Something Terrible Is Happening To Boomers

Поделиться
HTML-код
  • Опубликовано: 23 дек 2024

Комментарии • 8 тыс.

  • @VincentChan
    @VincentChan  11 месяцев назад +80

    💵 Get my free Savings Goal Tracker + Checklist → vincentchan.co/savings-tracker/

    • @sang3Eta
      @sang3Eta 11 месяцев назад

      Taking a workers retirement contribution to pay out someone else retired today is the definition of a Ponzi scheme. It will ultimately collapse.

    • @anthonynardella8907
      @anthonynardella8907 11 месяцев назад +5

      Your link doesn't work. and it is not in spam.

    • @VincentChan
      @VincentChan  11 месяцев назад +3

      I just tested it and it works - could you try it again and double check? @@anthonynardella8907

    • @Chicago48
      @Chicago48 11 месяцев назад +6

      You forgot to mention SSD which is disability and which a LOT of Americans don't deserve because they can work.

    • @michaelofmarble2094
      @michaelofmarble2094 11 месяцев назад

      Have you factored in the 40 million undocumented migrants?

  • @patrickchadd
    @patrickchadd 10 месяцев назад +884

    The sad reality is that the generations AFTER the boomers will have even LESS retirement...

    • @ScienceReDiscovered
      @ScienceReDiscovered 10 месяцев назад

      Only if we rely on socialist practices. Don't let the government take your money. Work underground.

    • @fear_the_smile961
      @fear_the_smile961 10 месяцев назад +78

      More like nothing mate. People on average make 30k a year. You need 100k to survive on this country while safely ignoring the vast majority's share of struggle.

    • @aunch3
      @aunch3 10 месяцев назад +123

      This is why I don’t blame Gen Z for being pessimistic and negative about work etc. imagine how fucked they’re gonna be

    • @Not-Ap
      @Not-Ap 10 месяцев назад +18

      Were not dead yet. Criticize millennials and gen z once were closer to our late 60s or 70s. Some of us may yet bounce back given time if we learn from our setbacks we had early in life.

    • @jeffdunnell6693
      @jeffdunnell6693 10 месяцев назад +25

      The generation after boomers lives on credit cards and are stuck in their phones,spending money they don’t have on stuff they don’t need.

  • @barbmelle3136
    @barbmelle3136 10 месяцев назад +1039

    Healthcare has become legalized theft. The same angiogram that was $12,000 six years ago became $38,000 three years ago and the last one was $70,000. Same hospital, same techs, same procedure. $20 a month medication is now almost $100. I am already paying just short of $900 a month for health insurance and making monthly payments to the hospital for the 20% of their bill that the insurance does not pay. Something is broken.

    • @bradbrad6521
      @bradbrad6521 10 месяцев назад

      exactly!
      I keep trying to steer libels into the right fight but just like rednecks being more interested in punishing the woke agenda because their son is gay, most libels have absolute no intentions of making anything better and just want to punish the GOP.
      The point im making should be clear, drop the fight over guns for now, lets focus on the bigger problems that are actually killing and affecting MILLIOINS of Americans such as healthcare, automobiles , and the rising pay of CEOs.
      I cant, for the life of me understand how libels can argue that guns need more control but these 2 ton machines going 80mph killing and injuring 1000x more people than guns are just fine!

    • @silverbirch-youtube
      @silverbirch-youtube 10 месяцев назад

      The fiat money system is broken. Inflation has been killing the lower and middle classes since we all came off the gold standard and so our wages and savings became increasingly worthless year upon year in real terms - while government money printer go brrrrr. All the freakish degeneracy you see everywhere right now is caused by this basic corruption of the money supply, because the oligarch class rigged it that way to steal everything. While they play us off old vs young, black vs white, red vs blue and blame a 'cultire war' - they are laughing at us all!

    • @kjsaaaaaaaa
      @kjsaaaaaaaa 10 месяцев назад +44

      We need a single payer system.

    • @bensheard3969
      @bensheard3969 10 месяцев назад +58

      In my state you are fined for not having health insurance. I can choose not to drive a car but I cannot choose to have a body. That and social security/Medicaid are just organized rackets

    • @SuperDrainBamage
      @SuperDrainBamage 10 месяцев назад +18

      ​@@kjsaaaaaaaawe have a single payer system. It's even worse

  • @coolrsvid
    @coolrsvid 10 месяцев назад +425

    The forest was shrinking but the trees kept voting for the axe, for the axe was clever and convinced the trees that because his handle was made of wood he was one of them

  • @LiamOlivia-4
    @LiamOlivia-4 5 месяцев назад +420

    I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

    • @LiamOlivia-4
      @LiamOlivia-4 5 месяцев назад

      @imohimoh3441 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

    • @FernandoBowen-78
      @FernandoBowen-78 5 месяцев назад

      @imohimoh3441 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

    • @LiamOlivia-4
      @LiamOlivia-4 5 месяцев назад

      @imohimoh3441 I will give this a look, thanks a bunch for sharing.

    • @michaelmoran2125
      @michaelmoran2125 3 месяца назад +2

      You can sleep in the back of a car you'll be fine

    • @TheDowntownHermit-xj6rq
      @TheDowntownHermit-xj6rq 3 месяца назад

      SCAM!!!

  • @jerrrdy
    @jerrrdy 11 месяцев назад +1358

    Since corporations are considered ‘individuals’ then tax them like individuals

    • @Rustea314
      @Rustea314 11 месяцев назад

      Corporations don't pay taxes; corporations collect taxes. End Citizens United.

    • @stopper90004
      @stopper90004 10 месяцев назад +92

      Corporate taxes just get passed on to the consumer.

    • @pickelsvx
      @pickelsvx 10 месяцев назад +117

      Corporations and cults should not be tax exempt

    • @Steven_Lee_Music
      @Steven_Lee_Music 10 месяцев назад +16

      Corporations are people.
      Every person in a corporation is required to pay taxes.
      Educate yourself,

    • @69696969696969D
      @69696969696969D 10 месяцев назад +4

      Consumers with choices. Supply & demand, "invisible hand", free market etc.@@stopper90004

  • @MeadowDay
    @MeadowDay 10 месяцев назад +1301

    I’m sure our politicians don’t have these worries, they’re safe and sound in their mansions after screwing us over for decades.

    • @evgeneiac
      @evgeneiac 10 месяцев назад +88

      And they all have government-backed pensions. They aren't depending on Social Security.

    • @Lanternsinthesky-studios
      @Lanternsinthesky-studios 10 месяцев назад +47

      Yes, true but it's up to us to hold them accountable, aggressively and consistently. Not enough Americans directly contact their representatives. Instead, people think posting on social media is enough. It isn't. Americans need to get in the face of the media and the politicians.

    • @terraterra9014
      @terraterra9014 10 месяцев назад

      They get set up nice by the billionaires whose interests they served. When they say “We the people” they mean “We the opulent people”.

    • @gracewomack4228
      @gracewomack4228 10 месяцев назад +41

      ...too many people vote stupid...

    • @terraterra9014
      @terraterra9014 10 месяцев назад +44

      @@gracewomack4228 people vote for the same two parties for most of the century and nothing changes…
      Definition of insanity

  • @richardperritti5916
    @richardperritti5916 11 месяцев назад +3079

    I am a boomer and retired. My generation was told over and over again to save for retirement. Many of them did not. They spent all their money on bigger homes, more expensive cars, vacations and gave money to their children hand over fist. I watched my spending closely during my working years and saved as much as I could. Social Security is going to take hair cut sometime around 2030 to 2033. Your benefit could be reduced from 20 to 25%. In most cases that is right around $500 per month. You are being told almost 10 years out. Once again no one is listing. Now is the time to set aside some money to generate $500 a month or close to it as you can get, so you're ready for the haircut. Americans in general live way beyond their means and have a spending problem.

    • @paulmoss7940
      @paulmoss7940 11 месяцев назад +202

      Same as you here. I saved ,worked 12 hr. shifts on my last job for 32 years to retire early . I'm good.

    • @SomeUserNameBlahBlah
      @SomeUserNameBlahBlah 11 месяцев назад +1

      I've noticed the many in the Boomer generation spent money to keep up with the Joneses. Gen X spent their money on name brand crap and partying. Millennials blew their load on tuition and expensive trendy gadgets. Gen Z spends their money on life experiences.
      Every generation follows a trend to piss their money away. I don't feel sorry for anyone. I work and I save.

    • @marietaylor5174
      @marietaylor5174 11 месяцев назад +75

      Richard, I could not have stated it better!

    • @fdm2155
      @fdm2155 11 месяцев назад +109

      Yes, my siblings are Boomers, I'm the font edge of Gen X, My siblings have a variety of circumstances: One with no savings, no pension, minimal social security. One who worked a professional job for 40 years and was a prodigious saver/planner is set up well for retirement. Two worked public sector jobs with pensions for decades the older is in reasonable shape while the younger is having to work in retirement until 67. One other sibling with a well paid trade at a corporation is also well on track now after having no savings for years. The next ten years is gonna be wild I'm sure.

    • @neerajchaudhary1821
      @neerajchaudhary1821 11 месяцев назад +224

      Boomers were the entitled, spoiled generation in the history of the world. Thank you for being the exception.

  • @richcarroll7510
    @richcarroll7510 10 месяцев назад +193

    Sad fact ,Only 2% of homeless people are here illegally,The rest are citizens that were born in the U.S..tells something about the U.S government and how they treat there people !

    • @Skaarxiong1
      @Skaarxiong1 9 месяцев назад +7

      finally, someone who isn't stupid and blind.

    • @SvirepiyBambr-xw8rw
      @SvirepiyBambr-xw8rw 9 месяцев назад +7

      Tell me please why them illegal immigrants are not homeless?
      Because they work instead of drinking and using substances?

    • @slasher1563
      @slasher1563 9 месяцев назад +7

      ​@SvirepiyBambr-xw8rw Because migrants tend to be highly motivated and well connected. Most homeless people struggle with mental illness and substance abuse and struggle to find a place back into society, which i imagine is pretty hard after being actively rejected from it. It's also why veterans are so at risk as the military has broken them, rebuilt them to serve its needs, and then disregard them.

    • @ralphaelalfaro6023
      @ralphaelalfaro6023 9 месяцев назад

      ​@@slasher1563 It actually starts in the school system. Or maybe the 2 income family started in the 60's, where parents left their kids as wards to the state via the school system. Then exasterbated with the credit/banking system which created financial slaves. Then the graduating kids found a temp out of the "rat race" via the military only then to be discarded after their use was over.
      I turned 18yrs old in '75. I went to inlist into the military. I went with the ex mayor of my city,(retired army). Nixon had called for full withdrawal from Vietnam. The army sent me to the marines who then suggested the navy. Why? Because as they both said, "We are out of 'work' right now, go to college for 2yrs, then come back in a few yrs, we might have some work by then". They both pointed out they were offering incentives for early out to their troops. Hence as Eisenhower(?) described "The military industrial complex". Now including the "Prison industrial complex".

    • @Chris-m2o1s
      @Chris-m2o1s 9 месяцев назад +1

      Americans are too expensive Companies in Asia are less expensive.

  • @GlitchedVision
    @GlitchedVision 11 месяцев назад +176

    I'm sorry for this potentially unpopular opinion in advance but an economy is destined to fail if it is based on debt like ours has been for the longest time. Every economist that has said otherwise didn't look far enough ahead in their projections. Anyone living day to day in poverty can tell you taking out one loan to pay off another doesn't solve the problem, it only delays it. This is not just about the government borrowing from social security, it's also the entire industry dedicated to keeping people in debt.

    • @Fawn91193
      @Fawn91193 11 месяцев назад

      And our "money" is fake. It's fiat currency, promissory notes, debt notes. Not worth the paper it's printed on.

    • @lesp315
      @lesp315 11 месяцев назад +12

      That is why I'm debt free and stress free. People just want everything, so they spend before they make.

    • @DJ-rx5lz
      @DJ-rx5lz 11 месяцев назад +10

      Debt is not your friend - divorce DEBT

    • @lesp315
      @lesp315 11 месяцев назад

      @@mitchellcouchman6589 Not true. Boomers are the richest generation in the history of the US. It's all downhill from there. One RUclips video don't mean jack. It's a clickbate feel good for losers. Look at data. Next generations want boomers die ASAP so they can get inheritance. I'm a boomer, healthy as a horse, rich and I will live for a long long time. That's my plan anyways. You can take it to the bank.

    • @CraigAnderson-h2h
      @CraigAnderson-h2h 11 месяцев назад +5

      Yeah, the chickens do come home to roost with the debt collectors, one day....

  • @Lin1Lin2Lin3Lin4
    @Lin1Lin2Lin3Lin4 10 месяцев назад +176

    It’s a broken system when you get punished for working hard and living long

    • @Chris-m2o1s
      @Chris-m2o1s 9 месяцев назад +14

      People are being punished for being POOR !

    • @zarroth
      @zarroth 7 месяцев назад

      @@Chris-m2o1s Not quite, people are being MADE poor. No central bank equals no inflation when on a gold standard. Look at the history of inflation and become aware that ALL of this is due entirely to the central bank and the corrupt politicians that serve it.

    • @ollibruno7283
      @ollibruno7283 7 месяцев назад +2

      Your being punished if you are financially irresponsible. Its an education problem.

    • @systemofthesovereign
      @systemofthesovereign 6 месяцев назад

      @TheGuyBroSixNine69 they already destroyed his society and his family and his life, these types just blatantly ignore it or pretend they are going along with it to act like they are included when everyone knows the psychos will off everyone that isnt directly related to them. just stop the cope its pathetic tool behavior

    • @WPFreeinternet
      @WPFreeinternet 4 месяца назад +2

      ​@ollibruno7283
      You mean government financial irresponsibility with them looting Social Security? Do you know who can be financially irresponsible and be too big to fail? Corporations, the government. Do you know who can't? The average person.

  • @jackuzi8252
    @jackuzi8252 11 месяцев назад +181

    The core of it is really the healthcare system, which seems to be designed to be as expensive as possible. Most people can't expect to be able to save enough to cover the cost of one serious illness, even if they're frugal.

    • @jamesgoode9246
      @jamesgoode9246 10 месяцев назад +14

      Do you remember {when they passed Obamacare) they said that we'd save $2,500 per year on medical expenses.
      Where is my $2,500 ?
      My medical insurance costs more. My medical expenses cost more.
      Where is my $2,500 ?

    • @michaelkarim57
      @michaelkarim57 10 месяцев назад

      @@jamesgoode9246they don’t just mail you the money and you have to be below a certain income bracket to receive the care

    • @pcthayer
      @pcthayer 10 месяцев назад +3

      I am on Medicare and there is one thing that always bothers me. When I have any type of procedure, I get a statement saying the cost is X (let's say $500) and Medicare authorized Y (lets say $300) my cost only the deductible which is minimal. If I had no insurance I'd have to pay X($500) and not Y($300)....so the ones that couldn't afford the insurance, have to pay more....it doesn't make sense.

    • @jackuzi8252
      @jackuzi8252 10 месяцев назад +3

      @@pcthayer That's the system. Having insurance not only covers (some of) your medical costs, but means that for anything that's not covered, you pay the "insurance carrier" rate instead of "retail". Why providers are allowed to charge different rates depending on who's paying is beyond me.

    • @ankhpom9296
      @ankhpom9296 9 месяцев назад

      The insurance industry is the moneymaker and power maker. They even ration healthcare now.

