3 Shocking Retirement Statistics
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- Опубликовано: 4 мар 2024
- 3 shocking, retirement statistics
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The decisions on how to invest, when to retire, and other financial planning topics are some of the most important financial decisions you will make in your life. I urge you to seek professional financial advice as you make this decision. Ideally, from a financial adviser, AND a CPA AND an attorney. Having the perspective of all three professions will help you make the right decision for you and your family.
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![Eminem - Houdini [Official Music Video]](http://i.ytimg.com/vi/22tVWwmTie8/mqdefault.jpg)
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…
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
Could you possibly recommend a CFA you've consulted with?
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My Husband and I both spent same number of years in the civil service, he invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $760k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
STEPHINE KOPP MEEKS she is whom i work with look her
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach you using their service?
"NATALIE NOEL BURNS " maintains an online presence. Just make a simple search for her name online.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Azul, again, I love your content but please remove the background music! It’s the same piano piece over and over, and it’s too loud, it distracts from your valuable content ❤
Agreed. This nauseating, repetitive tune sounds like a stripped down version of 'I'm only sleeping' by the Beatles.
Yes, please, cut the sound track. It detracts from the content.
Another 2 cents, background music is a little too loud.
My nursing home homies really like it though...
Background music is usually cringe. Why distract the message?
Really annoying. Why is it there?
Background noise adds nothing to video. Please stop it. It's a distraction.
Background music is distracting
I'll go farther & call it annoying
Love your content Azul. No music needed.
The background music is distracting while you talk
Could barely hear you over the music.
Hopefully they read comments.
Silly comment.
Azul, your voice and genuine concern for us is all the music I need!
Evidently, people don’t like the background music. Thanks for all you do, Azul! Appreciate the info.
The best thing and the simplest thing you could do is make sure you're investing $500 into your brokerage or retirement account. If you aren't able to, figure out how to come up with some extra cash. Your future self needs it.
Love this! Investing isn't as difficult as many think. It requires diligence, which people often lack. If you are starting out with a big chunk, that's where a financial advisor comes in handy.
Low six-figure income, no debt, nearing mortgage payoff ($400k property), age 43. Invested over 15x annual salary, amazed by focus on scraping by in retirement. Aim for surplus. My goal: retire at 55 with $5M. Unless the markets crash, these two points should align. I'm quite lucky to have started working with a financial advisor early.
This is mind blowing! As a young adult inheriting about $500k and new to stock investing, I'd greatly appreciate it if you could direct me to your advisor. I can't afford to make costly mistakes.
"Theresa Dana Peek"is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Love your video and the information. Please kill the background music it's not necessary.
Hey Azul, I've been watching for almost a year, and have appreciated your views and advice immensely! I was originally impressed by your raw, straightforward presentation that featured you simply walking around, talking, getting briefly distracted by passing trains, etc. While I appreciate the newer efforts to improve lighting, cut out wind noise, and present graphics, I could actually do without background music and generic inserted stock footage. Please consider saving the time and effort on those two distractions, and thanks for everything! By the way, I quit my day job at age 57, partly thanks to your encouragement :)
Love the music myself
I love your channel. I was about to say the music was too loud (distracting) for my taste when I saw the above comment, so I gave it a like.
Love watching you, great content but lose the background music
No music, please. Utterly distracting.
Can u NOT a chew gum and walk! 😂
💯 agree super distracting
@@margaretcook-ellis4941 I enjoy the music, it’s very relaxing.
Like music... but we are use to none in your videos... and we liked it that way!!
At least turn down the volume. The music and talk are similar volumes.
Azul , one of best financial RUclipsrs now imho.
But , please drop the music.
Thank you.
Azul please ditch the music
Agree about the music. I find it distracting also. Your content is great though!
Cash - Asset. Background music - liability 😂 feel like im sitting in a wheelchair at a nursing home 😂
80% of all Americans, NOT 80% of all Americans who are retired or are getting ready to retire. My adult children in their 20s don't have $100K saved for retirement. What is the percentage of people who are retired or within 5 years of retirement? That's the statistic that is more crucial.
About half of Gen X have nothing saved for retirement. And close to that many boomers.
