Broken Eggs: The Looming Retirement Crisis in America
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- Опубликовано: 5 окт 2017
- Broken Eggs Awakens America to the Looming Retirement Crisis
What was once a life ending in happily ever after is now a life ending in working ever after. If retirement feels more like a fairy tale, it is in the feature-length documentary Broken Eggs. The film takes a rare look at one of the gravest social issues facing an aging America - the grim irony that even as we live longer, a growing number of Americans are falling short of a secure and comfortable retirement. And the prognosis is even worse for future generations.
“Broken Eggs blends comical animations with unforgettable portraits of everyday Americans reckoning with their inability to retire.”
Social Security is 20 years short of insolvency; pensions are largely underfunded and in sharp decline; and personal savings are at historic lows. Unlike any documentary of its kind, Broken Eggs blends comical animations with unforgettable portraits of everyday Americans reckoning with their inability to retire. Audiences of every generation will leave rattled and ready to put their Nest Egg back together again.
The hard-hitting documentary also features wide-ranging, high-profile interviews with economists, policy makers and financial experts, all who confront the undeniable, but often ignored facts that have put the American dream of retirement in jeopardy.
Social Security is projected to be insolvent in 2033. In 1950, there were 16.5 workers for every Social Security beneficiary. Today, there are less than 3 workers paying in for each recipient.
Company-sponsored pensions have been in rapid decline since the 1980s. Today, less than one out of every five private sector employees has a pension.
As a group, American workers are estimated to be $6.6 TRILLION short of what they need to retire comfortably.
10,000 Baby boomers are reaching “retirement age” every day.
40 percent of Baby boomers expect to work “until they drop”.
Almost half of American workers have less than $10,000 in savings.
Americans who make it to age 65 today can expect to live roughly 18 years more. That’s six years longer than Americans who made it to age 65 in 1940.
What the experts say…
Economist Teresa Ghilarducci with The New School of Social Research has studied the savings and assets of future retirees. Her startling findings show that working Americans are actually “going backwards” - the first time since Social Security was passed in the throes of the Great Depression.
“Most Americans who were middle class when they were working all their life are going to be poor or near-poor retirees,” says Ghilarducci. “We’re going to have massive downward mobility. That you’re middle class all your life, and you now find yourself to be really in a chronic state of want and distress about finances. And it gets worse as you get older.”
And Social Security - what was meant to be a backstop to prevent people from falling into poverty in old age - is on the brink of insolvency by 2033, according to the program’s own administrators.
Social Security is not only bankrupt, it’s bankrupting future generations, says Laurence Kotlikoff, author of The Clash of Generations and a professor of economics at Boston University.
“We’re not measuring what we’re doing to our kids. We’re not talking about who’s going to pay for a different generation’s benefits,” Kotlikoff says.
“Most Americans who were middle class when they were working all their life are going to be poor or near-poor retirees,” says Ghilarducci
Turning America’s retirement prospects around is the chief responsibility of Mark Iwry, a senior adviser to the U.S. Treasury Secretary on retirement policy, and the country’s likely architect for retirement savings of the future. Iwry is determined to change America’s saving habits through automatic enrollments in individual retirement accounts or “auto-IRAs” for those who currently don’t have access to employer-sponsored plans.
“We can make it easier still for people to save,” Iwry says, “and thereby get many more of our fellow citizens on a path to having adequate retirement security. Right now we’re not on that path. Too many people are just not saving enough.”
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Well done Broken Eggs, thank you.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
@@Pamela.jess.245can somebody please delete these spam/scam comments?
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 parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
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.
Exactly why i enjoy my day to day market decisions being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not outperform, been using a portfolio-coach for over 2years+ and I've netted over $800k.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
@@parrish8386 Could you kindly elaborate on the advisor's background and qualifications?
I won't pretend to know everything, though. Her name is Melissa Rose Francks but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
My depression era father told about seeing neighbors thrown out of their homes when he was a boy. It created an impression on me. Now 74 I drive a 2003 Impala. House is paid for. Life is okay. Raising a 12 year old grandson.
Why isn't your deadbeat offspring taking care of your grandson?
God bless you with excellent health for your great sacrifice and your Grandbaby until he is well enough to support himself and many times thats not you 18 and you out that means maybe is wiser he stays and help eventually take over most expenses. But God bless you to keep supporting him and each other.
God Bless you for raising your grandson. That cannot be easy at 74. Praying that things continue to be ok for you and your grandson. I'm 66 and hope that I don't have to raise any of my 6 grandchildren but of course I would if need be.
2003? That's a new car.
You lived through the biggest financial boom in human history if your a boomer and not worth 5 million you made bad choices. If someone today buys an average priced home it’s over 7 years salary the mortgage is longer and they will end up paying nearly triple. To get the return of the average boomer the home would have to be worth 5.6 million at the end of the mortgage that’s without subtracting all the extra interest they have to pay.
The man who kind of puts living in a trailer down, may someday be damn glad to have a roof over his head, mobile home or not.
ALCAN52
Hard work pays off sometimes! 👌😁
May 2020. ... Imagine having debt now😱
@@ALCAN52 my bills are under £400 a month. The simple life is the best life.
40 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
I fully agree; I'm 56 years old and recently retired with approximately 1.2 million in outside retirement funds, no debt, and very few dollars in retirement funds in comparison to my portfolio balance over the last three years. To be honest, the financial advisor's role can only be ignored, not dismissed. Therefore do your research to get a reputable one and that should be any individuals main route into the market.
Vey accurate from your POV, It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into investment advisors for a strategy that suits your goals
wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
Natalie Lynn Fisk’ is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
For being broke, they live like kings
Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
One crucial aspect of earning profits from stocks is to avoid being frightened and selling them prematurely. It is vital to understand that stocks should not be treated as mere lottery tickets. Consider acquiring the assistance of a financial advisor to navigate your investments.
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
@@mikegarvey17Mind if I ask you to recommend this particular coach you using their service?
GERTRUDE MARGARET QUINTO maintains an online presence. Just make a simple search for her name online.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Lessons learned:
1) you won’t be young forever
2) live within your means
3) save at least 15% of your income starting at age 25
4) don’t go into debt and if you made that mistake, pay it off
5) pay off your house
6) retire well
...or have a communist revolution.
and have a savings acct so when you do retire you can buy a late model car with low miles or zero miles and made sure you had a long term food pantry..even better raise your own meat and egg birds and have at least a small garden. Learn to dehydrate and can your own food. You can learn to do that as I did at age 60 watching YT how tos.
@@fuckfannyfiddlefart ....and then we can all be "equally shabby"? When has communism ever CREATED wealth? Communism only survives as long as the wealth previously created by Capitalism lasts
Agree agree I save more then 35 percent of my income. Do automatically saving and investing and forget about. Tithe then pay YOUR SELF. Don't buy Stuff you don't Need
Get yourself back on track. Just do it. You WILL THANK YOUR SELF LATER. Read Dave Ramsey books. He is on RUclips. He can get your life and finiancal life in order. Government has very little with your retirement. You have to take care of YOU.
Hell, if people would just follow step 2 they'd be MUCH better off!
Have been investing double digits in my 401k for over 30 years. Have been living a minimalist lifestyle for much of that time and even worked two full time jobs for many years while paying child support. Drive an 18 year old vehicle, house is paid for. I'll be bringing home more when I retire than I do now. It can be done if you don't buy into the aggressive consumerism that we are inundated with via the media. For the majority of us we make choices and have to live with the consequences. Learn the difference between needs and wants and let that knowledge guide you.
I know your lifestyle was not expensive but your investment amounts likely made a huge difference ("investing double digits in my 401k for over 30 years"). Everyone I have heard of who does this ends up with a minimum of 100 - 300K no joke. Problem is the average for people in their retirement and brokerage accounts is somewhere in the 50 - 200 K range. You sound like a person who had pretty good jobs who did not spend too much.
It's hard to find a good balance. You only get one chance at life and it seems that if you don't indulge in a little consumerism from time to time you are missing out on some of the best parts of life. I think you need to balance your life. Work, save, and play. Working and never spending is just as bad as spending and never working. I work 80 hours a weeks so I can put enough away to retire eventually and play on my days off. I don't own anything new but I do have toys. If by some catastrophic event all my investments don't work out and I end up working a couple years longer than I planned on, I don't want to waste the 60 years before that.
What do you think now in almost 2023 ?
@@bonnieupton4114 Well, my StepMother died 2 years ago so I retired two years "early" to care for my elderly (now 87) Father. Doing quite well. According to my quite comfortable withdrawls I'll still have more in my investments at 95 than I have in there now, and this is even after the 18% Biden drop. I lived for 1.5 years off my savings before I started to withdraw from my retirement. Still comfortably driving that now 22 year old vehicle with 350k miles on it. Inflation is my only semi-concern at this point. This Administration seems bound and determined to destroy the market and The Fed seems bound and determined to destroy the economy. I'm glad all my properties are paid for and I don't have to buy a home.
And, I can tell you I'm loving retirement while I am still reasonably fit. :)
@@stevelux9854 Best thing you can do is don't vote for the republican party as things will only get worse for the majority of people in the US. Biden and your fed don't have much choice at the moment, they are not to blame for a global pandemic of the scale of covid virus outbreak. We currently have a right wing dictatorship here in the UK, who have a massive majority now to basically do whatever they want and no one can stop them thanks to the mostly stupid people who voted for our con-servative government and our undemocratic first past the post voting system. They only got 14 million votes in the last election in Dec 2019 out of 48 million or more electorate, they only got 44% of the actual votes and yet they have a massive majority. The cost of living crisis, rapidly rising inflation was caused by the covid pandemic and the resulting pent up demand in the economy, when those people in good jobs had a load of unspent money which they then started to spend after things started to open up, this and loads of businesses profiteering is the real cause of the extremely high inflation, plus some supply chain problems. Seriously, trust me you don't need another right wing republican government. I'm certain the Democrats will be a lot better, just now they need some time to sort things out. I really wish we didn't have this selfish, greedy and dishonest conservatives ruining our country and millions of people's lives here in the UK since 2010
The government is not "giving" us social security. We pay into it. That money is ours, not a government hand out. I hate when people say that we are relying on the government to take care of us when we retire. If that is the way they feel, then quit forcing people to pay into it.
