social security seems really high to me...
Boomers nees to take their own advice and pull themselves up by their bootstraps and get to it. The past 40 years were the greatest years of wealth generation in history. If you dont have retirement money thats entirely your fault.
I feel that we're going to need a lot of communes for seniors in the near future. Seniors who didn't save enough are going to need a cheap place to live. Some kind of shared housing/large food kitchen may at least keep them from going homeless. And maybe when young adults see this type of living arrangement becoming more common, it will incentivize them to take saving for retirement seriously.
Lol! Oatmeal for breakfast , lunch and supper.
For a 60 something retiree, The time for searching for growth like Apple, Amazon and Nividia should be over. Don’t be greedy!
The problem with these type of video is that there’s no definition of “retirement”. Until you define what retirement means you can plan for it.
I'd bet dollars to donuts that SS reform will mean less promised SS benefits along with no tax on SS benefits to even out the loss.
Any reason why SocialSecurity has increased in real dollars? It’s indexed for inflation, but not MORE than inflation, so that doesn’t make sense.
People are paying more into it.
Know one needs a think tank to realize how easy or difficult retirement will be based on their retirement funds. People need to add up their home taxes + annual utilities including gasoline and see what is left. This will quickly tell an individual how much the will have a month to live on. Living on SS is often a shocker as people forget it is only a supplement. Changes are coming for folks who think they are going to live only on SS.
I thought nilly all baby bloomers fully owned their houses in retirement. The pension should be enough & downsize into an apartment.
Are we all dirt poor or all rich, had it easy and are stealing everything from the younger generations?
I think the difference is, Boomers and older Gen Z had more economic opportunities than younger people. I'm not quite a Boomer. 30 years ago my house was under $50k. Now it's over $250k. I graduated college and under grad with very little debt. Some of that was good choices and good planning on my part. But schools were also more affordable. Retail jobs were willing to accommodate student schedules, for example.
60 years old is the age where most people make a decision on whether they work or retire. This process for the baby boomers begain in 2005, not now. Thoses boomers that were 60 in 2005 are now 85 years old. The impact of the baby boomer retirement myth has long since past. Up to 20% or more probably are still in the workforce. They are still paying taxes. they still haven't apparently unloaded their primary home and they probably should just pass it to their kids now. You are a fool if your not taking advantage of the estate rules and regualtions. Depending on the state they can be most advantageous. This is no longer an issue it is already factored in. This is why Harry Dent can't figure it out
Dollars? All fiat is returning to its true value. Zero.
I hope my Roth and SS will be the same amount of monthly income as what I make now at my job. 3 thousand . yes i'm not rich. Most boomers worked hard for what they saved at a blue-collar job.
Okay - I'm in the boat without enough money.
Time to move to another country.
We are financially well. But we moved to Spain anyway. I can’t recommend enough that leaving the U.S. may be the best financial and healthy decision one could make.
@@Carlos00762 Same situation, slightly different country (if our visa is approved). We'll be neighbors.
You will love SE Asia.
I cut my COL in less than half by moving to a welcoming, beautiful SE Asia country. Great weather. Pretty scenery. Beautiful, kind, thoughtful ladies. Hard-working gentlemen. I hope to live here the rest of my days.
Get a part time job.
I think your video is spot on. There is money to be made to make people think they can not retire by the investment firms, wall street, etc. Retirement these days has to be well thought out, especially if one income, and perhaps living a different way than when working. And that is okay, and certainly can provide adventures one would not have had otherwise.
Meanwhile, many of us Millennials cannot afford to get by .. there will be no such thing as retirement. It was easy gravy train for many Boomers
I have been retired for five years now. Although I've been adhering to the 4% rule, things are challenging as I did not anticipate. 30% of the $600K I invested in st0cks is lost to the market. How can I diversify my portfolio for retirement
Now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $$275k to $850K...
Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve my financial goals.
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
thankfully, I was able to retire at 60 (10 years ago) and I live comfortably on an annuity, 2 pensions and social security.
3:00 'boomers eating cat food and dog food" ? Cheapest dog food is pedigree at $1 per 28oz can. While Chef Boyardee Mini Beef Ravioli and Meatballs is $1 of 15 oz. at Kroger's right now. Boomers that live in areas with high cost of living will have it very very tough.
A median boomer couple get $50k p.a. from Social Security. At today’s exchange rates that’s about £40k. The median household income in the UK in 2024 was £37.5k. These people are trying to pay for a mortgage, child costs, pensions and savings none of which apply to the average boomer retiree. So please tell me what the problem is?
Medical costs in retirement average about $5k to$7k annually in USA. Prorperty taxes and insurance can run $5k to $10k on a modest home. Car insurance around 2K. Groceries are much more expensive than UK. Costs a lot more to live here.
