Can You Afford to Retire? (full documentary) | FRONTLINE
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- เผยแพร่เมื่อ 13 พ.ค. 2024
- The baby boomer generation will be long on life expectancy but short on income. Amid vanishing pensions and faltering 401(k) plans, FRONTLINE investigates how middle-class Americans might fare in their retirement years. (Aired 2006)
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Two main strategies for funding retirement are lifetime pensions and 401(k)-style savings plans, but both are in trouble. Buffeted by pension cuts, corporate bankruptcies, and stock market crashes, most boomers can now expect to be working into their retirement years. In the 2006 documentary, Can Your Afford to Retire?, FRONTLINE correspondent Hedrick Smith investigates the financial crisis and what middle class Americans face in retirement.
Explore additional reporting on "Can You Afford to Retire?" on our website: www.pbs.org/wgbh/pages/frontl...
#Documentary #Retirement #401k
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FRONTLINE is produced at GBH in Boston and is broadcast nationwide on PBS. Funding for FRONTLINE is provided through the support of PBS viewers and by the Corporation for Public Broadcasting. Additional funding is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation, and additional support from Koo and Patricia Yuen.
CHAPTERS:
Prologue - 00:00
The Decline of Corporate Pensions - 01:03
How Company Bankruptcy Impacts Pensions - 06:22
The Pros & Cons of 401(k) Plans - 24:22
“Shifting From Lifetime Pensions to Lifetime Work” - 39:31
Credits - 53:05
The 1% of rich Americans think of how to invest their money to increase their wealth during the recession. While the 99% of struggling hard-luck Americans think of how to survive without food and daily necessities in the recession and the coming hyperinflation. I am just about to make my first index fund purchase via vanguard. I intend to invest long term. just getting slightly stuck on how I balance my percentage portfolio between equity vs bonds. Low risk is good for me. Any tips
You are absolutely right ,firstly I believe money in the bank is not money because it is bond to inflation and losses values overtime, You have to be well disciplined to achieve success and save before you spend Lastly success does not happen overnight it takes time, dedication and self discipline
money is a liability, not an asset. You have to exchange it for assets that represent real VALUE. Real estate - properties for rent. Stocks (dividends). Bonds (interest), funds, REITs (interest), intellectual property, The aid of an institutional or basic financial advisor's cannot be over expressed. I started saving and investing in 1989 at the age of 20... I am 54 today and have 2.2 million in my retirement account, 135k liquid and I trade securities with 50-55k
I'm bombarded with the don't sit on it during the inflation, I wanted to jump in 8/22 and did nothing. So far this year I think I need to get my feet wet but I stopped listening and taking financial advise from TH-camrs, because at the end of the day, I end up with a bunch of confusing stories. Have you always had guidance?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’COLLEEN ROSE MCCAFFERY” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
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 resume.
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Monica Shawn Marti 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 so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
I've been diligently working, saving, and investing towards financial freedom and early retirement. However, the economy's downturn since the pandemic has significantly eroded my portfolio. My question now is: Should I continue contributing to my portfolio in these unstable markets, or should I explore alternative sectors?
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?
Research dividend aristocrats and choose six to ten companies with over 25 years of dividend payments. Consider working with an asset-manager to build a strong portfolio.
A good percentage of people do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… now my dreams are getting bigger. Going from ($50k to $600k) is surreal all thanks to insights from a professional.
@@_LauraRowley How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
@@JustinWitt07
Rebecca Charlotte Craig is the licensed fiduciary I use. 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.
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
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.
Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
Do you mind sharing info on the advisor who assisted you?
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $287k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@hasede-lg9hj Please pardon me, who guides you on the process of it all?
I won't pretend to know everything, though. Her name is Vivian Carol Gioia but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
Thanks a lot for this recommendation. I just looked her website up, and I have sent her an email. I hope she gets back to me soon.
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.
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.
The average retiree, I believe, should have been able to have enough to last the rest of his days. I t just depends on choices during your working days, just as I came to realize later. Surprising how I still netted more $2m. by retirement. And this is while living in New York!
New York is sure as hell an expensive place to live in. Were you affiliated to Wall Street? Because how could you net such a huge amount?
I don't think he was. I think he had good savings habit from early in life. Which is a habit i shared until a friend introduced me to the stock market, I was intrigued. This was just 15 years to retirement, and I had only $280k to my name and no idea on what equities to acquire until i got referred to a Smart- Advisor recommended Advisor who helped me allocate to the right positions and i'm just 15% short my $1m retirement goal
That's incredible. What did you invest in ? I'm really interested in this, because I'm in a similar position at the moment.
She goes by 'Julia Hope Marble ''. I choose to delegate my excesses to her because of her great expertise. I suggest you look her up. To be honest, almost didn't buy the idea of letting someone handle growing my finance, but so glad I did!!
out of curiosity i looked Julia up and she seem so proficient, i pray she'll be able to help me attain financial freedom
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.
I believe that diversifying your investments is the safest way to handle it. One way to lessen the effects of a market crisis is to distribute investments over a variety of asset classes, such as international equities, bonds, and real estate. It's critical to look for expert advice.
Indeed, many people minimize the significance of advisors until their own feelings burn them out. After a protracted divorce, I needed a boost to keep my firm viable, so a few summers ago, I looked for licensed consultants and found someone with the highest qualifications. My reserve has increased from $275k to $850k thanks to her assistance, even with inflation.
I need help rebuilding my portfolio and coming up with more effective strategies because of the big drops. where I can find this coach.
NYCOLE CHRISTINA VANNATA is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Take away for the American worker:
1. Your company has no loyalty to you, so you should have no loyalty to the company.
2. If you are let go and you do have some sort of pension or 401k, get your money out into a self directed IRA asap.
3. Don't let the company talk to you about their great pensions or other benefits.
Only consider the straight salary you will get to determine if you take the job.
4. Always keep your eyes and ears open for a better opportunity. If you see one, go. Do not worry about the vacuum your leaving might cause.
It is not your problem.
5. Only rely on what YOU have put away in accounts you have control over. Always assume that the company will dump you at any time if it is in their best interest and the interest of the CEOs keeping their over inflated salaries and golden parachutes.
6. If you don't understand how money works, learn. The internet has a wealth of information if you only look. Or go to your local library.
Agreed except 3, benefits matter.
I think the whole point was that average people shouldn't be expected to learn to be financial experts. The shift in responsibility is what got us here. If a CEO wouldn't want there employees touching his retirement, why the hell should they touch there's?
My dad was born in 1940, late silent generation. He worked for a blue chip in a mid-exec position and was able to retire at 55. my mom inherited a decent amount of wealth from her dad in NJ.
A bit of backstory, b/c I have practically zero, for all intents and purposes, for retirement. So, I will have to use/depend on what I get in inheritance to "make it".
What I do have though, is decent knowledge with living in other countries. Countries that have a much lower cost of living than the USA. SE Asia, and Latin America. I'm 90% confident that ill be able to make it, via living in another country to my liking.
____________________
If you are worried about making it in the USA. First, if you really want to stay within the USA, then look into the "Retirement haven US States" (a few examples: West Virginia, Arkansas, Mississippi, Louisiana).
