Great video as always Adam. Its true, the "system" (laws) are woefully tilted to the top 10%. I got my first taste of that in the early 80's, as I was graduating high school. I had good grades and expected to transition immediately to college. Then Reagan decided to "set the Social Security house in fiscal order, in part by eliminating SocSec survivor benefits for orphans, post high school. I was one of those orphans. They could have removed the ceiling on FICA contributions, but instead decided to lean on orphans to fix Soc Security. The millionaires always have had more lobbyists than orphans. So i understand the unfairness endemic in the system. That said, I busted my hump (had "no life" during my 20's) eventually got that degree. Despite starting from poor conditions, I've saved every year, even while attending college. Despite "the system", it can be done. These boomers who don't have 2 nickels to rub together, I really cannot muster any empathy for. They've lived in the best of times. If, after 40 years, they have no savings, well, for most, that is the culmination of a lifetime of bad choices. Americans (and most other people) generally indulge in chronic "immediate gratification". The Govt DOES have a plan for them: Social Security -- enacted to SUPPLEMENT personal savings and pensions (now, IRAs/401ks). If many find that to be "not enough", perhaps they should consider co-habiting/shared living arrangements. Replacing beef/chicken with soup as their main meal might help them to economize too. Many boomers have houses. The govt set up reverse mortgages for "house rich" seniors. that would be an option too. Bailing out seniors who squandered their earning years when they should have socked it away, is not a very compelling investment. I doubt the Millenials or GenZ would be interested in doing so, either. Sorry Granny, you are on your own!!
@@charlesbrown9213 19th century England was laizzes faire domestically, and brutal empire to the rest of the world. Their brand of capitalism was identical to American capitalism today - financial capitalism based on colonial conquest in the outside world, and pauper wages domestically, with no safety net. As capitalism has needed more and more consumption to create the need for more and more markets, the ability to be strictly laizzes faire has receded, and was replaced by debt as the driver of "production." The ruling class then and now understood that speculation was quick and easy money, and used banking and real estate to create rigged opportunities for capital gains and rentier streams of income. Today's stock market and endless asset purchases by the Fed, plus the regressive tax structure and corrupt fiscal spending makes for a world that is designed by and for the owners of capital at the expense of the non-owners of capital. The U.S. had its opportunity to turn capitalism into a benevolent system that rewards ingenuity and creativity. That was the hope of the New Deal. That world is dead. In its place is the corrupt, decadent world of a dying empire, just as in Ancient Rome. The enlightenment philosophers, our country's founding fathers included, understood that too much wealth was a dangerous thing. Adam Smith himself understood that super high profits that extend over too long a period of time are a contradiction in a free market. This means the super high profits are the result of monopoly and not of competition. This is America - super high profits for way too long - only today it's due to international monopoly, meaning imperialism. The blue collar jobs that enabled people like TV's Archie Bunker to own ahome in NYC, have a stay at home wife, and raise a child are long gone. The ability for working class people to make money in America since Reagan depended on one's ability to be business minded. Most people are adverse to this. Most people have a subconscious revulsion to the idea of pursing money for its own sake. Those that are talented at it are in the minority. Those that are super talented at it are disproportionately affected by mental illness such as psychopathology. A disproportionate percent of corporate CEO's and high level executives are no doubt psychopaths. The definition of a psychopath is someone who is incapable of empathy. Your comment shows not only a complete disregard for the welfare of others, but goes beyond that. You show pleasure at the thought of others experiencing pain. This is textbook psychopathy 101. Your unfortunate experience regarding your parents enables you to provide cover for your sadism. It doesn't work. My mom and dad died when I was 18. I have no siblings or cousins, and my aunts and uncles were worthless as family. I survived and "made it" to a certain degree. I don't wish hardship on others, yet you enjoy the thought. Your orphan story doesn't erase your mental illness. It only allows you to find like minded friends. The Republican Party is full of people like you. Charles Dickens and Hans Christian Andersen wrote in order to reveal to readers the horror of living in a society governed by people with no empathy. Enjoy your moment. It won't last. When too many people have too little for too long, revolutions happen. Unless that moment produces fascism, which it might, your moment will pass.
@@peternyc - my, my, are you a licensed psychologist, or do you just play one on YT? I actually don't disagree with most of the "history lesson" -- which, by the way, comes off as very "preachy". What was missing from your rather in-depth analysis was any mention of individual responsibility. People make stupid decisions every day. This country is great in that people can make some bad decisions in their life, and still persevere and have an OK life -- one better than humans anywhere have had for most of human history. But some people -- a lot of them -- tend to make chronically bad decisions. Maybe they marry wrong. Or marry right, then get divorced -- a very costly life-decision. Maybe they decide to birth kids because they are bored, or want govt assistance. Maybe they go down the path of substance abuse. Or, maybe they decide to start down the path of crime. For many, they just want to spend money they don't have on things or experiences which their grandparents never had, and which they don't need. If someone is a "grasshopper" their whole life (i.e. irresponsible, not planning for their retirement), its a strange suggestion that other people (i.e other taxpayers) should do more for the grasshoppers than the grasshoppers were willing to do for themselves. There is a group of people -- a very large group, methinks, which are the "UNdeserving poor". But the beauty of liberty is that if you disagree with that statement, you can donate however much of your savings you wish, to sustain them. Just keep your hands out of my pocket - do not compel me by threat of imprisonment to follow your crusade for Utopia. -- down that path is serfdom and tyranny.
@@charlesbrown9213 Ownership is what makes for a responsible person. Renters don't care. These are the types of people who make bad decisions as a rule, not as the exception. When a society is filled with renters, as ours is and 19th century England was, it is always corrupt, sadistic, and decadent. The libertarian idea of a society of owners is attractive, but is a fantasy. Power is always compounded in a laizzes faire economy, private ownership of what people need to survive breeds more private ownership and more irresponsible people which I am calling renters here. It's a vicious circle. The only way out is to create a larger public sphere, meaning public ownership of what we all need to live and prosper. Examples of the 2 extremes between absolute private ownership and absolute public ownership would be a slave owning society as was in antiquity and existed here until the Civil War on the one hand, and a pure socialist society where money doesn't exist and all work is voluntary. Such a fantasy world of socialism is obviously not imaginable now, but neither is the libertarian fantasy world you hold as ideal. You have to separate the person from the position the person holds. Individuals, even bad actors, are not the problem. It's the position they occupy that enables them to be bad actors that is the problem. Change the conditions and the bad actions disappear. Corruption, decadence, sadism are all characteristics of private ownership of other people's ability to survive. When all people become owners, whether in a libertarian sense or in a socialist sense, the bad actions diminish and disappear. If you want good libertarian philosophy of economics I recommend checking out the ideas of Henry George and Silvio Gesell. George was a 19th century American economic thinker who was pro-free market. His remedy to the ills of capitalism was to eliminate all economic rent seeking, which begins with land. Silvio Gesell had similar ideas of eliminating rent seeking, but in regards to money. Google "Wörgl Experiment" which happened in 1932 and transformed a destitute Austrian town during the depression into a healthy, productive, and happy town literally within a few months. The central bank of Austria forced the government to shut down the experiment and the town instantly reverted to abject poverty. You see, change the conditions and the people instantly change. Ownership is key. That which prevents ownership is bad. There was a really excellent monetary thinker from Belgium named Bernard Lietaer. He based his work on the ideas of Silvio Gesell. The overall point I'm trying to make is that when society is under the microscope, individuals are not the subject. The positions that the individuals hold are. Anglo libertarian philosophy so popular in America is a con game. It isn't real libertarian thinking, just as liberal Keynesian thinking is also not socialism. It too is a con game. Thanks for being polite in your reply to me. I admit I was hard on you. I apologize.
