America Has a Retirement Problem, Ghilarducci Says

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Labor economist Teresa Ghilarducci talks about the problem with America's retirement system. She speaks to Bloomberg's Sonali Basak in a wide ranging interview about the shortcomings and what needs to change.
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23 май 2024

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Комментарии : 987

@Shirleypos 18 часов назад

For boomers and seniors, the market and economy are much tougher now. I'm used to just buying and holding stocks, but that doesn't seem to work well in this volatile market. Inflation is also hurting my portfolio. My biggest worry is if I can survive after retirement with only $300k.

@AntagonisticAsian 17 часов назад

It's smart to reallocate your funds to reduce risks during market ups and downs. Getting advice from a financial advisor can make this easier.

@game46632 17 часов назад

I'm almost ready to retire and having a financial advisor has helped me a lot. Since I started investing late, I couldn't depend on compound interest from index funds. Despite that, I've earned more than some people who have been investing for years. I'll be retiring with at least $1 million.

@Gothic_heroine 16 часов назад

Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

@game46632 16 часов назад

I'm cautious about giving specific recommendations since everyone's situation varies, but I've worked with "Kristin Amber Landis" for 6 years and highly recommend her. Look her up to see if she meets your criteria.

@Gothic_heroine 16 часов назад

Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.

@Patriciabanks5 4 дня назад

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.

@ScottArmstrong12 4 дня назад

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.

@MarkGrimm8 4 дня назад

45% of Americans 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… Going from $50k to $600k in my portfolio is surreal all thanks to insights from my financial advisor.

@ritalorrigan 4 дня назад

Your adviser must be really good, I hope it's okay to inquire if you're still collaborating with the same adviser and how I can get in touch with them?

@MarkGrimm8 4 дня назад

Finding financial advisors like Carol Vivian Constable who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@ritalorrigan 4 дня назад

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

@austinbar 14 дней назад

I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.

@joshbarney114 14 дней назад

Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.

@rogerwheelers4322 14 дней назад

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

@FabioOdelega876 14 дней назад

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.

@rogerwheelers4322 14 дней назад

I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@FabioOdelega876 4 дня назад

I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Marisa Breton Dollard up and send her a message. You've truly motivated me. God's blessings on you.

@rougeur День назад

The thought of retirement makes me cry, My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you weren't to blame for.it's difficult for people who are retired.

@AllisonSherman657 День назад

I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or bitcoin and stocks..

@face2lune День назад

I keep wondering how people earn money in financial markets, i tried trading on my own made a huge loss and now I'm scared of investing more…

@rougeur День назад

@@face2lune Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances….

@face2lune День назад

@@rougeur I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the CFP that assisted you and how to get in touch….

@rougeur День назад

@@face2lune I get guidance from *Susan Tori Davis* Most likely, the internet should have her basic info..

@markgoicoechea7826 23 дня назад

I’m 60 years old working a physically demanding job. When I get out of bed in the morning to go to work every joint and almost every muscle in my body is screaming at me. I long for the year I turn 62 so I can finally rest.

@martinezjames83 22 дня назад

You earned it

@JeffreyGillespie 20 дней назад

God bless, I’m 50 and getting pretty tired of it too.

@joegehlert8160 19 дней назад

Amen brother

@IndigoBellyDance 17 дней назад

We used to die at 70, people are living longer. My advice if u can get a job less physically demanding. &/or cash in on social security at 67 & work a less physically demanding job. I won’t retire (ever) it’s just an economic reality. Imo the trick is to find long term jobs that don’t destroy our bodies And pay a living wage

@jimsack1 16 дней назад

Hopefully, you have more than SSI to retire on.

@danklein8587 19 дней назад

Most people hate their jobs and want to retire ASAP. I retired at 65 because I could go on Medicare. My so called retirement age was 66 and six months. Best decision ever.

@SEnricoPIndiogine 10 дней назад

That is my plan also. However, I need to move to a cheaper region because I would not do well on only SS and my savings.

@JuanAlmonte-rf7xk 6 дней назад

Exactly,I retired at 63,moved to a lesser costly state & happy to enjoy my little nickel & dimes,my peace & decent health.Working longer can cost people their health with stress,physical activity & one can end up with savings they can’t use.

@teresaellis7088 6 дней назад

my husband retired at 62.He retired from army and then spent 21 at Toyota.If you work a job that is physical you wear out.He had hour commute and hour time difference and half 2nd job was nights and about 2 hours overtime a day. It was rough on him,I’m glad he is done.

@davidanderson7389 22 дня назад

I left my job at 61 as an RN because of anxiety and stress in the level one trauma center I worked in. Working longer wasn’t an option.

@bugsy2902 19 дней назад

Totally understand, I quit and took early retirement end of 2020 due to the stress and short staffing, unsafe working conditions and felt I would have a stroke if I didn't. Didn't look for a clinic job as I had back pain standing and have since found out I have spinal stenosis from all the wear and tear of bedside. Just waiting till I can take SS at 62! Considered disability but they make it almost impossible to get I think they hope people die first.

@buffycat4641 15 дней назад

And the damage to your body after being a nurse for years. We get it!

