New study reveals majority of Americans turning 65 soon are not financially prepared to retire 

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?

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

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.

She made one glaring mistake IMO. She told people in their 40s to finally start paying attention. I encourage parents to take their high school and college kids to a financial planner and teach them the math of compound interest, dollar cost averaging and the simplicity of monthly contributions. I started putting it away when I was 25. If you miss those 10-15 years until you're in your 40s, you have made it so much harder than it should be. It's all about education. I retired at 54.

Comedian George Carlin said decades ago that people spend money they don’t have to buy stuff they don’t need to impress people they don’t know. Get and stay out debt and invest your money.

This country spent decades stagnating wages, encouraging consumerism, selling tax cuts/trickle down and gradually cutting all safety nets. How did they think this was not going to be a huge problem down the road?

From daycare and college to mortgage payments. Despite the fact that I am nearing retirement, inflation is increasing. How can I generate more income so that I can retire with at least $3 million for long-term care? I have about $750,000 in savings.

People who do hard physical work might not be able to wait until they are 67 years old to retire! Our bodies are deteriorating! Not everyone gets to earn a living by sitting in a comfy chair in an air-conditioned room!

You need a study for that?

Best way to save.....leave the country. Take the money and run.

Educate yourself & educate your children so they start way before 40 years old. Starting late makes it almost impossible to retire when you want to.

Crappy advice, wait until 70 for SS. You can begin at 62 and then collect another 8 years, it doesn’t catch up till 79. Good luck bc that ain’t guaranteed (reaching 79) and you’ll be in better health to enjoy that money between 62 and 79. That clock is always ticking and your energy and ability who knows?

Life expectancies are actually dropping

Don’t forget SS gets taxed 🙄

It’s because those born later in the baby boom era didn’t have the benefits that the ones born earlier did. The union jobs went away, and the pensions went away in the late 70s and early 80s. They were replaced with the IRA. The ones born in the 40s became adults in the 60s and benefited nicely with unions and pensions. The ones born in the 60s became adults in the 80s when Reagan took office and busted up the unions and the pensions In the 1960s and 1970s, roughly 50% to 40% of men in the US workforce were covered by a compulsory retirement rule

NO S#IT, NEXT UP WATER IS WET !!!

My grandmother was the smartest woman I ever knew. When she passed away there was a lump sum of cash in her room that no one ever knew about. I agree It's hard to trust the world and the banks today. I'm like her. In my sixities keep on saving

People Have been pointing this out for years. This is a new study?

I can barely pay rent and food, these people are in another stratosphere.

Bank interest rates have been near zero for the last 30 years. No wonder people don't have any savings!

Let's see: 9/11 and unemployment, the 2008-2009 housing crisis and unemployment, and 2020 covid-19. How many people has lost all their savings to stay alive and avoid becoming homeless, how many has suffered from devastating losses in the stock market, then been forced to take out whatever is left to live on to feed themselves and their family and avoid becoming homeless? The answer is most of us.

Media is a joke. Companies aren't hiring young college graduates, and these young adults are sinking further into debt. They won't be able to invest in retirement or a house without a job.

That is such bad advice that everyone should wait until 70. This does not take into account how you will be supporting yourself until then. If you are solely drawing from retirement accounts it may not make sense to wait.

This happening to the generation that was able to enjoy the good economy of the 70s-90s when home prices were reasonable and rent wasn't eating a 3rd or half of your paycheck. It's gonna get a way worse for the future generation.

Just more retirement bull$#&t to scare everyone into hiring a financial planner. Unfortunately there are no planners for a person with normal median household income.

The thing that frustrates me about these stories is that they only focus on one side of the equation. There are actually two sides to the equation; Income vs. Expenses. We drove our expenses WAAAAYYYYY down by retiring in Ecuador. By doing so, I was able to retire to a beachfront condo at the age of 59.........

Start Taxing the RICH yesterday! Anyone earning $1M per yr. across the board 20% gotta start paying their share!

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

I been planning for retirement sense 13 years old!!! I watched my dad not plan for it, that is why I do!!!

Should've skipped those lattes is what I'm sure most people will be thinking but with multiple recessions, the COVID pandemic, and the transition to 401ks most were not going to be ready by 65.

Medical science acted like the natural lifespan was a problem that needed to be solved. Increasing our lifespan hasn’t solved ANYTHING. In fact, it’s added to the problem of how people survive financially after they’re retired.

Jill telling everyone....trust the govt and trust me bro!!!!