@@alanj9978 As a tail-end boomer that's just crazy. We're a generation that on average has had such good opportunities _too_ save and invest. As a generation we have no excuse. Of course individuals may have good reasons. Not everyone has been fortunate in life.
I wondered the same thing. I looked it up and about 37% of all Americans are under 25.
Agree, it's all how it's worded , otherwise doesn't mean much.
Yeah, the chances of extremely young Americans already having saved 100K is slim. I just checked on my own situation since I've been tracking my finances for 35 years on my computer. I'm 55 and I just retired one year ago with a nice nest egg. My net worth didn't hit 100k until I was 31.
This is actually a great illustration of the power of compounding. If only people knew the way money works!
Thank you Azul. The more I watch, the more I learn.
Thanks, Azul, I appreciate your insight and knowledge! Just as importantly I appreciate the time and effort you spend to share it with us. Truly indebted!
Azul I just found your channel a couple days ago and I have been really enjoying your content. I especially like when you say let's go for a walk and shoot the video while you're outside.
I see this one I just watched this one and was fully interested in the content, and hardly noticed the music, although I see many people Dislike the music. I think it might be because they're they've watched your videos for a while without music but either way, I'm sure you'll will find a way to please. It is truly your content that is valuable here.
Excellent information please ditch the music
If you depend on your adult kids, then that uses up their money for their own retirement. Other problems with depending
on kids is that 1) they live all over the country 2) they can't afford a house of their own and have no extra room 3) you have no
extra room for them to live with you 4) they are not able to afford your needs as well as their own, especially if they have
children.
What I have noticed is the children of parents that did not plan for retirement tend to struggle as well. The children of parents that have done better are usually in a better position to help. We took my father-in-law into our house but it happen just after my son started working so he moved into my father-in-laws house.
Aloha. You are like that good friend we all wish we had. Thank you for your hard work in educating us.
I was raised to rely on myself, which meant finding a good stable job with benefits and to save as much as I could. Debt was also to be avoided whenever possible.
My husband also had the foresight to pay off his mortgage early, before we were married. I retired early and we are comfortable, I count myself lucky and appreciate that I am fortunate.
We have the instant gratification mentality in the US, our economy is consumer driven and that mindset makes it difficult for people to get ahead. FOMO is a very real thing and escaping it and not buying everything you want, aka self discipline can go along way in being successful in saving for retirement.
I realize that not everyone gets a leg up in this world and you can’t save when you only have enough to keep a roof over your head.
The world needs ditch-diggers too. That’s the reality. Some people are just incapable of getting ahead, and spend their entire lives in debt. Some have had unfortunate events happen to them, but most have done it to themselves by living beyond their means. People seem to have a hard time accepting their own level of wealth, and still want expensive things. Vehicles are a huge killer and one of the first things that come to mind. Some people wouldn’t be caught dead in a 10 year old Corolla.
Thanks for sharing
Thank you for the reality episode
Wow, not everyone need to comment on the music when it's been said many time! I guess they like quiet videos. But... Another great video! So glad you are able to help so many people We offer a 401k match at our business and almost none of the young employees take advantage. So sad! Save 15% all your life into VOO and you will be set!
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good?
Get an account at Vanguard where fees are low and you are a co-owner. Invest in high quality ETFs and Mutual Funds with a diversified portfolio and ride the market whether it goes up or goes down. I'm in ETFs that mirror the whole market; a little heavier on bonds given my age but my investments are for my grandkids since I can live without touching them these days. Buying individual stocks or trying to time the market almost always ends up being a losing strategy. Vanguard has a lot of information and tools to help you figure out what you want to do, to compare different investments, etc... and if you feel lost you can get advice at a fairly low cost.
Excellent video ,egregious music
Or play it at a much lower level…
Azul, thanks for what you do!👍
Wow I’m so proud of myself to be in the top tiers of savers 😮 3.1%. I’ve travelled to 32 different countries and most of the world doesn’t have money saved period, not even an emergency fund. Not to mention a pension which I too have.
The fact you have a passport puts you in a tiny minority of Americans, congratulations on seeing what’s out here….
I agree the music is distracting and serves no purpose, and I also agree I enjoy your channel!