Sure, it will be different from where you were before, but it will still be [in] America, AND the cost of living is the best value for the money. You would be surprised at what these states have to offer, especially if you are an outdoorsman. The "NW Corridor" of Arkansas has grown and changed that many really like what it has become. Wal-Mart, Tyson, and the Univ. of Arkansas helped change Fayetteville, and its surrounding cities like Rogers, Springdale, and Bentonville) into what it is today.
@@Gizziiusa your on point about living in SE Asia to live well with an underfunded retirement…Thailand or The Philippines comes to mind where a normal Social Security check goes a long way. Just don’t piss it all away on nightlife!
@@Gizziiusa "What I do have though, is decent knowledge with living in other countries. Countries that have a much lower cost of living than the USA." BINGO! Smart person. You're going to be fine.
I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
There are a lot of strategies to make tongue wetting profit especially in a down market, but such sophisticated trades can only be carried out by proper market experts
Your comment is just a clever paraphrase of Raju the Red Devils. Stop with the bullshit advertising already.
@@philipr1759 Tongue wetting profit?? 🤣🤣🤣🤣🤣
I'd be retiring or working less in 5 years, and I'm curious how others split their pay, how much goes into savings, shopping, or investing; I earn roughly $250K per year but have nothing to show for it.
You can invest some of your earnings in stocks with market-beating returns and shares that at the very least keep up with the market over the long term. I urge that you seek the advice of a broker or financial counselor for a successful long-term investment.
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@ThomasHeintz wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
Elise Marie Terry is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
@@ThomasHeintz Thank you for this tip. it was easy to find your investment advisor. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
The only loyalty you should have for a company is the paycheck they provide. As long as you get a paycheck, you show up and do what is promised. You owe them nothing else. If another better deal comes up, you take it. If they ask you to come in during off hours or a stressful time, you ask what you will be paid extra. If they don’t offer you what is reasonable to you, you don’t come in. It’s that simple. Don’t think for a minute your personal sacrifice means anything whatsoever.
Absolutely right. The company has no loyalty to the employee. I learned that in first job out of college and that mindset gave me freedom the rest of my working life. I contracted for over thirty years coding. Got the higher pay so I could save much more, no stupid staff meetings, no work politics, freedom to take care of my family, no commute stress (worked from home for 24 of those thirty years), could stop and travel around the world, worked from a cabin in the rockies multiple summers, LOL no complaints not being a corprate clone.
I learned that hard way when I worked for a major airline 30 years ago. During the 1990-1991 recession, the company asked all employees to accept lower pay raises and fewer benefits in exchange for keeping our jobs. We all accepted but several years later, we still got downsized. And for "lowering costs", the executives awarded themselves million-dollar bonuses. Employees are nothing more than an operating cost.
@@patland1762 Corporate Clone. I have to write that song with a DEVO band twist! Thanks.
LOL spend life in alienated, meaningless “work”.
Wish I learned that lesson long ago. The harder I work, the more they dump on you. Hence now, I do whats required and nothing more
40 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
I fully agree; I'm 56 years old and recently retired with approximately 1.2 million in outside retirement funds, no debt, and very few dollars in retirement funds in comparison to my portfolio balance over the last three years. To be honest, the financial advisor's role can only be ignored, not dismissed. Therefore do your research to get a reputable one and that should be any individuals main route into the market.
Yes, I'm in my mid-50s, and a few years back, I moved my investments to my wife's wealth manager. While I haven't caught up to her long-term gains, my current earnings and the growth of my retirement fund, compared to just relying on the 401(k), are pretty satisfying.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I am 57 am driving a 2006 Honda Accords with 180k miles. I have the seven figures saved. I have three pensions starting at 60. I am spending money on experiences not things.
@@CarlosRodriguez-ox3bg Hey man,That’s great, I feel you need to plan for retirement early and have a fin advisor help manage your funds and live on passive income without working or stress for good health.
Thank you. Just what I needed to watch. My hubby and I are directors of our farm business and own property, plus small pensions. I am nearly 52, hubby is 55. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
consider financial planning
It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
I totally agree, I'm 60 and newly retired with about 1.2 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the invt-advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
The advisor that guides me is Eileen Ruth Sparks, most likely the internet is where to find her basic info, just search her name. She's established.
As I watch this documentary, I think of that saying "Socialism for the rich, rugged capitalism for the poor".
Wealthy corporations get bailed out when they have financial trouble. Poor working folks are on their own.
Thank you, Frontline, for this great documentary.
Young people's future has been sold by the Boomers. My retirement is sitting in a Panamanian bank account that belongs to some fucking billionaire leech.
If we want to retire we are going to have to violently force that wealth to trickle back down. Refuse to participate in the system as much as possible, make your politicians uncomfortable.
Capitalism has brought more people out of poverty and given more people a chance at the American dream; moreso than any other type of system. It's not perfect but it's def better than anything else they're offering
No, that's just capitalism. It's not supposed to be fair. There's nothing wrong with the way capitalism works in the USA, this is it. If you allow a small minority of people to accumulate all the wealth, they're going to use it to consolidate power and maintain their dominance forever.
Fun fact, it turns out when capitalist democracies enter crisis because of the social dysfunction, they mostly don't turn to socialism. They turn to fascism because at least in a fascist state, the same people stay in power, they just resort to using state violence more overtly.
Look at the raises that our senators and congress ppl get every year too. They get theirs… it’s really sad.
You are 100% correct J.M.O.
The Market have been suffering over the past month, with all the three indexes recording losses in recent weeks. My $400,000 portfolio is down by approximately 20%, any recommendations to scale up my returns before retirement will be highly appreciated.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary expertise to pull off such trades effectively carry them out.
Had a good run during my first year in the fin-market, I assumed I had a hang on it. However, things changed during the pandemic, and I needed to diversify into safe assets, so I approached a coach who devised a structure that matched my annual goal of 200k
Although my knowledge of the business is limited, it seems that this is the ideal time to enter the market based on my understanding of supply and demand in the economy. The consistent price variations, which shouldn't be an issue, are the only thing stopping me. But I really need a counselor; could you please assist me?
@@BeverleeR.Ziegler
A fiduciary with whom I work is Alicia Ann Jordan. Simply verify the name. A letter including all the details needed to schedule an appointment would be present
One of the fiduciaries I deal with is Alicia Ann Jordan. Just check the name. There would be a letter with the necessary information to set up an appointment.
My retirement account has gone down by 13.7% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.
If you want to rebuild your retirement by yourself, without the help of a partner, I will tell you it is near impossible. Even NewRetirement and co can’t do the job of an FA with expertise, a large following/client base and experience. Vet and hire one and begin to develop a rapport.
How can one get to interview advisors? And what questions should you ask?
You gotta do due diligence and use discretion. I work with CHRIS RYAN STEWART he’s a big timer in New York w/ over 60m worth assets under management
CHRIS RYAN STEWART
GOOGLE the name
I have seen advisors and commentary on them but not one that looks this classy yet phenomenal. I set up a call. How soon should one expect feedback? I am looking to make better decisions this new year.
The 401k is good, because retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million. So it really does.
We were traveling in the same direction, my wife and I. I withdrew my money over the past two years and invested with her wealth manager. I won't be able to match her earnings over time, but at least I make more. Haha.