On the Social Security income is that net or after paying Medicare benefits for a couple?
Married boomers will be okay. Not great but ok. Single folks will struggle
Now that I'm middle aged I've realized my grandparents and parents were horrible with money and couldn't care less about their descendants
Have you ever considered the birds? Do some investigation on that and when you understand it you won't worry so much
Yes I have. I considered duck hunting cause it was cheap meat for the family. It would save a ton of money.
@@thetreekeeper143 😂
Reality set in here, at his 1st statement numbers wise as those are real in my retirement as we are ok, scary a bit and tightening up wants still to curb budget for distance. Wow thanks for sharing this. Fear/High Caution of losing what savings we have has lead to minimal investments also
Boomerangs return to their original position... working good. 😂
Cat and dog food isn't cheap. Have you priced Little Friskies or Dog Chow lately?
Nice comments section beating up on boomers and those who didn't make enough to save much money. I recommend getting out of debt by retirement and downsizing instead of trying to live the same lifestyle when you were employed full time.
This is not vanilla for everyone... we have a home that's paid for, no debt at all. We live in central fla our RE taxes are less than $400 per year. We have a 34 foot class A motorhome and camp at state campgrounds ( 1/2 price in fla for seniors ) we hike, bike and kayak.
I still save 15 + % of my SS ! Your expenses and expectations are the problem.
My retirement, which I just started this week, undoubtedly looks different than the next guy’s retirement, and I’m okay with that. I keep my living expenses relatively low, same with my hobby expenses, and I don’t feel deprived in the least. As I have heard it explained recently, each person’s retirement is different.
I will probably delay taking SS for at least six months, and maybe even until my FRA in September 2026. BTW, I don’t have $500k socked away for retirement, it’s actually less than half that, but it’s enough according to my calculations and lifestyle. I may pick up a part-time job later this year, but I’m going to enjoy the summer and fall first.
As always, YMMV.
Unless you know you will live to be 80, you should not delay in taking your SS check. Numerous videos have shown that even with living past 80, it is more wise to take it now and reinvest that check in a 5% CD; it plus your reduced amount will exceed the amount you will get at FRA. Besides, you have no guarantee of living past "the break even age" (78 or 79). Do you KNOW you won't pass 6 or 7 years from now? The odds are NOT in your favor; nor are they in mine so I am collecting early right now.
@@briangc1972 Thanks for the reply.
If you know of a CD that gives a 5% ROR, I would love to know about it. The ones at my credit union are just barely above 4%.
I understand that nothing is guaranteed, future health included, and maybe I’m fooling myself, but I will take my chances. If I turn out to be wrong, I’ll accept the blame and muddle forward.
Again, thank you for your thoughtful response.
I don’t have any assets, but fortunately I get by just fine on my good looks
I’m doomed 🇺🇸🙁
Reign in expenses now. Excess (most) streaming and other subscriptions must go. Stop buying coffee and sandwiches in a drive-thru. Money will fill your pockets.
And if you spend on cigarettes or vape products, then blame yourself
They didnt plan ahead. One day they wake up, look in the mirror, and they are 62. Then it hits them....they blew it.
We didn't start saving until I hit 62. We inherited 175k so bought land with a permitted structure and creek. Turned it into a home with an outdoor bath/kitchen. We'll have very little 4 in retirement but with Solar, and very few bills, it can be done just fine.
@@HereInCalifornia56 Good plan.
Unfortunately, we do what we can
If you have a paid off house, no credit card debt, and a fat pension plus SS is more than enough to live on without any savings. However, that was the past generation. Today's boomers and gen x are less likely to have a fully paid off home, and even less have a pension, and leven less have no CC debt. So yes, to live a comfortable retirement, they probably need $1m+. That said, if someone doesn't plan and save, the person they can blame is the person in the mirror. They'll get the retirement they deserve vs the retirement they want.
@@mrallan8063 consumerism ruined many financial lives
Not indexed, ugh
Don't believe this. We are not. Most I know are retiring early. The rest of us are still working because we want to.
Childfree here and retired
Little earlier than peak boomer, but as a couple we can live on SS if we need to. House paid off, & live fairly simply.
Don’t worry someone will pay for it
If you live in a flyover the bare bones minimum you need is $600k plus a paid off house. $50k in checking/savings, $50k emergency fund and you draw $2k a month from a money market/retirement portfolio of $500k and then also have social security.
If you dont have that its going to be very painful.
You really need $1 million plus a paid off house to be comfortable and to live pretty well, travel, help family out a bit, you will need $2 million.
All the talk of lowering interest rates really hurts seniors. We are at lower than average interest rates now if you take them over the last 50 years. 4.5% is low. I am tired of having to put my money at risk. The markets are always up over ten year periods, but if you are 65, you cannot risk more than 40% in the market. IMHO