Great music Azul. Not too loud but pleasant for those who like soothing piano.
10:50 Pointed link not showing. I've seen it though. Another fantastic presentation!
Please lower the volume of the music.
I retired 3 years ago at 58 and have a little over $1M in a trad IRA, and the same in home equity (not really sure how that helps) but here's something my GF 0f 20 yrs (who I support) have agreed on: We get better happiness from doing things in the $1K range (like the yard and little home improvements) than we'd get out of a $100K RV or $100K fancy truck or whatever else. Even if we could probably survive a luxury plunge like that.
It's the small things in life.... IF you get waylaid by some nasty illness and have to go into long term care , the $1 Mil in equity would help with that by selling it (it might give your around 10 years in congregate care. , having the GF rent someplace for $25k a year and you get pre death care in long term living , assisted living or nursing home care someplace at close to $100K a year . Find a place that is on the higher end if you can afford too, there's usually more room to park wheel chairs in front of the fish tank or bird cage.
@@markbajek2541 Thanks, good advice. We would like to stay here, it's on a lake with waterfowl and other creatures we love to feed. May install simple 3 floor elevator of some kind before leaving down the line.
Good use of visuals... but will agree the music is a bit loud, and not quite on the mark for this topic. Maybe make the music more subtle.
Ditch the music please. Thank you.
Hey Azul, could you talk more about what to do about long term care?
Due to a teacher's retirement, I only have about $50,000 in savings. My husband has no pension and about $125,000 in retirement. He had a lower income and could not save as much.Our gross SS is about $40, 000. We both are in our 70s and still have small parttime jobs, which we enjoy and don't intend to retire from these until our health causes the need to. We have enough income as we don't live a big life. We have an average house and older cars. We save and live within our means.
We have encouraged our adult children to put money in retirement as much as possible.
Wow my daughter is a few years out of college and she hit 100k in retirement
I enjoy watching your videos. Being 47 and looking to retire at 52 or 53 with a pension puts me in a bit of a different situation which I will look back on your channel and look for the video on that topic and rewatch it. When you total up these amounts in this video does that include only money in savings or all accounts 401k, IRA, and personal investment accounts?
Take care of your parents when they age. They took care of you for 18 years when you were a kid. The least you can do is take care of them for a few years.
So just as I started writing this, my music teacher wife started watching on her phone, because I had shared it with her, and she blurts out “OMG the music is distracting” anyhow not a deal breaker but close, 😂 anyhow I have an idea for this coming Halloween, you should dress like Captain Picard and run with the theme, now that would be great! 😂 😂😂 Seriously though thanks for what you are doing, your videos have helped me see things in ways I might never have seen them. Keep up the good work and God Bless!
Azul, I am a fan of your channel so I offer this with respect. You should explore international retirements. Based on this video, international retirements seem like the only viable way for a large portion of American retirees to have a dignified retirement. I am planning on either Portugal or Italy to retire to and I have close to $2M net worth at age 52. They are generally more pleasant places than the US and my dollars will go a lot further since those nations along with many others have much more affordable health care and very low or in the case of Italy, non existent property taxes. I’ve been lucky as a professional pilot to have the financial resources I have and to actually be able to retire relatively young. I think most retirees could realistically live a fulfilling and fun life in Iberia or Italia or some other desirable locale. ‘International Living’ is one excellent resource for retiring abroad. Anyway, Just a thought.
i love the content but please drop the music. I listen while ifting weights and it's terribly distracting.
Im closing in on joining the 4% with 5yrs to go towards a 30yr pension and roth! 😎🏖
Does that $150k medical expenses include if you have a Medicare supplement plan or LTC insurance?
Thanks Azul another great video. Can you explain the difference between statistical AVERAGE net worth and MEDIAN net worth. As I assume the super wealthy skew the AVERAGE way up too high. Thank you Sir....Rich
Increasing numbers of American workers simply don't earn high enough wages to save for retirement. Dept of Labor Stats reporting tells you everything you need to know. MORE than half of Americans live paycheck to paycheck and can't even cover essential expenses, so how in the world are they supposed to save for retirement? We also have a corporate greed problem, not just a failure to save problem. The largest most profitable employers in the country (Walmart, Amazon, Starbucks, etc) need to do far better for their workers instead of keeping the lion's share of the gains for elites at the top of the company.