  • @catgirl6803
    @catgirl6803 10 месяцев назад +308

    My Boomer parents worked so hard for so many years but lost their 401K savings and their jobs after the 2008 recession. My dad worked his butt off to try to recover the loss. It was hard to find new jobs because of their age. My mom never worked again after that and he ended up doing contractor work. My mom said that after 2008 the 401K never came back because her job stopped matching her contribution which was the only way it grew so there was really no employee benefit at all. Then a few years later she was forced out due to age discrimination. The only thing that saved them was my dad saw the crash coming, so they sold their house in 2005 and got something smaller. Otherwise they would have lost their house. My dad died unexpectedly in his sleep in 2019. My mom is living comfortably with no mortgage and off his social security, but she said all those years of contributing to a 401k and she only gets $200 a month from it. Even though I wish my dad were still here, I am grateful that he went the way he did and that I don't have to worry about elder care or long term illness with him. Sometimes I think he worked himself to death on purpose to protect my mom.

    • @Geo-Global-oz5kl
      @Geo-Global-oz5kl 10 месяцев назад +6

      Another reason to be an misanthrope.

    • @Me-eb3wv
      @Me-eb3wv 10 месяцев назад +29

      Many older men work themselves to death to put a smile on their loved ones

    • @ShelleySorenson
      @ShelleySorenson 9 месяцев назад +13

      As you get older, you are supposed to put your money in safer investments. My parents lost money also, but they still had more money than if they had never invested at all. If you want to lose money, don't invest. I made $50 a month keeping my money in the bank. I made $1000 a month in stocks when stocks were really performing. Not as much now, but more than $50 a month.

    • @ankhpom9296
      @ankhpom9296 9 месяцев назад +12

      Wall Street got the money and left you in the lurch.

    • @catgirl6803
      @catgirl6803 9 месяцев назад +4

      @@ShelleySorenson well my parents were like most people- not skilled in this area. I watched a video about this how 401ks don’t work just because of lack of knowledge. My dad’s parents were poor immigrants. My mom’s dad lived off a pension. Cool that you know that. I need to learn.

  • @Courtney-Alice-Gargani
    @Courtney-Alice-Gargani 11 месяцев назад +1678

    I think 60% of people don’t even have $1000 in their bank account.

    • @goruguro
      @goruguro 11 месяцев назад +260

      There was a study that showed 57% of US citizens would not cover a $1000 unexpected expense, nearly 60% 😭

    • @tarat26
      @tarat26 11 месяцев назад +201

      I used to be doing well with savings. All it took was one serious ongoing medical condition/expenses and everything is burned out. Don't go without experiences, memories, being comfortable and caring for family. Everything else can wait. You can't use stuff if you're too unwell to use it.

    • @lifewithbakari1413
      @lifewithbakari1413 11 месяцев назад

      @@tarat26okay brokie

    • @RRNOTHING
      @RRNOTHING 11 месяцев назад

      ​@@tarat26 there are resources online to help with hospital bills

    • @Langtw
      @Langtw 11 месяцев назад +102

      If I was to wake up and see that all of my accounts had a balance of $0, I'd be better off than I am now.

  • @scorpiodelirium
    @scorpiodelirium 11 месяцев назад +983

    I'm Gen X and had my Mom move in with me 2 years ago as she could no longer work due to health problems and the amount of SSI she receives won't even cover the cost of a studio apartment. I think the most important part of this video is when it is explained how Regan, and every administration afterward, stole SS money that we are forced to pay into. I don't expect to see a dime of the SS that I have been paying into since I was 15. This in nothing less than the federal government defaulting on a loan that we are all required to pay into. Am I entitled? Hell yes I am entitled to be paid back a loan to the richest government on the planet. We are also entitled to damages because the FedGov stole our money from the SS fund. This is only one reason why I am no longer a "patriot" and why I have lost faith in both parties. Thieves and liars all of them.

    • @rosemarieroth1984
      @rosemarieroth1984 11 месяцев назад +53

      You stated what few know and understand...

    • @18marshmello
      @18marshmello 11 месяцев назад

      THANK YOU! I’m. Millennial and I’m so sick of people saying that I’m entitled bc I don’t want to be taxed for something I KNOW I will never receive when it was the government that messed up a perfectly functioning program. It’s not fair or right for the future generations to be expected to just be okay with this and Not complain. My generation and the ones after have already come to terms that we will be working until we die. The American dream is dead and our government is a corrupt liar only looking out for the 1% no matter which party is in power it’s all the same

    • @e4e5e2e7
      @e4e5e2e7 11 месяцев назад +43

      That would be every Republican* administration/Congress that followed.

    • @francisnopantses1108
      @francisnopantses1108 11 месяцев назад +41

      The government is us. This is the high cost of low taxes. Rampant inequality and government debt.

    • @e4e5e2e7
      @e4e5e2e7 11 месяцев назад

      @@francisnopantses1108 💯

  • @allmivoyses
    @allmivoyses 11 месяцев назад +1390

    I'm a "Boomer" and I can tell you exactly what happened to my money. It went to the healthcare system. Even with insurance I was a good, responsible, citizen and paid my bills. Over one million dollars in retirement savings gone, poof, nickle and dimed in inflated healthcare costs and purposely configured billing practices of insurance carriers. So now I quite literally have nothing. No retirement. I no longer own my own home. No more investments. The only "asset" I have is a 25 year old vehicle, and the only income I get is the $1405.00 the federal govt has decided I am worth in SSDI a month. Now please don't interpret this as me whining "Oh whoa is me", far from it. I'll figure it out. I always have. I'm using my example to illustrate what's wrong with the system and what needs to be fixed and why. Because if we leave it as is all we are doing is wiping out peoples retirements and forcing them onto public programs further taxing and straining the system.

    • @Shadowtiger2564
      @Shadowtiger2564 11 месяцев назад +324

      Anyone who says we shouldn't have universal Healthcare like every other developed nation has clearly never been screwed by the US Healthcare system.
      BTW anyone who complains about other ones taking longer has never been forced to delay care by insurance companies not wanting to pay for doctor recommended care

    • @aceofspades9503
      @aceofspades9503 11 месяцев назад +197

      @@Shadowtiger2564 I've always been really confused by the people who say that care will be delayed in a socialized system. Every person I have talked to from a country with socialized healthcare says they rarely have to wait beyond two weeks. Here in the US I typically have to wait 3 months or longer, regardless of how much pain I am in.

    • @robertmanley2687
      @robertmanley2687 11 месяцев назад +19

      @@aceofspades9503 Not where I live great care easily accessible

    • @HealthyDisrespectforAuthority
      @HealthyDisrespectforAuthority 11 месяцев назад +14

      try that on under $800.

    • @mangodiet801
      @mangodiet801 11 месяцев назад

      Most of your money has gone to fund corporations: weapons, healthcare, stock market, 3rd party contractors via bad never ending infrastructure projects .. and Americans have been brainwashed to think any of their tax money going back to help them via social programs is bad, divide and conquer strategy fathered by Reagan

  • @RayPointerChannel
    @RayPointerChannel 10 месяцев назад +34

    One of the problems is that since the 1980s, pensions have been slashed. Everyone does not have them as our parent's generation had. Aside from the taking from the Social Security fund, there are fewer workers paying into the fund. The question is how much was stolen from the Social Security fund? The records should show what the government is obligated to pay back.

    • @RolandIbera
      @RolandIbera 9 месяцев назад

      100%Agree

    • @chloej8978
      @chloej8978 8 месяцев назад +1

      Our government plays by their own rules, I’m sure they’ll never pay anything back and get away with it.

    • @BigTomInTheBasement
      @BigTomInTheBasement 7 месяцев назад

      ​@@chloej8978yes and they will just print more cash to cover whatever bills they have

    • @heidiembrey8320
      @heidiembrey8320 Месяц назад

      The government is the taxpayer , moron , it's working age people today that have to pay that back

  • @twalatka
    @twalatka 11 месяцев назад +318

    Several crises in the last 5 years, wiped out my savings. I will never retire. Never imagined my life ending up this way. Working for what used to be a good salary, now, it barely covers rent. I'm anxious.

    • @planescaped
      @planescaped 10 месяцев назад +44

      When people ask where I see myself in my old age my honest immediate answer is "not alive" one way or another >__>

    • @jupitercyclops6521
      @jupitercyclops6521 10 месяцев назад +5

      ​@@planescaped
      You can't count on that tho

    • @hungrycrab3297
      @hungrycrab3297 10 месяцев назад

      @@planescaped least melodramatic commenter

    • @inviktus1983
      @inviktus1983 10 месяцев назад

      I'm sure more than a few have and will kill themselves over the state of things. Not melodrama at all. Reality.@@hungrycrab3297

    • @Kiraiko44
      @Kiraiko44 10 месяцев назад

      ​@@jupitercyclops6521what? Lmao do you not understand his comment? The one thing you can count on is dying lmao

  • @Pipper99
    @Pipper99 11 месяцев назад +414

    I'm in my late 40's and have been taking care of my mom since my dad passed about 10 years ago. The hardest has been the last 2 years when she was diagnosed with Alzheimer's. She used to be independent but in the last almost 2 years I've been cooking for her, taking her out, shopping for her etc...she's financially independent but she doesn't want a caregiver and gets angry if I tell her it may be a good idea to find a live in caregiver or even someone to visit her for a couple hours a day. I give her meds everyday and pretty much care for her like you would a child. I have a husband and 2 teens to care for. I also haven't really been able to work for the last 2 years. It's been emotionally and physically very hard. I know the worst is yet to come because I saw what her sister went through with Alzheimer's it's the worst illness in my opinion.

    • @TheseWhiteNights
      @TheseWhiteNights 11 месяцев назад +34

      I can't say I have been through this, but I just want to say stay strong. I don't know if anyone tells you how you are doing, but it sounds like you have a lot on your plate and are managing to keep going.

    • @Pipper99
      @Pipper99 11 месяцев назад +22

      @@TheseWhiteNights thank you! I just take it one day at a time.

    • @jdizzle6324
      @jdizzle6324 11 месяцев назад +11

      Don't forget you will find yourself in your mothers situation. Treat her just how you would want to be treated. Have fun.

    • @soonny002
      @soonny002 11 месяцев назад +33

      The last thing you want.. is to reach a place where you start to resent her. Get her to pay you for your services if she doesn't want a carer. Trust me, you can afford to lose that money if it salvages your relationship. Nobody wants to know that their children is just WAITING for them to die. This is what your mother is doing to you.

    • @mercyme8014
      @mercyme8014 11 месяцев назад +32

      I’m considering having my dad live with me. I know it’s a full time job and I’m going to have him to give me some money every month. If he went to assisted living it would be $7000 a month so I see it as a true bargain to have me take care of everything. He now has dementia and I have no illusions about what that could mean.
      I think it’s a win/win. Instead of me going to work I can give him safet, protected and independent as long as possible. Plus he can live near the beach and have home cooked meals daily. Huge benefit is I don’t have to worry about him being scammed on the phone or by caregivers and I get to have peace of mind knowing he is getting good socialization with family and community close by. I want him to be able to enjoy his last years feeling loved and cared for.

  • @sunnykobe3210
    @sunnykobe3210 10 месяцев назад +580

    “They got money for war, but can’t feed the poor”

    • @robert-zg8or
      @robert-zg8or 9 месяцев назад

      Feeding the poor does not fill the Panamanian bank accounts of politicians nearly as well as foreign aid ( money laundering) does.
      But hey ya'll voted the criminals into office and kept there for decades. So who's fault is it?
      All I'm sure of is I ain't signing up for grandma's only fans account.

    • @Skaarxiong1
      @Skaarxiong1 9 месяцев назад +29

      Israel and Ukraine need your money. pay up, now!

    • @swift_4179
      @swift_4179 9 месяцев назад +11

      I wonder how many US Citizens Actually approve of these ongoing payments

    • @Diana-yn2ho
      @Diana-yn2ho 9 месяцев назад +17

      Exactly, especially the disabled veterans, the impoverished elderly and the disabled/severely ill should be helped, but money goes to fighting foreign wars. Since the politicians aren't the ones going to the battle ground to fight, nor their adult children/grandchildren, they could care less. War is like a game for them.

    • @robert-zg8or
      @robert-zg8or 9 месяцев назад +3

      @@swift_4179 apparently 83 million

  • @andyb.1643
    @andyb.1643 10 месяцев назад +44

    One reason boomers are broke is the undeniable fact that as soon as you have a substantial ammount in your retirement account the economy crashes and your hard earned money vanishes, and you have to start over again. Build up, stock crash, start over. That money doesn't just disappear, it goes somewhere. The bankers and stock guys get it. This happens every decade or so. They milk your retirement funds like a dairy animal. I'm a boomer, and it's happened to me. Also, medical insurance looks just great in the shiny brochure, but when you really need it, it doesn't actually cover much, so you have to cash in your IRA to cover the shortfall, and many people are forced into bankruptcy. This also happened to me. I lost my house, my credit and my self- respect. Never thought I'd be a broke old man, but there you are, and the medical industry and the bankers are rolling in money, and it's all legal, because those bastards own the government which is supposed to look out for those of us hard working taxpaying citizens upon whose labor the country is built.

    • @benton-benton
      @benton-benton 9 месяцев назад

      Yes.

    • @lindanorris2455
      @lindanorris2455 7 месяцев назад +2

      YUP. HAPPENED TO ME IN THIS VERY WAY! pension cut in half, Vanguard funds = gone. TEMPLETON FUNDS = GIONE. STICKS & BONDES =CRASHED 2008. EVERYTHING= GONE!

  • @notquiteyoung
    @notquiteyoung 11 месяцев назад +799

    This is the first time I've heard someone publicly vocalize that the relief of those taking care of their aging parents while trying to maintain themselves and their growing family comes at the cost of their parents' lives. As someone who is just starting their professional life and taking care of aging parents who are taking care of their aging parents and neighbours, the struggle has been real. Thank you for acknowledging this issue.

    • @rogerhurtubise2150
      @rogerhurtubise2150 11 месяцев назад +48

      It's a precarious balance. I took care of my both of my parents while working full time and handling doctors appointments and all that. Then I lost my dad last January. Now I had my mom move in with me, and it can get overwhelming.

    • @becsterbrisbane6275
      @becsterbrisbane6275 11 месяцев назад +31

      I'm dreading this day. I'm the only unmarried one in my family, and no children so I know the burden is going to be on me within the next decade or 2. I have worked my ass off to try to make my own life somewhat comfortable (barely) but don't have the time to take in elderly parents, and being alone, who's going to pay the mortgage?

    • @PaulVega-y9v
      @PaulVega-y9v 11 месяцев назад +10

      Well the only chance at salvation is to vote blue.

    • @albertchurchill4845
      @albertchurchill4845 11 месяцев назад +32

      @@PaulVega-y9v Why? They helped create this. I'm not entirely sure they didn't plan it.

    • @gsteelman4190
      @gsteelman4190 11 месяцев назад +5

      Yes, you will eventually end up at a point in your lives where this will happen. Usually about middle age

  • @LiamRappaport
    @LiamRappaport 11 месяцев назад +232

    A couple of years ago there was a bbc article about old (probably single) people in Japan committing crimes so they could go to jail and not be a financial burden on their kids. The world is in a sad state.

    • @ecebear3
      @ecebear3 11 месяцев назад +45

      I saw that story. Elderly women would steal and get arrested so they would have a place to sleep and eat.

    • @minoozolala
      @minoozolala 11 месяцев назад +12

      That was really just a couple of people. Japan has a large population and families take care of each other.

    • @hugohabicht9957
      @hugohabicht9957 11 месяцев назад +5

      @@ecebear3Because Japanese prisons are more comfortable than many American homes 😢

    • @kristinab1078
      @kristinab1078 11 месяцев назад +9

      @@hugohabicht9957 Not really. Japanese prisons are quite strict, but perhaps for older people, not so much.