@kiranwingelaar7009 13 дней назад

Exactly, RN in the ER. They tried to push older nurses off the boat at 61 and onwards

@bugsy2902 13 дней назад

@@kiranwingelaar7009 Descension as I call them would fire the older workers and then make them reapply for their jobs for a lower wage when they took over a hospital. Unless you were union and they couldn't do that, then they would try to start a paper trail to push you out! Witch mgr during 2020 covid starting harassing and writing us up. First poor nurse she texted her on her Vacation about a vague problem demanding a disciplinary meeting to ruin it for her! Such a witch and she looked like Cruella DeVille complete with one long streak of grey hair LOL Then the 6 new grads one by one said she told them in the job interview how she was going to get rid of us! Shortly after covid peaked and she was then running around telling us how much she valued us and needed us! The new grads were leaving in 6 months' time instead of taking the bonus that would tie them to the place for 2 plus years! I wasn't the only one to quit. Now there are only 2 senior nurses left of my whole floor, everyone else quit or retired.

@joycewilson7048 12 дней назад

I am an RN who had to retire on disability. Nursing is hard on the body, mind and soul. After 42 years, my body just gave out, and I had left bedside nursing after 30 years.

@marvinphillips1326 22 дня назад

I think she’s one of the few who truly understands our retirement system. And I don’t believe Larry Fink would be preaching Work Longer, Retire Later if he was a Roofer.

@msteach3082 22 дня назад

Precisely!

@clauderobotham6261 19 дней назад

And Larry Fink can keep his job as long as he wants, unlike the rest of us who get laid off in our 50s and can't get re-employed at any job paying a livable wage.

@dawnpeterson5172 17 дней назад

Larry Fink stinks...

@beereaters 17 дней назад

I agree on the role, however I can see (and hope for myself) that work can adapt as I age. I don't want to roof in my 60s, but my 30s and 40s I'd appreciate it and save like crazy. By 50 I'd rather do something less impactful on my body, but have a job all the same. Same in my 60s and 70s. Having a purpose each day is a really underappreciated thing, no matter how much it makes you hourly.

@dawnpeterson5172 17 дней назад

She understands the system because of her own empathy, which is lacking in greedy, wealthy white men. Reaganomics has led to the complete deterioration of the middle class and created massive homelessness in this country. Pretty soon, because of the overturning of Roe vs. Wade, women will be banned from voting as well. Another problem is that men dominate the world, which will also lead us to its destruction. The proof of male violence certainly needs no further evidentiary support. Statistically, men commit approximately 90% of the world’s homicides every year. As far as we know, few female leaders have started wars. From this overwhelming evidence, many observers have concluded that males are simply warlike creatures from birth, temperamentally and genetically pre-disposed to resolving conflicts through violence.

@byrondavis4277 16 дней назад

Teresa was my economics professor back at Notre Dame. While I didn’t agree with her viewpoints on some topics, I thought that she provided really great ideas that made me think. In this interview she makes excellent points about needing more revenue into the retirement system rather than age extensions or benefit cuts. The abandonment of corporate pensions was a disaster for the American worker.

@chrisreynolds6391 9 дней назад

You’re so lucky!

@dreindenver798 22 дня назад

Of course, someone from Blackrock wants us to work longer. The retirement age should be 62.

@miketrusky476 9 дней назад

Most refuse to study the speakers back ground . Mike Johnson was a leader of a university,, that had no students and was another traitor trump university knock off for republican resumes.

@jjones8813 6 дней назад

Numbers 8:25 New King James Version and at the age of fifty years they must cease performing this work, and shall work no more

@sw6118 3 дня назад

That’s right the more you save, the more they can manage.

@gobot4455 3 дня назад

And the work houses, are they no longer in operarion?

@sw6118 11 часов назад

@@gobot4455 they’re coming back. The question with robots and so many other labor saving devices why will work houses be needed. People who want you to work until you drop aren’t paying attention that labor is increasingly unnecessary. It’s really hard for right wingers to accept that you can’t punish poverty by working people to death. I wonder what evil they’ll do.

@gmpomeroy 23 дня назад

The professor’s comments are very insightful and she brings the receipts

@Notarys 23 дня назад

What is going on? I don’t recognize this. The absence of gaslighting is confusing. More of this, it is healthy discourse.

@jordanwilliams9300 23 дня назад

"Well, a lot of these kids didn't pick the right parents"... This lady kicks ass 🎉

@frankfurtrent4553 19 дней назад

Me too

@perrynillup 18 дней назад

Yes, find someone else to blame on day one.

@deepzone31 16 дней назад

@@perrynillup It's called sarcasm.

@GillerHeston 18 дней назад

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

@joshbarney114 18 дней назад

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

@rogerwheelers4322 18 дней назад

I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.

@rogerwheelers4322 18 дней назад

@paradise6606 11 дней назад

401k are a terrible idea. Don't trust others with your money ever.

@summerjoy247 10 дней назад

It’s so hard to save 20% of your income when your income is sucked up by taxes and overpriced priced cost of living.

