Yes, I misspoke, meant to say thousand, so I am claiming my senior moment card

@@paulinthephilippinesolddog9234 I am 81.

It's only going to dramatically increase until its absolutely the preserve of the rich - people don't have kids anymore so the future will be one where elderly, who are childless, will create a massive demand for elderly care services meaning it will go out of reach of most. If you have kids now advise them to have children and lots of them as the future will be one of the elderly being cared for by their children if they have them. Otherwise go into the night and slip away cause the elderly care system available now will not exist. The future has few young people and certainly none will be engaged in working low paid jobs such as that needed to support the elderly care system as we know it now which is already phenomenally expensive........see where this is going.......

Here it’s $8,000 California 😂

7:53 Some boomers never got off drugs on the 80s & 90s

Yes, American Government SUCKS!

It was the Republicans by Ronald Reagan to take our invested money to the defense fund. Clinton had to agree to pass the reform for food aids and other issues facing our society.

If interested look up Dr. Steve Hanke sometime - an economist. He does a very good job of explaining inflation - basically it is the result of the government spending more than it takes in and then the Federal Reserve steps in and buys much of that debt. The outcome is inflation.

Bide has made it much worse with this horrible inflation. Cannot wait for Nov.

@@deeandrews7051 Correct. I always a say the only difference between Republicans and Democrats is the Democrats will collapse the economy faster. But both are to blame.

.. SOUNDS ALOT LIKE MY EX [ P O S ] .

Nice

I’d be interested to hear her side of the story

Definition of divorce in America. Ripping a man's wallet out through his testicles.

@@cubuffsfan4147 two sides to a coin. I worked 12-16 hours a day 6 days a week for the last 10 years while the queen sat on her lazy a** and couldn’t even do laundry for me or her 3 children that she brought into our marriage. That I paid to send them all 3 to college and I PAID FOR ALL 3’s COLLEGE EDUCATION. So when they graduated they had NO STUDENT LOANS or DEBT. When I left her narcissistic butt, she thought she could keep me there by holding a gun to her head and threatening to kill herself. She had lost control over me and she couldn’t stand it. Her friends asked me later how did I survive all those years with her, her aunt told me on our wedding day “ she is your problem now” so I would love to hear her story also like why she quit a job paying $60,000 a year because someone talked mean to her. She never consulted me about this but instead said you make more then enough to provide for me and the 3 children !!! Yes let’s listen to her side I would love to hear it also !!! Also her first lawyer quit her and said she had never met anyone as greedy and self serving as my ex-wife. Yes let’s hear her side lol 😂

Other than the stuff I need for my hobbies, I dont buy much. My wife on the other hand....

Wow I must be doing something wrong. I usually kick the tires for several months if not years before I pull the trigger, but that’s me. Take care

I'm the same...and I know what you mean about the wife...I needed to put my wife on a weekly allowance otherwise I would not have a penny to my name.@@FURognar

me i was a spoiled brat. but as one ages divorced one realizes things are just a noose around ones neck. If i need it i buy it. but things dont excite me as much. a car is a car..

What you say is very true...as you get older you begin to realize that what you have or want to have does not matter so much....just more to take care of...@@peter-pg5yc

I bought Starbucks coffee everyday when I worked..$3.50 for a large and then a $2 tip. Still was able to pay off my house, retire before I was eligible for SS, and live in SoCal. Never trust anyone who worries about what coffee other people are drinking.

Whats your point ?

People, in the United States, are dying at younger ages. I’m not so sure giving up travel or delaying treat (coffee) gratification is the way to go anymore. My mom (73) passed away in December 2023. We were central to each other’s lives, talked daily, went out to dine weekly, and took vacations one to two times per year. I’m so thankful for that fun quality time with her, though we overspent. The key is to make sure you’re spending on quality food, time, and some trinkets or clothing here and there. I love and miss you, 👩🏽 mom! Thank you for the wonderful memories 😇🙏🏽🩷🥲.

@@Rider-hh9it. yep, so many people like that. I just don't get how people don't save/invest. They will find out eventually.

