The retirement crisis will only worsen, in my opinion. Due to low-paying occupations, inflation, and exorbitant rental prices, many people are unable to save. Additionally, middle-class Americans will not have a place to retire to since they are no longer able to afford home ownership.
My plans to work part-time, save money, and retire at age 62 have been impacted by rising costs. I wonder if those who survived the 2008 financial crisis found it easier than what I'm going through right now. I'm worried about having enough money for retirement because of the volatility of the stock market and my decreased salary.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
It’s recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving that percentage can ensure that you have enough money to retire comfortably. You can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved,regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize positive financial outcome.
This is precisely why I like having a Financial Advisor guide my day-to-day market decisions; with his extensive knowledge of the market dynamics in play, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns. I’ve been utilizing a financial strategist for over a year now and my portfolio has made a killing.
As a 58 year old man approaching retirement, I must say I appreciate the implementation of ideas and strategies that result to that sort of progress in the financial market thus the search for a reputable financial advisor.
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.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Credits goes to " Izella Annette Anderson " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
yep this. They knew it was for retirement but decided not to use it that way. If they used it like it is supposed to be used, they wouldnt have to work today.
Our society trains people to think of "savings" like a mattress full of cash to spend. A retirement account is a collection of income earning assets that provide one income stream for your retirement cash flow. Deplete that and no more retirement income stream.
What does that even mean? Maybe they meant they treated it like a checking account? I saved, saved, saved while working and only touched my savings for big things like remodeling home, major purchases. Now using my savings account some for retirement and even though I'm retired, not spending 401k yet but just converting it to Roth. Still sticking to strict budget. Sounds like they think they are supposed to spend every penny they earn...my dad always said "don't spend it all in one store" or just because you have it that doesnt mean you have to spend it.
@@JD-tn5tb I think the couple did not realize there are monetary penalties for withdrawing money from 401k early. Therefore they should have taken money from a regular savings account and not the IRA. Also, I wonder if they maximized contributions to their IRA, especially if their employer matched them?
@@Velocentric It's always society's fault, never the individual. I've never once had "society" tell me to think of my savings like a mattress full of cash to spend...and you haven't either.
Started my first job out of school at a refinery in 1992. I remember the HR lady, Sue, telling me this is the most important decision you will be making for the rest of my career. She "made me" contribute 10% towards my 401K. Then she told me don't touch it and forget it. Thanks to Sue I can retire before 60!
That’s awesome that Sue put it those terms. It’s a lesson we are trying to teach our grandkids. I think about all the lost financial opportunities in my life because of my ignorance.
With this, I'll say that Investing is mostly about behavioral psychology. Rule 8 indicates you don't need a high IQ to be a good investor, just 2 qualities, self discipline and a lot of patience. How can I generate more income to retire with at least $3m for long term care?
We share common goal, making sure you are ready for your later years is very important. That's why passive investing works, low costs, better diversification and it enables people to overcome their behavioral bias especially if they engage professional help.
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 an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
It would be a very innovative suggestion to look out for Financial Advisors like “Diana Casteel Lynch” who can help shape up your portfolio. Trying times are ahead, and good personal financial management will be very important to weather the storm
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Rebecca Nassar Dunne 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.
@@BateserJoanne If you've got the ability, its better to control your money than to have someone else do it. During the two biggest stock market dives between 2000 and 2010, I was able to increase my portfolio around 30% each time. Why? Because I pull completely out of the market near the beginning of the crash and bought back in 6-8 months later, buying much more of mostly the same stocks at a huge discount. Then I watched them climb back and past where they were before the crash. A stockbroker won't do that, he or she will tell you to ride it out. Do that and you miss out on a huge gain, not just the discounted prices, but the much larger gains going forward because you have far more shares of stock in the market.
You are so right. I retired at 62, because of my not so great health and jobs in my industry drying up. But before I retired my mortgage was totally paid off 10 years prior, home improvements were paid off in full, I got rid of all debt credit cards and paid off my cars loans, got a affordable health insurance and have not touched my 401k. I am not sure if all of my precautions will work, but for now, I am not struggling and do not need to go back to work. The only problem is how do people who rent apartments, manage the high cost and the constant rent increases?
@@quaithom3138 I retired almost three years ago with a mortgage (low interest rate). I am very fortunate and blessed to have a pension, retirement accounts, and cash reserves. No SS yet, but bottom line is, it really comes down to planning and money management.
@@douglassmith2989 I am retired and work part time. I like that I can now work in jobs that I enjoy instead of competing in the rat race. The wages are supplemental and building my emergency fund, my quality of life is much better when contributing, imo.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
He was an electrician and he's unloading trailers for $14 / hr? That's foolishness. He could be picking up small electrical jobs on next door and Facebook in his community and make way more. He could easily charge $100 to change out a GFCI for a homeowner that doesn't have the time or knowledge.
Agree. If he can't do the physical aspect of the job on a daily basis, why not utilize his experience and knowledge in another way. Trade school teaching, on-call electrical emergencies on specific days, etc. The hourly or per job rate has to be much better than a minimum wage job that's also very physically demanding.
I bought my 1991 Subaru Legacy 23 years ago for $500. All the money I would have paid in car payments went into investment accounts and made big money over the 23 years. Oh...the car now has 411,000 mile on it and it still runs great ( May not look great, but who really am I trying to impress?).
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@Alethia-q9s The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Well... who you vote for also has consequences. Many people here keep voting democrats who cause our inflation. However, they will keep voting them again and again. Kind of like a young kid burning his hand on a hot stove over and over again and never figuring out why.
What I don’t like about this piece is the fact that journalists here are blaming everyone else except for the people who are supposed to be in charge of their financial future. By their own admission, these people used their retirement savings like a bank account they could dip into whenever they wanted, and now they’re paying the piper. Then these people want to blame someone else for not educating them. The reality is, you can lead a horse to water, but you can’t make him drink. All the information was out there for them 40 years ago, and they knew they should be saving for retirement, but they chose not to be serious about it. The advantage of a 401k over a pension is that, if you’re vigilant and responsible, you get market growth over time. The reason people whine about not having a pension is that they’re lazy and don’t want to have to think about it. They want someone else to secure their financial future.
40 years ago, the man was 37 years old. He told you that he grew up on a farm. If you know anything about being an electrician, you would know that it is a field that used the apprentice system and required no college degree in the 60s, 70s, and 80s. What about her, you say? She's 65, so as a woman, she had it ingrained in her brain that the man takes care of the finances and the woman takes care of the house. Anyone can be trained to be a legal assistant (that's just secretary or admin with "legalease.") Most people can not play the piano. Is it because of a lack of skill, or is it because they never had access to a piano and lessons? It is both. Remember, it's more expensive to let people become homeless than it is to pay for an apartment and groceries. So, you can stand by your snobbish attitude and your smugness over your financial literacy, or you can live in clean, safe cities and be a part of showing the rest of the world, why the US is a successful "democratic republic" country.
@matthewgardner2144 Most farmers (and btw, I can tell you are GenZ or very young millinnial) barrowed on credit to survive while waiting for harvest and then would get less then promised by local markets which were in turn controlled by the big markets. So then the cycle would start over. To be a farmer was to be poor unless you were my ancestors who planted tobacco 100 years. Regardless, the man in video actually made a generational leap as far as the socio-economic status of his family. He went into a trade. I'm sure he was rich compared to his father, and like I said, he was not educated about the predictable cyclical nature of the stock market. Go read a frickin book about American history. You're embarrassing yourself by not understanding generational and occupational culture and history. You're the same kind of guy that doesn't know that a woman could not open her own checking account without her husband or father until 1974 - 50 years ago. No, I'm not going to do your homework for you but I'll give some advice, go ask grandma!
@@jaygold4467 There are those like me who saved carefully and worked very hard. I retired 6 weeks ago and hadn't had a vacation in over 20 years. I drove old honda's. The guy in the video is complaining no one gave him good advice. Poor excuse. I bought almost one condo a year. Some I paid around $30-$40K and now worth $180K+. Family members and friends laughed at my cheap car, my cheap home. They are broke and crying. A few people I know that have money, they respect me. Keep whining.
I disagree with that statement sir . The United States government whether it be Republicans or Democratic’s treat Veterans or people in need like crap , imagine you serve your country sacrifice your life , your family, your happiness for the sake of democracy and freedom only to be treated like trash when it’s time to retire. Imagine having to worry about bills ,housing ,food or in many cases all of the above because the money they give you that you sacrificed for isn’t enough, so while the foxes in the White House and senator, mayors ect are living lavishly the people who worked for it have to worry where their next meal is coming from . But for you to make a statement like that , I am sure you are one of those thoughtless selfish people of America 🇺🇸. Good day to you sir !
The U.S. economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents.inflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?
Knowledgeable Investors know where and how to put money during a crisis in order to reduce risk and maximize returns. See a market strategist with experience if you are unable to manage these market conditions.
Agreed! this is why I work with one. My $520k portfolio is well-matched for every market season yielding 85% rise from early last year to date. I and my advisor are working on more figures for this year. IMO, financial advisors are the most sought-after professionals after doctors.
I've experimented with a few over the past years, but I've stuck with the popularly ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks
Do not listen to anyone telling you to work on beyond 67. I hit my 35 years of national insurance contributions when I was 55. I'd prepared my path ten years earlier. I invested (£95k with the help of my Fa). We sold up in the UK at 55 and have lived on the proceeds since then. I have a private pension which started aged 60. My full State Pension finally starts in 3 weeks (I plan on investing it all for my grandkids secret nest egg) Every day is absolutely amazing. Don't work a day longer than you have to. The clock is ticking. We are not slaves to the system. No Government can tell you when to stop. Go find your own freedom.
Looks like she really knows her stuff. I also found her online page and read through her resume, educational background, qualifications and it was really impressive.
Not necessarily. I’m close to retirement and had my house paid off. However, when offered 2.2% mortgage rate, I took out a mortgage and invested the entire amount. My mortgage is a mere penance compared to the money I’ve earned.
Something an't right with this couple She admitted she's 60 something & he's 70 something and with a mortage. Come on now we were only promise a life up to 120 years. Lord forbid if one is taken the other one will be left with that mortage. So they both should have a plan.🥲🤑🤔🫣🫨😵💫🫤🫡🫡🫡🫡.
I don’t think anyone knows how important this particular statement is! With no mortgage and no car payment it actually is possible to live on Social Security
Financial planning and retirement strategies are crucial, especially in today's economic climate. With global economic fluctuations and uncertainties, it's essential to have a solid plan in place to protect your financial future.
And let's not forget how the global economy plays into all of this. Economic instability, inflation, and market fluctuations can further complicate matters and add to people's financial worries.