@JudiBerger-oq1dh 18 дней назад

This is the first time I have seen someone hit the nail on the head. She is awesome

@jonpondi1206 14 дней назад

This comment is the comment that is absolutely correct and should be the most liked! This lay is a retirement genius!

@ItsMe-on6tt 23 дня назад

I’m shocked that someone speaking this truth is on Bloomberg.

@14534 23 дня назад

It’s left wing propaganda. She was wrong on almost all counts.

@8ofwands300 22 дня назад

M too! She's making great points!

@thetreekeeper143 19 дней назад

Me too. Bloomberg is usually quite biased in my opinion.

@PositiveMommaLife 19 дней назад

This is actually shocking

@dragonfly6908 19 дней назад

Lol..........but true.

@gagnepaingilly 13 дней назад

Baby boomers are retiring or on the verge to, so how do we deal with such recession-influenced market conditions? Typically my $250k worth of holdings go up 8% then lose 20% right after and the cycle continues, I’m confused and truly sick of the system

@sommersalt88 13 дней назад

Inflation gives the illusion of growth

@AntagonisticAsian 13 дней назад

I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.

@blaquopaque 13 дней назад

De-risk your portfolio, shore up your core holdings, and take some profits while balancing your portfolio allocations. I’d also suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I. We've made over 80% capital growth minus dividends.

@Curbalnk 13 дней назад

@blaqueopaque I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.

@blaquopaque 13 дней назад

There are a handful of experts in the field. I've experimented with a few over the past years, but We've stuck with ‘'Kristin Amber Landis” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

@maddysys 14 дней назад

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

@AUstinnesc 14 дней назад

as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management

@chrissmurrayy 14 дней назад

Agreed the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.

@McElvinn 14 дней назад

Your advisor must be really good. How I can get in touch? I have to start investing as I feel inflation is eating into my nest egg.

@corrySledd 14 дней назад

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.

@carieyoung1111 13 дней назад

You should invest as early as possible and as much as possible- rather than paying off a home as your priority….many seniors don’t have retirement funds but paid off homes and it’s not helping their situations at all…then they reverse mortgage them and get heloc loans to get cash flow and it’s a bad gamble

@davidjackson2179 11 дней назад

This lady is a boss. Standing up for the working class and vulnerable elderly folks. She should run for office.

@Mr_Nobody_CA 23 дня назад

More people need to see this video and be educated

@tonylinardi3089 18 дней назад

This woman should have a position in government!! Finally someone speaking sensibly!! The system is set up for failure. Why is it countries send so much money to other countries in aid, yet the leave their taxpaying citizens in poverty in their senior years.

@matthewr8819 13 дней назад

Our political leaders seem to make decisions based on helping and taking care of non citizens instead of our citizens.

@d.e.b.b5788 5 дней назад

Because the gov't people who are directing that money overseas, are profiting from businesses in the country where the money is being sent.

@sw6118 3 дня назад

Because the republicans want something to fight over-like their refusal to pass the immigration bill THAT THEY NEGOTIATED so that they can complain about it because trump thinks its a talking point that he can use to his advantage. He and the republicans didn’t and don’t have our best interests at heart, unfortunately.

@SurefireMa156 23 дня назад

“Work longer, retire later” yes our society of constantly increasing productivity and wealth ‘needs people to continue to work longer is a fallacy that makes no sense if you understand the numbers.

@gordongekko2781 23 дня назад

That's because the portion of profits distributed to labor is an ever shrinking piece of the pie. Productivity is continually rising while wages remain flat. Prior to Reagan wages rose with productivity.

@buffycat4641 15 дней назад

And then they tell you Social Security will be underfunded by 2033, so if your work to 70 good luck with collecting anything.

@imitationpitaya 6 дней назад

@@buffycat4641 which is something that doesn’t have to be inevitable. There are policy changes that can be implemented. But doing that might mean raising the amount collected from the wealthy, so instead they’re trying get us all to believe that social security will completely evaporate within a decade

@pfunk2637 19 дней назад

Teresa Ghilarducci is a very well informed and speaks truths that aren't discussed by corporations.

@sw6118 3 дня назад

They’re discussed, but only in the context of how to put more money in the c-suite.

@CA06917 18 дней назад

Having people work longer is not the answer. We weren't made to work that long.

@iati6294 9 дней назад

I know a lady that worked at cleaning houses most of her life. She sent a lot of money to Mexico and has a 2 story home and at least 7 small properties that she rents. Now she has cancer and it’s looking worst everyday and might not make it. She never setup her property in mexico under her kids name so now it seems like her relatives in mexico are going to keep all her properties. Leaving her kids in the USA with nothing.

@mschreibernaoual 23 дня назад

Thanks for talking about the health aspect and not just the financial side.

@jaycee4528 20 дней назад

First time hearing Teresa Ghilarducci speak. So articulate! Wish she would run for President!!

@user-zp4di9to6t 19 дней назад

If people bought less shit they could retire earlier. Sure, convincing people that they need the next gadget, to be happy, has served share prices but if you dont own those shares, you just prolong the time that you have to spend in work.

