Retirement Disaster Is Happening Now | SS & 401K Crisis

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50% of baby boomers have no retirement savings, how did we get to this point and what is the solution to the retirement crisis, that baby boomers are facing as well as millennials and gen Z's. The abolishment of defined pension plans for workers in the private sector has left half of Americans and Canadians without the ability to retire with dignity.
Has the 401K experiment failed Americans, should the American government implement a compulsory pension scheme for all Americans such as the Australian superannuation program.
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19 июн 2024

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Комментарии : 414

@lisajel52 7 дней назад

We invested in our 401k when companies deleted the pensions. We received a pension,between us both, that comes to just under $1k a month. My husband, who was always concerned about our money in retirement, started us up investing in our 401k. My husband sadly passed away from cancer 8 yrs ago and never was blessed to see what he started with our retirement, but it’s grown and I am living very comfortably, although missing him, and have him to thank for everything!

@ThisIsOurRetirement 6 дней назад

Sorry to hear about your husband but glad that he thought of you and that you can now live comfortably Lisa 🇺🇸🌺🇨🇦

@brandyk 5 дней назад

That is a shame that he didn't get to see it n enjoy it with your but I'm sure he is looking down n smiling n proud...of you both.

@Moving.To.Charleston 5 дней назад

Glad to hear it 🌺

@dqretirement 3 дня назад

I'm deeply sorry for your loss, and it's clear that your husband's foresight and planning have made a significant positive impact on your retirement. His decision to invest in your 401k has provided you with financial security and comfort, which is a testament to his thoughtful planning and care for your future well-being.

@FloridaStitcher2 2 дня назад

What you describe is exactly what has happened to my Mom. She did no financial planning, blindly expecting social security to pay for all her needs at retirement, had $15K in credit card debt and a car payment when she retired. While she was working she spent every dime on nick-nacks for her house. She ended up getting a 2nd mortgage to pay her debt and stay in her house. She now needs to go to assisted living but does not have the funds. I hope sharing this will be a lesson. We don't need half the things we spend our money on.

@ThisIsOurRetirement 2 дня назад

Thanks for sharing this, sorry about your Mums situation.

@sulemanpiracha8123 2 дня назад

Lot of people forget that whatever the employer matches to your 401K is a free money.

@ThisIsOurRetirement 2 дня назад

Yes!!

@dyates6380 6 дней назад

I retired a year and seven months ago when I hit 65. I love, LOVE not working after doing it for 48 years. I get that some people love to work and enjoy their jobs, but personally I don't understand people who don't want to STOP waking up at four in the morning like I did to work nine or ten hour days five days a week and six and a half hours on Saturday. I just don't understand it. Yea, not everyone works the times or hours I did, but it's still working. I love having every day being "Saturday".

@JohnSmith-ti2kp 5 дней назад

@dyates6380- I do understand people not wanting to stop working. 1. some people are born to be slaaves. 2. some people can never have enough money 3. some people, especially older ones, can't accept change, in summary these three things are basically mental defects.

@maxpayne7419 4 дня назад

I received a buyout from my employer at age 54. I was thrilled. Fortunately I had saved carefully all of my life, and was prepared for retirement at 55 anyways. So I couldn’t believe my luck getting a buyout at 54. I absolutely LOVE being retired.

@ThisIsOurRetirement 4 дня назад

Awesome Max!

@barfed64 6 дней назад

I was lucky to get both, pension and 401K through my work. Not even touching 401K money. It keeps growing and growing :)

@ThisIsOurRetirement 6 дней назад

Nice to hear from you both and that life is good for you financially Cheers 🇺🇸🙂🇨🇦☕️

@TheFtm22 7 дней назад

The biggest problem here in America is a distinct lack of education on finances. The 401K was started without people truly understanding how it worked. Everyone was told about the delayed taxes but no one explained how that meant you would be paying taxes on every dime of your money out of a 401K where you can have other investments which are not taxable as income. My husband retired early seven weeks ago and we learned a lot very quickly. In all fairness, my mother passed away last fall and thus we have what she left as part of our current support. But that doesn't make it easy or perfect. Thanks for your videos - I really do enjoy them and you have a very soothing presentation.

@JoeMama-gx5gw 6 дней назад

It's not that hard to pick a fund from the limited choices that the company gives you.

@bobdrago6965 6 дней назад

Taking away pensions and putting ones retirement into working people’s laps didn’t age too well. Every man or woman for yourself.

@debracroteau4028 6 дней назад

Yah, the government’s way of continuing to collect taxes even when you retire. No one rides for free right!?

@JoeMama-gx5gw 6 дней назад

@@bobdrago6965 I trust myself more than the government or corporate lackeys.

@summitsusie 5 дней назад

Are you referring to a Roth 401k - those were not available initially when traditional 401k's started rolling out. With a Roth you pay taxes before the contribution but not on the capital gains. Contributing to a traditional 401k lowers your taxable income and depending on where you fall, could put in a lower tax bracket. Have to figure out what works best for your individual situation.

@OurRetireEarlyJourney 3 дня назад

You are so right about 401ks… the companies need to provide the financial education on them. Most people are lost on what to do, how to allocate it, not to touch it.

@ThisIsOurRetirement 3 дня назад

We agree!

@bluetocop 7 дней назад

"it doesnt matter how much you made but how much you have saved " .....................thanks mom

@ThisIsOurRetirement 7 дней назад

Your very welcome 🇺🇸🙂🇨🇦

@kwilliams2239 6 дней назад

Both matter. In retirement, one would like to live at least the same level as when they were working.

@martywilliard 6 дней назад

Greatest TRUTH of work life !!!!! Amen

@JBoy340a 6 дней назад

I think both matter. The more you earned, the more your get in SS every month. So, in the extreme case, if you earned at the SS earning cap for 10 years and never saved a penny, at FRA you will get $4000/mo. And like all SS payments this amount will be increased every year as a cost-of-living adjustment.

@kwilliams2239 6 дней назад

@@JBoy340a It takes more than ten years. It's ten years (40 quarters) to qualify for social security. To get the maximum ($4,800/mo), you have to have paid the maximum tax for 35 years of your working life. The highest 35 years are used in the benefit calculation. There is a penalty for each year worked, under 35 years.

