Millions of older Americans unprepared for retirement

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Жыл бұрын

A new survey shows an alarming number of older Americans are not financially prepared for retirement. CBS MoneyWatch associate managing editor Aimee Picchi joins CBS News' Meg Oliver and Elaine Quijano to discuss.
#retirement #money #news
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Пікірлер: 485

@kelvinjohnson4 25 күн бұрын

This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.

@Markjohnson09 25 күн бұрын

It’s amazing you were able to save that much during your active years. Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital, so you are not left devastated during a market crash or recovery. To simplify the process, you could allocate your resources with the help of a financial advisor.

@KelvinWallace 25 күн бұрын

Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.

@RichardBayer 24 күн бұрын

@@KelvinWallace I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

@KelvinWallace 24 күн бұрын

My CFA ’Marisa Breton Dollard’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

@RichardBayer 24 күн бұрын

@@KelvinWallace I've come across a lot of recommendations but this one stands out. Marisa Breton Dollard" resume is pretty sophisticated, and shows she was active during the last bear market, I also emailed her. Thanks for the info!

@Wayne-bk1jc 3 ай бұрын

Coupled with the failing health that comes with aging, you would see why we should all do our best to educate people on the importance of taking their health seriously to reduce the financial burden of failing/ill health. Also, active retirement planning should also be encouraged. We all know how slowly and nonchalantly governments react to things like this and as such we should do the best we can from our end.

@dannywalters958 3 ай бұрын

That's very true. Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement? Mine draws nearer by the day and I'm gradually going into panic mode

@hildredscali1754 3 ай бұрын

There's no need to panic. The simplest way is to save more and invest those savings in profitable ventures (you must either be very informed or get the services of a professional so you don't end up losing your savings). I made a couple of thousands last year only through something as casual as Stocks and if I can keep at it, I won't have much to fear even with less than 6 years to my retrement. Goodluck!

@dannywalters958 3 ай бұрын

True. You mentioned investing and using pros, what are the steps for getting one? like a really good one? I could definitely use external help right now.

@hildredscali1754 3 ай бұрын

Funny enough, I can honestly relate. You should start by looking out for those from reputable firms and good track records. You should also make sure the person is licensed. Personally, I use Marie, Kelly Matwick. You could also check her out.

@marguritekostecki2194 3 ай бұрын

I'd kinda rather die younger than have to work til the day I drop to be honest

@gbb82 Жыл бұрын

I saw the writing on the wall when I turned 40……I went back in the Army Reserve after a 15 year absence, stayed until age 60. Contributed to the TSP and 401k at my civilian job. I am retired now and collecting a pension, and I am still saving and investing. Nothing is guaranteed.

@gbb82 Жыл бұрын

@@tiffanybishop-2025 Luck maybe and God’s grace, after my deployments to Iraq and Afghanistan.

@cutehumor Жыл бұрын

Good work!! I had the same thoughts when I hit 36 years old. I'll be 46 in two months. my wife and I have got 1.1 million in stocks. We work in healthcare and with no pensions available.

@gbb82 Жыл бұрын

@@cutehumor Great job, all that before age 50! You will be able to retire at a much younger age than I did.

@mocheen4837 Жыл бұрын

At age 50 it is hard to max out your retirement accounts. The catch up contributions is $30,000 per year. With inflation it is difficult to contribute that much without cutting back. I am doing it but it is not easy. I see so many people out driving $100,000 vehicles and I just assume they are all multimillionaires. My net worth is already over $3 million and I stress everyday about saving enough to retire. I still have 15 years to go. I would love to retire early if I can one day.

@terywetherlow7970 Жыл бұрын

Tricksters help insure no return guarantee. Money changers!!

@tltinatl Жыл бұрын

3:00 It never fails that in these stories, the person being interviewed will mention that catch-up 401K contribution allowance for people over 50. As if there's a group of people over 50 who have an extra $30,000 a year that they can save yet who also don't have enough retirement savings.

@thegreat9481 Жыл бұрын

This is why you mist think outside the box

@randymillhouse791 Жыл бұрын

I only contribute about 18K to my 401k. The other 52K I save goes towards investments and my emergency fund. This is annually. Wanna know what is in my garage? Two paid off OLD cars, a lawnmower, some firewood from winter 2022, and a wolf spider. How much "STUFF" is paid for and owned by people who don't need it? Then they pay a storage unit fee. Oh, that's after they buy the 80K SUV that makes them feel important which they can't even park in their garage due to the extra "STUFF!"

@tmusa2002 Жыл бұрын

@@randymillhouse791 Amen! Driving my paid-for cars, too. No debt except for my house. I will not pay to store stuff. It’s ridiculous to borrow money for stuff, and yes, using a credit card IS borrowing very expensive money, my friends. Also, believe it or not, some people do not believe a car loan is debt!!!? Wouldn’t believe it unless I’d heard it on other channels.