Keep on electing Republicans and you will be fine. 🤣😋😂🤣🤣🤣🤣🤣

Mid 60s is the time to retire to do the the hobby's that you have worked for all your life, not keep working.

sorry man not for me, you keep working till you die but I can't wait to stop working and fishing all day

Me thinketh spot on, when people stop 'working ' they don't have to stop contributing. And after all, the pension was there for those that would live for 5 - 10 years however these days seniors live well into their eighties and 'the pot' cannot afford to support the ever increasing baby boomers (Globalists call them useless eaters).......indefinitely!@!?🤪😉

As long as you are enjoying what you are doing keep at it.

LIVE FRUGALLY so that you have the money to save and invest. Don't get married or have children, which is behavior that is enormously expensive behavior for men with a trivial return on that investment, if it's not an actual big loss.

Agree, I did and better off than most people!

I invested in rental houses in California but then in 2008 the bottom fell out and I had to sell my properties for halve the value.

I bought a few HUD repos circa 1985-1987, some for cash and some on mortgages. Paid them off within a few years. No debt = no problems. Still own one of them, which has reliably paying me cash rents since I paid cash for it in 1987.

🎉 I invested in Hunter Biden’s artwork. I'm rich !! 🎨😎 💰

And the insulin should be cheaper now! Wishing you many happy years in your retirement.

Thank you! Fortunately the VA takes care of my medical needs.

Absofreekinglutely! Keep things simple and don't covet possessions.

Its what you KEEP!

I am 72 here in Cebu Philippines. Your story tells me if I had a place to stay and a car that I might go back to the US on my SS income. I do not think I could do what you are doing. But I am glad you are able to make it on SS there. SS has really been a 12.4% tax on employment to fund government spending and now you are collecting, you will just get by. Paying 12.4% for thirty years is just not going to make 24.8% for 15 years. Are you getting your 24.8%? Well, maybe you get to collect more than 15 years to get all that money paid by those who did not collect 15 years. I hope you are getting 25% of a paycheck there.

While the allure of cost-effective living in certain countries is appealing, it's crucial to navigate potential financial pitfalls.

Engaging a seasoned financial advisor, like NATHAN TRAVIS COOK, with expertise in international retirement planning, can prove instrumental.

Absolutely agree. As a Baby Boomer navigating the complexities of living abroad on Social Security, I've encountered unforeseen financial hurdles.

Engaging Nathan Travis Cook provided me with tailored solutions, considering both the intricacies of international living and the nuances of Social Security benefits. His insights have been invaluable in preserving and growing my retirement funds.

I've heard positive things about Nathan Travis Cook. I sent him an email, and he promptly responded, offering to schedule a consultation.

Soooo - you are planning to NOT get your Social Security monthly cash and NOT enroll in Medicare? My $50 calls bullshit.

@@markstephenson6952 That's not what he said at all dickbag. Jesus, I though you Boomers were smart?

@@markstephenson6952 of course I am, but I will not depend on it. Take your $50 and stick it up your a$$

News flash…. The fact that they expanded social security to pay for a 13 year old is one of the reasons it is going broke. While it may be nice to provide a benefit like that for children of deceased parents…. It was not funded to cover that, or to cover people with disabilities, or numerous other people that have received SS benefits/entitlements without having paid into and helped fund SS. You are correct on your view on government.

Jeff said rely not deny. :) @@markstephenson6952

Bravo!

A cold, frosty morning is one of the pleasures in life.

@@roofpizza1250 That is not my pleasure ! Lost in Asia25 has the right idea. Get rid of all the junk you don't need & accumulated for so many decades. Live a clean life in a tropical climate on the ocean for low cost compared to the US.

Great goals. Great job inspiring

I too had to choose between the Philippines and Thailand. I quickly found that Thailand's infrastructure was way more advanced. At that time brownouts were quite common in the Philippines. After a lot of thought, I was a little nervous about the typhoons and natural disasters. That's why I chose Thailand. I have never looked back and have no regrets.

If it's any consolation, a lot of millennials and Gen Xers are due to inherit significant boomer wealth.

Actually Boomers parents had it the best. They had pensions and social security.

I was born in 1963 which is at the tail end of the Babyboom generation and must say that I pretty much worked 2 jobs 6 days a week, except for the 7 years that I was in the Army and finally 2 years ago I was rated 100% P&T and could retire at 58. I challenge any younger person to live and work as I did and they will thank their lucky stars for their privilege, just saying.

