Retirement out of reach for millions of Americans
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- Опубликовано: 11 дек 2018
- Tom Coomer, 80, is just one of nearly 10 million Americans over 65 still working. He was working as a machinist when his plant closed down, just one year shy of getting his full pension. CBS News correspondent Mark Strassmann has his story.
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The rising prices have impacted my plan to retire at 62, work part-time, and build my savings. I'm concerned that those who went through the 2008 financial crisis may have faced fewer challenges than I do now. The stock market's volatility, along with a reduced income, is making me anxious about having enough for retirement.
The retirement crisis will worsen because many can't save due to low wages, inflation, and high rent. Investing in stocks with a good strategy can help, but it's important to be cautious. I advise you to get a financial advisor for guidance on entry and exit points.
If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 65% since January. It is, in my opinion, the best way to get started in the industry right now.
I’ve been worried sick about the current state of my portfolio, who is your advisor?
Sharon Marissa Wolfe is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
He's looking healthy for 80!!
frank mundo
Very true.
But sad he has to work at 80.
Man looks like he should be running marathons
I hope I look that good when I’m 80
and no grey hair 🤔
@@travelinggato Just for Men I'm sure. But he's lucky to be able to hold it together at 80. Sorry he needs to.
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?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
Her name is “Vivian Carol Gioia” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just Googled her name and her website came up right away. It looks interesting so far. I'm going to send a mail to her and let you know how it goes.Thanks for sharing truly!
Millennial: what is a pension?
Roman Hashon
A pension is something anyone can create on their own.
Its what u almost get at a job before they shut there doors
A miserable pile of SECRETS!
NWAZ flatEarther
Lmao, Flatearther... That says it all right there
MK ULTRA & cbra66 comments are 👍.
Hard to choose a winner here
If I retire today, at the present time I could live comfortably for 4 days🤣🤣🤣
LOL
You gunna end up like them. I suggest you start investing NOW. The sooner the better! The more % the better!
Invest 30% of your paychecks now, and you can retire in 20years. Invest 50% and you can retire in 12!
@@MoonLiteNite I'm 60, already like them. But I work because I want too. I enjoy my job. I've polished aluminum for 43 years, my job is still a game to me, when it gets to the point where I feel like it's a job, then I'll find something else to do. Take care and enjoy your life😎😎
Red Clark I know 😢 your not alone
should've saved and invested lol.. Im only in my early 20s and I have enough money saved up to last me months... and this is all from working a minimum wage job!
I sincerely wish , I had resources to basically help everyone in need. Nothing in life is more valuable than the dignity of a fellow human being.
sure would be amazing to give back to people who dont have.. one day friend
GOD BLESS YOU this world needs more people like you.
Republicans call that socialism
Khondker Rifat Hossain everything that is human and taking care of once fellow man is repulsive to Republicans. It’s just ME ME ME ME 💵💵
If you want, you can donate to a variety of non profits that help people. I've donated to a few. I would be careful not to give them your address though if you can, because some send junk mail asking for donations.
My jaw literally dropped when the reporter said he's 80 years old. That is horrible for someone that age to be still working out of necessity
He resembles younger. I am old. However my wish is to drop dead while working. And I am not a criminal or police man!! LoL
Ok. We need to work hard and we need love, that's it. As Nimoy said on the American TV and everywhere live long and prosper. What worries me is the possible absence of how to get a chance to work hard and fight for surviving in a post globalised and automated world -- the world of the future.
Brasil
Brasil
Better vote differently this November or else you’ll be working when you’re 80 if we even have the chance.
My dad never even came close to the US median household income in the US. Yet he supported our family on his income alone. First 21 years as an enlisted man in the military, then as a custodian. If people this man’s age aren’t prepared for retirement, it’s because there was absolutely no effort or planning done.
@@duramaxdude100like your cult leader cares about anyone except the rich. Please tell me you’re not that gullible.
I'm sorry Katie that your dad was only a lowly janitor I'm sure he had more potential
His company fired him at 29 years because they didn't want to pay him a 30 year retirement, that's horrible!
did you watch the video? they closed the plant.
@@uncleflunk They could have sent him to another plant to finish out his 30 years for pension, or given him a percentage of that pension as he was too close to the 30 year retirement. Many company do that on purpose. When they have people to fire they look for those who are close to earning their pensions to get rid of so they won't have to pay out the money.
poot and beans he did get a percentage of the pension.
That's exactly what happens....when your at age 55, it's the witching hour....they need to let you go before you turn 60....Companies ARE like "not on my watch" (you won't retire).
UncleFlunk yeah it’s almost like retirement was never meant to last 30 years
"I was right at the door, but never got to go through it" that quote right there hit me hard onto making better decisions for myself.
Retirement doesn't really exist. You still have to manage your finances, health, taxes, etc.
@@GO-cz7cl that doesn’t mean retirement doesn’t exist Lmao 😂
Yup, too late for me, were ok so long as nothing tragic happens, but if it does, oh man, the future can look a little scary here for me as well.
@@GO-cz7cl So you're telling us the only people truly retired are those who have died.😂
"They call it the American dream, you have to be asleep to believe it." -George Carlin
"When you're born, you get a ticket to the freak show. When you're born in America, you get a front row seat." -George Carlin, RIP
Moonatik
George Carlin was wealthy and prepared for retirement thanks to people like you.
Never watch anything from him but I'm retiring 15 years early with no issues.
Bingo
Inaccurate
You should have invested properly and put money into a 401k.
Over the years we wondered how our friends could,afford the big fancy house, they dined out all the time, many drove the newest cars/SUVs, and they took expensive vacations every year. They’re still working and we successfully retired because we lived within our means.
Exactly.
We both retired at 55. We never had kids. We came first. Retirement savings came first. Never once did we try to impress other people during or marriage. Nobody ever gave me
a dime. I never had to ask. I never went to college. I learned a trade. 4xs in my career I got layed off. Hundreds got fired. People were devastated because they were broke. Not me. I learned early on to never trust anyone. I maxed out my 401-k every year. Not the company match. The government limit. Never missed. Each time I got fired I just laughed because I had the money. And no kids. One time I got layed off and at that time the government was giving people $500.00 a week for 99 weeks. I couldn't believe my luck. I wasn't 55 yet. But I took almost 2 years off. I had a blast. I went back to work for 1 more year after the 99 weeks. The day I turned 55 I got up from my desk and walked out. I never said a word. After 39 years I was done. They couldn't get ahold of me because I left the company phone on my desk on the way out. Oh well!! I started SS AT 62. I receive $2343.00 per month. Believe me. I do just fine. My wife gets a little less each month. Each company I worked for shut down because of corporate greed plain and simple. The people at the top got the big payouts and the little guy was on the street. You have to take care of yourself. Period. Live within your means. My father always said. Your best friend is your wallet. And never marry a woman with kids. No joke. Good luck to all.