@@peternyc Your world-view removes individual responsibility. So, no one is to blame because we are all "victims". -- ONly the warm, embracing state can "save us from our victimhood". - That requires ever more powers vested in a central govt. That solution has been tried -- throughout history -- and leads to tyranny. Its had many names: pharoahism, monarchy, Socialism. Communism. But it always ends the same way, serfdom for the majority. These malevolent wealthy people which you blame for society's ills: Do you really believe they (or people like them) will not insinuate themselves into a more powerful state -- and use that increasingly powerful state to further enrich themselves? Homo sapiens are not angels. Some percent of us are covetous of power -- and have an innate need to dominate their fellow beings, to the advantage of the few. Power corrupts and absolute power corrupts absolutely. That govt governs best, which governs least. These concepts may seem trite, but 5000 years of human history have proven them true. The drafters of our founding documents -- the Constitution, Declaration of Independence, the Federal Papers -- the drafters were astute students of political history. That is why they insisted on limiting the power of the American state. Every man/woman is free to advance devote themselves to improving the lot of themselves and their fellow man. But if, by force of govt compulsion, you demand that I must adhere to your "dream", its as if you are shackling me with a harness to serve your ends, as though I were a dumb ox, with no will of my own. That is the antithesis of freedom, and anathema to my right to liberty.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
I’m closing in on retirement, too, and I have benefitted so much from using a financial advisor. I didn’t start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who had been investing for many years.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Amber Dawn Brummit ” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
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?
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
@@PhilipDunk 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
I've shuffled through a few advisors in the past, but settled with “Vivian Carol Gioia” her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.
@@PhilipDunk very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
Generating significant proceeds, especially during a bear market, requires the implementation of sophisticated actions, which are most effectively carried out by experienced connoisseurs in the market.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
Retiring in 20 years? Due to inflation, you may need upwards of $2.6 million to maintain your existing lifestyle, with the ongoing effects of high inflation, lower forecasted stock market returns, and stagnant wages, achieving a secure early retirement could be more challenging than ever before.
I suggest you offset your real estate and get into stocks, A recession as bad as it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advice but get buying, cash isn’t king at all in this time!
@@MarkFreeman-xi3rk I agree. I have pulled in more than $435k since 2020 through my advisor. It pays off more in the long run to just pick quality stocks and ride with those stocks.
@@JenniferDrawbridge Margaret Johnson Arndt is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
Adam, this is a great and long overdue discussion! Folks need to listen. My wife and I retired two year ago, hopefully well prepared. We are totally loving this time, we're all taught to work til we drop. Proper planning and implementation will open a window to a wonder (and I hope) long future.
The failure of SVB and everything happening has left the markets in shreds. I'm at a crossroads right now, deciding if to liquidate 200k portfolio down by 10%, and it's uneasy for me to not panic after my recent awful divorce. I just need investing ideas to afford my retirement..
@@susannicky sorry for your divorce, there are actually ideas that could be put in place for solid gains during a crash, but such strategies are carried out by distinguished advisors..
@@susannicky great share, just copied and pasted her full name on my browser, thankfully her site appeared top search! she seems first-rate, her creds speak for itself..
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. They both retired millionaires.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@edward.abraham Please tell me how can I connect to your advisor. My funds are being murdered by inflation, therefore I'm looking for a more profitable investing strategy to put them to work.
@@Kim.beneteau My advisor is “Julia Ann Finnicum”. I've been working with her for a very long time. You could still check out others on the internet. She's an independent financial advisor, so her decisions have been really spectacular.
@@edward.abraham Insightful. Your counsel couldn't have come at a better moment because I'm currently barely holding on. I'll do some research on her online before calling her.
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
My CFA ’NICOLE ANASTASIA PLUMLEE’ a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
“NICOLE ANASTASIA PLUMLEE’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Absolutely. We've never really recovered from the 2008 crash and our society doesn't want to admit that. Luckily a lot of young people have vastly different spending habits then previous generations. Hopefully we as a society will no longer desire more and bigger and by proxy no long look at the ultra wealthy with rose colored glasses. Either way the whole world is about to finally see just how broke the U.S. citizen really is. People in this nation are not just complaining anymore we really are taking massive steps back in living standards.
@@naddarr1 It's true, many people live beyond their means. Trying to show off with fancy cars, clothes, houses... going to expensive sporting events, wasting time and money watching TV or cruising the internet for hours and hours while not improving themselves to make themselves more valuable in the job market.
I'm 82 years old and was a financial advisor. The key to financial independence in the U.S. and really everywhere is home ownership. When your home is paid off most other expenses can be dealt with especially food and basics. My experience is that most would be better off starting there. But the best future investment is in your family. People that invest time and money in their children and get along well with them rarely have to worry. Stocks and bonds are a distant second.
Paid off? How are most people supposed to get a home in the 1st place? The median home price is $440k and if you are talking most safe areas it's $600k+. The median individual income is $40k a year. If I was born in 1940 I'd have 10 houses by now. Instead I rent a room.
@@MRGior-wo6dk By my estimate if SS is not going to be there you need a paid off house and probably $2 million and even then you may still need to work half the year
100% true and as a wholesaler in Colorado I can tell you there is a difference between those that own and don't when we call them be the people who go oh I want to hear about cheap properties not wait I only rent
I'm just 31 years old, but studying and doing the work to be financially free early before traditional retirement .. I hate seeing people around me living paycheck to paycheck and complaining. All roads have pointed to the financial market of some sort which is a good idea buh where else should I put money besides the financial market? I have $150,000
Yep great question and that’s always the one - where would you rather be if you have an option. Financial-market for me seem the only way forward with my long time horizon (accrued almost $1.4m in gains) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe! . Just know the risk you're comfortable with . Mistake is expensive
@GarrettDills Hey, who is your pundit and how can I get in touch? I'm working two jobs and trying to save up to buy a house for my parents and me. I'm exhausted, and I don't want to feel this way anymore.
Excellent video, Adam. I was a college professor and retired at 59 because of saving and investment. I'm now 70 and even if the California Teachers Retirement System collapses, I will be okay. The numbers you presented are incredibly scary but well presented. Better that people be scared now than when they're 75 and totally out of money. Good job!!
In retirement now, one cannot expect to have the same standard of living as they did before they retired. I had to retire when I was 58 in 2003 and had no savings but what I could scrap up for a year. But there are ways to get around this. In my case, I left the US and moved to the Philippines, where I live in modest luxury on a pension that would be considered below the poverty rate in the US. Yes, there is some adjustment, but it is well worth it.
@@duancoviero9759 If you have good insurance, you don't have to worry. A few years ago, my wife incurred a $60,000 Hospital Bill. I ended up shelling out about $125.00. Everything else was covered. Another example was that two months ago, she had a $925 ER Bill. It cost me $15.
I am 80 and I had to leave the USA at 79 to Queretaro for a safer and less expensive city. I live on SS and a small pension, and a small savings. It was $1870 per month to live in the dangerous USA, and it is $725 per month to live in Queretaro. I do speak Spanish as a second language and have been visiting and living in Acapulco for over 60 years. Everything kept going up in the USA and I was not safe, but trust me, I can defend myself, We reap what we sow, and Karma never loses an address . Send all criminals to horrible prisons around the world with shave heads Stop stealing our money, and put Americans first. Seniors are helping the young people. Move to a safe inexpensive country of your choice, if you can work online, or on a pension.
As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge, And it also all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.
Reason I decided to work closely with a broker ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.
@@georgebarret That's impressive, my portfolio have been tanking all year, tried learning new strategies to gain in the current market but all of that flew right over head, please would you mind suggesting the adviser you're using ?
I thoroughly recommend Julie Anne Hoover, an investment advisor who is subject to US SEC regulation. She has assisted me with my portfolio for many years. Look her up online; she's a well-known figure.
Healthcare costs in America and no universal healthcare make saving for retirement very difficult. And social security provides poverty pensions. Medicare only covers part of retirement healthcare costs. Also once over 55 are a layoff target
I'm 50 now. I feel like I have spent my entire life sacrificing for the future. It has put me in a much better place than average for retirement but I still don't feel like I can let up and enjoy spending a little.
@@notgunnadoit7461 Leave the country, there are plenty of nice places that are cheaper to live. If you get all your money from the government then you need to take a trip out of the country and see...
