For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
There are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience
Yes, financial advisors can make a significant difference, especially in the current market. Stocks are quite volatile now, but with the right calculations and a good advisor, you can achieve substantial profits. That's the best protection against a recession.
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.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
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.
More reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to
talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount... thanks
Annette Marie Holt is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
My dad was a boomer. He worked three jobs at times, day, night and weekend jobs. He saved every bit of money he could while other family members said he was being silly. Now, the other family members are poor as dirt in their old age. My dad passed away but my mom lives a comfortable life. She's not wealthy but she's not worried about finances like all of her friends are. Being young and not having everything is manageable. Being old and poor sucks.
I like to say young and broke is an adventure. Old and broke is a disaster. I consider boomers to be one of the worst most selfish and foolish generations ever to exist. They were irresponsible and now they are suffering the consequences. I sleep well at night.
IT IS MUCH BETTER to be VOLUNTARILY extremely frugal when one is young rather than suffer circumstantially ENFORCED extreme frugality in old age when one is less nimble, less adaptable than younger folks. Age limits adaptability, limits flexibility.
I grew up in extreme poverty, going without food and electricity at times, I became homeless at 17 dropped out of school to work menial jobs to EAT. Early life set me up to be frugal, own my house, drive a 21 yr old truck, have about 900k in savings, I’m 58 now and retired at 56
@@JasonStone-m5i thank you! S.S. Will be there for you 100% Politicians won’t even discuss it till the final hour….. mark my words…. They will raise the tax on both employers and employees by .5% and that fixes it in today’s numbers….Or they simply raise the age AGAIN! that’s another topic
Im 64, retired at 63 from a large telecom company. I receive a small pension and live off SS payments. I sold my house and moved to South America with my wife. She unfortunately passed away from cancer. I did build a small house on a piece of land I bought when I moved here. So everything is paid off. I live a simple life now.
Since I'm a college professor, my SS payments are going to be reduced by almost $600 a month even though I had paid into it for about 25 years. I will never be able to afford to retire. If I lose my cognitives, I'll be homeless. But if I had remained a marketing executive and continued to lie for a living, I would have a lot of money. But money isn't everything. Fine, I can't retire. But I didn't sell my soul.
@@do9138 What ? You College Professors are govt hacks. Extremely well paid by the tax payer. Pensions that would make Midas blush. WTF are you trying to sell us ?
@@stevethomas5209 Professors are not allowed to participate in SS. Not only that, but the pittance we receive from our pension is considered a "windfall," so if we worked in the private sector for over 20 years, as I did, our SS payments are reduced. Currently they are reduced by over $500 a month. No one else's pension is considered a "windfall." No one's stock dividends are considered a "windfall." Nope. Professors are evil and should be punished. I was never paid well enough to be able to afford a downpayment on a home, so I have nothing to sell. I will never be able to afford to retire no matter where I live. As I said, professors are evil and should be punished according to the federal government.
@@markdavis1116 Yes, almost did that because my husband wanted to live in a 1 story house because he was afraid of climbing the stairs as we age. I told him we could buy a stair lift if this happens He is 66. Our 2 story 2550 square foot home was purchased in 2001 for $156,500. My husband wanted to move an hour outside of Houston to a master planned community. A 2450 square foot one story new construction house is Over $450,000 not including upgrades like blinds or ceiling fans. Our house is closer in town and paid for. Our current home value is about $330,000 after we spend 15 grand to upgrade the old carpet to vinyl plank. And we decided to stay. Please don’t be mad at us Boomers who stay in their own homes as they age. If we all had some sense a lot of us empty nesters could rent out rooms to half our house and save money for young families who cannot afford to rent an extra 3 bed rooms and to help the Boomers with paid for houses pay for electricity and taxes.
Yeah, and let's face it. If you had kids, got divorced, got remarried, and then treated your new girlfriend/wife's children better than your own. Your kids are not going to be moving you into the $2,000/mo 2bedroom rental that 2 families share. I have sadly watched many fathers, and some mothers, treat their step-kids better than their own.
5 หลายเดือนก่อน +450
Debt free. Good health. Minimal expenses. Thats a good place to be.
Good health isn't always under the control of the individual. The rest is. The bottom like is, live on less than you make. Live like there is a tomorrow. If there isn't, well, you still lived well. If there is, tomorrow, will be a lot better with money than without. The chances of living long enough to retire with money is a lot higher than the chances of retiring with no money.
You and me both.. A little saved also.... Going to retire from on job in 2 months and start an easier full time job then... why? because I want to, not because I have too..
I am currently burning through my 40s and This is no time to taper retirement savings. I want to max out my retirement funding and I also have another $200k in a savings account that i want to invest in a non-retirement account.Would it be better going to housing? Maybe own property and let it till im ready to move in at 65.
Research dividend aristocrats and choose six to ten firms with over 25 years of dividend payments. Also 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.
I work with Sharon Lee Peoples as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
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 absolute key to financial well being is to avoid debt like a plague. It is EASY to get into debt and very difficult to get out. I'm 82 years old living a very modest life, but I haven't had a car payment in over fifty years and have always paid off my credit card at the end of the month. To the credit card company, I'm a deadbeat because they don't get ANY money from me. Living within our means simply makes sense. If I can't afford it I don't buy it.
Yep. don't live beyond your means. And if you're struggling, work a lot of different jobs, learn to master communication, always continue to educate yourself outside of scholastics. Eventually experience and knowledge will pay off, literally. If your resume reflects capability to learn, that balances out the lack of college education.
Don't feel bad for the CC company - they are making money from every one of your purchases. If they were not coming out ahead, they would drop your account like it was a viper. I always pay the card balance every month. For any business who tries to charge extra (some restaurants, the Bureau of Motor Vehicles, some utilities, property taxes, etc) I pull out the cash or checkbook (sometimes draft.) Avoid debit cards, no protection.
Putting well-earned money into the stock market can be over emphasized for first-time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60.
If you're new to investing or don't have much time, it's best to get advice from an expert. Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $121k ROI, and this does not include capital gain.
I'm pleased I found this conversation. If you're comfortable with it, could you share how I can get in touch with the advisor you rely on for your investments?
Carol Vivian Constable 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..
This Boomer was very fortunate - Started planning 30+ years ago, lived well below our means, planned for both normal and "surprise" expenses, and, up to this point, it has served us well.
Same here, 63 now, retired at 60. Wife is “next generation” born 1966, she retires next year at 59.5. … I was fortunate I could go on her insurance or I’d have stayed longer. I still run a small business and work anyway for fun We’re fine
Same here. Born in 1962, started saving in my 20s and am retiring soon at age 62. I have lived simply, below my means, am a minimalist and do not carry any credit. That formula has worked probably because my parents and grandparents did this too and had something to pass on to their kids and grandkids.
Same here. Lived within my means throughout my life and saved my money, I invested wisely and now a blue collar millionaire. Still mow the lawn every two weeks though 😊
@@Dimythios ha ha I mow mine every week, that is my “day off” Other days running and coordinating painting jobs and landscaping jobs. 25-35 an hour .. good money, keeps me active .. take on more jobs in the summer as I hire few younger friends that are teachers.
The current market/economy is unnecessarily tougher for boomers/senior citizens, my mum is used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with her portfolio. I’m really worried about it
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
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.
Let's not forget the millions of smaller manufacturing jobs outsourced to China and other Asian nations. That's the reason for so many demanding $25 minimum wage and calling it a living wage is ridiculous. Minimum wage was NEVER meant to be lived on. This is Washington's fault all the way around. Outsourcing and bad trade deals. And those in Washington collecting pensions from people who don't have pensions is CRIMINAL.
I have 30 years experience in the IT field and truncated My resume bc I was facing age discrimination yet recruiters and HR complain that these younger ones can't communicate and do a lousy job. Well, You can't have it both ways.
Correct if your born 1960 to 1980 your work career is endless corporate buyouts and downsizing, zero pensions endless crap 401K's. If your born 1945-1959 folks in that era did damn well with pensions. This guy is talking out his ass!
As a Boomer (age 71), I learned from my parents to be careful with money. They were terrible examples, borrowing money to take fancy vacations and buy new cars every 3 years. Many people in that generation thought that appearing to be successful was the key to life. What ridiculous BS. A lot of Boomers replicated their parents mistakes.
Sounds like you learned this in SPITE of your parents! Did someone in your life other than them, set an example for you or teach you how to be careful?
@@yellowbird5411 No, he learned from his parents' mistakes not to replicate them. I did the same. Parents smoked, I never did. Parents lived paycheck to paycheck with bill collectors hounding them, I was the exact opposite. You learn from others mistakes and hopefully make a better life for yourself.
@@buffycat4641 I guess we can learn from others' mistakes, or learn from others who are our role models. Alternatively, we can choose to cut our own path and not learn at all from anyone. Free will is a wonderful thing, because then we can learn from our own mistakes. Maybe. : )
Most of the generation who preceded the baby boomers were frugal and afraid of running out of money,grew up during the Great Depression and then the World War II a few of them were born early enough to have seen the "Roaring Twenties" as young children before the market crashes and bank failures ushered in the Depression
@@davidpowell3347 Agreed. My parents were born before the Great Depression of the 1930s, so I got a lot of info from them and my grand parents about what life was like back then. Having an appreciation for history, I soon learned that history tends to run in cycles, so it was reasonable to assume that recessions and depressions also followed this pattern. This caused me to become quite frugal in life, saving much more than average, and then learning how to manage money and invest it. I did this from reading books, magazines, newspapers, and anything else I could get my hands on about personal finance. Because of that I became my own financial advisor, made a few mistakes early on and learned from them, and went on to become reasonably good at money management. Because of that, retired comfortably at age 55 in 2004. Been enjoying retirement ever since. My 401k plan money was rolled into a T-IRA that has been a fair approximation of a perpetual motion money machine. I never planned on receiving anything from SS, thinking that the US Gov would find a way to mess it up. Took benefits early at age 62 for that same reason. It's still around, for now, but it's being drained faster than money is coming into it. I took benefits early and invested some and lived on some. I have few regrets about how I have handled my money. But the level of financial education in the US is abysmal. Way too many young people can't do even simple math, let alone manage their money to their advantage. Some of them will learn because hardship can be an excellent teacher. The rest? Pretty much screwed.
In my opinion if you have a paid off house with no car payment you should be spending far less than $4,000 a month in retirement if you are a single person.
Personal Finance should be one of the number 1 things they teach in High School. It should TOWER way over sports, art, and other courses. Do you know there are inner city kids, that live with parents that have never had a bank account? Or a credit card? True. They pay their bills with money orders. True. Their children aren't learning finance from their parents. So there should be Personal Finance Courses taught in our schools for these kids. I'm speaking from experience...I got my first credit card at 32 with a $250 Spending limit. Nobody would give me credit until 32. I worked and got $5,000 in my checking account...and I applied at the bank where I had that checking account for a credit card....they gave me a credit card with a $250 spending limit because I had no credit history...Should have happened 14 years earlier but it didn't. Anyway...back to my point...Personal Finance should be a TOP course taught in High School and College.
It was taught in grade school in Indiana; those were math problems. Worked in the school cafeteria from 4th to 6th grade to get a free lunch. ie pocketed the 1.50 bucks a week for the 5 meals. Had depression era parents. ingrained pitching pennies to survive. Sold Peanuts door to door in 2nd Grade. Sold Xmas cards door to door from 4th to 6th Grade. Mowed yards for 1 to 1.5 bucks a yard from 7th to 9th grade. That 4th Grade Frozen giant OJ cans we opened and mixed OJ in the cafeteria was expired Civil Defense supplies. They donated it to the schools so not wasted. The trays we cleaned and dumped the edible parts went into a trash cans a local pig/hog farmer got. That entire cafeteria working was about thrift. That grade school did not have electric clocks. It had pneumatic powered clocks. the minute hand moved with the pressure pulse from the master clock via tubes. Ours made the minute had move 1.5 minutes each time; so 40 per hour. The minute hand sort of had a slight backwards lurch / twitch before moving the 1.5 minutes. So when bored in say English class and looking at the clock it was not moving.
Those of us on the tail end got screwed, and we are not part of the baby boom. Older siblings are baby boomers. The division is when did you graduate from high school. The front edge of the boom graduated into a strong economy. Those who graduated after the end of the Vietnam war, graduated into an economy which was a mess. Jobs were hard to find, interest rates were the highest in record, and we had to endure stagflation. My older siblings all went to college for nominal costs at state universities. Then second phase graduated from college in debt. Because state colleges had begun charging more.