I agree we paid into it and now the government thinks they can play with our money . 💰
BUT, they do Not save the money, it is NOT invested for you.. They SPENT YOUR MONEY on WAR.. And we, the workers pay your SS.. Its a HUGE PONZI scheme thats legal i guess.. and its not sustainable..
Something very important in addition to saving for the future is taking care of yourself. Preserve your fitness. No need to compete with anyone else. Just do what you can do and be the best that you can be.
Easy things like eat properly, no smoking, drugging, drinking. Work out 3-4 times each week, keep fit and able to stay active for the long haul.
It’s never too late to start and you can always improve yourself at any age. Have a long happy and productive life.
Live vegan and stop making children pay for triple heart bypass surgery, statins and dementia.
That's all in my daily routine. I can stand on my legs with a little money. Just be your self and make your day though. It's easy life. Love it.
ROFLMBO
I wish I had gotten this advice in middle school before all the contact sports and then working construction.....not to mention all the drugs and booze I could get into my body! I'm a total wreck now! I'm not complaining, just hoping to pass on what I learned to the young.
I agree with everything you said except that it often IS too late to start.
When your kid asks you how much you're in debt, you tell him and teach him not end up like you.
Agreed. He lost a great opportunity to drop some knowledge on his kid.
Shoot.. Tell that to my father.. Good thing I'm 30 now and all my debts from my early 20s aren't on my report.. Luckily I still have a chance.
I don't agree. A child that age has no idea of the size of meaning of money. If you want to teach children about money, help them get a job (I helpy daughter clean her aunt's house, and her Grandma's house. She cleans her own house for free because it's her mess). It teaches them that money comes hard, so spend it wisely. It teaches them they can have anything they want, but not everything they want.... But sharing the actual family finances with anyone less than 16+ is likely to cause anxiety. Better for a child to believe their dad can conquer any mountain, and keep them safe. They are CHILDREN
"are we in a lot of debt? how much?" dad" its none of your business!" this is true ignorance, dad missed a moment to teach his son financial responsibility.. another parenting fail!
I can understand it tho...well maybe not exactly what you were talking about...but my dad grew up real poor and when I was growing up he didn't want me to worry about money at all. We were doing fine) The end result is I didn't learn about financial responsibility as a young man like I should have tho. I have to agree with you on that part.
Or he knew the camera was rolling and didn't want to be in a documentary telling the world how much debt he happened to have when he went to live with his parents.
You think thats bad in the West? In Japan it´s much more worse in Japan because of the whole "preservation of honor" thing the family members will have a aditional reason to not speak about debts.
@@sebas8225 I heard about that.
Exactly. Didn't have to tell his kid how much but could have started a conversation about money and finances.
This young guy Nick is critiquing his Father, who has stumped up $150,000for his college education.
By my reckoning Nick owes his Father.....Big time.
Nick should be paying his own college expenses, just like me and everyone else I know.
My daughter denies that she owed me any gratitude for my paying for her after school classes and her eventual college education, addressing me curtly as follows: "you and Mom chose to have me, so it is your duty to make sure that I'm well looked after. I don't owe gratitude to someone who is only doing their duty." I know where that entitled (and profoundly mistaken) attitude comes from:
Her mother.
14:55 ''a full time activist, Nick is a part-time graduate student in American Government at Georgetown University''
Let's break that down; ''a full time activist'' does not necessarily mean ''paying job''. Does whatever organization he's with pay him anything? Even minimum wage? Or is he an (unpaid) ''intern'' or a ''volunteer'' (either is _very_ possible). ''Nick is a part-time graduate student in American Government at Georgetown University'' 1. Georgetown is one of the costliest colleges in the US. 2. We are long, long, past the ''any college degree is a good college degree'' point - that ended about the time Nick was born. _Assuming_ he eventually graduates, what does a BA, a (aptly named) BS or even a PhD in American Government mean in the real world? If he's _very_ lucky maybe he'll wind up on some Congressman's staff - at about a $30-$50k salary. Maybe, just maybe, that organization will finally put him on staff, with a real salary - of, again, $30-$50k. If neither happens? He'll join the ranks of Starbucks Baristas with a college degree. He's going for a ''junk'' degree that won't mean squat to 95% of private sector employers. In short, Dad flushed $150k down the toilet.
Well ... it is indeed true that a child does not have a choice in being born or not, so parents should be prepared for responsibility for many years ... however, a child should be grateful for what's positively given to him/her during a life of being alive, such as food/money/opportunities/etc.
Sunshine Jones The post 9-11 GI Bill is amazing. I’ve come across vets now attending UC Berkeley on it. They also get a housing allowance. A reasonably intelligent person can get marketable training in the military in fields such as medical, IT and various technological professions. One of the best decisions I made.
News Media: "Millennials are not having children like previous generations."
Me: Hmm, you don't say?
CzarJuliusIII
They're also not buying the overpriced homes the older people are trying to offload, hence the blame on Millennials. "These whippersnappers won't buy our crappy homes!"
Please stop producing more cabon creating humans.
@22lr1911GSG that just means more immigrants
well yeah, the last generation are the parents to these millennial, look how screwed up they are, imagine what their kids will be like!!!
@@lBaerdeLouisYAna Sorry, but that is bullshit. It is not the baby boomers, or the young today, HALF of that debt was brought in 8 years by OBAMA. TEN TRILLION DOLLARS. No one is to blame but the democrats.
This is to Nick's Dad: I'm living 100% off Soc.Security, and it was a real eye opener at first. First things first: make sure your house is paid off, and any other debts. Soc.Security has a max amount, no matter what your salary was when working, make sure you can live comfortably off that amount, including continuing to save money. You don't know what your bills will be in the future for healthcare or health problems. I keep working over my budget, down to the pennies. I also take a hard look at every expense at least once a year, when medicare supplement renewals come up. Make sure all your meds will still be covered, the new cost next year for meds and supplement insurance. If you can't afford your property taxes and living expenses on soc.security, sell and move to a cheaper part of the country! Property taxes in my area are low (mine is up to $119/yr and frozen). I don't know how people with massive heating bills, property taxes in the thousands each year, plus transportation costs live! Get acclimated to the seasons where you live or move to. You don't need central air and heat as much as you think you do. Does that money look better in your pocket or your utility company's pocket? I realized that I was only using my car 3-4 times per month. I added insurance, maintenance, gas up and I could be taking taxi or renting luxury vehicle for what I was paying. Contact your local Council on Aging to find out about transportation for seniors. But please be aware, if you take advantage of the Council on Aging's Meals on WHeels, you won't be eligible for free transportation and you won't be eligible for your state's "Extra Help" with Part D insurance payments and medicine costs. High price to pay for a few meals that are nothing to write home about.
"Make sure your house is paid off.." Reminds me of a Steve Martin joke. "How do you make a million dollars and not pay taxes? First, get a million dollars, and then don't pay taxes."
I laughed when they went to Paul Ryan of all people to talk about a looming retirement crisis. Ryan couldn't give less of a shit.
who in washington does give a shit? bernie sanders? the man with not 1, not 2 but 3 homes? haha yeah not even the berner cares. personal responsibility, that is all we have. hope your not going to try to defend bernie. a lot of people wanted to believe in him but when he bought that last $600K beach home that told you everything. he makes $175K and disclosed his net worth at around $500K when he ran for president. he reported the home with bought with money from the sale of "undisclosed property" haha sounds like something a career politician would say.
nocoolname32 Sanders' wife got that house from her dead parents. She sold that beach house and bought another closer to them so they could utilize it. jacksonville.com/reason/fact-check/2016-08-19/story/fact-check-did-bernie-sanders-accept-payment-endorsement-hillary
someone who preaches socialism somehow has 3 homes. you can drink that kool aide, i'll pass.
Cindy Blulady well you won't have to wait too long. He plans on retiring very soon after his $500k paycheck from the Koch brothers
nocoolname32 citing 'personal responsibility', as if that's the root of the issue. Educate yourself and stop watching fox and regurgitating neoconservative talking points. They are trying to fuck you, don't help them.
If you lose your source of income, and you think you are going to run out of money in 6 months, then it's time for at least a temporary lifestyle change. Cancel service on all but one phone, don't shop for fancy clothes, conserve on utilities, turn off the Internet, or settle for less bandwidth, etc. I don't see that happening in a lot of these cases.
Too many people can't be bothered to scale back to get even a meager safety net in place before disaster strikes.
And eat dog food.
I think I'd rather go to beans and rice, which are both pretty cheap. (Probably more economical than dog food)
if i minamlize anymore i will be living with out electricity.
sjh7132 Exactly they should rent out all the rooms. My landlord in college was a former student who bought a house in College Park, MD she rented all the rooms out. Paid off her mortgage bought a 2nd property and did the same. She doesn't have to work anymore 💵💵💵
Wait... the guy is a business consultant and couldn't even manage his own finances??
I just listen to the voices in my head,and that has worked out well
I often suspect the people who make decisions at my company of probably being deeply in debt I'm their personal lives. How else could they think their business decisions are wise? They have no clue how to manage money
His wife recently survived cancer... they had a nest egg before that.