I'm 55. My late mother told me, "We have friends who dress really nice, travel a lot and have fancy stuff. Now that we're retired, they are still working." So today, to learn from her: in 2020 bought a condo at HALF of what I could afford and paid if off in full in 3 years. I have a p/t job to support my spending hobbies and it doesn't come from my main paycheck. And I'm finishing my 17th year as a teacher with pension benefits. This fall, 30 percent goes into retirement. I live WAY under my means. I loved your post.
I’m happy to be contributing to this reply. I’m 53 and retire this June. Same thing, we always lived way below our means and sunk a lot of money into our accounts along with getting graduate degrees and high paying jobs. No kids was the key. No debt as well.
We had two kids and we did very well! Debt free for over 20 years before I retired, worked a job that I really loved, had kids that worked multiple jobs starting from age 14 just like the way I did when I was 14. The big secret is to learn how to invest in the market, funds and save in accounts that we never had to touch. Sometimes work two jobs, never refused overtime. And again don't be afraid to invest. In regards to my job, I made sure they needed me more than I needed them! Also respect the people who I worked with including the folks I meet all over the world. I always felt having my children made me a stronger person and I went on to tackle jobs, projects that most folks ran away from.
This administration is putting many families in difficult situations. A lot of people are financially struggling to live, put a roof over their head and put food on the table. Things are getting worse these days, if you don't find means of multiplying your money you might wake up a day to realise you didn't plan well for yourself and family.
I agree with you and I believe that Professionals are currently dominating the market since they have access to both the necessary strategy for making money in this industry.
I invested 10k in Robin hood and 401k about a year ago and it steadily went down, now my portfolio is down to $800. I don't know what to do and i am in between jobs
@@face2lune Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances.
I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the expertise that assisted you and how to get in touch….
@@face2lune I get guidance from *Susan Tori Davis* Most likely, the internet should have her basic info..
I'm surprised Walmart let them film.
Well they're not talking about walmart and in this case they look good because they offer greeter positions to elderly people which helps them a lot financially.
I see. I'm glad.
@@Sulfen older people have good social skills. Wont be on their phone all the time
MICHAEL DAVIS They killed him afterwards jk
WalMart probably looked at it as a recruitment video.
4100 a month is not bad for a retired person.
Not good either.
but that is for two people and the wife has health issues which i hope she's insured for.
daveheel
I live here.
It's enough for two people.
Yeah his wife has health issues but this all didn't just happen over night..
He made a lot of money working there.
Like the other guy posted....he failed to plan.
Well I am working 40 hours a week making less than half that.
@Ravy Chankar failing to plan is planing to fail.
He seems he loves what he is doing. He enjoys life no matter what life brings to him... His heart and attitude is so strong. Wish him and his wife the best...
My grandfather is 78, and refuses to retire. He is still working full time, and does not want to stop. He said if he does, he will just die. Its stimulating to him.
Just go to the gym and play video games
There is a difference, though, between choosing to work past retirement age and having to work to keep a roof over your head. That is the crisis. I'm 70 and can't imagine sitting around the house doing nothing, but it would be nice to think that i at least had that option. Much as I enjoy working, I will have to ask for a half day to go to my own funeral and hope that my kids don't inherit my medical debt.
This report mentions $4120 average income. This is very misleading as it averages in the very wealthy and skews the numbers drastically. Half of all Americans age 65 or older have incomes of less than $24,224 a year. Thus the median is actually $2,112.
Jan-Peter Schuring
Their choice.
Could have worked more,spent less,saved,invested,smaller home,less kids,etc..
I had a neighbor that worked with this guy.
He blew his money through the years depending on that pension.
My social security alone will be more than 24k a year at 62.
Anyway I work next door at American Airlines.
Cheap living in Oklahoma. Many millionaire next door types like myself but more living paycheck to paycheck and beyond means.
I'm currently living in $1k biweekly easily with a $130k$160k salary in Tulsa.
And I'm debt free living in upper middle class area if town.
Retiring early.
He may live longer because he is working.
mary shaffer
Didn't you even hear what he said at the beginning of the video?
What's the point of living longer just surviving when he could be enjoying his life doing what he want to do not what he have to do?
That's what I was thinking. If I was retired bringing in $4120 a month, I'd be living a great life. That's more than I have ever brought home from a job.
There are people making 779 a month and 999 a month . Congress can't find money for the elderly but sure can for illegal immigrants. Smh and now free college and no talk of the elderly. Our government is against us American's. They have been for a long time.
If I was a millionaire I’d pay that man’s mortgage off and then give them both a big hug.
no you would hog all the money and keep it in some tax haven
@@JustAnotherNamelessGuy They're in their 80's, how much could they possibly owe.
@@KB-wl4ip might not be much but these guys would cry if they had to do no more than 69 cents in taxes aka they r fucken greedy
@@KB-wl4ipBlack like most people of that generation they probably didn't save anything and spent the money as fast as it came in. Living the high life on credit as they financed everything to the max, home, cars, vacations, like most do today. The bank said I can afford this $400,000 dollar house and two $35,000 cars on my income. Then with all his wife's health issues, they've probably done something like a reverse mortgage. I'm thinking they might not have children because if that was my parents I would want them living with me at that age and health condition.
Blessings to you for saying something that is so neighborly in nature.
My father worked up until the day he died at the age of 74. He kept putting off retirement, and was so used to working.
My grandfather retired from TWA (Trans World Airlines) at the age of 71 in 1998. He was an aircraft mechanic. When Ronald Reagan was president in the 1980’s, he kept getting laid off and then called back into work. Before 9/11 he actually did airport security when it was run by the airlines themselves and not the federal government. My grandmother who also for TWA as a travel agent, kept working up until the financial crisis in 2008 which forced her into retirement. TWA would eventually cease to exist in December 2001 when they were bought out by American Airlines.
i salute this gentlemen i was expecting him to say i got shafted after 29 years of service and they took my pension. Not one time, instead he blamed himself for not saving enough when he was younger working all those years. This man may not be rich but he has my respect and that is something you can't buy.