A year ago my 86 year old mother wanted to share a house, she would sell her home and My wife and I would sell ours and use the money jointly to buy one home to live together , In theory it sounded good, but my mother is toxic person that drains your soul, she constantly complains, is negative about everything, trys to be controlling and tell you what to do, then when you protest her behavior, she gets mad and pouts about it , there is a big drama that I have to go through to return the status quo , which means I have to apologise and act sorry, but I'm really not ! All that goes on just visiting her and not living with her! I actually dread even visiting, but anyhow we looked at this really nice newer home for sale that would have worked, While we were looking at that home ,my mother walked around finding fault with everything saying They want 260K for this! I only paid 110k for my house and its just as big, I said yeah but you bought your house 25 years ago, and didnt put a penny in improvements in it , This house has a glassed in patio, walnut floors , everything in it is top grade marble counter tops, finished basement and so on, My mother said Its still too much! After we dropped my Mother off at her house,on the way home my wife said That house was beautiful ! I said Yeah, but just remember the un-beautiful thing that would come with it! I bet within a month we would both be sorry moving there together.
There is a very small minority of parents such as myself that took (or are taking) care of extremely disabled children, unable to work at all, or just a very small part time job to try to save some money or build up some Social Security. Taking care of a child throughout their lives one can earn money to care for the child, but Congress has never allowed us to pay into SS. And there is no retirement benefit. Or unemployment once the child passes. In my case, I saved $$ over and over again, and each time I had to live on savings when my child went into the hospital. All income stopped then. So savings were spent each time during a hospital visit. So I now live on SS and SSI. A very small income. I am grateful for that, even. A special home purchasing plan for families with disabled children was passed years ago. I jumped at that,, knowing what my fate would be in my senior years. So I jumped through all the hoops, paid on the house, then had to sell. I had enough $$ to buy an old MH on its own property free and clear. It's the only way I could have survived. It's difficult. But I volunteer and do what I can to help persons in our poor community.
I was divorced in 1998, my business went through 2 nasty recessions in mid 70’s and early 80’s and another recession in the 1991. I had very little savings and small Social Security amount. I know others like me, many are women. So please be aware that not all the Boomers had big savings.
Hi Azul Thanks for a very informative and down to earth video ,you explained a lot of things in good layman's language I will look for more of your video's .Regards Chris (England )75years young .👍😁
My marriage broke up at 40yrs, managed to have enough to pay a deposit on another house. But ended up being a solo dad of two and also paying support for the ex and for one child, so I was on the bones of my arse for ten years. Also, I have had to bail my kids out of financial trouble several times. But saved hard for the last 10yrs to enjoy my old age. People asked, why are you single. I tell them, women are a luxury which I cannot afford. Now retired have my hobbies and toys, and travel o/seas for a couple of months a year, having a ball.
So sad to hear that! As being a female you and taking care of men rather than they of me, I can say that there are the other kind of women there as well.
I am single because men cost me too much. Now I am debt free, healthy and paid off house in the mountains. Retired for 8 years. If I was in a relationship I wouldn't be so well off.
I spent 12 years in divorce court before I got a final decree. Legal and ancillary expenses were north of $250K. In the end $300K of support was returned to me because the court "improperly" ordered it. There were an additional 200K of other credits. But I didn't receive interest credit even though there was massive malfeasance by the ex and the court. Divorce court has only one purpose and that is to exploit children with the goal of extracting money into the divorce industry.
Try what I did. Start a little business. I started a handyman business at 66 years old. I just put signs on my pickup doors. Next thing I had all kinds of business. I worked at it until I had to quit at 79 years old as falling off ladders was not a good thing. I grew up in a family business and was self employed most of my life. Even as little kids my brother and I raised chickens and sold the eggs, shoveled driveways, mowed lawns, fixed flats before the days of tubeless tires. You need to broaden your horizon.
I found a new job in 2015 at 57. Covid took that one, found another in 2020 during Covid. Still going strong. Have a skill in demand. Keep learning and doing. It’s not easy but it is doable.
I remember my Father telling me at 19…Son you want today what your mother and I worked 30 years for…get another job and get OUT OF DEBT! Sound advice! Pass it on! Blessings…
Agreed. I keep hearing people bemoan the fact that their kids graduate from college and can’t afford to buy a house. I understand that there are no longer $100,000 homes to buy, but there are also a million apartments available that didn’t exist when boomers were young. in my opinion, the apartment is the new hundred thousand dollar house. Just because things are different doesn’t mean that the boomers had it so much better. The newer generations have a lot of tools and opportunities that the boomers didn’t have. My parents had one car until I was in my teens . I don’t think the younger generations would have any real interest in living the way my parents did, or the way that my husband and I did either.
@@TheThiaminBlog Exactly! My husband and I used to keep old beater cars going on a wing and a prayer! We never knew when or where the darn things would break down! We could never afford a brand new car until we we well into our 50's. Now I know why our parents had precious little sympathy for us when we would lament about how tough things were! LOL! It was "Oh quit complaining, WALK!" Bless their hearts!
That's insane. I'm a Boomer (age 66) and my parents were Great Depresson-WW2 folks. They taught me to save since the time I could walk. They also taught me to be frugal. I retired at age 62 with 3 IRAs, Soc. Sec., a taxable account, high yield savings account with a large emergency fund, a small pension, a paid off house, no debt, massive monthly dividend accounts, and a part time job. I'm not wealthy, but a formal financial analysis shows I can survive to 91 even with a 40% hit on my investments. I can't believe people in my generation have zero saved. I'm still saving even though my advisor says I should spend more.
You and millions others. I am same as you, My parents taught me to save no matter how hard times were. They lived thru the Depression. They knew hard times. Passed those values to me.
Yeah, I'm thinking the same thing, and I'm not even one of the frugal and prone to save people. I'm just a regular Joe and it seems I have more saved than the vast majority of Americans.
Agreed. The things that can hit you can be things you'd never even imagine. I got stung by a scorpion, of all things. It turned out to be the kind that injects a lethal neurotoxin. The two vials of anti-neurotoxin that saved my life cost $95,100. Never saw that coming.
It's terrible what is happening in this economy. Wages are not keeping up with inflation. Can't afford to buy a house, can't afford to buy a car, can't afford furniture for my over-priced apartment. We have no debt; no car payment and we are struggling paying for basic expenses. I told my husband that our next vehicle might be our future home on wheels. In Arizona summer heat, it could be deadly. I just pray we don't end up homeless.
I am single and younger.. imagine how hard it it. Men dont want marriage anymore becaus eof Boomer divorces and settlements. At least Boomer could have worked 40 years when the wage still had purchasing power and accumulate assets. There is nothing left in wages anymore.. they dont even cover basics- let alone the ability to save or buy assets
Actually I am fan of velocity banking to most quickly pay down loans..also 0% balance transfer credit cards.. It doesn't do much good for me to read what other people have done over the last decades as a couple... I like the channels above velocity banking because it gives me the tool to handle things right now as a widow
lol, , I pay off my CC each month, but increase my credit limit every 5 years or so. by 10 K. Now I have 100 K credit . A savety net if things go south. Or maybe use it to pay off my medicals bill right before I die, but die before I can write a check to the CC company.
The first year I started full time work the government raised the SS tax, raised the full retirement age and decided it was a good idea to tax SS benefits to save Social Security. 42 years later and here we are.
I retired at 69, and knew that I would have a very retrained and quiet lifestyle thereafter. I planned for that, fiscally, and don't regret it. Try hard to keep a hold on your money while you work.
I am 72 years old and have noticed that more than a few elderly people who were set in retirement are being bankrupted by some of the same hedge and investor funds that offshored and liquidated our US manufacturing capibility. Greed is why ?
@@xyz987123abc There is nothing wrong with index funds, exchange traded funds, or target date funds, with a low/no cost brokerage (Schwab, Fidelity. or Vanguard). The target-date fund being the best choice for retirement accounts. The slow and steady tortoise will beat the hare, nine times out of ten. The money will be there ten times out of ten.
On a brighter note, every recession comes with an equal chance in the fin-mrkt if you're early informed and equipped, I've read folks amass up to 7 figures during these times, and even pull it off easily in a favorable economy. Truthfully, I’d need guide please for a boomer like me to attain such amount for retirement, we definitely need to benefit from this situation somehow.
stocks are pretty volatile now, but if you do the right math, you should be just fine, where as you can save yourself the hassle as well time by seeking professional guidance
Well agreed, investing is plain sailing if you have good conviction indeed. I remember early 2020 during the lockdown, got laid off and needed to stay afloat, hence I researched for advisors and immediately found someone remarkable. As of today, my reserve of $500k has yielded into a comfortable 7-figure which we intend reallocating into gold, recalling the 1929 crash.
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
Fixed up old house, paid it off in 15 years, drove cars to over 200k miles, did all car repair myself. Big garden, hung out laundry etc.. Did everything possible myself Saved and saved all we could. Retired with 2.5 million in investments, savings. Anyone can do it it just takes discipline and sacrifice.
Ah, the good old days when people could do car repair themselves. The over-engineered, complex super-tech cars of today (last 10 years or so) make that very difficult. Miss my '73 Pinto 2000cc Runabout - enjoyed points, plugs, and valve adjustments. It only made it to 182k, but had the original clutch when I drove to junkyard.
I am a pre boomer born in 42. We had our war in Nam, it was a meat grinder. Coming home from Nam was tough, being spat upon by our countrymen that we gave a blank check for our lives for. Living in the country I fought to defend was no picnic either. There were meager military benefits at hand like college assistance and buying that new home with affordable interest rates. My son will inherit my house. He and I are currently restoring it to like new condition. My life’s wealth will be Passed on to him as he earns it. We are not waiting until I am dead. I enjoy living with him as I teach him home maintenance.
I am a pre boomer born in 42. We had our war in Nam, it was a meat grinder. Coming home from Nam was tough, being spat upon by our countrymen that we gave a blank check for our lives for. Living in the country I fought to defend was no picnic either. There were meager military benefits at hand like college assistance and buying that new home with affordable interest rates. My son will inherit my house. He and I are currently restoring it to like new condition. My life’s wealth will be Passed on to him as he earns it. We are not waiting until I am dead. I enjoy living with him as I teach him home maintenance.
I salute all you boomers , we had good times and bad times. We made it thru. Lets not abandon the Democracy that kept us free , safe and prosperous. Please be sure to vote BLUE.
I'm no expert, but I did work for the VA for over 33 years. See what kind of services they can provide for you, and help in your struggle. Thank-you for serving.
I was reading a very interesting article about the Barely Boomers. These are the people born, I think between 1960 and 1964. The person was talking about the difficulty for this group due to their age in 2008. Losing 50% of their savings while also losing jobs in there years they should be saving the most. It was a very interesting article.
I am one of the younger boomers born during those years. I got lucky during that recession in that I still had my job, and continued to save as much as I could, knowing the market would eventually recover. Because interest rates and home prices were so low at the time, I did something I was always afraid to do: I purchased a home in my 40s in 2010. I had always been terrified of taking on that kind of debt because I wanted to avoid debt. But, I’m glad I did it, as the value of the home increased so much in the decade after. Without a large mortgage, my expenses are relatively low, and I have money saved in 401K and IRA accounts for retirement. Sure, those didn’t do as well for a little while at the time, but they’ve recovered since then. I’m don’t expect to be wealthy, but I should be able to remain comfortable when I decide to retire within the next decade. I always felt it was probably much harder for the boomers who were older than I during that time, who had perhaps recently retired, to see their accounts negatively affected.
fortunately I do have a pension, when I was 24 I realized a pension was the way to go so I went federal gov, 40 years later ( I bought back my military time) I have a great pension, plus SS and tsp/IRA and no debt, wife also has a small fed pension + SS
I m the generation of 1933 what ever that was called it was before the Silent generation . I worked until I was 77 and yes I was in very good shape I sold my Farm, down sized and bought a house the bank was selling at a very reduced price that saved me for sure. I am now 91 and and I live on my SS Thank god for it. 🇱🇷
Azul very informative video as always. My wife and I have been RV'er for almost 20 years, part time only, in the last 7-10 years we have noticed a large increase of people living in RV's full time, many older, single and especially women, many out of necessity. But I have also met many people in their peak earning years, 30-40 who are living in what they call "adventure vans" encouraged by TH-cam influencers, some are working part time as "remote workers" but I think these folks are taking a big risk in not working "as hard as you can-making as much as you can, while you can" and will regret "living the good life" too soon.
I am a boomer in my seventies. I have seen what past generations had for retirement and nothing really has changed. Pensions have always been rare and most people do not have one. Most people relied on Social Security. I had a good job with a generous pension and that was one of the reasons I choice that municipality Utility to work for. Made sacrifices to save and invest. Some people just do not make enough money to save much , even with sacrifices. Worked plenty of overtime hours which has beefed up my Social Security benefit. A lot of my relatives have not done what I did and I help them as I can. Yes it is a problem but not a new problem. The best thing we could do is beef up Social Security for the poorer retirees. It would not take much more increase of the tax to do that. We can as a society do this, it is very affordable . Social Security consumes about 4.8 % of the national GDP a little bit more would be enough to fix this. It is about what is important to us. BTW I am a fairly well off retiree and this past Monday cut up a large tree that fell in my yard and moved it to my back yard to burn eventually, (Fit). About the total opposite of the picture you painted. There have always been retirees like me too.