@DrSchor Жыл бұрын

It never fails that some pitiful fool misses the entire point. You are better off putting your money, no matter how little into a fund where the gains are not taxed,

@esteban1487 11 ай бұрын

@@randymillhouse791Ah, the trusty wolf spider 😂

@MississippiPickers Жыл бұрын

I'm turning 62 this year, me and the wife are still working and will be for about 3 more years just so we can afford to retire with very good medical, no bills, house paid for and money left over to travel with. You do what ya gotta do when you have no savings. We would have saved but we both have had low paying jobs most of our lives and worked paycheck to paycheck, we are only now starting to be able to pay things off. not everyone is well off

@srichey444 Жыл бұрын

I have a Older friend in her 60's who had to return to work after Retiring. She worked 34 years has a Mental Health Counselor and now trying to figure out how to fix her car that's paid for. When I see older people bagging Groceries and working in Fast food it breaks my heart. Now the American dream is to eat one hot meal a day, and to do it under a roof, not a bridge somewhere.

@craigmat4098 Жыл бұрын

its going to get worse if you dont get rid of Biden and the Democrates!

@sinebar 8 ай бұрын

@@srichey444 Lots of people living in their cars now by choice. Young and old. The cost of housing is just insane.

@johnmourer5747 8 күн бұрын

Wages have not kept up with the cost of living. This has been going on for many decades. It's a sad reality.

@tranger4579 Жыл бұрын

The keyword as you get older is DOWNSIZING. Downsizing is something you got accept as you get older. Baffles me old people still living in huge homes with huge yards that cost a ton to insure and maintain. Same with cars.

@terywetherlow7970 Жыл бұрын

Not usually the case.....school taxes rose so high, my best buddy couldn't cover them on his income. He was an accountant/purchasing agent for RCA. He was forced to retire- 62 y.o. a very common tactic in late 80's, for the big corporations He started with a fund of 143,000.00 & house free and clear. He wasn't frivolous with money,but was not liquid at the time of his death. It happens.

@ritaroad Жыл бұрын

Agh…my cousin lives in a nice but old house on 6 acres of prime property. It cost $150,000 and is worth $650,000. She is so worried about her finances and never treats herself to even the smallest luxury. She is 65,single and has no children. She will not sell.

@dachicagoan8185 Жыл бұрын

Boomers are used to the opulence of the 1980s-2000s. My parents are big spenders too. They're retired with all their kids moved out. Yet they go to Costco frequently and fill up the shopping cart.

@angelachanelhuang1651 8 ай бұрын

@morrismonet3554 3 ай бұрын

Why would anyone trade a paid for house for a mortgage at today's high interest rates?

@tahirisaid2693 7 ай бұрын

I’m glad I pulled through, despite the crises. I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per mnth through my super which gives me total $240,000 a yr to live comfortably. I have no debts _.._ Stay Motivated!!

@tahirisaid2693 7 ай бұрын

Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as *Jenny Pamogas Canaya,* who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner.|-|.

@Needglory23 5 ай бұрын

🤥

@drc3po 5 ай бұрын

SCAM ALERT!

@The_Food_Police 3 ай бұрын

I literally took a screenshot of this to put on my dream board

@aaron070886 Жыл бұрын

How about instead of bailing out banks and the automotive industry we bail out the the funds in social security?

@DrSchor Жыл бұрын

because the banks and auto industry have to pay the money back. ss does not have to

@nala3038 10 ай бұрын

My Greatest Generation father told me a million times growing up, "Son, it's not how much you make, it's how much you keep'.

@mrcodcommando3939 9 ай бұрын

*It's how much you invest

@angelachanelhuang1651 8 ай бұрын

loans are for people who have the money to pay it back

@twyscape Жыл бұрын

The problem here is that a lot of Americans are relying on Social Security to get by. Think again…it’s not going to, especially if the house is not fully paid for by the time you retire.

@poorwhitepeoplearefailures2396 Жыл бұрын

Next to no one my age assumes social security will be there by the time we retire

@terywetherlow7970 Жыл бұрын

Politicians have relied on dipping into S.S. forever. Non citizens are now getting it too. How'd that happen????

@markgreen4612 Жыл бұрын

@@poorwhitepeoplearefailures2396 It definitely won't be there if Republicans get their way.

@terywetherlow7970 Жыл бұрын

My Grand parents were 1st gen for ss pyramid scheme. That's how fast powers that be f.d. that up....crooks

@terywetherlow7970 Жыл бұрын

@CW Amish get a choice y or n to pick at adulthood. They keep reporting illegals being handed Soc. security.

@markgreen4612 Жыл бұрын

At the current SS payment of $1,782 per month retirees had better own their own residence with the average rent in the U.S. for an apartment at $1702 per month.

@ihmpall Жыл бұрын

Move to Guatemala

@terywetherlow7970 Жыл бұрын

You can't trust any invest tool. I have witnessed this first hand.

@jjohnson5014 Жыл бұрын

@@ihmpall Yes, a mud shack in Bolivia!

@ufo_vid9694 Жыл бұрын

@@jjohnson5014 😂 Or in a tent in California

@debbieframpton3857 Жыл бұрын

My social security is $1,237 a month out of that amount I am able to put $350 into savings each month. I do have a 401k and a Roth IRA but I'm not using any of that to live on. My mortgage is paid for I pay all my bills monthly including house and car insurance the only thing I pay yearly is real estate taxes and that bill came yesterday and I went and paid the full amount today. I live in Central Illinois

@patrickmckeegan5345 11 ай бұрын

Headline should read "most" people over 50 are not ready. 60% do not even have any emergency savings fund. Additional 30% have less than $30K in retirement accounts and still do not own their home. The instant gratification generations chickens are coming home to roost.