    • @hugohabicht9957
      @hugohabicht9957 11 месяцев назад +2

      @@kristinab1078 Strict is not bad.

  • @sandrataylor3723
    @sandrataylor3723 11 месяцев назад +371

    I've worked hard all my life earning a paycheck since I was 16 and I'm now 67. I saved. But with helping out my grown children (housefires, floods, illnesses, loss of jobs, etc.) my savings began depleting and when Covid hit and my health took a nosedive and I had to retire early, my savings are now all gone and I'm having to live with my daughter and her family and by combining all of our money, we are barely able to scrape by without all of the extra's like cable, eating out, etc. You can plan all you want but things are thrown at you that you'd never expect in a million years. This economy the way it is now will literally be the death of many baby boomers.

    • @momsspaghetti4504
      @momsspaghetti4504 11 месяцев назад +23

      I’m sorry sir same boat

    • @OceanFrontVilla3
      @OceanFrontVilla3 11 месяцев назад +30

      It almost sounds like a plan doesn't it?

    • @sandrataylor3723
      @sandrataylor3723 11 месяцев назад +11

      @@OceanFrontVilla3 Yes it does.

    • @TomM60
      @TomM60 11 месяцев назад +4

      You sure didn't plan out your life very well.

    • @maxxomega6599
      @maxxomega6599 11 месяцев назад +9

      @@user-wo5jo8sj9d - I am a baby boomer and I agree with you. People always blaming their bad decisions on someone else. Stupid...

  • @Diana-yn2ho
    @Diana-yn2ho 9 месяцев назад +60

    Today, while walking down the street, I met a very sweet homeless elderly lady in a wheelchair and I started a conversation with her. I really felt sorry for her. It made me really angry how millions of dollars are spent on all kinds of nonsense and unnecessary expenditures while our veterans, disabled and impoverished elderly are suffering. Makes me sick!

    • @Chris-m2o1s
      @Chris-m2o1s 9 месяцев назад +3

      Veterans care is illegal unless they are active duty! i.e soldiers in war! Look at the poor insurance cos.

    • @Chris-m2o1s
      @Chris-m2o1s 9 месяцев назад +3

      I am in a wheelchair thanks to s stroke, my care cost me half a million dollars.

    • @Chris-m2o1s
      @Chris-m2o1s 9 месяцев назад

      They do unles they are active duty soldiers. Its different in Canada, not England, which has health insurance so they have to buy insurance their NHS is illegal Only Canada is legal because healthcare in Canada is 100% free @@Diana-yn2ho

    • @Chris-m2o1s
      @Chris-m2o1s 9 месяцев назад

      Yes they need to self pay since they were injured in acts of war so insurance doesnt cover them! Ask japanese!@@Diana-yn2ho

    • @Chris-m2o1s
      @Chris-m2o1s 9 месяцев назад

      You are living in a dream world, @@Diana-yn2ho

  • @jenniferwagner4595
    @jenniferwagner4595 10 месяцев назад +268

    I think it is sad that we are ok with Social Security being gutted, and we no longer expect to get anything back. Why are we ok with that?

    • @GenerationX1984
      @GenerationX1984 10 месяцев назад

      The Republican party wants to gut it but they continue to vote Republican. They're not smart. They inhaled too much lead gasoline.

    • @the_kombinator
      @the_kombinator 10 месяцев назад +3

      But my mental health!

    • @annaburns2865
      @annaburns2865 10 месяцев назад

      Because Social Security was a bad program to begin with. It took from the young and have to the old. That isn’t right! Read your Bible. Parents are supposed to provide for their children. Not the other way around. 😡

    • @isk8atparks
      @isk8atparks 10 месяцев назад +18

      because theres nothing we can do about it, the idea itself was already flawed

    • @pirahna
      @pirahna 10 месяцев назад +34

      @@isk8atparks We could fix Social Security in one easy move- by eliminating the cap on contributions- and every competent policymaker knows it. But it sounds like you'd rather let our nation's grandparents die destitute.

  • @bookmagicroe9553
    @bookmagicroe9553 11 месяцев назад +205

    Husband worked 47 years. Company went bankrupt and their promises for pension, life insurance, and healthcare in retirement disappeared. My jobs never featured a pension or even a 401K. My Social Security is about $870 a month.
    We were also saving/investing on our own. We experienced the recession and inflation of the 1970s just as we were
    raising our family. 1987 wrecked things, then 2000, then 2007-8. Our savings, mutual funds were gutted several times.
    Then came two funerals to be paid for, rising healthcare costs, helping kids with college expenses, and now an
    aging parent age 99, who has outlived her money. Food, taxes, house insurance, transportation all cost so much more.

    • @rosemarieroth1984
      @rosemarieroth1984 11 месяцев назад +38

      welcome to the American dream....turned nightmare.

    • @jackjohnsen-n1w
      @jackjohnsen-n1w 11 месяцев назад +18

      you were the victim of bad luck....you did everything right and Life didn't do its job,,,sorry..

    • @davidmckibbin4440
      @davidmckibbin4440 11 месяцев назад +11

      my mother worked for wt grant co for around 30 years until they went bankrupt, she lost her retirement, and stocks. to this day npr radio is still using grant money that william t grant trust.just bullshit.

    • @MilwaukeeF40C
      @MilwaukeeF40C 11 месяцев назад

      davidmckibbin4440 NPR is unintentionally the best intelligence service on corrupt leftism and it's front NGO ecosystem.

    • @GeorgeOrwell-yz6zx
      @GeorgeOrwell-yz6zx 11 месяцев назад +13

      ​​@@rosemarieroth1984Empires fall because of big, expensive governments. Governments always expand and cost the people more more and more money until the whole system collapses. Last year the two biggest creators of jobs were the government and healthcare.

  • @mini-mei
    @mini-mei 11 месяцев назад +122

    The problems are amplified in the US due to a lot of system failings. Sadly, the trend is the same the world over, it seems. I live in Europe, and we are starting to see similar signs. Owning a home has become a luxury, not the norm. People are having fewer children because they are simultaneously overworked and yet don't have the financial means necessary to have a family. Pensions are getting smaller, wages are stagnating, while the cost of living is rising. Hidden fees are tagged on everywhere, while trying to build savings is neigh impossible because banking costs are higher than any returns. Meanwhile, the richest people have managed to nearly double their wealth since 2019.

    • @Zeoytaccount
      @Zeoytaccount 11 месяцев назад +5

      I really appreciate your balanced perspective. I see so many people (Americans and those from outside) make our system the scapegoat while ignoring their own issues. If everyone had an understanding like yours, where each system has respective positives and negatives, I’d be a lot more confident we could figure it all out.

    • @howardhughes7596
      @howardhughes7596 11 месяцев назад +4

      We are much better off in the US than most of the developed countries. Most people have no idea of the inflation and cost of living is in other places. Try to buy a home in Canada for instance. You think they are expensive here... inflation, job growth, cost of food is worse in almost all other countries. Folks need to quite watching Fox.

    • @chihirostargazer6573
      @chihirostargazer6573 10 месяцев назад

      But that is always where capitalism was going...people were just too brainwashed or ignorant to realise or care. Capitalism is just modern day feudalism. They have only given you the illusion of freedom and distracted you with material possessions to keep you complacent while they literally rob everyone, bribe governments and destroy society and the environment for profits. It's happening all over the world.

    • @KeiPalace
      @KeiPalace 10 месяцев назад +1

      time for a A War On Greed

    • @Mephilic
      @Mephilic 10 месяцев назад

      The younger generations won't even have kids to take care of them in their old age as they work themselves to death.

  • @michaelwiebeck3
    @michaelwiebeck3 7 месяцев назад +867

    For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.

    • @Rachadrian
      @Rachadrian 7 месяцев назад +5

      Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.

    • @Dantursi1
      @Dantursi1 7 месяцев назад +3

      Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.

    • @Olsontim21
      @Olsontim21 7 месяцев назад +3

      This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.

    • @Dantursi1
      @Dantursi1 7 месяцев назад +3

      Amber Dawn Brummit is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

    • @Olsontim21
      @Olsontim21 7 месяцев назад +2

      I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

  • @stacey9003
    @stacey9003 11 месяцев назад +393

    Hey Vincent, most Millentials and Gen X,Y, Zs blame Boomers for today's financial woes. Thank you for not doing that! I'm a Boomer who worked as an RN for my entire adult life and raised a family on my wages. I chased inflation like a rat on a wheel and struggled with a divorce when my ex stopped paying child support. I never took welfare, food stamps or subsidies. My taxes climbed and I lived through 6 recessions! I am a contributor to an economy that has failed. Unfortunately so are the generations that follow mine. We ought to be blaming the corruption of our political and economic systems, not each other.

    • @DanielH874
      @DanielH874 11 месяцев назад +17

      Well said.

    • @FrankC656
      @FrankC656 11 месяцев назад +10

      Millennials = Gen Y, FYI

    • @Psychetwo
      @Psychetwo 11 месяцев назад +67

      It's true many gens blame Boomers, but vice versa, Boomers like to criticize Gen x,y,z for being lazy and entitled. It's just disheartening to hear when I'm struggling and working 2 jobs just to afford rent and bills. Every generations all face their own struggles, but it's just terrible when boomers are telling me to work harder and learn coding like my problems are easy. So i'm suppose to work 2 jobs take care of my kids and all the while go to school to learn coding? This is probably the worse inflation event in history when rents in California for a 1 bedroom apartment is $2200 per month! I can confidently say that I'm struggling just as much if not more than the previous generations. I'm not lazy and I'm not entitled.

    • @99allthetime
      @99allthetime 11 месяцев назад

      You are one of the few who hasn't *graped* the future generations for your own benefit.
      Your voting habits however have more likely than not allowed for the hell we have today.

    • @crjcrj8443
      @crjcrj8443 11 месяцев назад

      Yes, political leaders. But whose vote were they chasing ? Programs that many boomers backed like welfare, environmental over people causes, criminal justice reform - basically political correctness. The DEI programs are boomer inventions. Some are good but many aren’t . Boomers were called the me generation for a reason. And now it’s their children who are the driving force in America today when it comes to social issues.

  • @snotrohmitabc123
    @snotrohmitabc123 11 месяцев назад +184

    My parents are poor and bc they know how hard it is to survive for my sister and I, they take excellent care of their physical health so as not to burden us in the future to care for them. It's their only way of showing us love. I am blessed to have them. Health is wealth.

    • @andreaterranova4824
      @andreaterranova4824 11 месяцев назад +18

      Me, too. Doing as much as possible to remain healthy so I do not become a burden for my son. Good for your parents, and good on you for your keen awareness of reality.

    • @SpinningSideKick9000
      @SpinningSideKick9000 10 месяцев назад +4

      Damn, my parents did meth and got morbidly obese while watching TV and partying
      I’ll probably still take care of them, so I guess karma isn’t real and everything is a roll of dice

    • @wendyyang2381
      @wendyyang2381 10 месяцев назад +3

      That’s very true health is wealth. My husband and I exercise everyday and try to stay healthy so I wouldn’t have to burden any of my kids

    • @reesedaniel5835
      @reesedaniel5835 10 месяцев назад

      @@SpinningSideKick9000 People who do meth are emaciated and toothless, not obese.

    • @elizabethlibero1878
      @elizabethlibero1878 8 месяцев назад

      And when they get Alzheimer’s? Stuff happens

  • @austinburns4213
    @austinburns4213 11 месяцев назад +429

    I’m a boomer and was told that a company job would provide a lifetime pension equal to or close to my working pay, and social security would be nearly enough to live on. Well, we watched these promises get gutted and reneged decade after decade. Luckily, I saved, but many didn’t based on these broken promises.

    • @olyasorokina3780
      @olyasorokina3780 11 месяцев назад +25

      Social security was designed to cover 40% of your expenses in retirement. That has never been a secret.

    • @katydid2877
      @katydid2877 11 месяцев назад +25

      You need a government job for a good pension. A good pension paid for by taxpayers.

    • @dennmillsch
      @dennmillsch 11 месяцев назад

      @@olyasorokina3780 -- yes, I have never heard that SocSec was supposed to "be nearly enough to live on". I've always heard it called a supplement, but not enough

    • @dyadica7151
      @dyadica7151 11 месяцев назад

      True, but people came to believe it was 100%, and politicians in those years encouraged this thinking. Now they find out they were wrong. @@olyasorokina3780

    • @lucaspm98
      @lucaspm98 11 месяцев назад +16

      To add on to the social security points above, at the peak only 20% of Americans had pensions and it was clear as early as the 80s they were corrupt and unsustainable.
      It has always been clearly the responsibility of the individual to prepare for retirement, whether they were willfully ignorant of that or not is up to them.

  • @PrettyPrincess9609
    @PrettyPrincess9609 10 месяцев назад +150

    My grandma is a Baby Boomer who saved her money, worked in Corporate America for over twenty years, retired early in her late 40’s, sold their home, got a pension, got social security once she turned 65, and withdrew from her 401k after she retired. She traveled with my grandfather and was living a great retired life. Unfortunately my grandfather passed away a couple of years back and my grandma ended up getting stage 1 cancer in 2022. She said it’s like she is living paycheck to paycheck. She is completely dependent on her social security and pension now. Her savings is now gone due to her hospital bills and her paying for moving expenses to move back in with my uncle. She did everything right and still ended up struggling. I’m a younger Millennial and I would give anything to help her but I’m struggling myself and can’t even afford a house.

    • @Axel-vq3mv
      @Axel-vq3mv 10 месяцев назад +20

      a question, how do you square "did everything" write with retiring in her late 40s, selling their property and living on fixed income? im not american so might be missing something

    • @twystedhumour
      @twystedhumour 10 месяцев назад +13

      @@Axel-vq3mv Exactly. That's a loooooooooooooot of lost income there.

    • @kingdomross8974
      @kingdomross8974 10 месяцев назад +11

      Why did she retire in her late 40s, and why did she sell her home in her late 40s?

    • @BenDover-nl8qk
      @BenDover-nl8qk 10 месяцев назад +8

      At least she had fun. 🎉

    • @thelight3112
      @thelight3112 10 месяцев назад

      So she quit her job in her late 40s, they sold their house, and then proceeded to blow all of that money plus the 401k traveling the world? And she's complaining that she has to live off of "only" Social Security PLUS a pension?? Combined, that's probably more than many full time working adults make.
      Sounds like she's doing fine for someone who hasn't worked a day in the last 30 years.

  • @asnpride
    @asnpride 11 месяцев назад +104

    I'm there right now. My mom is sick and I am her primary caregiver. I'm feeling stressed from watching my mom get sicker and doctor's appointments.

    • @jamesnguyen7069
      @jamesnguyen7069 11 месяцев назад

      buy nfts and btc now

    • @HoneyBadger80886
      @HoneyBadger80886 11 месяцев назад +1

      Find a support group. There's help for the challenges you are having. ❤

    • @fourkeys9235
      @fourkeys9235 11 месяцев назад +3

      Stay there.. you will find a way. you are kind, you are blessed . 🙏

    • @joebidenisanutjob7511
      @joebidenisanutjob7511 11 месяцев назад +3

      I did this too. How old are you?

    • @TomM60
      @TomM60 11 месяцев назад +2

      If you are stressed taking care of your mother, you need a shrink.

  • @FindingGod365
    @FindingGod365 10 месяцев назад +169

    The problem is that companies stopped offering true retirement plans like in the old days. Plus the govt took people’s money and now is running out due to their reckless spending.

    • @Ominiumshadow24
      @Ominiumshadow24 10 месяцев назад

      They voted for that government in the first place. They made that mistake. They have no one to blame but themselves. Maybe if the keeping it with the Jones, didn't existed, that kept buying useless shit. They would have a retirement instead of leeching of young working people like me.

