Why Saving For Retirement Feels Impossible
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- เผยแพร่เมื่อ 12 ต.ค. 2022
- Retirement is the final chapter of the American Dream. Every year, Americans spend over 2,000 hours working and saving to prepare for the ‘golden years’ of their lives. But that dream is quickly turning into a fairy tale.
A survey by the American Advisors Group found that more than a third of Americans today feel unprepared or unsure if they are on track for retirement. And nearly a third of seniors say they either plan to work through the age of 70 or never retire, according to a study by BlackRock.
“The United States is definitely facing a retirement crisis,” said Nari Rhee, a director of the retirement security program at the UC Berkeley Labor Center. “If we don’t do anything about it, years down the line you’re going to wind up with a lot more seniors in poverty and reliance on public services.”
One million dollars in a retirement account just two years ago is worth about $120,000 less when adjusted for inflation, and now, with that financial backdrop, a quarter of Americans say that are expecting to delay their retirement due to rising consumer costs, according to a survey by BMO Harris Bank.
So Is America really facing a retirement crisis and if so, can it be stopped? Watch the video to find out.
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Why Saving For Retirement Feels Impossible
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $400k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
Thanks for replying, You seem to know much, How did you go about it and can you recommend an advisor like yours?
Colleen Rose Mccaffery” just check her out. It's possible to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash.
I appreciate this tip. It was easy to find your coach's webpage by looking up her name online, She seems proficient considering her resume.
I've been diligently working, saving, and investing towards financial freedom and early retirement. However, the economy's downturn since the pandemic has significantly eroded my portfolio. My question now is: Should I continue contributing to my portfolio in these unstable markets, or should I explore alternative sectors?
Consider diversifying your portfolio across various market sectors. This approach helps balance your investments and mitigates the risk of significant losses.
As a contractor, my job leaves me little time to thoroughly analyze my investments or evaluate stocks myself. Therefore, for the past seven years, I've entrusted a fiduciary to actively manage and adjust my portfolio to align with current market conditions. This approach has helped me navigate the ups and downs, knowing when to buy and sell. Perhaps you should consider a similar strategy.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch if you don't mind
Sonya lee Mitchell is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
you scam artists are silly. You post this crap on every thread about finances and think people are too stupid to realize you're a bunch of con artists, and not very bright ones! 🤡🤣
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too.
I might want to try out a financial advisor this year, but the amount of information on the internet is overwhelming. I know it's not appropriate, but you could recommend a good one(s)?
remember facing similar challenge when starting out, but with time you'll find your foot. I suggest sticking with one who understands your short and long term goals. I'll personally recommend *Sharon Louise Count* because I work with her, but I'm sure there are other good ones, too, if you are savvy.
@@mohican-jx6fx SCAM
Investment is an integral part of financial or retirement planning.
Assessing financial situation, including the capital available and your financial objectives before investing is important.
Someone like Bianca Harley Doran with a proper retirement planning strategy can help develop retirement budget and review your financial situation.
I keep learning to improve my financial knowledge.
I budget for my daily expenses and always find ways to maximise my income. Bianca Harley Doran will surely have a great impact on my finances.
There are many other ways to generate income for investment, such as renting out properties and placing fixed deposits.
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.
According to the New York Times, the average savings of a couple reaching retirement is $110k I’m closing in on my retirement and I’m under pressure to grow my reserve of $330k, despite the fact the capital gains you can make on growth stocks far outweigh dividend yields, and even in downtrends folks still pull off 6-7figures gains in months. surely the risk is much greater, but I’d love to know how.
You should have commenced a long time ago, and given that you may have less time to closely manage your portfolio to meet your financial objective, I feel it is preferable that you get guidance from a financial specialist to assist you in developing a practical and feasible strategy.
So who is the financial specialist that tutored you? And how can I contact them, i'm in need of their skillset.
Lisa Ann Moberly, one of the best financial specialist out there.
Thank you so much! Found her webpage and left a message. Hopefully, she responds
You need at least a million.
I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
Find stocks with market-beating yields and shares that at least keep pace with the market for a long term. For a successful long-term strategy I recommend you seek the guidance a broker or financial advisor.
It comes down to technique; a downtrend gives you room to focus on the market and grow significantly in the short or long term. While it is easier to make money when the market is rising, a downtrend can still yield high returns if you have the necessary knowledge and skills. For this reason, I have been scaling up during this difficult period by working with an investment advisor; this has been the only way I have raised up to $150K in the last six months.
I am saving money for retirement, and I lost nearly $9,000 this week. Who is this person who is advising you?
@@BeverleeR.Ziegler I work with Alicia Ann Jordan, a licensed fiduciary. Simply look up the name. The information you need to work with a letter to schedule an appointment would be included.
I'm grateful for this advice. Finding your coach wasn't too hard. I researched her well before arranging to speak with her on the phone. Considering her resume, she appears competent.
Meanwhile people in congress are confused about what retirement is. Quite a bit of them are in their 80's.
who wouldn’t want the power to control millions of americans and get away with whatever they want?
They have done enough insider trading, they don't need to worry about that.
AGE CAP needed!!!
@@tonythaiger93 and term
@@TheMocutMiester facts. They gave enough money
if the idea is to build an income stream to use as complement for retirement, or at any given point if needed, then building a dividend growth portfolio always buying adding to it could be a good and peaceful path. On the long run consistency and perseverance could guaranty the desired income stream goal with little worries
the idea is to Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions.
Well said, with the help of the an investment advi-sor, I diversified my 62K portfolio across many markets and in a matter of months, I was able to produce over 356K in net profit from high dividend yield equities, bonds, and exchange-traded funds (ETFs).
wow massive gains! my partner recently hinted on going same direction.. what did you invest in, and who is your investment advisr please, if you dont mind me asking? in dire need of asset allocation
I work with Melissa Maureen Ward, a licensed fiduciary. Simply look up the name. The information you need to work with a letter to schedule an appointment would be included.
I'm grateful for this advice. Finding your coach wasn't too hard. I researched her well before arranging to speak with her on the phone. Considering her resume, she appears competent.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
Find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
@@SethDonald-mf4vm I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
Please will you be kind enough to share the details of the man that helped you?
Actually its a Lady. Yes my go to person is a "Monica Shawn Marti". So easy and compassionate Lady. You should take a look at her work
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in US.
Inflation can have a significant impact on individuals and their cost of living. As a result, it can cause negative market sentiment. It is important for individuals and businesses to find ways to navigate and potentially mitigate the effects of inflation on their finances. The current economic climate, including underperformance of financial markets due to fear of inflation, has led to a decrease in the value of my portfolio. I would appreciate any recommendations on how to potentially increase returns during this market downturn.
@@Patriciacraig599 yes, tesla, transportation, e-commerce among other sectors are expected to experience growth, but who knows, the market has been a basket of surprises.
@@HelenaBonham-pz4ly Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.
@@thomasgreen8224 Please would you mind suggesting a professional with a variety of investment options? extremely rare, and I eagerly await your response
@@margaritasbunny
The market crash and high inflation are stressing me about retirement. Despite the challenges, I know investing is a long-term game, so I'm staying focused on the future.
I'm nearing retirement in three years, and despite having solid companies in my portfolio, my profits have stagnated in this uncertain market. Are there any calculated profit opportunities in this recession?
Generating substantial returns, particularly in a bear market, involves employing intricate routines that are best executed by seasoned market experts.
I agree. Despite early setbacks and losses in the market, I re-entered in February 2021 with guidance from a recommended investment advisor. Fast forward two years, and I've gained over $720k in profits.
Wow, that's impressive! Could you provide more details?
Certainly! Everything unfolded under 2 years following Stacey Lee Decker’s guidance. I began with just under $150,000 and now I'm only about $45,000 away from reaching a-million dollars.
I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
I have strong firms in my portfolio and a healthy amount invested, but I can't seem to focus on the long term. Does this indicate that there aren't any calculated risk opportunities to earn money in current recession or unpredictable market? I should be retiring in three years.
I agree, my profit has been consistent no matter the market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser.