@steelcastle5616 Жыл бұрын

It depends on what you decide retirement means. Not everyone needs 1mil (or more) to have a quality retirement. And worrying about amassing large sums just opens people up to con games and increased stress.

@tranger4579 Жыл бұрын

Couldn't have said it better

@terywetherlow7970 Жыл бұрын

Most of the crap jobs offer NO retirement plans anyway. Corporate raiders of the 80's & 90's took over Companies just to control and take the money that was socked away. Women's jobs rarely offered anything either.

@djm2189 Жыл бұрын

Yeah i was shocked by that. I thought all full time positions after min wage offered it. I'm in tech so every job i had provided it so I was sheltered. I'm 28, now earn $112k+, and always invest 10%. live below my means.

@randymillhouse791 Жыл бұрын

I started a new in the middle of 2022 and received a 10K bonus. Maybe you aren't researching the companies you have worked for very well. Oh, a 4% 401k match too.

@stuffykong Жыл бұрын

So then you invest on your own. That's all a 401K is (and also why they were created). You can do an IRA or just stockpile money in mutual funds.

@silencedogood7297 Жыл бұрын

Please report on the millions of women who live in poverty in our senior years. We earned only 75% of what men earned and have 75% less retirement and social security. We were the caregivers for handicapped kids and elderly parents and worked fewer social security quarters and often don't qualify for social security. We cashed in our retirements and savings to caregive for relatives and then have zero to live on. So, we live in poverty simply because we did the right thing. I hate to depend on help. But I am now old and handicapped and spent so many years caring for others that I did not marry or have kids. Now I live on $57 per month for food. No, I do not buy chips or lobster on $57.

@terywetherlow7970 Жыл бұрын

Yep. That's the thanks women usually got. 0

@randymillhouse791 Жыл бұрын

Benjamin, you are the only one I have seen in this comments section that has a valid argument.

@minoozolala Жыл бұрын

You have made a great sacrifice to help others. You will be hugely rewarded in your next life. Hopefully others will help you for the rest of this life.

@kerrynight3271 Жыл бұрын

@@minoozolala That whole "next life" promise is a scam. Women need laws protecting them NOW.

@DrSchor Жыл бұрын

you already made the video in your comment

@davidcawrowl3865 Жыл бұрын

How many of these "millions" of Americans flipped houses- bigger and better- two or three times or more in their lifetimes , and consequently never paid off their house. Always in debt. They knew nothing but debt, whereas the vast minority - smart ones- achieved debt-free status.

@trailrider7046 Жыл бұрын

Financial literacy is sorely needed for Americans. For example, I am retired now. I had a savings plan as a public educator but I HAD NO IDEA THAT I NEEDED A MILLION DOLLARS IN RETIREMENT FUNDS!!! I thought my pension benefits would be enough to live on. I didnt know the benefits are much less than the salary i had. Why doesnt anyone tell you this when you are in your twenties? Its something every American should know and they dont!

@djm2189 Жыл бұрын

Yes!!!!! I grew up poor and first in the family to get a university degree. I didn't know. Started out at 55k and now at 28 earn $112k+. First few years never put anything into 401k. Older teammate yelled at me and taught me why I should and how it works. From that point on, always do 10%. I also live below my means.

@terywetherlow7970 Жыл бұрын

Because if they'd have told me my motherhood years didn't count, I probably wouldn't have "risked my life" to have them. I never even got a thank you card for raising more tax cattle.

@billyjohnson9166 Жыл бұрын

You should have saved your money.

@terywetherlow7970 Жыл бұрын

@@billyjohnson9166 Motherhood doesn't pay a salary.

@trailrider7046 Жыл бұрын

@@djm2189 So glad you are saving now. You are young. Keep at it. Your salary is fantastic for your age. I never came anywhere close to that. 😀

@drc3po 5 ай бұрын

So now $1 million in savings is the bare minimum needed for retirement? Absurd. Every American household needs a net worth of one million now? I can remember when "millionaire " meant something rare and special. Now it's apparently an amount that pushes you barely over the poverty line. I think this kind of reporting comes from people who live in Manhattan and pay $10K per month in rent. I have lived for decades on takehome of $2000 a month. My house and car are paid off, no debts. And now Social Security is paying me $2300 a month. After Medicare & Medigap I have $2050 left. Even with tiny savings I am wealthier than ever because of the same takehome pay as when I was working, but now no debt payments on anything. Maybe the wise thing is to live your whole life as though you're already on a retirement budget.

@caucasianafrican1435 Жыл бұрын

The people I know who are 40+ with no retirement savings are all Bad with money. One drives a BMW. Another orders through uber eats regularly. There will always be a portion of people who'll never be disciplined enough to save for retirement

@cb7560 7 ай бұрын

In addition to the points made, arguably, the main reasons people are unprepared for retirement is because they lacked financial education when they were younger, failed to earn much, or lived beyond their means in their working life.

@billibarou Ай бұрын

Lived beyond their means. I grew up before the internet was even thought of. Lacking financial education is code for lazy. With all the information available now for free there is no excuse other than you don't want to do it.

@GabrielBermudes-ef3gv Жыл бұрын

For retirement? We are barely prepared for the next day with everything being so inflated.

@lucybruce-agbeko6349 27 күн бұрын

I had no retirement savings but I have retired comfortably for 6 years.

@bettybaumann5824 Жыл бұрын

High taxes. Recession. Food prices up. Medical up.