Inflation has stolen 65% of the purchasing power since 2020. Whatever you earn a year, subtract 65% from it (add in any raise you may have received) that is your loss.
I was planning to work until 70 because I liked my job as a nurse and did not want to be poor like when I was a child. Unfortunately and unplanned my autoimmune disease disabled me at 60. Fortunately my mother worked until 78 as a legal secretary, she left me enough to survive due to her working until she was almost dead at 80 so her working an extra 13 years saved me from poverty being her only child. My dad was a bum and left nothing.
I was a pension consultant for most of my life, The simple truth is that people don't save for retirement. I've told many people to just put a few dollars away each pay into a large mutual fund, like Vanguard that has many diversified funds. It almost doesn't matter which one. If you do that over a 20, 30 year period, compounded annually, you'll have a very nice nest egg at retirement. The problem is most people can't do it. They just continue to kick the can down the road and will worry about it later. Anybody can do it, but you HAVE to do it. If you don't do it, you WILL be working into your 70's and 80's and just pray that you don't get sick!
I've been an apartment dweller ever since I lost my house in 08. My daughter asked me if I wanted to move in with her about 10 years ago. So I have been paying my daughter rent instead of some joeshmoe it helps her out and I get to help her out with her kids she helps me with my money because she can save a dime to last a week I can't save a dollar to last a day lol
Born 1946. Self-employed until age 60. Worked minimum wage until 72. Lots of $15/hr jobs out there now. Real estate saved my butt. Took SS at age 70. Wish that I could still work part time now. Some in there 80's still working. Troubled by national debt that my child and grand children will inherit.
Those no-doc loans everyone was so thrilled about? Those are what caused the 2008 housing crash and had all those mortgages 'underwater'. I was working with a mortgage broker in 2003. Title companies couldn't keep up with the flood of loans, owner saw what was coming padded payroll with temps, bought a home for over $600k and promptly sold the business to a family of jewish people. This was in 2003. In 2005 I was working as HERS rater. Three years later in 2008, I was one of the many who were massed laid off due to the housing construction layoffs. resulting in the house market crash. I had a birds eye view of how it all played out.
FYI: Generation Jones = 1955 to 1964. Boomers were listening to folk music and living spoilt lives. My generation was already seeing jobs going overseas en masse and realizing there was no American Dream
No. All of us were not living “spoilt lives.” A lot of us were the first generation of young people in our families to go to college. A lot of us supported members of our families when we did graduate from college and achieve a modicum of financial success.
As a 73 year old single mother who had 6 children I never could save anything. I lost my home when real estate crashed and banks repossessed them. I did work two to three jobs at a time. I had to retire early to take care of my mother who was going blind. I still work as my health allows and am trying to start an online business. I did tell my kids they are my retirement plan but they struggle too. What DO we do?
Find a fellow elderly lady to live with combine that Soc Sec $$ to live better. I can assure you an old friend of yours is in similar circumstances & would also love the arrangement.
We need to include the cost of the boats, houses and trucks they've owned over their lifetime in this analysis. I'd like to see how many of them brought this on themselves. Not all have but many have.
There’s a ton of videos on TH-cam about seniors living in old motels, broke. Their stories are very revealing. Years of minimum wage jobs, no extra training or education, often some addictions thrown in and helping out relatives when they didn’t really have the money to do that. Just many years of bad decisions.
Does that make you feel less guilty for stealing Social Security from seniors who’ve paid in all their lives and were told they were getting a certain amount and now they’re getting less than half that amount? Does that make you feel less guilty blaming your victims for all of the excesses that you’ve voted for in government and allowed to continue with no law-enforcement whatsoever which is allowing wealthy people to do anything they want to seniors with no repercussions whatsoever and laughing at their victims because working class seniors don’t have enough money to hire a team of lawyers to fight it? You just want to victim blame everybody you all are collectively robbing because you don’t own a conscience.
@@katydid2877 this from the generation who can’t make change for me at the store even when the computer tells you how much change to give me because you don’t know what the value of a coin is and even when you’re told you can’t add the different value values of the coins together in your head to make the amount of change necessary. Seriously… Young people these days can’t find their own way out of a paper bag.
I can speak from experience…no corporate pensions, layoffs, contract work, loss of pay between contracts, cost of living and housing increases to list a few of the issues that has plagued boomers in reference to having no retirement funds!
What happened is inflation , the wages were so small that even if you had been the most diligent saver could not amassed enough money to address this level of rising costs.
It's the opposite for my wife and I. On each side, our older relatives think of my wife and I as the ATM, shamelessly at times. We have probably loaned out 5K over the last few years, and we know we're not going to get one cent of it back. All to boomers, some her side, one on my side. We actually say NO a lot.
Look at the economic shitstorm our kids face. I help them as much as possible. If it makes my retirement years leaner, sobeit. This country is facing many dark years ahead.
@@matt75hooper I had zero help gen X living on my own at 17, working two jobs, enduring conditions that would cause 95% of Gen Z to collapse in horror. They don't face anything more difficult than we did. They just are weaker of will and lack determination, because we CODDLED them so much.
It takes 2 incomes to make it today unless you are amongst the top earners. This mess isn’t going to get better as the government has a huge spending problem. How are retired folks supposed to pay property taxes along with everything else. This country is falling
Something good is also happening. Just retired at 64 and fortunately planned this well. Getting ready to hit the highways and skyways for the next 5 -10 years. Will see what's up with SS in 10 years but not worrying about it.
I always lived below my means. Second hand car, small house, rare vacations. So now i have enough to retire. Those that blew their money are now seeing the repercussions.......
You should have upscaled to a grander house in a more desirable neighbourhood and then being able to down size then having the increase profit of the last 25 years to invest and live off.
Voted for what? Most of us voted for 3 Middle East peace treaties, no wars, 1.2% inflation, a secure border and energy independence and cheap gas and food. I'm 68 retired for 5 years and fortunately only thing I inherited was the knowledge to work hard and save. You have boomers mixed up with the young generation of voters voting for free stuff.
_Living_ _Apart_ _Together_ is an option for those who remarry here. Most men tend to remarry; e.g. of the rich Bezos, Musk. The women statistically not so much if grand-kids come into the mix from their children. You see men heading to the Philippines, Thailand to go behave like saviours in South East Asia.
We made the three legged stool into a 2 legged stool by ourselves. The 401k plan was supposed to be a replacement for the pension legged. But we mistakenly thought that we then didn't have to save independently beyond the 401K plan. For the most part, we have a 401K plan, but not a lot of other cash assets Another mistake that some made was not to have both a 401K plan and a seperate savings account. Those people are screwed. All they have is social security. Then the worst situation is where a person has no 401K plan, no exterior savings plan, and also takes social security early. I see people retiring with social security only with a pay out of only $1400 to $1600/ month. This is basically poverty level!
66 yo Boomer and small business owner here. Last year saw historically high earnings for me. This year will probably equal that profitability if consumers continue to spend like drunken sailors. I plan to semi-retire at age 70 and start collecting social security. That is IF the economy keeps going strong. I've been saving like a pack-rat for years and it paid off. Owning a business is full of risk and reward. It isn't for the faint-hearted.
70 in two months. I'm winding down a small business with less than 20% of the work I had when I made the decision 6 months. It'll probably take a year to all be finished. Regretting a bit waiting so long. My attitude was I would work til I died. Caught Covid and then a few extra problems and decided I should retire to do things. With less work and playing more I have found that my physical stamina isn't what I want it to be to do the things I want to do. Hey, I walk two miles 5-6 times a week, but getting older is resulting in loss of mobility/elasticity and it sucks. If you have the money, retire ASAP!
Nope, I was happy working for the man, knocking down six figures, getting paid sick days and vacation and letting them pay half my Social Security tax. Retired at 56 but took a bunch of crap from time to time.
My husband had the same where he worked. It wasn't a choice, it was automatically deducted from your pay before you saw your wages. I think a big part of retirement success is DON'T spend your young working years running up debt!! If you can't pay for things on your wages do not expect to have them! Learn to do without the frills. Face the fact that if you are not born a Rockefeller or Hilton, and the like, then you are ordinary working folks. And that is just fine! Live accordingly.
My university employer had good foresight and created an excellent pension scheme for us. They deducted a good sum from our salaries, but also contributed as much. We had a good housing allowance and my modest house was paid off before I retired. On retirement I could opt to remain a member of the medical aid scheme, which I did. All of this makes retirement comfortable for me now, and I am so grateful that somebody in the know had done all of this for the faculty. There never was money to blow, however, which also taught me to be frugal to this day!
"something terrible is happening to boomers" and anyone else who fails to plan, save, and invest. those who fail to impose financial sacrifice upon themselves eventually have financial sacrifice imposed upon them.
Exactly, these are the people who voted for no government, no unions and every man for himself. If you want all of those things, you better be saving and investing.
Happens to every generation. What is discouraging is some work hard to obtain security in old age while others figure out a way to get govt. benefits in some claim of disability. Some folks deserve the extra income but I've seen a few who were milking it.
Oh BS , they base how much your SS will be according to your income from 40 years ago and that is why SS is so low as well as pensions! They knew baby boomers were coming and they used SS and invested it and never put it back! All of these people on here that think they are so superior because they saved money is arrogant and rude! I am a nurse and the elderly are suffering in this country, especially women that took time off to raise children, they are being punished for it in their old age! This country should be ashamed and someday the powers. of the wicked will be mowed down like a blade of grass!
Oh yeah, like the 2008 Depression that thru all the Baby Boomers out of work never to find another decent job again??? Who "imposed" that? Bill Clinton and George Bush! Glass Steagall anyone?
The thing about it is, I don’t have access to jobs which pay enough for me to even maintain my cheap 7 year old ford, much less save and invest. I skip meals, wear rags, never go out. The whole idea people refuse to accept is civilization is collapsing
I'm a boomer. My house is paid off. However, my rising taxes and rising utilities and crazy rising food costs make it very difficult for me. I use rain water in the house and despite my savings I just may have to return to work at age 70.
The number of people on govt payments, the number of people wiped out by divorce, and those in low income jobs who lived paycheck to paycheck should be about 50%.
Each generation hating on the other generations is yet another example of the divisive culture we currently live in. It serves no one. All generations have made big mistakes, often propelled by macro economic forces and consistently poor government. The internet has given us alternative information, so we should now at least be better informed, in theory.
I am a baby boomer. I watch younger people around me spend money frivolously ( in my opinion) . Expensive hair and nails , new cars , putting trips they cant afford on credit cards , shopping for recreation, Starbucks everyday... The list goes on and on. I worry for them. Itll be even tougher than it is now in 50 years when they try to retire.
I'm a boomer (with zero debt and a net worth approaching $14 million), and I also observe how freely younger generations spend money. Instead of living frugally, saving and investing like my fellow boomers and I did, younger generations spend a lot of their money on luxuries that we boomers never would have wasted money on.
To be honest, people after Gen X can't buy houses, can't go to college, can't afford children. So why not just spend on frivolities ? Are you going to deny them even that ? Boomers enjoyed all those things denied to people after Gen X. Are you so misery in your assessment of people who didn't have it as good as you ?
@@timothykeith1367 It’s an unnecessary expense when you buy one every day and you don’t really have the money to be doing that. You can make coffee at home.
As a boomer i have worked my entire life watching wages continue to lose ground to inflation so that increasingly i have had to watch my disposable income drop. The consequence is that saving for retirement has been continually reduced over time while employment with pensions has all but been eliminated. You can't keep cutting expenses enough to maintain the retirement contributions as you approach living paycheck to paycheck as inflation eats you up. Contributing to retirement just can't compete with paying the mortgage and keeping the lights on.
Agree. My 38 year old stepson has had a good job for 5 years; his retirement plan there is 401K. It could disappear later when he won't have the time left to build an alternate fund.
Shifting the burden to the employee to fund their own retirement, led to predictable results. Add to that the gap between earnings and expenses has been accelerating since I got my first real job in 1987
I can't speak for anyone else, in my case, my employer miss managed our co. Which our 401k were 100% divested in. Well, after 25+ of contributing to my 401k, id amassed about 150k, then the company got into finance trouble, and everyone lost their 401ks which were based on the stock. Now, after starting over I have 50k and im approaching the end of my ability work.
Possibly good times created a sense of no urgency to save. My parents grew up during the Depression, and WW2 they knew hard times and lived way below their means and worked multiple jobs. They wasted nothing. My mother canned food even when she could have gone to the store and buy it easily. They retired well off, not rich but well off. My mother died with over a half a million in the bank. She could have easily lived and spent more, but having money in the bank was more important than driving the newest car.
Vacations, new cars, a jet ski, a boat, a lake cabin, and a high life style vs. actually saving for their retirement is the problem. Maybe? Pensions don't exist but even if it does look what happen to pensioners in Detroit. When pension funds run out of money it does not matter what you were promised. They are getting about 65% of what they were promised. Almost all of the government pension systems are in deep trouble. Drove old cars, stayed in the same house 30 years and fixed it up and saved money. Ready to retire and just getting the last things in place.