What privilege?@@user-wn7fr7wi2t

Do you realize 1/3 of the boomer cohort has already passed away. It's likely a fair # of boomer homes and estates have already been inherited by their GenX or Millennial children. BTW, both Millennial and GenZ cohorts already outnumber the remaining boomers.

Thank you my friend

It is the earliest or earlier boomers that made out great, union pensions & funded Social Security. It is the latter ones, the ones that had unions busted & right to work/at will work law enacted that find it hard these last 50 years. Add 80-90% wives filing for her Entitlements in divorce, even though she is cheating. Nothing Matters, says Title IV. Lived the poverty life my whole life, saving & saving, spending little. Life was to be good, nope. Only for her.

Boomers are not a Breed, dying or otherwise. Amazing the amount of Fuzzy thinking and so many "feelings". So.... you made some decisions based on your "feelings" and you failed and lost. Now, clearly it is the fault of the government and immigration . Really?

You're probably thinking Social Security is a tax that can just be increased on the rich. But I don't think that's the case. The program is formally called OASDI or old-age, survivor and disability insurance. So it is legally insurance, and not a tax. Meaning that benefits have to be commensurate with the premiums paid. So they can raise the earnings limit, but they then have to increase the benefits. The only way around this is to restructure the entire program, which would be very difficult to do.

Hi @Alex-with-love Thanks for sharing that! We'll keep an eye on those numbers.

Get residence in a tax friendly state before you leave

Yes what Keith said. You don’t want to be stuck with California tax code for your entire retirement. If you can move and establish residency in Oregon or somewhere with low taxes before you go. Lock that low rate in.

i worked got divorced lost half. Remarried fillipina now we are worth 3 million.. If you dont make enough save enough do something else.. i did inhome sales 100% commission. That and investmnts threw off 300k a year.. My wiffy fillipina accountant 150k a year with ot. Most of my monies is rolled over. i live on60k never touch investments. i let them roll. 401k throws off 25k dividends yearly that I dont touch. But thats small most of my wealth is investments.yes i rent. I always took care of me. No I dont feel rich yet i am.. But I planned and saved for it.why not you? 18 years retired i still invest.

better have income and not touch principal. and save for inflation

Money can be redirected to SS from other areas.

i sold at sears redoing a career. 50k.. I used to get massages 200 bucks a clip..Fellow workes stated you cant afford that..Reply when i cant it ill move on to a bettr job..I did 150k a year. with lots of investments.. Dont settle move on.. there is always a better job you just have to work for it. sales for me 100% comission i can sell. hard work 6 or 7 days follow thru with customers. sales peoples are made thru hard training. nights, lots of driving. you dont sell no paycheck. thats what I loved

Never owned a boat, an RV or expensive car. Did buy one home, inherited a second home. All my extra money went into my 401k and even though my Pension was froze, it still grew as I worked. Started when I was 15, retired this month at 62.

Rey honest and forward not a doomsayer but check out Robert Kyosaki predictions

Hi @reosoft Thanks for the support!

SS will always be there. It may be less than now.

What doesn't need overhauled in that hell hole!

Risky for a successful woman to marry a divorced man who has support obligations.

Thanks for reminding me to stay Single.

In my view a marriage license is a government contract only meant to screw you. There are other ways to deal with it. Many of us boomers didn't need it before. If you love each other isn't that all you need?

​@@magicmann98266Unfortunately, it is the distribution from both must be equally divided legally when you spilt, particularly children from the union involved and be protected from the selfish partner.

and giving it to newly arrived immigrants.

Hi @user-fr5ne3sr3p Great point! We agree, Social Security's purpose has evolved significantly since its inception.

I about fell over when I paid $30 at McDonald's for me and two granddaughters. Over double what it used to be.

I just heard a story of a disabled guy with a wife that has Alzheimer's. He put her into a home because it was so difficult. One month in the home cost him $15,000 and he had to take her out and try to take care of her, but now has to sell everything he can to pay for that one month.

Gotta go there

@@Wakeupandsniffthecoffee damn SAD!

Hi @NeilBaker722 Love the cultural differences we experience here!