@silencedogood7297 Жыл бұрын

Thank trump and thank republicans or reducing taxes on the rich, raising the debt ceiling 3 times in 4 years, and refusing to hire more IRS agents to collect unpaid taxes from the corporations.

@randymillhouse791 Жыл бұрын

Attitude down.

@rockrasheed7507 Жыл бұрын

HOW MILLENNIALS ARE PLANNING FOR RETIREMENT = WORKED UNTIL WE ARE 75 YEARS OF AGE!!!!!!!!!!!!!!!!!!!!!!

@grocerygoat06 Жыл бұрын

I'll be in a furnace before then...

@randymillhouse791 Жыл бұрын

Don't sell yourself short. I'm sure that with proper diet and exercise, you can work well into your 100's.

@DrSchor Жыл бұрын

how to plan? one word: budget

@michalstelmach4203 Жыл бұрын

Americans cry about their retirement but have paid car payments for their entire lives. When I see cars on the roads I think that most Americans are millionaires

@1mw4tch1ng 3 ай бұрын

we have to stop giving SS to people who have not worked in the US. They must have a minimum of number years to accrue to be qualified to collect SS. We have foreigners arriving in the US, who have not worked and apply for SS receiving more than people who have work at least 10 years.

@Gingy2002 Жыл бұрын

Yep, my mother is apart of this group and is basic planning to use her kids as her retirement plan.

@barbarafallin2038 5 ай бұрын

I retired at 59,house is paid off, car paid off 3 years early and no credit card debt,and that was 13 years ago, with a decent pension and social security

@royprovins7037 16 күн бұрын

So. Why are you here. Slumming

@frankish5314 Жыл бұрын

Wow.. When I looked at my SS payments at 62 I found that it just about covered my wife and I's Medicare payments (plus insurance on the unfunded 20%). Thank God I got wise at 36 and started investing 50% of my income. I retired at 52 with just over $1.3M

@marcopolo3109 Жыл бұрын

Congratulations, that's good news for you. I hope I can do the same. I am in my early 30s, with not much money save yet, but 2 things I would like to accomplish in the future is owning a home and have substantial amount of funds saved for a comfortable living and the house already paid off.🙏

@manasseh7 Жыл бұрын

ROTH IRA?

@frankish5314 Жыл бұрын

@@manasseh7 I maxed out my 401k and HSA's first (we live in an income tax State so the incentive to invest pre tax is high). Then Traditional IRA's if our income permitted. Roth IRA if income was too high. Arter that I had a regular brokerage account for anything else I could save. Currently about 1/3rd of our portfolio is in the brokerage account.

@Foxie635 8 ай бұрын

I should start a "Airnb" where retirees rent together.

@Benzene75 Жыл бұрын

At age of 55, I only have half mil in my retirement account..I do worry if my SS will pick up some tap when I retired

@resterAnonyme 4 ай бұрын

In the summer of 1989, I was 11 years old in a homeless shelter in Columbus, OH before moving into the housing projects. I vowed to myself never to let that happen to me as an adult. I have always lived below my means, scrimped and saved and will retire at 50 with a much higher standard of living then the average retiree.. “If you will live like no one else, later you can live like no one else.” ― Dave Ramsey

@funL1F3 Жыл бұрын

this is due to lack of financial education and trusting in the “system”. a 401k plan and social security ain’t gonna cut it. people need to be active investors. doesn’t mean you have to be an expert you just need to be consistently investing throughout your life. time in the market beats timing.

@2stage90 Жыл бұрын

50% of Americans make less than 50K a year. Even the person who made 401K's say you cant rely just on that. With the way the market is the last 20 years where you have all these deep "recessions". I can see why. Median Income retirement is 90K in retirement.....You gotta ask, do you really think ALL these people F'd up or did the game change to extract the worker from trying to retire.

@jet4415 7 ай бұрын

How about: Pay off your credit card debt before retiring?

@cashflow68 Жыл бұрын

I waiting 2 more years to collect my max SS at 70. If they do cut SS by 23%, I probably get what I would normally get at 67. Lets hope it doesn't get cut.

@DrSchor Жыл бұрын

you do not receive a larger check by waiting to 72, just to 70

@timmc8444 Жыл бұрын

Half the workers in this country are close to being homeless..how in the f are people supposed to save for retirement!

@craiggoldstein2461 Жыл бұрын

Here's one way.....Dont buy $1000 cell phones every year....Spare the tattoos...the Starbucks....pack a lunch instead of eating out all the time. Buy a used car instead of a new one.......This is NOT directed at you just society in general. People live WAY beyond their means with total disregard of their future and then blame society.

@timmc8444 Жыл бұрын

Can't debate that..if you ain't got it..don't spend it

@danieldylan1273 Жыл бұрын

Where I worked 90% of the employees spent every cent they made and then some. The company matched 50% up to 6% of your pay for your 401k. Employees even borrowed from their 401k's. I saved and have a nice amount today in my 401k even after buying a 10 year annuity.

@river13 Жыл бұрын

It is a scam and risky compared to what companies used to offer. One of the most egregious scams in modern finance. The reason is fees, stacks of needless charges piled willy-nilly, one on top of the other. Expensive mutual funds are finally ceding ground to index funds and ETFs, leaving 401(k) "management" fees as the last great rip-off in retirement saving. When you get your 401(k) statement, look up your expense figure or ask your administrator to show you. If the number isn't what you expected, make some noise. Your retirement is at stake here.