Absolutely. And with the fear of not being able to retire comfortably, people might be tempted to make risky investments or neglect proper financial planning, which could spell trouble for their portfolios in the long run.
It's a vicious cycle. If people can't afford homes, they might delay retirement savings, but if they focus solely on saving for retirement without considering their housing situation, they might miss out on potential investment opportunities.
Well with the ever-changing global economy, tax laws and regulations can also vary, impacting how investments are taxed. It's essential to stay informed and plan tax and retirement strategies accordingly.
Most people miss it but the secret to retiring comfortably is finding a way to make returns while your money works for you. My Dad, as i remember started saving for retirement quite late but I know he was making more than 10k returns from his investments monthly and it was completely passive.
working for 38 years as a skilled person will get me a pension of $1800 a month, but being involved in the stock market, I am able to add $7200 a month to that income. Taxes paid on that income, $3575. The secret ? Dividend income ! YOU have to learn how to play the game. Nobody will play it for you.
A lot of it depends on what your pre-retirement income was but I've found that no longer putting 18% of my income into an RRSP and no more maxing out the TSFAs every year frees up a lot of cash. However we are now at a crossroads on what to do next. We need to make the best of this good decision.
’Sonya Lee Mitchell, is respected in her field. I suggest delving deeper into her credentials, as she possesses experience and serves as a valuable resource
Before I officially retired, I had one goal. To be 100 percent debt free, and stay debt free. People have to return to work because they keep racking up more debt in many cases. And because they haven’t cleared the sheet of monthly bills not related to simple sustenance. I live on a modest retirement. But have zero debt. And that’s happiness.
My goal was to pay off the house before I retired. So many friends told me to put the extra money in the stock market because I could make more off of it. But I stuck to my guns and put every bonus and tax return on my mortgage. I never had so much money in my life after I paid it off. Now I'm sitting pretty, and I was an electrician too.
@@katana1960 Sound wisdom indeed! My friends used to tell me the same thing. I’m 67 now, and had a mortgage burning party at 54. Like I said, I’m not rich, but I’m retired and happy, while those friends of mine are still working their butts off, buried in debt, wondering if they can ever retire, and anything but happy.
Sounds like they have a spending problem, not a retirement savings problem. In their 70's with a mortgage, car loans, other debt???? Live within their means.
Unfortunately that’s not happening. It’s up to the parents to teach them. I am already teaching my children about finance management. Live below your means, don’t bother to keep up with the Jones and invest your money in mutual funds.
We used to. I remember taking a class in 9th grade it was family living. Taught us budgeting, finance, saving. It was way more useful then shoving algebra and geometry on us.
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Diversify your holdings across several asset types to reduce risk rather than putting all of your eggs in one basket. If you don't know a lot about finances, speak with a financial expert.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
Finding financial advisors like Annette Christine Conte who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
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.
He probably doesn’t have the speed or the strength for construction work anymore. It’s not easy to find any work at 77, let alone finding an electrical contractor that’s willing to take you on and let you work part time on the specific jobs you are able to accomplish.
@@solarwind907 He is paid to unload freight trucks at big box store> If you can lift and move heavy freight for hours, you can operate a screwdriver to change a switch or outlet
@@ericlee2931 if you can pay him more, look him up and give him a job. I’m sure it never occurred to him to try to earn more money per hour for his time. He will surely appreciate a genius like yourself, helping him out!
The 3:05 mark explains it all. They drained their 401K because they viewed it as a savings account rather than a retirement account. Once she said that, I lost all empathy for them.
I'm 63 and once attempted to make a withdrawal from my 401K at age 61. My financial advisor quickly told me , that money should only be for your Retirement years. That hit hard and sunk in. I never touched that money and still have not.
Hard to feel sorry for this couple. The 401k system and Social Security both work as intended as a nest-egg builders, but can’t offset the damages of living frivolously.
Exactly! The tax-deferred benefits are great as well. I find it crazy how people will spend more time planning and figuring out how to get to Costa Rica, than they will plan on how to maximize Social Security and their 401k.
I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe 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 wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha
My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300 K it starts to accelerate. When you get over 500 K it can really accelerate as the stock market grows
That's the problem. We think that intelligence carries over into different fields. I am really good at finances but when it comes to mechanics, I am a dumb dumb. I am humble enough to know I know ZERO when it comes to how cars work. And I hire a mechanic. I don't try to change my transmission by myself and blame the manufacturer too hard.
@@jboughtin7522 Trust me. We give people more credit. Remember in school. There is a bell curve for a reason. 1/3 did well and self sufficient, a majority of people were average, and 1/3rd just didn't get the assignment. Those ratios still exist today. You may be average or above average. But that still leaves a majority of citizens that have no clue, and a bigger number of people who have no clue that they have no clue. I'm like you. Give me a book and I can do anything. But we are rare.
@jboughtin7522 right. Especially if we don't appreciate them now. That's how grants and scholarships go away. When no one applies they move the money. With 401ks, like you said, they would probably take away access unless you contribute so much.
Nobody told him in High School that he would need to build up a retirement fund? Ridiculous. What about the 40 plus years he worked as an adult? They made bad decisions throughout their working prime, didn't save enough, spent what they had saved after retiring the first time, and finally now want to blame it on someone not telling them to plan for retirement. How did their parents retirement go? Should have learned from watching their parents in retirement. Sorry, I can't shed a tear for them.
To be fair, they didn't teach me squat about personal finance in grade school. Even my father, who was an economics major and a small business owner/entrepeneur, didn't teach me. Americans are generally pretty ignorant about finance (hello, national deficit!) and this problem is not going to get better until financial literacy becomes a compulsory part of school curriculum.
The 401(k) didn't exist when he was in high school. Pension plans were being dismantled as he entered the workforce. He is in the first wave of people retiring who need to rely on solely their 401(k)s and Social Security.
@@nicholsonks Let's just say that that 4O1k never existed... Don't you still have every reason to save for your retirement? WE have always heard that SS may not be there in the future, all the more reason to least save for you retirement future. Yes, the pensions are gone... That means YOU have to save for your own future, I don't like it, you don't like it, but it is our reality.
Going into retirement, with consumer debt, is a huge mistake. A mortgage may be necessary, but pay off everything else. Save for whatever else you may need in the future.
"Nobody tought me how to save". My god, it's always somebody else's fault. Hey buddy, if you are an electrician by trade you could do side jobs and double your income overnight. People pay $40 to hang ceiling fans, $50 to replace front porch lights, etc etc. You have a skill, use it buddy.
I was thinking the same thing. He said he lived on a farm. I guess electricians came to the farm and taught him the trade. Lol. The cognitive dissonance is high with this one.
I agree. There have been reports of people draining their 401ks to help adult children. But the sad part is...either you pay now...or pay later. Many of them didn't teach their kids to be on their own like you said. They babied them. We have to start preparing our kids for adulthood instead of extending their childhood to 24 and 27. Adult training doesn't start at 18, they should already have a 4 year head start.
They are doing a lot better than other seniors. They both have jobs and a house, as well as their health. I feel more sympathy for the seniors who lost their home in the hurricanes and are too disabled to work or are victims of workplace age discrimination.
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
I'm 70 and still working by choice, but the income is nice. I'm an RN working with near drowning children at home on ventilators. I do wish I knew about investing when young, but figured it out in time to pay off a house and build a nest egg. Still working because I love taking care of children and supporting their families.
Good for you! I had to retire because I got COVID really bad 5 years ago. Since I've worked all my life, I was bored as hell when I could not work. I have two part time, flexible gigs now in retirement and love them! You have to stay pro-active, or you'll just wither away!
Your career is a Godsend. So many don't realize that 'near drawing' stories can be years of unbelievable struggle for the survivors and their families. While this tragedy has thankfully never impacted my family, I can confidently say the grace and service you're providing is a lifeline to families. You're an angel among us.
I'm 66 and same with my spouse and we are still working for just one reason, that is to build up our retirement nest egg. While we could survive if we retired today, a few more years saving and investing will make a big lifestyle difference because we paid off everything before 60. We also were a tad late to saving for retirement but thankfully we reversed course and taught ourselves personal finance before it was too late. I blame no one for our lack of knowledge, it was our fault. On the day when we both retire, the last thing on our minds will be how to finance the rest of our lives.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k 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.
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Izella Annette Anderson 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.
Thank you for the lead, curiously searched Izella on the web by her full name and spotted her consulting page, no sweat. Just sent her an email, hoping she gets back to me soon..
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
It's impressive how much you saved during your working years, a feat not many achieve in a lifetime. Now that you're retired and rely on your investments, it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
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 an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
“Melissa Terri Swayne” is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
thanks for sharing this, I am in conversations with your advisor, and she really has substance, having interviewed her properly and reviewed her model, I am hoping she takes me on quite seriously too
"Nobody there instructed any of us to put money aside". "It felt more like a savings account". 401Ks didn't fail. These people failed. You had no idea that you needed to save for retirement? All the math you needed you had learned by fourth grade. Look in the mirror.
Life doesn't come with an owners manual. If economic conditions etc change throughout your lifespan, it's your responsibility to adapt and learn. Sick of hearing people whine over their own lack of personal responsibility.
@@curiouspenguin6887 Accountability is key. If you never admit there is a problem, no one can help you. I'm sure they were embarrassed but just kept quiet.
So basically they gave no thought to their retirement and now are bitching about it and yet are still unwilling to make the necessary changes to their lifestyles to enable them to not have to work.
We are already planning our retirement by being mortgage free. We converted a $21,000 shed into a 2 bedroom home on 5 acres and don't have a monthly payment. We live very frugally and even on one income. They need to move outta that place and find somewhere cheap where they're money will do more for them.
This is the best comment. Try to sell their home for a profit "If they have already tapped into all the equity", and downsize. Free up some cash flow, pay down that debt. I didn't hear anything about children. I wonder if they have any, or this is the last stop.
I became a minimalist right after my 3 children were gone, sold everything I had, house, vehicle, and only kept a 5×5 storage unit, saved all my money from work for 5 years before my early retirement, at 62. Bought a beautiful 3 bd appointment facing the mountains in Mexico for 25k, and there's exactly where I'm heading, to enjoy a nice retirement life at 62. I own nothing true, but who needs stuff out of the country anyway and the best for me is that have 0 debt. It's a wonderful feeling having freedom at my age. My advise is always, do not buy any more stuff after 55 and save, save and save as much as possible. ❤
i am 70. when i was 30 i started to save for retirement. i now make more than i did when i stopped working at 57. these people had the same options but didn't do it. i never made as much as the electrician. i don't feel sorry for them. they did it to themselves.
Clearly, you did better than they did with your planning, but I don't think they're asking for anyone to feel sorry for them. The are both still hustling in their 70s, so if anything, I admire their tenacity and ability to maintain relatively good health.