Unfortunately, respect doesn't pay the bills.
He has Stockholm syndrome. This country is a hole!
He is still better than a lot of people who complain about the situation they are in at the moment.
A lot of people today lack the ability to reflect!
At least he and his wife have each other. Watching clips like this makes me want to save more
The generations after these people will have noone. Times have changed.
If your a young person do not save your money, invest in income property, 2 or 3 family house, also buy shares in blue chip companies in the S&P 500 and most importantly do something you love and start your own business, it will be the best decision you ever made
@@nightfangs2910 I tried that. Started my own business. That's when I realized when I was doing everything by myself that I wasn't much of a salesman. The business eventually failed. At least, I could go back to the IT profession which I will be doing until retirement in 2 years.
@@nightfangs2910 Oh yeah because investing in income property when one can't even afford their own damn house is just soooo easy. lol.
@@TheMilpitasguy keep going, do it again learn how to sell and delegate out work to others ( your employees ) when you are in charge of your own destiny there is nothing else that compares
Every family have that one person whom will break their financial burden, hope you are the person"if you don't find a way to make money while you sleep you will have to work hard until you old" spend less invest more
Assets that can make you rich
Bitcoin
Stocks
Real estate
Stock's are crashing, Bitcoin investments Right now will be at every wise individuals list, in a month you will be ecstatic with the decision you made today
You're right, it's obvious a lot of people remain poor due to ignorance
@@indiaculture5166 I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings
I'm enjoying working under a platform that brings good return in my life and I've been making my weekly returns without stress all in cryptocurrency
Saving for the future is mostly about deferred gratification. I finished two graduate degrees and completed many professional certificates when young. Stayed home most weekends, took no major vacations, took public transportation, rented and lived below my means for many years. By the time I had a family i was already well established in my profession and had saved a lot of money. When I bought my house I had 50% cash saved. My company decided they had enough of me by age 57 and laid me off. I was smart enough to work for a company that had a defined benefit plan, a decent severance plan, and retiree medical benefits fully vested by age 55. I can live nicely in my paid for home, on my pension, and social security without touching my investments worth over seven figures. But I couldn't have done it without studying, working, and saving in my twenties when other kids were out partying. An old farmer once told me, you can't rest until the hay is in the barn. Well my barn is stocked for a long winter.
I got out at 55. It's all about choices. I'm 63 now. At 62 I started SS. $2343.00 per month. I call it play money. I started working at 13. Every year I maxed out my 401-k. The government limit. Not the company match. We have friends that will never be able to retire. Have fun.
Absolutely agree. Spot on! 👍
You do realize that you are also the recipient of good fortune? Have you ever last a job for an extended period and had to spend retirement money keep a roof over your head? The lat job I worked for with the type of benefits your are describing was 1996. I've worked for 4 companies that don't even exist anymore. Saving for the future is a luxury that the poor cannot afford.
What a way to notify employees..."Attention employees: this plant will close in 60 days...that is all, have a nice day."
Made the announcement with his door locked hidding under his desk !
Kevin Nugent not surprising for a company with a bad reputation like McDonnell Douglas. Boeing merged with them in 1997 and product quality has suffered since. They also picked up MD’s business models.
Most jobs only see you as a number. That's why no one should be so loyal to their job. Many jobs boot people before they reach pension and that's no mistake.
@@shannon2748
Totally agree with you.
Corporate America at its finest!
Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving
@@rickertcoles Agreed! I first contacted a Financial Analyst because these days, it's easy to buy into trending stocks, but the task is knowing when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. I’m currently 60% up in profits just in 5months with my initial capital of $160k
@@sherryie2 How do I Find this Lady?
@@laportafrank Sure. NICOLE DESIREE SIMON, a well-known person in her field, is my advisor. I got to know her through my wife. It's my wife that has her number, but you could further investigate her credentials and contact her yourself.
@@sherryie2 Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
His love for her has me in tears 🥰🤧🥺
Great stocks and I just bought in on them, but I'm interested in making short term profit, let say turn a $150K to $500k in 6months, I'd appreciate tips on how what stocks to buy to make this much profit.
@Fred Howard That sounds great and how do i connect with her ?
@Fred Howard Okay i just found her website and left a message for her. thanks.
I wish I took home $3100/month.
Same here.
Go to trade school.
Me too.
i get 3267 Dollars a month before 39% tax ,so after tax it is 2242 Dollars on early retirement .
The median USA tax return declares an AGI of $41K/year or $3400/month. If you don't owe a mortgage, make do with one car, and LIVE WHERE LIFE IS CHEAP, such incomes are feasible.
He seems like the nicest man ever, despite everything he’s been through
What they didn't tell you about Tom Coomer is that Walmart takes out an insurance policy on Tom's life so if he dies Walmart gets cash...We live in a country where corporations are extracting wealth from the poorest
Most places do this, especially at management level and up.
@@tedcarl5382 Yes they do.. at management level less they experience a loss from a highly paid individual... But a minimum wage, 70 old greeter at Home Depot?
That needs to be illegal!!!!!!!!!!! Horrible!!!!!!!!
Larkinchance I don’t see the issue. Because one makes more money than the other, somehow makes it different? Imagine the premium on a 70 year old. I can’t imagine it pays out that often. The cost alone on a 70 year old has to be ridiculous.
@@tedcarl5382 It is loathsome because it bets on the lives of minimum wage, part time, seniors.If they insure a high earner, it makes sense because they are protecting the company..But a part time low end position is not a vintage car...
Im going to retire in 2034 on 2,000 a month with my house paid for. Im eating right, no meds and I need to stay that way.
at what age ?
@@andreas3850 *I'll be 34.*
@@SEVEN-tw4nc what are you doing for a living ?
@Milo The Orange lmaoo
Live for knuckle head
This guy will have it good compared to the following generations.
yep. this guy will die earning 3k a month. by the time he is buried walmart will have fired its younger staff to replace em with robots
Maybe don’t work for walmart
Tha fact that so many think 3-4K a month is "good money" is alarming; that's pocket change!!!