I know a lot of Boomers who re-mortgaged their houses to buy new cars, take lavish vacations, remodel perfectly nice homes, etc. Boomers insisted on SUVs instead of the trend toward fuel efficiency that we were on in the 70s. So many boomers live in huge, over-mortgated houses. It's all stupid. I am an older GenXer. My sister & I bought land, built small houses & payed off the land while driving old vehicles, used furniture, and thrift store clothes. We learned from my dad, a Boomer who worked hard & lived debt free
I witnessed the same thing throughout our young working life. Some people spent money like it was going out of style and there was no tomorrow. Had to have the very best and most expensive things to crow about at their next dinner party. I have no use for that crap so needless to say I didn't go to many dinner parties. Shallow status seekers, and have all been divorced and don't have much to show now! Sad in a way, but Karma's a bitch sometimes!
Boomer had the royal flush.. consume consume consume. There has never been a more materialistic, indulgent, decadent generation in US history. They had jobs that actually kept up with nominal inflation and melt up stocks and real estate. For every $1 a Boomer put into a 401K, it returned $110. A house? bought at 30K-40K in 1970s is now 500K or more on coasts. They get pensions, SS and Medicare. Their retirements couldnt be any easier. My gen wont get SS or Medicare so will be spending millions more to stop working.
The problem was corporations ended pensions as boomers were 10-20 years into the workforce. So when they started pensions were a thing and corporations all got rid of them and replaced them with 401-k.
Absolutely right. When I entered the workforce (50+ years ago) there were defined-benefit pensions which were later replaced by defined-contribution pensions. Gen Z thinks it's unique because it thinks it was shafted and, heck!, they've only begun their lives. They've been so pampered they want to give up too easily.
Pensions ended many generations ago in many industries and families. My last direct relative that had a pension retired in 1948. Another relative An uncle got 18 bucks a month pension from General Motors from his 1950s tenure there. I worked at a place in 1979 that had a pension plan. BUT you only became vested if worked there 10 years. During giant layoffs in 1983 great folks with 9 years 10 months were fired to kill off the pension liability. While at that place for 4 years the California tax board would not allow deduction of an IRA on state tax since worked for a place that had a pension. So when I put 2000 in an ira in 1983 California only allowed 1500 since calif law. Then 3 years later I had to pay California taxes plus penalties plus interest on 2 years disallowed ira deductions. The California tax folks said I could since not vested. Then 3 years later has to pay like 550 bucks since they changed their stance. So really a company could say you have to be there 500 years and nobody is ever vested so California won't allow ira deductions Actually the only folks I know who have Pensions are government retires. Maybe the telephone company or power company too.
I have a degree 2 in fact. I was dealt a hard blow with my health in my 50s . I am now a disabled senior citizen almost 62. All I have is my SS. The threat of becoming homeless is very real! I had to experience that for a while until I was able to get into stabile housing. Things are a bit better now, however, money is a big struggle. 😮😮😮
I completely understand, becoming disabled myself in 2004 against my plan to work until age 80, but my age is now only 62. Was a workaholic until an auto accident the year of 2000 slowed me down, but kept working until 2004, when my doc refused a back to work slip. He was right of course, but I am grateful for my meager SSD, which feeds me just enough lol, & grateful that my house is paid for. Unfortunately, my vision is failing now, but I trust God as my specialist who keeps me here & somewhat productive. GBU
I'm a boomer, lived fairly frugally, gave generously and earned a very high income. No way a guy like me could fail at retirement. But you have to be gifted or lucky to be a high earner. Most people can't do that. I was lucky.
Your videos are an excellent blend of the numbers combined with attitude. I went through Dave Ramsey's Financial Peace and have paid off debt, and I'm continuing to work and save.
Just retired. Took all savings. Retirement etc. And paid for house, room to farm cars etc. No saving, no debt. Living on ss and I save some of that. It's not saving, it's debt
I partially agree. Debt is a killer. If you and a spouse can live on SS, then both of you must have maxed it. My wife likes travel with her friends. I go to my deer lease at least once a month. We both do short trips to the country together. But need more than just SS. Fortunately, we have some investments to help.
I read these comments and it’s sad that people actually live to work, working hard and long hours is not living .It’s unfortunate that our society and Government has created this system. My favorite saying is from Shawshank Redemption movie “You either get busy living or get busy dying “.
The pension was a confidence scheme. When you've been at a company long enough to start vesting in the pension plan, they find a reason to send you out the door. I was laid off twice by large corporations with pension plans and great stories. Nine years at the first, twelve at the second. So those "pensions" will pay me enough for one nice dinner each month. I learned to stop spending money and save half of every paycheck. I only had to work at my last job for six years before I fired them. According to SPEA statistics in 1990 a Boeing engineer that retired with a pension at age 65 lived on average for only 18 months after retirement. These folks won't need savings if they work to 70.
Engineers from Lockheed also die soon after retirement (I think within 2 years on average). I think it's from all the stress of the job and by the time they call it quits, their body can't hold up much longer.
Where's all the money that they stole out of the SS fund...PUT IT BACK!!! Also, don't count your house as wealth if you are going to LIVE IN IT! You will still be paying real estate taxes, insurance and upkeep!
I became disabled 24 years ago. We lost all our savings waiting for disability or s0cial security. It took over 5 years before I received a dime, in the mean time one medication I was on cost me out of pocket 700 bucks a month. Think I am pissed. I was 42 when this happened to me.
Born 1961. After what I have gone thru past 4 years I am surprised I am not homeless. Lost tens of thousands dollars in Stock Market (suppose to be my retirement), sister stole all money in Grandmothers Death Will (I was Att Exec) 2011 Motorcycle accident from intoxicated female driver, hit asphalt at 70 MPH wearing t shirt jeans and tennis shoes, skinned alive but lived. 2021 Health issues with Candida and lost 100 lbs in a few months. I can go on and on..........................But, the commander in chief is doing this to me for a reason (got my 1st vision at age 6 that saved my Life, there is a reason why I am still alive), where I live countless scandal, corruption and deception against my personal behalf, having to go to Court over Lies (sound familiar). Anybody that would have gone thru what I have would have committed suicide a long time ago.
I'm a boomer and had to overcome a broken marriage and alcoholism before I could get my life on track. When I was 40 I started in my own businesses making and installing air conditioning ductwork. It was hard work and long hours but the rewards were there, and I ended up owning 2 houses and a good amount of savings to get me and my wife through retirement. People today have given up of looking after themselves and sit around watching social media rather than planning and improving their lifestyles and have their hand out to social welfare. If you work you can get ahead, if you work hard you can do even better.
And those of us who are NOT alcoholics do even better. I am 74 and living happily in New York City, with the character to never have been an alcoholic.
Please under stand , as a Taxpayer, any handouts are offered to all Taxpayers. Some abuse it, lazy. Some need it, try to make ends meet. You’re not above those people, don’t look down and judge them.
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
There are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience
Yes, financial advisors can make a significant difference, especially in the current market. Stocks are quite volatile now, but with the right calculations and a good advisor, you can achieve substantial profits. That's the best protection against a recession.
Who is this person guiding you and how can i reach he/she?
'Sharon Ann Meny ' is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thanks a lot for this suggestion. I needed this myself, I looked her 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?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
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.
More reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to
talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount... thanks
Annette Marie Holt is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.
My dad was a boomer. He worked three jobs at times, day, night and weekend jobs. He saved every bit of money he could while other family members said he was being silly. Now, the other family members are poor as dirt in their old age. My dad passed away but my mom lives a comfortable life. She's not wealthy but she's not worried about finances like all of her friends are. Being young and not having everything is manageable. Being old and poor sucks.
I like to say young and broke is an adventure. Old and broke is a disaster. I consider boomers to be one of the worst most selfish and foolish generations ever to exist. They were irresponsible and now they are suffering the consequences. I sleep well at night.
Facts
My dad said getting old sucks
Being old and poor sucks more
IT IS MUCH BETTER to be VOLUNTARILY extremely frugal when one is young rather than suffer circumstantially ENFORCED extreme frugality in old age when one is less nimble, less adaptable than younger folks. Age limits adaptability, limits flexibility.
@@MrCPPGJealous much?😅
@@MrCPPG You mad Sis?
I grew up in extreme poverty, going without food and electricity at times, I became homeless at 17 dropped out of school to work menial jobs to EAT. Early life set me up to be frugal, own my house, drive a 21 yr old truck, have about 900k in savings, I’m 58 now and retired at 56
Are you serious everyone is working jobs to eat. Right now a menial job cant pay enough for food. Get over it
@@lessar2721 I believe you missed the context of my story, have a good day! 😎
Kudos bro. You did better than most. High 5
Hmm. All my life pay into ss and for what? It'll be gone by time I would be eligible....10 years he says. I'm 46. 😢
@@JasonStone-m5i thank you! S.S. Will be there for you 100% Politicians won’t even discuss it till the final hour….. mark my words…. They will raise the tax on both employers and employees by .5% and that fixes it in today’s numbers….Or they simply raise the age AGAIN! that’s another topic
Im 64, retired at 63 from a large telecom company. I receive a small pension and live off SS payments. I sold my house and moved to South America with my wife. She unfortunately passed away from cancer. I did build a small house on a piece of land I bought when I moved here. So everything is paid off. I live a simple life now.
I'm sorry to hear about your wife.
@@hombre1miathanks
Since I'm a college professor, my SS payments are going to be reduced by almost $600 a month even though I had paid into it for about 25 years. I will never be able to afford to retire. If I lose my cognitives, I'll be homeless. But if I had remained a marketing executive and continued to lie for a living, I would have a lot of money. But money isn't everything. Fine, I can't retire. But I didn't sell my soul.
@@do9138 What ? You College Professors are govt hacks. Extremely well paid by the tax payer. Pensions that would make Midas blush. WTF are you trying to sell us ?
@@stevethomas5209 Professors are not allowed to participate in SS. Not only that, but the pittance we receive from our pension is considered a "windfall," so if we worked in the private sector for over 20 years, as I did, our SS payments are reduced. Currently they are reduced by over $500 a month. No one else's pension is considered a "windfall." No one's stock dividends are considered a "windfall." Nope. Professors are evil and should be punished. I was never paid well enough to be able to afford a downpayment on a home, so I have nothing to sell. I will never be able to afford to retire no matter where I live. As I said, professors are evil and should be punished according to the federal government.
Divorce is a retirement killer. I know people who were married and divorced three times. Not good for finances.
Ain't that the truth. I know friends who had to work 10 years longer because the divorce sent them backwards financially.
Another thing that is a killer is house hopping. “Upgrading” every few years is a fools choice too.
@@markdavis1116 Yes, almost did that because my husband wanted to live in a 1 story house because he was afraid of climbing the stairs as we age. I told him we could buy a stair lift if this happens He is 66. Our 2 story 2550 square foot home was purchased in 2001 for $156,500. My husband wanted to move an hour outside of Houston to a master planned community. A 2450 square foot one story new construction house is Over $450,000 not including upgrades like blinds or ceiling fans. Our house is closer in town and paid for. Our current home value is about $330,000 after we spend 15 grand to upgrade the old carpet to vinyl plank. And we decided to stay. Please don’t be mad at us Boomers who stay in their own homes as they age. If we all had some sense a lot of us empty nesters could rent out rooms to half our house and save money for young families who cannot afford to rent an extra 3 bed rooms and to help the Boomers with paid for houses pay for electricity and taxes.
Better move to New Orleans, then…..
You never get divorced, you just lose your turn….. 🫵🏼😁
Yeah, and let's face it. If you had kids, got divorced, got remarried, and then treated your new girlfriend/wife's children better than your own. Your kids are not going to be moving you into the $2,000/mo 2bedroom rental that 2 families share.
I have sadly watched many fathers, and some mothers, treat their step-kids better than their own.
Debt free. Good health. Minimal expenses. Thats a good place to be.
Lucky guy!
Maybe those should be the three legs of retirement. Agree
BINGO
Good health isn't always under the control of the individual. The rest is. The bottom like is, live on less than you make.
Live like there is a tomorrow. If there isn't, well, you still lived well. If there is, tomorrow, will be a lot better with money than without. The chances of living long enough to retire with money is a lot higher than the chances of retiring with no money.
You and me both.. A little saved also.... Going to retire from on job in 2 months and start an easier full time job then... why? because I want to, not because I have too..
I am currently burning through my 40s and This is no time to taper retirement savings. I want to max out my retirement funding and I also have another $200k in a savings account that i want to invest in a non-retirement account.Would it be better going to housing? Maybe own property and let it till im ready to move in at 65.
Research dividend aristocrats and choose six to ten firms with over 25 years of dividend payments. Also 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.
I thought gains like that are nothing but a pipe dream! mind sharing details of yourmanager please?
I work with Sharon Lee Peoples as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
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 absolute key to financial well being is to avoid debt like a plague. It is EASY to get into debt and very difficult to get out. I'm 82 years old living a very modest life, but I haven't had a car payment in over fifty years and have always paid off my credit card at the end of the month. To the credit card company, I'm a deadbeat because they don't get ANY money from me. Living within our means simply makes sense. If I can't afford it I don't buy it.