@djm2189 Жыл бұрын

@@D1008Wwouldn't you for a house? Always heard this especially with how crazy homes are!! I've been putting 10% into my 401k for years. I'm 28 now and earn $112k+.

@terywetherlow7970 Жыл бұрын

I have seen discussion on how ss & wages are half of what they should be. Unless you really want children skip that part. Everything now is only for the rich......

@billyjohnson9166 Жыл бұрын

The dumb part was buying an annuity that’s where you Fd up

@chuck5553 Жыл бұрын

We had employees take from their deferred compensation when the market crashed during Covid. Damn they lost sooo much taking a $10,000 plop at the very bottom. That $10k cost them 20k in just a few shorts months when the economy recovered 💸💸💸

@williamwilson6499 Жыл бұрын

I’ve been retired eight years…if $1,000,000 is all you have for retirement, then forget it.

@aaz1992 Жыл бұрын

Didn't mention that real wages haven't risen for 50 years...

@nomadictravelerfromTx Жыл бұрын

I retired at the age of 51 15 years ago. I have over 1 million cash in the bank, paid off home and cars. I get $9000 a month. Not bad for a guy from the hood. My advice, learn the system and then go out there and win!!!!!!!!!!!!!!!!!!!!

@commonsenseisntcommon1776 Жыл бұрын

Drugs huh? Nice

@chrisaycock5965 Жыл бұрын

planning on retiring outside the country .. Money will never go far enough here.

@SamA-ho8uj Жыл бұрын

Americans don't know how to save; if a friend or neighbor got an RV, they have to get one as well...and so on...

@terywetherlow7970 Жыл бұрын

Oh B.S. Sam A.

@djm2189 Жыл бұрын

Yeah many love living above their means. Especially with cars, expensive depreciating asset.

@billyjohnson9166 Жыл бұрын

True

@crystalsswtor3760 Жыл бұрын

You trying living on $6.35 an hour and see if you can save anything.

@billyjohnson9166 Жыл бұрын

@@crystalsswtor3760 minimum wage is double that at least

@t206kid Жыл бұрын

This idea of retirement is a new concept in America. In the 1930s people "retired" at 62 and then died 6 months later. The 401k I believe came to be in 1980. So in the grand scheme of things retirmemnet is a very new idea, at least retirements that last 20+ years

@MichaelChengSanJose 3 ай бұрын

Most Americans are wrong about $1M being enough for retirement unless you’re retiring at 75. Most have zero clue how to drive 10-15% yields on their $1M to live for 30 years in retirement. They will burn through the $1M way before their end as costs keep climbing.

@lavalampluva55401 Жыл бұрын

People are trying to physically live longer, but that means that they will need even more $$$ to live. But the trend of life expectancy in the US is dropping, but not sure how much that was caused by COVID. Problem is that younger people are less wanting to have kids which means that less money will be going into SSI. It's a vicious circle.

@amorylovin2137 Жыл бұрын

I did not think the experts recommendations were very helpful to people who are already so far behind and struggling. That was just a slap in the face but at least she corrected the correspondent on the fact that social security will be there for people as a safety net but it should not be the only plan.

@ravenhummel8202 Жыл бұрын

Fear mongering, once again....doesn't matter if your employer offers 401k s or not. There are banks and investment businesses in every town. Walk in. Ask to open a 401k. They will even sit down with you and educate you on the subject personally and at least once a year. This is the same silliness that was stated about health insurance, where there were insurance agents and companies in every town. Walk in, customize your own health insurance paln according to what you can afford. Now, that has been taken away merely bc people were too lazy to be personally responsible for themselves. If people lived within their means by purchasing size appropriate homes and non luxury vehicles, they would be set for life by 35, or EARLIER, which is the age you should have your education, home and vehicle paid off. There are NO EXCUSES, except the ones you tell yourself. Take a different approach, your silly excuses are tired and boring and invalid.

@linuxsurfer2002 Жыл бұрын

Very true. You don't even have to walk in - you can start an IRA online with Vanguard, Fidelity, etc.

@ravenhummel8202 Жыл бұрын

@@linuxsurfer2002 Very true.

@marriagebeforesex Жыл бұрын

I don’t even intend to work forever! My plan is to retire between 55 to 60 years old and make my own business at home! Travel the world and take care of my health! 😂😂😂😂 Old is not always gold sometimes it’s mold!!!

@Madskillsuniversity 5 ай бұрын

I know 3 people who after retiring, sold everything and now live in Mexico, Thailand and Spain, respectfully. They live in beautiful homes and apts and LOVE it! I see A lot of widowed women in IL and IND who are barely making ends meet. I try to go once once per week to pay for their groceries, but there is not much you can do. I feel so bad for them. I also fix things for them if they call me. It is sad, and it is only going to get worse. I semi-retired at 60, but will not fully retire until I am 65 (3 years), along with my wife. We will be selling everything and bouncing around the world and the US. Tired of owning homes, paying taxes, etc. LOL. I may just get an RV for the US, but live everywhere. Retiring sucks in SO many way, and it is not just the money, either. What if they take SS away?