    • @FightingForFacts7074
      @FightingForFacts7074 10 месяцев назад +11

      You are absolutely correct. Pensions were created because people were not inclined to save correctly and wound up thinking about the immediate needs vs long-term goals. (Some immediate needs were legit, but could have been deferred or downsized in lieu of better returns later.) Plus, the pensions were partly funded by the employees, anyway, with it being a fairly painless deduction over years, accruing interest! Owners knew the pensions drew in eager workers who would stay at the company.

    • @randymillhouse791
      @randymillhouse791 9 месяцев назад +2

      NO! The problem is that workers actually TRUST pensions and 401k plans. Cash is king. Save as much as you can G-DAMMIT! Put it into safe investments that have guaranteed returns. F the casino.

    • @Chris-m2o1s
      @Chris-m2o1s 9 месяцев назад +2

      Profits and money grubbers !

    • @FindingGod365
      @FindingGod365 9 месяцев назад +2

      @@Chris-m2o1s yehp. The unmitigated greed of corporations these days is just stunning and has few historical comparisons. Maybe if we go all the way back to early days of " robber barron capitalists but that's 1860s to 1920s so well over a century since we have seen this level of pure greed. And it is always us "little guys" that suffer the most.

  • @RealestDave
    @RealestDave 11 месяцев назад +357

    I really hope more people watch this video, people have been warning about this
    crisis for decades and they been all crucified for it

    • @fdm2155
      @fdm2155 11 месяцев назад +38

      I always suspect videos like this grab the 'wrong' audience. It's people who are already taking stock and planning who seek out this content. The people who need it most probably have their heads buried in the sand.

    • @FooFan-b3k
      @FooFan-b3k 11 месяцев назад +6

      @@fdm2155 This video contains so many errors that it adds nothing of value. This kid is a grifter.

    • @vivientan3029
      @vivientan3029 11 месяцев назад +2

      How is he a grifter?

    • @entropy8634
      @entropy8634 11 месяцев назад +4

      @@FooFan-b3k care to elaborate?

    • @RealestDave
      @RealestDave 11 месяцев назад +5

      @@fdm2155 Very true, people are drifting through life so blind its terrifying. There will be an insane number of debt slaves in the next 20 years its not even funny

  • @danpatterson8009
    @danpatterson8009 10 месяцев назад +16

    If you are eligible to receive a pension from your employer, do not count on getting it. Without a legal commitment it is nothing more than a promise that can vanish overnight.

    • @stevelopez372
      @stevelopez372 7 месяцев назад

      Private pensions can be iffy. Government pensions not so iffy.

  • @spaghettiking7312
    @spaghettiking7312 11 месяцев назад +296

    My mother has told me this. Just by working, she used to have $10,000 saved a year. Now it's $1,500. She's worked the same job for thirty, maybe forty years. I already didn't expect to ever move into a better house, but when we talked about it, I remember vividly she said, "We just can't ascend anymore."

    • @JenX422
      @JenX422 10 месяцев назад +37

      It is called the Federal Reserve. They printed money to save stocks and real estate and in doing that debased(diluted) the value of the currency you earn in wages or save for retirement. Even if invested, the purchasing power is getting less and less and the valuations go up and up. Big difference between the digital number and actual purchasing power. Higher markets go, the poorer most get

    • @beefnacos6258
      @beefnacos6258 10 месяцев назад +18

      And people say
      "My money hasn't changed " 😂
      Ugh, yeah, it did.

    • @kphaxx
      @kphaxx 10 месяцев назад +17

      > she worked the same job for 30-40 years
      Well _that's_ the problem!

    • @CordialH
      @CordialH 10 месяцев назад +34

      @@JenX422 That's only part of it. One of the biggest changes was everything in the Reagan era, the loosening of regulations around corporations, and the destruction of unions. All of the economic charts on just about anything related to average people having money desynched in the 80s and never came back.
      It used to be that employee wages and productivity rose pretty steadily together, but right around that time is when they became suddenly completely decoupled and productivity continued to rise and wages flatlined. Blame everybody who's voted for conservative economics and any Reagan era fiscal policies for our current mess. That's when it all began.

    • @Reformed322
      @Reformed322 10 месяцев назад

      … No. It proves purchasing power, through various means caused illegally by the government, went down and wages didn’t go up. That’s the issue, not that she kept the same job. If anything keeping that job proves capitalism is garbage and so is the US government.

  • @PInk77W1
    @PInk77W1 11 месяцев назад +53

    I retired in 2017 at 56. No savings
    A $2400 take home pension. Then my
    Landlord said she was gonna double my rent. It was like a hard reality point.
    So I moved from CA to TX. Got a room for rent. Paid off a
    $11k cc. Saved up $28k. Bought a small home for $23k cash. Now I have zero debt and $50k saved in the bank
    And growing.

    • @AlbertaGeek
      @AlbertaGeek 11 месяцев назад +3

      Cool story, bro.

    • @PInk77W1
      @PInk77W1 11 месяцев назад +2

      @@AlbertaGeek
      I can’t believe I did it. When I was driving the
      Uhaul out of CA I was planning all this but
      Plans seldom actually come true.
      Life is Great now.

    • @RichTapestry
      @RichTapestry 11 месяцев назад +3

      How do you chose to retired at 56 whilst living in a rental?
      I know CA property is eye-wateringly expensive, but still.

    • @PInk77W1
      @PInk77W1 11 месяцев назад +1

      @@RichTapestry good question.
      How do I live my whole life riding a bicycle?
      My rental was 96sqft. I lived there 9y.

    • @AlbertaGeek
      @AlbertaGeek 11 месяцев назад +2

      @@PInk77W1 Good man. I gave up driving years back and have been my bike everywhere, too. Incredible money savings, doing that. Of course riding year-round this far north is a little more _involved_ come winter, but it's still doable. Edited to add: And I'm 59.

  • @cj3720
    @cj3720 10 месяцев назад +164

    The government needs to pay back every single cent they took. With interest.

    • @astrahcat1212
      @astrahcat1212 10 месяцев назад +10

      don't forget the banks though

    • @jamesgoode9246
      @jamesgoode9246 10 месяцев назад +9

      The government will pay back every single cent that they took.
      It's no problem for them.
      Have you not seen how they paid for all that slush money during the pandemic?
      The government has a printing press.
      It can print more money than we can count, more than we can comprehend.

    • @aunch3
      @aunch3 10 месяцев назад

      The Federal Reserve (a private bank) prints the money, and then the government borrows it with interest in our name.

    • @download_tel3gram
      @download_tel3gram 10 месяцев назад

      yes, the banks have owned the gov since 1914. all wars are banker wars@@astrahcat1212

    • @catreecemacleod7556
      @catreecemacleod7556 10 месяцев назад

      @@jamesgoode9246 The printing press doesn't actually work. Every time they print more money, the value of that money decreases. You may notice that the grocery bill has basically doubled since the pandemic, and it didn't go back down again. You get "more money" temporarily, but anything you had in savings becomes worth less than it was from the inflation that gets applied. Who are the people with savings? ...Ah. Yeah, the ones trying to retire. Their savings become worth even less when more is printed, so it actually hurts them the most.
      Printing more money doesn't magically mean there's more money, it's stealing from both the past (savings) and the future (inflation) to pay for the now. It looks good in the moment, but that money came from somewhere, it didn't poof into existence out of nowhere. And you will pay the bill for it twice, because everything you purchase after your stimulus check from that point on will always cost more than it would have, and anything you try to save or had saved will be worth less. You get the stimulus check once, but pay for that check for the rest of your life.
      You can print MORE money to solve that problem though! ...But that does the same thing again. And again. And again. Every time you do it, it just gets worse. This is where hyperinflation comes in, where the dollar starts losing value until it has an inflation rate in the hundreds, the thousands or millions of percentages in really absurd cases.
      You want to know a large part of the reason why a certain political group got into power in Germany in the 1930's? Because they literally had inflation so high from printing money like this, that workers were legally required to be paid TWICE A DAY because the money was worth so little by evening that the pay they got in the morning wouldn't be enough to buy a single meal any longer. They had to get paid on a per-meal basis because of how insane the inflation had gotten. This has eventually happened every single time a country starts trying to print money to solve its problems, because it's a short term boost with a permanent pricetag that quickly exceeds the benefit that was gained.
      Do you want to look rich? You can get a Zimbabwe $100,000,000,000,000 bill. It's worth about $0.40USD. No, that's not a typo. That's a 100 TRILLION dollar bill. It's not even worth $1 in the USA.
      Don't rely on printing money to solve your problems.

  • @planesrift
    @planesrift 10 месяцев назад +149

    Imagine being able to buy a house and support 3 kids at the same time simply by working at a fastfood restaurant.

    • @Funknfritter
      @Funknfritter 10 месяцев назад +18

      Yet that's how things worked when the minimum wage was implemented. If the minimum wage had matched inflation, it would be over $21 an hour now.

    • @jamesgoode9246
      @jamesgoode9246 10 месяцев назад +6

      Yeah, working at a fast food restaurant
      ain't much of a career.

    • @download_tel3gram
      @download_tel3gram 10 месяцев назад +9

      in a perfect world CEOs would do anything for their employees to be compensated for their hard work and dedication

    • @Samookely
      @Samookely 10 месяцев назад

      boomers made sure that every generation after them wouldnt have the same opportunity 🙄

    • @GRTONEY1
      @GRTONEY1 9 месяцев назад +13

      That has NEVER been possible. Who believes that crap? The minimum wage jobs back then were for high school kids. That was it. After HS graduation in 1972 i couldn’t afford an apartment without another person living with me. Minimum wage was around $1.65 an hour. I was making $2.50 an hr in a “real” job. It’s all relative except I didn’t have access to credit cards. Thank God!

  • @AFAskygoddess
    @AFAskygoddess 10 месяцев назад +50

    I've been retired for almost four years. I had factored reasonable inflation into my future monthly expenses. But NO ONE could have anticipated the double-digit actual inflation we are currently experiencing. I shouldn't have had a money care in the world, unless I lived past 100. Now, I'm worried about running out of money in the next 10-15 years. Scary times.

    • @vmj255
      @vmj255 9 месяцев назад

      Many people, myself included, predicted the massive inflation we are seeing now. Too many people didn’t listen to us.

    • @RolandIbera
      @RolandIbera 9 месяцев назад +3

      100%Agree. I am 66, working part time, I don't believe that I can ever fully retire. So much for the american retirement dream. Seems like a Mirage of the past.

    • @jeepstergal12
      @jeepstergal12 8 месяцев назад +1

      Yes, so much this.
      Save and scrimp, and then discover that all my work and saving is dissolving before my eyes.

    • @mj-np9sy
      @mj-np9sy 8 месяцев назад +1

      Then get a job. Nobody is *entitled* to retire in this country. It isn't a right. If you need more money, you work.

    • @AFAskygoddess
      @AFAskygoddess 8 месяцев назад

      @mj-np9sy , work on your reading comprehension. After doing that, work on your anger issues. None of us said we wouldn't go back to work. None of us said we were "entitled". We said that we had worked hard (over 50 years for me) and saved for our retirement, based on historical inflation rates. Now, unprecedented inflation is causing us concern.

  • @onionpeeler2023
    @onionpeeler2023 11 месяцев назад +111

    Healthcare and dental costs need to go down, that's the solution, they were and are WAYYYY overpriced as is to begin with...

    • @hugohabicht9957
      @hugohabicht9957 11 месяцев назад +8

      Yep.

    • @walterbruner7433
      @walterbruner7433 11 месяцев назад +10

      A lot of the cost is due to the rediculouse cost of insurance doctors have to pay for insurance,the lawyers are always suing for any damages they think they can get. Lawyers are running our country

    • @onionpeeler2023
      @onionpeeler2023 11 месяцев назад

      @@walterbruner7433 that's a bunch of bullshit as most of the doctors and dentists that I know live in mansions, got real estate investments all around the world, and are able to afford super luxury vacations few times a year... And that's without knowing anything about their paper assets, which I am sure do not fall far behind... Also, they scam the insurance companies, I walked away from a number of dentistries because they were doing that... Regarding lawyers, EVERY doctor and dentist I went to in the last 5 years forces you to sign a waiver, so that no one can sue them for their negligence...

    • @hugohabicht9957
      @hugohabicht9957 11 месяцев назад

      @@walterbruner7433Correct

    • @cyrusserapheth9555
      @cyrusserapheth9555 11 месяцев назад +14

      ​@@walterbruner7433There isn't one root problem, just a shitload of contributing factors.

  • @kpinthebubble
    @kpinthebubble 11 месяцев назад +241

    Since I was about 16, I have been terrified of the point where my parents will need to be taken care of, and I still do. My mom is gone now (cancer took her when I was 21), but that still leaves my dad. I also have my bf’s parents to think about. Taking on a caregiving position can be emotionally exhausting. I just hope that when the time comes I’m financially prepared for it.

    • @jamilgotcher365
      @jamilgotcher365 11 месяцев назад +31

      After you saying you have bf's parents to think about, it reminds me that I'm not going to get married again or in a serious relationship again because I don't want to take care of anyone's parents or kids, I've been a caregiver to my own parents for about 16 years now, they've been a major blessing to me though but I will not do this for someone else's parents or their children.

    • @henrytep8884
      @henrytep8884 11 месяцев назад +48

      Your bf isn’t your concern until he put a ring on it

    • @kpinthebubble
      @kpinthebubble 11 месяцев назад +17

      @@henrytep8884 You’re absolutely right. 😅

    • @ThrowItOnTheGrill
      @ThrowItOnTheGrill 11 месяцев назад +8

      @@1969bones69 This is a common mistake. Medicare will not pay for a nursing home unless it is a skilled nursing facility. If it is only assisted living, that is out-of-pocket. You can get Medicaid to help, but that is only after all of the person's financial assets are depleted. That also includes selling the person's home, unless you have been wise enough to legally protect it and that has a "look back" of five years.

    • @BrianGivensYtube
      @BrianGivensYtube 11 месяцев назад +7

      Its great to care for them but its not your responsibility to pay for it. My grandparents pay me to help out just as they would if I were a nurse.

  • @A_francis
    @A_francis 3 месяца назад +1179

    The continuously changing economic conditions in our society have made it necessary for people to find additional sources of income, thus I am looking at the stock market to fuel my retirement goal of $3m, my only concern is the recent market crash.

    • @RobbStonee
      @RobbStonee 3 месяца назад +4

      Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions. which may reduce your dividend gains or income, speaking to a certified market strategist can help with pointers

    • @Tipping-Point88
      @Tipping-Point88 3 месяца назад +3

      Agreed. It's always wise to be proactive and consider diversifying our investments to manage risks in uncertain economic times. I delegate my day-to-day investing to an advisor ever since suffering a major steep-down late 2019, amid rona-outbreak, and as of today, I'm semi-retired with barely 25% short of my $1m retirement goal after subsequent investments

    • @Tipping-Point88
      @Tipping-Point88 3 месяца назад +3

      *Marissa Lynn Babula* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

    • @benitabussell5053
      @benitabussell5053 3 месяца назад +1

      Thank you for sharing, I must say, she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call

    • @TheDowntownHermit-xj6rq
      @TheDowntownHermit-xj6rq 3 месяца назад +3

      SCAM!!!

  • @rebeccahale4673
    @rebeccahale4673 11 месяцев назад +667

    As a boomer, I knew years ago that the most important thing is to have your house paid off. Amazing that so many have not done this.