@pcsteve6072 6 дней назад

Our 401ks were a great success. We started investing and never stopped. Every time we got a raise we increased our contribution %. Our paid off house is trivial compared to our 401k/IRAs. Please mentor you children and young employees to start early. Once the balance starts to build, it provides a lot of motivation.

@marilynrybak9154 6 дней назад

I agree completely! Parents need to do parenting and teach their children about money.

@williamjsmith9877 5 дней назад

You are 100% right

@RizkiTukijan 3 дня назад

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, a lot won’t have a house to retire with either.

@paullampert6990 6 дней назад

What about the people who are millionaires because of partipating in a 401k for their entire working life?

@Gotcha-xy7fv 5 дней назад

You mean those folks who worked hard and lived below their means? The responsible folks?

@williamjsmith9877 5 дней назад

Easy to become a millionaire if you take advantage of your 401K when you start young

@wanderingstar5673 4 дня назад

You’re beating a dead horse when it comes to Americans. Most people feel that SS should cover all retirement costs without any additional saving. This next part is anecdotal- over the years when the subject of retirement planning is raised and a forced contribution through a fiduciary that would likely get better returns than SS is mentioned- the usual response is “only if I can get some or all of the money if needed”. There are many in the USA that withdraw as much as possible , as often as possible from their 401k and never accrue much. I am retired so these conclusions from others have been heard by me over many decades. Future generations do not owe individuals decades of retirement. Just because one was employed X amount of years does not entitle them to X amount of years in retirement.

@lindad6223 6 дней назад

My husband's 401k saved us in the late 80's after a job loss. Retirement came in 2009 for my husband, he died three years later. I retired last fall. It would have been nice to still have the nest egg from the 80's, but losing the house and car back then may not have been recoverable. Save early, save often. Don't use it frivolously, but do use it if that rainstorm turns into a hurricane.

@ThisIsOurRetirement 6 дней назад

Sorry to hear about your husband Linda , yes saving can help a lot take care 🇺🇸🌺🇨🇦🙂

@sct4040 7 дней назад

Agism is real, I never told anyone at work my age. Of course, HR knows, but never tell your coworkers. I look younger than my age now and especially while working by protecting my skin with sunscreen for the last 35 years, and dress youthfully and appropriately.

@ThisIsOurRetirement 7 дней назад

Yes Agism is very real 🇺🇸🍷🇨🇦🙂

@sarahann530 6 дней назад

It's HR that's will fire your ass not your coworkers .

@JohnSmith-ti2kp 5 дней назад

@@sarahann530 Nope, coworkers are the ones that sabotage you to get you fired. I am surprised you don't know that.

@orangemanbad9723 7 дней назад

All companies did not have a pension plan. And among those that did, the participation rate was not great. In 1971 the sentate subcommittee reported “The extremely high rate of benefit forfeiture can not be minimized. The indications that numerous workers have received no retirement benefits as a result of inadequate or lack of vesting provisions do call for a close examination of possible remedial measures.” The payout was meager too. There were long vesting schedules, few or no survivor benefits and other issues with private pensions. We have all heard of the 3-legged stool - social security, pension, and personal savings. For most employees in private sector the pension was missing, even during the golden era of 50s to 70s.

@bobdrago6965 6 дней назад

That’s all a myth about pensions perpetrated by conservatives and corporate economists. Pensions worked in companies who were honest and worked with their employees. Corporate greed, hostile takeovers, and a tanking economy thanks to your treasured voodoo-doo Reaganomics, helped to decimate pensions for millions of workers. Wall Street will save you and we’ll all become millionaires.

@timelston4260 6 дней назад

I completely agree that 401(k) contributions should be compulsory and locked, but never underestimate the recalcitrance of Americans to accept what's in their best interests if it's a government program. "Keep your hands off my money!" is what they'll say. I remember when Michelle Obama tried to introduce healthy meals into public schools, and half the parents in the country were up in arms with, "How dare the government tell me what to feed my kids!"

@SD-co9xe 5 дней назад

Also a required company contribution that isn’t measly.

@globalfamily8172 5 дней назад

Having worked in a school, those lunches were thrown out 70% of time.

@timelston4260 5 дней назад

@@globalfamily8172 More evidence Americans don't know what's good for them.

@Gotcha-xy7fv 5 дней назад

No they should not be compulsory. Telling workers what they must do with their wages amounts to slavery. To be free means free to fail. Yup, that is a downside to freedom for sure. We already have socialist (in) security that is a 'forced' Ponzi scheme.

@stevenwirtz1673 3 дня назад

The 401k is a great asset. After 40 years of working and putting 25% of my salary into it as soon as we could. Directed the investments myself and was able to retire very comfortability at 59 1/2. Made the sacrifices to and not living beyond my means in the 40 years of working so I could retire very well!!!! Follow the live on 50%, Save 15%, Invest 25% and donate 10% of your income and all these issues go away!

@ThisIsOurRetirement 3 дня назад

Congratulations enjoy your retirement!

@arth.3899 7 дней назад

You described my end of work life. I went through exactly what you described. When I turned 55 and had a challenging job with low pay and endless hours, I took out 401k's dating back to the 1980's and paid off my home and this is how I am currently living. When my daughter got her first job, I kept bugging her to start her 401k. She did and even though her company doesn't have a company match, she's investing at a very young age. My 401k's saved me. I never had a job with a pension, so this was the next thing, and it was worth it.

@Moving.To.Charleston 5 дней назад

Great advice for your daughter 🌸

@williamjsmith9877 5 дней назад

The 401K is the very best tool for saveing for the working man

@johnphillips8064 7 дней назад

I don't have investments or much savings. I'm 65 but have a home and live in Canada. I am a musician teacher and still love what I do. Love seeing and encouraging people while getting paid. Work about 4 hours a day. keeps me involved with younger people to people my age. take nice hikes with my dog. Live in the beautiful Okanagan. Not rich but very happy. I do collect OAS but have held off on CPP till I need it. Think I'll keep doing what I'm doing. Always Enjoy seeing your faces here. My wife is also a Tina. Cheers

@ThisIsOurRetirement 7 дней назад

So glad you and Tina enjoy our videos Cheers John 🍻🇨🇦🍷

@Moving.To.Charleston 5 дней назад

It's nice to have a hobby or paid part-time job that you love 😊It reminds me of the book 4 Hour Work Week.

