Social Security changes could be coming-how are you preparing if the full retirement age increases? Adjusting savings, cutting costs, or finding new income sources? Share your thoughts below!
I’m 46 and feeling overwhelmed about planning for retirement in 2025. The rising cost of living and constant market fluctuations make it hard to know where to start. I’ve saved around $150k, but I’m unsure how to maximize it for the long term.
I totally get how you feel. A lot of people think saving is enough, but without a proper strategy, inflation can eat into your savings. A major mistake people make is leaving too much in low-interest savings accounts or trying to time the market. Diversifying your investments is crucial to balancing risk and growth.
Exactly. I’ve seen friends delay their retirement because they underestimated healthcare costs and didn’t plan for market downturns. One big issue is not adjusting your portfolio as you age. By the time you’re in your 50s, you should start focusing more on preservation than aggressive growth.
Another pitfall is ignoring professional advice. After losing a chunk of my portfolio back in 2020, I realized I couldn’t do it alone. I started working with Eric Paul Elmer, a highly experienced CFA. He specializes in improving portfolios and has helped people like me grow their retirement funds significantly, both in the short and long term.
Joseph Nick Cahill? I’ve heard great things about him! I read that he offers free consultations and creates personalized strategies to help clients build wealth. A friend of mine used his services and said his advice was life-changing, especially in reducing unnecessary risks.
Joseph Nick Cahill? I’ve heard great things about him! I read that he offers free consultations and creates personalized strategies to help clients build wealth. A friend of mine used his services and said his advice was life-changing, especially in reducing unnecessary risks.
62 is my target (Eileen). Haven is extending because he said he doesn’t have anything to do anyway . He’s waiting for me lol . But we are slowly living our retirement life . We do things already what we plan to do in our retirement .😆
I don't disagree. It's a horribly-designed, maintained, and implemented system. One that was never going to remain solvent, as it was originally designed, with the largest generation in history approaching retirement age while each administration continued to kick the can down the road. We are talking large block print on the wall, where it was going. That being said, I do think that expecting to rely on a meager-paying government program to determine your quality of life in old age is foolhardy. Doing that literally puts you at the mercy of people who are well-to-do and largely make well-to-do decisions that primarily benefits themselves. Most people have the ability to plan ahead, even in a modest way that adds up like crazy when you start young, and yet choose not to. They'd rather buy pointless things, instead. So you now have two parties kicking the can down the road...the privileged and the self-imposed helpless ones. No way in hell am I going to be the latter. I implore every single young person I know or work with to pay attention and how vitally important it is to start saving when you're young. You have TREMENDOUS growth potential given the time to let it happen. Most of them don't even want to hear it and would rather finance a car for $40k that they only drive for 20 total minutes a day and sucks up 35% of their take home pay. I don't know how you get people to care about this before it's too late, but I try.
To be fair- social security was never meant to be enough replace saving on your own for retirement. That’s quite obvious when you get those statements that tell you how much your expected amount will be if you keep working. It is waaay less than what earned per month. I think if more people understood that, they might start saving a bit earlier in life. (I-like many, was oblivious and didnt start til my 30s. My son started with his first “real” job at about age 20. Starting early, even if starting paycheck is small-can greatly impact the amount already accrued by age 30. Currently i have the maximum amount that can be withheld and put into my retirement account coming out of my check. (Like over $2000/mo) Ouch! The upside is that the amount i have left is about the same as i will have to live on per month after i retire. So it hurts, but is forcing me to live within retirement means before i retire. So i may as well get used to it now while i have the safety net of reducing what comes out of my check.
We have been educating also our son about retirement savings . Sometimes it’s really hard to get through these Gen Zs who prioritize “good time” but we never stop explaining the importance of saving .
I know a good number of people of retirement age that have saved practically NOTHING, even though they made a good living most of their lives. They are in their 60's and 70's now, having to work full-time jobs just to make ends meet. This is despite knowing well ahead of time that SS was not going to be enough. Many of these folks work with me at my part-time Amazon warehouse 2nd job, so I am well-aware of how much hard work it can be and I'm only 55. I feel some empathy for them, but it's not like ignoring the looming problem wasn't a choice they made. They bought boats and RVs and went on expensive vacations instead of saving money. That's why I do what I do, working a bit extra now with my spare time, so I can max out all of my investments and retire comfortably at 62. 7 more years. You can do it, too, if you plan early enough!!
Yeah, we’ve seen that too-people in their 60s or 70s working full-time because they didn’t prioritize saving earlier. It’s tough, but choices like expensive toys and trips catch up eventually. That’s why we focused on saving and investing , so we can retire comfortably “soon” . 😊
That’s true-retiring in America can be expensive, especially with healthcare and living costs. But for some, it’s about staying close to family or the lifestyle they’re used to. It really depends on what works best for each person’s priorities.😊
Social Security changes could be coming-how are you preparing if the full retirement age increases? Adjusting savings, cutting costs, or finding new income sources? Share your thoughts below!
I’m 46 and feeling overwhelmed about planning for retirement in 2025. The rising cost of living and constant market fluctuations make it hard to know where to start. I’ve saved around $150k, but I’m unsure how to maximize it for the long term.