    • @bigjohnson7415
      @bigjohnson7415 11 месяцев назад +22

      Amen!👍👍👍

    • @chrislastnam6822
      @chrislastnam6822 11 месяцев назад +41

      Most small houses of 2500 sq ft in descent neighborhoods in Los Angeles cost $3,000,000

    • @rathelmmc3194
      @rathelmmc3194 11 месяцев назад

      @@chrislastnam6822 2500 sq feet is not a small home.

    • @invisiblestacker
      @invisiblestacker 11 месяцев назад +24

      Or at least, keep your payment at the same as when you bought the house.

    • @bigjohnson7415
      @bigjohnson7415 11 месяцев назад

      @@chrislastnam6822 2500 sq. ft. a "Small house?" I grew up in a 1200 sq. ft. house with Mom, Dad, and 2 sister's!

  • @ElisabethParker
    @ElisabethParker 11 месяцев назад +53

    We have enough money to cover everyone's Social Security, we just refuse to elect people who will make corporations, those who own them, and their shareholders pay their fair share.

    • @ATLIEN333
      @ATLIEN333 10 месяцев назад +3

      Part of the problem bingo

    • @reesedaniel5835
      @reesedaniel5835 10 месяцев назад

      Because those corporations put those people in office to begin with!! Voting is a scam.

    • @benton-benton
      @benton-benton 9 месяцев назад

      The United States is a corporation.

    • @spankynater4242
      @spankynater4242 8 месяцев назад +1

      This is a myth. Corporations pay more than their share of taxes.

  • @michellekaiser7634
    @michellekaiser7634 11 месяцев назад +168

    I take some issue with 401k's as "worse in every way". Pensioners have been given unexpected cuts in many instances! Pensions rely on the company to remain solvent and to manage the fund in good faith. There are a lot of mismanaged pensions out there.

    • @Sylvan_dB
      @Sylvan_dB 11 месяцев назад +21

      Agreed. And a pension locks you into your job - no switching employers! You are stuck for 25-35 years to qualify for the pension instead of being able to take your 401k money and leave.

    • @tw8464
      @tw8464 11 месяцев назад +13

      A lot of those problems also apply to 401K many are very corrupt the fees are way too high

    • @cavalieroutdoors6036
      @cavalieroutdoors6036 11 месяцев назад

      ​@tw8464 nah, they don't. The 401K money is *yours.* The pension fund is *the comany's.* That is the key difference. The company can put money into my 401K. The company can't take money out, can't lower the amount I can withdraw, and most importantly if the company I work for goes under or gets bought out the 401k does not just disappear. Just look around RUclips and find videos of people reacting to news the company they've worked at for 20 years got bought out and the pension is *gone.* Nah, I'd rather have a 401K and supplement with other saving plans.

    • @autobotdiva9268
      @autobotdiva9268 11 месяцев назад

      you missed why it was worse in every way. clearly didnt watch the video

    • @zonk1477
      @zonk1477 11 месяцев назад

      @@tw8464 My 401k as investment options and one is just the S&P 500 index fess are pretty low actually at 0.08%. Since nearly every fund can't beat the market I just bought the market. It was the best option.

  • @kimireneanderson9645
    @kimireneanderson9645 11 месяцев назад +131

    Oh, and what about the Baby Boomers who have to take care of the Silent Generation? Now, I'm a Federal Retiree. The Federal government actually put me in a 5 day class to discuss Retirement. One of the things I was warned about in the class was chronic illness and the need for Longterm Care, because with my post-retirement income I'd never be eligible for Medicaid. The second warning was to make plans for and with our parents. I quickly gifted certain of my Mom's properties to family because with my Mom getting my Dad deceased Dad's pension and Social Security, and having excess property, I was afraid she's be ineligible for Medicaid, and Medicaid looks back 5 years into your history. So, the time came when she was wheelchair bound in her 80s and she needed nursing aides. Through an agency that's 4 hours a day at $25 an hour for 30 days. That's $3000 a month, or $36,500 a year. So, my Mom had some savings:that covered things in the beginning, but that ran out so I applied to Medicaid with a waiver. NO DEAL!!! She was $175 over what they would accept as monthly income. My only option was to ask the nursing aides what the agency actually paid them out of the $25 per hour. They told me $13, so I asked if I could pay them out of pocket, then went to the Philadelphia Corporation for the Aging, who could cover weekends partially. That's when I began using my 403B withdrawals, similar to a 401K, and began to pay out $52 a day for 260 days for an annual pay out of $13520. I was a Federal Retiree who made 6-figures, so with my pension and my 403B withdrawals I still didn't need to apply for Social Security until 70. Eventually, I exhausted my 403B, but got some big ticket items like an SUV to be able transport her wheelchair and my mobility scooter before that happened. Went on a few vacations, after being unable to travel for 8 years. When forced to apply for Medicare at 65, I decided to apply for Social Security as well. With my pension and Social Security, I'm doing okay, but it's still tight, but as I'm still paying down on tge SUV. Fortunately, I have no mortgage. My brother, a security guard, was my co-caregiver, so I covered him for Obamacare for two years, and opened a Roth IRA account. He's the one who had to sacrifice shift hours at night to pick up where the aides left off. Remember, Social Security is about the quarters you accumulate. It's not guaranteed to you, so I wish I'd set him up for his Roth IRA earlier as he's 11 years my junior.
    What I wish I'd had more of was more schooling in financial literacy ... preferably in junior high school. This stuff should be taught early in life, not in a Federal retirement class. What I know is that I'm grateful that I even have a pension as they don't exist in many places anymore. And even with an exhausted 403B, I'm still grateful I didn't have to put her in a Nursing Home and she could live out her days at home, because frankly, staff or not, my brother and I couldn't find one in Philadelphia that was not a hell hole. Just had to get this out as many forget that many Baby Boomers are still taking care of their parents.

    • @DavidLocke-s4r
      @DavidLocke-s4r 11 месяцев назад

      Every COLA increases your income, so you don't qualify for help. Nothing changed except the cost of everything.

    • @silo3com
      @silo3com 11 месяцев назад +5

      Tldr. Silent generation is pretty quiet

    • @vvalasek
      @vvalasek 11 месяцев назад

      Study Minority Mindset. very good for quick financial literacy

    • @anonymouse5910
      @anonymouse5910 11 месяцев назад +2

      yes we are taking care of our Silent Generation Parents.

    • @TheresaTV1
      @TheresaTV1 11 месяцев назад +1

      The children of the Silent Generation are mostly Gen X, by the way.

  • @got2kittys
    @got2kittys 10 месяцев назад +38

    I stopped the paridigm of keeping up with the Jones and went for the paid for shack in the boonies. I will not do debts or credit cards ever again. I have medical issues, and saw the writing on the wall. It's not much, but I have a tiny roof. I'll leave if they kill me.

    • @deeandrews7051
      @deeandrews7051 10 месяцев назад +14

      I worked all my life at jobs I hated so I could have a "paid for" house, also. I downsized from a bigger one, and now don't have to buy all the insurance a bank makes you buy (i.e. windstorm for thousands). You have to work around the system which is trying to suck the life out of you. Stop buying stuff you don't need and try growing some of your own food if you can.

  • @mikenixon2401
    @mikenixon2401 11 месяцев назад +357

    I am a boomer and remember when pensions switched to 401k.
    Most of us had no clue what this meant. Rollovers when going to one employer to another also cost us.
    We were accustomed to our dads working at the same place for 30-40 years and racking up a nice retirement package.
    The economic and cultural changes meant the average job expectancy was 5 to 10 years. Having to live off a 401k helped carry over while looking for new employment didn't help. So we were paying income taxes and penalties from a cashed out 401k.
    My wife and I tried to save, but had no idea how medical expenses can drain that "smart" savings. Sure, some have done very well financially. That's great. But as reported here I am among those living off my Social Security. Thank God we get by, but barely make it.
    So, if you are young and starting a career get a savings program and discipline yourself to pay into that every pay period. Do not touch it. Interest rates fluctuate over 40 years, but you will not lose money as you do when the stock market ruins your 401k.
    A lot of rambling on my part, I know. I just want to warn you, not to let what happened to me over 46 years happen to you.

    • @rosaliethomson805
      @rosaliethomson805 11 месяцев назад +23

      My husband is getting teeth implants in Mexico. Fortunately over 2 years I can pay that. Forget American dentists.

    • @user-lz6dm5lk9y
      @user-lz6dm5lk9y 11 месяцев назад +33

      It happened to my spouse and I, too. Hindsight is 20/20, but today I question whether 401Ks and IRAs were really designed to help most citizens live and work and prepare for retirement, or whether they ultimately were designed from the start to benefit the really rich.

    • @mikenixon2401
      @mikenixon2401 11 месяцев назад

      @@user-lz6dm5lk9y I think I agree. No doubt the banks and stock brokers made plenty. I've lived the higher class level and now I live a more modest level. Here I am closer to my wife and to God. Now, that is satisfaction. A quality of life investment.

    • @RRL110
      @RRL110 11 месяцев назад +30

      As I said above, depends on if you are an early or late Boomer. I am barely a boomer born in mid 64. Boomers like my sister who are 10-15 years older than me got to live off of pensions. She lives off a nice pension. She worked at the same place since 1972. Whats funny is these older boomers tend to hate the very policies that gave them the life they lead. The policies of FDR.

    • @mikenixon2401
      @mikenixon2401 11 месяцев назад +8

      Well @@RRL110 I would fit in the first line, but I never received a pension. I would encourage you not to make sweeping generalizations based on one example you have seen. I'm happy for your sister's well being. She was among the final people that lived and worked at the same place for a long time. Not all careers are built that way. Have a good evening.

  • @curatedcuriosities8208
    @curatedcuriosities8208 10 месяцев назад +33

    Its sad that people didn't realize they should focus on paying off their mortgage instead of relying on 401k plans. I realized in the 2008 financial crash that my 401k was not a good thing to rely on and thus switched strategy to pay off mortgage. Not paying rent or mortgage every month makes your money go much further, especially now, with housing prices going up exponentially.

    • @lindanorris2455
      @lindanorris2455 7 месяцев назад +1

      401 k sucks.

    • @lisad6106
      @lisad6106 7 месяцев назад

      Gen X?

    • @judygilbert9628
      @judygilbert9628 7 месяцев назад +2

      Also the greed attitude of the 401k myth prevented so many from downsizing and thinking ahead

    • @stevelopez372
      @stevelopez372 7 месяцев назад +2

      Funny. All I hear is how much better it is to have a 401K. You have control of your own money. Blah blah blah! 2008 and 2022 proved not so much. I know people all they do is worry about their 401k.

    • @markhoward3803
      @markhoward3803 7 месяцев назад +2

      Property taxes and homeowners insurance will be your new mortgage payment......enjoy!!!

  • @lizloukiss
    @lizloukiss 11 месяцев назад +228

    For years Boomers have been telling Gen X, Millenials, and Gen Z to “Pull Up Your Bootstraps”. But that was clearly never the solution.

    • @Seelingfahne
      @Seelingfahne 11 месяцев назад +37

      Yeah lets start with getting us a pair of boots…

    • @vickijohnson9367
      @vickijohnson9367 11 месяцев назад

      You mean “institutional finance owned conglomerate media” (professional owned by thieves) and institutional finance owned politicians in government (professional owned thieves) were telling everyone to just get over all the lousy thieves and get back to work. Only they meant “you need professional thieves life training, look how well we’re doing. Did you not listen to your life coach guru?”
      Forget about it, you listen to propaganda of institutional thieves. They could care less about you, they just need you to participate in the debt instruments they create to get liquidity out of you, transferring all the debt to you!

    • @ClockwerkMan
      @ClockwerkMan 11 месяцев назад

      Gotta love how boomers use a term meaning "do the literal impossible" to demean younger generations.

    • @inthevault9603
      @inthevault9603 11 месяцев назад +30

      Karma

    • @mae1412
      @mae1412 11 месяцев назад +55

      Pulling yourself up by your bootstraps was a heck of a lot easier when a house was under $100k cars were under 10k and eggs were $.25 a dozen 😂

  • @Chopsuey087
    @Chopsuey087 10 месяцев назад +181

    My parents are pushing 60 and don't have a single dollar saved for retirement. They bought a new boat, new vehicles, new camper, and a motorcycle instead of saving.

    • @hungrycrab3297
      @hungrycrab3297 10 месяцев назад

      This is a way more common story than the narrative of "Americans are so poor they literally cannot possibly save %10 of their income ever month for retirement, it's unfathomable" that people here are pushing

    • @jenkins5265
      @jenkins5265 10 месяцев назад +82

      Yah you are their retirement plan.

    • @strom51
      @strom51 10 месяцев назад +17

      Do they have any plans? Or they expecting their kids to support them

    • @ilbgentyl
      @ilbgentyl 10 месяцев назад +9

      Mine are the same

    • @RyanBerich-u1w
      @RyanBerich-u1w 10 месяцев назад +25

      Learn from your parents and make sure you don’t end up in the same boat.

  • @khonsubast5056
    @khonsubast5056 10 месяцев назад +18

    Boomers upset they ain’t got money now. Meanwhile, I’ll be lucky if there is even an America by the time I’m their age.

    • @shawbrothers18
      @shawbrothers18 7 месяцев назад

      tis is true’

    • @lisad6106
      @lisad6106 7 месяцев назад

      Gen X had to learn at a very early age to take care of themselves on nothing. Life was never about how impressive your financial status appears. Boomers are sick and broke from a lifetime of bad choices. Xers will thrive with all the time in the world to go out in the yard and play.

  • @michaelweaver2627
    @michaelweaver2627 9 месяцев назад +6

    As a boomer,I don't expect to go to a nursing home. I don't expect it but it could happen. Nursing homes and end of life care are designed to suck out the last of your wealth before you die. If you can't afford a nursing home then Medicaid picks up the cost but only for nursing home care not assisted living and only after you have used all your other assets . I suspect most low to middle income boomers will deplete their savings and end up in pretty bad shape 15 - 20 years from now when they sell off all they own and are forced to live purely off SS and Medicare/Medicaid. That's if these programs survive the big money attack on them that you can clearly see is ramping up now. If your a younger generation I would fight these attempts to kill off SS and Medicare that you will need someday. Remember that most of the money in America has transferred to a very small top percent of the population through various tax cuts and legal manipulations. That same set of people are now going to have to provide for the shortfall in keep society functioning.

    • @Suzanne-f4x
      @Suzanne-f4x 7 месяцев назад +2

      A decent assisted living facility runs about $60,000. a year. No one can afford that.

  • @jessicahayes9788
    @jessicahayes9788 11 месяцев назад +63

    Both of my parents are terrible at money management.
    My parents have been divorced since I was young. Both of them are narcissistic and both want to look rich.
    My father died of cancer several years ago penniless. I had to lend him money before he died because he couldn't pay for his prescriptions.
    My mother on the other hand earned millions of dollars because she was a commercial realtor. I think she barely has $500,000. She had this beautiful home that she gave to her current boyfriend just so he would stay. The house is worth $2.1 million.
    She keeps buying high-end clothing & purses to look rich.
    She expects us her kids to take care of her. None of us talk to her because of what she has done to us. It's too long to post so I'm not even going to do it.
    The money that she has left, $500,000 may sound a lot to some people but if you live in California and the way she spends money trying to impress people she doesn't even know, she can spend sll of that in the next 2 or 3 years.
    So yes, many baby boomers have squandered their money.

    • @TomM60
      @TomM60 11 месяцев назад +12

      Your mother making that kind of money undoubtedly has the maximum social security between that and the income $500,000 brings in she should be able to live without any worries. Anyone that lives in California has rocks for brains though.

    • @NoidoDev
      @NoidoDev 11 месяцев назад +7

      And this is the same these people behaved on average when it comes to politics. Giving everything away to look great and now wanting to retire in wealth.