Asking for advice or assistance from a consultant or investment coach is the best line of action if you lack market understanding. Even though it sounds cliche or apparent, talking to a consultant has helped me stay afloat in the market and increase my portfolio to roughly 65% since January. That, in my opinion, is the current most successful strategy for breaking into the industry.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
Having an advisor is essential for portfolio diversification. My advisor is “Kaitlin Rose Sternberg” who is easily searchable and has extensive knowledge of the financial markets.
thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
I'd be retiring or working less in 5 years and I'm only curious how people split their pay, how much of it goes into savings, spendings or investments?? I earn around $165K per year but nothing to show for it yet
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
Thats true, I've been getting assisted by an investment coach Helene Claire Johnson for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
Thats quite Impressive! can you share more info?
Most likely, you can find her basic information online; you are welcome to do further study.
My kids live out of town and my enjoyment is to go see them and my grandkids. After listening to this podcast and others I look for a glimpse of what I can do now. I am exhausted and do not want to continue working. I am that employee that locks the door at the end of the day. Regrets now - that I did not take care of me - I just kept working. I hope people will read this and realize - time to take care of you!!! It’s our responsibility to do so.
Thanks for sharing. I sit here, 45 years old worked hard for so many years, kids grown - well educated, house paid for, no debt - bought a new vehicle and will pay off. But.....no savings for retirement. So mad at myself that I worked all these years and did not take care of my retirement. Just worked and the years flew.
you yourself have to define the life you truly want and do everything you can to gain that. Stop living for others, and what they might think of you and do what's best for you at the end of the day.
@@justingregory2965 Thank You Wise Soul Stay Blessed
@@brownkelly2033 You're better off, but we'll be alright. Goodluck!!
@@carlterry9686 Thanks for the outlook. You should do well and research for a reliable broker to invest with, from there you can grow your portfolio and see your dream come through
What I believe, whether before or after retirement is that it's never too late for a good in vestment, and note that diversification is key. That is why I've got my interests set on multiple key sectors based on projected company growth and performance. They range from the EV sector, renewable energy, tech and health.
It’s possible to produce outstanding growth in portfolio diversification in a short period of time as long as you do something different from the vast majority and stay consistent with it.
Yeah true, in vesting in good company stocks is a great idea and a good tra ding technique or system put in place would guarantee you many days of success.
Its makes me feel amazing and a bit achieved since I started in vesting shortly before retirement, monitoring my portfolo performance which has grown exponentially to a million bucks, now I understand why experienced experts make enormous returns from the ever unstable markets.
😮Interesting. I got a lot in savings and 401k but it’s no different than just stashing, it’s not growing, just getting affected by in-flation every day.
@@callumfrank So do you have anyone that helps you achieve this steady but guaranteed growth in your portfolio? I mean growing to a million is very achievable but you need to be very well versed and knowledgable about what you are doing.
This first aired in 2006. I wish they would update a lot of these type of documentaries because so much has happened since then especially during a pandemic.
My husband and I retired without debt in 2019, we retired to Belize and live very comfortably on our SS benefits. America is just too crazy economically. We’re very happy here and live a simple life on the water.
Nice! My goal is South America too
@@finejustgivemeaname pzaaa,aazaazapazzaz
Many people are choosing locations like Belize, Thailand and Philippines for wonderful retirements they never could’ve afforded stateside.
Congratulations!. I’m happy for you. Enjoy your well deserved retirement.
@@mjo8856 3rd world countries arent what you think like its a warzone or a thug-infested place , there is a safe place to live and the people are nicer.
We so need a 2022 update. Between the 2008 recession and pandemic it's been a mess for sure.
2006 when this was recorded was a long time ago..
I'd like to retire or work less in 5 years, and I'm curious how others split their pay, how much of it goes into savings, consumption, or investments; I earn roughly $250K per year but have nothing to show for it.
For a successful long-term strategy I recommend you seek the guidance of a broker or financial advisor, Who will advise you buy stocks with market-beating yields and shares that at least keep pace with the market for a long term.
Very brilliant idea, I was managing my portfolio by myself using TH-cam and Incurred a huge loss which made me hire an advisor. It's been 2yrs already and I have made up to $380K in returns and would pay fully for my 3rd rental property in Ohio by next month.
Please How can one reach this advisor of yours?
I have been working with *SHARON LOUISE COUNT* whose expertise in portfolio diversification is unsurpassed and client-focused, my portfolio has gained so much more since the second quarter
We live modestly, below our means, and pay ourselves first. It's advised for a young person starts at 10%, but if your in your 40s, 50s or 60s, you are going to put away far more than that.
Bottom line you need to put away something EVERY payday, and never ever touch it until retirement.
Rip John Bogle. He was one of the few honest people in finance.
I would love to see an updated version and interviews of this documentary.
skid row
@@caseyslastgram1733 Lol. Oh shit, I got a good chuckle out of that. Thank you.
Judging by the homeless crisis in America today, you're spot on.
Check out “The Retirment Gamble”. It is essentially a follow-up to this film. Also from Frontline. It’s fantastic.
The impact the housing crisis had to pensions propped up by mortgage backed securities almost makes this story look miniscule. These stories combined is almost too much to fathom.
@@careducation2349 thanks! 👌🏽
As a nurse, I regret not working at a VA hospital. Best plan ever if you want to retire in 20 yrs with health benefits. That's HUGE!
An ex girlfriend became an RN about 12 years ago. I pushed her to go to school at night and she made it. I then told her take a job with the state, fed, VA............she wouldn't listen.
She's now about 48. Knocks herself out in a nursing home.
Yep. 31 years at a state university hospital and I was able to retire at 52 with a good pension. I purposely stayed there in the same job all that time for that very reason.
I wouldn't bank on that. My father put in twenty-two years with the airforce and another fifteen with UPS. He was able to retire with basic comfort and basic health care but had to put in closer to forty years, not twenty. He was born in 1932 so what do you think the chances are for a person born later? I was born in 1967 and don't see how because even with two incomes are we able to save a little, not enough though.
You might be interested to know they cut his health care more than once during his retirement.
@@georgeedward602 25 years ago I had nothing but a big mortgage, car payments, and a whole lot more stuff. I traded the house for a cheap $91K condo in 2002, the next year I bought a second condo. I got rid of car and bought a '91 Honda. several years later I paid off the second condo early. I now get $1600/month for it. I still drive a Honda, 2002 accord. I haven't gone on any vacation trip since about 2000. I shop only in goodwill, aldi & walmart. I do spend money on good shoes, Rockport.I got tough and created my own pension. I bought land 3 years ago for $525K, now selling for $940K. When I got tough & serious, I reversed my mistakes. I enjoy my clean old honda. I enjoy my smaller condo. Only 1 bathroom to clean. I have whatever I want. I don't know your life or situation but I just see many people around me complain when they take expensive vacations, buy cars for 30K, 40K, 50k, when I guy a good one for $3.5K. I learned from my Indian friend. Very thrifty and they're happy. The less junk in your life, the happier most will be.
Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here
Everyone needs a different stream of income , unfortunately having a job doesn't mean security due to the high rate of tax , one needs to move ahead their expectation, I would recommend refraining from investing in Forex/stocks for now. Instead, it would be prudent to consider retaining a portion of your assets in gold. Alternatively, seeking advice from a financial advisor could provide valuable guidance in this
This seems like the worst period. Even the markets are very unpredictable. started investing recently when the market prices were a bit high ,today i am more than 60% down
Having an investment advisor is the best way to go. Based on a direct encounter with a CFP named Kate Elizabeth Amdall, I can say with certainty that their skills are excellent. She helped raise over $580,000 in 18 months from an initially stagnant portfolio of $150,000
Fantastic! Can you share more details?
Can't reveal much info, she is the shrewd advisor responsible for my portfolio success, it's only right you look her up and confirm yourself.
Financial retirement was the last thing on my mind when I joined the USMC in 1974 at age 18. Even back then, I was putting some of my money into savings unlike so many of my fellow Marines. Now, decades later, having my military retirement pays all of my monthly expenses.
You are an example of how to do it right.
Sadly, Gen Z doesn’t want to join the military. All services are having a hard time recruiting them.
@@tonylevine2716the current benefits suck, the kids don’t want to go into an unending war that only benefits corporations…if they can even make it past the enlistment physical.
I wish more people would watch PBS. Amazing content and insightful as always, thank you.
Doing easily accessible documentaries before it was “cool”.
Too liberal
@@bruced.370 you clearly aren’t watching the same videos as everybody else. It’s Journalism at its finest.
@@bruced.370Lol. "Too liberal"? Why, because it's truthful?
You are right. I get all my news from PBS. I never miss the news It is so educational and has a lot to offer. I never miss Frontline. Always on point.
Just imagine retiring as a registered nurse, using all your income/salary to pay rent and tax without any good investment or means of extra cash, tending to leave your profession/job that has been part of you for many years with no good funds. How will you cope?
I highly recommend Stephanie Renee, she is my current trader and her strategies are working perfectly well 💯
I'm from Canada how do I go about this?
Any specific guide?
My only regret investing with Mrs Stephanie Renee Anderson is not start-up earlier like my colleagues. I make more money investing with her than I do from my job.
My account keep running with huge profit of less than $137,000 now.
My first investment in my portfolio was in the forex market with $1870. With Stephanie operating on my behalf, the portfolio balance is currently $17017.
I remember Suzy Orman saying "The best thing you can do for your kids is for you to be independent in retirement." If that means not paying their college or going to a lesser college...do it. And live below your means if you are doing well. No credit card interest, no car loans. Don't take a home equity loan unless it's an emergency.
Cut out cable wifi internet just use the internet on your phone
Also live simple people today in my mind don't live simple. My wife and I live simple we have lot every thing in the last 11 years. Cut out all the extra stuff. So what if you are not keeping up with every body. You need to take care of your financial stuff for yourself. Then you will be better off.
4 years ago, both my wife and I were retail workers. Over about 3 years we had given our youngest almost $20K between car and school and she was trying to guilt us into give "way" more $$. I finally said, "your mother and I have to survive TOO". And we shut her off. Kid will find out about reality when they get older and find out $$ doesn't grow on tree. if only our government could figure out the same. And finally, I think too much help is detrimental to our kids.
@@Hunterhunter-ir9nz 1000%
@@Hunterhunter-ir9nz I will make sure my daughter finishes her college education so she will have a better chance in life, not teach her about survival without the proper tools.
Little did they know that approximately two years later, the 2008 crash would wipe out their retirement funds.
I’m fortunate to witness my grandpa live till he was 92. He retired at 62, and for 30 years lived off of social security and VA. For the majority of my grandparents marriage my grandma never worked and still lives at the home they bought 50 years ago. Both my parents are now 65. Mom just retired but is definitely worried about money. My dad said he will never stop working. Such a drastic difference from the Silent Generation to the Baby Boomer Generation. As a millennial I wonder what my retirement will look like?
Don't wonder, my friend. Research well, and start saving and investing now.
@@GladysAlicea thanks, I’ve been trying my best. I can honestly say my investment account return is 8.8% YTD, and 9.5% last 10 years. I decided to take control and manage my retirement. I’ve made mistakes but I’ve educated myself. With that education I predicted, planned, and acted rather than just responding emotionally and riding the waves of the economy.
Keep retirement overseas as an option. My wife, a local, and I added a second storey of 95 square meters (1,022 sq. ft.) to her crib for $75,000. We doubled the size of her house. Mortgage per month -- $00.00. Property tax per year? A crushing $300. Beats the hell out of the $3,800 property tax I pay on a 1,019 sq. ft. place I own in San Pedro, CA. I tell wannabe retirees: GET OUTTA DODGE! BTW, excellent advice by Gladys. You've got time on your side, so you're ahead of the game.
You won't have a retirement unless you're making 6 figures with a 401k and wroth IRA (unless you're a government employee).
@@Ryan_L Nope. S&P 500 index ETF is the way to go. Learn about Warren Buffett.
I'm glad I became a federal employee 35 years ago. Everyone laughed at me for taking less money in exchange for security, but I can now look forward to retirement.
Well, never saw a State nor federal employee dies of starvation or become homeless. My brother retired from the State of Ohio with a pension nearly the same of ending salary with same benefits. He got a hell of a deal with High school education, but was a conscientious worker, he earned it. I'm 64, still working because I like it, I saved a good amount into 403b and IRA, plus I'll have SS, I'll be okay. I encourage the young I work with to get into 403b for tax advantages and the free organization contributions. Most piss away $100 a week at Amazon or Walmart on cheap plastic sh*t made in China 🇨🇳. It will end in landfill in less than 2 years.🤯😡
Punchline is you probably got paid more than the private sector.
@@karley1548 Nope. I could’ve made lots more in the private sector than in the large state university hospital where I worked but I stayed put for 31 years and retired at 52.
My gov pension is reduced quite a bit by health insurance premiums
The question - will your pension cost-of-living increase keep up with inflation?
I think your retirement qualifications is based on what your comfort levels are. I'm self employed with only SS to support me. But at 63 I have no mortgage, no credit cards, no car payments. I'm holding out till 66 & 11 months for the full meal deal. I'm a pro house painter in Wyoming & during the winter/no work, I sell on ebay. Have always lived "poor" but I'm cool with that. And own a perfect painter's house. A 1870 log cabin. Did not plan it, just worked out that way. Was never lookin to get rich, just get by. What I'm thankful for tho is they now make electric snow blowers.
congrats
This first aired in 2006 but still holds up today.
duh . did you think that up all by yourself? that's why it was repeated and has more than 2k comments.
Calm down sunshine. Just a comment, worth about what you paid for it. @@DrSchor
Bankruptcy is supposed to be a help to companies struggling financially. But today it seems like business have just made it a part of their long term business plans like it’s a normal part of business.
That’s unbelievable and unacceptable!
The Puppet masters program 😳
Then they get more and more tax cuts.
More reasons not to pension
And who is to say United, and others couldn't pull this C11 BS again to further "restructure" the company. May all lawyers burn in Hell.
No, it is normal Capitalism. Go ahead, vote TRUMP! Good luck.
A government that doesn't take care of the basic needs of the people is worthless to the people. Seniors and children working menial labor is a disgrace.
Yeah, we all know North Korea's government is shit.
well fed and educated people are any country's best asset and hungry ignorant people are a great liability
You belong to the USSR. Just that you need a time machine to get to your utopia.