@@Nernst96 How can I possibly compete with such a skill set, please? Because my funds are being destroyed by inflation, I'm looking for a more profitable way to invest them.
She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website; thank you for sharing.
I’m glad I pulled through, despite the crises. I am retiring next yr at 55 with 3 houses paid off worth 4.5 million . One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per yr through my super which gives me total $100,000 a yr to live comfortably . I have no debts ... Stay Motivated!!
@Ivan Johnson What I think everyone need is a Financial Adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit
*KATRINA VANRENSUM* That's whom i work with.
TH-cam is a public place; i can't drop her information here but You can just put her name on google and you will be directed to her website and drop her your message.
My husband and I started this year renting a home. I worry we will have to pay/owe lots of taxes on that rental. Does that usually happen?
$100k on 4.5 million is barely above a 2% return. You could easily 1031 exchange(to avoid capital gains taxes) your 2 houses into triple net lease properties with a return of 5-6%. A 5% return would be $225k just something to consider.
This is financial advice and I never give financial advice: DONT LEAVE DURING THE BEAR. If you don’t want to invest…learn. If you don’t want to learn…build. If you don’t want to build observe. DO SOMETHING…other than leave. There is so much opportunity here. Take advantage!
@Phil Stones Very true, I started investing before the pandemic and that same year I pulled a profit of about $750k with no prior investing experience, basically all I was doing was seeking guidance from Nicole Desiree Simon who's a guru in the game, you can be passively involved with the aid of a professional.
@Margaret
I'd be retiring or working less in 5 years, and I'm curious how others split their pay, how much goes into savings, shopping, or investing; I earn roughly $250K per year but have nothing to show for it.
You can invest some of your earnings in stocks with market-beating returns and shares that at the very least keep up with the market over the long term. I urge that you seek the advice of a broker or financial counselor for a successful long-term investment.
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@talented009 wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
Elise Marie Terry is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
@@talented009 Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Didn't Charlie Munger and Warren Buffett invent the strategy of buying/investing when the market is low and also buying/investing when the market is high? As Warren Buffet said, he has seen this happen many times in his life. Not an investor. My wife and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock...
It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing....
@@Aziz__0 i've been doing this same thing myself. Can't get into trouble with the IRS when I have no income and all my money is in stocks. I don't like doing the work though. Lol. So I just invest through an advisor who does the stock picking. My money grows, and I'm tax-free...
No of course they didn’t invent this strategy.
But always buying and never selling does work and I’m doing the same. Only amateurs keep selling and trying to beat the market, which is why most have no money.
yall ever heard of the dead internet theory
Do people understand that you can’t “save for retirement” when you are living at the poverty line because wages haven’t increased in 20 years
You can if you didn't have to spend it on stupid things like being forced to own a car and its expenses because you have to drive everywhere to get basic stuff done. Same thing with the whole idiotic single-family detached home-infested suburbia that is prevalent in the US. They won't talk about changing this, which is far, far easier to change, but they'll talk about how "people can't save" and they need to "make more money".
We voted for this recession and power n electricity rates
@@n3wt Help Ukraine and send billions of dollars. Ukrainians are more important than US citizens. 😲
Haven't increased in 50 years** Fixed that for you
You see, many Americans would rather die that ride public transportation or live in the condo with neighbors. I remember working for market research and doing focus groups for developers who wanted to develop walking villages with condos, movie theaters, restaurants. Respondents just hated the idea. Now twenty years later these ideas are starting to be accepted among younger gen.
Well, I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered and I don't know where to go here out of devastation.
The cost of living is why most of us can't retire. I can't worry about my life 50 years from now. I have to eat, live and keep a roof over my head...now!
Budget budget budget.i know so many people that live paycheck to paycheck on 5 7 8 9 11k a month.most people are just irresponsible these days
@@angeluceta5688 do you know if they are putting part of that into savings tho 😂
@@ToothlesstheNightFury510 Everyone should save some money. No excuses. Skip the Starbucks, bring your lunch to work, eat out less. Find fun things to do that cost little to nothing. Live within your means. 5% savings rate should be a minium. If you're not a big spender and make a decent income it is reasonable to have a 25% plus savings rate. There families out there that have a 50%+ savings rate. This gives those people the option to be able to retire in their 40s, 50s and get the most out of their go go years.
There are also plenty of people making 6 figures with zero to negative savings. You reap what you sow.
I live in Sweden and with 2100 dollars you can live the good life!
The only people that shouldn’t have anything for retirement are the people who literally spend everything on food, a very affordable apartment and utilities/insurance. If you have any designer shoes/clothes, multiple streaming services, go out to eat, or a BMW/Mercedes then you have absolutely no excuses. Not saving is then on you.
This is currently so true currently retired and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?
It is impossible to successfully time the market. Decide what percentage of your net worth you want to permanently allocate to stocks and buy a good dividend ETF like SCHD and enjoy the rising dividends.
There are numerous intriguing stocks across various industries that might catch your attention, but it's not always advisable to act on every prediction. Therefore, I suggest that you work alongside a financial advisor who can help you determine the best times to buy or sell the shares or ETFs that you are interested in.
@@edward.abraham Your experience sounds fascinating. Would you be able to recommend a reliable advisor whom you have consulted with?
@@rebecca_burns14 "Camille Alicia Garcia, my financial advisor, is widely recognized for her proficiency and expertise in the financial market. With a comprehensive knowledge of portfolio diversification, she is acknowledged as an authority in this field.
@@edward.abraham Camille" really seem to know her stuff. I found her website, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her.
I'd be retiring or working less in 5 years and I'm only curious how people split their pay, how much of it goes into savings, spendings or investments?? I earn around $165K per year but nothing to show for it yet
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
@@lipglosskitten2610 Impressive can you share more info?
My advisor is "Christine Jane Mclean". In terms of portfolio diversity, she's a genius. You can look her name up on the internet and verify her yourself. she has years of financial market experience plus she is also FINRA & SEC verifiable.
According to certain economists, it's possible that the U.S. and certain parts of Europe might experience a recession at some point in 2023. Although a global recession, which is characterized by a decline in annual global per capita income, is relatively uncommon due to the faster growth rates of emerging markets like China, in comparison to developed economies. I have pulled out more than $340k from my bank. After all, the FDIC covers only up to $250,000, and the implosion could have bad effect. Looking to invest into the stock market now. Does anyone know how I could go about it?
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun.. Lloyd Bernard
We must consider safer investments with promising returns in order to plan for the future. If you approach investing with a five-year perspective and simply DCA whenever you receive a check. Under the direction of my investment advisor, "Deborah Sue Bohn", whose expertise in portfolio diversification is unsurpassed and client-focused, my portfolio has gained almost $643k since January 2022.
@@PhilipMurray251 Hello there, how do i find this lady you just mentioned?
@@PhilipMurray251 Thanks for sharing, I just looked her up online and I would say she really does have an impressive background on investing.
SCAM
Is there anything like proof recession stock? I am 58 years and would like help in managing my retirement portfolio which is currently $1.25M...down from a high of $1.67M….
It's a delicate season now, so you can do little or nothing on your own. Hence I will suggest you get yourself a professional that can provide you with entry and exit points on the securities you focus on.
Very true, Shortly after my port-folio took a big hit in April, I was forced to employ the services of an Investment-analyst that has not only accrued a profit of $180k for me since then but has also taught me how.
The investment-advisor guiding me is Diana Luise Hines, she is popular and has quite a following, so it shouldn't be a hassle to find her, just search her
@@gabrielmm3515 Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Just sell some more cookbooks "Barbara". But besides that, I thought you were in your 70s and basically a famous cook who's still very much working? Seriously guys, these are some aweful spammers.
I have recently entered retirement, and I want to express that I found this video both informative and valuable for revisiting important concepts. I've come to recognize that these psychological principles are incredibly beneficial for individuals aiming to steer clear of errors, which is something I may not have fully appreciated when I first encountered them. This is likely one of the reasons why Warren Buffett emphasizes the significance of temperament in achieving success in investing.