I totally get how you feel. A lot of people think saving is enough, but without a proper strategy, inflation can eat into your savings. A major mistake people make is leaving too much in low-interest savings accounts or trying to time the market. Diversifying your investments is crucial to balancing risk and growth.
Exactly. I’ve seen friends delay their retirement because they underestimated healthcare costs and didn’t plan for market downturns. One big issue is not adjusting your portfolio as you age. By the time you’re in your 50s, you should start focusing more on preservation than aggressive growth.
Another pitfall is ignoring professional advice. After losing a chunk of my portfolio back in 2020, I realized I couldn’t do it alone. I started working with Eric Paul Elmer, a highly experienced CFA. He specializes in improving portfolios and has helped people like me grow their retirement funds significantly, both in the short and long term.
Joseph Nick Cahill? I’ve heard great things about him! I read that he offers free consultations and creates personalized strategies to help clients build wealth. A friend of mine used his services and said his advice was life-changing, especially in reducing unnecessary risks.
Joseph Nick Cahill? I’ve heard great things about him! I read that he offers free consultations and creates personalized strategies to help clients build wealth. A friend of mine used his services and said his advice was life-changing, especially in reducing unnecessary risks.
62 is ideal. Many can’t wait that long. Take it early. You may not ever see it waiting
62 is my target (Eileen). Haven is extending because he said he doesn’t have anything to do anyway . He’s waiting for me lol . But we are slowly living our retirement life . We do things already what we plan to do in our retirement .😆
The system is not setup fairly. They will push the retirement age to 67 but companies are finding ways to layoff people in their 50s.
The news is changes to the full retire age is increasing this 2025. Maybe 69 now ?
Totally agree. Great point.
I don't disagree. It's a horribly-designed, maintained, and implemented system. One that was never going to remain solvent, as it was originally designed, with the largest generation in history approaching retirement age while each administration continued to kick the can down the road. We are talking large block print on the wall, where it was going. That being said, I do think that expecting to rely on a meager-paying government program to determine your quality of life in old age is foolhardy. Doing that literally puts you at the mercy of people who are well-to-do and largely make well-to-do decisions that primarily benefits themselves. Most people have the ability to plan ahead, even in a modest way that adds up like crazy when you start young, and yet choose not to. They'd rather buy pointless things, instead. So you now have two parties kicking the can down the road...the privileged and the self-imposed helpless ones. No way in hell am I going to be the latter. I implore every single young person I know or work with to pay attention and how vitally important it is to start saving when you're young. You have TREMENDOUS growth potential given the time to let it happen. Most of them don't even want to hear it and would rather finance a car for $40k that they only drive for 20 total minutes a day and sucks up 35% of their take home pay. I don't know how you get people to care about this before it's too late, but I try.
To be fair- social security was never meant to be enough replace saving on your own for retirement. That’s quite obvious when you get those statements that tell you how much your expected amount will be if you keep working. It is waaay less than what earned per month.
I think if more people understood that, they might start saving a bit earlier in life. (I-like many, was oblivious and didnt start til my 30s. My son started with his first “real” job at about age 20. Starting early, even if starting paycheck is small-can greatly impact the amount already accrued by age 30.
Currently i have the maximum amount that can be withheld and put into my retirement account coming out of my check. (Like over $2000/mo) Ouch! The upside is that the amount i have left is about the same as i will have to live on per month after i retire.
So it hurts, but is forcing me to live within retirement means before i retire. So i may as well get used to it now while i have the safety net of reducing what comes out of my check.
We have been educating also our son about retirement savings . Sometimes it’s really hard to get through these Gen Zs who prioritize “good time” but we never stop explaining the importance of saving .
I know a good number of people of retirement age that have saved practically NOTHING, even though they made a good living most of their lives. They are in their 60's and 70's now, having to work full-time jobs just to make ends meet. This is despite knowing well ahead of time that SS was not going to be enough. Many of these folks work with me at my part-time Amazon warehouse 2nd job, so I am well-aware of how much hard work it can be and I'm only 55. I feel some empathy for them, but it's not like ignoring the looming problem wasn't a choice they made. They bought boats and RVs and went on expensive vacations instead of saving money. That's why I do what I do, working a bit extra now with my spare time, so I can max out all of my investments and retire comfortably at 62. 7 more years. You can do it, too, if you plan early enough!!
Yeah, we’ve seen that too-people in their 60s or 70s working full-time because they didn’t prioritize saving earlier. It’s tough, but choices like expensive toys and trips catch up eventually. That’s why we focused on saving and investing , so we can retire comfortably “soon” . 😊
Subbed hello from New York
Thank you ! ❤️
people are living longer
Maybe we should put life span to 90
@@HavenEileenDejesus Maybe when you're 75 you might think that's a great idea--
LOL
America is not for retirement
That’s true-retiring in America can be expensive, especially with healthcare and living costs. But for some, it’s about staying close to family or the lifestyle they’re used to. It really depends on what works best for each person’s priorities.😊