Correct. How much you spend is another way of saying how much you keep. Another way of putting it is to pay yourself first. I have knows some folks that make a lot of money and are broke. What a shame.

As it should. People should expend their assets before they go on the public till.

To michaelangelo6947: Talk to a lawyer. There are ways for your Father to keep his assets. One way is for him to sign the house or any assets over to you! It shouldn't be a person works all their life only for what they have slaved for to be taken away!!!

@@glorgau Well the government had their hand in your pocket for 40 years....and pissed the money away....and then they can't help....I'm not a socialist....but that's just wrong.....

I suggest you consult with an attorney to move some of your father's assets to other family members if you want any of your dad's financial legacy to assist some with financial needs,it's legal but must be in action a few years before entry into assisted living

Or they could take care of pops if they want to protect their "inheritance". Why should they be able to throw that burden on the rest of us just so they can get that money@@jamesmcdonough2726

Hi @markjohnson6700 Thanks for the kind words!

Hi @kennethconaway3501 Thanks, glad you enjoyed it!

👍

Imo,and I'm a boomer, most suffered from not taking responsibility for their own financial wellbeing and are now blaming others for the outcomes. We've lived through the best and most prosperous times in human history. Blaming politicians is popular as self reflection can be painful.

​@oldbloke204 and u perfect!??

​@@oldbloke204🤮🤮🤮🤮

@@bradleymiller7375 On this topic decisions, actions and outcomes speak volumes. I can say that I'm extremely happy that we chose the path we did when so many wasted so much of their money. The video said pretty much the same so why is that so threatening?

Long term health insurance would have kept her from going through her money giving her time to put it in someone else's name.

Hi @mynoknok1 Wow, thank you for sharing that insight!

agree, it is a nightmare

WISCONSIN HELLO !

@@user-hm4oy7hw4t Hello back at ya'

True for me too no advice or teachings of frugality til later in life.

and without representation

I refuse to pay taxes I already robbed from me. Screw the government, throw my broke ass in jail!

As he should have, social security is taken out of paychecks pre tax. When you use that money you still have to pay taxes on it. So you are actually making more money by being taxed on a smaller amount when you take it out vs. being taxed when it’s taken out of your paycheck when the money being taxed on is on a higher tax rate. So you should say Thank you to one of the greatest presidents of the 20th century for thinking of you and saving you money in the long run.

​@@rapman5791Reagan used Social Security to fund terrorism and fight wars. "Trickle-down economics" widened the gap between middle and upper class. You clearly don't know what you're talking about.

Oh boo hoo! Baby boomers enjoyed the FULL BENEFIT of those tax cuts, and prudent people saved and invested instead of spending and borrowing.

​@@rapman5791It should be taxed only when you are making a profit like an interest from the bank. The people who served in the arm forces benefit greatly from no tax from our tax money.

Hi @grumpyolddude439 Great point! We appreciate the historical context.

Thanks so much 👍

Thanks 👍

Agreed. I always meant to find out who in the he!! started dipping into the fund. WHY is this not being fixed??!!! It has GOT to be fixed and Americans have GOT to be forced to save.

Hi @jonathancoffman4311 Thanks for watching!

@mobilecommunicationsnetwork5268 not sure what you are smoking when you listed the Social Security amounts in your message as max Social Security Benefits in 2024. You list for example Age 70: $4,873. Who and how would someone qualify for that amount???? To the best for my knowledge the highest amount is about $3,000 per month. Even with a 6 figure income, I am not aware of someone qualifying for $4,873

The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.Jan 2, 2024 Just Google or Bing the Max SS benefit..

98% of the people that retire at the age of 62 receive benefits at $1,120 per month. Unless you earn 145,000 thousand a year consistently for 35 years, you may reach that 2,710#. It is the same with the rest of your numbers. The government makes it look good on paper, so you won't rebel, but when it comes around to calculating the #, when you retire it is a whole different story. lol.

@@dwork9451 You'll Never Guess What the Average Social Security Benefit Will Be in 2024 this will bring up an article from Motley Fool on subject.

@@annasmith2783 $4873 is correct at 70 for very high earner

Actually, my wife was reading a report to me today, where Boomers are the wealthiest generation right now and it's a nose dive for everyone else from Millennials to Alphas.