Personally, I would say have a mentor. Not sure where you will get an experience one, but if your knowledge of the market is limited, it seems like a good bet.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Margaret Johnson Arndt for the last five years or so, and her returns have been pretty much amazing.
scambots
Is anyone on here real? So many scammers
I am an American retired in Thailand. Consider retiring outside the US to a low cost of living country. The Philippines and several Central American countries are very popular for this. Moving overseas is not for everyone but may be overlooked by many.
Yes, that is an option. The problem is that most low cost of living countries are not safe places to live. Not only do such countries have very high levels of crime, but that crime is violent crime of armed robbery, kidnapping for ransom, murder, and so on. I have looked to overseas for retirement and I have rejected every country because they are not safe places to live do to very high levels of violent crime.
@@Donkeyearsa That is certainly not the experience of us expats actually living overseas. I feel much much safer here in Thailand than I ever felt on the US. Every expat I’ve talked to here feels the same. You will hear the same from expats in the Philippines, Europe, Central America. Are there dangerous places in the world? Sure but compared to America there are a lot of safe affordable countries out here.
@@Donkeyearsa lmao at least we don't have mass shootings every week and our insurance, hospitals and universities aren't tag teaming to see who can bankrupt us the fastest.
The Philippines is a great option for people who did not save enough to have a decent retirement stateside - and the added bonus is that most Filipinas speak English, so no language barrier! The one thing I will say is that every picture I see of it I can’t help but think to myself that it looks like they retired to Gilligan’s Island…….😂
@@Donkeyearsa The United States is not a safe place to live. I’ve travelled to Malaysia, Vietnam and Thailand. America is the only country where so many women go for an early morning jog just to end up at the city morgue
Paid off home is a must before retirement
No debt
I like how they mentioned the decreasing savings rates among younger workers/unprecedented debt burdens, only to end on the pitiful note of “the solution is to save! Hooray!”
Where's the lie in that? Young people are blowing their money and going in to debt just to brag on social media
It's the damned avocado toast and iPhones argument all over again, just said more quietly 😡
It's because the problem has little to do with financials and more to do with attitude. EVERYONE is capable of saving for retirement even if only 50 per month. I started saving for retirement from my first job making less than 20 an hour. The earliest years make the biggest difference in the end. Why wouldn't you want them to encourage people to save? Don't you want people to be successful?
I see everybody driving around in $50,000-$80,000 vehicles. People are too busy living in the now and do not want to save. Retirement is an afterthought. I started my kids saving for retirement in high school.
@@woodneel i mean this generation has no problem paying extra services and fees for third goods and services to from app and subscriptions. People don't know how to budget, and spend wisely, prioritize where their money goes.
Whether you're setting aside $5, $50, or $500 a paycheck - it's the compound interest that you really want.
I retired MODESTLY at 54 and have had a fun, healthy retirement enjoying long bicycle, backpacking, paddling and sailing trips (I also took 10 years off when I was 35). I'm 72 and still going strong. For most people, working longer for a fancy retirement only means you have a lot fewer years to enjoy it. I wasn't willing to make that trade off.
Facts
When I’m 55 I’m done working. Don’t care what my financial status is at the time. 55 and out. I will enjoy life on whatever my budget is at that time.
Looking at people who retired at 65 I see them traveling and doing things for 5-10 years and then they settle down and seem to enjoy a simple life more. I think it's a learning experience. We think we should enjoy eating out, traveling, shopping, buying crap....but it does get old for many people. I retired 20 years ago at 45 and it took me awhile, about 5 years to realize what a simple life even was and then how much I enjoyed it. Not sure if better, but certainly not worse. I enjoyed working al lot, just like this freedom more.
@@notyouraveragejoe4865 Awesome- love that attitude!
I want to retire at 45. I’m already “half-retired” in my thirties, but I really enjoy my job, so I keep working between 15-30 hours a week.
With this crash I'll say it wont be too easy to pick the right stock, Jim Cramer said there are still huge opportunities despite the crash, and I overheard someone talk about making $250k from about $110k since the crash. How do I make these kind of returns Nate?
@Kaitlyn matthews Omg you made 650k this year? Who is this coach that guides you?
With no pensions anymore, and 401k ranking and inflation makes it really hard. We need safer places for our $ to grow.
Buy the top 5-10 stocks that have tanked and are blue chip like NVDA MSFT FCX And so on. Hold for 3-5 years.
Your use of the term "crash" is an exageration IMHO. My stocks and funds grew by about 150% from January 2019 thru the end of 2021. The market became seriously overvalued. As Cramer liked to say, it was time to ring the register, and he was right. My holdings are now ONLY up by about 50% at the end of 2022, but that is AFTER I withdrew four years of living expenses. Not a crash... more like a readjustment back to reality. We all need to have realistic expectations over the long term.
Good evening dear how are you doing today? I like your comments can we be friends? 2:19
I would be retiring or working less in 5 years and I just want to know best how people split their pay, how much of it goes into savings, spendings or investments. I earn around $165K per year but nothing to show for it yet.
you're not alone, i'm part of the High Earners, Not Rich Yet (HENRY) not having much left after taxes, housing, and family costs.. not to mention saving for an affluent retirement.
Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I netted over $220K during this dip, that made it clear there's more to the market that we average just don't know.
@@lawerencemiller9720 who is this individual guiding you? I lost over $9000 just last week, I’m in dire need of a financial-planner.
EILEEN RUTH SPARKS is the coach that guides, you probably might've come across her before, she's quite known in her field, look-her up
At 165k, it’s possible to max your 401(k), contribute the max to a Roth IRA via the “back door” and max an HSA, to contribute over 30k to retirement, with a larger portion using pre-tax dollars. You can boost your savings via after tax contributions to a brokerage account. Low fee index funds and mutual funds offer the best mix of growth and low costs. The Boglehead and FIRE communities are great resources to learn how to take control of your finances my maximizing your savings and reducing debt and excess spending.
EDIT: I understand existing debt and COL, might make the recommendation appear unreasonable; however, you start where you can and be mindful to reduce discretionary spend and debt so that you can enable yourself to pay yourself in the future (via savings).
Is this really a good time to buy stocks? I know everyone says the mrkt is ripe enough for buying but will stocks tank further this year? How long until a full stock recovery? How are other people in this mrkt raking in over $250k gains within months, I'm really just confused at this point.
It came to my notice as well, a lot of folks are making huge 6figure killings in this downtrend, only just that such technques are mostly successfully executed by folks with indepth mrkt knowledge.
@shane heried Omg 650K this year? that’s neat, I was actually reading an articles this morning on Bloomberg about technquees to gain in this dip, but I’m just a noob so i don't understand most of it, who is this advlser that guides you, I’m having serious troubles with my portfolio
@shane heried I did check her out, I see why you said she's probably booked up, her creds/resumé is topnotch. I booked a consultation with her regardless.
Shut up bot
No one knows when the market will bottom, not even professionals. One thing you can do is to dollar cost average into low cost ETFs. If you wait until "stock recovery" you'll be late to the game. You can also learn how to trade options. Check Felix and Friends on youtube. One way to make $ in downturn is to buy SQQQ or any ETF that shorts market, but that is risky because the stock market typically goes up over the long term. Good luck.
My parents were teens/ young adults during the Great depression. They told me before I was 18 to save part of every paycheck (and increase it as I made more) - that people who thought that Social Security would be enough were making a huge mistake. This was in the early 70s, and I am glad I heeded their advice.
My grandparents; children in the 30's, advised me to live 'two pay rises ago'. Great advice.
Alot of people now a days dont have the money to save half there pay check
@@theinvinciblechild1985 I agree with this. If I didn’t have help. Meaning if my spouse was at home. I wouldn’t be able to save for retirement or anything. Like I’m so glad my husband is in med school because it tough out there. We are doing only good because of his parents giving him a salary to help us out as my husband right now is on a tourist visa so yeah my situation is different. Rent went up and my husband hate paying rent. We are young in our 20s
@@theinvinciblechild1985 where did it say half…
I made $250/month when i immigrated in 1994. I lived poor and still saved. I lived with 5 others to save rent. Saving is a battle of will.
This why in India people live with big family. Once they get old they taken care by children. Same time elders take care new born grand children. Cycle of healthy family.