@@TT-jg8ju No mate. As a Head chef for 40+ years - I never earned in the USA more than 54,000. My mm put down 1500 and found a cheap semi house (37500) and co-signed back in 1976 - 10.5% interest. I sold a year and a half later for 65,000. I was 19 making $100 a week as an apprentice. Got married, moved to a cheaper state, bought another house at 7.5%. Moved to USA at 23 with 52,000 cash. And bought a cheap house w/land for $52,000. At 52, took a non military contracting job in Iraq 2008-2011 w/ Defense Dept. Did whatever they wanted: Food service/Ice plant/Air Ops/Logistics. Went to Africa for 2 years. I worked 7 days a week, 12 hrs a day. 1st year didn’t have a day off. All tax free (or close to) Retired this year at 62. I gave up over 5 years of my life to do this. My last year’s work: 54,000. My wife stopped working 12 years ago, but never made more than $10,000 as a teacher in a Catholic school. Long story - and who cares. But even if you don’t earn a lot, you can make it if you look for opportunities and take em when they come, and don’t expect a regular job to pay.
I read many retirement-focused YT channels. Of the hundreds of videos I’ve watched over the years this is in the top five rankings for educating people as to how we got here. Thanks for a frank and succinct outline of the current disastrous situation. I am in the top 10% because I worked for 46 years at a large California medical center that offered membership in a well-run union. I retired at 70 with a hefty Social Security check and a comfortable pension. I also have a 403B account which I was able to fully fund due to the excellent wage scale negotiated by my union. In addition to the points you so eloquently made, the loss of unions has severely impacted workers in this country. Without unions, workers are at the mercy of the corporation. I wish future retirees good luck. No one should have to live in poverty after they retire from decades of loyal employment. I subscribed to your channel and look forward to future thoughtful and well-researched videos.
All these companies selling $100,000 electric vehicles have waiting lists of months to years for their vehicles. Car companies have stopped selling economy cars because nobody will buy them. But, $65,000 pickup trucks are all over the road. Restaurants are packed and trips out of town are frequent. Garages don't hold cars anymore and they can't build storage units fast enough to house all the junk that people are constantly buying. The Amazon trucks stop by every single week, if not 2 or 3 times a week. The idea of cutting your own grass or painting your own house is a foreign concept to most Americans these days. Young people bypass the starter homes and condos of the past and go for the $500,000 house right off the bat. And all this is the behavior of the upper middle class! If they are broke, you know everyone else is too.
Excellent presentation--thank you! I am 75 and still work full time, as does my wife. I enjoy my work (farming) and plan to stay at until I drop dead in the field with a hoe in my hand. With no debts, my trickle of social security income is more than adequate.
You should leave the country and go somewhere like South East Asia, where that trickle is a middle class income and that farm not only supports you but makes you a lot more money.
My dad's failure to plan for retirement caused me to get financially educated. I was well on track to becoming my dad and thanks to education channels like this I've built my own income fund in a self-managed IRA. I won't be jet-setting, but no debt and reliable income will keep the lights on and food in the pantry. On track for a good retirement 5 years (or less) from now. I need to get that long-term disability insurance figured out that you mentioned though.
I have decided, after weighing the pros and cons, the best long-term health/disability insurance is taking good care of yourself. Congratulations on figuring out a good retirement plan.
You need to find alternative news outlets like Real America News. You will find much more hopeful and honest reporting. The Democrats and globalists are fighting for their survival as Americans rise up! You won’t read or view this in legacy mainstream news media
@Joseph Lucas Because they can. Redistributing wealth will always be a politically popular message given the small percentage of people saving for retirement...
There were proposals about 12 years ago to require all personal savings vehicles ro bec100% invested in US government paper (including repatriating funds). Not quite confiscation in words, but in deed.... It did not happen that time.
@Joseph Lucas they have ways. Below the mention of forced treasuries, which they're doing with pensions as well, but they also have a codified way of quietly swapping 401k into treasuries as needed and this isn't taking into account the potential for outright public confiscation, which is VERY possible and likely if everything completely goes to hell.
@Joseph Lucas Not so sure. They keep the control, and keep it close. The outside of the US USD market getting funded by exporting USD, that a World Reserve currency requires, can have quite a snap back
I came back to the us 3 years ago broke and in debt to another country after Greece’s economic crisis. It is amazing that I already paid off all my debt and have 70000 in retirement savings. This country is amazing if you learn how to save. Going broke taught me how to respect every dollar I make.
@@questioneverything594 I was lucky and had enough in savings (8000) to start a small business and worked 7 days a week 15 hours a day and now earn as much as i can work. Every penny went to the business or my debt. I lived with relatives for 9 months. The cost of living in Greece is very low so I was (still am) supporting my wife and daughter with 1100 dollars a month. I still invest or save 50 percent of my income and max out my deductions. I still work insane hours as I wait for immigration to ok my wife after 2 years. ( 3 years, if you count the year covid shut down immigration ) I'd rather work those hours than watch tv, and I don't go out much. My only hobbies are stock investing and running until my family can join me.
@@nvarras7 Sir, you are a very impressive gentleman. I have absolute respect for what you've done and are doing. My hat is off to you. You have proven once again that there are really no shortcuts for most people. The "secret" is working and saving. Good luck ti you and your family, nd I hope you will be successfully reunited soon!
@@questioneverything594 Thank you, I hope they are here soon also. I had to learn the hard way about working and saving. When you are younger you think you have all the time in the world but it passes quickly.
“Nomadland” by Jessica Bruder is a book/audiobook about seniors who basically live in their vehicles and work seasonally at places like Amazon during the Christmas season, and the sugar beat harvest in the fall, and campground host in the summer. It is an amazing story and I recommend it to everyone, especially those who might be facing a similar situation. It is a story that stresses the camaraderie and tenacity of this senior group of Americans. I have listened to the Audiobook a few times now, because it is such a poignant and contemporary story. It is clear that in situations like this, group energy is needed!
Frances McDormand was her usual amazing self in Nomadland, with her nuanced portrayal. I never felt pity, just admiration for her strength and tenacity. If people can make this off-the-grid lifestyle work for them, I think it can be an alternative filled with camaraderie and adventure.
When I started my career, I noticed many coworkers that were working in their 60s, and they would tell me they wished they had invested decades earlier and also wished they weren't still paying their mortgages. Seeing this, i took it upon myself to read several personal finance books and begin investing as soon as I could (after saving for a home down payment). For the last 5 years, I really stepped it up and have since paid off my house, and I'm maxing both 401k, HSA, and Roth IRA.
If you saved nothing for retirement, you are trusting your financial future to a government that has saved nothing for its future financial obligations.
This was an excellent discussion of the retirement dilemma many older Americans find themselves in. Unfortunately, although many expect the government to come riding to the rescue, that is unlikely because the problem is too large for even the government to solve. The 401k trap was doomed to fail because too many employees opted not to participate. It was great for the employers, but not for the majority of the employees.
With ever increasing 'defense' budgets, and with nothing to show for them, I propose diverting at least 1/3 of those funds (probably around $333B/year) to refund social security and Medicare.
Calling it a "trap" is a bit ridiculous though. All you had to do is put 10% of your income into a 401k (set up the automatic deduction then never touch it again) and you'd be set for retirement. Most people just have so little self control they couldn't even handle that without the government or employer doing it for them, tbh it's kind of pathetic. It's like a hole in the ground with dozens of giant flashing neon signs saying "Warning" all over it and people just walk into it anyways because going around would take too much effort...
@@timothyw7663 the defense budget has become less and less a percentage of the total federal budget for quite sometime SS and Medicare obligations are far more percent
Boomers- You want some serious retirement peace ? I simply decided I have no plans to retire. I will keep working and do what I've always done- take care of my family. I wont file for Soc Sec until 70. The income years from 62 to 70 are usually good earning years. So I've concentrated on staying healthy and enjoying my work. Really enjoying any time off I take with wife & family. Retirement is a very new concept. Retirement at 62 is ridiculously young unless you're a lifelong govt hack with a yummie gummy juicy pension. I tell you in all honesty making the decision to not retire has given me great peace. I am a man and the head of my family. It's the proper thing to do & I feel proud as hell over this decision.
I could not agree more. Take the pressure off yourself by setting yourself up so that you can work until 68-70. Thus we do not have to fund so many years of retirement. Why quit when you have worked yourself into a position of making the most money you have ever made?