@michaelarnold7503 23 дня назад

Larry Fink is approaching the issue with corporate, financial biases that make him unable to accept empirical data. As boomers age and they pull staggering amounts of investment dollars out of the financial system it is going to get really interesting. A consumer based economy that looks toward younger, poorer generations to prop it up is going to be in trouble.

@julieburkhardt61 19 дней назад

didn't think of it that way. but certainly, the greatest transfer of wealth ever seen is picking up steam.

@down-to-earth-mystery-school 5 дней назад

Maybe we will realize that we aren’t meant to be ‘consumers’, striving for endless growth. Younger generations understand that we live on a finite planet with finite resources.

@als7132 23 дня назад

I liked Ms. Ghilarducci’s wisdom in creating and improving a retirement plan. I retired in my early sixties. I decided to work a few extra years, which benefited and enhanced my retirement funds. Thank you for this interview.

@interruptingaging 22 дня назад

Teresa Ghilarducci nailed it! On all counts. Including, our aging demographic, and the fact that many older Americans simply are not financially prepared for retirement. Some people live longer, more are developing Alzheimer’s, others suffer death by despair. And so much more. All of these cost money.

@loveydovey4u 21 день назад

Don't forget about Diabetes! My uncle died at 62!

@interruptingaging 21 день назад

@@loveydovey4u So sorry to hear.

@buffycat4641 15 дней назад

Wear and tear on the body is different for a financial planner than a plumber or a roofer. Although the psychological stressors might be higher for the financial planner. Not one size fits all.

@jordanwilliams9300 23 дня назад

The rare segment on here where uncomfortable truths of wealth inequality is actually discussed

@donnaallgaier-lamberti3933 21 день назад

ISSUES I SEE REGARDING RETIREMEN:T Spending problems, not savings problems, having/raising and educating children. not enough financial education. divorce (loss of assets) lower wages and Autoimmune conditions, My husband is age 79 and STILL works three days a week (because he and I were previously divorced and he work in city government and never earned more than $50,000 at his peak.) My husband stands on cement 8 hours per day (three days per week) on feet with severe neuropathy, high arches, hammertoes, and multiple neuro-physical issues. THANK YOU for recognizing and calling attention to the difficulties of aging and continuing to work in jobs that take a huge toll on the body.

@buffycat4641 15 дней назад

I agree with the "spending problem." That seems to be epidemic in America and is a killer when it comes to saving for retirement. I was a spender until I hit my early 40s, then as a single woman with no one to rely on by myself I developed a plan. I got a job with a County agency and stayed there until I was 67. My highest paycheck was $66,000 toward the last 2 years. The County provided a state pension, plus I contributed to a 457 plan. Whenever I got a raise, the raise went directly into the 457 savings plan. If you don't have it, you don't miss it. I bought a tiny home 842 sq ft and kept it for 22 years, paying the mortgage off in 13. After I paid the mortgage off that mortgage then went into the 457 savings plan. I do live frugally but was able to retire comfortably. Life is all about choices.

@maramcmanus9669 9 дней назад

If you want to improve retirement, deal with runaway drug prices. Just one of my meds is $75k a year and when I transition to medicare it will not be covered. My insurance is $2k per month not including a 12k annual deductible. Get real.

@sw6118 3 дня назад

Runaway drug AND medical care costs.

@christschool 18 дней назад

I remember when I was in my 20's and Nationsbank, now Bank of America, was pushing out 50 year olds by reassigning them territories hundreds of miles away. Now I'm 56 and I try to play defense. It was an important lesson I learned 30 years ago.

@yourseatatthetable 10 дней назад

Some of us are unlikely to retire until the point where we'll need full time care. I work every hour I can get and barely have a savings account and we have people who drool over the idea of taking away our social security. They want the poor in this country to work until we die.

@nicford548 9 дней назад

She’s absolutely right! Most Americans are NOT living longer.

@terrybumpass4799 19 дней назад

This lady would be a good treasury secretary.

@angieprice7206 19 дней назад

She should be the head of the treasury.

@terrybumpass4799 17 дней назад

@@angieprice7206 Treasury secretary is the head of the treasury. I agree with you.

@adamtharpe9587 23 дня назад

With all the stress of just working and trying to afford the basics, many won’t live long enough to reach retirement age. If you do you will be too old to enjoy the things you always wanted to do. Only the wealthier, smart investors & the lucky has such opportunity.

@lenering1084 9 дней назад

This lady really knows what she is talking about. We need to listen to her more.

@Mike-dd8bd 23 дня назад

Its kind of scary how reliant we are on the stock market. Vast majority of people who invest in the market don`t even know who or what they are invested in. The only thing they expect is that the portfolio magically goes up in value by the time they retire.

@IakonaWayne 22 дня назад

Refer to Peter theil and Eric Weinstein growth obligation theory

@Martin-qm2lg 19 дней назад

You are responsible! Know what you own!

@hightide4782 23 дня назад

Most of the defined contribution plans in this country are woefully inadequate - if the goal is to enrich the investor. They have high fees, lousy investment options, etc., benefitting Wall Street. The interviewer notes Wall Street’s solution to the retirement issue, a problem it helped create, is for people to work longer. The unmitigated gall is astounding.