It is so odd that channels aimed at older people do not account for the fact the a vast majority of their audience have some level of hearing impairment. The separations of sound being a huge factor. I understand why they do it but it would be so much easier if the background music was at a barely perceptual level and vocals ride several decibels above it.
I just retired in December at 56 debt free other than regular recurring monthly stuff. Passive income flow also. I said hell with working until 62. Not buying into work until your body or mind fails. I spend less than what I bring in.
Are you completely done working or are you now working for free?
Great job. Your doing it right👍🏻
100,000 to 500,000 is a lot of difference in cash, very different as is 1 million to 5 million
When you count net worth, is the ss benefit calculated as a defined benefit ? Yes or no
Without ages, this chart is meaningless. I keep videos on AutoPilot if there is no music while I fall asleep so can't do that with this anyhow.
Otherwise, I love almost *all* of Azul's videos!!! Blessings to you Azul
Interesting stats, I think the last one with the huge disparity between medium and average net worth shows what is wrong with the US economy and how it has shifted to high net worth individual over the last few decades. Before increases income tracked growth in GDP, that stopped decades ago.
It is shocking. Good for you to encourage people to prioritize savings early. Also, just eliminating expenses that really provide poor return makes the savings a little easier.
My wife and I both got laid off at 40 during a deep recession. It was a wake up call. We found there were all kinds of things we enjoyed doing that cost next to nothing. Parks, public swimming pools, beaches and the library. My wife stayed retired and my career did well, but this kick started our serious savings. Get a budget. Save. Retire easy.
Question- would you rather have $350k and a 200k mortgage w/ 1500 payment or 150k and no mortgage and no payment? Especially in an inflated market?
And yet people manage to make it the best they can.
Just note that the figures on retirement savings leave a lot out, since they count only retirement account balances. Say, nearly every public sector employee has a defined benefit plan, but those aren't counted. And if you look in Federal Reserve data (specifically, the Survey of Household Economics and Decisionmaking), many people have savings or assets intended for to provide retirement income that aren't in retirement accounts, such as owning a small business, rental real estate, and so forth. The reality from the data is that retirement savings have never been higher, and not just for the rich but for typical households as well.
Hey Azul you keep pushing new videos but it seemed like they are all the same that you already talked about… can you talk about what is really the bottom line upront with regards to retirement? Thanks
80% have less than $100k saved for retirement. That’s really shocking to me.😲
I just entered the top 3%. Nothing was given to me and I accomplished this with hard work and living well below my means saving and investing over half my income the last 25 years. I have a nice pension but that didn’t stop me from aggressively saving anyway. Just retired two months ago at 55.
It’s the greatest feeling being debt free and completely in charge of my retirement future. It’s the only way to truly enjoy your golden years. I feel for those that struggle to live comfortably in their later years. Many just due to poor planning but also many were just hit with bad circumstances in life. I get that. It’s a shame that so many struggle financially these days but seems to be a sign for the future. Doesn’t look to be improving anytime soon.
That`s the idea . Read the title of the video.
Nice flex. Good for you. Guess everyone else lack discipline and fortitude.
Enjoy your videos
How is whole life policy of 100k factored in for a persons net worth?
I wonder how many without savings are under 30 or have a pension. Those without savings should wait till 70 to collect social security if they can. The extra bump in social security can fill part of that gap. The most shocking thing for me after retiring was the high cost of health insurance. I pay $500/month for single health care (medicare plus Advantage plan) without dental. The ACA (Obamacare) doesn’t apply when medicare kicks in.
How long ?
I have to agree with the general consensus to ditch the background music. It distracts from the points you are trying to make. But also, your recording volume overall is low compared to all the other youtube videos I watch. I have to crank up the sound when I listen to your videos.
300k for a couple in medical bills seems unrealistic and a scare tactic from Fidelity. With a relatively cheap supplement plan of any worth your bill will be substantially less !
what is the diff between average net worth and median?they are on the same chart and vastly different numbers! l guess i missed something
There is potential for considerable wealth increase with the correct strategy. I want to know; How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
An effective strategy serves as a cornerstone in an investor's portfolio. As the level of risk increases, so does the potential for reward, making it essential to seek advice from experienced professionals for making sound decisions.