This couple has a very nice home and they both look like they are in excellent health for their ages. It is unfortunate that nobody teaches financial literacy. If your parents teach you, then that's great. If you can learn it from a friend or a TH-cam channel, then that can work too.
@@P.90.603 You don't need to make a million in a year though. You do need to save throughout your lifetime and government and workplace savings programs and social supports help a lot. There are things that government has done to try to help: Social Security, Medicare, and companies having to enroll employees into 401k programs by default. But who teaches what to put your 401k into? Or what percentage of your income you should save? Or how much you should spend on rent, your car, your vacations, etc.? When I got married, I looked into our combined finances and found that I made five times her income but she had five times my savings. She grew up in a third-world country and savings was drilled into her. The US had a consumer society where savings wasn't something that you saw in the media. We bought a smaller house than the couple in this video and it's nowhere as nice but my wife has never worked after we got married and I retired at 61. Our son works in a job that has a pension, 403b. He contributes to social security and he's a big saver. He doesn't make as much as he could make in private industry but he has an innate understanding of interest rates which helps in understanding global macro. Azul has a nice channel for those who will retire in the next 10 years and there are plenty of other channels on how to save.
This couple looks alright to me; their home goodness is well maintained, but they might be short of cash and still need to work; but they have employment which is nice, so in some way they are blessed. I do not feel bad for them at all, many people are not that well off.
Water utility worker for 35 years. Bought a home in 97 for 135K....never took a penny out of it. Re-fi'd to a 15 year loan. Paid it off when I was 58. That same house is now worth 800K and I have about 700K in cash and stocks and zero debt. To this day I have not spent a penny of my 4 01K money.
This is gold, and probably how it actually went down! No one is accountable for their actions anymore - they'll get no sympathy from me. They made their bed.
For some reason I knew that woman being interviewed would blame the government. They always do because they don't like to blame people for their own actions.
I retired at 60 during the pandemic as i actually didn't like the iso of working at home. But then I got bored i asked for my job back in 2023! I work 20 hrs a week for trip money. No mortgage, no car loan, no cc debt. My car is 11 years old and i plan to keep her at least another 15 years! Trips are my only splurge.
Same here. I retired in in 2021 at age 62 because I did not like working from home. While all my software engineer co-workers thought WFH was the greatest thing ever being single I hated the isolation. I was fine financially, had no debt, and did not need to start collecting SS. But after a few months found the transition from doing nothing but work to anything but work was a lot harder than I thought it would be. After 3 months I started working as a contractor in office for no more than four, eight hour days a week which has been great. Enough time off to do what I want but not so much I run out of things to do. The money matters but that's not why I am still working. Money isn't the only reason people fail at retirement. Even if you are financially ready to retire don't quit until you have thought through what you are going to retire to, not just what your retiring from. I was very fortunate to find part time work that both paid well and is enjoyable. There is a very real bias against older workers and many jobs require require full-time employees working 40+ hours a week. Once you retire going back to work can be really difficult many people.
@@davelively7423 This comment should be pinned to the top. "What are you retiring to?" They say that post-retirement depression is real. They say that if you have less than 4 personal connections, it increases your chances. Having a job gives you a chance to be around other people and feel like a contribution to society and not a burden. You are right. It is more than money. I wish more people understood this. How you feel in retirement is just as important as how much money you have. I have a podcast about retirement finances. I would love to talk to you about coming on the show.
Correct Even says.on the website " Social Security will only help to cover about 40% of living expenses in retirement you need to cover the other 60% with other means."
I’m gonna call BS. I’m their age and I never had training on how to invest, other than reading financial magazines in my Dr’s and dentist’s waiting rooms. I’m living very comfortably.
I liked how he said so proudly “I grew up on a farm” as if that negated any personal responsibility he needed to have to be an adult and understand personal finances. I know people here in the US who grew up in mud huts in 3rd world countries and didn’t learn to read until they were adults, who understand finances. Because it requires personal responsibility to understand it. Another note. I guarantee this couple is from some other state somewhere. Midwest maybe. This is the type of couple that brags to all their friends and family back in Simpletonville, Iowa about how they “retired” and moved to Florida because they don’t have state taxes and other nonsense. If they were smart they would move somewhere else with a lower cost of living. But they won’t, because being able to tell other old geezers that they live in Florida is much more important to them.
@@MidlifeMoneyMoves they make different life choice. Theirs was to live in the moment and hope that magically they would have a secure retirement without saving for it. It doesn't work that way!
@@robh1961 Was thinking too about where they live. I lived in Florida from 1962 to 2020. It used to be a low cost state to live in, but wages were and continue to be low. I moved out of FL in 2020 to a state with a much lower cost of living. It also just happens to be beautiful where I live, with 4 seasons. Property taxes and homomer's insurance alone, would negate it not having an income tax.
Florida isn't cheap anymore. Lots of retirees driving uber to pay for condo assessments and high insurance costs. As they say, you can drive by the beach on your way to your second job.
Yes, that is my main takeaway from this - dude is quite spry and healthy for 77. He's been investing well in his health if not his bank account and that matters the most.
I’d be retiring or working less in 5 years, and curious to know how best people split their pay, how much of it goes into savings, spendings or investments, I earn around $250k per year but nothing to show for it yet.
money advice is subjective, what works for you may not work for me. I would suggest getting rid of any unnecessary purchases, especially things that cost you monthly, or better still consider financial advisory
Agreed, I'm quite lucky exposed to financial planning at an early age, started work full time at 19, purchased first home at 28. Going forward, got laid off at 36 amidst covid-outbreak, and at once consulted an advisor to stay ahead. As of today, I'm barely 15% short of my $1m goal after subsequent investments.
that's great! retired in my 40s after inheriting money from a childless relative. I was making 6 figures at work but it was just a treadmill, traveled overseas and found a girl almost my age, happily married and only issue is how to grow or preserve our wealth... think your advisor can be of help?
Personally, I delegate my excesses to someone of great expertise ''Ellen Geskin Kettle" preferably you can look up the name on the internet, her qualifications speak for itself.
$250k net? You should be able to save a lot. It's how people want their lifestyle to look like and other factors, such as how many dependents, etc.. Very individual and subjective and not enough info to answer. Start by sitting down and figure out a monthly budgeting goal. See where you can consolidate your debt(s), and then put something aside every month in preparation for retirement.
No, actually it is the policy makers. They created a depression in 2008 that wiped out millions of retirement funds and thru all the Baby Boomers out of work in their 50's never to find a decent paying job again. Facts.
We just got a 75 year old man in my department at a large food plant that has come out of retirement, that a true wake up call to a lot at my job. A lot of the people at my job 40-63 were all flipping out and are like there no way that's gonna be me in a few years. I will say he has the cleanest 20 year old Nissan frontier I've seen in a long time, but I think it just says a lot for the times we live in.
Not enough background on how the money was spent. How much in 401K when they retired? How many vacations a year, new or older vehicles, boat, expensive house and appliances? Why didn’t the higher paid earner wait to collect SS?
I am shocked at how little foresight these people used in planning for their retirement. Spending down their retirement savings? Having a mortgage? Buting brand new vehicles? They are the poster children for retirement planning.
This is why it is important to keep up on things. read and never stop learning. Life is complicated and we need all the information possible in order to navigate the minefields of finance, insurance, and our medical system. I feel sorry for those who cant keep up
Its crazy because the "great wealth transfer" benefits all the third world countries all the upper middle classes from first world countries. The rich of second world countries. But even the richest Americans HAVE to work almost unto death. SMH
401k is not the problem. This example is someone who didn’t invest with a 401k but just looked at it as savings account to be used as needed. My 401k will fund my retirement nicely but I will also deliver pizza’s before I ever think to touch that money before retirement.
If you can do it before that's great too. But also, make sure you aren't trading your mortgage payment for more stuff. Because then it defeats the purpose. Many people pay it off and just spend it on something else.
Rule #1: Do not retire with a mortgage payment, credit card debt or car payment. Delay retirement until all of that is taken care. Rule #2: Understand that Social Security is meant to cover only 40% of your retirement income. Rule #3: Sit down at least three years before you plan to retire and go over EVERY EXPENSE you have monthly. Groceries, Grooming, Eating out , Transportation expenses etc. If you do this you should be fine. Remember the old saying...If you fail to plan, then you plan to fail.
I rented my whole life. People thought I was dumb because I never bought a house. But here I am getting ready to retire and I don't have to worry about fixing it replacing something very expensive in a house.
Buying my first small house back in 1992, set me up financially to be able to retire comfortably. I paid that mortgage off in 13 years. After that the next two houses were bought in cash thanks to the profits on each. So, starting out with a small home in my 40s and paying it off early was an actual gift to myself.
There's little financial education because banks and brokers want you to take loans, want you to be in debt. The legislators don't care because the banks and brokers are keeping the campaigns funded so the rules don't benefit the consumer. Its a sad state of affairs!
Half of all employers don't provide a 401k option. And people need to get in the habit of putting that money aside early on bc their expenses go up with age.
@@yesimemoin0935 google says 80% of American have retirement plan. Problem is do they save enough? Or they abuse it? My ex-coworker earning $150K-$200K/year. But she spends $$$ on things that she rarely use like RV, expensive cars, or 1st class flight. So she keeps borrow $$ from her 401K. Now her 401k is nothing.
The current economy is unnecessarily tougher for boomers/senior citizens, I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow into something substantial that I might use for retirement. I’m just here for ideas
The current market might give opportunities to maximize profit even within a short term, but in order to execute such strategy , you must be a skilled practitioner or you are consulting one
Working with an investment advisor is key, especially for near-retirees. I've been consulting one for a year due to my limited knowledge and market patience, and I've made over $320K in profits. It's clear advisors have insights we average investors don't.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
2:16 “I grew up on a farm. Nobody there instructed us to put money aside and make your own way later on down the road.” Yet, 401K plans have been available through employers since 1978. Hold on….@3:05, they drained their 401K plans, treating them as if they were savings accounts. Can’t feel sorry for the “I want it all, I want it now” behavior. I’m not much younger than her, and I’ll finally file for my SS later this year, after I reach the 6-month gap from when I stopped adding money to my HSA account. My husband and I lived frugally, within our means, put two children through college. We both worked, didn’t take extravagant vacations, drove our cars for so many years that we had difficulty getting spare parts for repair. Paid cash for replacement vehicles.
The Traditional IRA, which first became available in 1974, had a maximum contribution amount of $2,000. It wasn’t adjusted for inflation or other factors for 29 years. That’s just one example of a failure of policymakers.
For those of you that don’t UNDERSTAND how union pensions work. He CANT work as an electrician and collect his pension. That said those people retired with too much debt and a spending problem.