Wisdom is priceless
I'm 72 and never had a car payment in my life, the only thing I ever borrowed money on was property!
Yep. don't live beyond your means. And if you're struggling, work a lot of different jobs, learn to master communication, always continue to educate yourself outside of scholastics. Eventually experience and knowledge will pay off, literally. If your resume reflects capability to learn, that balances out the lack of college education.
Don't feel bad for the CC company - they are making money from every one of your purchases. If they were not coming out ahead, they would drop your account like it was a viper. I always pay the card balance every month. For any business who tries to charge extra (some restaurants, the Bureau of Motor Vehicles, some utilities, property taxes, etc) I pull out the cash or checkbook (sometimes draft.) Avoid debit cards, no protection.
I'm 78 & agree with you, completely! I've also lived the same way as you &
don't regret it!
Putting well-earned money into the stock market can be over emphasized for first-time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60.
If you're new to investing or don't have much time, it's best to get advice from an expert. Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $121k ROI, and this does not include capital gain.
I'm pleased I found this conversation. If you're comfortable with it, could you share how I can get in touch with the advisor you rely on for your investments?
Carol Vivian Constable 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 name and her website came up right away. It looks interesting so far. I sent her an email and i hope she responds soon. Thanks
This Boomer was very fortunate - Started planning 30+ years ago, lived well below our means, planned for both normal and "surprise" expenses, and, up to this point, it has served us well.
Same here, 63 now, retired at 60. Wife is “next generation” born 1966, she retires next year at 59.5. … I was fortunate I could go on her insurance or I’d have stayed longer.
I still run a small business and work anyway for fun
We’re fine
Same here. Born in 1962, started saving in my 20s and am retiring soon at age 62. I have lived simply, below my means, am a minimalist and do not carry any credit. That formula has worked probably because my parents and grandparents did this too and had something to pass on to their kids and grandkids.
5 minutes of brain is better than 300 months of catching up.
Hats off to you sir.
Same here. Lived within my means throughout my life and saved my money, I invested wisely and now a blue collar millionaire. Still mow the lawn every two weeks though 😊
@@Dimythios ha ha I mow mine every week, that is my “day off”
Other days running and coordinating painting jobs and landscaping jobs.
25-35 an hour .. good money, keeps me active .. take on more jobs in the summer as I hire few younger friends that are teachers.
The current market/economy is unnecessarily tougher for boomers/senior citizens, my mum is used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with her portfolio. I’m really worried about it
She should just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
*Sharon Lynne Hart* is the licensed advisor I use. Just search the name. You’d find necessary details to work with 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.
People began losing jobs to a younger demographic because corporate greed doesn't want long term employees.
Let's not forget the millions of smaller manufacturing jobs outsourced to China and other Asian nations. That's the reason for so many demanding $25 minimum wage and calling it a living wage is ridiculous. Minimum wage was NEVER meant to be lived on. This is Washington's fault all the way around. Outsourcing and bad trade deals. And those in Washington collecting pensions from people who don't have pensions is CRIMINAL.
I have 30 years experience in the IT field and truncated My resume bc I was facing age discrimination yet recruiters and HR complain that these younger ones can't communicate and do a lousy job. Well, You can't have it both ways.
For sure I went back to school at 39 to become a teacher and they didn't want us older people in the College of Education
Correct if your born 1960 to 1980 your work career is endless corporate buyouts and downsizing, zero pensions endless crap 401K's. If your born 1945-1959 folks in that era did damn well with pensions. This guy is talking out his ass!
@@joegeezer6375EXACTLY!!!
As a Boomer (age 71), I learned from my parents to be careful with money. They were terrible examples, borrowing money to take fancy vacations and buy new cars every 3 years. Many people in that generation thought that appearing to be successful was the key to life. What ridiculous BS. A lot of Boomers replicated their parents mistakes.
Sounds like you learned this in SPITE of your parents! Did someone in your life other than them, set an example for you or teach you how to be careful?
@@yellowbird5411 No, he learned from his parents' mistakes not to replicate them. I did the same. Parents smoked, I never did. Parents lived paycheck to paycheck with bill collectors hounding them, I was the exact opposite. You learn from others mistakes and hopefully make a better life for yourself.
@@buffycat4641 I guess we can learn from others' mistakes, or learn from others who are our role models. Alternatively, we can choose to cut our own path and not learn at all from anyone. Free will is a wonderful thing, because then we can learn from our own mistakes. Maybe. : )
Most of the generation who preceded the baby boomers were frugal and afraid of running out of money,grew up during the Great Depression and then the World War II a few of them were born early enough to have seen the "Roaring Twenties" as young children before the market crashes and bank failures ushered in the Depression
@@davidpowell3347 Agreed. My parents were born before the Great Depression of the 1930s, so I got a lot of info from them and my grand parents about what life was
like back then. Having an appreciation for history, I soon learned that history tends to run in cycles, so it was reasonable to assume that recessions and depressions
also followed this pattern. This caused me to become quite frugal in life, saving much more than average, and then learning how to manage money and invest it. I did
this from reading books, magazines, newspapers, and anything else I could get my hands on about personal finance. Because of that I became my own financial
advisor, made a few mistakes early on and learned from them, and went on to become reasonably good at money management. Because of that, retired comfortably
at age 55 in 2004. Been enjoying retirement ever since. My 401k plan money was rolled into a T-IRA that has been a fair approximation of a perpetual motion money
machine. I never planned on receiving anything from SS, thinking that the US Gov would find a way to mess it up. Took benefits early at age 62 for that same reason.
It's still around, for now, but it's being drained faster than money is coming into it. I took benefits early and invested some and lived on some. I have few regrets about
how I have handled my money. But the level of financial education in the US is abysmal. Way too many young people can't do even simple math, let alone manage
their money to their advantage. Some of them will learn because hardship can be an excellent teacher. The rest? Pretty much screwed.
In my opinion if you have a paid off house with no car payment you should be spending far less than $4,000 a month in retirement if you are a single person.
Precisely
Taxes, are an expense I never thought would have grown so high.
Property taxes are quite high here in Texas.
I have a son, a car payment, and a mortgage. I average $3K in expenses per month.
@SWelosishereor what may happen in November.
1 medical problem and any savings is wiped out.
You said it
Not in Canada thank God!
@@Sally-ih6lsExactly.
Or any civilised country.
@@stephengreen8986 lol
The biggest issues is the insane price of pharmaceutical and insurance
If you qualify for Medicare you will realize how sweet life is...
And tricked out F150's.
If you're in your 20's, the biggest issue is housing and food.
Insurance nowadays is a scam.
Some states are less expensive for medical insurance, car insurance, housing. Seafood is expensive, but pork is cheap.
Personal Finance should be one of the number 1 things they teach in High School. It should TOWER way over sports, art, and other courses.
Do you know there are inner city kids, that live with parents that have never had a bank account? Or a credit card? True. They pay their bills with money orders. True.
Their children aren't learning finance from their parents. So there should be Personal Finance Courses taught in our schools for these kids. I'm speaking from experience...I got my first credit card at 32 with a $250 Spending limit. Nobody would give me credit until 32. I worked and got $5,000 in my checking account...and I applied at the bank where I had that checking account for a credit card....they gave me a credit card with a $250 spending limit because I had no credit history...Should have happened 14 years earlier but it didn't.
Anyway...back to my point...Personal Finance should be a TOP course taught in High School and College.
Family responsibility.
It was taught in grade school in Indiana; those were math problems.
Worked in the school cafeteria from 4th to 6th grade to get a free lunch. ie pocketed the 1.50 bucks a week for the 5 meals. Had depression era parents. ingrained pitching pennies to survive. Sold Peanuts door to door in 2nd Grade. Sold Xmas cards door to door from 4th to 6th Grade. Mowed yards for 1 to 1.5 bucks a yard from 7th to 9th grade.
That 4th Grade Frozen giant OJ cans we opened and mixed OJ in the cafeteria was expired Civil Defense supplies. They donated it to the schools so not wasted. The trays we cleaned and dumped the edible parts went into a trash cans a local pig/hog farmer got. That entire cafeteria working was about thrift.
That grade school did not have electric clocks. It had pneumatic powered clocks. the minute hand moved with the pressure pulse from the master clock via tubes. Ours made the minute had move 1.5 minutes each time; so 40 per hour. The minute hand sort of had a slight backwards lurch / twitch before moving the 1.5 minutes. So when bored in say English class and looking at the clock it was not moving.
Most kids wouldn’t listen. Very few are ready for the information until they actually have to pay their own expenses.
Even more important, kids should be taught about NEEDS and wants. How to resist advertising, influencer misinformation and budgeting.
Works except in recessions, which cycle every 10 years.
Those of us on the tail end got screwed, and we are not part of the baby boom. Older siblings are baby boomers. The division is when did you graduate from high school. The front edge of the boom graduated into a strong economy. Those who graduated after the end of the Vietnam war, graduated into an economy which was a mess. Jobs were hard to find, interest rates were the highest in record, and we had to endure stagflation. My older siblings all went to college for nominal costs at state universities. Then second phase graduated from college in debt. Because state colleges had begun charging more.
Aint that the truth😢 You hit it right.
I am 74, retired at 57, travel often and I am doing very well.
I came from nothing, and never was a big hitter. I just planned well .
Retirement at 57 is impressive. Congrats.
Good for you, go get a cookie. Do you have anything to offer on how you did it??
@SWelosishereplease share your insight
Excellent!
@SWelosishere Lemme guess, gloom and doom?
"My mother lives with my sister--and it's a wonderful situation!"
Uh huh.
Said the brother who is _not_ living with his mother.
Truth!
That's what I was thinking 🤔
Yep.
That's great! I am planning on living with my son and daughter in law.
A year ago my 86 year old mother wanted to share a house, she would sell her home and My wife and I would sell ours and use the money jointly to buy one home to live together , In theory it sounded good, but my mother is toxic person that drains your soul, she constantly complains, is negative about everything, trys to be controlling and tell you what to do, then when you protest her behavior, she gets mad and pouts about it , there is a big drama that I have to go through to return the status quo , which means I have to apologise and act sorry, but I'm really not ! All that goes on just visiting her and not living with her! I actually dread even visiting, but anyhow we looked at this really nice newer home for sale that would have worked, While we were looking at that home ,my mother walked around finding fault with everything saying They want 260K for this! I only paid 110k for my house and its just as big, I said yeah but you bought your house 25 years ago, and didnt put a penny in improvements in it , This house has a glassed in patio, walnut floors , everything in it is top grade marble counter tops, finished basement and so on, My mother said Its still too much! After we dropped my Mother off at her house,on the way home my wife said That house was beautiful ! I said Yeah, but just remember the un-beautiful thing that would come with it! I bet within a month we would both be sorry moving there together.
There is a very small minority of parents such as myself that took (or are taking) care of extremely disabled children, unable to work at all, or just a very small part time job to try to save some money or build up some Social Security. Taking care of a child throughout their lives one can earn money to care for the child, but Congress has never allowed us to pay into SS. And there is no retirement benefit. Or unemployment once the child passes. In my case, I saved $$ over and over again, and each time I had to live on savings when my child went into the hospital. All income stopped then. So savings were spent each time during a hospital visit. So I now live on SS and SSI. A very small income. I am grateful for that, even. A special home purchasing plan for families with disabled children was passed years ago. I jumped at that,, knowing what my fate would be in my senior years. So I jumped through all the hoops, paid on the house, then had to sell. I had enough $$ to buy an old MH on its own property free and clear. It's the only way I could have survived. It's difficult. But I volunteer and do what I can to help persons in our poor community.
I was divorced in 1998, my business went through 2 nasty recessions in mid 70’s and early 80’s and another recession in the 1991. I had very little savings and small Social Security amount. I know others like me, many are women. So please be aware that not all the Boomers had big savings.
Your not alone am with you on this am 65 and poor
I appreciate your post, tks. It's just so odd people who lived during relative abundants now in retirement are so fiscally devastated
Hi Azul Thanks for a very informative and down to earth video ,you explained a lot of things in good layman's language I will look for more of your video's .Regards Chris (England )75years young .👍😁
yes exactly.
I’m right there with you. If I could advise younger it would to buy gold. Lock it up. It won’t depreciate like the dollar
My marriage broke up at 40yrs, managed to have enough to pay a deposit on another house. But ended up being a solo dad of two and also paying support for the ex and for one child, so I was on the bones of my arse for ten years. Also, I have had to bail my kids out of financial trouble several times. But saved hard for the last 10yrs to enjoy my old age.
People asked, why are you single. I tell them, women are a luxury which I cannot afford. Now retired have my hobbies and toys, and travel o/seas for a couple of months a year, having a ball.
So sad to hear that! As being a female you and taking care of men rather than they of me, I can say that there are the other kind of women there as well.