@tmusa2002 Жыл бұрын

Good news is that financial literacy is on the rise. FIRE movement, Dave Ramsey, and constant reminders on social media and schools that, surprise, surprise, you need to save for the old version of you. Also, PLEASE don’t blame not saving on an employer not having a 401K! Go to a financial advisor and get one started yourself! You don’t need an employer to do this for you!!! It’s free and easy. Shocked how this video doesn’t share that!!!! Such a disservice to the listener. No excuses in the modern world to be financially ignorant.

@MC-mh2ju 4 ай бұрын

The real question to ask: "How can people with no money, save for retirement?"

@sawaugust Жыл бұрын

Lol 1 million isn't even enough in most states now. More like 1.5 or 2 million.

@Foxie635 8 ай бұрын

I have been seeing a lot of older workers in casinos and as cashiers, pretty much everywhere.

@user-ir1bl9ii1e Күн бұрын

I work in Las Vegas, there are many workers over 60 still working to make ends meet. Many people can't afford to fully retire, so many work part time to supplement social security and other retirement income. It is what it is. The American dream of retirement appears to be a Mirage. Work till you can't.

@pgppe9488 7 ай бұрын

Maybe the US Government should start teaching personal finance in middle school and stop grooming citizens to be spenders. It is not difficult to save 100 dollars a month in an IRA or 401K plan when you get your first real job. Start saving early.

@pmczapczara5332 3 ай бұрын

Too busy with DEI, Sys rayczm, pronoun circus, etc

@Fred-yd9md 3 ай бұрын

Stop crying 😂 these folks squandered money on junk materialism in their youth … only them to blame for no money in retirement… There are plenty of low wage earners retire decently with good money habits

@randymillhouse791 7 ай бұрын

Let me continue to break something down (hey, I'm at home on Saturday night and not out at some overpriced restaurant with bad food): 1.) DON'T BREED CHILDREN! 2.) Live below your means. 3.) Your wealth is directly related as to whether or not you can fit two paid off cars into a two-car garage or not. 4.) If you get a raise at work increase your direct deposit to your savings account in the same take home pay amount. Continue this year after year. 5.) Drive your car(s) until there is a complete and total breakdown of the vehicle. Only then should you consider buying a new one. Upkeep expenses are good spending habits. 6.) Wear old clothing. Men, if there are no holes in the crotch of the jeans then KEEP WEARING THEM! 7.) Do you pay rent for a storage unit to store crap you don't use or need? WHY??? 8.) Do you own a boat? Don't reply to me! 9.) DON'T BREED CHILDREN!

@CP-so4hg Жыл бұрын

My financial retirement plan doesn't rely on SS. It heats me up that I've been paying into SS for 37 years now, and unless taxes are raised in the future to cover the deficit, SS will be insolvent by the time I am ready to retire. We're going to see a country in mass chaos unless they find a way to fund SS again.

@DrSchor Жыл бұрын

ss will be there. it is only the trust fund that will not be there

@mrmakeshft Жыл бұрын

Well that’s say alot about my generation

@Realg401 Жыл бұрын

I got an idea have older people babysit like how people with cars can Uber make an app where older people can signup to babysit in certain areas as needed

@roberts4834 Жыл бұрын

Interesting…an app for babysitting! Hey babysitting is one way to supplement your income.

@nicolejennings8389 Жыл бұрын

What babies? Most young women don't even have babies now

@TreeofLife_111 Жыл бұрын

@@nicolejennings8389 exactly, because have you seen the men out there?! 😂

@shawnmichael6190 Жыл бұрын

I'll be a cat sitter

@Realg401 Жыл бұрын

@@nicolejennings8389 go to the low income areas of your local community 😂😂😂

@recoveredconservative 4 ай бұрын

It's such an easy fix. remove the income cap. 95 % of Americans pay social security tax all year long. Make it 100 percent and the problem is solved. we can forget about for a half century without reducing what it pays out.

@eknathamma8976 Жыл бұрын

How can anyone be? Work to death and everything is taken in taxes and inflation! How can anyone save but the super rich?

@wizardofahhhhhhz Жыл бұрын

It’s very possible. There are tons of videos on KZfaq of people showing exactly how they saved on salaries as low as $36K a year. It takes determination and sacrifice, but it can be done.

@TreeofLife_111 Жыл бұрын

@@wizardofahhhhhhz so live with parents for 10 years on that salary and don't spend it and be set?

@wizardofahhhhhhz Жыл бұрын

@@TreeofLife_111 don’t eat out, get roommates, don’t do unnecessary shopping, cook at home instead of eating out, etc. It’s not impossible, most people just feel entitled to the finer things…

@TreeofLife_111 Жыл бұрын

@@wizardofahhhhhhz I already do these things :-/ 100% home cooked cheap meals too

@TreeofLife_111 Жыл бұрын

@@wizardofahhhhhhz well I moved back in with my folks to get a degree and I cook all of my meals at home and intermittent fast. For me the hardest part is landing a job that pays well.

@pwu8194 10 ай бұрын

Social security won't be depleted for another 50 years, based on the currently draw rate. It's hard to save money when they eat fast food. They have to cook at home to start saving money. I saved 90% of my income despite 401(k) doesn't allow you to save that much. I basically just save, save, and save, 401(k) or not. I haven't bought any new clothes in decades. The ones I bought decades ago are still in very good condition. Don't waste money and you will have enough for retirement.