@sandrasavoie8641 5 дней назад

I worked in the pension/rrsp industry for 40 years. I was amazed how often people would cash out their RRSPs. But when you cash them out, you pay tax and you need to claim it as income. Then when you file your income tax return, your income is higher because you took an RRSPs withdrawal, possibly causing you to need to pay more income tax. And guess what? They would take out more money from their RRSP to pay the tax bill!!! And on and on it went 🤦🏻‍♀️.

@RetiredLovingIt 6 дней назад

401s don’t even compare to pensions. If you have a pension you’re blessed.

@ThisIsOurRetirement 6 дней назад

Have a great weekend 🇺🇸🙂🇨🇦

@MrCool2601 6 дней назад

401(k) plans weren't initially intended to replace traditional employer paid pension plans but rather be a supplemental savings plan to help retirees cover additional costs during retirement. In the 1990's corporate America pushed hard to replace traditional pensions with 401(k) plans under the guise that they would yield a higher return in the long run. As a result, corporations saved millions upon millions while hard working employees lost out ($$$) BIG time. Sad.

@joeo1168 6 дней назад

Your statistics are a little gray, could be accurate for some. What is more likely is that a company 401K plans are awesome and allow for tremendous gains. I get to choose my future, not some uncarring company. 401K has been profitable for me. We're all different and that is very American.😊

@Da-ve 7 дней назад

We're 58 and hoping to retire in 18 months. Your videos are helping to keep us focused to make it happen. It still feels a bit scary but watching you guys makes it feel a lot easier. Cheers guys👍

@ThisIsOurRetirement 7 дней назад

That is awesome! You can do it!

@kahvac 6 дней назад

You should find that you need a lot less money than you were told to retire on. Living below your means is key..Good Luck !

@2Rugrats9597 5 дней назад

Americans are too busy living above there means To impress other people. Everyone has a smart phone and w that smart phone you can educate yourself sooo much that there is no excuse NOT to know. I am a high school drop out and I have a lot in my 401K to the point I will be retiring in 2yrs at 62. I am my own financial advisor and educated myself by constantly reading and listening to RU-vid and podcasts. If I can do it , anyone can do it but you have to be disciplined and have a plan and stick to it. I am also frugal, live a minimalist lifestyle no debt and don’t try to impress other w materialistic things . I let them think I am poor but I am quite the opposite. Just work hard, invest smart, don’t live above your means , pay yourself first and watch things grow.

@heidilevens6284 5 дней назад

Great post. Same here. Self learnt everything and emulated savvy people around me. People should be more accountable for their choices.

@chrisevans7416 6 дней назад

TFSA is also a big advantage in Canada .it gives me an extra 6k interest a year in income, tax free

@ThisIsOurRetirement 6 дней назад

We agree TFSA is awesome 👏🇨🇦🙂

@glennet9613 6 дней назад

When I watch retirement videos I thank my lucky stars that I am Australian. A very important point is that your super contributions are placed in well regulated funds that are independent of your employer so if your employer goes bankrupt your superannuation isn’t at risk. Fees are low, from memory we pay 0.44% whereas I see financial advisors charging 1% or more, and that’s just their fee. Of course there is no social security equivalent, the state pension is strictly means tested on income and assets so most people are totally reliant on superannuation.

@lowridinpacker 5 дней назад

You shouldn't be so happy. Most of this is baloney. Our 401Ks are almost all matched by our employers at either 3 or 5% of salary and kept seperately from the employer and totally portable. You can't lose if the employer goes under. Also, we have social security on top of all this, which pays out an Average this year of $1800 per person ($3600 a couple). Social Security tops out at over $4500 a month if you were a high earner and wait to take it until 70. We also have Roth IRAs and 401Ks that you put already taxed money into, and all your earnings plus what you put in are TAX FREE when you take them out. I will keep our system. Thanks

@tiajuno 6 дней назад

There was a lot of bad information provided in this video. For example the comment about 50% of retires are in trouble. If that were true we would see a huge number of retires going bankrupt. That simply isn't the case. Another example was a comment about prior to 401K's everyone had pensions. The fact is that only about 38% had a pensions. I could go on but you get the point. I suggest you listen to The New Retirement podcast titled "Is There Really a Retirement Crisis?"

@lowridinpacker 5 дней назад

So true, a lot of regurgitated scare tactics from our media. Americans are basically better off than just about anyone else.... The 401K and IRAs are a great success, they have done well for me and all my friends

@daviddrew4000 4 дня назад

These two look and sound very naive to me and that’s dangerous. Canadian CPP and OAS is FAR from a living wage and that statement in itself should not be broadcast.

@KM-dd1hp 7 дней назад

I just subscribed because I really appreciate your sincere and thoughtful videos. I love you guys.

@ThisIsOurRetirement 7 дней назад

Thank you so much!

@soniamoss734 6 дней назад

In Australia, Employer contributions are compulsory at 11%. Employees have the option to voluntarily contribute too. There is a tax incentive to voluntarily contribute to your superannuation - the portion of income you voluntarily contribute is taxed at 15%. This compares favourably to tax brackets 19% to 45%. Average wage earners usually hit the 32.5% tax bracket. As you mentioned, generally no withdrawals allowed till you hit 60.😊

@helenhall3705 6 дней назад

Good summary. You forgot to mention that withdrawals after 60 are tax free! We are blessed here in Australia

@earthsteward9 4 дня назад

I've heard of companies that used up their employees' pension fund to pay shareholders or for operations. The employees had nothing when they retired.