@@trentotts Add to that being laid off from your job many times & its very tough. The nest egg broke & they still did not readjust their lifestyle until their kid moved back in to their house with their family. With the COVID-19 now it makes things even tougher. Nobody knows when the economy will return to normal.
@@ag4allgood Well that and they bought what looks like a posh 3,000 square foot house in the Bay Area at the peak of the housing market, must've cost several million at least.
I think the bigger problem is lack of planning and over-spending for years and years. Most people do not properly plan for retirement until their 50s and then complain about it. Prior generations stayed in the same very modest house for 30 years and paid it off. They had a car they did not replace every three years. How do people live today?
Exactly. Especially overspending
This comment, along with almost all others on this video, presume no unemployment from the financial crisis of 2001 and 2008, where many folks did not have the luxury of planning for retirement while simply struggling to keep a roof over their heads. It's impossible to live within your means if you have none.
I hate to see people living in a big luxurious house complaining about their poverty.
Thanks for putting it kindly.
Eric Anderson, I agree with you. All that STUFF. Even the joke gifts for his birthday. I will never understand people living like that.
All perceived conditions are relative. I might as well be a billionaire compared with some. But we did not see any of that “some” in this documentary, this is for certain
how about when a senator from vermont preaches socialism when he himself has 3 homes.
nocoolname32 Yes 3 homes worth under 2 Million dollars. Trump gave his own kids an estate tax cut 💵💵💵💵while the Working Poor got nothing.
Pride goes before the fall. The one couple needs to sell their home, downsize and move on with life. Trying to hold on to a house you can no longer afford doesn't make sense to me.
Should not make sense to anyone because these people have no idea what hard times are. OMG they live in a mansion for god sakes.
Always be prepared for economic betrayal and be prepared for all kinds of SHTF!
@@darthvader5300 Not expecting you here.
@@carmenortiz5294 We of the Old KGB has virtually covered all aspects of Western Life and Western Civilization. Your greatest mistake is abandoning the original context and intent and regulations surrounding the original social security system n 1968-1969 and most of you Americans are unaware of that. Social Security Pension Plans are based on investing their social security taxes in long term and multi-generational and multi-use and multi-purpose all climate and all weather infrastructure public utilities and their supporting technostructure full-set industries. And carefully and prudently "REGULATED BY THE PUBLIC GOVERNMENT IN ORDER TO PROTECT THESE PHYSICAL ECONOMIC INVESTMENTS TO MAKE THEM SAFE FOR THE INVESTED SOCIAL SECURITY TAXES INVESTED INTO THEM FROM WALL STREET" The aim is to ensure that all the social security taxes that has been paid by the retirees and seniors, and the steady stream of social security taxes that is being right now by the still working citizens will be safely invested and protected from Wall Street by "VERY STRICT GOVERNMENT REGULATIONS AND BY OTHER GOVERNMENTAL REGULATORY POLICIES" This done in this way so that their social security taxes can produce a steady retirement income stream from "REAL INVESTMENTS IN PRODUCTION OF GOODS AND SERVICES IN PUBLIC UTILITIES, PUBLIC INFRASTRUCTURES, AND PUBLIC TECHNOSTRUCTURES. While at the same time creating an increased in the high density life-supporting capacities and capabilities and abilities of society in sustaining human life in an geometrically increasing life-supporting capacity and at the same time sustaining economic life functions and activities in an geometrically increasing life-supporting capacity. In this way, society is not only stabilized but also assured of a steadily increasing life-supporting and economic activity-supporting capabilities, capacities, abilities. While a re-investment policy will ensure a steady support in scientific R&D in further improving such physical economic assets investments. This means investing social security in human resource development and in health care in all medical fields and educational fields and in all emergencies, plus for civil emergencies and military defense capabilities to defend the independence and sovereignty of the national-state constitutional republics. So, we will have to employ people on a large scale, as Roosevelt did, in public works, based largely on either government--that is, Federal, or state, or even local government--utilities; or we will have public utilities which are chartered by state governments, like we used to have public utilities, for things like power and so forth: high-volume; certain large-scale government project, to local public utilities. People can invest safely, their savings, in these kinds of public utilities, because we regulate the system, to make sure these things are safe for them. So, we have a large-scale of investment in this direction.
@@carmenortiz5294 And you once had a wonderful bill, called Hill-Burton, of merely a few pages--that was all that was required--which specified a mission-orientation, centered upon the institutions of hospitals, and similar kinds of institutions, to engage the entire medical profession, private practice and other, in a single effort, to provide a standard for improving the medical care and health security of the nation, on the annual basis, by simply counting the number of beds, and the staffing and support for them, in each county of the United States--each county setting an objective, so that the care would be provided. This overlaps another area of health care, apart from the care itself--is, preventive health care, which laps into what's called sanitation. And this is an essential part of our security system. Now, right now, say in Washington, D.C., especially since the shutting down of D.C. General Hospital, the security system of Washington, D.C. is in grave jeopardy, increased jeopardy because of the shutdown of D.C. General Hospital. For example, who is most susceptible to infectious disease? Poor people. Who gets the disease? Everybody. Who tends to spread it most easily? Poor people. Therefore, adequate care, sanitation and care, of poor people, is the first objective of health security of any community or nation. It goes together with sanitation. So therefore, the job of health care, from government's standpoint, is how do we make sure that this provision is met? What we did under Hill-Burton, we said: Well, we have public hospitals, like general hospitals, teaching hospitals; we have various kinds of private hospitals, voluntary hospitals, clinics, and whatnot. Well, let's take a budget. Let's see where the money is coming from to sustain these institutions, both as they are, and as they have to be for the coming year. How many beds of what type do we require? What facilities, and so forth. How much is it going to cost? Where's the money going to come from? Well, you've got various health care plans; you've got Blue Cross Blue Shield, for example; you have other facilities. You raise money by public appeal as a fund, for a hospital fund, or health-care fund, which they used to do, before 1973. And how does it work? Do you figure out what it's going to cost? No! You don't. You may do some actuarial estimates on this thing, but you don't do it on the basis of individual paperwork, on how you fund every inch of care. The classic case is, someone falls down on the street, in the old days in New York, under Hill Burton: Somebody says, "Call a cop!" Somebody else says, "Yeah, call a cop." So, somehow, mysteriously, a policeman arrives; he calls an ambulance; they take the person who's fallen in the street or somewhere else, and take him to the nearest emergency ward--I guess what you call a trauma center sometimes today. The person is treated, is probably put under observation in the center, and then, perhaps, is probably transferred to another institution for continued care. Somewhere in the process, in the days the follow, someone walks in, and says, "How is all this going to be paid for?" In other words, who's going to pay for it? Well, you got, in a lot of cases, no one's going to pay for it, because nobody can. What are you going to do? You're going to care for them anyway. You let the doctors decide what to do, what that patient needs, and that patient will get whatever that patient needs. How's it paid for? Well, it's a percentile of the total cost of health care. So rather than trying to negotiate every iota of health care costs, you have a system which can absorb people who need care, but who can not pay for it. You don't need all the paperwork. You don't need an army of accountants and thieves! HMOs. But in 1973, under the Nixon Administration, we put through the HMO bill, which looked bad enough at the start; what it resulted in was a rotting out of the health-care system. And during the recent period, there has been an avalanche of looting of the health-care system. So, the United States today does not have national health security. We have not even taken up the question of preventive health care. What do we mean by preventive health care? Just take one aspect of it. There are many aspects to it, but just one illustration, which any layman should understand: You go to a physician. You've got a problem. Now under the HMO system, the physician is hamstrung, because he's got to fill out forms by certain procedures. Then, he's going to make a diagnosis, and on the basis of the diagnosis, there'll be an approval for what kind of various clinical procedures will be applied, and treatment. And that's it. Now, if the physician says, "Wait a minute. There's something going on here. I want an additional test for this patient, because I think this must be looked into, this must be looked into, because something might be developing here, which is not fully manifest yet. Let's look into it." Now, if you catch something before it becomes certifiable, under HMO, the cost of treating that will be a lot less than if you wait till the effect of that problem hits the patient. So preventive health care, and the provision of having preventive health care, is necessary. How do you do it? Well, you do it with medical institutions, with physicians and other people of relevance. You simply say, do we have the capability of dealing with the kinds of things we weren't able to deal with before? What kind of procedures can we build into this health-care system to provide for this kind of thing? And you provide it. It's a part of our national health security. What's the national health security? It's the health of our people. It's just as important as protecting people from being shot. And even that's a problem these days, getting the care. So therefore, what we need is that. Now, in the case of Washington, D.C., where we have enormous, grinding poverty, at present, among the majority of the population here, the health-care provision for this city, this District, is a matter of prime national security concern. Say we had an attack of something like SARS, hitting New York City. Who's it going to hit? Well, it will tend to hit the poor very quickly, who will be low resistance, probably badly fed, badly housed, and so forth, more susceptible. And then it will spread to everything else, as we saw with this anthrax scare. So therefore, how do you defend the nation's capital against something which has the effect of bacteriological warfare? It may not be bacteriological warfare, but has an effect like it. You have built into the city, the capability of responding as it should respond, wherever something like this may be breaking out, and promptly dealing with it. That's your security system. This is certainly as important as any other security system, as law enforcement, or anything else, in protection of people. It's a part of our security. You look at the history of disease in European civilization, and that's what we see. So therefore, here's where we are. We're now at a point, here today: We're on the verge of the greatest financial collapse known to any of you. And it's coming on soon. Unfortunately, none of the candidates I'm up against, none of the rivals, so-called, are prepared to even discuss it. They certainly have not discussed it in any of their so-called debates--which are not really debates, more clown-shows than debates, I must say. So therefore, it has to be dealt with. There is a precedent. The only allusion, apart from what I've said about this, it was an offhand remark, in the course of a debate in New Hampshire, by Senator Kerry, who made a passing reference to the Mt. Washington, the Bretton Woods Hotel, where this famous Bretton Woods Conference was held. We're now at a point where we have to think about an international monetary reform, like Bretton Woods, now. And that should be number-one on the hit parade of any serious politician. The economic well-being of our people, and how we're going to provide for that, ought to be number-one on the hit parade of every politician. Say, "Don't talk to me about your little single issues. About whether your neighbor is doing this or that. We don't want to hear about that. We'll let the local politicians take care of that." A man running for President, a woman running for President, must deal with the issues which are of primary importance for security and future of the nation, and not get involved in all these little, local, social this and that affairs.