@@bugsbunny2357 You nailed it. 👏 I am in my 60s super healthy & love my work. Added bonus is living in a resort area so any time off is like vacation without the travel hassle. Those retiring at 62 ? Warning. That is a lot of hours to fill every day.
I payed off my mortgage loan and credit card debt and driving a 8 year old car and happily retired for the past 4 years and I don’t need to travel all over the place spending money and I been saving all my mortgage payments and avoiding debt like a drunken banker
This is the best short video I have seen on such an important topic in an easy to understand format in plain speech. Please make more videos like this, they help wake people up to the elephant in the room that NO ONE is talking about nationally or locally
I was an electrician for 46.years, I retired at 67 for health reasons, and couldn't have done that if I hadn't been a Union member for the last 16 years of my career. The years previously I was not union, nonunion does not pay enough to have anything left over to put into any kind of retirement account, I w was just able to keep a door over our heads and food on our table. If I had been given the opportunity to join a Local Union at the beginning of my career I would be comfortably retired today. Your plan is great but there are a lot of people that don't have an extra 20$ to put away.
I'm still going to have to get a part time job to make up the amount that I am short every month, very few people can make it every month on just social security.
I had to do this for an elderly family member. She never expected to live into her mid 90’s and did just fine living extremely conservatively on her compound interest until The Fed screwed her 😔
Yes. IMO it's not nearly discussed enough how the Fed's ZIRP was a direct war on seniors who planned their whole lives to retire on a fixed income. Massive betrayal of the social contract.
@@Wealthion Absolutely. All the while, illegals and their families received more benefits as well. So much for disrespect towards The Greatest Generation WWII Veterans and their widows 😞
@@christinab2074 Care to point me in the direction of some documentation for this?: "all the while, illegals and their families received more benefits as well". Not saying you're right or wrong, just looking for verification.
I worked 50 years and retired at age 63. I planned, budgeted, saved and worked extra part-time during 20 years of working life. Still felt moderately prepared for retiremen. Soon I will be 67 years old and seeing that pension, social security and retirement savings are not keeping up with current costs. WHO knew covid could impact so much so fast? I am considering returning to the work force part-time, thinking it is a shame the economy may require more than a 50 year work history after all that planing, sacrificing and saving. I feel sorry for those who had fewer options.
Covid is being used as a cover, the country never recovered from the 08-09 crash, we just papered over it and now, it appears, that the "papering" is finally coming home to roost and we will be resuming the 08-09 crash but this time in a worse condition than we were in 08-09 - the FED's "pony" trick has been played and now they have painted themselves and US into a corner that there is no painless way out of.
I told my husband not to retire until he’s 65 or 66. He does get a pension from his previous career but it’s not that much money annually. At least the house is paid off.
Now here's a person who did it "right" and is still thinking about having to return to work. The costs if things in this country are OUT OF CONTROL. I'm not down on Capitalism, but the USA is going to have to do better at having their citizens being able to take care of themselves. Medicine, insurance, college, to name a few, all are overpriced! Cut bona-fide welfare, not Medicare, but welfare that pays women for having babies with no husband. If you don't work, nor have a decent work history, you don't get rewarded, you get the bare minimum until you understand, you need to work. 💯
Even if you have your house paid off, in some areas you will still have to have tens of thousands of dollars to pay the property taxes, water, and sewer bills. If you do not have family around, you will have to sell you house once you get sick enough that you are not able to take care of yourself unless you have about 2 million in the bank. Home care is incredibly expensive and most people have to go into a nursing home.
About 25% of seniors will end up in a nursing home at some point. Only 5% of seniors are in nursing homes at any given time. That means Most / 75% are not in nursing homes.
While you are correct homes are expensive, its not like you don't have to pay property tax/utilities/repairs if you are renting. As far as I know most landlords aren't in it to run a charity. Having a paid off home in retirement is certainly preferrable to renting or having a mortgage unless you haven't kept up with the maintenance and let the home fall apart.
Private pensions are one thing, the company not taxpayers fund it. Public pensions are another thing all together. Far too often taxpayers are left in the dark over contract negotiations by politicians with the public unions that had a large part in electing them. What could go wrong? Pensions and other benefits that the private sector can only dreams of to name a few. Besides being unsustainable. No public employee should make more than 50% or less of their top base salary along with paid health care for life. The number of public employees with 6 figure pensions is staggering, often which is more than their working base salary.
@@JJ-mh3hb Not a matter of jealousy. As a private sector taxpayer I shouldn't have to be paying for benefits that are way out of line with private sector benefits especially with the general level of performance/results many public sector employees provide. Public schools in most cases provide a perfect example of this.
@@waitingforrealitytosetin4807 i live with a retired teacher. They certainly earned every penny of their state retirement. If you include the SS check, it can take care of a no frills lifestyle. State retirement comes close to 50% of their wage but 50% of nothing is nothing.
@@ld4122 They are supposed to use the saving/retirement vehicles that were set up by the government. Public employees cannot use those. Just because people don’t plan their retirement don’t blame public workers.
Great news Adam. I am one of the 49% having lost everything in 2008-9 and never fully recovered. I am fortunate that my SS is double the average but even with that I spend most of my time out of the US in countries I can live much better on with the little I have.
See that you travel around...I'm "investing" in dual citizenship so I can have a permanent place to land or a choice in Europe. I just have no interest in Mexico even though I'm 50 miles away...or Panama, etc. I'm 71+ and may not make it, but I'm not dead yet so I'm giving it a shot! One big last adventure, why rot here in this sinking country...my soul can't take it anymore.
When we are older ....very old Health problems ..... its usually best to be at home in yr native country, not somewhere overseas, ...can you suppport yourself if you are unconscious
Honestly what scares me more than the crisis itself is that government will make it a whole lot worse. Printing money, confiscating assets, setting prices, stoking racial divisions - all the stuff governments usually do that invariably make things worse.
@@idiocracyishere4531 That's not practical with how big our economy has become. There's not enough gold in the world to cover everything without increasing the price of gold by like 1000x, which would crater the electronics industry since gold is actually used to manufacture most computer chips.
Wait until the American Communists take over completely They will redistribute (steal) your tax deferred savings (IRA) in the social justice ideology of equity. Or they will eliminate your SSI based upon your net worth and RMD amounts. Communism is evil.
This country has never committed to true social welfare and is splitting at the seams because of it...And, it is on track to do worse...ask Rick Scott what his crowd has in store re: taxes for the little guy...again,
I just recently read where 60%+ of folks are living paycheck to paycheck right now, and the longer this stagflationary environment persists that % will keep rising!
My parents didn't save. They worked into thier 80's and never complained. In fact said working helped them mentally and physically. I have a hard time worrying about people who made bad choices their whole life. I know there are people who truely need help, but I've seen many people drive new cars and buy expensive clothes and homes. I took a lot of jokes about my rust bucket cars that I fixed for 40 years. I never made top 10%, but close. Now I supposedly need to be compassionate towards those that made bad choices. 🙄
Being that this economy is now a service economy as opposed to a unionized manufacturing economy, the accompanying low wages mean people have barely enough money to put food on the table and a roof over their heads. There is no extra money to save for retirement or an emergency fund. Why does nobody address this issue? Why does nobody even bring up this issue unless it's to cut social security and/or Medicare, which isn't very good insurance now? But thank you for at least touching on this. It's time to tax the wealthy and tax them for social security but give them no money for a change instead of constantly screwing the bottom 90% financially, and also tax some of their other money away. The bottom 90% hasn't suffered from "poor planning." They have no money to plan with.
Not sure if this is a good thing, but for those of us that have saved and invested well, we leave our children a nice step up in life with a nice inheritance. It is important for me to leave my children a nice inheritance and I may not have saved much if I were receiving a pension as I would not have needed to save so much.
Early retirement is the dream. I refuse to accept that I have to be at the end of my life to enjoy time freedom. Let's hustle to financial independence! Being able to work because you WANT to, and not because you HAVE makes all the difference!
Early retirement is fine if that's what you want to do and have enough saved. I've grown tired of my friends who retired early and keep complaining about how tight things are.