@@MK-hh1vo It is most certainly not 'good' money, but you can still manage to live on it in the USA. You will not be able to save even a dime in all likelihood.
The future old people will call the streets "home" sadly.
My grandfather worked for Kraft pretty much his entire life (from 18 on).. he always talks about how lucky he got, because he was able to retire with a full pension. Two years after he retired, Kraft ended their pension programs.. its interesting to think about how different his life wouldve been without his pension.
Kraft is a scumbag company. When they bought out Cadbury here in the UK, they promised they wouldn't close down any factories or fire anyone. Within two weeks of the deal going through they closed a large works near me and fired everyone.
It's a shame that seniors still have to work!!!
They didn't save enough that's on them
@@rayb6852 you can't say that for everyone. Some have had a medical emergency, like cancer, wipe out savings. You shouldn't judge, you never know what life will do to you later on, never say never.
My mom worked at Walmart after her hand tremors made it difficult to be an Optician. She worked there well into her 70s and loved the environment. Her health improved when she started working there. She was a greeter like Tom Coomer. It is honest work and Walmart treated my mom well and I suspect they treat Tom Coomer well. This has been a tough year for most businesses. Be thankful for the job you have!
Still working and he's 80 years old - unforgivable that our system has failed so many people.
What if I never want to retire but still be wise. 🤔
It makes me sad that he blames himself, but it makes me proud how he takes full responsibility for things and keeps going.
Like what an actual adult does. Unlike some of my younger colleagues.
It's a bummer that he didn't get his full retirement but he's healthy and he has a good marriage. Things could be far worse for him.
They are you idiot
@@stanpeterson3944 Aye, watch yourself boy. You dont talk to a woman like that!
Not to mention he was just one year away from receiving his full pension. If his original job site did not close down he and his sick wife both would not be in this mess.
Shannon KC his at the bottom already can’t sink any lower lol
Don’t be naive and optimistic on this one, there is nothing right about this
When I was young I made the exact same mistakes by not planning and acting for my retirement. Luckily, I shaped up and had a job that provided me the chance to catch back up. It’s so easy to not save when you’re young, because you think it’s so far away. But time moves so much faster than you can imagine.
Buy VOO. Trust me on this one. I have a ton of money in this S&P 500 ETF.
P.S. Warren Buffet has perhaps a billion in this etf alone.
No one my age gets the concept of compound interest. The earlier you start, the more you will have. Starting in your forties will never let you catch up.
After going to a trade school and getting in debt I became an X-ray tech at age 40 in 1998. That was the game changer. I went from $10/hr to $20/hr. The debt got paid off in 2 years. Recently I started buying an older home and sunk every nickel in it which paid it off in under 5 years. Then the money started rolling in but I still act like I’m poor. My health I watch like a hawk. Steamed veggies or a big salad every day. That’s a choice. Now I’m saving up for a bigger house which I intend to pay off in less than 2 years. Good luck out there!!
Sounds great. I’m doing something similar. Back in school, job is paying for it. I work two jobs so I can save.
I’m glad I found Dave Ramsey and now I’m taking care of my money for my future many my age don’t give a F .. but we need to learn from others mistakes or lives ... ugh that’s sad! Heart touching story God bless them . Dave Ramsey America !
The problem with Ramsey's advice and many others is assuming the dollar will still be around in it's current form in that time frame.
I am more of a save in gold and silver kind of person because I strongly feel the value of the dollar will go to zero.
While people may have dollars in the bank perhaps many they will have no or very little value.
Kind of like the Bolivar and Venezuela today. A hot dog is like 6,000 Bolivar.
You got a point got me thinking hopefully that doesn’t happen here in the USA but we never know ..
@@audi_kid I don't mean to alarm you but I have been studying the financial system in depth since 2013 and 100% there are many underlying problems with it.
I used to be a cash and 401k saver but what I have seen, I completely think about money differently today. I measure my wealth in ounces of gold and silver.
If you have some time here are a few resources on youtube. These are the best as far as I am concerned.
Lynette Zang - she has many videos on the financial reset.
Mike Maloney - secrets of money. Talks about how currency comes into existence and talks about gold and silver.
Junius Maltby - Understanding Gold. By far the best video about gold and understanding it.
Just thought I would share these resources. Everyone must do what they think is right but I have completely reversed my thinking since 2013.
Thank you so much I’ll do some research on this subject ! Means a lot ! Have a great day greetings from Long Beach California
I wish I had heard of Dave Ramsay's baby steps in 3rd grade. Everyone I ever met who claimed to be a money expert gave flawed, wacky advice that was too hard to grok.
Dave is the best. It's better to feel confident and KNOW about the basics. I'm not into his politics or religion at all, but he's a good person with a big heart.
Stick with him, you don't need the others.
Still has a mortgage at 80?!!! Just sell the place and live off the profit and SSA.
Quit your job at Walmart and enjoy retirement. It's not worth your final years having to work.
People just HAVE to have a home you know...
Veronica C. what about an apartment?
@@themadmeme - honestly, rents are just as high as mortgages nowadays. Where are the savings!?
@@ecclairmayo4153 You're not paying home insurance, property taxes or maintenance. But I agree with you that rents can be higher than mortgage. Whether people rent or buy they need to have enough of an emergency fund to cover them for whatever comes their way.
Also, if they want to own, they can sell their home and live in a small rural town. Like some place with a population of 10,000 or less. They can find a town which has all the big box stores as well as a hospital. The cost of living would be much cheaper in a rural area. Housing, whether they rent or buy, would be super cheap. If they choose to buy, property taxes and home insurance would be much less.
Right at the door, but never got to walk through it. That says it all for a lot of us middle class folks. I'm living in my cargo van in order to have a prayer at reaching retirement. I work 60 hours a week !
DIVORCE THE HORSE
It only says a lot for the middle class that solely depended on pension and/or social security,didn't save/invest,and blew their money through the years living beyond means,too big of home,too many kids,borrowing against home for cars,boats,etc.instead of paying it off,spending money they don't have,credit card debt,etc.etc.etc...
The other half of baby boomer middle class that lived within means,save,invested,maintained emergency fund,paid off home,zero debt,etc.etc.etc.will be fine.
@@blackworldtraveler3711 "the other half of boomers" hardly exist because America *encouraged* boomers to live like the first half. Stay at your job for 30 years, invest in your pension, depend on social security-which you're *entitled* to because you paid into it, and you'll l be fine for retirement.