Are you sure? I think the generation millennium and Z has got everything from their parents and they are now saying that work makes them unhappy and stressed.... I blame the baby boomers only for spoiling their children but refuse to be blamed for a good life on the cost of the future generations...

I am a Millennial so I find it interesting 😂

So it was all gold for us starting in 1945? No recession, no war, no embargo, no lunatic president? Wow. I didn’t live in the right part of America. And what about guys that supported their wife during cancer? The best of times? Are you serious? Keep looking at the world through your glasses. It must be a dream.

@@klausschumacher7126,agree 100%.

No. Don't gouge those making a good income to support people who were foolish enough not to save and invest instead of spending and borrowing. Personally, I'd give every current employee an option to get OUT of Social Security taxes and fund a 401K that THEY would own. When SS ran out of money, that would be IT. Only fools trust government not to spend a big pot of money that is just SITTING there, waiting for someone to steal it.

yup

Problem is then the ss would have to up their benefits amount

Hi @raymondwalker2048 That's a great point! Simplifying taxes could help alleviate financial struggles for many seniors.

@@AnimalFarm341 I dont see the problem with that, SS now pays the very poor, a higher proportion than that paid by middle income people, just go the same with that for the super well off, and we all know, higher income people pay big time taxes on SS, I know I do, its the equivelent of double your taxation on regular income before retirement, all things being other wise equal.

Hi @foreignermakingmoney-phili1458 Thanks! Glad you found it helpful!

My brother is in one that is $11,000/month. But, since he is broke and qualifies for Medicaid, they take his Social Security check and his Medicare/Medicaid and he can stay there.

​@@markstephenson6952That's sad!

Nice. I’m 62. I have no debt and large savings account. No idea how to buy a stock. I want to invest in the S&P 500 But I don’t know how.

@@PInk77W1 You can get a financial advisor to help you. Yes, you have to pay them

Same here. I’m an older Millennial that grew up dirt poor and raised by a single mother. Then hit the GFC fresh out of the military. Been saving and investing ever since.

@@PInk77W1 low cost index funds. Vanguard, Fidelity, Charles Schwab etc.. you can just set up a brokerage account. Robinhood is a decent brokerage also. Trades are free.

Look to one of the larger companies like Schw or Fido. They offer no-load funds. There is another large no load fund company but their customer service has deteriorated.

Hi @Ace1000ks19751982 We feel you! Retirement is a challenge for many generations nowadays.

"rely", not "really"

Now you are collecting your full government pension as well as the 401k Thrift Savings Plan? Looks like you have been relying on the government a long time.

@@yayafan Yes, I made the best of my situation. Based on my results, it wouldn't have mattered where I retired. TSP, which requires you to invest, makes up for more than 60% of my income.

Damn Right

Amen.

Hi @user-ug4hw7oq7y You're welcome!

Hi @donhg1606 Thanks for watching!

Other than Paul... You are listening to the wrong Yanks 😜

I made a few assumptions about how this video would go, especially when I saw the start of it, but by the end I agreed with a lot of what he said. I reckon that our system here in Australia is so much easier and more secure than theirs especially now that Govt. is coming down on non performing Super funds. I retired at 60 and other than being annoyed that they put the pension age up to 67 I really like how our system works. Boomers here in Australia should really have done very well if they were half smart along the way.

@@tryscience I listen to a few and unfortunately most say many of the same things.

Did your government give you approval to post this? I know they like to toss people in concentration camps and arrest pregro women for posting unapproved comments, be safe mate.

@@oldbloke204 I retired early at 62, but 67 is what my age is supposed to be for Full benefits. Now, Nikki Haley (running for President) says that's waaaay tooo young to retire ... and she wants to bump up the age to 5 years before you die.

Bingo

Or world reserve currency status

Hi @willythewave You're welcome!

In modern times all we know about inflation is up ,up , up. In the depression, deflation was the problem, also in the bank crash times of 2008,, there were some peops that lost homes, thats deflation also, but its not counted.