Only if he was a union electrician, The TV voice over says he was an electrician, does not say he was a union electrician... Makes no mention of him drawing a union pension. It would be a vital piece to add to this story if he was drawing a union pension, you have to assume he is a nonunion electrician. But he could still make good side job money as a skilled, knowledgeable handy man
I am 27 and i just started my ROTH IRA and deposited the max for 2024! I feel stupid for how long it took to get my life straight. The problem here is, what is the best way to invest the money to grow for retirement?
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
This makes a "lower standard of living" look like a bad thing. I am retired and as comfortable as I hoped to be and working a part time job. Not for survival purposes, but because I like the job I chose and want to. The pay is only for a side gig, but I have a useful purpose. I just continue to budget my activities and build my emergency acct, isn't that what most people do? I think the moral of this story is, pay off all debts before retirement. If you can't, then it isn't the right time to buy into the thing in the first place. Then you are free and clear to do what you want. And there is nothing wrong with lowering your standard of living. In America, we are fortunate enough to be able learn new things, move about the country and enjoy a slower pace of life well into our elder years.
@@AnnMittThey passed it in the first place: The House of Representatives was 61.5% controlled by Democrats in 1983. They had a “supermajority”. (Republicans had a simple majority in the Senate, 55-45, so plenty of blame on both sides, but you asked about the Democrats.) And once a new tax is in place, it is the closest thing to eternal life we will see before the next life. SS is now tax-twice money: taxed when you put it into the trust fund, and taxed when you pull it out. That said, at least they could do things bipartisan in those days, and far enough in advance to have an impact-the rationale was to help people who began retiring about 15 years ago (Baby Boomers) because it would be insolvent. We can argue over what should have been done, but something had to and they took action 20+ years before the crisis. Now we face a similar issue in a decade and still no real plan. Any proposal gets met with mudslinging.
I’m a gen x’er. I do well but not making crazy money. We’ve always made saving for retirement a priority. We’re diligent and I go through great pains to educate myself about how money works…I don’t particularly enjoy it but I know I need to educate myself. We’ll retire early even with all of this crazy inflation and ridiculous healthcare mess we live in. It’s hard to feel sorry for these boomers who failed when they had the information available to them. There have been books written on practical retirement for decades. Yeah, it’s a dry subject…it’s confusing…but the more you educate yourself the less mystical it all seems. You can’t just expect to work and hope life figures itself out and you get to live above your means without consequence. Boomers worked during the biggest economic boom we’ll likely ever see in our lifetimes. To come out of that with nothing saved blows my mind.
I tried to discuss these issues with some of my peers and family over the years, but stopped after seeing how fast people got angry discussing personal finance and investing. You’re right, we had some boom times, every generation does, but so many people just didn’t want to do the work and learn. Now they’re hurting and it’s a shame.
@@paja7647 Those who know they're behind or not educated on the topic seem to be the most uncomfortable and irritated about discussing personal finance. My best conversations about the subject are with people who are on the same path and know about it. There's zero social stress in that situation.
My family were poor immigrants that came to the US when I was 7.They worked their butts off making very little money in the restaurant field but they always saved whatever they could. After 10 years of saving, they bought a home. They opened up their own business and paid off their mortgage within a few years. My dad taught me that it's not about how much you make. It's about how much you save. I've lived by that motto my entire adult life. Now I'm a millionaire and a full time traveling homeschool mom. Life is good
They have no one to blame but themselves. Don't tell me you grew up on a farm, if you are a licensed electrician you are smarter then half the people in this Country. Maybe you need to sell your $50000 SUV for something more modest that you can pay off with cash!!!
To be fair, low fee investing is a relatively new phenomenon. Back then, 401k’s were incredibly expensive fee wise. Plus financial education really helped us.
Because they lied to themselves. They lied to themselves by repeating the lie “We’re gonna retire at 60. Because we can. Because we’re not like those ‘other’ people. They’re poor. We’re not”. That’s why they moved to Florida. They thought moving there was going to be like winning the lottery. They were going to be able to buy a house for pennies and sit in their rocking chairs doing nothing. But then the reality kicked in. They were indeed “poor” and they were actually worse off than those other people they used to sneer at. All because they were irresponsible boomers. They took money out of their 401ks to buy toys. Now because of that grievous mistake they will be working like brutes until they’re in their 80s.
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The retirement crisis will only worsen, in my opinion. Due to low-paying occupations, inflation, and exorbitant rental prices, many people are unable to save. Additionally, middle-class Americans will not have a place to retire to since they are no longer able to afford home ownership.
My plans to work part-time, save money, and retire at age 62 have been impacted by rising costs. I wonder if those who survived the 2008 financial crisis found it easier than what I'm going through right now. I'm worried about having enough money for retirement because of the volatility of the stock market and my decreased salary.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach you using their service?
Credits goes to " Annette Marie Holt " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
It’s recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving that percentage can ensure that you have enough money to retire comfortably. You can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved,regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize positive financial outcome.
This is precisely why I like having a Financial Advisor guide my day-to-day market decisions; with his extensive knowledge of the market dynamics in play, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns. I’ve been utilizing a financial strategist for over a year now and my portfolio has made a killing.
@@StuartFerguson-q2kThis is quite insightful
As a 58 year old man approaching retirement, I must say I appreciate the implementation of ideas and strategies that result to that sort of progress in the financial market thus the search for a reputable financial advisor.
Your financial advisor must be really good, I hope it’s okay to inquire if you’re still working with the same Advisor and how can I get in touch ?
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.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@mikegarvey17Mind if I ask you to recommend this particular coach you using their service?
Credits goes to " Izella Annette Anderson " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
They treated their retirement account like a savings account? Now there’s your problem.
yep this. They knew it was for retirement but decided not to use it that way. If they used it like it is supposed to be used, they wouldnt have to work today.
Our society trains people to think of "savings" like a mattress full of cash to spend. A retirement account is a collection of income earning assets that provide one income stream for your retirement cash flow. Deplete that and no more retirement income stream.
What does that even mean? Maybe they meant they treated it like a checking account? I saved, saved, saved while working and only touched my savings for big things like remodeling home, major purchases. Now using my savings account some for retirement and even though I'm retired, not spending 401k yet but just converting it to Roth. Still sticking to strict budget. Sounds like they think they are supposed to spend every penny they earn...my dad always said "don't spend it all in one store" or just because you have it that doesnt mean you have to spend it.
@@JD-tn5tb I think the couple did not realize there are monetary penalties for withdrawing money from 401k early. Therefore they should have taken money from a regular savings account and not the IRA. Also, I wonder if they maximized contributions to their IRA, especially if their employer matched them?
@@Velocentric It's always society's fault, never the individual. I've never once had "society" tell me to think of my savings like a mattress full of cash to spend...and you haven't either.
Started my first job out of school at a refinery in 1992. I remember the HR lady, Sue, telling me this is the most important decision you will be making for the rest of my career. She "made me" contribute 10% towards my 401K. Then she told me don't touch it and forget it. Thanks to Sue I can retire before 60!
That’s awesome that Sue put it those terms. It’s a lesson we are trying to teach our grandkids. I think about all the lost financial opportunities in my life because of my ignorance.
Were you unionized at your job? Did you also receive a pension in addition to a 401k?
@@krogdog Non-union and yes to the pension. The pension helped a great deal.
@@Jasper19663 Yeah comparing people who receive pensions to those who only have a 401(k) is like comparing apples to oranges.
@@krogdog Absolutely. Very little in common.
With this, I'll say that Investing is mostly about behavioral psychology. Rule 8 indicates you don't need a high IQ to be a good investor, just 2 qualities, self discipline and a lot of patience. How can I generate more income to retire with at least $3m for long term care?
We share common goal, making sure you are ready for your later years is very important. That's why passive investing works, low costs, better diversification and it enables people to overcome their behavioral bias especially if they engage professional help.
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 an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
How can I reach this advisers of yours? because I'm seeking for a more effective investment approach on my savings?
It would be a very innovative suggestion to look out for Financial Advisors like “Diana Casteel Lynch” who can help shape up your portfolio. Trying times are ahead, and good personal financial management will be very important to weather the storm
Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
This sounds great. Is there a way I could connect with your advisor or any other whom you think is very good? I'll appreciate.
Rebecca Nassar Dunne 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.
@@BateserJoanne If you've got the ability, its better to control your money than to have someone else do it. During the two biggest stock market dives between 2000 and 2010, I was able to increase my portfolio around 30% each time. Why? Because I pull completely out of the market near the beginning of the crash and bought back in 6-8 months later, buying much more of mostly the same stocks at a huge discount. Then I watched them climb back and past where they were before the crash. A stockbroker won't do that, he or she will tell you to ride it out. Do that and you miss out on a huge gain, not just the discounted prices, but the much larger gains going forward because you have far more shares of stock in the market.
Never go into "retirement" with any debt! Including mortgage, vehicle and/or credit card debt.
You are so right. I retired at 62, because of my not so great health and jobs in my industry drying up. But before I retired my mortgage was totally paid off 10 years prior, home improvements were paid off in full, I got rid of all debt credit cards and paid off my cars loans, got a affordable health insurance and have not touched my 401k. I am not sure if all of my precautions will work, but for now, I am not struggling and do not need to go back to work. The only problem is how do people who rent apartments, manage the high cost and the constant rent increases?
@@douglassmith2989 Right, that's a tough one. I guess the renters either get a roommate, get a smaller place, or maybe have family with an extra room.
@@PDogB That is a solution. I have been hearing so much about people my age who have to keep working and retired people who rent becoming homeless.
@@quaithom3138 I retired almost three years ago with a mortgage (low interest rate). I am very fortunate and blessed to have a pension, retirement accounts, and cash reserves. No SS yet, but bottom line is, it really comes down to planning and money management.
@@douglassmith2989 I am retired and work part time. I like that I can now work in jobs that I enjoy instead of competing in the rat race. The wages are supplemental and building my emergency fund, my quality of life is much better when contributing, imo.
100% chance the couple had car payments for 30+ years, and "took money out of the house" to pay for vacations rather than paying off mortgage.
yep.
And they thought they were astute money managers! (They knew how to work the system.)
Most of those people also went bankrupt a few times and forced the rest of us to pay off it
Agreed
And playing the victim.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
People love to overspend and then complain when they're out of money😮😅
👆 100% *THIS* 🙌
.. And blame policymakers rather than themselves.
'yep, I feel silly for being more concerned for them
than they are for themselves - 'so I'll work on that 😆
Don't buy things if you can't pay for them and learn to live beliow your mean ❤😂❤😂❤😂
Like the government
He was an electrician and he's unloading trailers for $14 / hr?
That's foolishness. He could be picking up small electrical jobs on next door and Facebook in his community and make way more. He could easily charge $100 to change out a GFCI for a homeowner that doesn't have the time or knowledge.