Cycle of the whole world except America. They use up all their resources here and now look for another country to colonize, i mean retire.
Thanks to modern effinism, family structure is dying. Sadly
This is/was a common practice in many societies until pretty recently. Kids were the retirement plan because they could support you when you got too old and you had multigenerational homes. In Europe and the US, it was pretty common up until the last 50/60 years that people lived with their parents until they got married. Even a few more years of shared expenses can save both parties a lot of money and provide social wellness.
White American families don't look out for each other in a majority of the country. They let their old rot in a retirement homes and don't talk to their siblings. Other cultures figured it out and it works.
With all the bad news in the market, i'm still pondering if now is a good time to acquire more Stock/equity? Got about $300K set aside for this but we all know that Recession and Inflation have more immediate effects on people's level of living than a crash in the stock or real estate markets. It should come as no surprise that the market is currently so pessimistic. We must receive help immediately if we are to survive in this economy. Like the housing market, the ETF and stock markets continue to be highly volatile.
There are techniques that can be implemented for consistent gains regardless of the state of the economy or the market, but such execution is often handled by investment professionals or advisors with expertise since the 2008 crash.
The problem is that the majority of individuals have the "I want to do it myself mentality" yet are underprepared for a crash, thus they end up getting burned. Financial consultants are typically the best candidates for investment positions, and in my personal experience, my portfolio has produced significantly in ROI since January 2020, during the Covid virus outbreak, totaling seven figures.
@@trazzpalmer3199 this is huge! think you can point me towards the direction of your Consultant? Been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
@@mcginnnavraj4201 Salvatore Fortunato Sofia is the Consultant that oversees my portfolio. She's been able to gain some reputation and online recognition with over 3 decades in service, so it shouldn't be a hassle to find basic info.
I'm in my 40s and know that I will never be able to afford to retire and know of many, many others who are also in their 40s who will never be able to retire. My grandparents only retired when their health forced them to and it has been a struggle every day. Retirement is not an option in this country for far too many because too many of us live paycheck to paycheck with nothing left over to save for a rainy day or retirement. I have only worked for maybe 3 employers who offered a 401k or other retirement account option and none of them offered a match. Pensions are no longer the thing they were when my parents and grandparents entered the workforce.
This country threw their collective weight behind Car culture , Expensive housing and vulnerable 401k manipulated by Wallstreet shenanigans😩 🤷🏽♂️
How many cars do you have ?
Jen, retire in europe or asia the cost of living is far less and tons of americans in those countries.
I agree Jennifer 👍🏾
Don’t buy it - EVERYONE can save something - even if it’s only $25 per week out of every check. Start with a little and bump it up by $25 every year! I see LOTS of “poor” folks running around with $1500 in tattoos, the latest iPhone, and eating out for dinner!
I am retired at 41, I am doing well. Financial Independence Retire Early. I had a plan, made sacrifices for 2 decades and achieved my goal, early. If you don't plan, then you planned for failure. America is the land of opportunity. Yo no vine Aqui, a ser pobre. I didn't come to this country, to be poor. Zero debt.
Ok wo how about you tell what the plan is. Share with others
@@africangoddess707 F.I.RE. youtube it
I've never made more than $60k I'm 40 now have $225k saved for retirement and plan to stack more. I prioritize savings and especially investing. And avoid carrying debt. It's all budgeting and self control.
💪🏾
I wish it were that easy everywhere, Sir.
Watch hidden secrets of money in youtube.. and dollar milkshake theory
Sure, ok.
Maybe go touch some grass, dude. Look outside of your own experiences--and ask some disabled and/or POC who are boomers. See how different things are with social barriers.
Keep up the good work
I'm planning accordingly...no debt and a paid off house for my retirement...no car note, no credit card debt, no loans or student loans...creating a budget and living below my means....so far so good.
Good on you. Seems like the entire comment section living in high tax states, working bunk jobs to pay off art histort degrees.
I am also in a lucky position but fear the stability of our society if we can’t take care of our elders and children.
That's exactly what I have done and to my surprise I got a very high paying job after I achieved all of it and had to delay receiving my social security!! I am under 65 years old.
@@brandonyork8604 seems like the entire comment sections is trying to live a high middle class life with a low middle class salary, then they blame taxts and inflation for their poor choises.
I’m now 65. I retired at 55. I worked hard - two jobs from my mid 30’s until 55. I paid off my house and I bought physical gold and silver. My target was $500,000 in “savings” of gold and silver. When I hit that target, I retired. I have $3,200 in monthly income from pensions - which, with no mortgage, no car payments - it’s enough. I live in BC Canada, so I have “health care”.
Be wise, be cautious! If I can do it, anyone can.
I’m LOVING my “lower middle class” retirement! I can even vacation in the Caribbean or Mexico every couple of years!
Peace
@Cherry: the healthcare you get in Canada cannot be overestimated. Here in the US people go broke trying
to pay their medical policies and medical bills.
WOW this is motivating. I buy silver as I can’t afford gold at the moment but in the future I will buy gold. I’m 30 and I hope I can retire before 60.
Work smart, save hard as soon as you can, and retire early. I was told to never trust 401K or IRA accounts over 30 years ago but I did not believe them. I'm retired at 591/2 with my financial freedom and some of my friends are still working in their late 60s. Also, downsizing everything is a key to my early retirement without any concerns about social security benefits. There is always an option in life. Be kind. Be cool. Take good care of yourself. Life is short from a genocide survivor under Pol Pot dictatorship from 1975 to 1979!
But they don't want you too save. They want you in debt.
We wouldn't have such an extensive social safety net if capitalism could survive without them.
If a refugee now American from Cambodia can succeed, we all can.
@@gbb82 Certainly! I had to live through the killing fields and to witness the atrocity there. I was in my last year of high school there. Most of my family members did not survive. I left the country by boat and came to the US in 1981. I had to learn everything from ground zero but I always worked so hard and saved money for my retirement. United States is still one of the best countries on earth with freedom and opportunities. If you could save a quarter every dollar you make, you are good to be financial independent. Budgeting our financial requires discipline, dedication, and determination. Now, if you are retired in SE Asia like Thailand, Cambodia, or Vietnam, you do not need that much where their monthly minimum income is around $200. Thanks for your kind words!
@@KhmerMinnesnowta You are welcome, and thank you for being a great American. Your story of survival and perseverance is an inspiration to all of us.
@@KhmerMinnesnowta Great advice koun Khmer.
My Greatest Generation father told me a million times growing up, "Son, it's not how much you make, it's how much you keep'.
We just gotta pull ourselves up by the bootstraps, right. I can feel it . . . That money’s gonna start trickling down any day now.
I don't have a retirement savings and all I have to blame is myself. Most people who say they cant save for retirement are just making up excuses.
What I don’t understand is the lack of personal accountability in America. People don’t want to pay taxes but they want the government to pay for retirement. Life isn’t free people. I’m in my 40’s and have saved my whole life. I also intentionally got a job with a pension benefit. I’m set for retirement. I’m constantly flabbergasted by the lack of foresight in many Americans. People buy houses and cars and have kids they can’t afford, don’t save, carry huge credit card balances, etc. Take some responsibility for your own station in life people - you have the power to make choices that will allow you to retire just fine, but it requires delaying gratification. OR you cam blow everything you earn and live day to day, working till you die. It’s your choice.
As a Millennial, I absolutely throw money at my 401k and Roth IRA. I half max my 401 and fully max my Roth. I don't know what the future holds but I'll try my best to be ready!
Reminder fellow millennials, you'd need $1.2 million to generate about $45k income today. By the time most of us retire that number jumps to about $3.2 million to get the same result. SAVE!
As a fellow millennial, I've thrown my savings at buying 10 acres and building a cabin with solar power, wood heat, small garage, rain catchment system, well, small orchard and garden, greenhouse. All paid for in cash and done by myself, minus the well. Total cost for everything was 60k, my monthly expenses are around 500 a month here. There are more options at a young age than throwing money into retirement accounts. I think the rat race sucks so it was an easy choice for me.
You're smarter than most. Good work.