@ThisIsOurRetirement 4 дня назад

In some countries that is illegal

@earthsteward9 4 дня назад

@@ThisIsOurRetirement I have heard rumours of it happening in Canada

@Cookie7294 4 дня назад

For Canadians, maxing out tfsa contributions in addition to rrsp and defined contribution pension funds give non taxable and taxable sources of income in retirement. The government pensions are not enough to live on. Even if you can't max out your contributions, starting with smaller amounts in your 20's has a huge impact. I had automatic deductions pre retirement for whatever plans were available. I never felt deprived. Large employers reduce deducted income tax when you have automatic pension payments so there isn't as big a financial hit to your bottom line.

@stevewong220 4 дня назад

I invested in my company 401K for 36 years and it has done well. I am all set for retirement between my SS, 401k w/d, and our brokerage account. You get what you put into it. Time and consistency will do it. I put into 10-15% each pay period over the years.

@lindadorman2869 7 дней назад

Americans hate having money deducted from their paycheck for Social Security and Medicare until they retire. Then they are quite happy to have “forced savings”. I never saved or felt confident investing, but I knew these programs would be there when the time came. Who knows if they'll be there for the next generation? I live comfortably on Social Security benefits, a small pension and earnings from my own business I started at age 60…the best solution for age discrimination is self-employment.

@ThisIsOurRetirement 6 дней назад

Thanks for sharing Linda Cheers 🇺🇸🙂🇨🇦🍷

@paullampert6990 6 дней назад

You buy an index fund and continue to pour money into it. It’s your retirement, this isn’t brain surgery.

@Moving.To.Charleston 5 дней назад

I agree, however, by the time I retire my rate would likely be in loss and only retrieve possibly 75% of what I put into the "SS system"

@sunflowermarcia7277 7 дней назад

Good info!

@ThisIsOurRetirement 6 дней назад

Glad it was helpful! 🙂

@karenmurtaghyoga9195 6 дней назад

I don't like reading comments on most channels but find your videos AND the viewer comments helpful. Lots of shared ideas to consider.

@ThisIsOurRetirement 6 дней назад

Thanks Karen 🇺🇸☕️🌺🇨🇦🙂

@josephmayer2565 4 дня назад

Many people want the government to take care of them from cradle to grave and they live in fear of independence. I find that attitude revolting. I think that people should take care of themselves and their families and government subsidies should be a last resort. There are worse things than working late in life.

@UNDERDOG18UNDERDOG18 6 дней назад

Nothing wrong with 401k. Something wrong with people underfunding them and something wrong with not going with the S&P 500 index fund. Doing well here.

@jackgreen9722 3 дня назад

Thanks!

@ThisIsOurRetirement 3 дня назад

Thanks so much Jack!

@sct4040 7 дней назад

My 403b money are in Index funds, money markets. They are doing fine. DIVERSIFY!

@ThisIsOurRetirement 7 дней назад

That’s great good to hear 🇺🇸🍷🇨🇦

@augustineadeyanju9638 7 дней назад

How’s my friend, the new Mr. Rogers doing and the lady , thanks we lucky to have you guys , I just enjoy your company so original .

@ThisIsOurRetirement 7 дней назад

Thanks 👍We are glad you are here too!

@user-vb1ct6dj1z 7 дней назад

Tina you are a doll. Norm is a lucky guy.❤

@ThisIsOurRetirement 6 дней назад

Thank you 🌺

@annberquist7101 6 дней назад

Another great video Tina and Norm.

@ThisIsOurRetirement 6 дней назад

Thanks so much Ann 🇺🇸🙂🇨🇦☕️

@Swimallsummer 4 дня назад

Social security is on the chopping block by the Republican Party, they want people to die fifteen minutes after leaving their job at higher ages than ever. And remember, social security is taxed and that was done by both parties under Reagan and Clinton. With prices on everything skyrocketing in the US I can’t imagine how anyone can survive on the average SS benefit. And for people still working it makes it more difficult than ever to save, especially if you are trying to raise a family while paying huge debts from attending College. Then looking forward you are likely to need to both care for elderly parents and adult children that remain dependents even after college. Trillions dollar tax cuts for the wealthy and caps on social security taxes at higher income levels must be removed to preserve social security for the future.

@ThisIsOurRetirement 4 дня назад

Thanks for sharing your thoughts.

@kathrynhoppers5737 6 дней назад

So true, I just got laid off due to "budget cuts". I'm 61.5. Not yet old enough for SS and 3.5 years away from Medicare. I do have savings, but I was planning on saving for another 3-5 years. If I take SS at 62 it will be much less. Job hunting at this age is hard.

@christinewallace9251 6 дней назад

Good luck. I hope you find something you enjoy.

@Johnny53kgb-nsa 6 дней назад

I'm a retired union tradesman and contributed to my pension early. At the time, and quite a few year's later, us younger guy's complained about the deductions. We griped about how we would prefer to have the money on our checks right now. Of course, the older guy's told us we weren't thinking straight, and that was nonsense. After some year's, as we started to age, we slowly wised up. Then we wanted to contribute more per hour towards our pension. There is no doubt in my mind, that the US government should follow Canada and Australia's lead in forced pension deductions. There is always a younger group, that mostly wants their money right now, on their weekly paycheck. A forced pension deduction would be great for the young dummies, like I use to be, to help us live a better retirement. Great video! Thank you. John.

@JBoy340a 6 дней назад

In some respects, SS is a forced deduction. And judging on the number of people for whom SS is their primary, or only, source of income in retirement, this forced deduction is a good thing.

@larriveeman 5 дней назад

don't trust the gov to control ones money, SS is enough of gov control

@Gotcha-xy7fv 5 дней назад

We already have 'forced pensions' it is called social security. We don't need union mob bosses running our pension system.

@barbararoberts4471 6 дней назад

My husband has a difficult time trying to retire, as he is a dinosaur in a trade where all the older people are retiring and no young people are coming up. He is 76, and has no desire to retire, as he feels fulfilled, like he has a purpose in life. I am 69 this year, and I work part-time for something to do. I have to say, where I work, seniors are much more reliable than their younger counterparts. There is work available, but it seems the younger generation do not have the work ethic we were brought up with.

@ThisIsOurRetirement 6 дней назад

Thanks for sharing Barbara all we can say is we have so much enjoyed being retired together glad we did , keep working on hubby maybe one day 🇺🇸🙂🇨🇦

@ca9777 6 дней назад

I know a 87 year old CPA still working part time. He says work keeps his mind sharp!!