So actually, taking at 62 may make sense for a lot of people. If you don't need it, take it anyway, and just invest it in the stock market

Wait until your 70.... MMMMM... By the time I get to 70, the "Max Retirement", will probably be like 75... Ah, you almost had 😂

Didn’t need a study for this… the only hope for retirement at this point is moving overseas.

no answers provided by guest or host. not really.

Tax the rich and raise the cap. Problem solved.

Yes don’t forget to up the contribution every year while you pay $4 gas, $6 eggs, and $2500 rent…and here’s your 2% cost of living increase

Those boomers should not have had that i-pad in 1955

*None of us are financially prepared* Unless you're on Wall Street Washington, the rest of us are ******

As long as you're alive the checks keep coming, CSRS.

Had to retire early for medical reasons....planned to work to age 65 & never planned for leaving workforce so early. So do plan for worst case scenario because Life happens. Have Plan B & Plan C lined up & a strong safety net of family, nest egg, & friends. Because you can't go it alone with no money for very long when you are old & disabled. You can't live out of your car when you are over 60.

Basically she doesn't have the answer there is no answer there's no magic pill either you have money or you don't😂😢

The wild card is your spouse & how much money they will spend in retirement. I do all our finances & retirement planning & we both plan to retire in 1 year. However, last week my wife made the following statement "We are going to retire & if we run out of money, we run out of money". I informed her that running out of money in retirement is NOT an option.

Just wait for social security to run out as well

“They are not prepared but that’s ok…”?!?

Let’s not forget peer pressure to be ‘normal’. I can’t tell you how many ‘friendships’ I left because they wanted to spend my money. Smh

everybody knows why this is the case /these pundits are total clowns

How about talking about how there isn't enough senior tax credit low income housing to accommodate seniors and disabled and there is years on waiting lists. Prepare to be homeless of living in your vehicle and declared a criminal by the government.

Americans raised in the great depression knew the value of a dollar and also spent most of their working lives in the post-WWII US boom so they became affluent. Their children, the baby boomers, were raised thinking money grew on trees and their working lives came after the US economy slowed in the '70s resulting in poverty unless they inherited from their parents.

Her advice on when to collect social security is insane. If you die anytime before 90 you lose out by not collecting earlier. Also who wants more money after 90?

This is the worst of the morning shows. The money lady Jill is the only one that’s any good. Gayle and the others should have nothing to do with news lol

Zero sympathy for that age group. I am VERY aware of the timeline they lived through, and they had a ridiculous amount of opportunity to amass wealth and assets, and at times when they should've been in their prime earning years. I mean holy cow, just owning a house and throwing a little money into the stock market you should've been set. wtf, they printed the dollar to oblivion. spoiled weak boomers

Are you sure you’re living until 70yrs ? How many percent people reach to 70 ? Good luck

Wow. They lived through the golden age of wealth acquisition and generational wealth. Average house price 30 years ago was under $50k. Bet there are a ton of regrets now.

So there are much more who are younger than 65 who are in the same boat.

Love that the host is comfortable in braids, we can thank basketball for this smooth transition

Those retirees should move to another country to live like little kings. Costa Rica? Uruguay? Panama? Slovenia? Czech Republic? etc etc

If you are 65 and do not own investments its too late to catch up. You have missed the miracle of compound growth. Sorry.

In the meantime, keep spending money on 75,000 trucks that get 8 miles to the gallon. Be sure to take out a 7 year loan on this depreciating asset so pay plenty of interest on it. Perhaps you can live in it when you figure out social security isn't enough to live on. Oh and buy a big boat.

“you don’t go when you’re ready. You go when you’re ready enough “ - Enders Game

Decades of low inflation which meant low interest bonds and cd's left Americans with low returns on investments unless they were in the stock market. The stock market was tough to navigate until the last couple decades when smart phones and the internet made it easier for normal people.

"But they're going to fix it". Sure they are. I'm 57 and I highly doubt I will get any SS payments. The fund will be bankrupt by the time we retire.

Awareness buys time, time buys options - until it doesn’t. I was aware in my 20’s. Retired and still save $2,000 a month.

Human beings, like other creatures can adapt. If we have a lot of money we spend it. If we have less we can make do. Live in a cheaper apartments, eat out less. I am 70 years old. I think I have bought my last car. If I get really up against the wall I will live in my little home that my wife and I have in the Philippines. It is really a wonderful life there. And we can live on less than $2,000 a month. My cardiologist charges $8 an office visit. It is $25 to do a device check on my pacemaker, not several hundred dollars. Who knows, I might not live as long, or I might live longer over there. But honestly I think I can live in the USA and get by OK. I say to plan the best you can and not worry about it. The world is full of people who want you to worry. Plan the best you can. Stay close to your family. Be thankful and make it through the hard times the best you can. And if all else fails....marry a younger wife that likes to work overtime.