Don't fault the 1st half for believing in their country's promise.
@@MK-hh1vo most people don't realize how little they put into social security. If you collect for 20-30 years you're pulling out more than you put in. It used to not matter when there were 10 people funding one person's social security, but it's not like that anymore.
That is extreme. Sounds like you have an income problem.
Not everyone has the ability (mental or physical) to earn enough money to retire.
Good point. I have been a clerical worker all my life, but in many ways blessed that I make pretty decent money for what I do.
One year from a full pension.. America should be ashamed of itself !
Americans are terrible about saving money!
private companies are not controlled by the govt
I was only 6 weeks from being vested when Northwest Airlines dissolved. Now I'm living in my cargo van The Betty. I'm working 60 hours a week to save for a decent retirement.
America backs the pensioners from pension plans that go into default. It is NOT a full guarantee but usually something like .40- .60 cents on the dollar.
Mike V.
You’ve done well. Enjoy retirement but keep looking out for your old man.
Senior citizens should NOT have to pay property tax!!
Some states will reduce your taxes if you reach a certain age and, sometimes, if you meet income limits.
Some states freeze your home's value for property tax purposes, protecting you from future property tax increases. For example, Washington state will freeze the your home's property tax valuation and exempt you from special levies on your home once you turn 61, provided you qualify as having a relatively low income.
It breaks my heart to see this. Children ....and the elderly should be off limits when it comes to casualties of our society. At 80 yrs old, ....they should be able to finish without that kind of stress. I'm so sorry to them for the situation.
PEOPLE MAKE MISTAKE IN LIFE .
The retirement should be around 77 nowadays tbh
Lamo Content Gay oh really so u get 3 years of retirement
TwoNibba’s kissing no since you are expected to live another 10 years if you are a man and another 15 if you are a woman when you reach the age of 77. Like com
Lamo Content Gay no for them
Start planning early. Start saving and investing early. Pay off your mortgage early. Live below your means. Don’t waste money on clothes, cars and gadgets you can’t afford. I had an epiphany at 25, executed my plan and retired fully at 52.
Damn.... I’m afraid of the future
Be very afraid
Corek BleedingHollow Plan for the worst, hope for the best.
with trump now as dictator, it will get much worse.
I feel his pain as I am a machinist myself it is also why I save at least 85% of my salary. So sad to see people live like this, I hope he was able to find some security so he could spend the remainder of his days with his wife enjoying each others company.
You save 85% of your salary? That's fantastic!
He seems like a really nice guy. He lost his job in his 50's--the hardest age to lose your job--at a time when big corporations just didn't do that. To me the lesson for today's workers is: Be financially responsible for yourself from the start. Do not rely on your employer, a union, or the government.
If you save 15% of your salary for retirement and invest it in index funds then you will retire comfortably. If you let social security do it for you (half from your paycheck and half from your employer), then you'll retire in poverty. See for yourself. You can look up your personalized expected retirement pay at the social security website.
Index funds were not a viable option in Tom Coomer's day, but now they're available for everybody.
And since schools don't teach economics, finance, and banking as they should you need to read a few books. Too many of them are scams, so read them carefully and critically. I recommend you start with these:
1. Rich Dad, Poor Dad by R. Kiyosaki (just the first half).
2. Motley Fool Investment Guide for Teens by D. Gardner (no matter what your age is).
3. Ascent of Money by N. Ferguson (just the first half. You'll see how important finance really is in the world!)
These books changed my life and they can change yours, too, They're not the final answer, but they'll get you started.
May I also add Dave Ramsey. Most Americans have no reason being broke later in life if they knew how to save and invest. I have friends in their late 30's early 40's and for some time I was envious of their lifestyles. Nice cars, vacations, nice cellphones, cable TV, eating out couple of time a week, etc. until I realized how stupid they are being with their resources. They have student loans, credit card debts, etc and they can easily drop &120 on food and drinks in a night.
The days when you could get a well paying job and a pension... with an 8th grade education! Millennials now have master's degrees and trouble finding a job. Plus we have to deal with a much higher cost of living.
and the millennial's with masters degrees know less about the real world!
@@1MinuteFlipDoc Wrong. Most of them know the neoliberal system we were born into doesn't work for anyone but the wealthy.
Yes. This is why I'm like cry me a river for old folks who 'can't' retire. They had it so easy. They messed it up for themselves. Us millienials were born into the worst economic situation and won't ever see it out. I say eat, drink, and smoke. Don't take prevention in health situations. Let it be all about fun.
Now that's what you call an unforeseen occurrence beyond your control!
Not saving is out of his control?
GetTheGrandFunkOut
Not really.
He had control but preferred living beyond means,not saving and investing.
Especially bc he found out at 56. That is more than enough time to figure something else out. He could have to community college to learn something and get different job. Work a real job for 15 years and save.
80 i thought 70..looking good. He bring smiles to those people.
Notice how his phone didn't cost $1200 but still manages to make phone calls.
Does this look like a guy that could answer an email? He might still be getting used to color TV, let alone the bright colorful images of a smartphone.
@@Excalibur2 What's an email?
I swear you guys do the most to come up with this straw man version of poor people that make it seem like their poverty is solely because of them choosing to be bad with money. A smartphone is basically required in today’s society, especially when you don’t have a computer. Also, the poor aren’t the ones buying the thousand dollar phones and you know it. Quit pretending like you don’t know that smart phones can be as cheap as $100.
My Samsung smartphone is 39 months old, and cost $79 + NC sales tax, at WalMart. My service plan costs $47 month. Am retired and divorced (thus single) and very close to being debt free. I'm very thankful to have $3K+ income monthly
that allows me to not only save money but to contribute charitably.
Wow your a smart one nothing gets pass you. Do me a favor and shut up.
Now more than ever with this Pandemic, many will never be able to retire. It's truly sad....
Admire the man for (1) working (2) admitting he should have saved more & planned better. He shows a sense of personal responsibility unlike some folks commenting here.
I'm retired I live on $2,000 a month it's all about what you're willing to give up I gave up everything
Lots of people don't even get half that
Is it by yourself? That accounts for their numbers pretty closely. Still, I understand what you mean.
That's more than enough if you own a mortgage free home
@@SilverDragonEyess I'm homeless
@@beeamerica5024 😂
Live on less than you make. Save 15% for retirement.