@donnawood5889 6 дней назад

That's true.

@Moving.To.Charleston 5 дней назад

100%

@kenmcclow8963 5 дней назад

Many countries are now facing, or are about to face the situation where the largest age group are the senior citizens and not enough children are around to replace them. The young people entering the workforce can have their pick of the best jobs and the rest will be unfilled unless people start accepting immigration, or the robots/AI start filling the jobs. Japan has been facing population decline for awhile and recently started accepting some Chinese business people to work there. While China is going to have a tough time with their population declining rapidly. Most European countries and the US are also about to experience this, but we have people that want to come to work and live, if we can accept them. Canada does a good job with flying in seasonal workers to get that work without forcing them to sneak in and endure the winters. They also have better programs to bring in permanent immigrants.

@kenmcclow8963 4 дня назад

The US Social Security was only designed to replace about 40% of income instead of a more comprehensive pension like France has that replaces 75%. There does need to be a retirement plan that is better than the current 401k, IRA, and Roth savings that people can choose to participate or not. I have heard of people saving much more than I have on much lower incomes, so I think there is a balance between personal responsibility and frivolity that can be found. The other wild card is that the US is one of the few countries where healthcare can bankrupt you no matter how careful you have been with savings. I doubt I would have retired if I didn’t have company health insurance until 65 where Medicare will theoretically take over unless I move to somewhere else, or we magically get politicians that want to fix problems instead of culture war

@yhckelly 7 дней назад

Fom 1940-1960, 30% of the workforce in the US had pensions. Now, it's 15% to 20%. In the US, there was never a time where pensions were commonplace for workers. I'm 48- Nobody close to me has ever retired with a pension. All SS and savings, which generally worked out pretty well. Thanks for the show, it's great!

@52CA 6 дней назад

I’m the opposite. I don’t know of a single person not retired on a pension nor do any of those people know of anyone not retired on a pension.

@traybern 6 дней назад

Um… you LEFT OUT ALL THOSE with a 401k. INTENTIONALLY!!!!

@52CA 6 дней назад

@@traybern I don’t know of anyone retired on just a 401k IRA ect besides me.

@marilynrybak9154 6 дней назад

Thankful I invested in a 457 plan many years ago. It is going to make a SIGNIFICANT financial difference in my retirement!!!!!! I mean- significant!!!!!! I will not have to change my lifestyle and I am so grateful for that.

@MontrealKid628 7 дней назад

Tina and Norm, I believe I read something stating that a defined pension plan is 3 times better than an RRSP. I don't know if this is true, but I do have friends with defined plans and those plans are quite good. Today, most employers offer RRSP matching. This is a good thing as it forces you to save. The bottom line is, everyone should plan and save for retirement. Admittedly, it's getting tougher to do so.

@mhollick63 7 дней назад

I have a 401K and so does my husband. We're using his for supplemental income in his 70s (he's 8 years older than I) and mine will be used when I hit 70. We also have a Roth IRA. But the real magic was having pensions from governmental institutions.

@ThisIsOurRetirement 7 дней назад

Sounds like you are in a great Financial situation Cheers 🇺🇸🙂🇨🇦🍷

@Reno-4570 6 дней назад

Uncle Sam and that Pension yes

@honnorjustice 6 дней назад

Ageism is a reality for sure. I experienced it although the employer would disagree. The recruiting system is designed to not be subjective but in reality management still has too much control. To avoid ageism you have to be very confident and well educated so the employer takes notice.

@genglandoh 5 дней назад

I like the 401k in the US better then the Canadian plan. The US 401k gives me options, freedom to run my own retirement plan. For those people who do not understand investing most 401k plans have a simple age or target based investment option.

@buffycat4641 День назад

I have a company pension because in my early 40s I purposely looked for a job that provided one. Those jobs are still out there and unless you are educated and work in a high salaried position I would strongly suggest when job hunting you search those jobs out. I also invested in a 457 plan, but my employer did not match any of my investments. 401Ks and the like were created by employers, for employers so that the company financed pensions could be done away with and save the company a lot of money. If America truly cared about its working class they would make the 401k, 457s etc. mandatory and make employer matches mandatory. However, people like trump and his billion-dollar corporate supporters could care less about the working class in America.

@ThisIsOurRetirement День назад

Thanks for sharing 🇺🇸🙂🇨🇦

@salicia4800 6 дней назад

I'm a Canadian of retirement age. In this inflationary environment we are living in, good luck living on CPP and OAS. It will be a hand to mouth existence for you. The loss of defined benefit pensions has been a catastrophe for Canadian seniors. A lot of seniors will be visiting food banks just to eat every day.

@ThisIsOurRetirement 6 дней назад

Thanks for sharing it works if you have saved some money 💰 on your own too 🇨🇦🙂

@robertr4715 5 дней назад

401k has been very good to me and my family. Forced pension in U.S. is actually Social Security. It always bothers me when foreign nationals comment on our system. Most of the countries referenced have historically had subpar growth relative to the U.S.

@marianneeichler648 6 дней назад

Hi Tina and Norm, Marianne here from central California, the San Joaquin Valley. I watch your videos often and get a lot from them to be useful in my life. I am thinking of moving to Portugal to live. Finding out about Tax reporting right now. I really enjoy your Portugal videos. Your point about the forced retirement savings is very good. America will have to do something because the largest voting block is older people and the families that will have to help support them. I have a bit of money here and there and I have an "encore career" (a gig job) as a travelling Notary Public. I am glad you keep on with you videos.

@paulobrien8430 7 дней назад

WOW--this was a really really good one!! I love the last line of what is in store if you do not save--get ready to live in a developing country. I have seen many videos of mainly guys in Thailand, Philippines and Malaysia talking about how "wonderful" it is to live there on $1400 social security--it is kind of sad!

@ThisIsOurRetirement 7 дней назад

We agree Paul, we have seen those same videos.

@oldbloke204 6 дней назад

I suspect that there is a lot of Gilding the Lily going on with those channels and often they go there for another reason as well. I watched one of an Australian in Vietnam and he was talking about the constant power outages and they've just had 3 of their 5 internet cables go down for whatever reason. The idea of living in a pokey little box in the heat/humidity with no power and wondering if the cheap street food is going to have you driving the Porcelain Bus for a week isn't really that appealing to me really.