Watching this in 2020, I'm pretty sure COVID-19's gonna make this situation worse.
Somebody better put a mask on that wolf 😂
No kidding, it is pretty scary stuff to think about
@Jarod Armstrong Yeah, my crypto mining stocks are killin' it right now
I wanted to know the same thing! Yes the bounce back now in 2021 has been productive. Stocks have slowed but I put in a lot last summer and I made a profit of 1/3 what I put in. Its awesome
It did Social Security is expected to be depleted by 2034 🤯. They will have to cut benefits.
Yes because more people don’t want to go to work!
at 30:18 the man complains about not having enough in savings but in the background you can see a harp. I bet most of these people make good money they just have awful spending habits
The harp may have been inherited or bought 20 or more years ago.
@@themadlibrarian2933 true. But probably not the case....
Disgusting to hear wealthy people whining about their fears for retirement.
Yes, and they blame their poor life choices on the government, and want you to fix it. The couple with the girl who has health problems, pay half of what I do for health coverage. The ACA made it to where I pay almost 1900 per month so I can pay these peoples welfare insurance, I have no pity for these people. Here come the Boomers guys! here to blame the youth, on the life the greatest generation gave them on a silver platter.
@@themadlibrarian2933 A harp bought 20 years ago - $200. Generates $0 in future wealth. A wise semi-conservative $200 investment compounded over 20 years - $775. Add another 10 years = 1520.
Invest don't spend!
Watering your plants with a hose... More than 5 b-day presents... Drinking starbucks coffee... Huge fridge.... Pets... 600 dollar power bill... New car...
I geuss you know what the point is.
I was a bit surprised that the couple was complaining about funds in that massive house... at that age you probably dont have children... a small one bedroom condo is ideal for an aging couple... this seems excessive for that stage in life...
And a wife snivelling about being forced to be a bag lady and expecting the burden of work to be entirely on her husband. And what of her husband when she becomes a bag lady? What a self centered lazy and utterly dependent individual. Go get a job lady and save yourself and husband. Remember, feminism, girls are strong and a conscious bias to hire women before men with affirmative action quotas? Now get off your butt and save the family.
@@LilStoops She had just barely survived anal cancer recently in the video. Did you catch that?
Female cancer survivors I know work and support the family and not rely on a 'breadwinner' to support them.
Drained my Iowa water barrels today in sandals no gloves and lots of Vit C filled food. Have a few bottles to freeze soon to help fill the 4cu ft frig in unheated kitchen(wish had no kitchen). Be working on design for a "enclosed" outdoor shower for next summer. 3 to 4 gallon, 12v water/diesel pump/tube/and element for indoor water heating.
Ur doin' it wrong if you think a nest egg will help, no matter the size. You'll never have the same lifestyle once you retire. Downsize now, embrace minimalism, live an extremely healthy lifestyle, and learn to cook uber-frugal meals from scratch.
Sandra Anderson
I'm doing fine and no need to change lifestyle.
My lifestyle did not consist of living beyond means,debt,spending money I don't have,keeping up with joneses and such. And I live in an upper middle class area in high end gated condo community.
I make $130k-$160k a year living on $2k a month easy. My entire household expenses(utilities,home/auto,personal property tax,maintenance,groceries,etc..
Also home on Marco Island.
I have pension,$1.4 million 401k, $500k IRA,passive income,taxable savings and investments,no mortgage/consumer debt.
1.1 million of my retirement savings are in Roths.
And I have free lifetime global flight benefits and still continue to travel the world.
And no divorce rape and weaponized child support to worry about.
I'm not stupid.
I'm good.
BlackWorldTraveler LOL I've seen you post something good on a Dave Ramsey video too. (Remembered your user name) ...... Love how you set your future up! I am also a huge traveler. So, Can you tell me how I too can get those free lifetime global flight benefits:-)
Francesca Tedesco
I work at American Airlines. You can fly free starting first year anywhere.
I think you have to be here 10 years to get lifetime.
Any major airline have this benefit.
Sandra Lewis excellent advice! I certainly concur.
@@blackworldtraveler3711 "...Divorce rape?"
Financial companies used to speak to employees and say, “Just put a % of your pay in the 401K and you’ll be able to retire.” They no longer say this. Now they say, “Plan on having to supplement your retirement.” In other words, invest your $, but in reality you will never be able to fully retire. 😞 Companies stopped giving pensions. They pay millions to CEO’s instead.
You left out the part about many people not funding enough and borrowing from it.
I didn't plan for or depended on pension or social security even though I was told I was getting it.
Just saved invested and lived within means.
So now I am retired with a $2400/mo. frozen pension that was cut in half. But with zero debt and home paid off it's all I need right now since my primary living expenses are around $900/mo..
Also have nice savings,investments with qualified dividends, 20 year emergency fund,1.6 million rollover Roth IRA,and $460k rollover IRA.
Created passive income and annuity.
social security will be over $3k/m. at FRA.
As far as health insurance goes I had planned on keeping my MAGI below poverty threshold
to pay zero to around $150 a month premiums...but thanks to Covid I get company paid healthcare for a few years.
The problem is people like you are uneducated about 401ks and how great they are. You think that it’s ok to have a car payment twice as much as you put into your 401k every month
By the way i’m 39 and just hit $1million in my 401k this year because i planned and maxed it out for a lot of years in my early twenties
@@BigRed2 trolls like you always make absurd assumptions
@@BigRed2 your profile pic says you’re 65
$600 a month for Electricity? WTF. Move to a lower cost jurisdiction. Glad I'm single. My electric bill is about $75 a month.
I know someone (not in my area), lives north of Philadelphia with a $600. electric bill. Heating is a factor thought I don't think they need to heat where they live.
$75/month for an electric bill? WTF. Move to a lower cost jurisdiction. Glad I'm single. My electric bill is about $13/month on average (Range of $11 - $15 a month)
I'm averaging $50 a month for a 1500sqft 2bed/2.5bath/2car condo.
Glad I'm singe as well.
California electric bills are insane (they were talking about summer electric bills which is generally when people spend more on electric in Cali for cooling)
I live in the bay area as well but ac is used at my house very sparsely (only turn on ac when temp is above 100 at night and cool to 85) and in the summer, electric bills are still ~$120
the thing that bothers me the most though is their need to keep a big garden ... if you're having money issues, don't waste that water on the garden bc water prices are insane here
@@jadecheryl4730 If the garden produced food would it not be a good investment, vs gas to go to store to buy produce mass irrigated? Dunno, just trying to wrap my head around it. Up here in Prince Edward Island, we've had drought conditions this summer. Less than 1 inch of rain in eight weeks
The idea of retirement, that you could make and save enough wealth to not have to work in your twilight years, is a very new and unfortunately very temporary phenomenon. For all of human history before the 20th century, as soon as you were mature enough to work, you started working, you worked until you couldn't, and then your friends and family kept you comfortable while you wasted away and died. Now we're going back to that, reverting to the median of human existence-unfortunately, now more and more of us won't have friends or families to help us through those final years.
Absolute truth! People have been living in a fantasy world for decades.
bitbucketcynic That's also because throughout most of human history, people had nothing to really do or look forward to outside of working.
Meh. I don't know about that. With ever increasing automation, the need for most people to work is ever dwindling. Who knows what the future will bring?
Actually, while Social Security may be a new phenomenon, before that there used to be pensions that people received when they retired. This video even mentions it briefly.
Amen. This whole sit on your ass in your 1600 sq/ft mausoleum bitching about the grandkids that are busy working never coming by was a couple generation fantasy. Lucky them. Multi generational housing, etc is the future ... and the history of humanity.
Unemployed for over a year now..... deliver pizzas, expand that garden and sell produce to local restaurants, work part time at a convenience store, tutor students in whatever you know how to do, wash and detail cars, get a used lawn mower and cut grass, wait tables at a local restaurant, baby sit, drive for UBER..... the innovative and the determined FIND a way.....
rebellious man This becomes more and more difficult as you get older and the years take their toll. Also employers want young people who can work quickly for these sorts of jobs. I would also predict that restaurants and such either have their own sources or go to market auctions for their produce, and may not fully trust buying home grown from someone they don't know. I am not sure what your country's rules and regulations are, but professional businesses may not even be allowed to purchase from "unknown" sources.
Maybe I should move; I used to do all these jobs until I moved here. The poor alcoholics and drug addicts work for $5 an hour or work for beer. I don't drink and I'm not working for $5 an hour and using my own truck and lawn mower. I am disabled and I hate that but don't try to take advantage of me. I have told a few people, "I need money but not your money and, I'm disabled so keep paying your taxes to support me for not working and have a nice day!" They get pissed! What's odd is it's OK to hustle me but when I refuse and smart mouth them back, they get very upset. "Are you working this coming Monday? I will be at the lake." Disability is retirement with no savings.
"We have a massive McMansion, 2 shiny cars, and lots of money to buy presents for the grandkids"
-Grandpop, you don't know what poverty is. You are probably worth $1 million, you just don't keep the money in good assets.