How about you taking care of you? Relying on the government? LOL Ok comrade.
@@maestrovso do you have any substance to your argument or just a blind dismissal of anyone making a moral argument as "pft commie?
Very well articulated; I wish I had more time for trial and error, but I'll be 56 in October and I need ideas and advice on what investments to make to set myself up for retirement, especially with the looming inflation and recession; my goal is to have a portfolio of at least $850k at the age of 60.
There are a lot of strategies to make tongue-wetting profit especially in this down market, but such sophisticated trades can only be carried out by proper market experts...
You still got time. Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I netted over $340K during this dip, that made it clear there's more to the market that we average joes don't know.
@@wiebeplatt4749 If you don't mind, how can I get in touch with your consultant? I'm almost wrecked to say the least.
@@marianparker7502 My advisor is 'Susan Agnes Hancock'' In terms of portfolio diversity, she's a genius. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.
@@wiebeplatt4749 Thanks a lot, I just glanced the investment Advisor you mentioned and i'm super impressed with her credentials. Scheduled a session with her after writing her.
The scariest horror movie is a documentary on retirement.
Wow, and this was in 2006, pre-Great recession and pre-pandemic. I'm sure things are much worse now.
We need update
Without a doubt. In 2008 we lost almost all of our 401k. It was just now getting back to where it was when now the pandemic and inflation has caused us to lose again. Also with inflation the dollars we do have are worth less as they have a smaller buying power. We are losing sight of retirement again. Frustrating as hell. We followed the rules to prepare for retirement but due to circumstances outside of our control we are behind.
I thought the same. I figured this was a current doc until I say original airdate 2006!?! Wow.
@@browneyedgirl4637 did you sell at all? Did you continue to make contributions during the dips? I get the frustration, but if the NASDAQ is 10x what it was in 2008, and the S&P500 is 4x. I only started saving in 2009, but saw great performance with little thought/analysis. I’m not doing so well now, but that’s part of the business cycle (ups and downs).
The closer you are to retirement, the smaller the percentage of your funds should be in stocks.
@@finejustgivemeaname Not everyone trades stocks tho
I'm at 15 minutes in and I'm hyperventilating. original air date: 2006.
I probably seen this already
im at 37 seconds right now and it's bad
Outside of the US Banana Republic corporate pensions are kept separate and shielded from bankruptcy
I bought / sold two apartments in NYC, and was treasurer of one coop. So I saw many financial applications from prospective apartment purchasers. Most were middle aged, professional people earning very good money. Most had very little savings and a lot of debt. Still paying college debt in their 50s. Divorce had wiped many of them out too. I was shocked.
‘Big hats, no cattle’ but damn if they don’t look like a million bucks when they step into their fine European chariots
I plan to retire at the end of 2022 at 57 after 36 years in Telecom as a sales engineer. My wife will retire in October 2022 and she' s loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition, scary to stop saving and start spending.
God places great things on the other side of fear. My advice, don't wait till the end the year. I just attended a funeral of a guy that retired in December 2020 at the age of 62 -- Life is short. Live it on your terms. Take the time to learn about passive income via dividends & real estate, index funds, automating investments, budgeting, etc. you'll be very happy you did
@@lylahthompson2169 I’m thinking of investing into stocks esp index funds .When you invest into index funds you're essentially investing into the economy as a whole. Because you're choosing to own a little piece of all the most successful companies in the country/world but how are we going to achieve all that given that the market has being a mess most of the year?
@@mialangley2388 There are lot of ways to make a killing right now, but such high-volume near impeccable trådes can only be carried out by real-time experts with ISDA Agreement . I began with " *Katherine Duffy Burke* ," and my gains were guaranteed. In such instances, I would always advice you get an expert to guide you through unpredictable markets and simply provide you with indicators and tactics for determining when to join and exit the market
@@willlategan7558 sure fnancial-advisors are outperforming the market and raising good returns but some are charging much, seeing that their services are currently in high demand more than ever....seems more like taxing to me
@@aubreymcgovern9467 Yes they can be positively impactful to an individual's portfolio. Katherine strategy is transparent allowing total ownership of my tråding account and fees are very reasonable in comparison with my ROI.
Salary has not kept up with inflation. Cannot save when you are living paycheck to paycheck.
Fr! Was pointing that out to someone earlier. Dude started working in '75 making $2.10/hr. That equates to nearly $12/hr after accounting for inflation in todays money. When I started working in '06 I made $7.25/hr, which doesn't even equate to $11/hr in 2022 money. What the hell is that shit?
That means you are living above your means
Same thing happened to my now long deceased Auntie, may she rest in peace.
She was an airline stew for Delta, then retired...soon after that Delta went into bankruptcy, and she lost it all.
Thanks PBS for this documentary.
Retired in 2015 at 56. My days are riding motorcycles and playing with grandkids.
Good for you 🙏🐶👌😀
As it should be.
A similar thing happened at Eastern Airlines years ago. I was a kid so I don’t remember all the details but my godfather lost most of his pension and ended of dying from the stress of it all
look into what happened to A & P pensioners.
Eastern was so bad that Florida have extra months of unemployment due to the size of the company and workers affected
This is the reason 401k is a better system
The U.S Gov't. made promises to the Indians on PAPER TOO!
I spent… and saved… wisely. Retirement is a breeze.
You get 30 to 50+ years to plan for retirement
One needs to watch their money, budget and resources like they do for their employers.
Also good idea to learn as much as you can about investing, budgeting, tax planning whether you hire an investment advisor or not, knowledge is money.
My first job after college was in 1973. I worked for a large electric utility company. I remember one day seeing people sitting at their desk and crying. I asked what was going on and heard that the retirement funds had been mishandled and the fund was basically broke.
I was in my early twenties and didn't understand the problem. They said that many were nearing retirmenet and they had virtually nothing for retirement. Since many of the people were in their late 50s or early 60s it was little chance they could keep a job. People didn't hire elderly people at that time.
Companies used to make you wait before being eligible to join for the retirement fund. You couldn't transfer this to another company either. Then they created an IRA account. You could keep and manage your own retirement. Eventually the 401K came into effect. You get to manage your own retirement investments and it stays with you. What's the big deal about managing it yourself? Doesn't everyone also manage their own money anyway?
Be thankful that you actually have retirement money that stays with you rather than what happened years ago. The problem with most peo[le is that they don't know how to save money or they don't know how to plan for the future.
And not everybody can be an engineer, not everybody can be a cement layer, a police officer, a school teacher k12, so glad you have the skills, however I still am grateful for everybody who takes and works at a job I either don’t want to learn or can’t do. By es, I can read budgets and save money. And health wise I am working well past my FRA because I can, saved my house in an early divorce, paid it off and put 3 kids through college while I was owed $110,00 in back child support who is still paying…and he had a B.A. and a polycrystalline officer out of state in Atlanta PD and Tampa. But I do not want to drive a truck or work for United Airlines. Every working person has a different set of skills.
"didn't hire elderly people" then? They still do not.
@@balozhende5727Nobody wants a 67 year old with arthritis, uses a cane, and can barely manage stairs.