15% is not enough unless you're making 80K annually.
After your mortgage is paid off, max out 401ks, IRAs, etc..
Life isn't that simple. Unknown expenses come out of nowhere.
this is why nobody can retire. have an emergecny fund. have enough $$$ in the case of a job loss or financial expense, put back 15% after
@@onlyrog5 Yea the original commenter seems to be living in a dream world
I'm a tool and die maker machinist. In the aerospace industry. Mcdonald Douglas was bought by Boeing. This is chilling. Really trying my best to keep my chin up. Us manufacturing tradesmen are hardly appreciated cuz everyone wants things cheaper which leads to garbage quality. EVERYTIME we buy anything manufactured in China, we have to repair it before it's used anyways. We are definitely important but so under appreciated. I hope I'll be okay
I hope the best for this man. I feel we failed him, he deserves better.
he did it to himself
His own generation failed themselves.
He could have easily gotten a GED after he lost his job, and then learned some trade. When you're in your 50's, you're not too old to re-invent yourself. We didn't fail him. He wound up in this position because he made a series of bad decisions.
We? You mean the govt
He failed himself by not saving harder and not planning harder, in his own words! Live debt free and save, save save! Listen to Dave Ramsey and Mr Money Mustache! Read "The Shockingly Simple Math behind Early Retirement" article by MMM aka Pete Adeney
His income is about three-times my pension income... (At 69, I'm also still working)
He got left holding the bag. He lost his pension through no fault of his own. It's a sad situation.
After watching this, understand I'm 24, makes me glad I started investing in the stock market and real estate, and I've had a 401k since I was 21
Excellent!
Good on you, Josh. Keep it alive!
Stock market and real estate? The two biggest financial bubbles .
I opened my first IRA in the 1970s. I always invested my retirement money in stocks.
@Roger Prodactor What is "it", and just how was it stolen?
i read a while ago that walmart was planning to eliminate greeters too. how many jobs offer pensions still? most people these days never stay at a company long enough to become eligible for one anyway.
daveheel
I never depended on pension or even social security while planning for my retirement so never cared what Wal-Mart did or who offered pensions.
I just saved and invested my money since high school.
Don’t have any financial issues and retiring 12yrs early..
The $70k/yr. I will get in pension and social security will be play money.
Not many. Gotta save for retirement ourselves. Many companies still have great retirement benefits packages though via 401k
it's smart to do it early. most people including myself didn't think too much about it or know how to invest our savings.
Wow!Over the years they burned through retirement savings and they have a mortgage that will never be paid off.The report says they also downsized.Your house should be paid off before you retire but in this case his pension was also taken away.Terrible....
So many young people make the mistake of buying a single family house, instead of a 2or 3 family home and make your renters pay the mortgage and taxes, while you work on starting your own business and buying dividend stocks in blue chip companies
@@nightfangs2910 Yes
@@nightfangs2910 I know people that have rental property and I would not want the headache from it. I once was going to rent my home while I relocated for another job. After I talked to some of my friends with rental property I decided to sell rather than rent it out. I take really good care of things (myself, my dog, my home and my car) I just couldn't stand to have someone not have the same respect that I do. Also, renters don't always pay ontime and it's a nightmare getting them out.
@@lisa9867 all that is true, but one thing to keep in mind when you rent, you need to buy rental property in a state and locality that has a high employment rate and where people have strong work ethic and a workfare not welfare mindset, generally speaking people who work hard tend to be very proud and subsequently take good care of their property even when it's rental property and will scale mountains to make sure their bills are paid especially their rent
They probably had a family home that was paid off, but medical bills. Sell to pay medical and put whatever is left on a smaller place and pay a mortgage till you die.
It’s so sad that you have to work at that age. Life is surely getting harder and harder to live.
He looks great ! But, he should be enjoying life. This is the new America . Sad
Maritza Dillingham
PREACH!
Maritza Dillingham
New America?😂😂😂😂😂
This really isn't anything new.
Just listen to what he said at the beginning of the video.
He lived beyond means and didn't save/invest,no emergency fund,IRA,etc. or anything just depending solely on pension and social security.
People have been making this same mistake since the 60s and before that.
Three of my neighbors worked at the same place as this guy.
A lot of his coworkers didn't make this mistake and doing fine in their retirement enjoying life.
Nope not new America.
Just new to you and the internet to see it all.
And Americans still believe that America is the greatest country in the world. People in the U.S. need to wake up and get informed about what is really going on in their country.
@@realfreedom9385 PREACH!!
Maritza Dillingham USA was a dream place for most Europeans in the 1950s now its a repulsive madhouse, a country without human values.
Things have changed. Only people from extremely poor countries find USA attractive.
How about NO taxes at all for those 65 yrs and older. That would be a start.
how about you start a petition for no taxes; that would be a start
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
@RobertCooper03 This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
@RobertCooper03 Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Mortgage and other loans drag people away from financial freedom.
@@ZackFrisbee It's forbidden in islam
@@zulkifli2038 Indeed, for the world all around in the future hopefully. Although a certain tribe in their cowardice likes to prey upon the gullible conscience of whites. Hard to milk a cow for 75 years, not as hard to milk a shoah.
Pay it off early. My mom did. Where there's a will there's a way.
@@zulkifli2038 a mortgage is actually very useful if you know what your doing you can become a land lord and use loans to your advantage. Problem is in schools we learn useless stuff and religion brainwashes people into thinking wealth is bad.
He is more fortunate than many. Has lived longer than most, still seems healthy enough, has his wife still, has one of the easiest jobs you can get, etc. I think working keeps a lot of elderly people going. When they stop working, they start to have health problems or they hurt themselves doing some recreational activity.
GUYS THIS IS STEPHANIE HOLLOMANS GRANDPA AND SHE JUST BOUGHT THEM A CAR!!!!!!!!! SO SWEET
k ! Good granddaughter
Who is Stephanie Holloman?
I'm with you Elizabeth, I'd sure like to know who this chick is....lol
Turn off ya caps lock
That was absolutely heart breaking 😢 and the unfortunate reality for the overwhelming majority of all Americans... meanwhile the rich get richer while people like this work till their last breath...
I know a lot of people who work full time who do not take home $3100
a month. Most are actually taking home more like $2100 a month.
Where do these statistics come from? I guess they factor in people
like Warren Buffet.