@JBoy340a 6 дней назад

The Philippines have been in a drought for many months. People are buying and storing water at their homes in buckets and barrels since the taps ran dry. The drought will likely break, but I don't want to retire where I can't get water freely and easily.

@danieldamir2262 7 дней назад

If you save in 401k in a disciplined way and put everything in index funds, it is a very good tool and tax efficient. The trick is to live minimalistic and enjoy the free things in life. The FIRE movement showed us the way. Thank you for your insights, it is so true that people do not do enough due diligence, do not save enough and overspend on toys…

@ThisIsOurRetirement 7 дней назад

Totally agree! thanks for sharing Daniel 🇺🇸🌺🇨🇦

@Gotcha-xy7fv 5 дней назад

Exactly. Some folks will spend every penny on crap they do not need to impress people they do not about.

@radwlodarczyk7010 7 дней назад

"Social Security offers a monthly benefit checks. As of May 2024, the average check is $1,778.24 USD, according to the Social Security Administration" "In Canada average CPP+OAS At 65 = 1466 CAN" (1071 USD)

@ThisIsOurRetirement 6 дней назад

Thanks for sharing 🇺🇸🙂🇨🇦

@iany2448 7 дней назад

When I started on my first job, offer letter stated that joining company defined benefit pension plan was a pre-condition for employment. How time has changed.

@aztecforlife7360 5 дней назад

You guys are correct regarding agism. That is what happened to me at 57. Loving the retired life now. They did me a favor. I am fortunate though. All my life up to that point I stayed employed as in no gaps. I changed employers only once. I got married and stayed married. We lived comfortably below our means. We bought used cars and drove them 10+ years. We didn’t take extravagant vacations. We maxed 401k contribution. We took advantage of all free money opportunities like ESPP. We leveraged HSA pre tax accounts. So, it can work, but you need a lot of luck. So much has to break your way. The odds are against it. Social security is literally a life saver for many. It is only meant to be supplemental though. Health care costs are a problem. So are housing and taxes. Hard times indeed.

@Doycompany 5 дней назад

Here in Australia our superannuation enables many people to retire with choice which is what life after work should be about. We had forward thinking govt 30 years ago put superannuation in place. Also what's not often mentioned is how good the combined superannuation funds for our economy. We haven't had a recession in decades including during GFC and COVID. Our super now totals $3.9 trillion which is owned by regular people. It doesn't work for everyone especially women who have gaps due to having children but even that is now being addressed with the govt paying super to women on maternity leave.

@everestspringer4443 5 дней назад

Yet another great video. Brought back some memories for me. When I got my AZ licence at 62 I had a job but initially my employer was queasy about hiring me . Luckily I got a chance to prove myself. Ageism is definitely a thing.

@ThisIsOurRetirement 5 дней назад

Ageism unfortunately is still a thing, congratulations on your AZ licence great achievement.

@golfnut2599 5 дней назад

great video

@ThisIsOurRetirement 5 дней назад

Thanks!

@chrish9155 6 дней назад

Wow such a truthful reality 😢

@ThisIsOurRetirement 6 дней назад

Thanks 🇺🇸🙂🇨🇦

@anneantonacci9888 6 дней назад

Hi Guys Love watching and listening to you both. I was wondering, when you rental contract is up, can you renew, or will the crazy high rents in Canada (and world) affect you? Anne

@ThisIsOurRetirement 6 дней назад

You just do a 13 month lease Anne when you first rent then you go month to month with a yearly increase ours is around 2% as we have rent control Cheers 🇨🇦🙂☕️

@anneantonacci9888 6 дней назад

Thankyou, I’m intrigued by your position, I’ve always been scared to sell my house and rent, but you guys have done an amazing job with your retirement plan. In Australia at the moment, you can’t get a rental, and it’s so expensive. Keep making your videos please ❤️🇳🇿🏴󠁧󠁢󠁳󠁣󠁴󠁿

@williamrachaner4359 6 дней назад

Interesting,,US citizens complain the Govt is running too much in their life. What all countries need are choices and EDUCATION. You are sadly right and wrong at the same time. We in the US just like to complain no matter.

@deborahcaldwell9775 6 дней назад

It happened here to my tenant (Maine,USA)

@annewhitney8809 5 дней назад

Lovely to see a happy couple who have worked together to create a good life. May you have good health for many years to come. There are publicly funded care homes.My mother was in one. It was pleasant,well run and she was well looked after.

@ThisIsOurRetirement 5 дней назад

Thank you Anne 🌺🙂

@mikemurphy2112 5 дней назад

Has the zest for Portugal diminished?

@ThisIsOurRetirement 5 дней назад

Still an option for a month over Winter 🥶☕️🙂

@jaynefosbery7517 День назад

Hi there Tina,and Norm . I have a suggestion for a video. I think there are many( and many more I have missed) stores and services that offer discounts for seniors. What I find is they don't openly offer but if you ask it is there. Not sure about the states but in Canada. I have just discovered discounts attached to my legion membership for example

@ThisIsOurRetirement День назад

Thanks for the suggestion Jayne 🌺🙂

@LynetteMueller 5 дней назад

Please post a video on the negatives of pension plans.

@theneverendingjourneyoflif1482 7 дней назад

After the age of 115 I think end of life should be allowed if your money runs out!

@Sean1917 6 дней назад

Hi folks. Great site, enjoy it quite a lot. Just to add to the discussion, and something for our neighbor's to the south. Bloomberg had an interview, 2 weeks ago, with economist Teresa Ghilarducci on retirement. She kind of, quite nicely I might add, debunks Blackrock's Larry Fink retirement solution (work longer) to the problems with 401k and SS. This may be something for your viewers to look at also. Tina /Norm it is nice how you do bring in the UK and USA for caparisons at times. Nice job.🥇

@ThisIsOurRetirement 6 дней назад

Hi Sean, one of our viewers told us about Teresa Ghilarducci and her new book, it’s very interesting. She also had an interview on CNBC. Thanks for sharing your kind comment.