@@nicklebuck my expenses in an owned home in a city is like $275 a month. Not sure how $500 is cheap lol
@@CoffeeRS I'm not trying to live in the woods either, but we both know you are full of it. That's not even covering property taxes and home insurance in any city in the US, let alone utilities.
Do you not have the option of a ROTH 401k? You should check into if a ROTH 401k is an option for you and if so, take it. As soon as I learned that there was such thing as a ROTH 401k I checked if that was an option for me.
Problem is
1. We are all slave to debt. We spend more than we earn.
2. Heathcare cost is just insane, with or without insurance.
3. We rely too much on other people (corporate or government) on making money decision.
1. No we are not. I have no debt and at worst will have a mortgage at some point.
2. Eat a healthy diet and exercise and itll lower your health costs for 90% of people. I pay 15 a month for insurance that is capped at 6k.
3. No need to depend on anyone with all the information out there about personal finance.
Invest and live frugally when young for a few years and you are set for life later on barring a terrible disaster.
@@davidwells9647 you are right, and good for you. Not enough Americans have your mindset. However, do check on the average cost of health insurance and Medicare A B and D.
@@coolpkduck We need to start pushing that and educating people. It would change the country and make so many happy and independent. By the time you are of medicare age you should have enough saved up it shouldnt hurt too much.
4. We spend all we earn and refuse to save or investment. It's important to take personal responsibility for our bad spending habits and poor financial decisions
@@davidwells9647 what health insurance plan do you have?
I'm going to retire somewhere between 50-55. But i started saving as soon as I started working. It's almost like i knew the future would someday become the present.......
The idea of retirement is pretty new. Most people throughout history have worked until they are dead.
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
Exactly
You're wrong. In the past you had clans instead of nuclear families, so you had like 10 sons and a lot of grandchildren taking care of their elders.
@@TheEmolano In 1900, the average life expectancy of a newborn was 32 years. By 2021 this had more than doubled to 71 years. Most people died of disease during their working life. "Elders" were an anomaly.
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 mid 50'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.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through a brokerage adviser, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
Impressive yield. Things I love to hear! I like to stick it out on my own, but many false predictions lately.. Who is this person you use in particular? Vanguard Advisors take forever to pick up, I am not cut for that.
The decision on when to pick an Adviser is a very personal one. I take guidance from ‘Carol Vivian Constable‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
A recession as bad it can be, provides good buying opportunities in the markets if you're careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn't king at all in this time.
The stock market has plenty of opportunities to earn a decent payouts.
The truth with this recent economy everyone needs more than their salary to be financially stabe. the best thing to do with your money is to Invest it rightly
I started investing because I don't believe that I will be receiving any enough pension when I'll get retired.
$1500 a month in social security from the government won't be there for me when I retire (adjusted for inflation, am 34 years old). I probably have to work until I'm 90 or too sick to work.
Invest in a business in Asia or Africa if you can save money. You can buy a nice house near a beach in an island in another country for 65 K and live comfortably. The world is more big than the USA. Good Luck!
Agent, buy a house out of country. You wont be hired at over 50 age discrimination prevents you unless you work for the federal goverment.
I don't think it's going anywhere. The program is too important considering the alternative and I'm 26.
@@sinebar The math has a different take on the matter...
The alternative is giving people the 12.4% of their income the program costs them and *surprise* letting them invest it for themselves on vehicles that have, at least historically speaking, provided a much better ROI.
Baloney - we don’t elect politicians that would actually have the “nads” to end a program like Social Security……..🙄
She gets $2205/month in rural Virginia. She has a spending problem not a retirement problem.
I agree.
💯
Awesome insight. I was always very skeptical about investing. I would rather just leave money lying in my savings account, but not until I met a friend who really explained to me how much gain I could make investing. I gave it a trial with the help of my financial advisor Christy Vallen D'souza. Now I can proudly say my retirement and other investments are safe, I am not worried about getting old anymore.
I too want a new way to invest, I tried to start my retirement by myself, but it didn't work out well and I also tried real estate same thing happened. The thing now is what do I do? Who do I need to talk to? And how exactly do I begin?
Employ the services of a financial advisor, this was exactly what I did when I decided to begin my retirement. Do this and you are home free.
I need the best recommendation you can give. One that I can count on and trust with my money. If you have such, please be so kind to tell me.
Christy Vallen D'souza is the best stockbroker and investments portfolio manager I know. This is because I use her services. She has never failed me. I recommend you try her services. She can be trusted.
What else can you tell me about her services, I am very serious about investing. The money I have now I just want to invest it as quickly as possible.
This is what happens, when you have a country with no health care as a human right, don't make rich people pay into the USA social security system and don't require employers to provide 401k or pension regardless of fulltime or part time.
Exactly
It's so callous to say there isn't a crisis with retirement. Like sure, people in the US have more money than anywhere else. But they have less than anywhere else. Out of all the countries on that graph, medical care (the biggest cost as we all get older) is either free or cheap. Even in Japan, subsidies that go into the medical industry make procedures simple, cheap, and stress-free. Not to mention all the social benefits that come from all those countries to help support everyone, not just retirees.
If one person has $100 and another has $20, you might think the first person is better off. But if the person with $100 has $1000 in debt, and the person with $20 has no debt at all, the dynamic completely changes. That analysis saying there is no debt crisis deliberately obfuscates that dynamic.
Debt is a self-inflicted problem created by people who think they are entitled to live above their means…….😐
My coworker is like that. He spends on lavish vacations, cars, clothing, clubbing and fine dining. He bought a house with no money down. His net worth is negative $650,000 while other people who are less flashy in the office have net worths of $4-$5 million. It is all about life choices.
@@mocheen4837 That's part of my point though: it's not really about life choices. Like sure, some people are good with money and some people are irresponsible. But society should be objective: it shouldn't care about whether you're good or bad with money, society should take care of you nevertheless. That's what every developed society on Earth is able to do with no problem. Only the United States seems to struggle, because our social systems and social safety nets are designed to benefit the moneyed class and the acquisition of capital, not average people.
@@heychrisfox why should society take care of you whether you're good with money or bad?
@@zuzanazuscinova5209 Because human beings deserve to live healthy, happy lives? Do you disagree with that?
So are we just going to ignore the fact that she clearly said at the beginning “I should’ve saved for retirement but I didn’t”.
Exactly!
I didn't ignore that.
And now it's biting her in the ass.
She also never mentioned any kind of promotion at work either.
It's like people working at a fast food joint for 20+ years, expecting to retire off of that.
When I was 18, still lived at home with mom and in the 90's, it was OK.
You didn't see the rest? 401ks didn't exist when she started working, so nearly everyone expected for a pension and SS to cover everything, just like her parents were probably used to. Judging by her age, even if she saved 30% her income in her 401k when it came out in her 40s, she would have had _maybe_ 500 more dollars a month. For her medical care costs, that wasn't going to close the gap that much. And a lot of people can't afford to save so much of their income.
Also, I'd imagine low cost, high quality 401k plans didn't even exist in her 40s...
@@vulpixelful
When did 401k plans come into existence?
November 6, 1978
Congress did this by enacting Internal Revenue Code Section 401(k) as part of the Revenue Act. This occurred on November 6, 1978. The first implementation of the 401(k) plan was in 1978, about three weeks after Section 401(k) was enacted, before the Revenue Act of 1978 even went into effect.
Plenty of time to try to start something.
Still, she needs to "unfix" her income somehow to get ahead of her situation.
@@vulpixelful Don't give us these excuses. She even said she didn't save, which is the least she could have done
Just spoke to a buddy today who was mentioning that after paying his bills he now has 87 cents in his bank account for the month and he works full time. Save what?!
Save the money he has by getting rid of excessive bills, of course.
Save the money he earns with a part time evening or weekend job.
Get into trade jobs for more money. buy bulk foods and don't go out. You needs to change your behavior; dont expected different results if you continuous to do the same thing.
I spent the first 27 years working all the overtime that so could get. I never spent a dime of it. I either put it into my 401K or savings. I paid for my wife’s college tuition, room and board in cash. We were able to save enough to buy a house. We are now working part time trying to spend more time with the kids. Pay your dues up front and take it easy later in life. My friends used to make fun of me because I drove an old Toyota truck with no AC, crank windows and a knob radio. Today some of them are still living at home with their parents. Even though we are working part time we still earn within the top 5% of for the US. I am hoping to retire in 10 years, but could work another 15 if I have to.