@rodneylw10 14 дней назад

Yes, I began my career as a teacher, $18K a year when my college friends started with $30K and $32K in businesses with plans and matching funds, etc. the same year. They made way more than me; however, at retirement, because of my pension, I was able to somewhat level the playing field. The thing is, all those working years I made so much less. But, get this. In retirement I am considered wealthy falling into the 90-95% retirement percentile with my retirement savings (market downturns made 1/3 of projected goal) , pension and soc sec. but I am also the group that is described as funding retirement for others in this plan ( still get less than my salary was). It isn't that I am wealthy but so few saved for retirement that now the difference of pension versus no pension or whatever makes me vunerable to having money taken. I too would like to live comfortable now that I am retiring (last Friday). Because of the downturn in the savings I worked six years longer to offset loss in 403b.

@StorytellerSueW 23 дня назад

Yeah, the three-legged stool approach got the pension leg kicked out from under it by corporate greed.

@buffycat4641 15 дней назад

With legislators in Washingtons help!

@gena1586 23 дня назад

Sitting in a chair is not the same as lifting things when it comes to work 🙀

@nellyjohnson7316 22 дня назад

Weight training works wonders.

@buffycat4641 15 дней назад

@@nellyjohnson7316 Many times but not always. If you have medical issues like stenosis, osteoporosis or severe arthritis you can actually do damage. Always get the approval of your physician first.

@user-gz4ve8mw9l 13 дней назад

@@nellyjohnson7316 Old age catches up to everyone inevitably. Not to mention you can't predict any health issues that arise. No certainty in avoiding it by doing everything right even if you could.

@down-to-earth-mystery-school 5 дней назад

Sitting in a chair if very hard for me as a 52 year old with fibromyalgia. It makes me hurt so much worse.

@invisiblesun6595 7 дней назад

I like the way she thinks. She'd make a perfect advocate for the COLA adjustments retirees get, which is nowhere near what they should be year to year.

@Cathy-xi8cb 16 дней назад

Start saving for retirement and investing for retirement right away. I waited until 30 and had to plow 25% of my income into a SEP. If I had started with my first job at 18, it would have been closer to 20%. Compounding is magic. I didn't need all those silly things that I bought. I could have put away the amount I spent on lip gloss and had it amount to thousands 45 years later.

@JonMeierding-je2iy 23 дня назад

Why does the government limit us so bad funding our IRA. I'm 63 and ready to retire but they only allow me to contribute 8000/yr. This is supposed to be my future, cmon let's double that at least. Good info thanks for educating us with this. Jon

@cliffhuoh1492 22 дня назад

Because the government wants your tax money now.

@stephenlight647 22 дня назад

Because they want the taxes.

@martuccijr 22 дня назад

I agree. Why aren’t the IRA and 401k contribution limits the same? The IRA contribution limit should equal the 401k limit

@8ofwands300 22 дня назад

@@martuccijr good point.

@nicogreco7855 22 дня назад

@@martuccijr 401ks and IRAs were born from totally separate ideas. IRAs were made by Congress and explicitly made for retirement purposes, hence the name Individual RETIREMENT Account, so that a worker's retirement wasn't solely dependent on their employer providing a pension. 401ks were made as a way for employers to provide their employees with tax -deferred cash bonuses and stock ( we see this today every time your employer matches your contributions, these are in fact cash bonuses). 401ks weren't designed to be used exactly how they are today, so think of it more as a bug that became a feature of the system.

@nhoramartinez6415 9 дней назад

This is the smartest woman that I’ve ever met. Can we have her as our next President?

@johnnyretires 22 дня назад

Yes, the modern workplace has become very very stressful!!

@philipsamuelsen7904 23 дня назад

Teresa is an exceptionally intelligent woman. The investor class see the 401k system as a giant pool of money for them to skim for profits.

@Goat1229 12 дней назад

This lady was spot on and told nothing but the truth

@perrynillup 18 дней назад

For 50 years I have seen great workers over 55 being pushed out first. Same happened to me...I fully expected it and on day minus two when the said they had made a mistake, I told them no thanks.

@pleasesayhi4009 19 дней назад

Want to retire? 1) Don't be single 2) Don't have health problems or disabilities 3) Don't have children 4) Don't be a minority 5) Have rich parents 6) Have kind parents. I am terrified of dying of a broken hip living out of my car in my old age. I have a job and insurance but still cannot afford to save for retirement or get the medical care I need. This year I decided to simply stop going to the doctor and accept whatever happens.

@JonMeierding-je2iy 19 дней назад

I don't go to doctors either. I'm afraid they say the big c word and so long to live. I'd rather not know that.

@fedguy9182 19 дней назад

Don’t be a singe mom out of wed lock is missing from your list

@Surf62 18 дней назад

@@fedguy9182Bingo.

@drscopeify 16 дней назад

Are you 65? Are you on Medicare?

@gbb82 15 дней назад

I guess I failed because I am a minority, but fortunately for me I spent 25 years between active and reserve military duty so I’m able to retire with a decent pension with a COLA. Not a whole lot of money but it pays all my bills and leaves a little over.