    • @RichTapestry
      @RichTapestry 11 месяцев назад +2

      @@TomM60 A commercial realtor living in California though? It seems to have worked out income wise.

    • @shawbrothers18
      @shawbrothers18 7 месяцев назад

      This country is going to hell.

  • @14lou
    @14lou 11 месяцев назад +98

    The biggest problem is that there is no healthcare system, just a disease-care system that guarantees return customers. That combined with unhealthy toxic food and lifestyle ensures a rough time ahead making ends meet unless one takes responsibility for health by exiting the Rockafeller disease-care system and taking up a healthy lifestyle in mind and body.

    • @clubmike2910
      @clubmike2910 10 месяцев назад +4

      yup

    • @Cosmo_P0litan
      @Cosmo_P0litan 10 месяцев назад +6

      Bingo! If only US could change...

    • @rajadon2071
      @rajadon2071 10 месяцев назад +3

      True

    • @gizmo42001
      @gizmo42001 10 месяцев назад +2

      I was wondering if someone would actually tell the truth.

    • @shawbrothers18
      @shawbrothers18 7 месяцев назад

      Yeah, I’m a health conscious nut 🌰 and things are getting ridiculous. I keep getting sick at work. I can’t afford to get sick 🤒. If I do it affects my work performance. It’s a bad cycle!!!

  • @SetaDragon
    @SetaDragon 11 месяцев назад +189

    Also want to point out, that basically most of the younger generation not just millennials are faced with a really grim prospect, if we help the baby boomer generation (our parents, and most likely we will) with their retirement, then we are then we are either setting our children up too have to take care of us, or like myself, making plans to never retire and refuse medical services as we get older (thus shorter lives). This way our children have a chance to break out of the cycle. I have talked to many parents my age and most of them are making plans in the later category, with a common joke of colt401k.

    • @brianh9358
      @brianh9358 11 месяцев назад +57

      This is really dark thing to say but this is the sort of thing that is becoming more real as I get older. I figure if I come down with a major illness, and it is winter time, I'll just kind of take a walk. They will find me in a snowdrift in the spring.

    • @unc1221
      @unc1221 11 месяцев назад +45

      Nobody sane is tryna have kids in this hell.

    • @patrickhandley627
      @patrickhandley627 11 месяцев назад +18

      Take out high yield life insurance policies if you are able to afford it a make your kids the beneficiaries. It'll cover your funeral costs and any unexpected expenses that come up once you're gone so that your kids can move forward in their lives without having to pay for any of your debts and might actually inherit enough money to get somewhere in their lifetimes. I'm planning to take out a policy myself to cover my own end of life costs and leave something to my nephews and sister.

    • @ripplecutter233
      @ripplecutter233 11 месяцев назад +7

      colt401k is my plan as well lmao. i'm saving and investing but it's not gonna be enough. i just wanna unalive and let my kid(s) enjoy the inheritance 💀

    • @Monday_Man
      @Monday_Man 11 месяцев назад +12

      Or y'know, just refuse to take care of parents or have kids, so I can have a small chance of actually getting to live my life.

  • @knojustenuftobedangerous2442
    @knojustenuftobedangerous2442 9 месяцев назад +9

    Social security will never go unfunded. The worst that will happen is that the full retirement age will increase by a year or two.

  • @kylia2009
    @kylia2009 10 месяцев назад +37

    Im a Millennial with a Boomer Grandmother. I never expected to be the one that would have to take care of her. Shock of my life. It's sad out here

    • @Elhastezy888
      @Elhastezy888 10 месяцев назад +2

      Very sorry to hear that dear, it's extremely difficult being a caregiver.
      Hope/pray/wish you take care of yourself & get time in you need.
      p.s she's very blessed to have you 🫂

  • @pickles9440
    @pickles9440 10 месяцев назад +132

    Not to mention divorces, it really splits a person wealth. Now the same pile of money has to support two separate houses, etc.

    • @CovaRevival
      @CovaRevival 10 месяцев назад +19

      No one talks about this

    • @woodspriteful
      @woodspriteful 10 месяцев назад +11

      Family Court proceedings doesn't just split wealth, it transfers it to people involved in the system. Most people in family court can't even afford a lawyer; there's no wealth to start with.

    • @scottperry7311
      @scottperry7311 10 месяцев назад +28

      Marriage, once a benefit for both parties, has now turned into an economic trap, especially for men. I know so many men and a few women who were economically ruined in their later years by divorce. The system has really made marriage a game of Russian roulette, it works for some but not for many. This is one of the reasons why fewer and fewer people are getting married.

    • @woodspriteful
      @woodspriteful 10 месяцев назад +14

      @@scottperry7311 When it comes to marriage / divorce and custody, I'm really sick of hearing pro-men pro-women biases. It's really about who has financial power and who the narcissist / abuser / coercive controller is. I am biased toward mothers as a result of my experience, but I still know better than to gender the issue of exploitation even though the statistics show children are safer with women typically and women suffer more financially typically.

    • @AB-sw4kb
      @AB-sw4kb 10 месяцев назад +23

      @@woodspriteful you just gendered it

  • @casbot71
    @casbot71 10 месяцев назад +198

    A CEO earning $20M/yr pays Social Security taxes on ~1% of their income due to the cap on the payroll tax.
    In fact, they stopped paying into SS in the first week of the year.
    Meanwhile, the typical worker pays SS taxes on 100% of their income for the entire year.
    It's time to scrap the cap.
    Then the system would be well funded .... and if the $20M/yr person can't live with that tax burden, well then they're obviously not fiscally savvy enough to be getting such remuneration in the first place.

    • @DrSchor
      @DrSchor 10 месяцев назад +10

      correct......that solution will be phased in.

    • @delos2279
      @delos2279 10 месяцев назад +27

      Wealthy do everything they can to create a system where they pay no taxes. Same story with capital gains vs income taxes. If you earn your money passively with investments you pay a much lower tax rate than someone who earns the same actually working a job.

    • @michaelj6392
      @michaelj6392 10 месяцев назад

      @@delos2279the bottom 50% of American workers pay NET ZERO in taxes

    • @tcjatko7964
      @tcjatko7964 10 месяцев назад

      Just set up an "S" corporation like Biden did, and you can avoid $500K in social security tax, like Biden did. No worries about having to pay your "fair share".

    • @smpiano6605
      @smpiano6605 10 месяцев назад

      Crazy isn't it? The wealthy call everyone entitled yet they're the ones who think they are entitled to a lavish lifestyle.

  • @Toomanydays
    @Toomanydays 10 месяцев назад +10

    I saw this coming 50 years ago when I was in high school. 25% were putting effort in, 50% of the kids were just floating through, 25% were druggies.
    Back then college was cheap and even lower middle class kids like me could pay for it working part time. I feel bad for people who through no fault of their own are in a bad way.

    • @TradeforpeaceMoney
      @TradeforpeaceMoney 8 месяцев назад +3

      Fifty years ago, was the mid 1970's. So yeah, you lived through the 73-75 recession. I had Uncles in NY during the 70' and early 80s. They said it was DRY to the bone back then. No jobs, heroin addicts everywhere, and mass poverty! 2023-2024 is EERILY similiar!

    • @IndyAvocadoKid
      @IndyAvocadoKid 5 месяцев назад

      @@TradeforpeaceMoneyThis is true, like with my minimum wage security guard job in the 80s one guard even had 2 full time jobs and a part time job, we knew this so on the graveyard shift we'd let him nap between his rounds in the building, minimum wage was never really a good wage....🤔

  • @vvalasek
    @vvalasek 11 месяцев назад +18

    My Dad was a boomer her worked his whole
    Life and saved and died and never got to
    See 2 penny of his retirement or social
    Security

    • @Sassypants1957
      @Sassypants1957 11 месяцев назад

      I'm so sorry!

    • @LilyGazou
      @LilyGazou 11 месяцев назад +1

      This happened to a friend. Died just short of retirement.

    • @benton-benton
      @benton-benton 9 месяцев назад

      Same. Friend just got on medicare and soc sec. Was having arm pains. Couldn't get into a doctor. Had heart attack and died. @@LilyGazou

  • @Zulonix
    @Zulonix 11 месяцев назад +26

    I ALWAYS spent less than I earned. I bought my first car on credit. Every other car was paid in cash because when you spend less than you earn… money builds up.
    I decided on the amount I was willing to pay for a house… and bought an old house to fit the payments… then lived like a pauper on order to pay it off in 5 years.
    I never created a budget… because I got used to living like a pauper.
    Needless to say… I’m now retired and don’t need to worry about money.
    It helped to have a wife who turned every dime over ten times then wouldn’t by the item after all. 😊

  • @uninsurable9028
    @uninsurable9028 11 месяцев назад +32

    I always lived within my means, took advantage of employer-paid education, etc. IMO the problem is that my raises didn’t keep up with inflation. When I was 55 I drained my 401k and started a business. That was the best decision I ever made except now I work full-time and run a business and I’m exhausted. But it’s the ONLY way I was going to make it.

  • @Kiraiko44
    @Kiraiko44 10 месяцев назад +16

    I'm 35. I have already accepted that I will probably die on the streets one day, since i have no kids and I'm not close to my family. A lot of my friends have apparently accepted this too. We can barely afford to survive now, let alone when we're too old to work and our health issues have gotten worse. We won't be able to afford to retire or go into retirement homes, we'll work till we can't anymore and then die.

    • @shawbrothers18
      @shawbrothers18 7 месяцев назад +2

      I hear you buddy.

    • @anthonytokar3961
      @anthonytokar3961 7 месяцев назад

      Same bro

    • @MBT372
      @MBT372 4 месяца назад

    • @badminton5920
      @badminton5920 4 месяца назад

      All of us regular Americans need to get together and fight the corporate oligarchic. If we just passively except what's being done to us it will be Soylent Green time in America.

  • @map3384
    @map3384 11 месяцев назад +244

    My wife and I are Gen Xers. We were forced by my wife’s parents to take care of them after they squandered their inheritance and saving. The stress was so great on us I had a widow maker heart attack at 49. Afterwards I stopped giving them any aid. They refused to hire a home care aid. Our marriage became shit as we couldn’t even go for a walk. My wife had to care for them after work. Sadly and happily the day my mother in-law died a few years after my father in-law it was like our life was restored to us. We couldn’t go anywhere for years. I feel for these millennials and what’s going to happen to them.

    • @amandaarmstrong3606
      @amandaarmstrong3606 11 месяцев назад +42

      I am terrified that this is in my future. Xennial here. My Boomer parents are HORRIBLE with money. They squander it on hangovers and shiny things and have retired despite not having nearly enough to really retire. My mother goes on 4+ vacations a year that require plane tickets and hotels. She OPENLY admits that she's spending more than she should and the money's going to run out - "But who knows how long I really have? I want to enjoy myself, because if I tip over dead tomorrow, I can't take it with me!" My husband and I joke that they're going to end up living in our basement, but when the time really comes and I have my children to provide for AND my elderly, financially incompetent parents to care for.....it's gonna get ugly. Thank God at least my husband's folks are dirt poor millionaires sitting on $3 million in land out in New Mexico. My heart goes out to you, map. I am following you and it's scary.

    • @maxxomega6599
      @maxxomega6599 11 месяцев назад +39

      @@amandaarmstrong3606 - Well it's you own bloody fault if you take them in at all. Leave them to their own pathetic choices and just look after yourself and your kids...

    • @amandaarmstrong3606
      @amandaarmstrong3606 11 месяцев назад +47

      @@maxxomega6599 while cutthroat, which I admire in a way, I absolutely will not do that. I love my parents despite their flaws and will always care for them, as they cared for me. Their poor financial decisions are but one aspect of them as people, and they are wonderful people. I couldn't sleep at night knowing they're not properly housed, clothed, and cared for.

    • @diffened
      @diffened 11 месяцев назад

      @@maxxomega6599 easier said than done.

    • @swampwiz
      @swampwiz 11 месяцев назад +7

      The problem was with your wife.

  • @ellybanelly3656
    @ellybanelly3656 10 месяцев назад +71

    How am I supposed to build a nest egg, when I'm living paycheck to paycheck, and pulling out any tiny amount of retirement money I get from work, to fix the car so I can keep going to work? 😑

    • @jeffdunnell6693
      @jeffdunnell6693 10 месяцев назад +6

      Pay yourself at least ten cents for every dollar you make,you’ll manage without it,never spend it.

    • @ellybanelly3656
      @ellybanelly3656 10 месяцев назад +10

      @@jeffdunnell6693 Normally I would really appreciate advice like that, but I took all my rainy day money and spent it on gas to get to work. Literally was like $12 of just change I had sat aside for months. I think it's time I just hit the pavement again and try for a different job. Even just a twenty cent raise at this point would be better than nothing.

    • @Chris-m2o1s
      @Chris-m2o1s 9 месяцев назад +2

      You need to make more money!

    • @Chris-m2o1s
      @Chris-m2o1s 9 месяцев назад

      Youre not supposed to build a nest egg because thats a failure for the banks;.

    • @atrumluminarium
      @atrumluminarium 9 месяцев назад

      I'm not from the US so I won't pretend like I know better than you do, but is public transport an option for work? Yes it's annoying but if it can help cut corners it might help you catch up a bit.

  • @whereivebeenwandering
    @whereivebeenwandering 11 месяцев назад +73

    One of the ways that you can ensure that you have a better retirement is to stay healthy! That means taking steps to be physically, active and watch what you eat. The majority of the reason why people have a bad outcome later in life is because they are unhealthy and require a lot of doctors visits or assistance. My grandparents both lived into their late 90s but they remained active their entire lives so only needed care for the last six months of their lives. Healthcare and assisted-living will take all of your money if you’re not careful.

    • @Zoet50
      @Zoet50 11 месяцев назад +9

      You are absolutely correct. As the population gets more obese , it’s only going to get worse . Personal responsibility takes discipline and effort

    • @bellacat818
      @bellacat818 11 месяцев назад +13

      Not everyone who gets sick is to blame. I'm middle-aged and was BORN with an autoimmune disease. Shit happens.

    • @IAMTHESWORDtheLAMBHASDIED
      @IAMTHESWORDtheLAMBHASDIED 11 месяцев назад

      amen

    • @CraigAnderson-h2h
      @CraigAnderson-h2h 11 месяцев назад +6

      True, but there are also factors beyond our control that can impact health, like genetics, environmental toxins, etc.

    • @kos2919
      @kos2919 11 месяцев назад +4

      You do realize some illness can just appear out of nowhere right?

  • @Uarehere
    @Uarehere 10 месяцев назад +6

    0:14 It may be true that Baby Boomers benefited from entering life at America's most prosperous point in history. *BUT* that just means they were more wealthy than other generations. The fact is that most Americans have always been poor. Pop culture likes to focus on rich people, and there "seems" to be a lot of examples thrown in our faces every day. But in a country of 330 MILLION people, how many of them do you think are enjoying a middle-class or better lifestyle? No wonder so many people prefer an early death to a destitute retirement.

    • @thedakotalogs
      @thedakotalogs Месяц назад

      Boomers still voted for and created this mess. Zero sympathy

  • @IrishTwinMaker
    @IrishTwinMaker 11 месяцев назад +158

    Tbh, I think the only real ethical and sustainable solution to this problem is to return to multi-generational housing. It worked for thousands of years and we only decided it didn't work anymore in the last like 100 years. My parents had 10 kids and they sacrificed a lot for us. Those of us who are married now made a lot of sacrifices in our own families to be able to be single-income households so all of us wives can have the time and capability to care for our parents. We all agreed that we would take care of our parents in their old age. Even if they have to get passed around a bit, they will always have a roof over their heads and food to eat and be able to enjoy their twilight years with their family.