Yes, when i have a $600/mo electric bill and cry about not having enough money in a 3500 to 6500sq ft house worth 1.5 to 5 mil in CA. I poor, give me more money. Down size people.
acem556 and he was driving a LEXUS 😁
downsize? sure, no problem. oh wait, no one can afford to buy that oversized, overpriced, badly built piece of crap suburban monstrosity.
Yeah we got like 500 sq ft studios going for 2500 a month in downtown Bellevue. These ppl have a lack of resourceful thinking.
I fucking agree 10000000%%%%
@@Iquey But why do you choose to live like that when you can have more sq footage and make a house paymt in a very nice house by moving down south? In my life I have moved where it's cheaper to live. You do what you have to do to find a stable environment for your family and a good life.
I can't really sympathize with Bob about his financial problems. He is working as a "corporate gypsy". You know that that kind of career is much harder in your 60s than it is in your 50s. Next, his biggest visible mistake was buying a giant house in the San Francisco Bay area in 2005. That could only be considered a speculative investment. A big house like that could be worth 2-3 Million easy. He bought it when he was around 53. Assuming he had his kids by age 35, they would have been out of the house or nearly so by then. So why the huge house? Now 2005 was a bad time to buy, but San Francisco real estate has boomed again recently. So it looks to me like his big problems are #1 lives in an extremely high cost area and maintains a high standard of living #2 worked in an extremely competitive field at an age when he knew he would be slowing down #3 poor savings and investment timing / strategy. If he had instead of buying that house saved his 10% down payment ($200k), outright bought a small affordable house somewhere else and worked 12 years at a lower wage job, he could still have saved money, and then would be in a better position to retire now.
Yeah you have to wonder what he was thinking about buying a house like that in the Bay area at 53. The property taxes alone would scare me away. Tack on the mortgage payment and 600 dollar a month utility bills and you are talking some serious money. They could live very nice lifestyle in Mexico for what they pay in property taxes on this place.
Well, to be fair, it's very easy to look back well over a decade back to 2005 and say those prices were speculative, by there were billions, if not trillions banking on real estate in general, (tens, if not hundreds of billions invested in just the San Fransico Bay area), alone, so I wouldn't blame him for making a mistake people far richer and likely smarter than him made.
That doesn't mean you should sympathize with him. He and his wife had millions of dollars of equity in that house, which they easily could have sold or rented for an amount that would allow them to live a middle class life in plenty of parts of the country. Compare this to the legions of people at his age and older who have close to zero equity.
The idea that somebody largely debt-free who owns a (fairly nice) home in the San Francisco Bay area might be unable to afford the average cost of a middle-class retirement is farcical.
These people are being forced to live just like the rest of the world .
dyno mike how is that a good thing?
Living with the grandparents is the future. More incomes to share the bills. This is how it use to be. It keeps the wealth from being lost in the family and the kids get to know their grandparents and learn to be good to each other.
Of course this doesn't work if your are targeted by the societal agencies that you threatened to sue for not following their own laws and statutes!!! Then your family is warned off supporting you in or out of court! The system is not broken it was designed to be exactly where it is! For those that think the the bliderberg meeting at Bohemiem Grove have always orchestrated the crashes and the wars you got to wise up! The bank sters fund both sides of the war and are created to bankrupt the countries to create the debt based economy! They have the world on the brink to usher in the new world order where everyone will be give a certain amount to live off after the depopulation agenda is completed of course. Agenda 21, the vaccines, fluoride in the water, chemtrials was all planned as well as the reset of the markets!
Family is a blessing, not a burden.
I see a lot of families going back to that while living under the same roof.. Everybody in the family works, from the teens to the grandparents. And yes,living with extended families is quite common in many other countries.
So because previous generations have lived above their means and didn’t give two shits about legislation that screwed the future, I am supposed to go live with my grandparents? How about we reverse policies that have allowed the ultra rich to skyrocket while stripping the rest of us of living wages and benefits? How about we hop on board with the rest of the civilized world and have single payer insurance? How about closing loopholes that allow people like Donald Trump to not pay a fair amount of taxes? How about making education more affordable so people aren’t graduating with tens of thousands of debt?
Oh man, people also worked till they died and died of polio in the last century - looks like we truly are going back in time! 😂
It is a huge gamble that you will be able to retire. You have to sail through the job markets, healthcare, marriage and possibility of accidents. One hiccup and you lose everything.
... and that is what is lost with all the understandable criticism. You CAN cut back all you want/can; even folks who plan right -as noted in the documentary- can be hit with nasty surprises.
I agree, I feel everyone wants to point out the problem but dont see that they worked and have afforded there lifestyle and due to unexpected events are at loss. We will get no where in this country pointing fingers and judging harshly others. People who work hard and can afford nice things shouldn't be punished for them. Bad things happen to all people not just below poverty level.
Not a huge gamble. All about choices.
Chose a marketable career field.
Saved,invested,and lived within means through it all.
I chose not to get married.
Take care of myself health wise by not getting fat and eating crap.
Accidental,health,dental,vision,home,auto,etc. insurance.
Umbrella and emergency fund for hiccups.
Just retired at 54.
@@blackworldtraveler3711, you sound just like my good friend Wookie. He invested, lived well with in his means and on his last month of work he hit a patch of ice, his vehicle went off the road and hit a propane tank next to a house. The rest need not be mentioned.
Lou Montana
Not really. Pay attention. Already said I was retired.
My last month was in April thanks to this coronavirus. Planned to retire in November but got an early out package with paid retiree medical,dental,and vision for three years,half year pay ($70k)next year, and early pension payout.
Timing was perfect.
Rollover Roth IRA 1.4 million
Rollover pretax IRA. $450k
Other taxable savings,investments,etc. including 20 year emergency fund based on total monthly living expenses.
Also continued lifetime global flight benefits on American Airlines and 90% discount on other foreign airlines.
And I've traveled and spent time in 57 countries so far exploring,backpacking,hiking,sailing,etc. enjoying good people,culture,and foods since the 90s.
So I'm not the crawl in the corner in fetal position type.
And since I can't get my kitchen remodeled this year because of back log from this virus shutdown. My gf and I will be in the Cooks for a couple of months soon as these flights begin again.
The adventure continues...😄👍
Being a first person to go to college in my family. I wanted to escape the pay check to pay check life of my parents. Was able to work and pay for first 4 years of college and have no debt and save money working near min wage jobs(3 jobs at a time and full time college load). Now my worst life choice was to attended doctorate profession and aquired student loans. I make 3 times the salary but once the government gets there share, student loans, and housing there's nothing left to save. Student loans are the new slavery in America.
Jena English Granted, the loan system is abusive. But, if you don't foresee the ability to pay off the loans within, say 4 or 5 years, and after that, reap a long term benefit, then you likely chose to get a doctorate in a non technological field.
With your poor spelling and grammar, I would be VERY surprised if you attended college at all.
You have a doctorate and still get there, their and they're wrong?
DEBT slavery is the new reality in the USA. Money displaced race...
A doctorate and you don’t know when to use there and their? WTF
I never had a job where there was a pension in place. So actually I may have been spared a lot of grief because I just kept plugging money into IRAs and 401ks such that now I don't even really need SS. Also paid cash for 2 homes so don't have a mortgage. Always drove old cars and fixed them myself.
Yeah your a dude you can see crystal clear conclusions that's not where the problem is causing the death of the west.
American Family & Community Rebuilding Act - AFCRA - Bringing retirement dollars back to main street America www.trum-pet.org/
You're a pretty smart person. way to go.
"Paid cash for 2 homes.. [so why can't you do that?]" Typical attitude of a spoiled rich boy, likely college grad with $100k+ sal, inheritance, etc., ADC (assistance with daddy's cash) economic punk.
You are absolutely wrong on each and every point.
I can relate to the elderly couple that had to dig into their savings and then retirement to survive. I'm going through the same situation. Have been laid off twice in the past five years, because the company was losing money and needed to become profitable. That's a dilemma many are facing. There is not job stability. I was saving, I had savings and believe in putting money aside for my future, but it's hard when job stability is not there.
Hate to agree but income is super important. I would not be where I am today if I had not been lucky enough to be employed yesterday!!!!
Get retrained , educated in another field. Move if you have to. You have choice's
Happy to live in Switzerland.
We have a functioning 3 leg system:
- Basic Security (AHV)
- Pension split between Employeer and Employee which will ensure 80% of the last salary
- tax deducted savings up to 8'000 usd per year and more without tax deduction (Säule 3a)
"Switzerland"
Not really fair. You're country is (quite possibly) the best on earth, and your culture is very well adapted to encourage living with one's means.
"Social security was supposed to be the third leg of the stool, not the entire stool...". Only thing that really needed to be said in this whole video.
They keep putting 401K as savings and not a replacement for pension. I am not sure you qualify for 401k if you are in a pension plan, so I don't get that.
@@RandallHallKaizenReiki I did see some companies offer both but I think those were for older employees grandfathered in and not every employee. Could be wrong but that was my experience working on retirement plans
Government could solve the SS/Medicare funding crisis tomorrow simply by lifting the cap on FICA taxes which currently sits at $142,800. Lift that cap or at minimum double it and BOOM! Crisis solved.
@@JJTownley_Classical-Composer More money does not solve the problem. More money is NEVER the solution to our medical system. Our medical system will suck in every dollar you throw at it and demand ten more.
@@JJTownley_Classical-Composer That would mean taking monies away from the well off...Republicans will never allow that!
It was four separate republican presidencies that used the SSI reserves as their slush fund to pretend they gave America a balanced budget...
They lied to America and so diminished the security of that vital program, that it went from well over 75 years of solvency to less than 30 years and now it is weaker still...
If anyone should pay the price, take back benefits from republican voters, who like being lied to and are the cause of all this deception...