True 3100 for 2 people take home pay is not bad......
archangele1
Thats because you don't work in aerospace field in Tulsa,Oklahoma.
The guy in the video was making at least twice that amount each month along with several thousand employees at Douglas,Lockheed,and American Airlines along the same runway of the airport back then.
Could have paid off a home in 5-10 years with ease and no consumer debt.
So Warren Buffett has nothing to do with this.
archangele1 seriously I make about 2,000 a month by myself
I'm about $2k-3k a month living solo in Florida. That's only enough to get by, and my savings don't last because of my needs. That's one of the reasons I walked out.
you must know lots of poors then
what a wonderful attitude this man has...and the American dream is an illusion for a lot of people...and we will be seeing a LOT more people like this..
There is an American dream but you can't work for someone else to get to it, you have to start early in life working for you buy income property, invest in index funds, that's how you get to the American dream
One in a million! The others will die soon after 70ty & many more will disappear into the disability or dark side of America!
Most will die before they enjoy their retirement , pension or not. I've seen and heard guys die one year after and before their retirement year. Kinda sad and crazy. You work your whole life to take a break and your only break is death.
@@nightfangs2910 You're right on with income property. I have a duplex, where I live in one side and rent out the other. Bought it in 2014, and I'll have my mortgage paid off next year. If I had bought a single family home, it would take me at least a couple decades to pay off the house. Also, the tax benefits are amazing. I can depreciate half the building, and when I buy lawn equipment, like a lawnmower, I can deduct half the cost as a rental expense. Owner-occupying a rental property is the greatest thing ever.
@@hamsterama and if you buy another investment property you can defer the taxes on your home now on the new house
This is what happens when you don’t save and invest for retirement
Americans are terrible about saving money!
Save or become moneyless! The money you save comes from you! So you are saving your money & not somebody else. What other money do you have coming your way? Inheritance, gov, casino money, loose money lying around? Get real! Save your money!
Exactly...I work in a industry which still offer's a good pension....I see this a lot.... people with big houses...big trucks .....boats etc....I get critized for driving an old Honda...living in a smaller home etc...they will be the same people crying about, not being able to live on $5000 month pensions....
@@spanishh2001 hope you are saving every penny, one major medical emergency can and will wipe you out. Don't worry Medicare will take care of you.... NOT
They keep cutting back on what they will pay for. Oh want extra medical insurance, well that will only cost you a about $500/mo. per person. So if you are getting $2200 per month for 2 people, you get to live on a whopping $1200.
Hey, honey they just raised the house and car insurance, oh and the old car needs replacing sounds great doesn't it.
@@patzeuner3362 that's true if you plan on staying in the U.S. ....I've traveled and lived in other countries....that's not the case ...full medical coverage will cost me about $100 U.S. dollars a month ....of course we're not taking about in the U.S. ....
I respect this man a great deal.
feel so bad for this man worked at McDonnell Douglass probably making airplanes for the military and has to retire like this.
We are ruining our country. Just like Rome. It will take a couple hundred more years but its happening. Glad I won't see it but my family will. Pathetic and sad.
OH man, don't even compare the US to Rome LMAO
Oh its dead already. This incoming recession is gonna bury it
thats why we need more Mexicans and Muslims, to enrich our culture,
Our Walmart doesn't even have greeters anymore. Have not seen one in years. Pathetic.
Damn I wish I had $3k a month coming in. That's better than me working full time!
What's pathetic?
@@ArminIsKobe It's pathetic how my local Walmart doesn't want to hire anyone. The place is a shell of it's former self.
If I go to a store I want to see people employed not a bunch of cut corners.
@@mysterybuyer3738 You made a gross understatement. Of course they have hired people there. You go there because you like their low prices and selections, right? Well, by controlling their costs and expenses, they can offer that. Who cares if they don't have a greeter that adds zero value?
@@ArminIsKobe Actually I don't go in there unless I have to. The only alternative in this town is rite aid. I hate what Walmart has become.
Also the prices are not even that low anymore. Shelves are always empty and no employees around.
Our walmart got rid of greeters. Now we have employees doing inventory loss prevention patrol checking peoples receipts and watching for thefts of high value items.
$4100 is actually pretty good.
If everyone's 100% healthy, mortgage and car payments are finished and you live in the right state.
@Roy_Thousand no
Are we sure that number isnt scewed up by richer folk? If so we need to look at median amounts rather than average .
@will smith 4100 is like double what I make now.
As long as you live some place that isn't crazy expensive.
80 yrs old and very positive attitude, loves his wife and she him, wants to work. Young people take notice this is the good old days. God bless that couple.
What sucks is that Walmart fired all of the old people greeters and replaced them with loss prevention
Seriously?
Nationwide?
YaowBucketHEAD yeah apparently they have to meet the requirements for assets protection now or get fired
And here I thought I couldn't hate Wal*Mart more than I currently do.
Just let the greeters be sweet and piddle around. There's no harm in that.
Sick!
What is sick is that everyone is stealing everything.
This is concerning me. My great grandparents didnt exactly retire, they just stopped working but all their bills and care was done by their kids (my grandmother and her siblings). Then my grandparents did the same, my parents and their siblings took care of them. The idea of retirement savings isnt a conversation we ever had. I never gave any thought about what my parents would do, much like is standard in my family and by extension my culture, I am ready to take care of my parents. I help with my grandparents already or a cousin of mine does. It's natural for the younger generations to tend to our elders but I just realized that I am one of three my parents had, my mother is one of 5 and my dad is one of 8. All my uncles and aunts have had 2-3 kids. My older brother has three kids, I opted not to have any and I'm 30 years old. My little brother is 24 and he's choosing not to have any either. Out of all my cousins only half have had children. I think I need to start saving big time!
Unfortunately many Americans will find themselves in this predicament. The full retirement age has been raised to 67 and Congress is trying to raise it to 70 so many are trying to work as long as they can to get full benefits but employers are forcing them to retire early.
when you're age 55, your company has their eye on you, to "let you go" before you encroach 60...reduced medical liabilities, cost savings. You can sense them thinking: "Not on my watch, will someone get to 60 years of age or retire in my company ". They prefer you to go work somewhere else to get old and retire.