@@mariekatherine5238 Not everyone at 67 is like that. So other cultures value wisdom and figure out where to use that. (for example the Far East) Anyway, if you never traveled there for years to that area of the World, you may not know that and that is certainly understandable. I have thrived in the USA and in foreign countries as a professor for years. Not all work is lifting heavy objects.. Be sure to have a nice day. I bet you will most likelynot be using a cane at 67. Either way, YOU are great. I am sure you will always be a valuable employee. Take care.
They still don't hire elderly in good paying jobs in droves
My husband is just a few years away from retirement and I have at least 10 more yrs. I know we haven't saved enough money. I have started the process of reducing our debt and paying things off to lessen or burden.
You are not supposed to be in debt when you retire. That's one of my main goals. Good luck
Great idea
I knew from the time I contracted and was diagnosed with ME CFS at the age of 40 I really would suffer in my years past 65. Do you know how fortunate the rest of you are. My family choose not to believe in my illness. So here I am. Cherish what you have.
FRONTLINE, please make an updated video on this topic. I suspect, the retirement situation is even worse.
Start as early as possible. At 27, I got a 18,000 in a IRA, 3,000 in 401k and 7,000 in a HSA. Most people think the amount you put in is important but mostly time is the biggest factor. Starting earlier means I can do the same amount in 20 years instead of doing more than double the amount to catch up.
As a millennial, we even have trouble buying our first home and I can't imagine what will happen when we get to our retirement age.
We aren't retiring. Our own government has said social security will literally run out by the time millennials retire. Personally, I plan to just live in my van for the next 30 years. In the first yeary bank account went from $145 to 8g's l so at this rate I'll have a six figure bank account in about a decade.
My plan is not having children, live within my means, keep eating my veggies everyday and start a small business before I turn 40. That should give me a good advantage to live some feaceful years when I'm old.
Buy a 2 family home - Not sure why this is so foreign.
@@anthonybha4510 If you can't afford to buy a single family, then how would you get the money to buy a multi? You still need money to start.
I was lucky enough to live with my parents for a while after college to help pay down debt. I tried to sock away and pay off as much as I could before I moved away for a different job. Not the most fun process, but managed to get a start on loans, savings, and retirement before I had to financially manage a household.
Socially a downer, but financially a big help.
Without disrespecting anyone, this 401K thing assumes everyone has the ability to understand and implement the moves required to manage it.
It's not that complicated. You can also use a financial advisor and pay him a small fee so that you don't mess up. Simple. They have to be a trusted financial advisor with a good track record, word of mouth etc. Just like you need a doctor for your health, you need assistance with managing your retirement money too. Why would anyone do it on their own?
Not only that, but the income to fully fund the 401K every year.
Better than a pension, which are managed by a bunch of people you don't know and who are often unqualified and don't know what they're doing. The dirty secret behind the mythical pension is that most of them are insolvent and have either already been bailed out by taxpayers or will need to be bailed out soon. They are all built on fake promises and the underlying BS just gets dumped onto the taxpayer, usually buried inside giant government bills with "catchy" names.
Just read the stories on here: "well my dad worked for 40 years and then he and his stay at home spouse retired comfortably on his pension for 30 years." Ummm... how is that math supposed to work? So you've got 2 adults over a 70 year period, so 140 years of living expenses. And people think it makes sense that these 140 years of expenses can be funded with 40 years of productivity (28.5%)? Give me a break. Everyone wants to put in a little and get a lot but it doesn't work that way.
Your 401K/IRA/HSA/etc. is YOURS and YOU own it. Much better than hoping your well-intentioned-but-financially-illiterate union reps know how to manage a financial portfolio and then begging the taxpayer for relief when it doesn't work out so that you don't have to eat cat food.
Managing a basic 401K is easy. And if you really can't figure it out, there are plenty of people at your company that can show you. And if you really, really can't figure it out, hire an advisor.
@@snickersimsocute2438 pretty much the same amount of money the company was putting away for you in your pension instead of just giving it to you in your paycheck.
Do people think pensions are free?
Everytime I started a 401K, the job didn't last. Immediately thrown into hardship and had to use it. Quit trying. A co-worker hired in with me in the mid 2000s, he moved a $40k 401k and after a year had $60k, another year bragging about $80K, the next year, a market "Bubble" took half. He lost all his own deductions for 2 years and was back where he started. Had "Profit Sharing" once. Small machine shop had a incredible year, I had $16K coming. Others had more...Owners decided to build a unnecessary warehouse with the "Profits" instead so "We" just broke even again. They filled the warehouse with personal junk from their barns at home.
Disgusting...😡
WTF why not invest to create income rather than buy for any other reason?
401K's are the biggest scam in government.
Hospice RN, here. Working until I'm 70 because my adult children will have to do the same. Healthcare, inflation, and the fact I waa told to plan to live 95, makes me feel terribly unprepared. My 88 yr old mother has advanced dementia, and all her savings are nearly depleted in nursing home care. Her mother lived to 99. So, essentially, medicaid will pay her nursing care soon. Plan for elderly care...it runs 8 to 12 thousand dollars a month, at least. And that's today's prices.
Employers expect you to be grateful that you have a job but your earning's doesn't buy anything but survival .
🤣🤣 survival? Hell people are lucky if their earnings can afford survival nowadays...
Bam!
A young man I met when I first started freelancing online after resigning over this crap at IBM had a great way of putting it. He said he never had a J.O.B. and never intended to have one. J.O.B. = just over broke.
You know you can quit at any time
@@uwone7778 what an amazing take, why didn't the rest of us think of that?
I was warned by elder mentor. They told me to have a diverse portfolio. I have a rental property that pays me a monthly income. I have a pension from the Military. I also have a Roth IRA & deferred Comp. I am also working on another pension from my 2nd career, and I am also eligible for Social Security after paying into it since l was a kid. When my time comes God willing l don't pass before l retire. l will have multiple income streams during my retirement. My mentor was a factory worker who put all their eggs in one basket and lost their retirement when the company folded and moved to Taiwan. I owe them a lot for taking me under their wing and teaching me how to prepare for my retirement when l was only 17 yrs old.
I was taught early a cornucopia of investments I retired at 60 and enjoy a very luxurious life,
I wish my husband would read this advice because this is exactly what I'm doing and trying to get him to understand but he just keeps shouting "come on XRP!" God help me! The wishful thinking instead of strategic planning has my mind blown! I'm preparing without his help.
@@findmeanewplanet Show it to him and show him this documentary. Maybe it'll help. Maybe one night play this documentary on your TV and have dinner ready on a TV tray. Don't say anything to him just watch it over a nice meal. He may passively listen to it but chances are he'll get something out of it.
@@jusliving7977 Good idea!
Looks like you are doing well for yourself. I don't think you will need social security. If we can take it and disperse it to those who don't have as much than everyone can retire.
Would really like to see this updated since it has been over 15 years now.
Great program. Financial literacy is important and should be part of public education from 6th grade on up.
No! Financial literacy needs to be part of education from first grade on!
knowing your rights, etc should be as well, with plenty of examples of when the police pull you over and want to search your car. Or come to your home and want to get the serial numbers from your firearms, etc.
but it wont, b/c the people at the top want the USA to be exactly where it is...Authoritarian.
Tried in my hs. Held 4 free 30-minutes personal finance sessions (w chips & drinks). Sent announcement on weekly news. No students showed up except 9-10 staff members on each sessions.