Wealthion viewers didn’t like the Kiyosaki interview. The obvious conclusion: Wealthion viewers are in general economically much better educated than the viewers of most other UA-cam channels.
One of your best videos. Despite the dire circumstances, it's odd DC politicians still hand foreign nations like Ukraine nearly $100 Billion while Americans face disaster. Can you discuss or have a guess discuss various Medigap insurance plans? Thanks for giving all your tips on how to prepare.
When does the govt hand money to us? When they did all the right wingers (took it) but called others lazy for doing so. They give foreign aid because 1. It's the right humane thing to do and 2. So that they have leverage with the country once the crisis is over. Also, they gave weapons...not cash. They also do this to feed the military industrial complex. The same reason our military budget is getting close to 1 tril. Ask yourself, does it really need to be that much? I think not and alot of people get kickbacks from funneling that money into the budget. Welcome to corruption 101. Now on top of all that, Republicans want to slash ssi and Medicare to "balance the budget" yet no talk about defense funding being too large.
How you conveniently forgot the republicans gave the rich, the top 1%, a trillion dollar tax break! DumptyTrump added $7trillion to the debt, but fiscal responsibility only comes up when Dems are in control.
Adam Taggart is one of the nicest utubers out there giving financial advice. Always informative, terrific delivery. thank you. , Looking forward to more of your informative interviews!
I just don't see how it's possible anymore. I make double the national average of income, budget all the time, and live a very average life. And I have nearly nothing for retirement. My best hope is to stay healthy and keep working, or retire in Panama or the Philippines where I can stretch a dollar far.
I am 71. I've worked since 15. I have a 2 year degree, and raised 3 children on my own due to their Vietnam vet father becoming a heroin drug addict while in Vietnam. He was a medic and faked his own drug tests to return to the states. One son had a congenital disease that killed him when he was 25. I could never save for retirement because of enormous medical bills for him. My other two sons have issues of their own. I fell through the cracks. I'm growing weary of working. I will be forced to live in a vehicle or a tent when I'm no longer able to work. Rents are too high. I think I'll park my vehicle with a view of mountains. At least I'll die surrounded by beauty. America is cruel
Thank you very much for this. This is one of the best videos I've ever seen on this subject. It was clearly articulated with useful information. Thus, I subscribed.
I’m 25 and If I am not trying to retire by 40 but I do want more financial flexibility (aka keep a job but be able to pull from some investments to supplement income) then should I consider putting more into the third bucket than somebody my age traditionally would? Obviously wouldn’t get the tax advantage of a IRA but I would be able to pull the money at 40 to do what I want with it
If you want the ability to pull your money, I would think a brokerage account is probably the right resource for you. I'd recommend dividing your attention between a tax advantaged account and a brokerage account (IF you really wish to pull from your resources and not fully "Retire" later in life).
Both have their perks, you can save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor
@@drfrankhutchinson2031 Really? where have you looked? (dont say YT) I am close to retirement with 7.2M to my name outside of retirement accounts. I have been using services of a CFP since 5 years ago, she contributed to my portfolio progress today.
The risk that social security payments could be eliminated or even reduced in 13 years is NILL. In Germany, social security funds are no longer sufficient to ensure payments but the difference has simply been made up from tax receipts and that is obviously what would happen in the US. No politician would ever dare reduce social security benefits.
An excellent explainer. No criticism from me, but here is something to consider: our modern obsession with retirement is missing something ~ why not aspire to keep working part-time, serving others and dying in harness as an active person (if possible).
Yes a great point. The concept of retirement makes sense from the stance that as we get older, we get less... able. Especially when everyone was farming, I mean my grandpa was out in the fields until he died, but he moved a lot slower by the end. So it makes sense in the same way that babies don't work. However, I think it also stems from a culture that hates work. Corporate America and our system of taxation, unsound money, and all the shit has led to insane inequality where many people work 3 jobs to put food on the table. And they're shitty jobs. And they don't pay well obviously. (Should someone cleaning the sewer really make less than some guy in a suit regurgitating stuff he read in a textbook...?) This hatred for work, clock-watching, job-jumping etc. leads people to want to "retire early." I think the best life is one with work that is fulfilling and productive, work that I'm good at and maybe even enjoy, and then I don't feel the need to retire, maybe just work a little less.
Part time work and job sharing are options that should have been discussed prior to the boomers reaching retirement age. There are many of us who could have continued working if fewer days and hours were a possibility, but in many circumstances this is simply not an option. Additionally, people may be living longer but that doesn't mean that their productive years have been extended. Especially true for those people who perform physical labor. And many people have worked in jobs where they were overworked, unappreciated and poorly compensated so I don't see them aspiring to dying in the harness.
I agree with that @Jonathan Lee . I am more about FI, financial freedom than retiring. Doing nothing leads to depression, poor health and so many other things. Of course, no one wants to be working 40 to 60 hours a week at 65 especially if it is a physical job.
@Jonathan Lee Please feel free to "die in harness", it's your choice. I stay plenty busy on my free and clear 3.5 acres in the TX woods in the morning and then take the afternoon off. I earned the right to relax after a life of building and maintaining power generation, chip fabrication facilities and other infrastructure that people take for granted. Retired with 2 privately funded union pensions and social security. Not wealthy but I do well by living a sensible lifestyle. Help the neighbors by welding broken equipment and they give me as many eggs as I can eat. Too many people live off the efforts of others and complain when they cant maintain their luxurious lifestyle in retirement. Let them keep "working" and die in harness.
I'm working on being able to retire in about 2 years but not sure. I'm thinking of going to all cash in my 401k for awhile and since I think the market will keep falling hold onto my leveraged inverse volatility ETF which should go up. Also maybe work PT at my job and be semi-retired.
Hey Adam, so I'm a 23 year old living up in Canada and absolutely love this channel. My mother is in the exact same position, has nothing saved and is barely getting by as it stands. Any recommendations on how to plan for retirement when you are on the verge of entering it? Thanks so much! - Justin
I gave a number of suggestions for someone in her situation at the end of this video, so I'd start with those. Also, there are Elder Care consultants out there, who can help you & your mom navigate what State programs are available to seniors at her (low) income&assets level. Contact several, interview them and contract with whichever one seems best.
Justin, don't follow in your mother's footsteps. Start saving now. You have years to compound earnings. In your twenties work on your income and your savings. Read the "Millionaire next door". Best of luck with your mother. Resist destroying your financial opportunity in your efforts to help her. Just my 2 cents. Best wishes.
My father retired, but that was only because he was an officer for 27 yrs. No such luck for me. I need to open an IRA, but I can barely afford to put anything in it since I make so little and my rent is 1700/month. Can't find a cheaper place to rent in the area either outside of the odd bedroom here and again. Those run about 1k/month. IF I did decided to make the sacrifice and go back to renting bedrooms, I'd have to give up my 2 furballs as well since bedroom renters rarely if ever allow pets.
People with insufficient savings are going to have to move in together become roommates for anybody that has a house an empty nester that has a house they should rent out rooms to friends who were still healthy and still working to give them a break on paying for independent rent for a unit that they use just by themselves and pool resources for food preparation just to make things a little bit easier
Yes, also lots of multi-generation households coming… young people moving in with parents and parents moving in with young and middle aged people. Tough for the finances and the ego, but may actually make stronger families which I think the West could use right now.
@@bugsbunny2357 I'm just making suggestions based on the success that I've had in adapting to this difficult environment I have zero debt I've cut my Baseline expenditures down to less than 20% of my gross revenue and I'm not making a huge amount of money and I've stabilized my income because I have more control over it people do whatever they want to do but you know if they're stuck in debt and they're in trouble they've got to get out of it
The 401k experiment is a huge failure for the great majority of Americans. We should have instead increased contributions to social security because the great majority of Americans only have social security for retirement. But then Wall Street wouldn't get all those fees they are currently getting from 401k plans.
Great video Adam. Also urge everyone to create / update their wills. States have changed their will templates and your current will may be nearly worthless today. Please folks, create, verify, update your wills. Save your heirs hassel and $$$ in probate. Put your real estate into land trusts to xfer to heirs outside of probate via successor beneficiaries in the trust doc. Land trusts are a simple tool. But makee sure to work with the local county tax assessor to bridge your homestead exemption accross the title change. Best to all.