Absolutely. That was my first thought. Electricians in our area easily make $100 to $150 an hour. Plenty of demand.
Agree. If he can't do the physical aspect of the job on a daily basis, why not utilize his experience and knowledge in another way. Trade school teaching, on-call electrical emergencies on specific days, etc. The hourly or per job rate has to be much better than a minimum wage job that's also very physically demanding.
Correct.
He could do inspections or be a foreman or work for the union. Seems like he just took the first job he found
He really could huh?
He drives a much, much nicer vehicle than I do. But, mine is paid off.
I thought the same thing. People are so caught up with status
Cars are a great wealth killer. Paying off a 50-70 k SUV or pickup will financially harm many people.
A hell of a nicer house too. They could sell that house and downsize.
I bought my 1991 Subaru Legacy 23 years ago for $500. All the money I would have paid in car payments went into investment accounts and made big money over the 23 years. Oh...the car now has 411,000 mile on it and it still runs great ( May not look great, but who really am I trying to impress?).
And did you notice he’s paying $659.26 per month on it. That’s where his part time salary is going.
Continuous car loans are destroying people’s savings ability. No one talks about this.
Ummm... People could purchase used cars or purchase a new car and keep it for 20 years.
I agree, i think you have a point.
@@DMH52 that was my point
All these people taking our 72 and 84 month loans on $100k pickup trucks. SMH
@@DMH52 Mine is 15 years old and I'll probably have it another 15. Only 65,000 miles on it. lol
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@Alethia-q9s That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@Alethia-q9s The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
@Alethia-q9s I will give this a look, thanks a bunch for sharing.
Move to Latin America. Certain countries like Panama offer permanent residency for US retirees. Rent, food, utilities are massively cheaper there.
Well... who you vote for also has consequences. Many people here keep voting democrats who cause our inflation. However, they will keep voting them again and again. Kind of like a young kid burning his hand on a hot stove over and over again and never figuring out why.
What I don’t like about this piece is the fact that journalists here are blaming everyone else except for the people who are supposed to be in charge of their financial future. By their own admission, these people used their retirement savings like a bank account they could dip into whenever they wanted, and now they’re paying the piper. Then these people want to blame someone else for not educating them.
The reality is, you can lead a horse to water, but you can’t make him drink. All the information was out there for them 40 years ago, and they knew they should be saving for retirement, but they chose not to be serious about it. The advantage of a 401k over a pension is that, if you’re vigilant and responsible, you get market growth over time. The reason people whine about not having a pension is that they’re lazy and don’t want to have to think about it. They want someone else to secure their financial future.
💯 they ‘retired’ with a mortgage, a car loan and $12K in ‘other’ debt, lol…wtf?
40 years ago, the man was 37 years old. He told you that he grew up on a farm. If you know anything about being an electrician, you would know that it is a field that used the apprentice system and required no college degree in the 60s, 70s, and 80s. What about her, you say? She's 65, so as a woman, she had it ingrained in her brain that the man takes care of the finances and the woman takes care of the house. Anyone can be trained to be a legal assistant (that's just secretary or admin with "legalease.") Most people can not play the piano. Is it because of a lack of skill, or is it because they never had access to a piano and lessons? It is both. Remember, it's more expensive to let people become homeless than it is to pay for an apartment and groceries. So, you can stand by your snobbish attitude and your smugness over your financial literacy, or you can live in clean, safe cities and be a part of showing the rest of the world, why the US is a successful "democratic republic" country.
"I grew up on a farm" Like WTF how does that have any bearing on your complete financial illiteracy?
@matthewgardner2144 Most farmers (and btw, I can tell you are GenZ or very young millinnial) barrowed on credit to survive while waiting for harvest and then would get less then promised by local markets which were in turn controlled by the big markets. So then the cycle would start over. To be a farmer was to be poor unless you were my ancestors who planted tobacco 100 years. Regardless, the man in video actually made a generational leap as far as the socio-economic status of his family. He went into a trade. I'm sure he was rich compared to his father, and like I said, he was not educated about the predictable cyclical nature of the stock market. Go read a frickin book about American history. You're embarrassing yourself by not understanding generational and occupational culture and history. You're the same kind of guy that doesn't know that a woman could not open her own checking account without her husband or father until 1974 - 50 years ago. No, I'm not going to do your homework for you but I'll give some advice, go ask grandma!
Inflation is very high Most will need to return because of monstrous inflation. Today most can't save anything because inflation is toooo high
Then there are those that lived modestly, saved regularly, and now are coasting in retirement.
And there are many more who were thrown out of work in their 50's and had their retirement savings destroyed in the 2008 depression.
There are also those who inherited a lot of money and never had to work at all.
@@jaygold4467 There are those like me who saved carefully and worked very hard. I retired 6 weeks ago and hadn't had a vacation in over 20 years. I drove old honda's. The guy in the video is complaining no one gave him good advice. Poor excuse. I bought almost one condo a year. Some I paid around $30-$40K and now worth $180K+. Family members and friends laughed at my cheap car, my cheap home. They are broke and crying. A few people I know that have money, they respect me. Keep whining.
what's that got to do with the cola
@@jaygold4467 And if they had left it in, it would be worth twice as much.
Their biggest issue is they have a lot of debt and living a life style they can’t afford.
I disagree with that statement sir . The United States government whether it be Republicans or Democratic’s treat Veterans or people in need like crap , imagine you serve your country sacrifice your life , your family, your happiness for the sake of democracy and freedom only to be treated like trash when it’s time to retire. Imagine having to worry about bills ,housing ,food or in many cases all of the above because the money they give you that you sacrificed for isn’t enough, so while the foxes in the White House and senator, mayors ect are living lavishly the people who worked for it have to worry where their next meal is coming from . But for you to make a statement like that , I am sure you are one of those thoughtless selfish people of America 🇺🇸. Good day to you sir !
Ain’t Bidenomics just swell?
@@JC-ww7kpEntitlement like this is the problem.
@@JohnReynolds-ni5lv It started 40 years ago genius. Reagan was president.
I understand a car loan but at this age people should not have a mortgage
The U.S. economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents.inflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?
Knowledgeable Investors know where and how to put money during a crisis in order to reduce risk and maximize returns. See a market strategist with experience if you are unable to manage these market conditions.
Agreed! this is why I work with one. My $520k portfolio is well-matched for every market season yielding 85% rise from early last year to date. I and my advisor are working on more figures for this year. IMO, financial advisors are the most sought-after professionals after doctors.
I could really use the expertise of this advisors
I've experimented with a few over the past years, but I've stuck with the popularly ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks
Do not listen to anyone telling you to work on beyond 67. I hit my 35 years of national insurance contributions when I was 55. I'd prepared my path ten years earlier. I invested (£95k with the help of my Fa). We sold up in the UK at 55 and have lived on the proceeds since then. I have a private pension which started aged 60. My full State Pension finally starts in 3 weeks (I plan on investing it all for my grandkids secret nest egg) Every day is absolutely amazing. Don't work a day longer than you have to. The clock is ticking. We are not slaves to the system. No Government can tell you when to stop. Go find your own freedom.
Wow this is really impressive...congrats on your success
please can i get your consultants info? or should i drop mine for privacy sake ?
Her name is Dianne sarah olson, you can look into her yoursel to know if she's the right fit for you.
Looks like she really knows her stuff. I also found her online page and read through her resume, educational background, qualifications and it was really impressive.
How much does your FA take in AUM fees?
Car payment and mortgage at 77? Those looked like nice leather seats. Sell the car. I can’t believe this is not a no brainer for these people.
People who retire should not have mortgages.
Not necessarily. I’m close to retirement and had my house paid off. However, when offered 2.2% mortgage rate, I took out a mortgage and invested the entire amount. My mortgage is a mere penance compared to the money I’ve earned.
@@LEVELGAZANOWwe also have a 3% mortgage in retirement. We could pay it off, but can get better returns elsewhere.
@@LEVELGAZANOWJust curious: Invested in what?
Something an't right with this couple She admitted she's 60 something & he's 70 something and with a mortage. Come on now we were only promise a life up to 120 years. Lord forbid if one is taken the other one will be left with that mortage. So they both should have a plan.🥲🤑🤔🫣🫨😵💫🫤🫡🫡🫡🫡.
I don’t think anyone knows how important this particular statement is! With no mortgage and no car payment it actually is possible to live on Social Security
Thank God for Social Security being there even today..Don't buy big ticket items that have monthly payments..Pay off everything early
Financial planning and retirement strategies are crucial, especially in today's economic climate. With global economic fluctuations and uncertainties, it's essential to have a solid plan in place to protect your financial future.
And let's not forget how the global economy plays into all of this. Economic instability, inflation, and market fluctuations can further complicate matters and add to people's financial worries.
Absolutely. And with the fear of not being able to retire comfortably, people might be tempted to make risky investments or neglect proper financial planning, which could spell trouble for their portfolios in the long run.
It's a vicious cycle. If people can't afford homes, they might delay retirement savings, but if they focus solely on saving for retirement without considering their housing situation, they might miss out on potential investment opportunities.
Well with the ever-changing global economy, tax laws and regulations can also vary, impacting how investments are taxed. It's essential to stay informed and plan tax and retirement strategies accordingly.
Most people miss it but the secret to retiring comfortably is finding a way to make returns while your money works for you. My Dad, as i remember started saving for retirement quite late but I know he was making more than 10k returns from his investments monthly and it was completely passive.
working for 38 years as a skilled person will get me a pension of $1800 a month, but being involved in the stock market, I am able to add $7200 a month to that income. Taxes paid on that income, $3575. The secret ? Dividend income ! YOU have to learn how to play the game. Nobody will play it for you.
A lot of it depends on what your pre-retirement income was but I've found that no longer putting 18% of my income into an RRSP and no more maxing out the TSFAs every year frees up a lot of cash. However we are now at a crossroads on what to do next. We need to make the best of this good decision.
I too would like to learn how to plkay the game. How did you get started? Can you point me in the right direction?
’Sonya Lee Mitchell, is respected in her field. I suggest delving deeper into her credentials, as she possesses experience and serves as a valuable resource
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
shouldnt have to "play a game" to retire.
Policymakers aren’t to blame, the people themselves are to blame. Saving money isn’t a new concept.
This is the blame others for your problems society.
They ARE to blame for wages not keeping up with inflation
Trickle down never works
she lost me there....I started trying to figure out who to blame in my case! lol
Before I officially retired, I had one goal. To be 100 percent debt free, and stay debt free. People have to return to work because they keep racking up more debt in many cases. And because they haven’t cleared the sheet of monthly bills not related to simple sustenance. I live on a modest retirement. But have zero debt. And that’s happiness.
Exactly!
Amen!!