Few will listen. People’s sense of entitlement will keep them broke. They think they deserve that $10 coffee. They are too good for that $2 pot of lentils but will buy a liter of soda. Can’t afford to save $50 a month but somehow afford cigarettes
@@joyaustin6581 I really hope that some will think about those things and change behaviors.
How much of that money was taken by the CFO or CEO of all these companies I guarantee they planed on doing this in a board meeting then gave themselves a raise. Don’t forget they kept some for campaign donations to protect this process
To big to fail.. and nobody to jail
When they stand before the Most High God they will have to give an answer to why they did what they did As much as you have done unto the least of these my brethren so have you done it unto me says the Lord Jesus 🔥
I’m a Carpenter. A nail bending, saw dust making carpenter. Its called personal responsibility. Don’t rely on a company to do what you should do for yourself.. I will have a million dollars at retirement.
My Dad said a hundred times. “Its not what you make, it’s what you keep”. Live within your means!
Although why fully retire anyway? A person needs a perpose in life. When you stop working, you die.
Uh no. You retire to Vietnam, marry a hot young woman half your retirement age, take up hobbies and travel and enjoy every second. Keep bending those nails and telling yourself building Shlt out of pallet wood is satisfying.
This video breaks my heart. I feel like my wife and I are going to be okay in retirement - not rich, but I have a lot of sympathy for these folks who will have to work during their retirement years. We have to break this chain.....
In 2006: "I think 10 or 15 years from now people in their 60's aren't going to have enough to retire."
Nailed it.
And us people of age (52) with Covet/supply chain issues hit hard let alone the war in ru/uc.
and as of last week talks of raising the retirement age to 65 .. take a look at your 401K now.. not good. 08/16/2022
And what the big guys don't like. people that are layed off with no work have time to do homework,and the baste-reds doint take to account, they cant get rish'er. if people don't work.. (make them money)
Yep, you did nail it.
@@larrbaII meanwhile, you had free public education and obviously squandered it. No matter what, you’d be a l0ser.
The American Dream has become a nightmare!
Both Gramfathers died in their 50s. Dad died at 57. I'm 45 with two strokes under my belt. I ain't worried about my retirement funds running out.
Ouch!
Kinda demented but a good point.
@@jrstrange123 Everyone comes from a long line of dead people. Jim Fixx couldn't even jog his way to 53....
Old workers are doomed! I have a 403 b I started to keep an eye on it currently.
I'm at the cross roads of moving it to a bank in my IRA just to save my 403 b.
I'm currently watching it every week. It's very scary.
@@xavierclayton9990 ur right!
Thanks for the eye opening information. 👍👍👍
I listen to FIRE podcasts and all of these problems seem to me... easy to solve. I don't encounter them in my investing life either. This is the value of financial literacy. If they just opted into their 401(k) asap, chose a semi-aggressive savings rate, chose a low cost diversified index fund, they would be 80% on the way there.
My company of 43 years was the largest in the world at one time and while the top execs had their golden parachute of 90 million each and the owner made several billion and a 45 million dollar private island off Florida had a deliberate plan to sell off parts of the company and the government allowed him to declare bankruptcy and default on almost 3 billion in our promised pensions so now im still working and going to struggle with the piddling amount the PGBC will pay out…and the owner still has a reorganized online business…now you can guess how i feel about corporate and executive greed …i researched what happened every step of the way…the paperwork was done in Delaware and records destroyed …i could go on…congrats to Eddie Lambert on his coup
Delaware is known for that. A lot of banks are there for its beneficial laws.
Lets go Brandon
Ah, Delaware, the US offshore tax haven of the rich. I'm so sorry that happened to you, but even state pensions aren't safe. They give pensions to Wall Street to manage a guaranteed money loss for valued workers. I worked with trade unions for years, and they had decent benefits, but eliminating them was the beginning of the end for so many. It's disgraceful and criminal to treat the workers who give so much to make companies successful, only to enrich CEO's and stockholders. Our government's just as guilty; we're way overdue for tax reform and an entirely new stock trading laws, including our politicians who get rich with inside info.
@@rachelj4970 You realize a vast majority of these Execs are republicans, right?….
I'm 75. Retired from 40 yrs bedside nursing in ER/ICU.
I'm taking care of a friend's mother who has advanced
Alzheimers and I'm on duty
12-16 hrs per day. I have to work at night if shes having a bad night or if she decides it's a good time to rearrange her bedroom furniture.....🤭.....or paint her bedside table w something thick, brown and sticky......then it's on!!! Not only is it 3 am....the bed has to be stripped, the floors and furniture washed and cleaned w a bacterial wash.
The pt has to be showered,
And nails cleaned underneath....clean clothing because she sleeps in her clothes....the washer has to run 2x for each loadll....its 6 am before you're done if this happens at 3am...🤦🏻♀️
My little condo in Jacksonville is paid off. I've never lived in it.....I hope to one day.....but only God knows if that will happen.
She's 85 and family has a history of longevity. I'm 75;
So we'll see......🤷🏻♀️.......
I've known her for 20 yrs....she hasn't known my name for 6 years. She's spoken word salad for 4 years......so I had to learn to speak Cheshire cat.....poor lady was a business tycoon
And now she steps behind me if strangers approach,
And says quietly under her breath, "Crystal"😢(with fear in her voice).....Crystal is her daughter. I wrap my arm around behind me and around her and pull her up next to me to comfort her...
"It's ok, Mama, no need to be afraid....they're nice people."...
Once in a while she'll ask in clear english,
"Are u going home tonight?"
And I tell her.."no way, Jose,
I'm staying right here w you"
And she'll say, "thank you."
So yes....I'm 75 and still working.....but after 6 yrs,
It's a labor of love, and I just pray God keeps me strong while she needs me....💝
You are a rarity and an angel. That disease is atrocious and I hope for her sake and yours she moves on soon. After that you really should put yourself first as you have already paid your dues not just with her but that 40 year career of yours, Nursing takes a lot out of you mentally and physically especially after that many years.
This was goooooood and very, very eye opening. I better step my game up asap😩😩😩
You can retire on very little as long as you have no debt. Much better of course if you have a nest egg but as long as you keep your expectations in keeping with your financial situations. I wasn’t able to start saving until my 50s and focused on paying off debt and doing what I could to get all maintenance on house and a car prepared for 20 years. So far so good.
Thanks you Frontline for amazing work and information n always getting the truth out there made God bless America 🇺🇸
When this aired (according to the description) I was a just a freshman in high school and oblivious to any of these issues. Now at 30 years old and understanding how America is designed to profit shareholders, I quickly learned early in my career that I value job security and benefits over a high salary any day.
If only I could get my daughter to understand that,...
@@8000RPM. Tell your Daughter to apply for college in Germany. Its nearly free for Americans and the rent is lower for a apt. Ohh and no shootings! health care is less then 100 dollars a month.
You just said it yourself. America is designed to profit shareholders so by stocks become a share holder. Start buying stock in companies that make the things you use every day then broaden out from there.
@@climeaware4814 Thanks, she is a Cum Laud Graduate from a highly respected & accredited college. She has a job with benefits ,which have been discontinued for "new hires". The new hires get higher pay ,but no benefits. She has offers from other higher paying companies. I'm trying to convince her; benefits are a better compensation than higher pay.