@christopherprice3226 6 дней назад

My wife and are good she has a pension and social security pius a 401k. I have a 401k plus a roth IRA and Social Security . We are hoping our life is good as yours in 5 years. Keep up the great work.. We love you both!!!!

@JMichael2x2 7 дней назад

In Australia, as an employer, it is compulsory to pay your eligible employees super guarantee at least 4 times a year. The minimum SG rate you must pay for each eligible employee is 11% of their ordinary time earnings. This is scheduled to progressively increase to 12% on 1 July 2025. Employees can also pay into their superannuation up to $27,500 a year, which can help to reduce their tax rate. The Canadian RRSP system is also very good. Living and working in Australia and Canada, I've used both.

@ThisIsOurRetirement 6 дней назад

Thanks for joining the conversation Cheers 🇦🇺🙂🇨🇦🍻🇨🇦🇺🇸

@fredbehn9287 6 дней назад

Agreed, it's sound advice to save for retirement. Although I have a pension from my job in manufacturing, I also lived a fiscally conservative lifestyle and invested over the years. We're doing well as a result. As the numbers show however, and as you pointed out, many people that could, don't do that in our high consumption society. But at the end of the day, that's their fault. Compulsory saving as you described would go over like a lead balloon in the U.S. and is not something I would support. As for ageism, it depends on the circumstance. In the industry and job I was in, they tried to convince me to stay on longer because of the continual labor shortages in our area and the need for experience in the job. The tip here is to develop yourself over time into a unique and essential position where you are harder to replace.

@todddunn945 7 дней назад

Interesting topic. I am fortunate to have retired with a defined benefit pension. However over the last 7-8 years the province of New Brunswick has changed its pension legislation and my pension was changed to what is called a "shared risk plan". So far that seems to mean that I get about 90% of the investment risk and the province gets the other 10%. That is particularly true for cost of living adjustments which have consistently fallen behind the national COLA. CPP and OAS do not provide much with the maximum benefit being only a bit over 2,000 CDN. Here in the states Social Security can be substantially more than the combination of CPP and OAS with the average benefit being about $1,700 USD or about $2,300 CDN and the social security benefit of a high earner can be much higher (up to ~$3,800 USD at full retirement age , which is about $5,200 CDN). Also OAS is means tested. If your income is too high in retirement you don't get OAS. I definitely agree that replacing pensions with 401Ks and IRA (equivalent of RRSP) may not provide much of a retirement if you make poor investment decisions or just have bad luck and the market is way down when you retire. Finally, if you make an early withdrawal from a 401K (before age 59.5) in addition to losing future compounding on that money, the withdrawal is fully taxable as normal income AND there is an additional tax penalty of 10% of the amount withdrawn. I do think some sort of mandatory saving plan is a good idea. Pensions are great, but here in the states due to lax oversight of pension plans many pensioners had their pensions go away or be drastically reduced. Finally,here in the states if you have a 401K or IRA savings there are mandatory withdrawals when you get to age 73 if you need the money or not. Since those withdrawals are fully taxable which can have significant tax consequences.

@ThisIsOurRetirement 7 дней назад

Great comment Todd thank you 🇺🇸🍷🙂🇨🇦🍻

@ddavidson5 6 дней назад

I think the big take away is if didn't save enough don't think you'll be able to just work longer. The whole "we are living longer so we can work longer" train of thought, that you can stay at your current job into your late 60s or even 70s if need be, might not be possible and you may find that your employer has other ideas on how long you'll be working there. Almost everyone I know was let go in their mid to late 50s and almost none of them were ever able to find similar employment again.

@ThisIsOurRetirement 6 дней назад

It seems to be happening in a lot of companies now David thanks for sharing 🇺🇸🙂🇨🇦

@pensacola321 7 дней назад

The United States has Social Security which is a mandatory contribution pension program. Of course 401K programs are all over the place. Some are better than others. But employers that have 401K plans must auto enroll employees unless the employee specifically asks to opt out. With all of its social safety net problems, the US actually has descent retirement programs. And government employees, and some private employees still have defined pension plans. And yes, for a comfortable retirement you definitely have to save on your own.

@ThisIsOurRetirement 7 дней назад

We totally agree to be comfortable in retirement you do need to save 💰 on your own Cheers 🇺🇸🍻🇨🇦🙂

@christopherhurley8694 6 дней назад

My 40ik is compounding and growing. I'll be set for life when I retire. If the US had the schemes that Canada has it would be a difference in what retirement date. We also have a Roth IRA. I'm set. I really appreciate your channel and your videos.

@michaeltorrey3603 5 дней назад

I did the 401k but only for the employer match. The rest of my savings I did after taxes. Now retired I only take out a little of the 401k (now a RIA) each year because it’s all taxed now when I can least afford it. So not a fan of the 401k. And while it’s true SS was only meant to be a supplement for retirement, that was when we had pensions. When they replaced them with 401k there was little if any education on how to invest. Now, unless you have the time or energy to, you need to pay for a financial advisor just to make sense of it.

@JC-21470 6 дней назад

Most people in the US simply live well beyond their means buying the latest of everything and living pay check to pay check. I DO believe the only way to solve this issue is to have a forced savings plan. Have it taken from your check just like SS and taxes. I am ok with that provided the person has 100% control over how it is invested and access to professional advice as well. In addition, no more loans from your 401k should be allowed except in a REAL emergency like health related event. Needing a down payment for a house is NOT an emergency and you should not be allowed to access the money in your 401k for that.

@LK-hy5jz 6 дней назад

Keeping up with Joneses! Unfortunately many folks I know do exactly that. Not sure why and I personally don’t care. I was raised with minimalistic approach and super happy about it. Less is more. I save a lot but also have everything I need. And to let you know my secret: we, humans, really need very little :)

@yagga8885 4 дня назад

If you’re retired in America, you’re not paying heath care premiums, as you are Medicare eligible. Don’t hyperbolize, it undermines your message. Also, is the message, 401ks are bad because ppl tap into it prematurely? Then say that. 401ks are one of the biggest sources of wealth building in America, especially if you have qualified fund managers which most ppl do. 401k too is usually in addition to Social Security (which varies depending on earnings, etc.) and at times an IRA.