    • @pixytori28
      @pixytori28 11 месяцев назад

      multi generational housing is already a thing for many hispanic and asian families

    • @connierenna-xf9um
      @connierenna-xf9um 11 месяцев назад +15

      Yes, I grew up partly in such. I am 100% behind this practice for many reasons, the respect for and continuation of certain cultures being very important; however, everyone involved must be very aware and open minded about the others’ age-related needs and world views. This calls for a lot of love and tolerance from everyone.

    • @TomM60
      @TomM60 11 месяцев назад +4

      yeah that government housing sure did Chicago a lot of good in increasing the crime rate. No thanks. I want no part of that in my city.

    • @catherinesanchez1185
      @catherinesanchez1185 11 месяцев назад +15

      This is already happening in real estate . Most new homes have a “ mother in law suite “ and tiny houses are being added to people properties to allow family to live there without everyone being on top of each other . I’m Gen X and I’ve known I was behind in retirement savings for a long time . Going through two recessions will do that ! My elderly father and I now live together . He saves more of his $$ towards future medical bills and I’m stashing more away for retirement. We share household bills , groceries, property taxes etc

    • @dionjones6300
      @dionjones6300 11 месяцев назад +9

      I've been thinking of multigenerational housing myself. A large common area for cooking/entertainment and separated personal rooms. Kind of like a giant dorm

  • @pete5691
    @pete5691 11 месяцев назад +182

    If anything, this illustrates how important it is for everyone to be building strong families. Part of that means the older generations need to ensure the younger generations are successful. Baby boomers who retire and head south for 20 years and don’t have much to do with their families should not then expect their families to take them in when they become too old just because they are relatives.

    • @thepianist7084
      @thepianist7084 11 месяцев назад +15

      WOW - Great comment! I agree - put more work into family and less into self-entertainment, and there will be greater rewards and security in the long run for doing so. Thanks for sharing that thought!

    • @CraigAnderson-h2h
      @CraigAnderson-h2h 11 месяцев назад +22

      I'd rather drop dead than rely on my kids for anything...

    • @pete5691
      @pete5691 11 месяцев назад +23

      @@CraigAnderson-h2h Easier said than done if not prepared or things don’t go as planned. Family building is something we have lost as a society. It’s going to be a necessity soon.

    • @moviesynopsis001
      @moviesynopsis001 11 месяцев назад +12

      So have kids and rely on them to get you out of poverty since you were unable to do it yourself, sounds like a good plan

    • @pete5691
      @pete5691 11 месяцев назад +1

      @@moviesynopsis001 Lol bro reread my comment.

  • @noelleelizabethan
    @noelleelizabethan 10 месяцев назад +24

    This is terrifying. My mom is a boomer....her husband of almost 50 years, my beloved dad, died last year. She's relying on both of their SS payments...

    • @chuckmorse981
      @chuckmorse981 10 месяцев назад +7

      When a spouse dies, the survivor loses the lower ss check. Sorry…

    • @erbiumfiber
      @erbiumfiber 10 месяцев назад +4

      Be sure to tell her to apply for your dad's SS check if his was the larger- it's not automatic. She qualifies (heck, my MOM qualified and she was DIVORCED over 20 years when he died). It makes a HUGE difference (was about 1000 more for my mother).

  • @suen5006
    @suen5006 8 месяцев назад +4

    Not all baby boomers were able to save money have assets. Many have always been low income, and now some are homeless. Or their assets have been wiped out because of their health. Every day I see older homeless people with walkers in my community. The cost of even the simplest of living situations has largely caused this. SS isn't enough for even a room in a house for so many.

    • @pinkfreud62
      @pinkfreud62 8 месяцев назад +1

      So true. Younger gens cry they live paycheck to paycheck, but so have alot of boomers.

  • @richardt1792
    @richardt1792 11 месяцев назад +42

    If you don't see signs of homelessness of seniors in your community, take a look at Los Angeles. Occasionally you see seniors pushing shopping cart with all their possessions. More commonly, they buy or rent a broken down motor motor home. There are tens of thousands of them scattered around the unincorporated areas of Los Angeles. We have enough low income housing to meet 1% of the need. Everyone else in on their own. The one advantage of Los Angeles is that you probably won't freeze to death here.

    • @Comm0ut
      @Comm0ut 8 месяцев назад +1

      They had their whole lives to leave that city. Cities are purely bad so I don't live in one and that enabled me to retire at 47. Unless you are wealthy there is little reason to want to live in a city, and no reason for anyone to be in a city that's been going down hill for decades. Most people are silly, the worst self-betrayal a person can choose.

  • @chrislastnam6822
    @chrislastnam6822 11 месяцев назад +70

    One solution is for people to move into the houses of their senior citizen parents or have their parents move in with them. Hopefully there is a way to create a separate unit for the parents so their children have privacy. Putting a roof over your head is most people's biggest expense so multigenerational housing may be the solution to avoid homelessness in old age.

    • @bigjohnson7415
      @bigjohnson7415 11 месяцев назад +11

      Amazing! It used to be that way, and for many, it still is.

    • @georgiegunn9577
      @georgiegunn9577 11 месяцев назад +3

      @chrislastnam6822
      Exactly this… My boomer mom has been couch surfing with me and between the two of us, it costs too much still.

    • @Alex-mc5yn
      @Alex-mc5yn 11 месяцев назад

      @@RussOlson-nk3wc far from that, it's abnormal for former USSR republics, for instance. You would be looked down upon if you do that and failing to live alone would be seen as failure to launch.

    • @thebookwormhotel5336
      @thebookwormhotel5336 11 месяцев назад +1

      granny sheds are becoming really popular here, a tiny home beside the main for a grandparent to live in, they are usually built after one dies

    • @laureld9444
      @laureld9444 11 месяцев назад

      We built an apartment onto our house for my mom to live in 25 years ago and just recently moved into it and sold our house to our daughter and son-in-law for half-price. Gotta trust that it will work for our remaining years.

  • @Scapegoat32
    @Scapegoat32 10 месяцев назад +30

    I am a millennial and have come to terms that i will likely never retire. At least not willingly. I'll work until I'm physically unable to, still not have any money and will likely die shortly after. This is the future.

    • @DrSchor
      @DrSchor 10 месяцев назад +5

      it is the future if you don't change it for yourself

    • @BenDover-nl8qk
      @BenDover-nl8qk 10 месяцев назад +3

      The world the baby boomers are leaving future generations. And there smug about it.

    • @thelight3112
      @thelight3112 10 месяцев назад +1

      If you truly believe that, then it will become true.

    • @asaintpi
      @asaintpi 10 месяцев назад

      Nah, don't think like that. You will do well, and you will prosper. Tomorrow will be better, trust me.

  • @stanmarcusgtv
    @stanmarcusgtv 9 месяцев назад +5

    It was LBJ that folded SS into the budget. In early 1968 President Lyndon Johnson made a change in the budget presentation by including Social Security and all other trust funds in a"unified budget." This is likewise sometimes described by saying that Social Security was placed "on-budget." Johnson moved the balance sheets for Social Security money into the overall government budget for one sneaky reason: to mask his (and Congress’) risky spending habits. All that Social Security income made the actual government deficit appear smaller. Adding Social Security trust fund accounts into the overall federal bookkeeping ledgers, is known as the “unified budget.”
    Back in the 1990s, Congress changed the law to remove Social Security funds from the overall federal budget. So Social Security went back to its original “off budget” status. Presidents are required by law to invest the SS trust fund in gov bonds, Johnson, and no president since, and, for that matter, no member of Congress, has ever stolen a nickel of Social Security money.

  • @SamhainBe
    @SamhainBe 10 месяцев назад +89

    Great video Mr. Chan. I'm a Boomer with an old-school pension and I worry very much for our 30-something kids trying to save for retirement with their 401Ks. With the cost of life today, they don't have much left at the end of the month to save - that's with masters degrees, no college debt, and decent jobs!

    • @woodspriteful
      @woodspriteful 10 месяцев назад +4

      To have a Masters degree and no debt is incredibly privileged, and you're worried.

    • @MisterManTheBestMan
      @MisterManTheBestMan 10 месяцев назад +22

      @@woodspriteful "You're too privileged to be allowed to worry for your kids, stop being worried for your kids."

    • @MrEffinBest
      @MrEffinBest 10 месяцев назад +5

      I'm 40 and my wife and I have done very well for ourselves, and have no college debt, and we're still worried about how easily we can retire. Maybe it will all go to pot, who knows. My advice to my kids, who are now just 6 and 8, will be to choose a profession that they actually enjoy, never be afraid of a little hard work, and if a door opens to just walk through it and not over-think things. I was raised on a whole lot of empty platitudes like "the sky's the limit", "follow your dreams", "you can do anything you put your mind to" which is all well and good but I had to find out the hard way that's its really all about diligence, hard work, and accepting things you have no control over. My parents told me how to live, but they never actually showed me. I won't be making that mistake with my kids.

    • @neocortex8198
      @neocortex8198 10 месяцев назад +2

      please return back to the workforce, your "pension" is literally taking food out of the mouths of children, honestly at some point there will be a revolution and we wont be asking anymore.

    • @MisterManTheBestMan
      @MisterManTheBestMan 10 месяцев назад +11

      @@neocortex8198 "My kid is starving so I am blaming 40 to 60-year-old boomers instead of taking accountability."

  • @erents1
    @erents1 11 месяцев назад +71

    Well done, I’ve lived 66 years, it took me 66 years to grasp the concept and reality of retirement. You’ve done a great service to your country with your videos.

  • @DeenanTheKemon1
    @DeenanTheKemon1 11 месяцев назад +77

    When 4 generations have been utterly destroyed by the all consuming greed of the 1%.

    • @bigjohnson7415
      @bigjohnson7415 11 месяцев назад

      And Republican politicians giving away Tax Cuts to the Rich since Reagan, and deficit spending.

    • @jet4415
      @jet4415 11 месяцев назад +15

      This says it all. Everyone is blaming this or that but it is the 1% that is causing all the havoc. The greed is all consuming and they never have enough.

    • @ldl1477
      @ldl1477 11 месяцев назад +10

      Holding the 1% accountable is only half the battle. Yeah, they've gotten away with pitting the 99% against itself, and its time they get theirs, but plenty of other groups team up w/the 1% to get a bigger slice of the pie.

    • @queentrinicorn9441
      @queentrinicorn9441 11 месяцев назад +1

      @@ldl1477*the entire world stage has entered the chat* fr .. bc you have to zoom out to see who is really “benefiting”..

    • @kilburnvideos
      @kilburnvideos 11 месяцев назад +3

      This is exactly the problem.

  • @m42666
    @m42666 8 месяцев назад +5

    1) Their is accountability to be taken for not saving.
    2) People today do not know the term "yuppie". These were ex hippies who then got high paying jobs and spent their money on luxury items and a luxury lifestyle.
    They spent & did not save. The 1980s were the start of this era.

  • @jameswarner7435
    @jameswarner7435 11 месяцев назад +50

    Medicare/Medicaid funding, more specifically the lack thereof, is the single biggest budgeting failure the USA is currently facing. The cost of healthcare has increased at a rate far exceeding the rate of inflation in general. This is now reaching a point of crisis as the cost of these two programs, programs that represent the health and wellbeing of +100 million Americans, is three or four times in excess of the amounts withheld from everyone's paychecks specifically to fund them! Unless our politicians and attorney generals in the USA find and demonstrate that they have the integrity, spine and willpower needed to enforce existing laws applicable to this industry, the widescale greed driven fraud will continue unabated, and our nation will go bankrupt in the immediate future as healthcare costs continue spiraling out of control. Social security needs only a small increase in worker's withholding, and likely a few minor tweaks in other areas, to keep the program operating as intended for decades to come. But unless the healthcare cost monster is slain, none of this will matter because our nation is soon to be insolvent and no small changes are going to prevent the bankruptcy that is soon to follow. Simply enforcing existing laws that our healthcare companies have been ignoring for decades now would make a massive difference. What good would new laws even do for us when we don't even enforce the existing ones? No matter how one looks at this problem, I cannot imagine solutions for it that aren't painful and unpopular. And that is why I have almost no faith in America's politicians to address this. Do any of them have the courage and honesty to do what needs to be done when doing so is guaranteed to make them hated by nearly everyone. People should reserve their anger and direct it at their predecessors, for they are the ones who's inaction created the mess. But facts are facts, and budgets matter. We have elected popular ignorant fools to all levels of government, and they've chosen to play "kick the can" on this and many other serious issues. But the chickens are coming home to roost, we've fukked around for far too long, now we get to find out that kicking the can was one stupid ass game to be playing all this time, worse yet, such stupid games are no longer an option. The can is gone, we had to sell it for scrap! There is nothing else worth kicking. Thanks to the sellout morons we've elected for generations, we are now must face a problem that has only grown bigger and nastier, grown into a true monster. This problem is a long ignored bastard child, and it is a problem with teeth. It is here, it is a real threat, and it refuses to be ignored any longer.

    • @hyphydan
      @hyphydan 11 месяцев назад

      China's retirement age is 50 for Women and 60 for Men.
      They come to the USA and defraud the Medi-Cal IHSS program and collect SSI and Section 8.
      The system cannot sustain such abuse.

    • @alanj9978
      @alanj9978 10 месяцев назад +1

      Actually closer to 6x revenue. But yes.

    • @Kiskadee8388
      @Kiskadee8388 10 месяцев назад

      Fraud running rampant doesn't help either.
      Look at Senator Rick Scott. He became a millionaire from Medicare fraud. He was forced to resign from Columbia HCA, he was the CEO. His severance was in the millions.
      So like Trump's donors, workers are making a select few wealthy.

  • @janisosborne1775
    @janisosborne1775 11 месяцев назад +105

    I am a boomer who is retired, have savings andmy house etc. paid for. I remember being told 'time after time" when I was young that Social Security would not be there for me when the Government kept taking it away for other programs. I Believed them and lived very frugally my whole life, I wish others would have done the math also and not lived so well.

    • @archgaden
      @archgaden 11 месяцев назад +6

      Unfortunately, the government is able to take savings and investments by essentially printing money and devaluing whatever you do manage to save. I'm starting to think the nuts buying and storing gold weren't so crazy after all. Frugal living is its own merit, since you're able to tolerate living with little, but I'm not expecting the money I save to be worth much.

    • @interstellarphred
      @interstellarphred 11 месяцев назад

      Highway trust fund has already gone broke; yet the Beach Boys on the 8-track player loops on.

    • @dennispack4119
      @dennispack4119 11 месяцев назад +12

      Ever think that was/is a crap way to live ... in the wealthiest country on the planet ... while people in other wealthy countries travel all over the world at a young age ... have free/low cost healthcare ... eat well ... and have a much better quality of life?
      It doesn't have to be that way. The new "amerikan dream = leave the country

    • @blouburkette
      @blouburkette 11 месяцев назад +10

      Please look up survivors bais. You are not better than everyone else. Some people do not have this privilege. Stop judging.

    • @edwardmarquis4411
      @edwardmarquis4411 11 месяцев назад +9

      Right there with you. No problems here. When everyone else was blowing money on boats, toys and vacations, I was doing staycations and paying off my house.

  • @reid3031
    @reid3031 10 месяцев назад +45

    Mom and Dad died early and I have realized it's a financial blessing that they did. The sheer number of people trying to get their cut is astounding, I can't imagine how things would be now if they made it to retirement and started withdrawing their savings.
    The main lesson I've learned is "don't retire".