My goal was to pay off the house before I retired. So many friends told me to put the extra money in the stock market because I could make more off of it. But I stuck to my guns and put every bonus and tax return on my mortgage. I never had so much money in my life after I paid it off. Now I'm sitting pretty, and I was an electrician too.
@@katana1960 Sound wisdom indeed! My friends used to tell me the same thing. I’m 67 now, and had a mortgage burning party at 54. Like I said, I’m not rich, but I’m retired and happy, while those friends of mine are still working their butts off, buried in debt, wondering if they can ever retire, and anything but happy.
Sounds like they have a spending problem, not a retirement savings problem. In their 70's with a mortgage, car loans, other debt???? Live within their means.
Remember reporter said they were "doers"😂 spenders.
They seem like intelligent folks...how did they not know...better🤔
Live below your means.
It's crazy how organized their bills are and payments, but couldn't "or wouldn't" do it when they were younger.
They “drained” their 401k because they are more “doers than savers.” What about individual responsibility?
Yea, what does that even mean? Sounds like they drained their savings because they can't say no to anything they want.
@@FooFan-b3k I have zero sympathy for them. Stop the rationalizations for failure & face reality.
I just don't understand why they thought draining their 401Ks was okay when they went into retirement with house, car payments.
People live like today could be their last day...but don't plan as if it isn't
People need to get KIDS in middle school talking about Finance! Most kids are clueless! So are many adults.
Unfortunately that’s not happening. It’s up to the parents to teach them. I am already teaching my children about finance management. Live below your means, don’t bother to keep up with the Jones and invest your money in mutual funds.
@@pcdude2394we are teaching our grandkids. At least trying to plant seeds.
this is true because kids become adults
Agreed. We started discussing money issues with our kids early on and especially when they graduated college and went into the work force.
We used to. I remember taking a class in 9th grade it was family living. Taught us budgeting, finance, saving. It was way more useful then shoving algebra and geometry on us.
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Diversify your holdings across several asset types to reduce risk rather than putting all of your eggs in one basket. If you don't know a lot about finances, speak with a financial expert.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
Finding financial advisors like Annette Christine Conte who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
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.
Why work at Walmart if you are a skilled electrician? Find an electrician that can take you on part time at a decent salary
Exactly. Electrical work hasn’t changed that much.
He probably doesn’t have the speed or the strength for construction work anymore.
It’s not easy to find any work at 77, let alone finding an electrical contractor that’s willing to take you on and let you work part time on the specific jobs you are able to accomplish.
@@solarwind907 He is paid to unload freight trucks at big box store> If you can lift and move heavy freight for hours, you can operate a screwdriver to change a switch or outlet
@@ericlee2931 if you can pay him more, look him up and give him a job.
I’m sure it never occurred to him to try to earn more money per hour for his time. He will surely appreciate a genius like yourself, helping him out!
Think of the liability. Would you want a 77 year old man working with electricity? I'm sure the insurance alone would be high.
The 3:05 mark explains it all. They drained their 401K because they viewed it as a savings account rather than a retirement account. Once she said that, I lost all empathy for them.
Right, and ‘retired’ with a mortgage, a car loan and $12k in ‘other’ debt, 😆 like WTF??
I'm 63 and once attempted to make a withdrawal from my 401K at age 61. My financial advisor quickly told me , that money should only be for your Retirement years. That hit hard and sunk in. I never touched that money and still have not.
401k don’t pay well at all the % are designed to benifit the big guy not the little guy that did the work
My dad 401k when he passed was less than 20,000
@@HeatherEvans-p1iours have done very well. You must have bad funds. We are at 4.7 million in our retirement savings and zero debt.
Hard to feel sorry for this couple. The 401k system and Social Security both work as intended as a nest-egg builders, but can’t offset the damages of living frivolously.
Exactly! The tax-deferred benefits are great as well. I find it crazy how people will spend more time planning and figuring out how to get to Costa Rica, than they will plan on how to maximize Social Security and their 401k.
I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe 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 wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha
My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300 K it starts to accelerate. When you get over 500 K
it can really accelerate as the stock market grows
When you're smart enough to be a legal admin. and an electrician, but don't realize you need to save for retirement.
That's the problem. We think that intelligence carries over into different fields. I am really good at finances but when it comes to mechanics, I am a dumb dumb. I am humble enough to know I know ZERO when it comes to how cars work. And I hire a mechanic. I don't try to change my transmission by myself and blame the manufacturer too hard.
@@FASTDTpodcast It's not that difficult. It just requires the effort. There a lot of books on the subject.
@@jboughtin7522 Trust me. We give people more credit. Remember in school. There is a bell curve for a reason. 1/3 did well and self sufficient, a majority of people were average, and 1/3rd just didn't get the assignment.
Those ratios still exist today. You may be average or above average. But that still leaves a majority of citizens that have no clue, and a bigger number of people who have no clue that they have no clue.
I'm like you. Give me a book and I can do anything. But we are rare.
@@FASTDTpodcast Well, that is probably why 401K's and some kind of min. contributions will be mandatory at some point I suspect.
@jboughtin7522 right. Especially if we don't appreciate them now. That's how grants and scholarships go away.
When no one applies they move the money. With 401ks, like you said, they would probably take away access unless you contribute so much.
Nobody told him in High School that he would need to build up a retirement fund? Ridiculous. What about the 40 plus years he worked as an adult? They made bad decisions throughout their working prime, didn't save enough, spent what they had saved after retiring the first time, and finally now want to blame it on someone not telling them to plan for retirement. How did their parents retirement go? Should have learned from watching their parents in retirement. Sorry, I can't shed a tear for them.
To be fair, they didn't teach me squat about personal finance in grade school. Even my father, who was an economics major and a small business owner/entrepeneur, didn't teach me. Americans are generally pretty ignorant about finance (hello, national deficit!) and this problem is not going to get better until financial literacy becomes a compulsory part of school curriculum.
The 401(k) didn't exist when he was in high school. Pension plans were being dismantled as he entered the workforce. He is in the first wave of people retiring who need to rely on solely their 401(k)s and Social Security.
@@hejiranyc Stop the taboo about talking about money!
@@hejiranyc Nothing to do with being fair. You learn how to save because you need too
@@nicholsonks Let's just say that that 4O1k never existed... Don't you still have every reason to save for your retirement? WE have always heard that SS may not be there in the future, all the more reason to least save for you retirement future. Yes, the pensions are gone... That means YOU have to save for your own future, I don't like it, you don't like it, but it is our reality.
Going into retirement, with consumer debt, is a huge mistake. A mortgage may be necessary, but pay off everything else. Save for whatever else you may need in the future.
"Nobody tought me how to save". My god, it's always somebody else's fault. Hey buddy, if you are an electrician by trade you could do side jobs and double your income overnight. People pay $40 to hang ceiling fans, $50 to replace front porch lights, etc etc. You have a skill, use it buddy.
He could get way more than that, super useful skill.
Thought the same thing, but maybe he isn't licensed in Florida?
@@buffycat4641 Don't need no license to hang no ceiling fan or install a porch lite
I was thinking the same thing. He said he lived on a farm. I guess electricians came to the farm and taught him the trade. Lol. The cognitive dissonance is high with this one.
What is the point of this report? To show that this couple is ignorant?
Total ignorance, just like our government desires 😅
Embarrassed themselves on national television
I think it's to encourage others to make a plan for retirement
Plain and simple! Discipline, consistency, and patience!
No it's to push for a new government program
Let us not overlook the impact of supporting “adult” children long after they should have achieved self sufficiency.
Learn to say NO, only way they will learn to be self-sufficient.
Very hard to do when real wages have not risen in 30 years.
They and they alone are to blame.
I agree. There have been reports of people draining their 401ks to help adult children. But the sad part is...either you pay now...or pay later. Many of them didn't teach their kids to be on their own like you said. They babied them. We have to start preparing our kids for adulthood instead of extending their childhood to 24 and 27. Adult training doesn't start at 18, they should already have a 4 year head start.
They are doing a lot better than other seniors. They both have jobs and a house, as well as their health. I feel more sympathy for the seniors who lost their home in the hurricanes and are too disabled to work or are victims of workplace age discrimination.
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
I'm 70 and still working by choice, but the income is nice. I'm an RN working with near drowning children at home on ventilators. I do wish I knew about investing when young, but figured it out in time to pay off a house and build a nest egg. Still working because I love taking care of children and supporting their families.
Thank you for what you do
Good for you! I had to retire because I got COVID really bad 5 years ago. Since I've worked all my life, I was bored as hell when I could not work. I have two part time, flexible gigs now in retirement and love them! You have to stay pro-active, or you'll just wither away!
Your career is a Godsend. So many don't realize that 'near drawing' stories can be years of unbelievable struggle for the survivors and their families. While this tragedy has thankfully never impacted my family, I can confidently say the grace and service you're providing is a lifeline to families. You're an angel among us.
I'm 66 and same with my spouse and we are still working for just one reason, that is to build up our retirement nest egg. While we could survive if we retired today, a few more years saving and investing will make a big lifestyle difference because we paid off everything before 60. We also were a tad late to saving for retirement but thankfully we reversed course and taught ourselves personal finance before it was too late. I blame no one for our lack of knowledge, it was our fault. On the day when we both retire, the last thing on our minds will be how to finance the rest of our lives.
Thank you for being an angel on earth
His excuse: I grew up in a farm and no one ever told me I needed to save. Bizarre. Just own your mistakes.
@melli-yelli Yup them some doers there!!
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k 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.
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@mellon-wrigley3 That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Izella Annette Anderson 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.
Thank you for the lead, curiously searched Izella on the web by her full name and spotted her consulting page, no sweat. Just sent her an email, hoping she gets back to me soon..
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
It's impressive how much you saved during your working years, a feat not many achieve in a lifetime. Now that you're retired and rely on your investments, it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
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 an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
Do you mind sharing info on the advisor who assisted you?
“Melissa Terri Swayne” is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
thanks for sharing this, I am in conversations with your advisor, and she really has substance, having interviewed her properly and reviewed her model, I am hoping she takes me on quite seriously too
"Nobody there instructed any of us to put money aside". "It felt more like a savings account". 401Ks didn't fail. These people failed. You had no idea that you needed to save for retirement? All the math you needed you had learned by fourth grade. Look in the mirror.
Life doesn't come with an owners manual. If economic conditions etc change throughout your lifespan, it's your responsibility to adapt and learn. Sick of hearing people whine over their own lack of personal responsibility.
@@curiouspenguin6887 Accountability is key. If you never admit there is a problem, no one can help you. I'm sure they were embarrassed but just kept quiet.
So basically they gave no thought to their retirement and now are bitching about it and yet are still unwilling to make the necessary changes to their lifestyles to enable them to not have to work.
yeah...that house is a bucket of cash for sure....