@jeffa7148 18 дней назад

Let's give the government more money to manage because they've done such a great job managing what they currently take in. Great idea.

@esyjournal 14 дней назад

You'd think the Board of Education would make Financial Education mandatory in Elementary School, JHS, and HS. Yet, no one is tested on their understanding of interest rates before they leave school.

@joegehlert8160 19 дней назад

I've been saying this since 401's started. Now at 61 I'm living through it.

@user-ec7cm6ro5o 23 дня назад

This lady is awesome. I’m going to watch more of her videos.

@susanmarie2231 9 дней назад

Amen! I am 69 and retirement is not an option. I work as a self-employed non-medical senior caregiver for 17 years. I no longer take clients who require lifting. I had both hips replaced in 2022 due to osteoarthritis. I am very grateful to be in good shape again. Love the reality check of this program. Thank you!

@rainetravels1410 9 дней назад

I meant to pick wealthy entrepreneurial parents as well, but didn't my bad.😊

@bwhite9993 22 дня назад

Nobody talks about mental stress! With technology breakthroughs real time solutioning and HIGH demands for instant answers and 24 X 7 time availability are killing people even though they aren't blue collar. Sure the big wigs in Blackrock that are at the top..sure they can work longer just telling everyone under them what to do. "Hey I will be golfing this weekend but I need to see the revenue numbers by monday"

@williamdunlop8191 16 дней назад

Smart lady with very complicated issures most people will not talk about

@jeffs9850 21 день назад

Teresa has been preaching this for decades. The rich & bought politicians refuse to do anything to truly help the vast majority of the populace. I hope one day voters force changes like she talks about. 🙏🏻

@ohsocooll12342 19 дней назад

The voters are responsible for voting on culture war issues and not for politicians who would actually do good for the majority

@northharriscollege 23 дня назад

work longer? But I thought AI was going to take 90 percent of all the jobs. How are they supposed to support 80 percent of the population with ubi but can hardly afford to let the elderly retire. Not adding up.

@Zero11_ss 23 дня назад

Ai is already taking jobs. Its only going to ramp up from here. Dark future for lower middle class and below.

@stephenharper6638 23 дня назад

Tax the f-ing robots already! :)

@gordongekko2781 23 дня назад

@@Zero11_ss Actually, AI is a greater threat to white collar jobs. One accountant doing the work of five -- that sort of thing.

@Zero11_ss 23 дня назад

@@gordongekko2781 sure but look at whats happened to basic jobs even before this, gatekeeping them behind college degrees that have nothing to do with the job or locked behind "networking" which is really just nepotism. Those white collar workers might lose their job but they'll just be taking the lower tier jobs.

@MrSteeDoo 17 дней назад

There is a solution.

@davewhitegt 22 дня назад

Don’t punish the investor by raising capital gains tax, just take off the cap for social security tax. Right now anyone earning more than $168k doesn’t pay any social security tax on those earning above $168k. It’s a very simple solution. Also someone needs to put the government in check to stop spending soo much money on wasteful BS. Just balance the checkbook. However, I do also like the plan of individual investment accounts set up for everyone. Combining these three things would be a great for people without pensions or 401ks. Nothing beats the power of years and years of compound interest.

@MrSteeDoo 17 дней назад

Government spending is spent into the private sector. Government spending doesn't make money vanish.

@davewhitegt 16 дней назад

@@MrSteeDooso you think it’s ok to add 100s of earmarks into a bills that has nothing to do with those earmarks? You don’t think there are any misappropriated funds?

@MrSteeDoo 16 дней назад

@@davewhitegt The money goes into the private sector. How much more simple can I make it for you?

@davewhitegt 16 дней назад

@@MrSteeDoooh no, you made it very simple. 🤣🤣🤣

@buffycat4641 15 дней назад

Plus, stop taxing us again on our Social Security income!

@PrettyGoodLookin 23 дня назад

Because Public Schools don't teach retirement preparedness.

@stephenharper6638 23 дня назад

Not their job. It's the parents. It's always the parents.

@PrettyGoodLookin 23 дня назад

@@stephenharper6638 It's the mandatory Public Schools job to TEACH the necessary skills. How is a Parent supposed to teach complicated subjects ?

@stephenharper6638 23 дня назад

@@PrettyGoodLookin Teaching teens retirement? hahaha Schools are good. Anyone graduating with 10 AP classes has a good education. They know they can learn.

@PrettyGoodLookin 23 дня назад

@@stephenharper6638 Yes, teaching teens retirement, Retirement preparation starts right out of HS for those who understand compound interest and investing.

@briantep458 21 день назад

not so much retirement preparedness versus just overall financial literacy when it comes to managing ones own personal finances

@geneadaway2671 12 дней назад

We could have funded Social Security, but we spent it all on weapons.

@down-to-earth-mystery-school 5 дней назад

Bingo! And then they gaslight us for not saving enough…

@katinthecorner 18 дней назад

At age of 55 I agree my body is not keeping up with my pink collar and desk work.