@@mocheen4837 finally! Someone is getting it. Saving and investing early on can make a huge difference and having minimalist mindsets help to preserve your wealth.
@@mocheen4837 Interesting that nobody mentioned how if we take inflation into the question, people are making less money now then they were in the 70s. This all, while corporations have been increasing their profits astronomically, year after year, quarter after quarter. And all people think is: I must slave harder, have no life for 27 years and so on. It's amazing how common people shoot themselves in the foot all the time. How about general strikes? How about unionizing, creating an environment for better wages and benefits? How about saying "no more" to the financial slavery that is happening, where banksters get bailed out and common people pay for it? Sigh ...
Since I was a kid in the 1980s, I always knew I was going to leave the US after retirement.
Retired at 40 and living in the Caribbean, Spain and Philippines since.
Superior quality of life than any of the 7 States I lived in the US.
(TX CA WY FL NY SC CO)
Yeah I'm retiring to my moms side hometown in puerto rico. WAY cheaper and the simple island living I want to retire around. 31 looking to retire at 50 then head down and relax for the rest of my days. As much as I love big living here in the U.S. Inflation, the pandemic and just so much has really made me think what do I truly NEED to be happy and comfortable. So give me my island home, my subaru and motorcyles and im a happy man.
My dream
I really wish people who make comments like this would say how much money they retired with.
@@JessMN1974 It's the internet. 95% is lies
@@JessMN1974
I have a lifetime retirement pension (Air Force)
Savings not required.
Personal responsibility and accountability. The government is not your parent. If you fail to save, you deserve to go without. I have seen many people posting exciting vacation pictures on social media and then complain that they are going to lose their home. How is it my fault that you failed to save?
That's why a lot of people my age are living with their parents. Honestly that's the best option, we can save our money for retirement, house, etc.
How old u?
How old are you
Be careful for your futures sake, parents don't live forever, that tp and electricity doesn't pay itself.
inflation chews up your savings ....do the math
Lol
The Great Recession of 2008 slammed most of my GenX cohort, with many losing their homes. Many GenXrs never fully recovered from that and are still struggling to get back on their feet. I for one, have zero dollars saved for retirement. Scary.
That is the past start to day!
Great time to start 😊
This is so true. GenX got hit the hardest. Many Millennials didn't have mortgages yet and had the option of living with mom & dad until the market recovered. They also had the most career time in front of them to make up for lost time. Boomers already had a lifetime of savings to help get them through. They're also the last generation to get full pension and Social Security benefits. GenX got the rug pulled from under us during what should've been our peak earning years and had to start over again from scratch.
I was out of work 5 years. I cannot even do 10 percent in my 401k because my son goes to college next year. Gen x are forgotten.
@@4u2cre8 Millennials are older than you think. Most were getting slammed by the 2008 recession right as they were graduating from college and entering the job market, giving them a terrible start to their careers which will probably have lifelong effects for most. Gen Xers at least had a number of years of work experience under their belt making them more competitive for when the economy did recover. The job market has also never "recovered" in the sense that finding a job has only gotten harder and harder due to an increasingly digital age, terrible hiring practices becoming the norm, etc. so this has effected younger millennials as well. Gen Xers also got to see an era where college education was, maybe not cheap, but more affordable than it was for millennials. And yes it's rough some Gen Xers lost their homes, but most millennials will never even have the opportunity to lose their homes because they'll never be able to buy one.
I think it's really disingenuous to speak like millennials didn't also get completely destroyed. Some of us have moms and dads are also in poverty so we don't have the option to live with them. Some of us had children young. You can't paint a whole generation as having a benefit (like living with mom and dad is some sort of great benefit). Besides, what was to stop Gen X from moving back in with mom and dad? Is there some sort of arbitrary age limit to moving back in with your parents? Nope.
My husband is Filipino and in the military. We are praying that the Philippines gets better and we can just retire there. It's a beacon of hope... If the politics get better. I know my 401k is a joke, but at least it's there. I don't know what we would do if it weren't for the military retirement plan. He wants to get out so bad, but he has just a few more years. I swear it's the only reason people stay in the military past 10 years. Two wars and 17 years. I can't wait till it's over.
What's wrong with the Philippines in it'd current state from your view?
Saving for retirement?
Most can't even save for right now.
One aspect of the retirement problem that wasn’t addressed, is the lack of home ownership among some GEN Xers and millennial. If you buy a house by 35 and get a 30 year mortgage, you could have it paid off by 65, so in your retirement you don’t have to worry about paying rent or mortgage. But for people who never bought home they are going to be in a harder financial situation trying to pay rent while retired.
I had a coworker that cashed out of his house in CA and moved to AZ. He made a big deal about how he was doing all this financial planning for retirement, etc. 3 months later he refinanced for 30 years, bought a fancy SUV, had a pool put in…..and he’s in his 40’s. Yeah some people don’t understand how that works.
Property tax mate.
Armotize
@@kiturselassie813 ?
@@jtidema ?
The cost of living is going up much faster than wages and "home" prices have gone up 3x in the last 20 years (at least in CA where I am) thanks to real estate speculators, what a surprise that many have basically given up on the idea of retiring all together, or at least given up on the idea of retiring in the US. Hell it's getting to the point where even living in the US is unrealistic, 700k for a home, or 3k a month to rent a place you'll never own...
In the US I think the best bet now is to buy land and maybe put something on it to live in.
Keep crying
The best option is to pay off the house as soon as you can. Sell it, move abroad. America is not for the non-working. Never was.
@@zuzanazuscinova5209 Crazy but that might be true!!!
I'm just going to come out and say this - you live in a very high cost of living area compared to most of the US. So yes, retiring there is going to be hard. But if you leave that area in retirement, your money will go a lot further. Especially if you do have a house and sell, you'll have a nest egg to buy a new place (maybe in cash).
There's plenty of small towns away from major cities that are far cheaper, and in overall cheaper states.
I finished my basement and created a in-law apartment down their for my parents to move in.
The child care costs a eating away at our mouthly budget. And my parents fixed income is not leaving much room for error. Me and my wife bring home 240,000$ combined and our only debt is the mortgage.
It's a role reversal in my family right now. My parents are moving in with me to help take care of the kids and bring down their housing cost.
They pay 1/4 of the mortgage and one utility bill.
I think family are going to go back to multiple generations in one house to bring down costs over all.
Nice to have such an awesome arrangement that is win-win for your household. Not every family has a dynamic that can allow multi-generational living, but it can work well if everyone gets along collaboratively and respects personal boundaries.
you perfectly described the asian or indian family structure. since we never had the economic highs that the usa reached in the 50s, 60s, etc. frugalism and sharing was built into the culture. it was (and for many it still is) the only way to get by.
While trying to build passive income and prepare for retirement, It’s important to choose stocks that are expected to hold up in inflationary environments. To combat the negative effect of inflation, it’s a good idea to diversify your portfolio across different asset classes, such as stocks, bonds, and real estate, since this can help protect your portfolio against inflation. I have seen People making up to $800k in a month during high inflation
One strategy is to invest in assets that performs well during inflation. Another strategy is to focus on companies that have the ability to pass on price increases to their customers. Its also important to maintain a diversified portfolio. It may be a good idea to speak with a broker who can help you develop a customized inveestment strategy based on your individual goals and risk tolerance
I used to manage my stock portfolio by myself, all that time I did not make any significant returns (but also did not suffer losses). Then out of nowhere 2008 happened, and I lost 50% of my savings in a very short period. That prompted me to hire a F.A Since then I have been learning a lot about the stock market and I have made up to $500k in returns
@@tommychestnut5335I've been thinking of going this route of using an advisor. Could you suggest yours?
For many, "The Golden Years" became, "The Survival Years"
And many actually choose that scenario
@@johngill2853 what
@@momsspaghetti4504 if you don't save for retirement then your planning on the survival years instead of the golden years.
