Millions of older Americans unprepared for retirement

Подписаться 6 млн

Просмотров 108 тыс.

50% 1

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
CBS News Streaming Network is the premier 24/7 anchored streaming news service from CBS News and Stations, available free to everyone with access to the Internet. The CBS News Streaming Network is your destination for breaking news, live events and original reporting locally, nationally and around the globe. Launched in November 2014 as CBSN, the CBS News Streaming Network is available live in 91 countries and on 30 digital platforms and apps, as well as on CBSNews.com and Paramount+.
Subscribe to the CBS News RU-vid channel: / cbsnews
Watch CBS News: cbsn.ws/1PlLpZ7c
Download the CBS News app: cbsn.ws/1Xb1WC8
Follow CBS News on Instagram: / cbsnews
Like CBS News on Facebook: / cbsnews
Follow CBS News on Twitter: / cbsnews
Subscribe to our newsletters: cbsn.ws/1RqHw7T
Try Paramount+ free: bit.ly/2OiW1kZ
For video licensing inquiries, contact: licensing@veritone.com

Опубликовано:

20 апр 2023

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 500

@kelvinjohnson4 Месяц назад

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 Месяц назад

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 Месяц назад

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 Месяц назад

@@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 Месяц назад

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 Месяц назад

@@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!

@ChristopherAbelman 10 дней назад

I am currently running through my 40s and This is no time to taper retirement savings. I want to max out my retirement funding and I also have another $200k in a savings account that i want to invest in a non-retirement account.Would it be better going to housing? Maybe own property and let it till im ready to move in at 65.

@HildaBennet 10 дней назад

Research dividend aristocrats and choose six to ten firms with over 25 years of dividend payments. Also consider working with an asset-manager to build a strong portfolio.

@FinnBraylon 10 дней назад

A good percentage of people do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… now my dreams are getting bigger. Going from ($50k to $600k) is surreal all thanks to insights from a professional.

@JosephineKenney 10 дней назад

I thought gains like that are nothing but a pipe dream! mind sharing details of yourmanager please?

@FinnBraylon 10 дней назад

She goes by ‘’Sharon Lee Peoples’ I say you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

@JosephineKenney 10 дней назад

Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.

@Wayne-bk1jc 4 месяца назад

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 4 месяца назад

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 4 месяца назад

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 4 месяца назад

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 4 месяца назад

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 4 месяца назад

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

@gbb82 Год назад

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 Год назад

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

@cutehumor Год назад

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 Год назад

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

@mocheen4837 Год назад

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 Год назад

Tricksters help insure no return guarantee. Money changers!!

@tltinatl Год назад

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 Год назад

This is why you mist think outside the box

@randymillhouse791 Год назад

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 Год назад

@@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 Год назад

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 Год назад

@@randymillhouse791Ah, the trusty wolf spider 😂

@MississippiPickers Год назад

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 Год назад

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 Год назад

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

@sinebar 9 месяцев назад

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

@johnmourer5747 Месяц назад

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

@tranger4579 Год назад

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 Год назад

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 Год назад

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 Год назад

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 9 месяцев назад

@morrismonet3554 4 месяца назад

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

@tahirisaid2693 7 месяцев назад

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 месяцев назад

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 6 месяцев назад

🤥

@The_Food_Police 4 месяца назад

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

@markgreen4612 Год назад

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 Год назад

Move to Guatemala

@terywetherlow7970 Год назад

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

@jjohnson5014 Год назад

@@ihmpall Yes, a mud shack in Bolivia!

@ufo_vid9694 Год назад

@@jjohnson5014 😂 Or in a tent in California

@debbieframpton3857 Год назад

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

@aaron070886 Год назад

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

@DrSchor Год назад

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

@tylerburke8275 27 дней назад

How dare you put social welfare above record breaking corporate profits?

@twyscape Год назад

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 Год назад

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

@terywetherlow7970 Год назад

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

@markgreen4612 Год назад

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

@terywetherlow7970 Год назад

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

@terywetherlow7970 Год назад

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

@nala3038 11 месяцев назад

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 10 месяцев назад

*It's how much you invest

@angelachanelhuang1651 9 месяцев назад

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

@terywetherlow7970 Год назад

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 Год назад

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 Год назад

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 Год назад

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.

@steelcastle5616 Год назад

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 Год назад

Couldn't have said it better

@silencedogood7297 Год назад

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 Год назад

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

@randymillhouse791 Год назад

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

@minoozolala Год назад

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 Год назад

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

@DrSchor Год назад

you already made the video in your comment

@patrickmckeegan5345 Год назад

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.

@trailrider7046 Год назад

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 Год назад

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 Год назад

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 Год назад

You should have saved your money.

@terywetherlow7970 Год назад

@@billyjohnson9166 Motherhood doesn't pay a salary.

@trailrider7046 Год назад

@@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. 😀

@davidcawrowl3865 Год назад

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.

@caucasianafrican1435 Год назад

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

@michalstelmach4203 Год назад

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

@GabrielBermudes-ef3gv Год назад

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

@lucybruce-agbeko6349 Месяц назад

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

@cb7560 8 месяцев назад

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 2 месяца назад

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.

@rockrasheed7507 Год назад

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

@grocerygoat06 Год назад

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

@randymillhouse791 Год назад

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

@DrSchor Год назад

how to plan? one word: budget

@barbarafallin2038 6 месяцев назад

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 Месяц назад

So. Why are you here. Slumming

@bettybaumann5824 Год назад

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

@silencedogood7297 Год назад

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 Год назад

Attitude down.

@jet4415 8 месяцев назад

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

@frankish5314 Год назад

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 Год назад

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 Год назад

ROTH IRA?

@frankish5314 Год назад

@@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.