Precise asset allocation is crucial, with some employing hedging strategies or allocating to defensive assets for market downturns. Expert guidance is vital for success. This approach has kept me financially secure for over five years, yielding almost $1 million in investment returns.
I promote to everyone I know to invest into retirement. Tried tell a lady at work to even start putting $25 a week and she says she can not afford to do that BUT she starts telling how they are shopping for *another* RV 🤦♂️
I love your stuff Azul. As specially when you break down real numbers. Not a big fan of your piano player.
Please clarify if you are applying these numbers to all Americans or those at retirement age?
yes!if you qualify this statement .IT MEANS SOMETHING TOTALLYDIIFFERENT!
Background music is No Bueno.
The statistic I found most interesting was the one that wasn't explained - why the median net worth is so dramatically less than the average net worth. Would the super rich be skewing the figures? (I'm in NZ)
If your plan is KIDS better have a bunch of them. My sister and I cant keep up with my parents needs.
Love the unintended "Dr Evil" look, love the content, agree, not a fan of the muzak...
How about a video on Long-Term Care Ins? My biggest fear is that the company goes bankrupt after years of paying in...
Music? WTF? 🤬 😡
Sounds like a funeral 😬 💀
We want to think about living well in retirement not dying! 🙈
what a jerk
@@chrismd00
He’s a good guy offering solid advice Chrissy. 🤡
It’s like music from the movie The Truman Show…
Up Yours!!!
What's the mediun ss?
When I talk music plays too, is a disability
Music level could be lower. Could be better music too!
I’m with the ” Remover’s”… most annoying, and depressing.🤦♂️
I only know about 3 people that have talked about how much they have in retirement. Most people just don't talk about it. The poor have no savings but they have always been poor and social security tends to replace a higher percentage of their income. Its the higher earning couples with no savings that have to be concerned.
I like your demeanor, yet I notice that almost all financial advisors relate best with big earners. They use examples of people with half million dollar homes, and with hundreds of thousands or millions for retirement or net worth. Realistically, your are most relatable to the top 10-20%.
Azul, at what level should you be self insured for LTC? Thank you
I couldn't find the "Seven things I want you to stop doing" video..., no link in the upper right where you are pointing..., production error? I did see in your video library, a "SIX things to stop doing..., " posted 9 days ago..., is that the video that you are pointing/referring to? Great content. Music is OK..., just a tad too loud. Love it, but turn it down so it's unnoticeable background music.
How is retirement savings defined? If you have $500K in a regular brokerage account that's not an IRA, is that a retirement account? If you retire, that $500K in a regular brokerage account may be very useful. Even if you own a business, or a some real estate, you still have something, although it's not a formal retirement account.
That $150K from Fidelity is mostly Medicare and Medigap premiums. You can easily spend $5000 a year on these premiums for 20 or 30 years. You'll spend much more than $150K on housing in a 20 year retirement.
Can the music please
Is the average security check you quote a monthly figure? $1767 USD a month to live on? I like your content but like others here, I think the music distracts from this video (and doesn't seem to suit your vibe).
Yeah you don't do much living if you didn't save for retirement or have a pension.
I'm thankful I have SS & a pension. I can afford to stay aggressive in my TSP. I don't really count my home in my net worth because I have to live somewhere. Sure, I could sell it, but then I'd have to buy another one. So...
The more I think about retirement in America the more I’m convinced that defined contribution has been a failure. People are absolutely terrible at saving for retirement. Traditional pensions are a better approach.
Any advice on how to prepare for the debt burden our government has taken on? At some point its going to pop. How can someone prepare for this?
Debt has always been there. The USA is the big dog so we just leverage our debt with the GNP as collateral and a promissory note. Despite what Fox News has told you, the National Debt will not impact the average American.
The interest alone is more than what we spend each year on national defense. You can only leverage for so long. Despite what MSNBC has told you.@@bobdrago69657
In Asia kids are your retirement policy. They call it the sandwich generation - supporting your own kids plus your parents.
No music!