Spot on Adam. You reflected every concern I have shared with my wife. Thankfully we were ants not grasshoppers and started saving and investing by age 25 after finishing professional school. We shoped at Aldi, had no expensive vacations(just stacations), drove inexpensive cars, (no BMW’s), paiid for things(no credit cards) and retired successfully 4 years ago. The first payment was always to retirement. My biggest fear is government reducing benefits because they think we have accumulated enough to reduce benefits. Funny, penalized by doing the right thing. If means testing why should this be done without expense testing. Should someone be entitled to a portion of someone else’s benefit that saved nothing but had a new car every two years, took fabulous vacations every year, bought the most expensive house, maybe a vacation home and now has saved nothing. Government not considering cause of no savings in means testing is another mistake of government and again disregards moral hazard in decisions.
I graduated from college and joined the real world in the late 80’s. From the day I started my first full time job, society has done nothing but drilled into my generation’s collective heads the need to set aside a little money out of every paycheck for your eventual retirement. I’m sorry, but if you chose to fritter all your money away during your working years, than you will reap EXACTLY the type of retirement you have sown! If you retire broke, LOOK IN THE MIRROR……..!!!!!!
Taxing ALL income with the Social Security tax instead of just $134,000 or so, will solve the revenue problem for the next 75 years. We need to do that. We need to reform Medicare. Cut the private insurance companies out of Medicare. They add unnecessary cost. Bargain for the cheapest prescription drugs for all drugs like they do in Canada. Offer dental, vision and hearing in Traditional Medicare. Reduce the Co-Insurance for Medicare from 20% to 10% or 5%.
Why is it a problem if the top 10% own most of the wealth? The top 10% are largely just people that worked and invested for decades. I work with a bunch of people making ~150k per year. Some are stuffing 15% into their 401k and paying their homes off early. They'll be top 10%ers some day. Others are driving luxury cars and going on lots of vacations. They won't be top 10%ers. Seems pretty reasonable to me.
For someone that took advantage of 401ks I'm sick to death of the market swings up and down, gains are negligible. I'm fortunate to be at the tail end of the Baby Boom, so I have two smaller pensions. While I worked at American Express in the later 2000s, they were phasing out pensions. There should be repayments to the SS piggy bank to shore it up before any other handouts.
Interesting. I'm 63, getting ready to retire and have monies in IRAs and 401K, but no pension. I am fine financially because of 3 things my parents always harped on: live below your means, save as much as you can, and get rid of debt. Wise words to live by but unfortunately, most people today spend themselves into the ground.
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Great video as always Adam.
Its true, the "system" (laws) are woefully tilted to the top 10%. I got my first taste of that in the early 80's, as I was graduating high school. I had good grades and expected to transition immediately to college. Then Reagan decided to "set the Social Security house in fiscal order, in part by eliminating SocSec survivor benefits for orphans, post high school. I was one of those orphans. They could have removed the ceiling on FICA contributions, but instead decided to lean on orphans to fix Soc Security. The millionaires always have had more lobbyists than orphans.
So i understand the unfairness endemic in the system.
That said, I busted my hump (had "no life" during my 20's) eventually got that degree. Despite starting from poor conditions, I've saved every year, even while attending college. Despite "the system", it can be done. These boomers who don't have 2 nickels to rub together, I really cannot muster any empathy for. They've lived in the best of times. If, after 40 years, they have no savings, well, for most, that is the culmination of a lifetime of bad choices. Americans (and most other people) generally indulge in chronic "immediate gratification". The Govt DOES have a plan for them: Social Security -- enacted to SUPPLEMENT personal savings and pensions (now, IRAs/401ks). If many find that to be "not enough", perhaps they should consider co-habiting/shared living arrangements. Replacing beef/chicken with soup as their main meal might help them to economize too. Many boomers have houses. The govt set up reverse mortgages for "house rich" seniors. that would be an option too.
Bailing out seniors who squandered their earning years when they should have socked it away, is not a very compelling investment. I doubt the Millenials or GenZ would be interested in doing so, either. Sorry Granny, you are on your own!!
@@charlesbrown9213 19th century England was laizzes faire domestically, and brutal empire to the rest of the world. Their brand of capitalism was identical to American capitalism today - financial capitalism based on colonial conquest in the outside world, and pauper wages domestically, with no safety net. As capitalism has needed more and more consumption to create the need for more and more markets, the ability to be strictly laizzes faire has receded, and was replaced by debt as the driver of "production." The ruling class then and now understood that speculation was quick and easy money, and used banking and real estate to create rigged opportunities for capital gains and rentier streams of income. Today's stock market and endless asset purchases by the Fed, plus the regressive tax structure and corrupt fiscal spending makes for a world that is designed by and for the owners of capital at the expense of the non-owners of capital. The U.S. had its opportunity to turn capitalism into a benevolent system that rewards ingenuity and creativity. That was the hope of the New Deal. That world is dead. In its place is the corrupt, decadent world of a dying empire, just as in Ancient Rome.
The enlightenment philosophers, our country's founding fathers included, understood that too much wealth was a dangerous thing. Adam Smith himself understood that super high profits that extend over too long a period of time are a contradiction in a free market. This means the super high profits are the result of monopoly and not of competition. This is America - super high profits for way too long - only today it's due to international monopoly, meaning imperialism.
The blue collar jobs that enabled people like TV's Archie Bunker to own ahome in NYC, have a stay at home wife, and raise a child are long gone.
The ability for working class people to make money in America since Reagan depended on one's ability to be business minded. Most people are adverse to this. Most people have a subconscious revulsion to the idea of pursing money for its own sake. Those that are talented at it are in the minority. Those that are super talented at it are disproportionately affected by mental illness such as psychopathology. A disproportionate percent of corporate CEO's and high level executives are no doubt psychopaths.
The definition of a psychopath is someone who is incapable of empathy. Your comment shows not only a complete disregard for the welfare of others, but goes beyond that. You show pleasure at the thought of others experiencing pain. This is textbook psychopathy 101. Your unfortunate experience regarding your parents enables you to provide cover for your sadism. It doesn't work. My mom and dad died when I was 18. I have no siblings or cousins, and my aunts and uncles were worthless as family. I survived and "made it" to a certain degree. I don't wish hardship on others, yet you enjoy the thought. Your orphan story doesn't erase your mental illness. It only allows you to find like minded friends. The Republican Party is full of people like you. Charles Dickens and Hans Christian Andersen wrote in order to reveal to readers the horror of living in a society governed by people with no empathy.
Enjoy your moment. It won't last. When too many people have too little for too long, revolutions happen. Unless that moment produces fascism, which it might, your moment will pass.
@@peternyc - my, my, are you a licensed psychologist, or do you just play one on YT?
I actually don't disagree with most of the "history lesson" -- which, by the way, comes off as very "preachy".
What was missing from your rather in-depth analysis was any mention of individual responsibility. People make stupid decisions every day. This country is great in that people can make some bad decisions in their life, and still persevere and have an OK life -- one better than humans anywhere have had for most of human history.
But some people -- a lot of them -- tend to make chronically bad decisions. Maybe they marry wrong. Or marry right, then get divorced -- a very costly life-decision. Maybe they decide to birth kids because they are bored, or want govt assistance. Maybe they go down the path of substance abuse. Or, maybe they decide to start down the path of crime. For many, they just want to spend money they don't have on things or experiences which their grandparents never had, and which they don't need.
If someone is a "grasshopper" their whole life (i.e. irresponsible, not planning for their retirement), its a strange suggestion that other people (i.e other taxpayers) should do more for the grasshoppers than the grasshoppers were willing to do for themselves.
There is a group of people -- a very large group, methinks, which are the "UNdeserving poor". But the beauty of liberty is that if you disagree with that statement, you can donate however much of your savings you wish, to sustain them. Just keep your hands out of my pocket - do not compel me by threat of imprisonment to follow your crusade for Utopia. -- down that path is serfdom and tyranny.