My retirement plan involves a mortician. Inflation, working in industries with little to no assistance, and the decreasing value of the working class opportunities, I'll be working till I drop. The American dream died in the eighties, in my mind.
I read from a post that investing with the aid of an experienced trader is a very good way to generate passive streams of income but i don't know any yet. Although, I have roughly $430K in my portfolio in tech/TSLA/Adobe stocks. Can I get an advice on any other stocks that I can acquire to diversify my reserve across multiple markets while creating a comprehensive portfolio allocation that balances my concerns of risk aversion and returns that meet yearly inflation. A validated one please.
I agree, I've been in constant touch with a Investment advisor for approximately 17 months. These days, it's really easy to buy into trending stocks, but the task is determining when to sell or hold. That's where my advisor comes in, to help me with entry and exit points , I've accrued over $337k from an initially stagnant reserve of $148K all within 18 months
The downtrend is really alarming, at this point I could really use a coach/manager> or just stay off the booth.
My advisor is *Johanna Mussche"^ You can easily look her up, she has years of financial market experience.
I never knew what being comfortable meant, but I knew I didn't have a support system, and that working for a big city would give me a pension. It's old fashioned, but I couldn't stand the idea of watching the stock market every day to see if my retirement was ok. I'm glad I did it that way. I heard someone say, the other day that no one's coming. Best advice ever. No one is going to rescue you. If you're able bodied. You have to prepare. It's part of life.... preparing to take care of yourself as the years go on. Eat plant based, walk a little, and sleep well. Having friends doesn't hurt.
It was Mel Robbins. Made me think... and act.
Excuse me but straight out of HS I worked a factory job and went to college, made ok money in the late 70’s early 80’s the plant closed and all the work went to China. It took several years to finish school, the several more before I was making the same amount I made at the union plant. Then you have the market crash in 2008-10 , again lost my job. So… pension went with the plant, 401 went with the crash, stocks went belly up. I have work from the age of 14, only to find that my retirement is barely enough to pay basic bills. I have never been on government aid of any sort. Now I am told if I sell my wedding rings, home, my car… I can get food stamps. This country has used hard working people to line the pockets of the rich. Stolen from the middle class their pride, their jobs, their future… Now it’s your turn, wished I could be here just to see how this generation does!
@@BirdnanBarry I grew up poor in a single family household. I worked hard, saved and invested. I plan to retire early in 10 years. I have been at the same company for over 28 years. I started working here in college and dropped out of school. I never want to go back to being poor so I always saved and lived below my means. I also have a pension through work. I do not count on the pension or social security for retirement. If they are there that is just going to be icing on the cake. I worked overtime everyday and saved all of it for 28 years. I put away for retirement and college savings for my kids. I was fortunate that my daughter received a full biotech scholarship which pays her tuition and gives her a stipend each month. They also offer her an internship upon graduation. My so. Is in high school now and plans to become a software engineer. He is at the top of his class and takes college programming courses. My wife and I switched to part time work this year and are fortunate to be able to spend time with the kids before they move out. We tightened our budget and increased our retirement savings. Our realistic goal is to retire with a net worth of. $6 million. I am hoping that our children have a better life than we did. I started teaching them about finance when they were in elementary school.
@@mocheen4837 good on you! Bet your money you built in retirement wasn’t stolen. In my time I did the only thing available to build my retirement. It was stolen. I have worked my entire life to be comfortable in my older years. I am a military brat of parents that were abusive, adopted at 12 working on a farm at 14. I didn’t have rich parents. If you wanted something you worked for it. Well that’s what I have done, and these younger generations want me to feel sorry for them with their debt for college and give them welfare until they can land their dream job without getting their hands dirty and work. I have no empathy!
The best person to watch and wipe your own butt is you.
Having a decent network is great.
But in the end, it's just you.
That was a lesson I just recently learned.
The boomers have had the BEST conditions of any generation in history. If they can't make it, I have no hope for humanity to help themselves.
No. They were just reckless. Old Americans thought they’d get away with anything by piggybacking like back in the day. America cannot keep up with China or India if not for those very same countrymen living here and contributing in software and tech.
They also had the biggest hand in shaping the environment as it is today
I totally agree they had an open window it came and is now gone, my parents were lucky enough to be in that window and did the right thing, they're home is paid for. That in itself is preparing for retirement if you do not have a mortgage all your required to pay yearly are taxes on the property and after you get a certain age a certain percentage is taken off of that.
@@reginafisher9919 I was speaking about their voting habits
EXACTLY!! Blame yourself. If the immigrants can do it then there is ABSOLUTELY no one to blame.
The whole idea of “retirement” for non professional working class people is a relatively new phenomena. It wasn’t until after the Second World War that the vast majority of people were sold the dream of retirement. Before that, people worked their whole lives and worked until they physically no longer were able to work. Then, they lived with their families whose job it was to take care of them. Almost overnight, factory workers and farmers and day laborers and cooks and waitresses were told that at 65 it was time to retire and move to a condo in Florida. Medicare and social security was never meant to provide for one’s “golden years” It was simply meant to keep vast swathes of the population from starving to death in the streets when they were too old to work.
Social Security WAS in fact meant to provide for one's golden years. The trouble is Republicans have diminished it so much over the decades that it was never able to keep up with inflation despite annual COLA increases.
@@sinebar no it wasn’t. Social security was established by FDR during the depression for the express purpose of making sure that citizens who were too old and too Ill to work, wouldn’t starve to death. It wasn’t meant ever to fund “retirement” the life expectancy of the average man in 1934 was 59. The vast majority of people were never expected to live long enough to collect. If you are going to make a comment, try not to make a fool of yourself. You should have at least the minimum grasp of what you are talking about. As far as republicans go, I wouldn’t know. I have been a registered Democrat my entire adult life
Exactly! You don't get to retire just because you worked.
Over the years I have saved and invested, but I have gone through so many personal situations I have gone through my savings and investments. Also a lot of jobs, small businesses the backbone of America, don't offer 401ks. Granted I have learned to maintain personal investments but you cannot depend on these companies for retirement.
Try to get financial freedom ASAP. At minimum, own 2 bedroom bathroom suites. One for you and one to rent out. Should be achievable in 5 years.
In all reality, I don't plan to retire. I am investing 15 percent, will own my home in a few years and my kids will be out of my house before in 45. I just like the work I do, will likely scale back my hours and move to a consulting role or even an adjunct professor for construction management.
It's good that your job is fulfilling enough that you can continue working past 65 but you should still be prepared.
Agree. Finances aside, finding work you enjoy is a blessing. In the FIRE movement, many people "retire" early in the sense that they stop working for money, and instead do something they want.
She finding some happiness.. money doesn't bring happiness, but it does makes it comfortable
I saw the inability to retire, I kid you not, easily 20-25 years ago. All that I did was look at the cost items then compared to years before and immediately concluded that at that rate it would be almost impossible for the average person to do so.
A friend and I also concluded that eventually people will have cohabitate for financial reasons because it will be too difficult to do so independently. Well, here we are.
Living beyond your means includes your retirement, yet it’s soooo hard when you are 25 to imagine you will ever be 75, as well as the inflation that will have happened. This is why people go wrong a lot.
Been living within my means for a very long time. I been debt free since the age of 36, I'll be 60 near the end of this year. I own my home, always buy my cars, trucks, vans in cash. Being debt free for so long. I saved a ton of money, as I live within my means and have a strict budget. Never been married, no kids and don't even have any kind of substance abuse. So I'm fine and dandy, how I'm living.
"You save all your life to have the money to do what you want and by the time you have it both your parents, half your family and a bunch of your friends are already dead. Don't even bother saving use it all while your young" -my grandpa who saved responsibly
Wow that is the worst advice one can give. That only works if you plan to die young, or have great health after retirement. Also if are financially independent at retirement and can live out the rest of your life without monetary needs. All of which 70% of people cannot do. Your grandpa said that BECAUSE he was fiscally responsible. He would not have said that had he been strapped for money. The biggest fear is to be unable to work due to age, and have to live like a pauper fearing what tomorrow brings.
She pays $160 a month for rent?
She brings in $2,200 a month. With $160 a month rent. She can save a lot.