@ca9777 6 дней назад

My brother-in-law retired at 49. He had too much idle time and bragged to everyone about it. He became overweight, pot bellied from food and drink. He ended up with heart failure and diabetes.

@vincentharris7909 6 дней назад

Poor bastard 😢

@carolc4173 7 дней назад

As a store manager I tried so hard to convince the teenagers and young adults that worked for me to contribute to their 401k but it didn't mean much to them. I do think I was successful in getting them started; even just 1% or maybe 6% if that was the amount for company match. But I'm afraid that when they left that company they took the money and spent it.

@ThisIsOurRetirement 6 дней назад

Thanks for trying to help others Carol Cheers 🇺🇸🙂🇨🇦🍷

@esthers5772 4 дня назад

I’m looking for your recommendations for an e-sim. I can’t seem to find your previous recommendations. Do you offer a discount code. Thanks :) 👋🇨🇦

@ThisIsOurRetirement 4 дня назад

We have a video on Thursday that has info on the e-sim, here is the link to it and get a 15% discount saily.com/ourretirement

@dennyd4848 7 дней назад

I was kind of unlucky-lucky. I had major cardiac surgery at 59, used up my sick time, and at 60 I pulled the pin and retired. Six months into retirement, I hear my old job was deleted and people laid off. I made it through (both surgery and retirement) by the skin of my teeth! And I’m very happy that I made the decision (would have done it if I was healthy still too!) 😂👍🤗 There is much of “nothing” that I’m doing. Live within my means, adjust priorities, and still enjoy life! Cheers folks!

@ThisIsOurRetirement 6 дней назад

So happy Denny you made it through both and now enjoying life Cheers 🇺🇸🙂🇨🇦

@jabow1878 7 дней назад

My good friend saved in ‘his” retirement. Then he left her (20 years)and took the money out before the divorce was final. She started saving at 50- but was still keeping the family home and growing kids. She retired after a pretty serious injury at 62. Her financial planner talked her into beginning SS and putting all her savings into an annuity- even cashing out her two pensions. At 68 she is working at a camp doing laundry (she was a technician in health care). She is renting out her house to make payments, and living in a rented redone garage. Her annuity begins at 70. This is a stupid system. As a married woman who stuffed my IRAs I feel very guilty that my retirement is on cruise control. By the grace of God….and a loyal husband… I count my good stars.

@ThisIsOurRetirement 7 дней назад

Thanks for sharing 🇺🇸🌺🇨🇦🙂

@sct4040 7 дней назад

She needed a good divorce lawyer and was entitled to husband’s pension. Also, beware of so called financial advisors. Do you own research, and never buy an annuity.

@wr6178 2 дня назад

I'm puzzled why your advising on 401k when you live in Canada that's inappropriate

@ThisIsOurRetirement 2 дня назад

Not advising at all just talking about it 🇺🇸🙂🇨🇦

@John-fh3yp 7 дней назад

AARP released a new survey (April of 2024) reporting that 20% adults (aged 50+) in the US have no savings for retirement. Which number is close to the truth, 50% or 20%?

@ThisIsOurRetirement 7 дней назад

Baby Boomers 50% no savings

@craftsmanctfl3493 6 дней назад

@@ThisIsOurRetirement. Which Baby Boomers? They are now between and 59 and 79. Surely it can’t be all of them. That’s a pretty sweeping statement.

@lowridinpacker 5 дней назад

@@ThisIsOurRetirement Where are they? I am a Boomer and I don't know anyone in my age group who does not have retirement savings. This is a made up media statistic designed to keep people scared.

@johnperrin914 6 дней назад

Thank you for the public service announcement. People need to be educated by someone

@ThisIsOurRetirement 6 дней назад

Your welcome just sharing our stories John 🇺🇸🙂🇨🇦🍻

@JoshuaTrinityWolf-dc4up 6 дней назад

Sudbury calling : You are both a little like Sonny and Cher. Entertaining and funny. My friend in Government told me her mom just picked up her University degree at age 52. I said , " no one want to hire you at 52 and she was surprised.

@ThisIsOurRetirement 6 дней назад

Thanks Joshua! Maybe your friends Mum achieved a life goal with her degree, regardless of getting a job with it.

@williamjsmith9877 6 дней назад

The 401K came out in the end of 78, I have worked in a factory all my working life, and have taken advantage of the 401K & IRA together with the defered tax and employer contributions, associated with it, it is a fantastic tool for planing your retirement, so I dont see how you can be so negative about it. Retired with no debts, liveing the live of Riley here in Fl. Always found it was the younger inexperenced workers that were let go, experience counts.

@jayholiday256 7 дней назад

Social security is a great safety net for most Americans, it’s a pension plan. 401k is fine for those that want it. It’s tough for a lot of Americans. Fortunately I’m well off

@mikeberg5003 7 дней назад

My wife and I are extremely blessed. But if congress doesn't act soon, the SS checks everyone gets will be cut by 25% by 2032

@BoninBrighton 7 дней назад

The equivalent to 401k in the UK I suppose is a SIP (Self invested pension) and yes if you self manage it you have to do the investment research and invest in a range of shares eg invest in 40 -50 different shares so only 2% of your total pot is exposed to one type of share if it’s equally spread…many people don’t want to do the work involved so they pay a management fee say 1-2% which means drawdown of dividends at a rate of 4% doesn’t work if 1-2% is being paid to a manager…. but drawdown at 6% means you’ll possibly run out of money.

@ThisIsOurRetirement 6 дней назад

That is so true Bonnie it’s proven that if you are paying 2% management fees over time you will loose 30% of your money yikes 😱 Cheers 🇬🇧🙂🇨🇦🍷🇺🇸

@lyndawilson1874 6 дней назад

I can’t wait to retire! My hubby and I have been saving since before we got married! God be willing..🙏🏼 we will join your status in 3 ish years!!! Love your videos!! 🙏🏼🇨🇦🙏🏼

@ThisIsOurRetirement 5 дней назад

Sounds great! 🙂🇨🇦