@1mw4tch1ng 3 месяца назад

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 Год назад

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

@timmc8444 Год назад

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

@craiggoldstein2461 Год назад

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 Год назад

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

@Foxie635 9 месяцев назад

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

@aaz1992 Год назад

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

@2stage90 Год назад

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.

@danieldylan1273 Год назад

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 Год назад

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 Год назад

@@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 Год назад

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 Год назад

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

@chuck5553 Год назад

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 💸💸💸

@resterAnonyme 4 месяца назад

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

@williamwilson6499 Год назад

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

@cashflow68 Год назад

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 Год назад

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

@chrisaycock5965 Год назад

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

@funL1F3 Год назад

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.

@Benzene75 Год назад

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

@kimberlyturner820 Год назад

Oh no😮

@nomadictravelerfromTx Год назад

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 Год назад

Drugs huh? Nice

@sawaugust Год назад

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

@MichaelChengSanJose 4 месяца назад

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.

@eknathamma8976 Год назад

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

@wizardofahhhhhhz Год назад

It’s very possible. There are tons of videos on RU-vid 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 Год назад

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

@wizardofahhhhhhz Год назад

@@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 Год назад

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

@TreeofLife_111 Год назад

@@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.

@Madskillsuniversity 6 месяцев назад

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?

@mrmakeshft Год назад

Well that’s say alot about my generation

@Foxie635 9 месяцев назад

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

@user-ir1bl9ii1e 29 дней назад

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.

@karenlouise2156 Год назад

Nothing new here

@davidrice6724 Год назад

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 Год назад

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 Год назад

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

@davidrice6724 Год назад

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

@randymillhouse791 Год назад

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

@davidrice6724 Год назад

@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...

@t206kid Год назад

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

@amorylovin2137 Год назад

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.

@phish_1 Год назад

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!!!

@MC-mh2ju 5 месяцев назад

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

@CP-so4hg Год назад

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 Год назад

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

@tmusa2002 Год назад

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.

@Frugal_fitchic Год назад

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 Год назад

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 Год назад

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

@lavalampluva55401 Год назад

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.

@randymillhouse791 8 месяцев назад

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!

@popculturecommentary1192 Год назад

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

@kimberlyturner820 Год назад

Whoa😳😮

@popculturecommentary1192 Год назад

@@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 Год назад

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

@popculturecommentary1192 Год назад

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

@michaelmayo-vb5fl Год назад

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 11 месяцев назад

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

@pgppe9488 7 месяцев назад

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 4 месяца назад

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

@buzz5969 Год назад

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

@markgreen4612 Год назад

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

@skydouglas996 Год назад

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

@aahsimovieprojects Год назад

@@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 Год назад

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

@ravenhummel8202 Год назад

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 Год назад

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

@ravenhummel8202 Год назад

@@linuxsurfer2002 Very true.

@anabelsanchez4605 Год назад

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

@SamA-ho8uj Год назад

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 Год назад

Oh B.S. Sam A.

@djm2189 Год назад

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

@billyjohnson9166 Год назад

True

@crystalsswtor3760 Год назад

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

@billyjohnson9166 Год назад

@@crystalsswtor3760 minimum wage is double that at least

@Getchrochet2016 Год назад

Imagine the generation we have now🤣all they want is freebies.

@Renegadeproject Месяц назад

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

@recoveredconservative 5 месяцев назад

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.

@bigmikessenioradventures Год назад

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 Год назад

good for you. smart big mike!

@gregorycarson8513 Год назад

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 Год назад

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

@Emmy-J 26 дней назад

Companies cut wages and benefits to benefit themselves. It made it harder for people to save. Also many companies went under so did their employees pensions. People had to start all over again. Wages were a lot lower back then which is what their contribution was based on. With everything so much more expensive that money is what people are expected to live on in this economy. And its getting worse

@paulsaragosa371 9 месяцев назад

50 percent cut ✂️

@bjdon99 26 дней назад

Most Americans who don’t have retirement savings made a choice to not save ‘then’, and will pay for it ‘now.’

@debbiel8585 8 месяцев назад

hard to save with the inflation. Come on

@pwu8194 11 месяцев назад

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.

@howellwong11 Год назад

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.

@Realg401 Год назад

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 Год назад

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

@nicolejennings8389 Год назад

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

@TreeofLife_111 Год назад

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

@shawnmichael6190 Год назад

I'll be a cat sitter

@Realg401 Год назад

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

@hoosier_daddy65 Год назад

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 2 месяца назад

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

@jamesstpatrick8493 Год назад

Most 50 years mom can't find a good job

@crystalsswtor3760 Год назад

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 Год назад

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 Год назад

@@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 Год назад

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 Год назад

@@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 Год назад

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.

@YolandaSaldivar4eva 4 месяца назад

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

@timshull59 Год назад

700.00 a month f150 payments

@nicholastracy4915 8 месяцев назад

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.

@Me97202 5 месяцев назад

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

@johnurban7333 Год назад

It’s all in how you spend the money you have

@DrSchor Год назад

it is about how you dont spend the money you have

@johnurban7333 Год назад

@@DrSchor agreed

@Maddawg31415 Год назад

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

@trevorphillips2868 2 месяца назад

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.

@Fred-yd9md 4 месяца назад

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

@TheBryanmauro Месяц назад

Amy what can older Americans do, tells us Amy, tell us... Retire in another country.

@bernie9728 5 месяцев назад

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.

@lunchbox6576 Год назад

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

@paulsaragosa371 2 месяца назад

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

@Joel-bl9ww 10 месяцев назад

The Average 401(k) Balance By Age | How Do You Compare? ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-apX2RTo1dcM.html

@richardcruz8930 2 месяца назад

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

@wizardofahhhhhhz Год назад

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

@cur244 3 месяца назад

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.