I am single because men cost me too much. Now I am debt free, healthy and paid off house in the mountains. Retired for 8 years. If I was in a relationship I wouldn't be so well off.
I just love stories with a happy ending. Good for you! Thank you for sharing. (I am one of those Childless Cat Ladies!).
I spent 12 years in divorce court before I got a final decree. Legal and ancillary expenses were north of $250K. In the end $300K of support was returned to me because the court "improperly" ordered it. There were an additional 200K of other credits. But I didn't receive interest credit even though there was massive malfeasance by the ex and the court. Divorce court has only one purpose and that is to exploit children with the goal of extracting money into the divorce industry.
I'm not sure women qualify as a luxury item anymore.
Try finding a job when you are over 55...especially in a crap economy.
Age discrimination is alive and well. Make no mistake about thinking it isn't
@@taintedmeat9740 stay positive
Try what I did. Start a little business. I started a handyman business at 66 years old. I just put signs on my pickup doors. Next thing I had all kinds of business. I worked at it until I had to quit at 79 years old as falling off ladders was not a good thing. I grew up in a family business and was self employed most of my life. Even as little kids my brother and I raised chickens and sold the eggs, shoveled driveways, mowed lawns, fixed flats before the days of tubeless tires. You need to broaden your horizon.
I retired at 63 ,stayed home for about 3 months before I found a great part time job.
I found a new job in 2015 at 57. Covid took that one, found another in 2020 during Covid. Still going strong.
Have a skill in demand. Keep learning and doing. It’s not easy but it is doable.
I remember my Father telling me at 19…Son you want today what your mother and I worked 30 years for…get another job and get OUT OF DEBT! Sound advice! Pass it on! Blessings…
Very wise Father, lucky you
A lot of the trouble some people have comes from just plain greed and trying to "keep up with the Jones." (They use to call it that!)
Agreed. I keep hearing people bemoan the fact that their kids graduate from college and can’t afford to buy a house. I understand that there are no longer $100,000 homes to buy, but there are also a million apartments available that didn’t exist when boomers were young. in my opinion, the apartment is the new hundred thousand dollar house. Just because things are different doesn’t mean that the boomers had it so much better. The newer generations have a lot of tools and opportunities that the boomers didn’t have. My parents had one car until I was in my teens . I don’t think the younger generations would have any real interest in living the way my parents did, or the way that my husband and I did either.
@@TheThiaminBlog Exactly! My husband and I used to keep old beater cars going on a wing and a prayer! We never knew when or where the darn things would break down! We could never afford a brand new car until we we well into our 50's. Now I know why our parents had precious little sympathy for us when we would lament about how tough things were! LOL! It was "Oh quit complaining, WALK!" Bless their hearts!
That's insane. I'm a Boomer (age 66) and my parents were Great Depresson-WW2 folks. They taught me to save since the time I could walk. They also taught me to be frugal. I retired at age 62 with 3 IRAs, Soc. Sec., a taxable account, high yield savings account with a large emergency fund, a small pension, a paid off house, no debt, massive monthly dividend accounts, and a part time job. I'm not wealthy, but a formal financial analysis shows I can survive to 91 even with a 40% hit on my investments. I can't believe people in my generation have zero saved. I'm still saving even though my advisor says I should spend more.
You and millions others. I am same as you, My parents taught me to save no matter how hard times were. They lived thru the Depression. They knew hard times. Passed those values to me.
Me three. How could I fail with parents that preached avoiding debt, saving and investing. The super power to life is parents that teach truth.
Yeah, I'm thinking the same thing, and I'm not even one of the frugal and prone to save people. I'm just a regular Joe and it seems I have more saved than the vast majority of Americans.
The 2008 Depression thru Baby Boomers in the streets and wiped out their retirement savings. Don't you remember?
Ditto, except the age (71).
How many people can fathom an unexpected health crisis, either illness or injury that puts them in the hospital?
Health insurance is a scam nowadays. Like rent. At least the DOJ did something about latter recently.
Agreed. The things that can hit you can be things you'd never even imagine. I got stung by a scorpion, of all things. It turned out to be the kind that injects a lethal neurotoxin. The two vials of anti-neurotoxin that saved my life cost $95,100. Never saw that coming.
It's terrible what is happening in this economy. Wages are not keeping up with inflation. Can't afford to buy a house, can't afford to buy a car, can't afford furniture for my over-priced apartment. We have no debt; no car payment and we are struggling paying for basic expenses. I told my husband that our next vehicle might be our future home on wheels. In Arizona summer heat, it could be deadly. I just pray we don't end up homeless.
Move to Oregon, lots of work and some places cheap rent, and on the coast no air con needed!
It's a shame our zionists controlled government sending billions of $ to Ukraine and apartheid israHell while Americans are struggling.
Northern AZ only & you’d be okay… Flagstaff & further north.
I am single and younger.. imagine how hard it it. Men dont want marriage anymore becaus eof Boomer divorces and settlements. At least Boomer could have worked 40 years when the wage still had purchasing power and accumulate assets. There is nothing left in wages anymore.. they dont even cover basics- let alone the ability to save or buy assets
If you vote for Trump you WILL wind up homeless, and hungry and without hope. Praying won't help. But voting Democratic down the line will.
Almost everyone I know has an emergency fund, they call it a credit card 🤔
CC is a get INTO jail card. Or more appropriately debtor prison card. 18-22% interest adds up very fast and digs a deep hole.
Actually I am fan of velocity banking to most quickly pay down loans..also 0% balance transfer credit cards.. It doesn't do much good for me to read what other people have done over the last decades as a couple... I like the channels above velocity banking because it gives me the tool to handle things right now as a widow
@@JBoy340ako
lol, , I pay off my CC each month, but increase my credit limit every 5 years or so. by 10 K. Now I have 100 K credit . A savety net if things go south. Or maybe use it to pay off my medicals bill right before I die, but die before I can write a check to the CC company.
😂🤣
It would be good to think and plan ahead.
Live it up.
Start financial planning for your retirement the first day you start work. The Govt won’t take care of you.
The first year I started full time work the government raised the SS tax, raised the full retirement age and decided it was a good idea to tax SS benefits to save Social Security.
42 years later and here we are.
The federal government administers my Railroad Retirement pension.
The government will help you if you're a giant corporation or a bank. Golden parachute!!!
Nothing as good as compound interest .
☝🏻💯🥳
I retired at 69, and knew that I would have a very retrained and quiet lifestyle thereafter.
I planned for that, fiscally, and don't regret it. Try hard to keep a hold on your money while you work.
Why doesn't anyone ever talk about all the people that paid in to social security their whole life
And drop dead before ever collecting a dime 😮
Exactly what happen to my dad. Cancer and dead at 64.
@@St.Michael-Ross
Sorry to hear that you lost your pop way too early
Almost happened to me at 66 with major heart attack right after COVID
That is figured into the formula. If medicine gets so good that some of us aren't dropping dead, that will be a big problem.
I am 72 years old and have noticed that more than a few elderly people who were set in retirement are being bankrupted by some of the same hedge and investor funds that offshored and liquidated our US manufacturing capibility.
Greed is why ?
Exactly. Globalists.
If they're being wiped out by hedge funds, or anything like that, they haven't invested wisely. Only a fool would invest in a Madoff-like scam.
@@kwilliams2239 AND KEEP INVESTING IN SAME THING.
LAZY OR STUPID IS ONE THING BUT LAZY and STUPID IS ANOTHER.
@@xyz987123abc There is nothing wrong with index funds, exchange traded funds, or target date funds, with a low/no cost brokerage (Schwab, Fidelity. or Vanguard). The target-date fund being the best choice for retirement accounts. The slow and steady tortoise will beat the hare, nine times out of ten. The money will be there ten times out of ten.
On a brighter note, every recession comes with an equal chance in the fin-mrkt if you're early informed and equipped, I've read folks amass up to 7 figures during these times, and even pull it off easily in a favorable economy. Truthfully, I’d need guide please for a boomer like me to attain such amount for retirement, we definitely need to benefit from this situation somehow.
stocks are pretty volatile now, but if you do the right math, you should be just fine, where as you can save yourself the hassle as well time by seeking professional guidance
Well agreed, investing is plain sailing if you have good conviction indeed. I remember early 2020 during the lockdown, got laid off and needed to stay afloat, hence I researched for advisors and immediately found someone remarkable. As of today, my reserve of $500k has yielded into a comfortable 7-figure which we intend reallocating into gold, recalling the 1929 crash.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Vivian Jean Wilhelm is the licensed advisor I use. Just search the name. You’d find necessary details to work with 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
Fixed up old house, paid it off in 15 years, drove cars to over 200k miles, did all car repair myself. Big garden, hung out laundry etc.. Did everything possible myself Saved and saved all we could. Retired with 2.5 million in investments, savings. Anyone can do it it just takes discipline and sacrifice.
Same with us! but you got us beat by 1/4 mil.
Ah, the good old days when people could do car repair themselves. The over-engineered, complex super-tech cars of today (last 10 years or so) make that very difficult. Miss my '73 Pinto 2000cc Runabout - enjoyed points, plugs, and valve adjustments. It only made it to 182k, but had the original clutch when I drove to junkyard.
You saved but never lived ... what a waste of a life !!!
I’m a 69 year old homeless, honorably discharged veteran. People don’t give a shit.
I am a pre boomer born in 42. We had our war in Nam, it was a meat grinder. Coming home from Nam was tough, being spat upon by our countrymen that we gave a blank check for our lives for. Living in the country I fought to defend was no picnic either. There were meager military benefits at hand like college assistance and buying that new home with affordable interest rates. My son will inherit my house. He and I are currently restoring it to like new condition. My life’s wealth will be
Passed on to him as he earns it. We are not waiting until I am dead. I enjoy living with him as I teach him home maintenance.
I am a pre boomer born in 42. We had our war in Nam, it was a meat grinder. Coming home from Nam was tough, being spat upon by our countrymen that we gave a blank check for our lives for. Living in the country I fought to defend was no picnic either. There were meager military benefits at hand like college assistance and buying that new home with affordable interest rates. My son will inherit my house. He and I are currently restoring it to like new condition. My life’s wealth will be
Passed on to him as he earns it. We are not waiting until I am dead. I enjoy living with him as I teach him home maintenance.
I salute all you boomers , we had good times and bad times. We made it thru. Lets not abandon the Democracy that kept us free , safe and prosperous. Please be sure to vote BLUE.
I'm no expert, but I did work for the VA for over 33 years. See what kind of services they can provide for you, and help in your struggle. Thank-you for serving.
Are you a retired vet? If so, don’t you have great healthcare, and a pension?
I was reading a very interesting article about the Barely Boomers. These are the people born, I think between 1960 and 1964. The person was talking about the difficulty for this group due to their age in 2008. Losing 50% of their savings while also losing jobs in there years they should be saving the most. It was a very interesting article.
My husband and i only lost 10% in 2008.we are now 62.5 and doing well.
I am one of the younger boomers born during those years. I got lucky during that recession in that I still had my job, and continued to save as much as I could, knowing the market would eventually recover. Because interest rates and home prices were so low at the time, I did something I was always afraid to do: I purchased a home in my 40s in 2010. I had always been terrified of taking on that kind of debt because I wanted to avoid debt. But, I’m glad I did it, as the value of the home increased so much in the decade after. Without a large mortgage, my expenses are relatively low, and I have money saved in 401K and IRA accounts for retirement. Sure, those didn’t do as well for a little while at the time, but they’ve recovered since then. I’m don’t expect to be wealthy, but I should be able to remain comfortable when I decide to retire within the next decade. I always felt it was probably much harder for the boomers who were older than I during that time, who had perhaps recently retired, to see their accounts negatively affected.
fortunately I do have a pension, when I was 24 I realized a pension was the way to go so I went federal gov, 40 years later ( I bought back my military time) I have a great pension, plus SS and tsp/IRA and no debt, wife also has a small fed pension + SS
I have a gov't pension, but if I file for SS I'd only get around $100
I m the generation of 1933 what ever that was called it was before the Silent generation . I worked until I was 77 and yes I was in very good shape I sold my
Farm, down sized and bought a house the bank was selling at a very reduced
price that saved me for sure. I am now 91 and and I live on my SS Thank god for it.
🇱🇷
Azul very informative video as always. My wife and I have been RV'er for almost 20 years, part time only, in the last 7-10 years we have noticed a large increase of people living in RV's full time, many older, single and especially women, many out of necessity. But I have also met many people in their peak earning years, 30-40 who are living in what they call "adventure vans" encouraged by TH-cam influencers, some are working part time as "remote workers" but I think these folks are taking a big risk in not working "as hard as you can-making as much as you can, while you can" and will regret "living the good life" too soon.
right on! we've seen exactly that and when they get old they will tell a tale of woe about how hard they worked and still have nothing.
Theyre already retired before retirement.