I heard an old friend of mine was abroad to save money in retirement. How does dressing up as a woman just to get free drinks and meals really help that much?

Sounds like some people are going to spend their last days waiting ON THEIR DAILY BREAD ahahahahaha

If you’re close and just checking now, it’s too late.

Roommates.

A jab in a left arm...Am still standing...some one wants to have a seat...my office can not accomdate them

Hahahahaha, all those people aren't thinking about retirement ...they all are MILLIONAIRES!!! with his $500.00 haircut. LOL

Think about what you got today and forever

There are other ways. I retired 22 years ago at 45. Currently 67 with $9k total cash assets and zero income. So I'm poor. That qualifies me for free healthcare (Medicaid) and a smartphone (LifeLine). My total spend for 15 years has been $600/mo average. Inflation has increased of course, but I've also learned how to be as happy or happier while spending less so that $600 has remained the same. That's not a budget thing, just where my spending happens to land. I was a software engineer and could do that work today if I needed or wanted to spend more. Next year I will sell my home and net $530k cash, I'll take SS at age 70 which is $3800/mo (today's dollars) and I'll move to SE Asia. There $1500-2000/mo a person can live very well. I'm healthy today but this move will prepare me for extreme old age. A live-in housekeeper costs $75-200/mo USD plus food. A live-in fully trained caregiver costs $500-1000/mo. I can't get that level of care in the US at any price. Saving, investing isn't the most important thing. Spending is far more important.

Where's Tony Sadiku?

Thanks to Nixon and Ronald Reagan for getting Americans into this mess! Vote 🗳️ for Biden to save the country.

If we retired this year we have $700000 right now then if you add in social security each now through 2035 when as runs out so $6200 a month from SS x 12 months x 11 years =$818,400 + $700000 = $1,518,400 is what we have to retire on. It’s all good until 2035. At which point we draw from 401k and use what we saved from our social security by not spending $6k a month. No debt. Live within your means. Retiring on less than $2m is possible even with the crazy inflation which historically moves up and down anyway.

Seek financial advice when you are young and start a plan. Fail to plan, plan to fail.

Talking about the teenagers who went to Zeppelin concerts and Saturday Night Fever. Be surprised and sad if true. Taking responsibility and saving early was well known then. Like credit card interest rates, doesn't matter if you pay the balance every month, borrowing the bank's money free for 30 days.

Whose surprised?

This woman said she's 42?

Even cents

We are called Vulture Capitalists in other countries. Figure it out. We’re not sacred our immune from our own treatment that we used to reserve for foreign nations.

Always same newscissue year and years on😅

This is needed info for all n Nate’s hairstyle is 💰💰💰💰💰

Boomers unable to vote themselves out of this mess.

Responsible finances begins in the home. Teach your children to budget, open a credit unions savings account and to work for your income. Live on less than you make and plan. Make a good marriage decision and do not divorce. If you can put away just $100.00 a month starting in your 20's and invest wisely you should by a millionaire by the time you retire.

Age 72, 75 and 80.

My wife and I are both in our 70's. We make nearly $100k in combined SS, and pensions. We have no debt. We sold our house and are sitting on $700k in savings. Also paid for both my kids colleges. It is pretty simple to retire comfortably if you don't go through multiple divorces, work off the books or don't invest in a home.

The hairstyle 🔥🔥🔥

FJB

scotts annuity gregs oreos purity taxed security

Participate in “bring your coffin to work day”

I don't think Jill likes the nickname Nate, she said hi while grinding her teeth.

Love the hair!

Move to Thailand...no joke

This is why we need a $125 dollar living minimum wage so I can make a career out of Taco Bell. 😂

Aunt Jill from the 404

WORST ADVICE EVER!!!!! COLECT AT AGE 62 PERIOD AND YOU WILL ULTIMATELY MAKE MORE..

duh of course not. we've been paying too much in fees,taxes, licenses and we stiill live like amish people. bidenflation, who knew we'd need to save for 3 weeks just to buy a cheeseburger

Trying to build your income and prepare for retirement? It’s important to choose stocks that are expected to hold up in inflationary environments. To combat the negative effect of inflation, it’s a good idea to diversify your portfolio across different asset classes, such as stocks, bonds, and real estate, since this can help protect your portfolio against inflation. I have seen People making up to $500k in a month during high inflation. You too can do same.