"Don't drink THAT kool-aid, kid"! That cracked me up! But seriously, this was very well done and very well put together. A real eye opener. This should be taught in high schools across the country. The kids need to know this stuff.
The couple featured in this video did lose equity in their home when this film was produced 4-5 years ago. Their home in the San Francisco Valley, no doubt, has regained its original value since the 2008 crash. The homes in that area, right now, however, are so overly priced that they will have a hard time finding a buyer who can afford a home such as the one they counted on to finance their retirement. A lesson to be learned about putting all your money in one investment, rather than living more simply and frugally, especially when jobs are scarce for older workers.
" The homes in that area, right now, however, are so overly priced that they will have a hard time finding a buyer who can afford a home such as the one they counted on to finance their retirement."
Wow, what a stupid point.
Everyone talks about how bad my generation have it because of previous generations. What about all the technology and information we have access to?
And what about all the wonderful things in life that are free?
You don’t need to live like a King or Queen to be happy!!
6:55 - "We're living month to month now."
**Lives in a giant fucking house**
"I'm going to be the bag lady on the corner, begging for money."
**Cries**
YOUR HOUSE. GET RID OF YOUR GIANT FUCKING HOUSE.
Most American's spend every dime they make faster than they even make it. None of these people whining about retirement saved 10% of their income their entire working lives, but all of them could have. Look how these people are living...do you see poverty? I don't.
… that's right … should folks be living in cardboard boxes … should one's standard of living be down graded to which cat food is the best for breakfast before we see there is a systemic problem here … So yeah we see poverty … We see it in their poor inability to maintain a given standard of living after working for decades because later in life the rift of continued shitty trade policies, the unregulated mantra of banking and investments, the shipping of 50,000 plus factories and means of production over seas since 2004 alone, the poor outcome of 30 plus years of trickle down voodoo economics and the list goes on and on, has left most of the working solid middle class american out and directing them into a food line ….
I see living high on the hog
ZZZZ, there's a middle ground between the big, fancy house, and a cardboard box. And no, working for decades does not entitle you to a certain standard of living. The middle class (and below) feels a certain sense of entitlement, yet they didn't do the work (saving over their lifetime) to support that idea. In America, it's been the norm to spend almost every dime you make and thensome, and this is sad result of a culture that encourages it. You can work for lifetime at a well-paying job and end up with nothing, because you didn't take the steps and efforts to secure your own future and standard of living. While I agree we do indeed have some broken parts in our system, that does not negate personal responsibility.
ZZZZ Yes, one's standard of living should be downgraded if they can't afford to live there. The trade policies you talk about already made life hell for the Gen X and Millenial generations. I just finished paying my loans at 40 and having my first kids at 44. I have lived in a studio for 20 years. But I got 2 grad degrees and paid them off. Now I have enough savings to have my twins, and I'm not going to have a lavish house like this Baby Boomer who is whining about having no ability to retire and keep the big ass house. I grew up in a 5 bedroom house with a pool as my dad was an Electrical Engineer, middle class salary. I am an Economist, middle class salary but could NEVER afford a house. If the Baby boomers who didn't save and lived in big houses can't afford it anymore, cry me a river. I've NEVER had that despite being at the top of my class, prestigious schools and working my ass off for 20 years.
Don't attempt to link a questionable "most Americans" with a few examples selected for a show.
Great video. After reading some comments, I noticed that some people dont realize the training you receive growing up in a big city. I grew up in NY and people accept and define you by your possessions. I agree that people should do more for themselves. Understand that there is limited space to do things for yourself. I now live in NJ because it is cheaper. I know of some homeowners and car owners that cannot fix broken things themselves because it voids the insurance policies. About 15 years ago, I moved to a small town in PA and life was very different there. People grew their own food and fixed their own cars and homes. At the same time, most of those people did not have car or home insurance. I enjoyed it but I did not last there because they were unaccepting of Black people so I moved to NJ. Living without internet in a small town is fine. Living without it in a big city will get you ostracized by friends and coworkers. I cannot afford a house in the city. I would love to buy a trailer or mobile home but the people that live in those communites dont want Black people there (understandable). Also there are no black trailer park communties. My kids are grown and Im single so I dont feel safe living around people that dont like me (especially now). So I will stay in NJ and keep paying rising rents. I grow lettuce and cucumbers in my apt but its hard due to mice. When u live in a building with people, there are going to be rodents although I keep a clean house. Thanks for reading this long post.
Hey that ain't right. Nobody should look down on you just because you are black, or poor either for that matter. Can you move to another state? There must be some options for you. I want better for you. Let's figure out how.
Wow! 😮I am black & live in NYC. I had NO IDEA of what you experienced. Thank you for the heads up! After reading your post, I think I'll just stay in NY. It's a TERRIBLE feeling to be rejected based SOLELY on our skintone.😥
I'm not being judgmental but is part of how you perceive people looking at you in your head or is this truly how it is I wouldn't let it bother me you be the first black person to move into a trailer park and I bet others will follow don't let how other people look at you stop you from what you want to do
" I cannot afford a house in the city. I would love to buy a trailer or mobile home but the people that live in those communites dont want Black people there"
"(understandable)."
Based. Among Blacks, winners admit this. However, the top 1% of blacks don't admit this, (do you think LeBron James thinks highly of other American blacks, lol).
You don't have to be black to not be welcome, not the nature of our society anymore.
i'm 77 and not retiring ever, doing nothing is boring, i'v done all the fun stuff at an early age, got married at 31 daughter at 36, divorce at 42, paid off home in 2007, moved to vegas in 2008 and bought 5 foreclosures, had to rehab all of them took 3 years, great renters, still working more than part time, now looking for something new to do, maybe a small farm in Az.
That hustle never gets old =D
You're right. I retired at 64 and started doing online courses to keep active and learn some new things. Now at 68 I'm traveling frequently around Europe on a Harley and starting a travel blog/RUclips channel to keep active. I guess the biggest difference in us is I quit chasing the money long ago.
Retirement should never be about doing nothing. You still have to wake up with a purpose in the morning. If work is what fulfills you, go do it.
Peace of advise. Paul Ryan is the LAST person you should be talking to about financing social security.
Forget the man who spoke the words and listen to the words themselves: the longer we wait, the uglier the solutions become.
@Anton Zuykov Then what happens to the folks who NEED Social Security to survive? I get it... you want to save money (or invest it into your own 401k), but we have to also help the stupid people like the ones in the video above that have terrible spending habits. We can't let them die on the streets.
Piece not Peace
@@alextotherescue why not
@@fugginchit1 yes, let's see more homeless people on the streets. I'm sure that will make your property value go up in your area.
Paul Ryan: "We know you're going to have a lower standard of living" knowing full well he plans to steal 1.5 trillion for himself and all his rich donors.
The key is to stop thinking of the US as a democracy. ;)
This comment did not age well considering he quit Congress complaining about the system.
Get over it, your Communist Party lost 2016.......Trump's your boss
Paul Ryan was the one leading the charge to fix the system.. the other party (Dems) called his ideas of pushing grandma off a cliff. Vote for communists/socialists, this is what you get.
Yes he cut taxes on the rich. Disgusting
How can anyone find it funny to have their parents sheltering their student loans.
Maybe his parents could put some money away for retirement if they weren't dealing with his student loans!?
I worked 2 jobs for 3 years to pay off my $30k student loan debt. I've had friends that were roommates until recently so they could pay theirs off. This is not helping anyone. I could see them taking a chunk away fromthe son but how do u get 150k for college debt anyway?
I'm 50 years old and have been reading about the looming retirement and social security crisis for 30+ years. It didn't creep up on us. It didn't appear out of nowhere. We've been warned. Repeatedly. If you heeded the warnings and followed even the most basic advice, you'll be fine. If you lived fast and loose with your finances, you might be in bad shape. Best of luck!
Well said👍🏾
Oh my just heroes EVERYWHERE -one more to go and I’ll have the 3 Wise Men !
@@miztx2syuiip590 Thank you for the kind words, Citizen! If ever you are in trouble and need a stern lecture on the consequences of poor financial decisions just call me... Common Cents Man! Up, up, and away!
I agree but “you know” that’s not nice to tell people they screwed up! Lol
Sometimes there is a crisis in the family...at 30 I had my retirement planned. Tragedy struck...now I'm 58, on disability, and 1 step from homelessness. So ppl say that it serves me right, but I say " don't count your chickens till they're hatched
What about the people that are not living in new homes and driving new cars? These people seem to be doing pretty good in life judging from their material belongings. Why doesn't the guy living in the $1.2million dollar home in California sell his house and move to Mississippi, buy a house for $65K and pocket the rest of the money and not worry about life. These people are not just trying to retire, they are trying to maintain an unsustainable lifestyle. How can you expect to make it without income generating assets? We as a people have been lied to and ripped off. The promise of the post-agrarian paradise where you didn't have to work as hard and the post-modern concept of get an education for a job that you hate, get in debt, maximize a worthless 401K subsidized by the government and expect to live unproductively for 30 or 40 years is a massive lie.
They can't leave because the mortgage is more than the house is worth.I do agree that Californians need to quit saying "100k in Cali is 40k in the midwest",nobody forces these people to live in a state where famous people live. People really feel like they are entitled to live in NYC or LA.
There are factors you are not thinking of that keep people where they are, would you just want to leave the area you are up in or raised your family in only because of the money. Or even more important if these people move to other states they leave their entire family behind and all of their friends. Most of these people don't feel entitled to live in these places, the old couple said they would like to move somewhere less expensive in the same area. And who the fuck wants to live in California for the famous people, they are just assholes who inconvenience most people's lives, California is where a shit ton of jobs are.