She brings up a good point for the millennials who switch jobs frequently (every two years).
It is important to understand the full benefits and retirement match vesting. For those who will be switching frequently, make sure it is after the full vested period (usually 5 years).
And ROLL THAT THING OVER. I feel like employers make it harder than it needs to be
@@TheMocutMiester Then start and take responsibility of your feelings and mainly of your life, because no one will.
Although if You refer yourself as an infant, then surely the only thing you can do is to roll things over until you are on the victim side.
Some companies don’t even have 401k looking at your startups
Just work a couple jobs full-time from high school graduation and marriage to someone similar, with OJT to double wages a few times... Guaranteed will be able to afford a small house in cash on bus stops within a few years. From there, make your babies, buy groceries, and pay property taxes, invest anything leftover in stocks bonds gold and real estate... Simple life. We make it complicated...
@@chrisaycock5965 You're right. Mine doesn't. So, I have an IRA, brokerage account, high yield savings, bullion, mutual funds, money market account, and bonds. .... You CAN plan for your own retirement.
I just want to retire and have a simple life.
In the US, in order to have a comfortable retirement, they have to risk a lot in the stock market. In an economic downturn, retirement savings disappear quickly. Also there is long term care, my in-laws have spent at least a million on long term care and the system keeps rushing them off to the hospital. They are living long in extremely poor health. So there won’t be the inheritance that helped them get over the hump.
With inflation raging, 401K is crashing and unfunded social security program, retirement is high risk.
Well.....let me say this...if you have enough money or make good money then inflation really doesn't affect you.....One of the first financial lessons that my dad taught me was not to believe in Social Security.
It is a good time to solar cost average right now. The market will recover.
This is a good time to add more to your 401k. Social Security will be fixed
Social security was not intended to cover all retirement expenses. Roosevelt stated that explicitly. He never beat around the bush on that point.
They need to change that. It should with as much money as they take out of my check I shouldn’t have to lift a finger at age 65. Let’s lower that age to 50. With the rate this world is going it will be a blessing to reach that
No, he said it was to be a three prong approach - social security, savings and PENSIONS. 401ks and IRAs are not pensions, they are just another personal savings vehicle
Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!
Wow, congratulations on your impressive investment success! Your discipline and focus on delayed gratification is truly inspiring. I'm curious, what are some of the key factors that you consider when making investment decisions? Do you have any tips for those of us who are just starting to dip our toes into the world of investing? Thanks for sharing your story!
Do you mind sharing info on the adviser who
assisted you? I'm 39 now and would love to
grow my portfolio and plan my retirement
Olivia Sullivan Financials is my portfolio-coach, I found her on CNBC where she was interviewed, I looked up her name on the internet. Fortunately I came across her and reached out to her, you can verify her yourself.
Thanks, I just googled her I'm really impressed with her credentials. I reached out to her since I need all the assistance I can.
Thanks for this tip, her website popped up on the first page immediately I searched her on the Google web. I read through her resume and it seems pretty tight so I dropped her a message hopefully she replies soon.
It's difficult to listen to a woman complain that she can't buy a steak when every horizontal surface in her home is covered with stuff. Stuff stuff stuff.
How many solo cups does an elderly woman need on her counter? And how many fabric softeners on the shelf in her laundry room - 3?
Those little purchases of things we don't need add up.
Glad I’m not the only one who noticed she had a lot of “stuff” and wasn’t starving despite not having steak in her diet
Surprisingly, poor people buy a lot of crap they probably don't need.
I wonder if that mobile home is paid for? If it is she shouldn't be struggling on $2200 a month.
@@sinebar even if the mobile home is paid for, she’s probably getting gouged on the rent for the land it is on. Mobile home parks are getting more aggressive because they know people can’t just leave their homes and will pay whatever they need to stay.
That retired female factory worker has over $2100 a mo. Do not understand why she has a problem. Many people bring in much less.
She has a lifestyle problem.
I read about this retirement crisis a few years ago and started saving aggressively for retirement. I refuse to work in my 50s, 60s and 70s.
I will work till the day no one hires me (even Wal Mart don't hire me)
@@michaelyun2407 i will hire u
I started to save for retirement in my 20's! Luckily, I got a NY state job which paid a small pension!
But, I found that systematic savings is the best way to save! I'm 76 & fully retired at 59! You're smart!
@@rongendron8705 Great to hear you plan accordingly. Hope retirement is treating you great!
@@rongendron8705 glad it worked out for you. Those days are long gone now, jobs offer no pensions and cost of living so high i cant even afford an apartment
I wonder how much these people are paying a month on cigarettes
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
@@geraldantonio3160 I agree. I have pulled in more than $435k since 2020 through my advisor. It pays off more in the long run to just pick quality stocks and ride with those stocks.
@@primeramujer2138 Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems.
@@waltzwalter Big Credits to “Stacie Kristal Weber” she has a web presence, so you can simply search for, there are some others but it might be difficult to get them, but Stacie has been a good guide through the year.
@@primeramujer2138 She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing
I will tell anyone you must pay off debt before retirement especially people who go into retirement with a mortgage or paying rent
I told my husband, before we retire (hopefully in 10yrs) we need to pay off the mortgage, new roof and redo the bathroom.. I won't feel comfortable to retire, until those 3 are done
I'm in my 50s and I know I won't have enough to live comfortably during retirement. I have my house paid off but my cash reserves aren't sufficient. The performance of my 401k accounts has been abysmal and they crash each time their is a crisis. Kind of sad, but I'm actually considering moving to Central America to retire - assuming the dollar still goes far enough. I can live there on my social security based on current expenses. Medical care would be the issue, but even in that case basic medical services are a bargain compared with the U.S. I have to improve my Spanish though.
If you are 50 you should be shifting your 401K blend to less at risk assets. Every 401K provider (Fidelity, Vanguard, etc) has portfolios with set goal retirement dates that will do this automatically for you.
One thing I want to point out is how much our medical bills are upcoded.if you need help lower your bill, PM me here.my son's experience is, hospital uocode the code all times.
Geo arbitrage is a great option for Americans. I have been following this and there are many American Expats in central and south America. There are many English-speaking service providers. Medical, dental is so much more reasonable in any country other than the US.
Lucky you have your house paid-off! Seems impossible for the younger generation unless they start very early.
You have your house paid off and you still don’t have enough for retirement ? What exactly do you wish to do while on retirement?
First world problems, you’ll have enough to live and eat very comfortably, you just want luxuries booo hooo should’ve worked harder then
Don’t think for a second that increasing wages alone will fix this. As soon as everyone makes more money, rest assured prices will go up again. It would be better to decrease health care, higher education and housing.
3/4 of Americans take social security at 62, at a reduced amount.
Pensions have mostly gone away and people don’t put enough into retirement accounts.
Healthcare, even Medicare, is too expensive.
Sooooo, move and retire out of the country!
Mexico, Ecuador, Thailand, Philippines….lots of great places to live at 33-50% of what we pay here in the US.
Juanita Dikes is awesome. Thank you for sharing your story. I think all young people could learn a lot from you. I wish you the best in the rest of your retirement!
This is a warning, things wont be getting any better, learn to save and learn to invest .... if not, plan on working until you're in your 80s
I am from Spain, my friend in Texas referred me to this channel you make a lot of sense but I do not understand anything until she referred me to a financial counselor in USA that help me to craft my portfolio and over a year we have been working together making consistent profit enough to get me a new apartment and care for parents.
Hi who is your financial counselor and how does he help? I need your honest assesment
@@PeterWhite7 it is not a he. It is a lady. I see most things she says and use to carry out trades are done by Steve. that is how I know she knows what she is doing. in her technique of over night trading she says she use stop loss and take profit strategy. She trade on her account and it reflects on your own
@@DavidVelasquez9 who is she? how can I reach out to her? Can she help me?
@@PeterWhite7 Her name is ASHLEY AIRAGAHI. Look her up online, she is quite popular in America and a certified financial adviser
@@DavidVelasquez9 thanks for sharing, I am currently on her website and what I see is impressive. her resume and her experience is just awesome. I hope she replies me