@williamchangusa 21 день назад

Saving for retirement is not how much you make. It’s how much you save. Without 401k, there would be much less savings in retirement

@RichardMoore-jg5tl 18 дней назад

Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.

@RusuSilva 18 дней назад

At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.

@RossiPopa 18 дней назад

Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.

@FusunTumsavas-cq7tp 18 дней назад

Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

@RossiPopa 18 дней назад

Monica Shawn Marti 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.

@FusunTumsavas-cq7tp 18 дней назад

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip

@jimsack1 21 день назад

We have responsibility. Some individuals take their retirement funding seriously, most don’t.

@joegehlert8160 19 дней назад

Most can't.

@buffycat4641 15 дней назад

@@joegehlert8160 I am a single female who made fairly low wages all my life with no one else to rely on. If I could do it so can others, but it takes fiscal responsibility and learning how to live within or below your means. People feel they should have it all, well guess what sometimes you can't.

@joegehlert8160 15 дней назад

@@buffycat4641 ,well life is funny for some, cancer,divorce, and much much more. I quit work after itp and lung issues. Oh, and then 700 a month child support from the Rome I was 38. 😆

@jimsack1 13 дней назад

@@joegehlert8160 how’s that?

@thedude2920 23 дня назад

Great convo. Thank you for the long form to hear out the thoughts. Great interviewer also.

@02nupe 23 дня назад

agreed

@bert3163 22 дня назад

If only some mechanism existed for individual workers to work together and negotiate for better wages and benefits. 🙄

@ProvocateuAstrology2 9 дней назад

People over the age of 60 have a hard time getting a job because they are discriminated against by HR people.Why don't you interview some of the top accounting firms and ask them?How many people over the age of 50 do they have in staff?Senior or manager rolls you'll find next to none

@michelles.1930 23 дня назад

The answer isn’t working longer. The answer is paying ceos and shareholders less and putting that money into pensions.

@tommyeschung 23 дня назад

Pay ceos less

@user-sy6gv9ck8p 20 дней назад

This is the difference between smart and wise. Thanks.

@stephaniejames4775 11 дней назад

She totally gets it! I retired early from nursing because of neck and back wear and tear. Better to have less chronic pain but I will have to be more frugal.

@tangerinenix5081 13 дней назад

At 63 having a corporate career I agree about the stress and cortisol. Have to wait to get Medicare before retiring

@dpporlando 23 дня назад

Why doesnt the U.S. have a sovereign wealth fund to fund a pension system?

@stephenlight647 22 дня назад

Because that money would not be able to be used for other government expenses. It all goes into one big pot.

@johnnyretires 22 дня назад

SS is our social pay as you go pension system. SS is excellent in many ways but needs improvement.

@dpporlando 22 дня назад

@@johnnyretires SSI is not a pension.

@johnnyretires 22 дня назад

@@dpporlando yes. It is more technically an annuity. It is the mother of all annuities

@michaelcap9550 20 дней назад

@@johnnyretires SS branched out to other areas like Disability. If it stayed just for retirement, it would be in a better position.

@CharlesMcEnerney 12 дней назад

So many issues that could be fixed if we had campaign finance reform so that politicians were not in the pockets of corporations.

@amuseinthecraftroom6257 11 дней назад

I've officially left my corporate job at 50....I would have given them 5 more years, but early savings and low debt are the only reason I'm not freaking out right now. I'm loving this conversation, and I think I need to write my congress critters about the pension bill she mentioned.

@jjones8813 6 дней назад

Numbers 8:25 King James Bible And from the age of fifty years they shall cease waiting upon the service thereof, and shall serve no more: New King James Version and at the age of fifty years they must cease performing this work, and shall work no more

@michaelberger6699 19 дней назад

The tax advantage has little to no benefit for middle and lower income people.

@dagreatstoney.5869 11 дней назад

This woman should be president, 👍

@donnareed3822 7 дней назад

The people who are saying that older people should just work longer are the same people who are telling us that we need to live with less. Less of everything. These are the two percent that have most of the wealth in this country

@jamesof7seven 9 дней назад

Thank you! We can WELL afford to bring the have-nots along with the haves without making any difference at all to their lifestyles. If you increased taxes on the rich to pay for the elderly to retire and didn't tell the rich THEY WOULDN'T EVEN NOTICE. We're just greedy.

@Fell214 22 дня назад

I retired at 58 with a guaranteed public pension of $8,500 per month for life. Didn’t have to contribute a dime to the plan... just 30 years of loyal service. I get annual COLA increases and the pension is 100% passed to my surviving spouse for life. Add our combined $4,500 of monthly SS at 62 and retirement is great even if we didn’t touch our savings. I chose to work for an employer that supported my retirement. Others choose different paths.

@theonlycaulfield 21 день назад

All is well till the public pension plan collapses due to no longer being funded sufficiently. A number of US and Canadian pension plans have already reported that they'll run out by 2030. Just another part of the retirement problem with more people, such as yourself, taking out of the plans than are now funding it. Social security itself is set to have more people taking out than funding it by the mid-2030s.

@Fell214 21 день назад

@@theonlycaulfield My public plan is 90% funded and the state Supreme Court has already ruled that earned benefits can’t be reduced. Life is good.