I'm planning to expect no Social Security, even though I've paid into it. I think I should start demanding what I've already paid into it. After all, that was my hard earned money. Why should some lazy and irresponsible idiot get my money when I worked all of my working life for it? I'm hoping to retire by 60, but it depends if I can get a better paying job.
Brian Beck Move outside the USA, when it gets too expensive.
Exactly. Entitled is the only word. Fact some places are too expansive is like the very first thing about economy I understood as a child and now if you dare imply it people look at you like you're some Nazi... Where I am, organizations for the poor tell us that a guy who dont feel like working has a right to a nice spacious apartment near a mall and a subway station, a human right they say. Yet people working 40 hours a week barely can afford it.
They do the same with immigrants, they tell us we can afford it. Then when tens of thousands come, they put them all in the big cities. Then they say its a shame than we cant properly house them in a country so rich and developed... As if like 50 thousands new empty apartments and houses were just waiting to be adopted by foreigners...
At some point, some guy will have to sacrifice himself, take the mic and tell the world 8 billions humans cant live in 12 cities... He probably will get killed for it but it has to be said.
My family will ALL be watching this, and discussing a plan for the family as a whole going forward
dave ramsey cheryl
I do listen to Dave Ramsey on occasion :)
there will be no plan.
You me we are all about to be exterminated while they take the power, the robots, and the food underground.
They are nearly complete in constructing these underground cities, and the robots are just about there.
5 years at min until they send out a humanity killing plague, or just retreat underground and cut the power leaving us back in the stone age at worst.
Billions are about to die soon.
We tried that. Unfortunately the fam are narcissistic assholes. It didn’t work out.
I'm sorry about the fam, Victoria. You will have to draw a line, then, to financially protect yourself. If things go badly for the rest of the fam later, you can point them to help other than yourself in a supportive way. Tell them you have all the love in the world for them - but no financial resources (unless you have extra cash to lavish upon them, as gifts). That's what I've had to do. They may take your refusal to bail them out as hateful, and they will have to work that out for themselves. You have to remember you are saving for not the person you are now, but your ELDERLY - the woman you'll be in the last five years of your life, who may be terribly incapacitated and in need of tender care. That woman is counting on you to be wise with your resources. Don't let her down.
according to the public records, looks like the oldsters sold the house the next year for around $1.5 million, being about $250k more than they'd paid for it...so what was the problem again?
Put that cello case on wheels somehow.. Damn
I work at a taco shop and i have 100k saved up by 25..... Dont buy stupid shit dont get in debt invest ypur money
good for you- Anddres-
Inspires me to live below my means!
If you do you will be fine .....I'm in my late 50's, I've NEVER paid more than $4,000.oo for a car my ENTIRE life, paid off a 30 year mortgage in 9 years( five years ago ) I have a 401k going , some gold, some silver, crypto, stocks , a small pension, social security and when I decide to retire, I'll get a reverse mortgage ....hopefully I'll be ok
@@filthbomb good plan minus a reverse mortgage. I don't think a reverse mortgage is a good deal. Even if you have anybody to leave your house to.
@@californiahandball I don't know if I will need the reverse mortgage but with a paid off house it's an option that could help if the need arises
Exactly.
People dont want to accept responsibility for their own actions re: saving for their own future while the government & big businesses have created a system that is supported by people buying more and more shit. Most people do not have a money problem, rather they have a spending problem and a lack of forsight.
I've paid into Social Security since my first job in 1974 when I made less than $2/hour. I'm a victim of inflation and other financial woes...not the cause. Social Security funds have been misappropriated and I'm tired of hearing the younger generations complain that financial failure is the fault of my generation in general. It's the fault of political corruption and greed.
Do all of these people live above their means? Come-on look at their homes and judge their lifestyles. They have always spent nearly everything they earn. Oh, and why are the women feeling they shouldn't be working?
My fiance and I are early GEN-Xers, and we were whacked over the last decade with companies closing, downsizing, repetitive unemployment. No security, anywhere. A decade of steady income and saving for retirement was STOLEN from us - by the 1%, reaping the stock market and collapsing the economy. We are trying to work our way back, but we'll never recover what we lost. And if one of us gets sick, we're screwed. We'll never retire. We'll just die in the saddle, with our boots on, so to speak...
Clarice1933 O.M.G. I so totally agree. I may get shot down for this, but FORCING both parents out into the workforce when one partner would rather be at home caring for the kids, actually reduces the number of available jobs for those with no such commitment. Also, keeping wages so low in the less skilled jobs, employing mostly part timers ,thus denying them work benefits (please correct me if I am wrong on this point), forcing people to seek two or even three jobs, can only end with burnout for a lot people.
Vanessa, Clarice1933, you guys are smart cookies. Plan defensively for your family's future. Save all that you can - learn from stories of the Great Depression. And don't count on the government for anything - especially now - you may pay taxes, but the government's not there to serve or care about you. It's a tool the 1% use to harvest money from us, for THEM - like the stock market. God bless and be careful out there.
You take for granted the fact that you made far more money inflation adjusted in your job in your 20s than young people today do. Boomers allowed the destruction of Unions and the protections they provided to maintain income and wealth equality, under their watch.
Actually, it was the two generations before the Boomers that started pulling everything apart with their greed. The early baby boomers were too young (still college age) when the unions started going down, and the unions themselves were corrupt - ripe for the take-down. But Chris is correct - only the unions kept pace with inflation.
this situation is nothing new. back in 1970 when I was a teenager I was working at big boy restaurant with at least ten 70+ year old fry cooks and car hops who were too poor to retire.
they didn't have 401k's back then, that why they invented social security.
anyone can live on social security, IF you are willing to move someplace cheaper. but too many old people want to stay where they lived when they made three times more
@@johnmonk66 They've had Social Security since the 1920s or 1930s.
@@johnp7739 and?
@@johnmonk66 But their social security is NOT INDEXED EXTENSIVELY TO THE ACTUAL REAL COSTS OF LIVING IN REAL TIME AND IN THEIR REAL LOCATION ON WHERE THEY ARE NOW LIVING. When they made social security, they forgot to index it to compensate for actual costs of living in real time and in real place of location on where they are living in now!
@@darthvader5300 MOVE! Where does it say you will be paid according to where you choose to live? Why should some person in NY gert MORE social security than someone in Kansas? It is NOT and NEVER has been designed to be your ONLY source of income, if you have to live on it, you are a loser/
If your only earning less than $24,000/ year as a single mother.... but you’re drinking $20 moca latte whatever Starbucks drink, you are not very intelligent.
2 adults and 2 boys, pay half the groceries when the other people in the house are 2 seniors?
There was another option, rent that huge place out and move into a small condo until the market recovers and sell that place. Quit being stupid people. Stop living beyond your means. Don't go into debt.
He was an idiot and bought when the California housing market was at it's highest! Very stupid! That's when I sold and left California for good!!!
td li and should sell his LEXUS
You didn't go into debt on your house? car? right...
He may be in an area where zoning prohibits rental units. Municipal Land use policies around the country are destroying the industriousness and flexibility of individuals to solve their own problems.
Anyone in May 2020 who are in debt😱 I'm not one of them😊
You can't save what you don't have. Half the US makes $30,000 or less per year. Address that and you solve a lot of problems.
Personal responsibility includes not taking out 150K in student loans without being sure you're able to pay it back down the road.
Facts!!
- Fail to teach kids the realities of debt, and financial management in school
- Tell them that college is essential to their future success
- Push the message that a degree pays for itself
- Make student loans EXTREMELY easy to take out
- Charge interest rates on Federal student loans that exceed car loans, mortgages, boat loans, etc.
- Blame them when they take on a bunch of student loan debt to get a degree and are handicapped financially for the next 20+ years
I'm exactly halfway through the video and I'm sick to my stomach as I all this video has shown so far is how everyone is living far beyond their means yet screaming bloody murder. If people are going to pay $150,000 for their son's education, live and own a huge 4 bedroom with only 2 people living in it in the San Francisco Bay area and a single mom having dinner with her daughter in a kitchen larger then most peoples living room, working as a classic musician sipping a $7 coffee and complaining about her pension they deserve what they get. Maybe the cello playing single mom should have stayed married and/or get a job at Starbucks to supplement her income. It's bloody ridiculous what Americans think they deserve.
James Campbell
Indeed.
It's pretty laughable watching this.
I am a single mum who's worked all her life as a teacher, saved and bought our modest 2 bed home, but I'm not entitled to any pension here in England until I'm 68. Just diagnosed with cancer and told not to return to work or it will leave my son without a mum. What do I live on.. We don't live an expensive lifestyle but all these bills continue to add up even travelling daily for radiotherapy.
Good work!
Save and invest as if 55 is the end of your working life. This gives you the option to continue working if you want or retire. And if you aren’t able to work longer, you will be in a good place financially.
When I got divorced 20 years ago I was living in Indiana so I purchased my own home 2 years later I sold it and moved back to Illinois where I was raised and have family so I took a 30-year mortgage paid that house off in 14 years no car payment no charge card debt quit my full-time job 2 years ago no pension living off Social Security but in that time I was able to save towards a 401k and Roth IRA and I have 1 1/2 years liquid savings. I have always bought my clothing at thrift stores and garage sales haven't bought anything new for years I shop grocery store markdown meat and markdown aisle. I bought a 750 square foot house with full basement my heating and cooling cost me $90 a month on level payment plan
Job WELL done!💯You give me hope.❤
"That's why its called the American Dream...because you have to be asleep to believe it"
George Carlin
Too many people are too busy trying to live a dream instead of enjoying an obtainable and modest reality.
I can easily believe that there are many people who are hitting age 50 with very little retirement savings. The only solution I can see for such people is living with friends or relatives and sharing expenses.
that is a great business idea. a retirement home for the stupid. like army barracks, six to a room, they sign over their social security to you, that 12k per person just to give them a bank bed and some rice to eat, lol
They do anymore because they have to in order to survive.. most older people have no savings and live off of social security, so yes they ither live in public housing or roommate up. For sure.