@@LarsonFamilyFarm-LLC for that reason everyone should have an alternate source of income.401 k and Roth ira s are good but when the market takes a hit and you don't have enough assets to diversify at a moderate level it can be a stop and start process where you lose and regain instead of consistently gaining. Many economists say you will consistently gain but that only applies to rich participants who gain in spite of market hits because of multiple diversified accounts. Truth is with just 401 k and social security most people realize they still need more income.
@@charlesljones2454 Agreed....and i also believe if we could get everyone plugging in 15 to 23% of their salaries in their 401k from the get go (early-on in their 20ties)....it'll help you when your 57 and let go...you can ride a few years unemployed to 59-1/2 and still be ok to draw some out until you reach 65-67 retirement age. Of course hardly any 27 year old thinks about loading up in their 401k....I did.
@@LarsonFamilyFarm-LLC you see that's the problem. With the cost of living stagnant wages and many millenials tied down to college debt until they are in their forties many people can't afford to put that much in their 401k. I ran a business and had a ups job as a side show for investments and health insurance. Ups also.has a retirement plan so.most of what I made there since I wasn't paying health insurance went into my retirement account.
@@charlesljones2454 yeah, it's harder today than what i had it in the 80's 90's building my empire. I feel sorry for the kids- millenniums.....but i'm also finding there's no free lunch...investing like i did before, isn't working...stock markets ARE so controlled and manipulated they're made (formulated-devised) to take money from you...the small investor. While the millenniums are busy with their excessive debts....they ARE protected from what the baby boomers are feeling right now...stagnation and confiscation of wealth. They might as well smile in debt, i don't know what's worse...being $60k in debt or losing $60k overnight, sealed deal loss.
I know a lot of folks who are over 65 and WANT to work. I worked until 70 because I wanted something to do.
BIG difference between "want" and "need".
A machinist working for 29 years had no assets to ride out a layoff? That’s the kind of planning someone with an 8th grade education makes.
Well obviously you aren't wrong. He seems nice, but even he admitted he should have been saving through the years. Should be seen as a call to action - make sure you are saving your own money for retirement!
im sure he spend like congress at his golden years , but is a lection for all of us , never think of living from your retirement invest now
Right,even though he somewhat missed the 401k train due to his age from the video it seems him and his wife refuse to lower their standard of living.Two new cars,home is still mortgaged,ect.Should have had the home payed for long time ago then they could have done a reverse mortgage for income.A whole lot of mistakes here.
8 years of school neither makes a man smart or dumb. I knew smart drop outs and ignorant Phds.
And yet they keep voting for ppl who cut retirement
There is more young people voting than old people but one day they will regret it
@ Xx BigBoss xX - Then give up your Social Security and Medicare benefits! You don’t want to give them up? Didn’t think so... 😂
And who are those “people “?
Ha, what? Older people are the biggest voters. They won't dare touch social security. Boomers have been such a big voting block that they've given themselves many benefits over the decades, at the cost of others.
ScarletNight yep, grandma screws over her granddaughter to help conmen buy more yachts
My friend managed to accrue 3 pensions. 20 years in the military, 10 years in a state job and now he works at Ralph's. After 5 years at Ralph's, he will have his 3rd pension! He is a genius!
Why work at Walmart when they do not give you a pension?
Seems like a super nice guy. It is so important to save and diversify.
My boomer dad won the birth lottery in math/science. Working since he was 6yrs old, now 78 he has retired from being an executive engineer. Since the sixties, benefited from army reserve in draft Vietnam era, bought properties in the 80's diversifying his income. Still today he manages them & retired twice. For us, we wished we had what his generation had; opportunities, not from our father; but the same he had with government help. Those with free shoes & food for school being born dirt poor, free college education, company pensions; besides his secured social security & more than one or two properties to manage.Thanks baby boomers, we know y'all came from nothing, got government help & y'all forget where you came from smh!.
Not a boomer! If dad is 78 in 2018, he was born in 1940 as a member of the silent generation. Boomer birth years are 1946 to 1964. Facts are more important than guesswork; only 1 in 4 boomers will have employer pensions....sad but true.
Boomers didn't come from nothing, maybe the silent generation. Boomers are literally from right after the war ended and times started looking up, one of the best times in economic history, lots of opportunity and affordable homes.
@@Excalibur2 In general that is correct. The 50's, 60's, and much of the 70's were a time of plenty in the US. But not all were fortunate enough to realize that it would come to an end and prepare for what came later.
@@eddenoy321 the problem is when they complain about how hard it was for them, and that the younger generations have it easier, all the while reality is that we may never have things as good as they did in the US in our lifetimes.
@@Excalibur2 I agree with you. Also our cost cutting accounting fever really took hold after the 70's. That made one worker do the job of two. That was just the beginning of the degradation of the working conditions, which has been ongoing. So many other factors as well.
As bad as it was in 2018, it is a lot worse now. Fingers crossed/prayers for those in the unfortunate end of things.
Nobody should have to go through this, the final years of your life should be reserved for finding peace and finally being able to truly relax
Retirement was a twentieth-century phenomenon.
What hurts people is their less places that offer pension plans. Those are the places you gotta get a job at.
@@ALCAN52 yea ok
ALCAN52. I read somewhere,or maybe it was a video I watched,that it is by design that financial literacy is not taught in American schools. The bottom line is: “they”want us to be poor so that the one percent continues to manage everything while the rest of us continue to struggle!
I know its not easy but with 3K per month, heck I would advice them to move over seas and live very very well.
Arisgod27 in Mexico they would live and how!!!
Yeah it does not add up 3100 a month is not bad for 2 people...…..I don't get it....
I live in the UK. I take home £1,700 a month. I live well
Samantha Allen How do you do that? Will you give a breakdown of your expenses in dollars? Do you live alone?
SHE HAS HEALTH ISSUES. live abroad indeed 🙄 how will she see doctors?
He 's a very nice and brave man.
I am over 65 and have all the money I will every need and I still "Work"
I have literally 7 different streams of income plus a pension. I will apply for my Social Security when I am 70.
I think it is good to keep busy. These old people working a few days a week for 6 hours are better off.
If are 70 and stand at the door of a Walmart making 15 an hour you are better off then sitting home and getting a clot in your leg because you are sitting down watching tv for 16 hours a day. Just my humble opinion.
Not retired yet, but my monthly expenses are under 1700, social security will pay that at 67. Living below your means at all times and investing and saving are the most important things you can do.