I watch a fella that lives in Mexico near Guadalajara and he reviewed some nursing / assisted living homes in that area that looked very nice staffed by excellent help that are under 2000 USD a month ( if my memory serves me) and they are just a few hours flight from USA so your family would be pretty close

Hi @glwri7664 Thank you for correcting me! We'll make sure to update our info on nursing home rates.

Just make more monies..passive income monies breed monies. forever.

The problem of the Americans is that they earn a lot of money but they spend more than they have.... The US Depth rate is World Class High because they have a huge military force and nobody wants to ask for the money back in an aggressive way.... The government's attitude of spending is in the bloodline of the normal Americans .Saving in a conservative way is stupid..... Investing and winning like gambling is good.... The Germans are different when you look at the Depth rate of the G7 countries..... Germany is by far the country with the lowest depth.... but they are still complaining and fighting every year to achieve the black zero... no additional depths.... I have been in the 80's in SEA Philippines Indonesia and retired for 7 years in the Philippines. We built our 1st house in 1996 for my wife's family and our retirement house 8 years ago on a 1.200 m2 land and 200m2 House fully off-grid by solar and paid cash.... I am 70 years old and I never had depths in my life....

Yes. It is absolutely how much you spend. That’s how you can know you will succeed in retirement. If you identified the spending. Then all you need is to identify is the income. Then you know how to move forward.

"but how much you save and invest that helps determine your future income." A person invests $150,000. After 10 years, they have $25,000. They went through the financial bust of 2008 - 2009. They pulled their money out near the end of 2009 as they kept watching companies go bust. That was my parents who did everything they were supposed to. Luckily their Social Security is substantial enough and they paid off a home which I think is more important if you want future security, best in a low tax state, or move abroad to a place where rent is cheap and there's good support. My Dad who is still alive in his 90s also did work that pays him royalties. He turned down a monthly pension at a college and went for a lump sum payout because he felt investing was safe. There was also the bust around 2001 that hurt many people. My exwife and I had a business that catered to investors making products for the home (home interior) and we made good money until that 2001 crash when our typical clients lost most their discretionary spending money, and then had to lay off people which cost us more federal taxes going into unemployment. We separated shorty after that and after I developed health problems. Luckily for me this was after I retired from the military and that pension now pays me very well. There is NO investing you can do that will help to build that income in a safe way. It's all risk, and a pretty significant percentage of boomers and their parents have had good chunks of their investments wiped away whether it's direct investment, through a 401K at companies that failed and the 401K was an investment in that company, one of the worst all time being Enron, or people convince you there's a great money manager and you decide to use them, Bernie Madoff. I don't trust American companies enough to invest in them, there's been too much deregulation and investing means accepting you can lose everything. Unfortunately too many people have lost large amounts of what their retirements were going to be because of failed investments. There's one thing that's supposed to be secure, and that's Social Security, and it USED to pay out pretty well if you were in the upper middle class

Gross.

> I did fine as a blue collar tradesman, living frugally and saving and investing into stocks and rental real estate. In later years, I was a self employed tradesman (furnace repairs and such) Retired i n 2007 at age 57. After ten years of living on ZERO earned income, I found that after living ten years without earned income, my net worth had INCREASED by 50%. So the strategy I recommend to working people is---- Earn what you can. Live frugally, save and invest the difference. And DON'T get married or have children if you are a man! THAT is a racket!

> I do not understand why men keep buying that lottery ticket. In 1969, at age 19, I observed the PLAGUE of divorce and decided never to get married or have children. Now, at age 74...... BEST DECISION EVER!

Thank you very much 😊

Hi @TopoTopo-ed5vv I agree, globalization has brought significant changes and challenges to the middle class worldwide.

I'm 63 and took mine earlier because I listen to Paul lol.

Don't worry too much about it. All those baby boomers won't live forever. Supply and demand... in 15-20 years there will be more houses available than people. This is happening today in Japan for the same reasons. New generation is tiny, and older generation is passing. You can get a house in Japan for almost nothing outside of the cities.

As a tail end boomer I too feel I was screwed by the Baby Boomers, all the good jobs were already taken by the time I graduated high school, my retirement age is 67 not 65 like the early boomers so I can't collect yet. I will turn 62 later this year and will start collecting early so I will get some money between now and 2033/34 when it gets cut.