@paulmiller5781 21 день назад

They’re waiting on a bailout from the liberals

@pensacola321 21 день назад

Military

@theonlycaulfield 21 день назад

@@Fell214 Illinois had a similar ruling, but the ruling is meaningless if the pension funding is insufficient. We are only at the tipping point of the retirement crisis. The funding now doesn't matter as much as the projected funding in 10 years after we have a large wave of new retirees.

@btuesday 18 дней назад

Great ideas, but do we have politicians honest enough to carry out these reforms? If we gave them more money, they would just spend it on nonsense.

@waffelsmellgood 19 дней назад

I think the weight of the responsibility of our country’s wealth should lie on the government’s guidance on the public. If you want people to start saving at age 18 economics needs to start in elementary to get a proper understanding of how money and math works. Why it’s important and how it can better your life. Setting up a plan for free consultation of how to manage your money for those 83% who don’t have a job with 401k so they can understand how to budget and how to set up IRA and Roth IRA if they don’t have 401ks. And if the lower class still can’t rise above poverty then an allowance can be given to them along with advisement with financial planning. How do we get people out of poverty if we don’t even help them? A country that can rise out of poverty can get rich untied as a country that is helping itself, not just the 20% that is always rich. Math will be in demand, hopefully that will expand the “elite” individuals with the big brain power who know how to save and expand their portfolios.

@pn2543 20 дней назад

citing Ray Dalio and Milken as the 'investor class' is risible, they are the Madoff fraud class

@nancykraus5127 19 дней назад

How about we go back and look at all the times Congress "borrowed" from the social security trust fund and insist they pay it back plus all the interest it should have earned. And why is Musk not paying social security on his paycheck? Why is he any different than the rest of us? And keep social security out of the stock market.

@luvtravel6207 3 дня назад

Insurance companies hiking rates, interest rates are insane, food prices are outrageous, who knows what “enough money” to retire even means anymore

@davido.2932 20 дней назад

Insightful and straightforward analysis. Thanks.

@scollins44 23 дня назад

Birds that can’t afford to buy nests won’t lay eggs let alone save for the future. I guess you want consumption but not sustained consumption.

@leighnash6140 18 дней назад

Very insightful! Thank you for this interview. It is helpful and truthful about what people in the US face.

@anniealexander9616 22 дня назад

Retirement is so much easier with a paid off mortgage. Everything isn't about 401k. I pay into social security and Medicare. Then I contribute to 401k, and HSA. This is ontop of paying weekly insurance premium through my employer. I go to work sick like most of my coworkers. Taking a day off to be sick, plus a doctor's visit and prescriptions are equal to a cheap vacation. My last vacation was during covid when the govt was handing out money. I've had to help my children with housing because it's crazy expensive. Now I'm 52 years old building fiber optic cables and trying to resave for my retirement. I struggled to move cables that weight up to 1000lbs. I struggle to see fibers when testing. I struggle to work 12.25 hours a day, 4 days straight.

@MrSteeDoo 17 дней назад

You act like you don't have insurance. Also, you go to the doctor for every little scratch or sniffle?

@AnonymousanonymousA 23 дня назад

add medical gaslighting, medical upcoding, 33% kickbacks between medical doctors robbing taxes and leading to increased taxes,

@MrTigerStarX 22 дня назад

Correct. There are so many useless procedures to inflate medical bills: it is criminally aburd.

@stephenharper6638 23 дня назад

Lift the maximum amount to be earned from $21K approx. without impacting Social Security for those taking it before full retirement. Serious impact on senior finances immediately and retains skills in the workplace.

@thrombolin 6 дней назад

Absolutely brilliant. People are retired, much like any other used product.

@eriwendikhaila 6 дней назад

We are not cradle to grave in this country. We have different economic strata in this country.

@dragonfly6908 19 дней назад

In the UK we have the same problem. We have 9.2 million people who are economically inactive, they are not in work and not looking for work.

@buffycat4641 15 дней назад

Thankfully, we at the moment have low unemployment rates in America.

@dragonfly6908 15 дней назад

@@buffycat4641 The same in the UK, we have low unemployment at 4.3%. Also in the UK out of the 9.2 million economically inactive people 3.5 million are over the age of 50 and these people have taken early retirement, some because of illness and the majority of these people have no intention of returning to work.

@down-to-earth-mystery-school 5 дней назад

They are tired of working for nothing, then being blamed for not having a ‘good’ job.

@amandadugan4476 11 дней назад

Prime working age is not changing. People are living longer but the quality of life at old age is not comparable to a prime age worker. Asking the older generation to compete with prime workers for money to survive is awful.

@matthewr8819 13 дней назад

I am 58 years old, eligible for Social Security in 4 more years. Physically I feel like I should be on disability. I am doing a light duty job, mostly standing as a cashier and janitorial work. I only get 19 dollars an hour. I look at taking SS retirement at 62 but it’s not going to help unless I put my things in storage and become a nomad living in my car on a fixed income of $1500 a month. So I am forced to work until I am 70 years old because I have no choice.