    • @angelachouinard4581
      @angelachouinard4581 10 месяцев назад +2

      That's true but there's a hitch. It's easier than ever to loose your job even if you've done nothing wrong. Try getting another when all the places say "Hiring" but they are just pretending to. It took my 60 year old friend over a year to get even a store clerk job and a millennial friend gave up after two years of looking, thankfully her husband makes good money. I had to start my own business at at least three different points. So yes don't retire but watch out for age bias if you have to keep working. I'm sorry you lost your parents early in any event.

  • @robertewalt7789
    @robertewalt7789 9 месяцев назад +5

    The reason private companies stopped giving pensions, was that the accounting rules were going to require private companies to report their value of future pension obligations, a big hit. So most companies moved to 401K matches. Governments promises pensions to their workers, but rarely are required to show the obligations on their accounts. These promises are a huge overhang of government debt.

    • @fsaldan1
      @fsaldan1 9 месяцев назад

      Congratulations for understanding something that most Americans don't. The US government does not have to follow Generally Accepted Accounting Principles (GAAP) when reporting on its finances. One hears government debt is 20 some trillion but that does not include Social Security, Medicare, Medicaid, and Veterans. If it did the figure would be hundreds of trillions. If GAAP were applied to the US government it would go bust immediately, just like General Motors did and for the same reason: huge pension and healthcare liabilities.

    • @TradeforpeaceMoney
      @TradeforpeaceMoney 8 месяцев назад

      Robert, you are clueless. That is why ENRON was so valuable. They were counting future value of derivative contracts, to a NPV actually that made the companiy (On paper) look more valuable, and increases stock market activity. It is a net gain actually. The reason private companies moved pensions to 401k, is becuase Wallstreet wanted to increase stock market activty and liquidity. Trillions of dollars moved to the markets from thos eprivate pensions. Back then, private pension, DID NOT gamble in the markets. They parked retirement money in much SAFER investments, like municipal bonds and bank notes.

    • @robertewalt7789
      @robertewalt7789 8 месяцев назад

      @user-bh6pq9oj9l It is possible that the pension accounting changed, and Enron booked future values of various derivatives. But Wall Street wanted to increase stock market for at least a hundred years, far before 401Ks were invented.

  • @foodlover8151
    @foodlover8151 11 месяцев назад +63

    If it's a predicament for boomers, GenX are screwed. Candidates are already talking about raising retirement age and reduce the payout.
    Excellent video, again!

    • @garyelder4610
      @garyelder4610 11 месяцев назад +2

      I hate to say it, but you're young (somewhat) and should stay saving

    • @josephclark7243
      @josephclark7243 11 месяцев назад

      ​@@garyelder4610cool. I'll just take care of myself like I already do. I am going to enjoy watching the system collapse on top of y'all. I divested from American investments long ago.

    • @DeenanTheKemon1
      @DeenanTheKemon1 11 месяцев назад +23

      ​@@garyelder4610saving what? Work full time and can barely afford groceries. Our generation has never been able to save. Thats the problem.

    • @LucasFernandez-fk8se
      @LucasFernandez-fk8se 11 месяцев назад +18

      @@garyelder4610your generation kinda fucked the rest of us by buying up all the houses and renting them for 2k a month. We can’t really afford to save

    • @bigjohnson7415
      @bigjohnson7415 11 месяцев назад +5

      ​@@LucasFernandez-fk8seActually that was Wall Street, along with Tax Policies making "Real Estate" investors special carveouts! But the last President resembled that remark, so the fact that happened wasn't really a shock.

  • @cameroncunningham204
    @cameroncunningham204 11 месяцев назад +37

    I am a child of BabyBoomers and their entire lives they wasted their $, my father wasted his clothes and cars and trying to appear as he’s wealthy and my mother wasted hers on home decorating/furniture etc,
    Now they both have no income outside of Social Security and if I hadn’t stepped in they would’ve been homeless
    This reckless behavior and wasteful spending started with BabyBoomers and it has been passed down to their children and grandchildren

    • @seabreeze4559
      @seabreeze4559 11 месяцев назад +1

      get on the deed, don't take promises

    • @janedoe1146
      @janedoe1146 11 месяцев назад +2

      A lot of them did do that... and now they have nothing to leave as an inheritance. That was selfish and stupid of them, definitely.

    • @cameroncunningham204
      @cameroncunningham204 11 месяцев назад +3

      @@janedoe1146
      For me the issue is not leaving me any assets it’s the fact that weren’t cognizant of to realize that they would become old one day and didn’t care enough about themselves to have a somewhat descent retirement
      If you have children and don’t take the time to prepare for your later years you are placing and undo burden on them

    • @fsaldan1
      @fsaldan1 9 месяцев назад +2

      That is your parents' case, not of boomers in general. I am a boomer and I try to spend more but I can't because I did not have a lot of money when I was young and got used to living frugally. My heirs will get huge amounts of money they did not work for. I just cannot bring myself to splurge.

    • @cameroncunningham204
      @cameroncunningham204 9 месяцев назад

      @@fsaldan1
      Actually you are in correct, millions of babyboomers have little to no retirement savings, they are the fastest growing segment of the homeless population
      this is backed up by both government and private sector data
      Babyboomers received the overwhelming benefit of industrial productivity during their lifetime and they essentially wasted it and this is evident bith on a macro level and a micro level

  • @TheMajorMajors
    @TheMajorMajors 10 месяцев назад +28

    Im entering my 30s this year, to be honest I know im going to work till the day I die unless I get lucky, retirement is gone for pretty much everyone in my age bracket. You can hardly afford to live these days even making 50k, like hell im going to be able to put 500 into a retirement account, doesnt matter if its taxed or not.

  • @ICharlyl
    @ICharlyl 10 месяцев назад +5

    Here in mexico baby boomers also were cut from pensions and we rely on some sort of 401k too. Problem is that more than 60% of mexicans work in informality (informal jobs that don't pay taxes and dont generate savings or social number or anything). Somehow the government expects mexicans (historically irresponsible people), who are not teached any financial stuff at school to save up and be smart enough to invest and have enough to retire. I think it will take another 10-15 years to the first baby boomers to retire and i have absolutely no idea what's going to happen but im somewhat confident that like 90% of people will go into poverty or homelessness

  • @NightmareRex6
    @NightmareRex6 11 месяцев назад +110

    the fact we live in a system where dont retire and get to "enjoy life" untill you are DEAD OR DYING and nikki wants to raise it to 70-75....

    • @jz94117
      @jz94117 10 месяцев назад +9

      Capital vs Labor: Our system is pro-Capital.

    • @jeffenriquez9929
      @jeffenriquez9929 10 месяцев назад +7

      Retirement is a very new thing. Throughout history, people worked until they died.

    • @MasterMalrubius
      @MasterMalrubius 10 месяцев назад

      @@jz94117That is because capital includes risk. You invest and it could be gone tomorrow. Each hour labor works they get paid for by the end of the pay period.

    • @MasterMalrubius
      @MasterMalrubius 10 месяцев назад +1

      @@_-Karl-_ That's changing as companies are finding that younger people don't want to work but "quiet quit". I am almost 60 and the company I work for is giving a retention bonus to me.

    • @JosiahK555
      @JosiahK555 10 месяцев назад +1

      For all of human history you worked till you couldn't, and you either died or were taken care of by your children. The fact that this thing called retirement is even possible is a 20th century miracle. But too many people are not saving up, not cutting expenses, not willing to have a part time gig in their 60s...

  • @ttstang89
    @ttstang89 11 месяцев назад +103

    As a millennial, why have I been giving up a significant portion of my income for the past 16 years for something I'm never going to get?

    • @jakeroper1096
      @jakeroper1096 11 месяцев назад +4

      @Finlo_Tiburonare you 13 years old?

    • @autobotdiva9268
      @autobotdiva9268 11 месяцев назад +3

      portugal and finland is nice

    • @user-ci1kz1cc6t
      @user-ci1kz1cc6t 11 месяцев назад

      ​@@jakeroper1096 If you learned how the world works and who runs it, you would realize that @Finlo_Tiburon is right, only he doesn't go high enough. People way above politicians are getting most of the money we all earn. We really are slaves.

    • @dawnfire82
      @dawnfire82 11 месяцев назад +4

      @Finlo_Tiburon Because that's how social security works. 🙄

    • @rosaliethomson805
      @rosaliethomson805 11 месяцев назад +1

      Because you can't save enough to get that much. Do the numbers. By the time you get ready to retire, you will need probably 5 million.

  • @oversquare6625
    @oversquare6625 10 месяцев назад +207

    You missed the point when it was common for one corporation to buy another just to raid its pension fund. Pension funds were far less reliable than 401ks.

    • @damemethief
      @damemethief 10 месяцев назад +19

      Pensions as a mere concept have always seemed sketchy to me. I'm supposed to trust that the fund manager my employer hires is going to manage & grow the funds in a responsible manner? That is absolutely wild haha, I'll stick to ETFs in my 401k & IRA

    • @SuperLifestream
      @SuperLifestream 10 месяцев назад +4

      They missed the point where we are meant to care. Dont live your life in a way they might require your kids to feel obligated to look after you. Dont expect anyone to ever help you

    • @scottperry7311
      @scottperry7311 10 месяцев назад +23

      @@SuperLifestream The modern family is an anomaly. Before that in the West, and still in large portions of the world, families relied on each other. Parents raised children, and they also helped with elderly parents, when children grew up and had families they then took care of their children and helped the parents that raised them. This has been the way it was for thousands of years. Its is only today that people think their families are disposable and they have not obligation to the people that took care of them for 20 to 30 years, even longer in most cases. While I think that everyone should be responsible enough to take care of themselves the best they can throughout their whole lives and into retirement, life happens, age happens, sickness and disease happens and kids might have to come and help their parents.

    • @zia_kat
      @zia_kat 10 месяцев назад +4

      union pension funds solve that.

    • @ColonelHoganStalag13
      @ColonelHoganStalag13 10 месяцев назад +12

      @@scottperry7311 Tell this to the legions of single mothers who didn't marry a man before having a child and then sent the child to daycare so she could be a career mom, which was her real dream anyway. If you were one of those kids, it is difficult to grow up and feel any genuine attachment to a mother who didn't see fit to make sure you had a father in the home and then handed you over to strangers to watch you while she had to work.
      Children should not be brought into the world with expectations that they are to be serfs taking care of elderly parents who may have made poor choices in life and are living well beyond a natural life span.

  • @lzu2860
    @lzu2860 6 месяцев назад +2

    I’m 76; I’ve been working hard as soon as I arrived into this proverbial “land of opportunity” but it no longer applies when one gets older. I’m terrified of retirement. I wish I can retire now but the thought of living on less than $4000/month is frightening!

  • @grahamturnor3614
    @grahamturnor3614 10 месяцев назад +41

    My father bought a house 10 minutes from the city in Australia for $7000 in 1966 he earned $178 per month in wages he was regarded as a middle-income earner his home repayment was $45 per month. The average home loan now is $650000 30 mins from the city > The Same job now is $850 after tax $3400 per month. Repayments for a home are $3450 per month but with inflation $4400 per month without paying for food, electricity, fuel, water, kids' schooling car maintenance, and insurance, so a second wage is required just to maintain a home loan. Working hrs increased by 15 hrs per week. This is based on a percentage rate no greater than 6 % .Im concerned for our children !

    • @ian7033-qj9wg
      @ian7033-qj9wg 10 месяцев назад +2

      Your father isnt a baby boomer. Im a boomer and I cant remember a time when I didnt work 2 jobs, and boy did we have it tough in the late 80s and early 90s. Fast food was a luxury and eating out just wasnt something we could afford. We always needed 2 jobs to pay our mortgage. Then we noticed something around the early 2000s, younger people were getting lazier and a lot werent bothering to work hard to get a deposit for a mortgage because rents were relatively cheap. They were enjoying their lives, pubs, clubs, avocado on toast. We continued to work hard then bought another house, then another one. Now property is unnaffordable apparently, no one wants a 2 bedroom unit in a cheap suburb, must be a large home in an expensive area.

    • @donovangunther4538
      @donovangunther4538 10 месяцев назад

      @@ian7033-qj9wg "I always needed to work two jobs to just pay off my mortgage" "Just bought my 3rd house so those poor and lazy newer generations can't compete lmao" uhuh

    • @evanboeckler9610
      @evanboeckler9610 10 месяцев назад

      @@ian7033-qj9wg bro forgot to watch the video and went straight to the comment section

  • @admiraleveleigh8573
    @admiraleveleigh8573 10 месяцев назад +21

    similar problem here in Canada. we all pay into a single pension called the Canada pension plan, but since the boomers started retiring there's less workers paying into it. thats why the government is raising taxes and bringing in huge amounts of immigrants, because they know if the pension system collapses everyone will turn against them.

    • @aunch3
      @aunch3 10 месяцев назад +1

      This is a good point that a lot of people miss. The US as well needs large quantities of fresh blood working hard and spending money to keep the economy growing

    • @sillydogfarms2983
      @sillydogfarms2983 10 месяцев назад

      Migration is the only thing that can stave off crisis

    • @ryeguy7941
      @ryeguy7941 10 месяцев назад

      Only problem is the immigrants they brought in are taking jobs from the 15-24 age group, and a lot of them want to work for cash under the table.

    • @rudysmith1552
      @rudysmith1552 10 месяцев назад +1

      ​@@aunch3AKA lowering my paycheck to support childless Boomers barely having a retirement

    • @Chris-m2o1s
      @Chris-m2o1s 9 месяцев назад

      The immigrants ae fleeing the systems that are milking them for money!

  • @thehylers1021
    @thehylers1021 11 месяцев назад +22

    I am 63, focused on optimizing my health as I will be working until the end of my life. Praying that I will be healthy, physically, emotionally and mentally able to do so. God bless ❤

    • @journeywithgod-i3e
      @journeywithgod-i3e 11 месяцев назад

      same

    • @melissachartres3219
      @melissachartres3219 11 месяцев назад

      Bummer dude! Blessings upon your house.

    • @melissachartres3219
      @melissachartres3219 11 месяцев назад

      @@geocam2 Thanks for the negative vibes... much needed and truly helpful. Also... they're SO hard to find these days.

    • @melissachartres3219
      @melissachartres3219 11 месяцев назад

      @@geocam2 It should never assume bad luck either... it should simply be PREPARED for bad luck. Nothing wrong with being realistic and pragmatic... but that doesn't mean PESSIMISTIC.

  • @AussiePom
    @AussiePom 9 месяцев назад +4

    We don't have this problem in Australia for we have something called superannuation and we've had it since 1991. Every working person puts so much money each payday into a superannuation fund and their employer contributes too, but not out of the employees wage but out of the employers profits. Even if you're a part time worker or casual you still have superannuation.
    There are two types, private super and industry super. The difference being that private funds have shareholders and salespeople so the payouts are lower whereas industry funds have no shareholders or salespeople and so their payouts are higher. Many people retire here and are self funded retirees that is no help from the government whatsoever. These people are not the 1% of society but about 75% of society.
    When people retire here they're not automatically entitled to a government pension. They're "means" tested to see how many assets they have and their assets determine whether they're entitled to a government pension or not. People on lower wages often get a part government pension and only those who fall below the threshold get a full government pension. This way the government can afford to fund the less fortunate in our society.
    We also have universal healthcare paid for by taxpayers, but once you're no longer a taxpayer doesn't mean that you're not entitled to universal healthcare for every citizen and permanent resident is entitled to it whether they're working or not. So even if you're unemployed you're still entitled to universal healthcare. Universal healthcare is paid for by how much you earn so if you're paid a lower rate you don't pay much and if you're on a top pay rate you pay a lot more but that doesn't entitle you to far more services for everyone gets the same amount of the service rich or poor.