@@charlesbrown9213 Ownership is what makes for a responsible person. Renters don't care. These are the types of people who make bad decisions as a rule, not as the exception. When a society is filled with renters, as ours is and 19th century England was, it is always corrupt, sadistic, and decadent. The libertarian idea of a society of owners is attractive, but is a fantasy. Power is always compounded in a laizzes faire economy, private ownership of what people need to survive breeds more private ownership and more irresponsible people which I am calling renters here. It's a vicious circle. The only way out is to create a larger public sphere, meaning public ownership of what we all need to live and prosper. Examples of the 2 extremes between absolute private ownership and absolute public ownership would be a slave owning society as was in antiquity and existed here until the Civil War on the one hand, and a pure socialist society where money doesn't exist and all work is voluntary. Such a fantasy world of socialism is obviously not imaginable now, but neither is the libertarian fantasy world you hold as ideal.
You have to separate the person from the position the person holds. Individuals, even bad actors, are not the problem. It's the position they occupy that enables them to be bad actors that is the problem. Change the conditions and the bad actions disappear. Corruption, decadence, sadism are all characteristics of private ownership of other people's ability to survive. When all people become owners, whether in a libertarian sense or in a socialist sense, the bad actions diminish and disappear.
If you want good libertarian philosophy of economics I recommend checking out the ideas of Henry George and Silvio Gesell. George was a 19th century American economic thinker who was pro-free market. His remedy to the ills of capitalism was to eliminate all economic rent seeking, which begins with land. Silvio Gesell had similar ideas of eliminating rent seeking, but in regards to money. Google "Wörgl Experiment" which happened in 1932 and transformed a destitute Austrian town during the depression into a healthy, productive, and happy town literally within a few months. The central bank of Austria forced the government to shut down the experiment and the town instantly reverted to abject poverty. You see, change the conditions and the people instantly change. Ownership is key. That which prevents ownership is bad. There was a really excellent monetary thinker from Belgium named Bernard Lietaer. He based his work on the ideas of Silvio Gesell.
The overall point I'm trying to make is that when society is under the microscope, individuals are not the subject. The positions that the individuals hold are. Anglo libertarian philosophy so popular in America is a con game. It isn't real libertarian thinking, just as liberal Keynesian thinking is also not socialism. It too is a con game.
Thanks for being polite in your reply to me. I admit I was hard on you. I apologize.
@@peternyc Your world-view removes individual responsibility. So, no one is to blame because we are all "victims". -- ONly the warm, embracing state can "save us from our victimhood". - That requires ever more powers vested in a central govt. That solution has been tried -- throughout history -- and leads to tyranny. Its had many names: pharoahism, monarchy, Socialism. Communism. But it always ends the same way, serfdom for the majority.
These malevolent wealthy people which you blame for society's ills: Do you really believe they (or people like them) will not insinuate themselves into a more powerful state -- and use that increasingly powerful state to further enrich themselves? Homo sapiens are not angels. Some percent of us are covetous of power -- and have an innate need to dominate their fellow beings, to the advantage of the few.
Power corrupts and absolute power corrupts absolutely.
That govt governs best, which governs least.
These concepts may seem trite, but 5000 years of human history have proven them true. The drafters of our founding documents -- the Constitution, Declaration of Independence, the Federal Papers -- the drafters were astute students of political history. That is why they insisted on limiting the power of the American state.
Every man/woman is free to advance devote themselves to improving the lot of themselves and their fellow man. But if, by force of govt compulsion, you demand that I must adhere to your "dream", its as if you are shackling me with a harness to serve your ends, as though I were a dumb ox, with no will of my own. That is the antithesis of freedom, and anathema to my right to liberty.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
I’m closing in on retirement, too, and I have benefitted so much from using a financial advisor. I didn’t start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who had been investing for many years.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Amber Dawn Brummit ” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
The advisor that guides me is Amber Dawn Brummit, most likely the internet is where to find her basic info, just search her name. She's established.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
How can I reach this person?
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I checked Aileen up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
@@PhilipDunk 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
I've shuffled through a few advisors in the past, but settled with “Vivian Carol Gioia” her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.
@@PhilipDunk very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
Generating significant proceeds, especially during a bear market, requires the implementation of sophisticated actions, which are most effectively carried out by experienced connoisseurs in the market.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
Stacey Lee Decker, my fiscal guide, holds a distinguished reputation in her field. I urge you to explore her qualifications and expertise further.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
Retiring in 20 years? Due to inflation, you may need upwards of $2.6 million to maintain your existing lifestyle, with the ongoing effects of high inflation, lower forecasted stock market returns, and stagnant wages, achieving a secure early retirement could be more challenging than ever before.
I suggest you offset your real estate and get into stocks, A recession as bad as it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advice but get buying, cash isn’t king at all in this time!
@@MarkFreeman-xi3rk I agree. I have pulled in more than $435k since 2020 through my advisor. It pays off more in the long run to just pick quality stocks and ride with those stocks.
@@AntonioBianh Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems.
@@JenniferDrawbridge Margaret Johnson Arndt is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
@@AntonioBianh thanks for sharing, After locating her, I composed an email and arranged a phone conversation. I'm optimistic that she will reply.
Adam, this is a great and long overdue discussion! Folks need to listen. My wife and I retired two year ago, hopefully well prepared. We are totally loving this time, we're all taught to work til we drop. Proper planning and implementation will open a window to a wonder (and I hope) long future.
The failure of SVB and everything happening has left the markets in shreds. I'm at a crossroads right now, deciding if to liquidate 200k portfolio down by 10%, and it's uneasy for me to not panic after my recent awful divorce. I just need investing ideas to afford my retirement..
@@susannicky sorry for your divorce,
there are actually ideas that could be put in place for solid gains during a crash, but such strategies are carried out by distinguished advisors..
@@susannicky great share, just copied and pasted her full name on my browser, thankfully her site appeared top search! she seems first-rate, her creds speak for itself..
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. They both retired millionaires.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@edward.abraham Please tell me how can I connect to your advisor. My funds are being murdered by inflation, therefore I'm looking for a more profitable investing strategy to put them to work.
@@Kim.beneteau My advisor is “Julia Ann Finnicum”. I've been working with her for a very long time. You could still check out others on the internet. She's an independent financial advisor, so her decisions have been really spectacular.
@@edward.abraham Insightful. Your counsel couldn't have come at a better moment because I'm currently barely holding on. I'll do some research on her online before calling her.
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
My CFA ’NICOLE ANASTASIA PLUMLEE’ a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
“NICOLE ANASTASIA PLUMLEE’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
We are in the process of our standard of living collapsing to its true level. It's debt and credit that has camouflaged this reality.
Indeed. It's the brutal reality. Vast numbers of people have spent decades being able to pretend they were far less poor than they really were.
Absolutely. We've never really recovered from the 2008 crash and our society doesn't want to admit that. Luckily a lot of young people have vastly different spending habits then previous generations. Hopefully we as a society will no longer desire more and bigger and by proxy no long look at the ultra wealthy with rose colored glasses. Either way the whole world is about to finally see just how broke the U.S. citizen really is. People in this nation are not just complaining anymore we really are taking massive steps back in living standards.
@@naddarr1 It's true, many people live beyond their means. Trying to show off with fancy cars, clothes, houses... going to expensive sporting events, wasting time and money watching TV or cruising the internet for hours and hours while not improving themselves to make themselves more valuable in the job market.
@@ricf9592 very true
And those of us who didn’t? What of us ?
I'm 82 years old and was a financial advisor. The key to financial independence in the U.S. and really everywhere is home ownership. When your home is paid off most other expenses can be dealt with especially food and basics. My experience is that most would be better off starting there. But the best future investment is in your family. People that invest time and money in their children and get along well with them rarely have to worry. Stocks and bonds are a distant second.
Paid off? How are most people supposed to get a home in the 1st place? The median home price is $440k and if you are talking most safe areas it's $600k+. The median individual income is $40k a year. If I was born in 1940 I'd have 10 houses by now. Instead I rent a room.
@@MRGior-wo6dk By my estimate if SS is not going to be there you need a paid off house and probably $2 million and even then you may still need to work half the year
If there is any - ANY illness at all, add hundreds of thousands of dollars to what is needed.