I am a boomer in my seventies. I have seen what past generations had for retirement and nothing really has changed. Pensions have always been rare and most people do not have one. Most people relied on Social Security. I had a good job with a generous pension and that was one of the reasons I choice that municipality Utility to work for. Made sacrifices to save and invest. Some people just do not make enough money to save much , even with sacrifices. Worked plenty of overtime hours which has beefed up my Social Security benefit. A lot of my relatives have not done what I did and I help them as I can. Yes it is a problem but not a new problem. The best thing we could do is beef up Social Security for the poorer retirees. It would not take much more increase of the tax to do that. We can as a society do this, it is very affordable . Social Security consumes about 4.8 % of the national GDP a little bit more would be enough to fix this. It is about what is important to us. BTW I am a fairly well off retiree and this past Monday cut up a large tree that fell in my yard and moved it to my back yard to burn eventually, (Fit). About the total opposite of the picture you painted. There have always been retirees like me too.
Cut down a 50ft tree of heaven myself and burned in my wood stove for 4 years of heat. It had crushed my sewer line.
You were never self-employed as you would know ss consumes closer to 10% of GDP. Add in Medicare and it jumps closer to 15%.
Taxes and inflation are the number one problem.
Personal income tax did exist before 1920, and did not get confuscatory until the 1960s.
Inflation has stolen 65% of the purchasing power since 2020. Whatever you earn a year, subtract 65% from it (add in any raise you may have received) that is your loss.
It would help if the Govt would quit taxing SS benefits.
Vote Trump
Every state has their own laws about SS.
For one thing, there are a million others.
@@angelwhisper239 yes, but Social Security is taxed on the federal level in all states.
@@mlw1700if you are low income they tax little to none if it.
I was planning to work until 70 because I liked my job as a nurse and did not want to be poor like when I was a child. Unfortunately and unplanned my autoimmune disease disabled me at 60. Fortunately my mother worked until 78 as a legal secretary, she left me enough to survive due to her working until she was almost dead at 80 so her working an extra 13 years saved me from poverty being her only child. My dad was a bum and left nothing.
Stayed single?
Iucky you were the "only child"!
Your mother gave you lots of money, she's great. Your father didnt have money left to give. He's a bum. Typical
I was a pension consultant for most of my life, The simple truth is that people don't save for retirement. I've told many people to just put a few dollars away each pay into a large mutual fund, like Vanguard that has many diversified funds. It almost doesn't matter which one. If you do that over a 20, 30 year period, compounded annually, you'll have a very nice nest egg at retirement. The problem is most people can't do it. They just continue to kick the can down the road and will worry about it later. Anybody can do it, but you HAVE to do it. If you don't do it, you WILL be working into your 70's and 80's and just pray that you don't get sick!
I've been an apartment dweller ever since I lost my house in 08. My daughter asked me if I wanted to move in with her about 10 years ago. So I have been paying my daughter rent instead of some joeshmoe it helps her out and I get to help her out with her kids she helps me with my money because she can save a dime to last a week I can't save a dollar to last a day lol
Best of luck. That crash took a lot of folks out.
solid family are a great parachute
Born 1946. Self-employed until age 60. Worked minimum wage until 72. Lots of $15/hr jobs out there now. Real estate saved my butt. Took SS at age 70. Wish that I could still work part time now. Some in there 80's still working. Troubled by national debt that my child and grand children will inherit.
And great great grandchildren
it's only debt if you plan on paying it back.
@@wilber504 - It is debt if you are paying the interest on it. WRT the National Debt, the interest is approaching 20% of taxes collected. Ouch!
Government debt = private surplus. The issue is that 1% have most of it.
@charleslemaire8137 paying interest is a choice. It is a subsidy to the banks and the wealthy.
Let's not forget the consequences of fraud in the banking and mortgage sectors.
thanku for remembering. nothing ever happened to those folks
Those no-doc loans everyone was so thrilled about? Those are what caused the 2008 housing crash and had all those mortgages 'underwater'. I was working with a mortgage broker in 2003. Title companies couldn't keep up with the flood of loans, owner saw what was coming padded payroll with temps, bought a home for over $600k and promptly sold the business to a family of jewish people. This was in 2003. In 2005 I was working as HERS rater. Three years later in 2008, I was one of the many who were massed laid off due to the housing construction layoffs. resulting in the house market crash. I had a birds eye view of how it all played out.
Wondering why you specified “ jewish people”?
Some of us got our savings and pension stolen.
I knonw a lifer at WorldCom who lost it all in their failure due to their accounting fraud.
I had GF who's dad worked for Delta Airlines and ran into that. Sorry.
FYI: Generation Jones = 1955 to 1964. Boomers were listening to folk music and living spoilt lives. My generation was already seeing jobs going overseas en masse and realizing there was no American Dream
The American Dream is alive and well, you just have to prepare yourself for it.
@@buffycat4641 Yes, it is, but there IS a catch to it. One has to WORK long and hard to achieve it.
@@KAT-dg6elwaiting for their inheritance.
It's called a dream as you have to be asleep to believe it.
No. All of us were not living “spoilt lives.” A lot of us were the first generation of young people in our families to go to college. A lot of us supported members of our families when we did graduate from college and achieve a modicum of financial success.
As a 73 year old single mother who had 6 children I never could save anything. I lost my home when real estate crashed and banks repossessed them. I did work two to three jobs at a time. I had to retire early to take care of my mother who was going blind. I still work as my health allows and am trying to start an online business. I did tell my kids they are my retirement plan but they struggle too. What DO we do?
Find a fellow elderly lady to live with combine that Soc Sec $$ to live better. I can assure you an old friend of yours is in similar circumstances & would also love the arrangement.
We need to include the cost of the boats, houses and trucks they've owned over their lifetime in this analysis. I'd like to see how many of them brought this on themselves. Not all have but many have.
There’s a ton of videos on TH-cam about seniors living in old motels, broke. Their stories are very revealing. Years of minimum wage jobs, no extra training or education, often some addictions thrown in and helping out relatives when they didn’t really have the money to do that. Just many years of bad decisions.
Does that make you feel less guilty for stealing Social Security from seniors who’ve paid in all their lives and were told they were getting a certain amount and now they’re getting less than half that amount? Does that make you feel less guilty blaming your victims for all of the excesses that you’ve voted for in government and allowed to continue with no law-enforcement whatsoever which is allowing wealthy people to do anything they want to seniors with no repercussions whatsoever and laughing at their victims because working class seniors don’t have enough money to hire a team of lawyers to fight it? You just want to victim blame everybody you all are collectively robbing because you don’t own a conscience.
@@katydid2877 this from the generation who can’t make change for me at the store even when the computer tells you how much change to give me because you don’t know what the value of a coin is and even when you’re told you can’t add the different value values of the coins together in your head to make the amount of change necessary. Seriously… Young people these days can’t find their own way out of a paper bag.
I can speak from experience…no corporate pensions, layoffs, contract work, loss of pay between contracts, cost of living and housing increases to list a few of the issues that has plagued boomers in reference to having no retirement funds!
What happened is inflation , the wages were so small that even if you had been the most diligent saver could not amassed enough money to address this level of rising costs.
Stop being an ATM machine for your kids and grandchildren. 😢
So true!
They are not going to get any social security, so let them have a little now.
It's the opposite for my wife and I. On each side, our older relatives think of my wife and I as the ATM, shamelessly at times. We have probably loaned out 5K over the last few years, and we know we're not going to get one cent of it back. All to boomers, some her side, one on my side. We actually say NO a lot.
Look at the economic shitstorm our kids face. I help them as much as possible. If it makes my retirement years leaner, sobeit. This country is facing many dark years ahead.
@@matt75hooper I had zero help gen X living on my own at 17, working two jobs, enduring conditions that would cause 95% of Gen Z to collapse in horror. They don't face anything more difficult than we did. They just are weaker of will and lack determination, because we CODDLED them so much.
It takes 2 incomes to make it today unless you are amongst the top earners. This mess isn’t going to get better as the government has a huge spending problem. How are retired folks supposed to pay property taxes along with everything else. This country is falling
How can you save when you can barely afford food and shelter?
Something good is also happening. Just retired at 64 and fortunately planned this well. Getting ready to hit the highways and skyways for the next 5 -10 years. Will see what's up with SS in 10 years but not worrying about it.
Are dollar is debased. Let's cut the pie in the sky nonsense.
I always lived below my means. Second hand car, small house, rare vacations. So now i have enough to retire. Those that blew their money are now seeing the repercussions.......
And you reused toilet paper 🧻👍
I know guys in that situation and they blow what extra money they have in a casino, at a racetrack or on lottery tickets.
@@keithss67 Toilet paper? We used big maple leaves.
@@MrCPPG as opposed to hundred dollar bills
You should have upscaled to a grander house in a more desirable neighbourhood and then being able to down size then having the increase profit of the last 25 years to invest and live off.
Love your content Azul, thanks for your insights!
Terrible? As a boomer myself, I say it is karma. We voted for it. Now, some of us will pay for it.
Welcome to America.
Voted for what?
@@katydid2877 What, were you sleeping under a rock for the last 40+ years Rip?
@@billwhitis9997 How did what I voted for create old poor people? There are rich old people, too. Did I vote for that?
Voted for what?
Most of us voted for 3 Middle East peace treaties, no wars, 1.2% inflation, a secure border and energy independence and cheap gas and food. I'm 68 retired for 5 years and fortunately only thing I inherited was the knowledge to work hard and save.
You have boomers mixed up with the young generation of voters voting for free stuff.
So you voted for Biden?
Gray divorce can put both partners in a financial straight.
Very true
No man should marry under no fault divorce.
_Living_ _Apart_ _Together_ is an option for those who remarry here. Most men tend to remarry; e.g. of the rich Bezos, Musk.
The women statistically not so much if grand-kids come into the mix from their children.
You see men heading to the Philippines, Thailand to go behave like saviours in South East Asia.
She took the house I kept my pension. My inheritance produced a house. Now she's mad.
@@moorefacts6605Good for you!👍
We made the three legged stool into a 2 legged stool by ourselves.
The 401k plan was supposed to be a replacement for the pension legged. But we mistakenly thought that we then didn't have to save independently beyond the 401K plan.
For the most part, we have a 401K plan, but not a lot of other cash assets
Another mistake that some made was not to have both a 401K plan and a seperate savings account.
Those people are screwed. All they have is social security.
Then the worst situation is where a person has no 401K plan, no exterior savings plan, and also takes social security early. I see people retiring with social security only with a pay out of only $1400 to $1600/ month. This is basically poverty level!
66 yo Boomer and small business owner here. Last year saw historically high earnings for me. This year will probably equal that profitability if consumers continue to spend like drunken sailors. I plan to semi-retire at age 70 and start collecting social security. That is IF the economy keeps going strong. I've been saving like a pack-rat for years and it paid off. Owning a business is full of risk and reward. It isn't for the faint-hearted.
70 in two months. I'm winding down a small business with less than 20% of the work I had when I made the decision 6 months. It'll probably take a year to all be finished. Regretting a bit waiting so long. My attitude was I would work til I died. Caught Covid and then a few extra problems and decided I should retire to do things. With less work and playing more I have found that my physical stamina isn't what I want it to be to do the things I want to do. Hey, I walk two miles 5-6 times a week, but getting older is resulting in loss of mobility/elasticity and it sucks. If you have the money, retire ASAP!
Nope, I was happy working for the man, knocking down six figures, getting paid sick days and vacation and letting them pay half my Social Security tax. Retired at 56 but took a bunch of crap from time to time.
Really glad that in Australia we have compulsory superannuation so I’ve now retired comfortably at 60.
My husband had the same where he worked. It wasn't a choice, it was automatically deducted from your pay before you saw your wages. I think a big part of retirement success is DON'T spend your young working years running up debt!! If you can't pay for things on your wages do not expect to have them! Learn to do without the frills. Face the fact that if you are not born a Rockefeller or Hilton, and the like, then you are ordinary working folks. And that is just fine! Live accordingly.
Yes me too. It helps that we don’t have medical debt, USA sucks if you’re not rich!
My university employer had good foresight and created an excellent pension scheme for us. They deducted a good sum from our salaries, but also contributed as much. We had a good housing allowance and my modest house was paid off before I retired. On retirement I could opt to remain a member of the medical aid scheme, which I did. All of this makes retirement comfortable for me now, and I am so grateful that somebody in the know had done all of this for the faculty. There never was money to blow, however, which also taught me to be frugal to this day!
Thoughts and Prayers
"something terrible is happening to boomers" and anyone else who fails to plan, save, and invest. those who fail to impose financial sacrifice upon themselves eventually have financial sacrifice imposed upon them.
Exactly, these are the people who voted for no government, no unions and every man for himself. If you want all of those things, you better be saving and investing.
Happens to every generation. What is discouraging is some work hard to obtain security in old age while others figure out a way to get govt. benefits in some claim of disability. Some folks deserve the extra income but I've seen a few who were milking it.