@davidrice6724 Жыл бұрын

I think it is sad that so many companies no longer provide pensions. 401Ks are dependent upon the always fluctuating stock market.... I was able to retire with a decent pension at 55, but still need to work some part time hours. I cannot imagine having to retire on savings alone. I probably would have needed to continue working full-time until death...which seems to be the case for far too many people.

@kh884488 Жыл бұрын

401k accounts have one notable advantage over pensions. With a pension, when you die, your pension dies. With a 401k, your assets are yours. If it is a after-tax 401k, you never have to pay tax on your holdings.

@thegreat9481 Жыл бұрын

What do you think pensions invest in ? 😂😂😂😂

@davidrice6724 Жыл бұрын

@The Great yes...but pensions provide a guaranteed amount regardless of stock market performance

@randymillhouse791 Жыл бұрын

Why did you choose NOT to save? You don't have to answer me. That is a question between you and your mirror.

@davidrice6724 Жыл бұрын

@Randy Millhouse well sometimes not all of the choices we make in life are wise ones....in any case....I'm doing fine now and for that, I'm very grateful...

@nicholastracy4915 7 ай бұрын

Poor financial education. Some people have no idea about this. I myself only even became aware of retirement savings while bettering myself in state prison, self-educating on small business and financial awareness. Almost no one of all ages I know have any retirement savings. Only some of my more distant family does.

@kimberlyturner820 Жыл бұрын

Oh no😮

@michaelmayo-vb5fl 11 ай бұрын

I'm 28 years old . Started my 401k & Roth in few years ago . 15% out my check out a week. Also getting a pension from my union . When I'm done. Hoping social security is just grocery money 😂

@monharris28 10 ай бұрын

smart thinking, have a surplus so you can kick up your feet and relax

@karenlouise2156 11 ай бұрын

Nothing new here

@howellwong11 Жыл бұрын

No surprise for me. Some of us are smart and some of us are not. It has been like this throughout history. I'm one of the smart ones, but not part of the smartest ones. I believe in the Bell Curve.

@crystalsswtor3760 Жыл бұрын

I started working when I was 13, and I never made enough money to be on my own let alone being able to save for anything. Most of the places I worked did not have a retirement plan. I did work in a casino and I made enough money to be on my own, and I'm grateful for that. If the government can't control their spending either on our SS, then we shouldn't be paying into it, if they have such a problem with it.

@silencedogood7297 Жыл бұрын

False. You are repeating lies that republicans always tell just before they cut programs. Social security does not come out of the budget. It is a trust fund that everyone pays into and receives back when they retire. The problem with Social Security is that more people are old and retiring than new young people beginning to pay in. No one planned for a super babyboom after WWI and a super small birth rate today. Thus, there is difficulty if we do not add to the trust fund to pay what we promised to the millions who have worked hard and paid their fair share.

@crystalsswtor3760 Жыл бұрын

@@silencedogood7297 everyone who works is paying into it, your not gonna sit there and just call me a liar when you don't know me. Your not telling me they are not spending it.

@thegreat9481 Жыл бұрын

You know you can save on your own right. You dont have to wait on a job to provide a 401k you can open up retirement accounts. Take accountability Even if you can only spare $50 do what you can. Thats $600 working for you at the end of the year, increase as you’re able. You die the day you put trust in the gov

@crystalsswtor3760 Жыл бұрын

@@thegreat9481 you must be rich or middle class, don't tell me what to take accountability for, I at least keep a roof over my head and don't not pay rent even on unemployment so stuff it.

@randymillhouse791 Жыл бұрын

You live in the USA, correct? The land of opportunity and reinvention, correct? Do you think I was in any way qualified to be in the profession I am in prior to me slogging it out and learning it for low pay? Heck no! I am 20 years into my profession that I cranked HARD to create out of nothing. It is paying off. Our choices are ours alone. I used to settle for less until I woke up at age 35.

@anabelsanchez4605 Жыл бұрын

Move to another country. Many older Americans are leaving to South America and the Caribbean

@Maddawg31415 Жыл бұрын

I think the biggest trouble was that people expected retirement to be realistic at age 65 with median income and life expectancy rising. That and let’s be honest, what is retirement? Is retirement going onto part time hours? Not working at all?? Seems to be heavily contested. But as Dr. Red Duke said. “people retire and their brains rot!” Btw social security is nothing more than a donation to the US govt the way things are going, and pensions are nothing more than a nice treat

@bernie9728 4 ай бұрын

You have a life time to prepare. I get the life can throw you curveballs, but that just means you have to focus more and make good decisions. It's not like retirement creeps up on you. You pretty much know 40 years in advance that ti's coming.

@cur244 2 ай бұрын

Most Americans prioritize tv or social media scrolling over financial future. The same people that say they can't save are going out to eat and shopping constantly while blaming inflation and current politicians. Everyone knows that the previous 30 years people also weren't saving.

@debbiel8585 7 ай бұрын

hard to save with the inflation. Come on

@bigmikessenioradventures 11 ай бұрын

Thanks for the video. I could not survive on my money in the US even as I was living alone. I moved to the philippines now I live like a king and have a beautiful kind wife. All I do now is work on my YT channel and enjoy life!

@bernie57 11 ай бұрын

good for you. smart big mike!