My parents are in their 80s. They are doing fine. No bills, no debt and they live a simple life style.
Right! By 80, you should have done everything that you ever want to do.
One word: Debt. Mortgage. Car payment. Credit cards. Other?
Student loans will be added to that for the genx and genz generation
@@lour9348 Good point
We are already planning our retirement by being mortgage free. We converted a $21,000 shed into a 2 bedroom home on 5 acres and don't have a monthly payment. We live very frugally and even on one income. They need to move outta that place and find somewhere cheap where they're money will do more for them.
This is the best comment. Try to sell their home for a profit "If they have already tapped into all the equity", and downsize. Free up some cash flow, pay down that debt. I didn't hear anything about children. I wonder if they have any, or this is the last stop.
I became a minimalist right after my 3 children were gone, sold everything I had, house, vehicle, and only kept a 5×5 storage unit, saved all my money from work for 5 years before my early retirement, at 62. Bought a beautiful 3 bd appointment facing the mountains in Mexico for 25k, and there's exactly where I'm heading, to enjoy a nice retirement life at 62. I own nothing true, but who needs stuff out of the country anyway and the best for me is that have 0 debt. It's a wonderful feeling having freedom at my age. My advise is always, do not buy any more stuff after 55 and save, save and save as much as possible. ❤
Best wishes to you, it sounds like you have a great plan!
i am 70. when i was 30 i started to save for retirement. i now make more than i did when i stopped working at 57. these people had the same options but didn't do it. i never made as much as the electrician. i don't feel sorry for them. they did it to themselves.
Clearly, you did better than they did with your planning, but I don't think they're asking for anyone to feel sorry for them. The are both still hustling in their 70s, so if anything, I admire their tenacity and ability to maintain relatively good health.
@@kristinab1078 they are on a TV show, whining about having to work in retirement. The only ones they have to blame for that are themselves.
This couple has a very nice home and they both look like they are in excellent health for their ages. It is unfortunate that nobody teaches financial literacy. If your parents teach you, then that's great. If you can learn it from a friend or a TH-cam channel, then that can work too.
@@P.90.603 You don't need to make a million in a year though. You do need to save throughout your lifetime and government and workplace savings programs and social supports help a lot. There are things that government has done to try to help: Social Security, Medicare, and companies having to enroll employees into 401k programs by default. But who teaches what to put your 401k into? Or what percentage of your income you should save? Or how much you should spend on rent, your car, your vacations, etc.? When I got married, I looked into our combined finances and found that I made five times her income but she had five times my savings. She grew up in a third-world country and savings was drilled into her. The US had a consumer society where savings wasn't something that you saw in the media. We bought a smaller house than the couple in this video and it's nowhere as nice but my wife has never worked after we got married and I retired at 61. Our son works in a job that has a pension, 403b. He contributes to social security and he's a big saver. He doesn't make as much as he could make in private industry but he has an innate understanding of interest rates which helps in understanding global macro. Azul has a nice channel for those who will retire in the next 10 years and there are plenty of other channels on how to save.
This couple looks alright to me; their home goodness is well maintained, but they might be short of cash and still need to work; but they have employment which is nice, so in some way they are blessed. I do not feel bad for them at all, many people are not that well off.
@@Missusri Agree with your take.
If you are learning finance from TH-cam videos, you're in trouble.
@@Zeus2024-pn2ht TH-cam is just a medium. There are good podcasters and bad alike. The work is finding the good ones.
Water utility worker for 35 years. Bought a home in 97 for 135K....never took a penny out of it. Re-fi'd to a 15 year loan. Paid it off when I was 58. That same house is now worth 800K and I have about 700K in cash and stocks and zero debt. To this day I have not spent a penny of my 4 01K money.
Your house value unfortunately does you no good until you sell.
@@globalfamily8172 Duh!
"Who's to blame for this?"
"The people themselves, they messed up their own lives."
"OK, let's take that again, but this time say...anything else."
This is gold, and probably how it actually went down! No one is accountable for their actions anymore - they'll get no sympathy from me. They made their bed.
For some reason I knew that woman being interviewed would blame the government. They always do because they don't like to blame people for their own actions.
😆😆😆😆😆😆
That's a good one!
I retired at 60 during the pandemic as i actually didn't like the iso of working at home. But then I got bored i asked for my job back in 2023! I work 20 hrs a week for trip money. No mortgage, no car loan, no cc debt. My car is 11 years old and i plan to keep her at least another 15 years! Trips are my only splurge.
Same here. I retired in in 2021 at age 62 because I did not like working from home. While all my software engineer co-workers thought WFH was the greatest thing ever being single I hated the isolation. I was fine financially, had no debt, and did not need to start collecting SS. But after a few months found the transition from doing nothing but work to anything but work was a lot harder than I thought it would be. After 3 months I started working as a contractor in office for no more than four, eight hour days a week which has been great. Enough time off to do what I want but not so much I run out of things to do. The money matters but that's not why I am still working.
Money isn't the only reason people fail at retirement. Even if you are financially ready to retire don't quit until you have thought through what you are going to retire to, not just what your retiring from. I was very fortunate to find part time work that both paid well and is enjoyable. There is a very real bias against older workers and many jobs require require full-time employees working 40+ hours a week. Once you retire going back to work can be really difficult many people.
Travel adds so much to our lives, couldn't survive without it.
💯 @@buffycat4641
@@davelively7423 This comment should be pinned to the top. "What are you retiring to?" They say that post-retirement depression is real. They say that if you have less than 4 personal connections, it increases your chances. Having a job gives you a chance to be around other people and feel like a contribution to society and not a burden. You are right. It is more than money.
I wish more people understood this. How you feel in retirement is just as important as how much money you have. I have a podcast about retirement finances. I would love to talk to you about coming on the show.
Social insecurity is a safety net, not a retirement plan. Never meant to be so save while you can👍
Correct Even says.on the website " Social Security will only help to cover about 40% of living expenses in retirement you need to cover the other 60% with other means."
Worked all my life retired a few years ago on Social Security house is paid off cars are paid off no debt and save about $600 a month.
Putting away 12% of your income SHOULD be enough for retirement. 🙄
Been saying it since 1933 but some people don’t listen.
It was meant to be at it’s inception
I’m gonna call BS. I’m their age and I never had training on how to invest, other than reading financial magazines in my Dr’s and dentist’s waiting rooms. I’m living very comfortably.
Different people have different skills and experiences.
I liked how he said so proudly “I grew up on a farm” as if that negated any personal responsibility he needed to have to be an adult and understand personal finances. I know people here in the US who grew up in mud huts in 3rd world countries and didn’t learn to read until they were adults, who understand finances. Because it requires personal responsibility to understand it.
Another note. I guarantee this couple is from some other state somewhere. Midwest maybe. This is the type of couple that brags to all their friends and family back in Simpletonville, Iowa about how they “retired” and moved to Florida because they don’t have state taxes and other nonsense. If they were smart they would move somewhere else with a lower cost of living. But they won’t, because being able to tell other old geezers that they live in Florida is much more important to them.
@@MidlifeMoneyMoves they make different life choice. Theirs was to live in the moment and hope that magically they would have a secure retirement without saving for it. It doesn't work that way!
@@robh1961 Was thinking too about where they live. I lived in Florida from 1962 to 2020. It used to be a low cost state to live in, but wages were and continue to be low. I moved out of FL in 2020 to a state with a much lower cost of living. It also just happens to be beautiful where I live, with 4 seasons. Property taxes and homomer's insurance alone, would negate it not having an income tax.
@@buffycat4641 I didn't catch the part where they said that.
Florida isn't cheap anymore. Lots of retirees driving uber to pay for condo assessments and high insurance costs. As they say, you can drive by the beach on your way to your second job.
I never heard that. That is funny. But sadly true. Nice view, close to everything, but you are paying for it.
he looks good for 77. good thing he grew up on a farm. hes got that farm boy strength
😂😢😮😅
easy tiger, he's taken
Yes, that is my main takeaway from this - dude is quite spry and healthy for 77. He's been investing well in his health if not his bank account and that matters the most.
I thought the same thing he looks very healthy and agile. He is blessed.
I’d be retiring or working less in 5 years, and curious to know how best people split their pay, how much of it goes into savings, spendings or investments, I earn around $250k per year but nothing to show for it yet.
money advice is subjective, what works for you may not work for me. I would suggest getting rid of any unnecessary purchases, especially things that cost you monthly, or better still consider financial advisory
Agreed, I'm quite lucky exposed to financial planning at an early age, started work full time at 19, purchased first home at 28. Going forward, got laid off at 36 amidst covid-outbreak, and at once consulted an advisor to stay ahead. As of today, I'm barely 15% short of my $1m goal after subsequent investments.
that's great! retired in my 40s after inheriting money from a childless relative. I was making 6 figures at work but it was just a treadmill, traveled overseas and found a girl almost my age, happily married and only issue is how to grow or preserve our wealth... think your advisor can be of help?
Personally, I delegate my excesses to someone of great expertise ''Ellen Geskin Kettle" preferably you can look up the name on the internet, her qualifications speak for itself.
$250k net? You should be able to save a lot. It's how people want their lifestyle to look like and other factors, such as how many dependents, etc.. Very individual and subjective and not enough info to answer. Start by sitting down and figure out a monthly budgeting goal. See where you can consolidate your debt(s), and then put something aside every month in preparation for retirement.
Labor economist: "I blame policy makers". That's the problem....always passing the buck. it's never one's own fault.
No, actually it is the policy makers. They created a depression in 2008 that wiped out millions of retirement funds and thru all the Baby Boomers out of work in their 50's never to find a decent paying job again. Facts.
So so true
I think her point was they introduced the 401(k) and touted that as the best thing since sliced bread. And it’s not.
@@kelleyspears1218 It can be. Want a pension. At retirement convert your 401K to a low cost SPIA. You will never run out of money
@@kelleyspears1218they must have edited that out because it didn’t fit their narrative
We just got a 75 year old man in my department at a large food plant that has come out of retirement, that a true wake up call to a lot at my job. A lot of the people at my job 40-63 were all flipping out and are like there no way that's gonna be me in a few years. I will say he has the cleanest 20 year old Nissan frontier I've seen in a long time, but I think it just says a lot for the times we live in.
Not enough background on how the money was spent. How much in 401K when they retired? How many vacations a year, new or older vehicles, boat, expensive house and appliances? Why didn’t the higher paid earner wait to collect SS?
I am shocked at how little foresight these people used in planning for their retirement. Spending down their retirement savings? Having a mortgage? Buting brand new vehicles? They are the poster children for retirement planning.