Oh BS , they base how much your SS will be according to your income from 40 years ago and that is why SS is so low as well as pensions! They knew baby boomers were coming and they used SS and invested it and never put it back! All of these people on here that think they are so superior because they saved money is arrogant and rude! I am a nurse and the elderly are suffering in this country, especially women that took time off to raise children, they are being punished for it in their old age! This country should be ashamed and someday the powers. of the wicked will be mowed down like a blade of grass!
Oh yeah, like the 2008 Depression that thru all the Baby Boomers out of work never to find another decent job again??? Who "imposed" that? Bill Clinton and George Bush! Glass Steagall anyone?
The thing about it is, I don’t have access to jobs which pay enough for me to even maintain my cheap 7 year old ford, much less save and invest. I skip meals, wear rags, never go out. The whole idea people refuse to accept is civilization is collapsing
I'm a boomer. My house is paid off. However, my rising taxes and rising utilities and crazy rising food costs make it very difficult for me. I use rain water in the house and despite my savings I just may have to return to work at age 70.
The number of people on govt payments, the number of people wiped out by divorce, and those in low income jobs who lived paycheck to paycheck should be about 50%.
That's me! 2 divorces hit me hard, but I'm grateful I'm doing better than the 50% mentioned. Working on being debt free!
Each generation hating on the other generations is yet another example of the divisive culture we currently live in. It serves no one.
All generations have made big mistakes, often propelled by macro economic forces and consistently poor government. The internet has given us alternative information, so we should now at least be better informed, in theory.
But in reality, maybe a lot more confused with the internet. Too much misinformation.
Most people never learned how to save for the future. All they know is spend every dime you get. This is somthing that should be taught in school
I am a baby boomer. I watch younger people around me spend money frivolously ( in my opinion) . Expensive hair and nails , new cars , putting trips they cant afford on credit cards , shopping for recreation, Starbucks everyday...
The list goes on and on. I worry for them. Itll be even tougher than it is now in 50 years when they try to retire.
I'm a boomer (with zero debt and a net worth approaching $14 million), and I also observe how freely younger generations spend money. Instead of living frugally, saving and investing like my fellow boomers and I did, younger generations spend a lot of their money on luxuries that we boomers never would have wasted money on.
Starbucks isn't a big expense. It is only when you can't save money.
To be honest, people after Gen X can't buy houses, can't go to college, can't afford children. So why not just spend on frivolities ? Are you going to deny them even that ? Boomers enjoyed all those things denied to people after Gen X. Are you so misery in your assessment of people who didn't have it as good as you ?
@@timothykeith1367 I agree
@@timothykeith1367 It’s an unnecessary expense when you buy one every day and you don’t really have the money to be doing that. You can make coffee at home.
The retired early because of age discrimination. I know professional who once they hit late 50s the best job they could get were delivery drivers.
They can always check receipts at Walmart.
As a boomer i have worked my entire life watching wages continue to lose ground to inflation so that increasingly i have had to watch my disposable income drop. The consequence is that saving for retirement has been continually reduced over time while employment with pensions has all but been eliminated. You can't keep cutting expenses enough to maintain the retirement contributions as you approach living paycheck to paycheck as inflation eats you up. Contributing to retirement just can't compete with paying the mortgage and keeping the lights on.
Most pension went to 401 k and it really doesn’t work.
Agree. My 38 year old stepson has had a good job for 5 years; his retirement plan there is 401K. It could disappear later when he won't have the time left to build an alternate fund.
Inflation high cost of everything we wait in line behind people who don’t belong and you know who☹️
Shifting the burden to the employee to fund their own retirement, led to predictable results. Add to that the gap between earnings and expenses has been accelerating since I got my first real job in 1987
I can't speak for anyone else, in my case, my employer miss managed our co. Which our 401k were 100% divested in. Well, after 25+ of contributing to my 401k, id amassed about 150k, then the company got into finance trouble, and everyone lost their 401ks which were based on the stock. Now, after starting over I have 50k and im approaching the end of my ability work.
*hit happens!
Possibly good times created a sense of no urgency to save. My parents grew up during the Depression, and WW2 they knew hard times and lived way below their means and worked multiple jobs. They wasted nothing. My mother canned food even when she could have gone to the store and buy it easily. They retired well off, not rich but well off. My mother died with over a half a million in the bank. She could have easily lived and spent more, but having money in the bank was more important than driving the newest car.
money in the bank is safety, been poor? you learn safety!
So who got the $half million?
Vacations, new cars, a jet ski, a boat, a lake cabin, and a high life style vs. actually saving for their retirement is the problem. Maybe?
Pensions don't exist but even if it does look what happen to pensioners in Detroit. When pension funds run out of money it does not matter what you were promised. They are getting about 65% of what they were promised. Almost all of the government pension systems are in deep trouble.
Drove old cars, stayed in the same house 30 years and fixed it up and saved money. Ready to retire and just getting the last things in place.
I know a lot of Boomers who re-mortgaged their houses to buy new cars, take lavish vacations, remodel perfectly nice homes, etc. Boomers insisted on SUVs instead of the trend toward fuel efficiency that we were on in the 70s. So many boomers live in huge, over-mortgated houses. It's all stupid. I am an older GenXer. My sister & I bought land, built small houses & payed off the land while driving old vehicles, used furniture, and thrift store clothes. We learned from my dad, a Boomer who worked hard & lived debt free
At 73 yo I've lived debt free all my life. And during some of that time I lived on a pittance.
My Toyota Gas RAV can pull 40 mpg
I did the same thing , lived with in my means. My 15 yr old Prius ( 49 mpg 😊 )
I witnessed the same thing throughout our young working life. Some people spent money like it was going out of style and there was no tomorrow. Had to have the very best and most expensive things to crow about at their next dinner party. I have no use for that crap so needless to say I didn't go to many dinner parties. Shallow status seekers, and have all been divorced and don't have much to show now! Sad in a way, but Karma's a bitch sometimes!
Boomer had the royal flush.. consume consume consume. There has never been a more materialistic, indulgent, decadent generation in US history. They had jobs that actually kept up with nominal inflation and melt up stocks and real estate. For every $1 a Boomer put into a 401K, it returned $110. A house? bought at 30K-40K in 1970s is now 500K or more on coasts. They get pensions, SS and Medicare. Their retirements couldnt be any easier. My gen wont get SS or Medicare so will be spending millions more to stop working.
The problem was corporations ended pensions as boomers were 10-20 years into the workforce. So when they started pensions were a thing and corporations all got rid of them and replaced them with 401-k.
Absolutely right. When I entered the workforce (50+ years ago) there were defined-benefit pensions which were later replaced by defined-contribution pensions. Gen Z thinks it's unique because it thinks it was shafted and, heck!, they've only begun their lives. They've been so pampered they want to give up too easily.
Pensions ended many generations ago in many industries and families. My last direct relative that had a pension retired in 1948. Another relative An uncle got 18 bucks a month pension from General Motors from his 1950s tenure there.
I worked at a place in 1979 that had a pension plan. BUT you only became vested if worked there 10 years. During giant layoffs in 1983 great folks with 9 years 10 months were fired to kill off the pension liability.
While at that place for 4 years the California tax board would not allow deduction of an IRA on state tax since worked for a place that had a pension.
So when I put 2000 in an ira in 1983 California only allowed 1500 since calif law. Then 3 years later I had to pay California taxes plus penalties plus interest on 2 years disallowed ira deductions.
The California tax folks said I could since not vested. Then 3 years later has to pay like 550 bucks since they changed their stance. So really a company could say you have to be there 500 years and nobody is ever vested so California won't allow ira deductions
Actually the only folks I know who have Pensions are government retires. Maybe the telephone company or power company too.
Pensions are putting all of your eggs in one basket.
More like the 80’s.
Not the 60’s. Sorry, just to update you.
@@3beltwestyMOST ANY TRADE UNIONS IN CONSTRUCTION, offer Pensions today.STILL !
I have a degree 2 in fact. I was dealt a hard blow with my health in my 50s . I am now a disabled senior citizen almost 62. All I have is my SS. The threat of becoming homeless is very real! I had to experience that for a while until I was able to get into stabile housing. Things are a bit better now, however, money is a big struggle. 😮😮😮
I completely understand, becoming disabled myself in 2004 against my plan to work until age 80, but my age is now only 62. Was a workaholic until an auto accident the year of 2000 slowed me down, but kept working until 2004, when my doc refused a back to work slip. He was right of course, but I am grateful for my meager SSD, which feeds me just enough lol, & grateful that my house is paid for. Unfortunately, my vision is failing now, but I trust God as my specialist who keeps me here & somewhat productive. GBU
Wall Street Bankers are always figuring out ways and how much money they can drain out of the middle and low earners.
And the Treasury are pretty good at that , too !
I'm a boomer, lived fairly frugally, gave generously and earned a very high income. No way a guy like me could fail at retirement. But you have to be gifted or lucky to be a high earner. Most people can't do that. I was lucky.
It is very commendable that you appreciate your luck. Few are so honest. And those that aren't are never happy, either.
thanks for saying that, yes some of us got lucky, but when your ship comes in you better have the line to tie it up!!!
Finally, a little humility in these comments!
Your videos are an excellent blend of the numbers combined with attitude. I went through Dave Ramsey's Financial Peace and have paid off debt, and I'm continuing to work and save.
Just retired. Took all savings. Retirement etc. And paid for house, room to farm cars etc.
No saving, no debt. Living on ss and I save some of that. It's not saving, it's debt
I partially agree. Debt is a killer. If you and a spouse can live on SS, then both of you must have maxed it. My wife likes travel with her friends. I go to my deer lease at least once a month. We both do short trips to the country together. But need more than just SS. Fortunately, we have some investments to help.
@Attalla2023, I agree with you. Debt or credit card debt or any kind of debt (accumulated) while on a fixed retirement income is not a good strategy.
I've got just two words for you, Benjamin: car farming.
I read these comments and it’s sad that people actually live to work, working hard and long hours is not living .It’s unfortunate that our society and Government has created this system. My favorite saying is from Shawshank Redemption movie “You either get busy living or get busy dying “.
My favorite movie!!!! and yes I remember that saying!!
Thing not taught in schools is credit dept. there is no bigger money waste than credit card debt the cost is astronomical
The pension was a confidence scheme. When you've been at a company long enough to start vesting in the pension plan, they find a reason to send you out the door. I was laid off twice by large corporations with pension plans and great stories. Nine years at the first, twelve at the second. So those "pensions" will pay me enough for one nice dinner each month. I learned to stop spending money and save half of every paycheck. I only had to work at my last job for six years before I fired them. According to SPEA statistics in 1990 a Boeing engineer that retired with a pension at age 65 lived on average for only 18 months after retirement. These folks won't need savings if they work to 70.
Did you used to work for Siemens?
What might have caused the reduced lifespan of such engineer?
Engineers from Lockheed also die soon after retirement (I think within 2 years on average). I think it's from all the stress of the job and by the time they call it quits, their body can't hold up much longer.
Where's all the money that they stole out of the SS fund...PUT IT BACK!!! Also, don't count your house as wealth if you are going to LIVE IN IT! You will still be paying real estate taxes, insurance and upkeep!
I became disabled 24 years ago. We lost all our savings waiting for disability or s0cial security. It took over 5 years before I received a dime, in the mean time one medication I was on cost me out of pocket 700 bucks a month. Think I am pissed. I was 42 when this happened to me.
Born 1961. After what I have gone thru past 4 years I am surprised I am not homeless. Lost tens of thousands dollars in Stock Market (suppose to be my retirement), sister stole all money in Grandmothers Death Will (I was Att Exec) 2011 Motorcycle accident from intoxicated female driver, hit asphalt at 70 MPH wearing t shirt jeans and tennis shoes, skinned alive but lived. 2021 Health issues with Candida and lost 100 lbs in a few months. I can go on and on..........................But, the commander in chief is doing this to me for a reason (got my 1st vision at age 6 that saved my Life, there is a reason why I am still alive), where I live countless scandal, corruption and deception against my personal behalf, having to go to Court over Lies (sound familiar). Anybody that would have gone thru what I have would have committed suicide a long time ago.
Am left gasping by your story!
Us true organic children of Creator God are all going through this, and it's all intentional. This is the third war.
I'm a boomer and had to overcome a broken marriage and alcoholism before I could get my life on track. When I was 40 I started in my own businesses making and installing air conditioning ductwork. It was hard work and long hours but the rewards were there, and I ended up owning 2 houses and a good amount of savings to get me and my wife through retirement. People today have given up of looking after themselves and sit around watching social media rather than planning and improving their lifestyles and have their hand out to social welfare. If you work you can get ahead, if you work hard you can do even better.
And those of us who are NOT alcoholics do even better. I am 74 and living happily in New York City, with the character to never have been an alcoholic.
Please under stand , as a Taxpayer, any handouts are offered to all Taxpayers.
Some abuse it, lazy.
Some need it, try to make ends meet.
You’re not above those people, don’t look down and judge them.
Minimum wage was $2. Pensions disappeared. We had families. Then suddenly lost jobs because companies could hire for less.
My union membership gave me more than a living wage and an excellent pension.