@sjordan7085 Сағат бұрын

Frugality is what has 'saved my bacon' despite being a vegetarian. At this point, after refining my preps of food and supplies, I cannot find anymore 'corners to cut'. I am always looking for creative ways to live, free concerts, growing more food, making my own items and only buying used in excellent condition where possible. I go to the School of Dentistry, ride a bike for exercise and to save petrol. Prepping is the best way to mitigate inflation and shortages. I used to take Days Out once or twice a month, instead of going on holiday, something I haven't done in many decades. Living simply allows one to tithe a little to causes one feels passionately about, but even then, the cost of living is now surpassing my best efforts. I am glad, I nolonger need to go to the grocery store, and don't have to pay rent or a house payment and all that goes along with that. I drive an older Toyota in pristine condition and hope it will not expire before I do.....lol

@Renegadeproject Ай бұрын

Financial issues are just another way to add stress in your later years.

@Frugal_fitchic Жыл бұрын

I’m 48 and I get to retire at 58 with a state pension. I count myself very lucky but I know that I’m gonna still end up living in a van or RV.

@cherylT321 Жыл бұрын

You won’t end up that way if you make a conscious effort to live below your means and to downsize your life if you can!

@Frugal_fitchic Жыл бұрын

@@cherylT321 I just don’t make that much money but I do need to be more frugal.

@popculturecommentary1192 Жыл бұрын

My dad is 70 as of January and never saved for retirement

@kimberlyturner820 Жыл бұрын

Whoa😳😮

@popculturecommentary1192 Жыл бұрын

@@kimberlyturner820 I didn’t learn till very recently that my dad raised me hand to mouth, I had no idea it was that bad

@DrSchor Жыл бұрын

that is on him. saving for your own retirement is on you

@popculturecommentary1192 Жыл бұрын

@@DrSchor absolutely yes and I’m going to wait until I’m probably 68 or 70 to retire

@lunchbox6576 Жыл бұрын

It is because adjusted for inflation wages have stagnated or gone down in real buying power. Ever sense the 1980's

@rickdunn3883 4 ай бұрын

It's also about buying too many toys, credit cards and living paycheck to paycheck. SS will be there and it will be fully funded. No cut-thats a political joke. The issue is that Taxes will have to go up. Tax & Spend more and more and more and....

@hoosier_daddy65 Жыл бұрын

Just the ease of her saying .. "Well what was promised to you by the government will probably now be 23% less... That never works for taxes !

@YourRichAuntie Ай бұрын

I'm a Wealth Manager by trade - and yeah. You need about $1M - especially if you're under 55 to retire in America. Especially if you don't have a pension and/or live in a high cost of living state like NY, CA

@Me97202 4 ай бұрын

My boomer brothers and sisters were too busy buying _stuff_ to bother saving _anything_ at all.

@gregorycarson8513 Жыл бұрын

I’m retiring in 5yrs at 62 with about 130k in retirement I’m paying off my house and about 50k leftover,but I’ll be debt free and have 1600 in SS monthly,I truly believe I’ll be just fine,oops I’m also buying a RV to do fulltime.

@steelcastle5616 Жыл бұрын

You have it better or as good as most of my parent's generation. You'll be just fine.

@trevorphillips2868 Ай бұрын

I’m 39 and I have 10 more years left on my mortgage. So 49 years old I can probably cut back on how many hours I work and then by 60 retire. But I probably won’t. But this country needs to do better about helping those who can’t retire. Maybe stop spending trillions on wars.

@paulsaragosa371 Ай бұрын

Women's never lies on their actions and women's are the only honor 🎖 🥇 🙏 able

@richardcruz8930 Ай бұрын

You don't need $1 million - a fixed amount of dead money accumulated. You need 1 million of continuous income STREAMS.

@timshull59 Жыл бұрын

700.00 a month f150 payments

@wizardofahhhhhhz Жыл бұрын

They are preparing to be a financial burden on their kids. Please get your finances and retirement fund in order when you are young!!!

@vornamenachname5589 7 ай бұрын

this is the same in other countries. People rely too much on social benefits instead of looking themselves for their future. i'm 50 noww an collectec 400k in stocks already. and i've choosen a job which guarantees me a pension of 70 % of my last salary.

@YolandaSaldivar4eva 3 ай бұрын

48 now. 17 cents in my checking account. Social Security and food stamps until I die!

@buzz5969 Жыл бұрын

Id venture to say its NOT JUST OLDER AMERICANS. Its likely worldwide.😊

@markgreen4612 Жыл бұрын

Except in China where regular citizen's income is steadily growing.

@skydouglas996 Жыл бұрын

@@markgreen4612 Yea China is great, you should move there immediately!😂

@aahsimovieprojects Жыл бұрын

@@markgreen4612 lol I live in Miami and a bunch of Chinese migrants just pulled up on the beach in front of my apartment yesterday. Can't be that good if they're so desperate to leave and enter the US illegally on a raft.

@DrSchor Жыл бұрын

@@aahsimovieprojects what ever are you talking about. How is it possible to travel to miami on a raft from china

@paulsaragosa371 9 ай бұрын

50 percent cut ✂️

@sharonneth4231 Жыл бұрын

This is how the 'BIG MACHINE' wanted it many years ago and they will never change it for the better. How many generations after the boomers and GENERATION Z, do not have retirement? Let's get real here.... this is a downward spiral economy that big business, the media created for the common folk. We are all doing the best we can with the pennies that we are given.

@DrSchor Жыл бұрын

When you start to take responsibility for providing for yourself, Intead of depending on a big machine to care for you, things will get better