My mother-in-law will be 105 yrs. old in a few months. Who ever thought she'd live this long? Not us!
Lol
Bravo. Nicely done. Thank you.
Julia and Bob have so much stuff they can sell including that enormous house. Minimalism can be so freeing and stress reducing.
Tight budget of the cellist.... and look at the $5 Starbucks coffee.... make it at home. Get a small Thermos.... ya know
Try $16 for everything on her table!
Let her have her coffee. At least she'll be able to dream about how great they were when the state is paying an illegal to wipe her ass.
+ChickenC0re Great comment.
Mr. White Sorry no longer any illegals, and no American wants to wipe anyone's ass.
Exactly. A coffee "out" is a rare "treat" for me... Usually only when meeting a friend at the diner for dinner or something (and they're even dirt cheap compared to Starbucks). Coffee brewed in my 2nd hand (yard sale) mr. Coffee that cost me $1 is just fine.
I think there is a balance between being screwed by circumstances like the parents of the little girl and being responsible for your own hole like the older couple who "can't find a job"(more like can't find a job they like)
And then there is people in the middle like the Chellos lady.
Exactly. I can't feel sorry for people complaining about finances living in a small mansion. Sell that house and work at home depot a bit.SMH
FYI, investing $100 per month in the S&P 500 from the time you are 25 until you are 65 will result in around $750,000. Compounding interest is your friend, take advantage. Listen to some Dave Ramsey or Warren Buffet or Jack Bogle.
The problem with social security is that the government keeps taking "loans" out on social security. Government spending is out of control, furthermore the US government keep giving out billions in government aid to other countries.
@CJ DUNROVIN
Yup. Same here.
Same with pension as well.
Also military spending is insane!
Yes policies let them steal r Mony like every 10years there's a false flag and the economy gets robed buy the elites
My Father told me when I was young- do something even if its wrong- just keep moving - be a door or a window- if you got time to stand around- you got time to grab a shovel and produce something- even if its a ditch.
There's now a ditch-digging machine that is 1000 times more efficient than a human.
Don't worry we will still need people running and fixing the machine. The problem is that the repair guy now needs to have a degree in mechanical engineering with 5 years in ditch digging experience. I'm joking but that's kind of the world millenials are living in.
It's not that there's no jobs, it's that the jobs that could afford a decent life (family and retirement) are becoming quite competitive.
You can say "roll up your sleeves and get to work". And I have, I work 6 days a week making 20/hr i'm almost finished paying off my student loan, I live in a tiny apartment and hardly go out. I'm 26 and it looks like I have to choose between a family and retirement, hell i'll be helping to support my parents in their golden years.
What's the point of me avoiding all the costly obstacles (marriage/kids) so that I can be totally alone when i'm old?
@@jacobjohnson914 Hear, Hear 🙂 (especially on that degree and experience part)
they call it the american dream cause you have to be asleep to believe it!
George Carlin never told a greater truth! I still watch his stand up routine on this once a month, just so I don't forget what's really going on. Screw red or blue; the real color that matters is GREEN.
So true!
@@tvdavis even the green is fake as fiat could be.
@@tvdavis I love George. He is the best there ever was. He tried to tell us through comedy what was really going on.
God i miss him. I wonder what his take would be for what's going on today?
You're right, red or blue. Neither one matters.
That’s a great air Bnb house
Absolutely excellent!
I'll try and pass this on to others. I've been saying the same thing as this video since I was in high school in the late 90s and 2000s. This is not a new problem, it's an old problem (no pun intended) that has yet to be fixed. Telling seniors that they must continue to work or go back to work is just plain unacceptable. If they want to continue working, fine, (some people LIKE to work) but it's a safe bet that after all the BS one has endured over the years at work that enough will be enough at some point.
Crisis is a word that is abused. There is no crisis looming. This is s story of people who make bad choices. No crisis, just a whole lot of stupid.
$600 a month for electricity...Are you effing kidding me, my mortgage here in Western Pennsylvania is $900 a month for a small home in an excellent suburb with world-class schools. California is off the charts stupid! Get your priorities in order. If you ain't working you don't get the million dollar house unless it's paid for already!
Gotta look good first...then worry about retirement later.
I feel bad. I retired 6 months ago aged aged 53 as an ex police inspector and have paid off my mortgage with my commutation. Now I have a part time job to top up my pension. Pension is index linked from 55. Life will be good. But I worked for it.
But if you were anything other than a civil servant, you would not get that. Those people work that and 12 more years. YOUR WORKED FOR IT comment runs hollow with 98% of the country. Sorry, you got dressed, got in a car and went in.
@@barrycalvert8219 I appreciate that I am lucky but my job was quite a lot more than that.
Great documentary!!
I'm 59 and my wife is 56. We're both happy campers and fully capable of retiring. We chose not to, but yes, we could easily do so. Took decades of planning and setting 10% aside into our 401k's. But, yeah. We did so and we each have $1M plus in our accounts. Love that S&P 500 index !
Be very careful
@@jameskelly9243 I retired from the FDIC with a hefty d.b. pension. I'm CFO at a large CU; one of the very last with a d.b. pension. So, yes, I'm working on my second pension. Would not bother me in the absolute least if the 401k fell by half. Actually, our 401k's could entirely evaporate and it would not bother me in the least. Two d.b.'s, two full SS payouts (when it comes time to file)...... Yeah, have at it. While I appreciate the note of caution; you have to bear in mind I'd completely laugh it off if both 401k's evaporated this instand. All Good !
@@jameskelly9243 And I should add.... My brother has told me the exact same thing ("Be very careful") since I began investing everything into the S&P 500 index fund back in 1982 (when I graduated high school). 2X to 3X per year when the market is up, he tells me to be very careful. Then, when the market tanks he shakes his head and tells me about how he warned me of the pending disaster, but I just would not listen to him. 'course.... My portfolio is worth millions, and he can barely pay his electric bill. But, every time he gives me advice I just smile, thank him, and wish him the best. The poor, pathetic thing.
@@jameskelly9243 Oh man.... Your advice was ever so wrong...... S&P 500 breacked 5,000 today. I'm been investing in it since 1982. It could fall in half and I'd still be laughing and happy with its performance. As to your advice from two weeks ago re: being "very careful". Wow. You could not have been more wrong. Sad, sad, sad.
This is just a snipet of what is happening on a grander scale. Being financially literate and being willing and able to to make the necessary and sometimes unpleasant sacrifices can make a difference . For instance , taking out loans for a child to go to college can start you down the wrong path. And to top it all off, these loans are often times for expensive schools.
And worthless degrees.
@@Deadfoot-Dan They're not entirely worthless as long as lazy HR departments companies use ATS software to screen out the resumes of applicants who don't have one. They're a damned racket though, that's for certain.
Start saving 20% of your pay in 401k starting after college and buy your house by 30. Why? Because one day you might be forced out of the work force ( you may not have the choice). Get familiar with Dave Ramsey. Do the cash envelope method. And for those who have no retirement get familar with Bob Wells’ RUclips channel called Cheap RV Living. And stop feeding the fat cat university system. Go to cheaper schools.
and yet they've all got big houses with lawns and drinking starbucks everyday. even the 23000$ chello player was drinking starbucks.
I'm glad others are noticing this and all the crap in the background they threw money at in that big house.
And? To creating jobs with consumer demand. You going to chastise these people yet you don't chastise the American government giving taxpayer money to the tune of 1 trillion dollars to Wall Street? Why should the common man be responsible and yet corporations with billions of dollars get bailed out? Come on.
I got a 357. Magnum Retirement Plan. Once my health starts failing. Pop....
I like the Aaron Clarey/Terence Pop retirement plan, but it's a little messy for the people who have to clean up the mess. Pop some pills and wear a diaper would be a better choice.
what if you have alzheimer in the future, and forget about the 357 retirement intention? and the location that you kept the 357
Duuuuuuuuuuuude.
@Stephan Bosch Why do you think people ending their lives care (more) about the mess being left behind? Rather presumptuous of you to tell other people what's "a better choice."
...i did that for while UNTIL i realized they gonna be coming @ me with fucking ...ooozies and ...A.K.-47's ...snow-ball's ...chance in '''HeLL-'''...damn ...shame ...but still don't call sorry Ass ...cops'''...YOU FORCED TO GO """Vigilante'''...a.k.a....charles-bronson'''...
My take away from all of this. Save save save, save an emergency fund for 3 to 6 months of expenses, save 15% to 30% for retirement, have kids later in life if at all, don't depend on the government, get financially educated, and not bet everything on the house.
Victor Martínez
Pretty much what I've done.
Only difference is I put more into retirement and I've never stopped putting money into emergency fund.
I have a 20 year emergency fund.
In our late 30's my wife and I, left $200K /yr private jobs, to Take $120K public jobs. I look at the people who stayed. $80K more a year to taxes, SS, bigger houses, nicer cars, Toys, living better but not saving for retirement. My wife and I now have a $4000/mo public pension @ 62 and ~$4000/mo SS@ 62.
Mortgage under $500/mo. The child's test: You can have a cookie now, but if you wait 10 minutes and you will get two cookies.
I would like to know what program is used to make this cool animation.
Unfortunately, if you’ve spent your whole
Life working and haven’t saved enough personally for your own retirement. That’s on you.
It's a simple truth that most people are too blind to see.
Shouldn't retirement be a matter of individual responsibility? Why do I get the impression that the government is being blamed for something that individuals should blame themselves if it goes wrong?
Security alleviates stress. A deficit of stress creates peace. What everyone seeks at the end of their life is actually peace.