@@8000RPM. A relative just got married right away (they had planned to in about 18 months) because when she left her job she found out she had to pay $1000 a month for health care! Now she is covered by her husband's.
This is why you keep working to continuously improve your skill sets. You never know when you'll need them. People and companies can let your down.
A 2022 update would be fascinating.
It's 10x worse
@@Stoneface_ ! Go On...
Well, it’s now 2022 and these issues haven’t changed much other than getting even worse for regular working class Americans
Interesting list! It's helpful to know about affordable places to live. Thanks for sharing this valuable information.
I retired at age 50 with a pension and now I have social security at age 63 but my wife just recently retired and her 401k is a joke. You work 25 years or so and think you have 150k but after taxes it is not as much as you think. Remember this money must last you for the rest of your life. If you take 4% monthly, it's about $6,000 per year $500 per month. Thank God for my pension or we would starve.
👍 This topic is just as relevant today as it was then, with the exception that corporate greed has had 15 years or so to get even better at stealing the labor of its workforce and ultimately its consumers. Who in their right mind would defend this version of corporate theft? Who in their right mind would allow it to continue unabated and accelerating? Who is in their right mind in this country?
"Its a big club, and you, me and everyone we know are'nt in it" paraphrasing George Carlin.
Yeah I wonder who… 🐘
The people who love 401ks are the people who are benefiting from them. Like Wall Street, lobbyists, anyone collecting seen and unseen (hidden) FEES
You've got to be a little crazy,,, to keep your sanity,,, in this insane world we live in,,,,so being a little crazy ......is OK !!??!!
@@calexprenas yeah, i wonder who-J too?!
Documentary was aired in 2006, I cant imagine what happened to all these people in 2008.
Came here to say that very thing.
I was thinking the same during the whole video. It could not have been good for most of these folks.
In 2008, I lost 40% of my retirement and kept me working until 2020 bc of it.
This one couple thought they were going to retire with only $120k in their 401k? WTF?
I think a course in financial planning and budgeting would be a great idea in high schools.
A must, people would do much better in life if taught early. A lot of families don't discuss this with their kids.
Agreed! Getting by rhese days is a lot more complicated than it used to be. No more pensions, it's all sort "do it yourself".
I would love an update on how to are all doing now! It's weird knowing what happened in 2008 and these people already feeling like they can never retire😢
So much has changed (for the worse) after this was made 16 years ago
Yes, too much liberal BS!!!
It’s not about how much you make, it’s how much you save.
The underlying problem is people expect everything to be done for them. People need to live within their means on less than they make, max out their employer match, max out their Roth IRA, keep an emergency fund, put a bit extra into a taxable brokerage account. Don't take on debt for any reason except for a house. I'm 35, have two paid off master's degrees, a paid off house, $200k in retirement accounts, a paid off car, a six month emergency fund, and an average $80k salary. What I don't have is a Tesla or other car I can't afford, my house is a bit below average for my area, and I miss out on the Friday nights and everything my friends do because I don't want to be broke later in life. Instead I focus on saving today so the snowball rolls today so it will be an avalanche later.
Don't rely on your employer to fund your retirement, rely on yourself.
Who are you trying to convince? Not everyone can make that much or save. I’m going to have to completely disagree with you on this. You could be killed driving to work tomorrow and it’s all over. I refuse to live like that.
Good point!!
Your salary is well above the national average. You make good points tho. With less, it'll just take more time.
Cutting alcohol and smokes would probably save a lot over a lifetime
Yeah great for you and some of us live in reality. Where college tuition is unaffordable come from toxic dysfunctional families and work dead end slavery jobs 12-16 hours a day. Where housing is beyond the reach of the overwhelming majority. Where wages have remained stagnant since the 1970-80s. Where inflation is at all time highs and hyperinflation in the USA is inevitable in the coming decade(s).
If you don't earn enough to afford your mandatory bills you CANNOT live within your means. Typical mendacious propaganda. Myopic delusional toxic words to fault the individual for systemic failure by design.
It is so very hurting that companies treat employees like they do.
companies do not exist to take care of their employees. they are not moms. companies exist to make a profit for their owners, which can be you if you buy a share. employees must care for themselves.
@@DrSchor yes that is a cruel reality. I imagine if all employees in a company because of mal treatment decided to quit and no one would want to work in it. Would the company survive. Companies exist because of their employees. Would the owner do all the work workers do?????
I'm so glad that information is more available now. I invest in my 401(k) in the absolute cheapest whole stock market funds and bond funds. Basically the S &P 500. There are lots of choices that are offered but when you look at the fees and the advisor fees. OMG! I get emails at least once a month asking me if I would like to sign up for active management with an advisor and to diversify my portfolio more into the funds that have double the fees. I click NOPE every time. I'm not going to pay double the fees and pay someone to move my money around while collecting management fees. I rebalance once per year based on my age. It's actually not that complicated.
Way to go. I do the same thing. Buy an index fund and call it a day 👊🏽
Agreed. There is a mountain of information on the internet, TH-cam, books, etc, one just needs to spend time studying the system.
Good job. Just takes a little knowledge to manage your own portfolio. Stay with low cost diversified index funds, like the S&P 500, or a mix with bonds for a lower risk portfolio. There will be good and bad times in the marked, never pull these funds out early...you will do fine.
All sounds good but now who is going to pay for the fund manager’s season tickets and kid’s tuition?
Love you PBS ❤
Manager mentality is the only key we got. Manage your work to be competitive, manage your money that will provide your needs at any given time. The truth in life is always a constant battle to stay afloat.
This almost happened to my mom. She retired a year early as a teacher when Chris Christie was governor. If she had waited one more year she would have lost 40% of her benefits. She passed away earlier this year but she loved having a good pension.
My condolences, Demetri
@@Ganstagrillz10 thank you
Sorry to hear that your mother passed. Very difficult time.
You are correct, pensions are a promise, not guaranteed to be followed through on. F promises. GIVE ME CASH!
I'm 60 years old. I saw this coming 30 years ago. I knew private Corporations more often breech their own agreements with employees. For this reason, I steered clear of Private Corporations and Private Market 401k plans. Instead steering towards Defined Contribution Plans from employer contributing to my own FICA social security contributions. Which compliment each other with both Pension, and Social Security benefits for the retiree. Private Corporations break employee promises for hedge funds and golden parachutes of the rich. The hell with private corporations
Very wise and spot on.
Corporations can take your pension not your 401K
@@antionygrilmady9044
Not Defined Contribution. Your statement about 401k its too late. It already happened in 2009.
Defined contribution plans are 401k and it’s variants
@@chowsquid
No. Defined Contribution variant 403b is very different than 401k. Depending on your Employer, and Union agreement with employees. Employers sign into contract with employees to match contributions into the 403b account with each member under joint agreement contract. While 401k accounts have no such features.
The person at the end of the video is right. You have to keep working. My state teacher's retirement pension is 60% of what I was making. I am fortunate that I was at the top percent of professors paid and that I taught adjunct courses throughout my teaching career which helped. I still teach online at three universities however because we cannot live on my pension alone. My heart goes out to those people who got screwed, especially that flight attendant.
I was a nurse for 44 years. No pension. I’d be very happy to have 60% of my salary plus social security.