This is why it is important to keep up on things. read and never stop learning. Life is complicated and we need all the information possible in order to navigate the minefields of finance, insurance, and our medical system. I feel sorry for those who cant keep up
You sound like a Nervous Nellie. In other words you sound like me.😂
Overspending has consequences. Bad reporter
Its crazy because the "great wealth transfer" benefits all the third world countries all the upper middle classes from first world countries. The rich of second world countries. But even the richest Americans HAVE to work almost unto death. SMH
401k is not the problem. This example is someone who didn’t invest with a 401k but just looked at it as savings account to be used as needed. My 401k will fund my retirement nicely but I will also deliver pizza’s before I ever think to touch that money before retirement.
Great point! Losing 10% or 1 out of every 10 years you worked in penalties is not cool.
My three rules of retirement. 1. Pay off your house, 2. Pay off your house, 3. Pay off your house
If you can do it before that's great too. But also, make sure you aren't trading your mortgage payment for more stuff. Because then it defeats the purpose. Many people pay it off and just spend it on something else.
Rule #1:
Do not retire with a mortgage payment, credit card debt or car payment.
Delay retirement until all of that is taken care.
Rule #2: Understand that Social Security is meant to cover only 40% of your retirement income.
Rule #3: Sit down at least three years before you plan to retire and go over EVERY EXPENSE you have monthly. Groceries, Grooming, Eating out , Transportation expenses etc.
If you do this you should be fine.
Remember the old saying...If you fail to plan, then you plan to fail.
Your house is worth millions. How many more years do you have left to enjoy it? Sell your dam house and move on.
If only our houses were worth millions........,.
Ok millennial!
Exactly. Complaining about having to work while living in a pricey home.
Capital gains will need to be paid as will moving costs! And moving is stressful for seniors!
@@shelleycharlesworth5177 more than working every day?
You can't blame policy makers when you're 65 and don't have anything saved for retirement.
😢 right ✅️ some don't plan or think about their future 😢
Maybe they voted for the "Give me all the money I spend back" policy
They pay $900 a month for hoa fees!! Move!!
This couple needs to call Dave Ramsey not CBS. I hope they get some harsh advices they need and turn their lives around.
I hear a few minutes of his show occasionally; Most calling in have no f**king $$$$$$$$ problems!
The 401k system is not a failure. People are. They even said it in this video. They drained their 401k. It's their own stupidity.
I rented my whole life. People thought I was dumb because I never bought a house. But here I am getting ready to retire and I don't have to worry about fixing it replacing something very expensive in a house.
And yet you will be spending, increasing, rent for the rest of your life. Yeah, that was thinking ahead.
@@markdavis1116 Actually I live in senior housing complex so I am good.
Buying my first small house back in 1992, set me up financially to be able to retire comfortably. I paid that mortgage off in 13 years. After that the next two houses were bought in cash thanks to the profits on each. So, starting out with a small home in my 40s and paying it off early was an actual gift to myself.
Blame policy makers? You have no one to blame but yourself. The 401k is just a tool for savings. If you don't use, it's your fault.
Amen
Self inflicted. They are living above their means. They should downsize in home and cars. They should have 0 payments at that age.
There's little financial education because banks and brokers want you to take loans, want you to be in debt. The legislators don't care because the banks and brokers are keeping the campaigns funded so the rules don't benefit the consumer. Its a sad state of affairs!
Nobody forces a person to take on debt or buy useless items they don't need
No one to blame. Take responsibility folks.
Not sure why everyone knocks 401(k)’s………???
Mine will allow me to have a higher income in retirement than I enjoyed during my working years………🤔
Same thing here. We invested so conservative during 2010-2022, but still have $1.2M in 401K. ( would be around $2M if I put it om SP500.
I don't get the 401k bashing either. If you work and stay debt free, then the 401k should be icing on the cake.
.. I love my 401k it's growing everyday I'm 53 years old debt-free 😅😊
Half of all employers don't provide a 401k option. And people need to get in the habit of putting that money aside early on bc their expenses go up with age.
@@yesimemoin0935 google says 80% of American have retirement plan.
Problem is do they save enough? Or they abuse it? My ex-coworker earning $150K-$200K/year. But she spends $$$ on things that she rarely use like RV, expensive cars, or 1st class flight. So she keeps borrow $$ from her 401K. Now her 401k is nothing.
The current economy is unnecessarily tougher for boomers/senior citizens, I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow into something substantial that I might use for retirement. I’m just here for ideas
The current market might give opportunities to maximize profit even within a short term, but in order to execute such strategy , you must be a skilled practitioner or you are consulting one
Working with an investment advisor is key, especially for near-retirees. I've been consulting one for a year due to my limited knowledge and market patience, and I've made over $320K in profits. It's clear advisors have insights we average investors don't.
I could really use the expertise of this advsors
Her name is ‘Marissa Lynn Babula’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Their hourly wage is the most insulting thing of all!!!
2:16 “I grew up on a farm. Nobody there instructed us to put money aside and make your own way later on down the road.” Yet, 401K plans have been available through employers since 1978. Hold on….@3:05, they drained their 401K plans, treating them as if they were savings accounts. Can’t feel sorry for the “I want it all, I want it now” behavior. I’m not much younger than her, and I’ll finally file for my SS later this year, after I reach the 6-month gap from when I stopped adding money to my HSA account. My husband and I lived frugally, within our means, put two children through college. We both worked, didn’t take extravagant vacations, drove our cars for so many years that we had difficulty getting spare parts for repair. Paid cash for replacement vehicles.
The Traditional IRA, which first became available in 1974, had a maximum contribution amount of $2,000. It wasn’t adjusted for inflation or other factors for 29 years. That’s just one example of a failure of policymakers.
For those of you that don’t UNDERSTAND how union pensions work. He CANT work as an electrician and collect his pension. That said those people retired with too much debt and a spending problem.
Only if he was a union electrician, The TV voice over says he was an electrician, does not say he was a union electrician... Makes no mention of him drawing a union pension. It would be a vital piece to add to this story if he was drawing a union pension, you have to assume he is a nonunion electrician. But he could still make good side job money as a skilled, knowledgeable handy man
I am 27 and i just started my ROTH IRA and deposited the max for 2024! I feel stupid for how long it took to get my life straight. The problem here is, what is the best way to invest the money to grow for retirement?
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
you are way ahead of most!
They have a mortgage, a car loan and 12k in other debt......
Yeah....waaaaH!! for sure...
This makes a "lower standard of living" look like a bad thing. I am retired and as comfortable as I hoped to be and working a part time job. Not for survival purposes, but because I like the job I chose and want to. The pay is only for a side gig, but I have a useful purpose. I just continue to budget my activities and build my emergency acct, isn't that what most people do? I think the moral of this story is, pay off all debts before retirement. If you can't, then it isn't the right time to buy into the thing in the first place. Then you are free and clear to do what you want. And there is nothing wrong with lowering your standard of living. In America, we are fortunate enough to be able learn new things, move about the country and enjoy a slower pace of life well into our elder years.
If the " The Ronald " had not implemented "project 1983" everyone 65 would be at full retirement. It was death by a thousand cuts in 1983.
And without taxes on Social Security.
Man that sounds like you got the spiked kool aid
@@Gizmo82477nah
Why didn't Democrats reverse it??
@@AnnMittThey passed it in the first place: The House of Representatives was 61.5% controlled by Democrats in 1983. They had a “supermajority”. (Republicans had a simple majority in the Senate, 55-45, so plenty of blame on both sides, but you asked about the Democrats.)
And once a new tax is in place, it is the closest thing to eternal life we will see before the next life.
SS is now tax-twice money: taxed when you put it into the trust fund, and taxed when you pull it out.
That said, at least they could do things bipartisan in those days, and far enough in advance to have an impact-the rationale was to help people who began retiring about 15 years ago (Baby Boomers) because it would be insolvent. We can argue over what should have been done, but something had to and they took action 20+ years before the crisis.
Now we face a similar issue in a decade and still no real plan. Any proposal gets met with mudslinging.
I’m a gen x’er. I do well but not making crazy money. We’ve always made saving for retirement a priority. We’re diligent and I go through great pains to educate myself about how money works…I don’t particularly enjoy it but I know I need to educate myself. We’ll retire early even with all of this crazy inflation and ridiculous healthcare mess we live in.
It’s hard to feel sorry for these boomers who failed when they had the information available to them. There have been books written on practical retirement for decades. Yeah, it’s a dry subject…it’s confusing…but the more you educate yourself the less mystical it all seems.
You can’t just expect to work and hope life figures itself out and you get to live above your means without consequence. Boomers worked during the biggest economic boom we’ll likely ever see in our lifetimes. To come out of that with nothing saved blows my mind.
I tried to discuss these issues with some of my peers and family over the years, but stopped after seeing how fast people got angry discussing personal finance and investing. You’re right, we had some boom times, every generation does, but so many people just didn’t want to do the work and learn. Now they’re hurting and it’s a shame.
@@paja7647 Those who know they're behind or not educated on the topic seem to be the most uncomfortable and irritated about discussing personal finance. My best conversations about the subject are with people who are on the same path and know about it. There's zero social stress in that situation.
In their late 70s they still paying a mortgage and car payments???? They practically was asking for trouble.
begging for it
My family were poor immigrants that came to the US when I was 7.They worked their butts off making very little money in the restaurant field but they always saved whatever they could. After 10 years of saving, they bought a home. They opened up their own business and paid off their mortgage within a few years. My dad taught me that it's not about how much you make. It's about how much you save. I've lived by that motto my entire adult life. Now I'm a millionaire and a full time traveling homeschool mom. Life is good
The American Dream
I grew up on a farm. I learned math in a rural southern school system. Preparing for retirement is opening your eyes and doing the math.
They have no one to blame but themselves. Don't tell me you grew up on a farm, if you are a licensed electrician you are smarter then half the people in this Country. Maybe you need to sell your $50000 SUV for something more modest that you can pay off with cash!!!
To be fair, low fee investing is a relatively new phenomenon. Back then, 401k’s were incredibly expensive fee wise. Plus financial education really helped us.
Do not judge. You have no idea what these people did or didn't do.
I missed the part where it said they have a 50K RV?
Smarter than 50%? Haha. I work with many electricians and they are not very bright. Just because you can wire a house does not make them smart.
Why did you retire when you have debt?????
Because they lied to themselves. They lied to themselves by repeating the lie “We’re gonna retire at 60. Because we can. Because we’re not like those ‘other’ people. They’re poor. We’re not”.
That’s why they moved to Florida. They thought moving there was going to be like winning the lottery. They were going to be able to buy a house for pennies and sit in their rocking chairs doing nothing. But then the reality kicked in. They were indeed “poor” and they were actually worse off than those other people they used to sneer at. All because they were irresponsible boomers. They took money out of their 401ks to buy toys. Now because of that grievous mistake they will be working like brutes until they’re in their 80s.
Some people are forced to retire or they just "feel" like it. It is a sad situation.