Oh sure, that one year in age made all the difference and none of it is your fault. LOL

@@kevinc8811 One year didn't make all the difference. It happened gradually to the tail end baby boomers and early gen x'ers. Billy Joel wrote about it in his "Allentown" song when he said "Every child had a pretty good shot to get as far as their old man got..." It still carries on today. The 20 somethings now can't afford anything. Inflation has put that dream out of reach. Regarding "none of it is your fault", I don't understand what you mean. It's not my fault that the WWII vets and their wives stopped having kids over the span of 20 years. It's not their fault either- they got too old to do it anymore. Social security is no longer viable because fewer workers are supporting more retirees (baby boomers). I'm not blaming anyone for anything. It's not the boomers fault that they were born when they were and now the system doesn't work like it should because there are too many of them. They are truly a joy to be around and I'm glad they are here. Plus they did pay into the system like everyone else. The problem is that money has already been spent. You may be concerned about my future, so I'll tell you this- I planned ahead because when I started working at age 16 I knew that the system just might not be around for me. I have a military retirement and will have a school board retirement coming in 4 years. Then I might go do something else. Whatever social security I end up getting will be fine with me.

I would hardly call having to scrimp and save at his age in life knowing that it could have been much easier "living the dream" but it is admirable that he can look back and take responsibility for where he is now.

@@oldbloke204 Have you spent any time in the Philippines?

@@Phil-wu3qj Nope but I know about many areas regardless. I suspect that the reason many like it really wouldn't interest me that much anyway.

​@@oldbloke204he's living a dream! Too bad ur jealous!😪😪😪

​@oldbloke204 good stay away and make us all happy!

Hi @kaonohi09 Thanks for watching!

Thanks for sharing

This is exactly the reason why most boomers are in the situation they are in. But of course, blame everyone and everything else. Sadly, there is no more accountability or personal responsibility in our society anymore. When in doubt...blame the government.

Hi @faronray5765 Thanks for sharing your perspective! We agree that planning and responsibility are key factors in securing a comfortable retirement.

Somebody listened to their teacher! A penny saved is way more than a penny earned, especially if you start as soon as you can. When I was 16, I was already putting into our Profit Sharing plan. Then, along came the 401k and I was allowed to save so much, and my company matched 6% at 100% once vested. I think it was only 5 years to become full vested. I started with this company when I was only 15 and stayed until I was 53. I worked another 9 years, started another 401k with that company and I have a healthy savings. I only wish I socked away more. If I would have been shown how much this would have been at 10% or 20% ... I would have put more in earlier. I did raise it to 20% percent later in life, because I finally seen the numbers. And, I knew Social Security wasn't sound, so I had to do something.

Hi @davemelanson2710 Thanks, Dave! We appreciate the love for our channel!

Thanks!

cutting it will be political ruin, they will inflate aka money print to lower the value first.

2034 or 2035

Do you have another savings plan? HSA, 401K, ROTH?

@@PandemicPvE …THANK GOD! I do have 401K & Savings….I left the work industries in 2015 (49 years old) and take care of my father. Have been living on the DIVIDENDS from my investmentsz

it's not SSI SSI is welfare

👍

Hi @user-qm7nw7vd5s Thanks for the kind words! We're just trying to share our experiences and insights with others.

Hi @Iamkayaky Thanks for the wisdom! We're doing our best to stay frugal here in Dumaguete.

exactly right

F J B ! $$$ WASTED / STOLEN ..

We are racking up 1 trillion every 3 Months under this idiot Biden. Of course a the republicans will do the same thing. We are screwed.

Bitcoin is the escape hatch...even the bankster now admit it is liquid gold and will go 10x in the next 18 months. I've doubled my IRA by buying proxies (Microstrategy and now ETFs) of it in the last year

Hi @joecerrillo3679 Appreciate the kind words, thanks for watching and supporting!

Hi @lincmerc1581 Sorry to hear that, hope you're finding ways to relax and enjoy your retirement!

Hi @tonycatrambone3527 Thanks for sharing your love for Angelina's music! We're glad you enjoy her performances.

The top tax bracket in the US is 37%. In 1970, It was 70%. It's no wonder there are so many billionaires in the US, while the middle class shoulders the burden.

Point of clarification. Income above $168K is not taxed to contribute to the SS fund. Raising that ceiling would fix the system. I would advocate a donut hole exemption from, for example, $168K to $1M, with the contribution at a lower rate above $1M. That way, people who earn more, but not millionaires, can still manage their finances the same as today and only the very wealthy, at a lesser rate are required to pay more. This will also provide a cushion for most younger earners to accumulate wealth as they are less likely to fall into the upper income bracket.

They’ll fix it. But it’s not the failure of social security it’s the hidden tax of inflation that takes your SS money from you. Brandon just ramps up the printing presses. I have my money in but coin

@@user-vq8yk1wc1u- So the government would need to decide whom they are afraid of more - the wealthy that finance them or the boomers they need to vote for them.

I have little confidence in this US government fixing anything. We have already heard the solution from one political party that hates taxes like the plague is to increase retirement age, reduce COLAs, etc. And to sell it by saying life expectancy is going up! You should consider it an honor to be able to work until 70! Spoken like a bunch of politicians who get paid a large full time salary for barely part time work. These guys in Congress fight to keep working in their 70s and steal money so they think everyone is like them. They don't know or likely care that a construction worker can't keep working through their 50s, 60s, and 70s. So start saving and investing for yourself. Depend on yourself and treat any scraps this government provides as a bonus (which is ironic I have to think that way because all they're doing is giving me back MY money I've paid for years without much of a choice but that's a whole other rant)

Absolutely

Why?

Hi @haraldx8873 Thanks!

Hi @tyman2007 Thanks for watching and I'm glad you enjoyed it!

What visa did you use for that? I've heard that Thailand is a lot more difficult than the Philippines for long-term visas.

@tryscience Non O retirement visa. Yes , it can be a pain to deal with immigration. Compared to the Philippines, it is more difficult. I paid an agency to take care of all the paperwork and other nonsense. Every 90 days, you need to file a report that you are still here at the same address, but it can be done online in 10 minutes. It's not bad once you get used to the system.

@@phill7573 what did it cost you to live there, visa wise. I'm thinking of doing the same thing. It's either the Philippines or Thailand. My biggest concern is the cost of health issues since I just turned 74 and in good physical shape at the moment. I only have 10K savings.

@jamesnichols2511 I spend an average of $1300 - $1500 a month, including visa expenses. You can easily spend less or more depending on your lifestyle. Your first visa will cost more as it's for 15 months, and you will need to setup a bank account. The agents will charge about $1200 to do it all for you. After the first year, the visa fee will be about half of that to renew. Health-care here is excellent and affordable.

@@jamesnichols2511 my advise to you sir is to stay where you are. You said you have 10k? Is that correct? 10k is not enough, you would need at least 5 times that amount if not more. You also need some kind of monthly income or pension to survive, otherwise you will get in trouble quickly with the money that you have saved up. SE Asia is also a challenge for an older person to move around. I’m 62 years old and in good shape but will more than likely move back to my home country as I get older. Good luck to you sir.

WISCONSIN AGREES ..

I agree 100%. One of the two parties wants to privatize SS, which would be a boon to the people holding stocks today. The other party wants to strengthen SS as a government program like it is, today. when you vote, you must choose.... But choose wisely ;)

@@tryscience- The party that wants to privatize SS also wants to destroy Medicare and they are able to convince people that privatization of SS is much less evil than being forced to use silly pronouns. They are able to convince people to vote against their self interests.

You are just Voting for the Uni Party. It''s ALL a sh*t show. ( I'll still vote, however) You can watch the grandstanding in Congress and SEE that all the talk gets NO positive action. TREASON.... Almost EVERYTHING the government does VIOLATES the US Constitution, and our masters are tired of putting on this charade for our compliance. FOURCE will be the new normal.

Not sure about delaying as that was predicated on people living longerr but that is no longer the case across western countries the age at death is retrenching taking that option (to support delayed pension payments) away from politicians. I do see state pensions being means tested so only the poorer receive it - not acceptable in my view given we all pay into it - oh that's the other argument in the UK it's not a right but a benefit. They will as usually use divide and conquer politics to turn people against each other to restrict pensions so they can carve up the spoils while we sleep in our car destitute