100% true and as a wholesaler in Colorado I can tell you there is a difference between those that own and don't when we call them be the people who go oh I want to hear about cheap properties not wait I only rent
@@MRGior-wo6dk SS is already insolvent. The government covers it up by printing currency.
The best time to plant a tree was 20 years ago. The next best time is right now. This is great advice, and no, it's not too late to start.
I'm just 31 years old, but studying and doing the work to be financially free early before traditional retirement .. I hate seeing people around me living paycheck to paycheck and complaining. All roads have pointed to the financial market of some sort which is a good idea buh where else should I put money besides the financial market? I have $150,000
Yep great question and that’s always the one - where would you rather be if you have an option. Financial-market for me seem the only way forward with my long time horizon (accrued almost $1.4m in gains) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe! . Just know the risk you're comfortable with . Mistake is expensive
@GarrettDills Hey, who is your pundit and how can I get in touch? I'm working two jobs and trying to save up to buy a house for my parents and me. I'm exhausted, and I don't want to feel this way anymore.
@GarrettDills Thank you. I just checked her out. She seems really proficient. I'll follow up with an email. Thanks for the lead.
Excellent video, Adam. I was a college professor and retired at 59 because of saving and investment. I'm now 70 and even if the California Teachers Retirement System collapses, I will be okay. The numbers you presented are incredibly scary but well presented. Better that people be scared now than when they're 75 and totally out of money. Good job!!
In retirement now, one cannot expect to have the same standard of living as they did before they retired. I had to retire when I was 58 in 2003 and had no savings but what I could scrap up for a year. But there are ways to get around this. In my case, I left the US and moved to the Philippines, where I live in modest luxury on a pension that would be considered below the poverty rate in the US. Yes, there is some adjustment, but it is well worth it.
Yeah, I might do that
Great moved✅
Good for you my man. Nice move! Just wondering if you married over there?
I wish you many 'happy endings' in PI!!😆
Well who knows what being able to move overseas is going to be like 20-30 years from now…
I won the retirement game. In order to win, you need two things. Zero debt, and a Trust to keep Big Brother out of your pockets.
Do you don't pay your taxes huh?
@@nosuchthing8 I'm not running for office.
Also have to have health God like wealth. You get Diabetes, cancer, or other high cost medical situation you can forget about saving for retirement.
@@duancoviero9759 If you have good insurance, you don't have to worry. A few years ago, my wife incurred a $60,000 Hospital Bill. I ended up shelling out about $125.00. Everything else was covered. Another example was that two months ago, she had a $925 ER Bill. It cost me $15.
Zero debt is a good start
I am 80 and I had to leave the USA at 79 to Queretaro for a safer and less expensive city. I live on SS and a small pension, and a small savings.
It was $1870 per month to live in the dangerous USA, and it is $725 per month to live in Queretaro.
I do speak Spanish as a second language and have been visiting and living in Acapulco for over 60 years.
Everything kept going up in the USA and I was not safe, but trust me, I can defend myself,
We reap what we sow, and Karma never loses an address
. Send all criminals to horrible prisons around the world with shave heads
Stop stealing our money, and put Americans first. Seniors are helping the young people.
Move to a safe inexpensive country of your choice, if you can work online, or on a pension.
As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge, And it also all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.
Reason I decided to work closely with a broker ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.
@@georgebarret That's impressive, my portfolio have been tanking all year, tried learning new strategies to gain in the current market but all of that flew right over head, please would you mind suggesting the adviser you're using ?
I thoroughly recommend Julie Anne Hoover, an investment advisor who is subject to US SEC regulation. She has assisted me with my portfolio for many years. Look her up online; she's a well-known figure.
@@georgebarret She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
Healthcare costs in America and no universal healthcare make saving for retirement very difficult. And social security provides poverty pensions. Medicare only covers part of retirement healthcare costs. Also once over 55 are a layoff target
I'm 50 now. I feel like I have spent my entire life sacrificing for the future. It has put me in a much better place than average for retirement but I still don't feel like I can let up and enjoy spending a little.
You sound just like me
I assumed most boomers who had a house have a 6 figure retirement. Ur article is sayin most dont even have a 10k???
@@notgunnadoit7461 Leave the country, there are plenty of nice places that are cheaper to live. If you get all your money from the government then you need to take a trip out of the country and see...
@@TT-jg8ju
No mate. As a Head chef for 40+ years - I never earned in the USA more than 54,000. My mm put down 1500 and found a cheap semi house (37500) and co-signed back in 1976 - 10.5% interest. I sold a year and a half later for 65,000. I was 19 making $100 a week as an apprentice. Got married, moved to a cheaper state, bought another house at 7.5%. Moved to USA at 23 with 52,000 cash. And bought a cheap house w/land for $52,000.
At 52, took a non military contracting job in Iraq 2008-2011 w/ Defense Dept. Did whatever they wanted: Food service/Ice plant/Air Ops/Logistics. Went to Africa for 2 years. I worked 7 days a week, 12 hrs a day. 1st year didn’t have a day off. All tax free (or close to)
Retired this year at 62. I gave up over 5 years of my life to do this. My last year’s work: 54,000. My wife stopped working 12 years ago, but never made more than $10,000 as a teacher in a Catholic school.
Long story - and who cares.
But even if you don’t earn a lot, you can make it if you look for opportunities and take em when they come, and don’t expect a regular job to pay.
@@johnbirman5840 so u have a retirment 6 figures?
Your prep-work, genuine concern, and compassion shine bright in this video. Thanks, Adam.
I read many retirement-focused YT channels. Of the hundreds of videos I’ve watched over the years this is in the top five rankings for educating people as to how we got here.
Thanks for a frank and succinct outline of the current disastrous situation. I am in the top 10% because I worked for 46 years at a large California medical center that offered membership in a well-run union.
I retired at 70 with a hefty Social Security check and a comfortable pension.
I also have a 403B account which I was able to fully fund due to the excellent wage scale negotiated by my union.
In addition to the points you so eloquently made, the loss of unions has severely impacted workers in this country.
Without unions, workers are at the mercy of the corporation. I wish future retirees good luck. No one should have to live in poverty after they retire from decades of loyal employment.
I subscribed to your channel and look forward to future thoughtful and well-researched videos.
All these companies selling $100,000 electric vehicles have waiting lists of months to years for their vehicles. Car companies have stopped selling economy cars because nobody will buy them. But, $65,000 pickup trucks are all over the road. Restaurants are packed and trips out of town are frequent. Garages don't hold cars anymore and they can't build storage units fast enough to house all the junk that people are constantly buying. The Amazon trucks stop by every single week, if not 2 or 3 times a week. The idea of cutting your own grass or painting your own house is a foreign concept to most Americans these days. Young people bypass the starter homes and condos of the past and go for the $500,000 house right off the bat. And all this is the behavior of the upper middle class! If they are broke, you know everyone else is too.
All brought to you by near 0% interest rates.
Excellent presentation--thank you! I am 75 and still work full time, as does my wife. I enjoy my work (farming) and plan to stay at until I drop dead in the field with a hoe in my hand. With no debts, my trickle of social security income is more than adequate.
Nice! As an artist my plan is to drop dead at the drawing table :)
I grew up on a farm. The current generation of farmers are mainly 4x4s.
Great story. Thanks for sharing this. Sounds like a great life and great living philosophy.
You should leave the country and go somewhere like South East Asia, where that trickle is a middle class income and that farm not only supports you but makes you a lot more money.
@@vivi44 Wow. You think that's actually possible sir? I'm on my way if it is!!
My dad's failure to plan for retirement caused me to get financially educated. I was well on track to becoming my dad and thanks to education channels like this I've built my own income fund in a self-managed IRA. I won't be jet-setting, but no debt and reliable income will keep the lights on and food in the pantry. On track for a good retirement 5 years (or less) from now. I need to get that long-term disability insurance figured out that you mentioned though.
I have decided, after weighing the pros and cons, the best long-term health/disability insurance is taking good care of yourself. Congratulations on figuring out a good retirement plan.
Necessity is the mother of invention.
Thanks!
Thank you very much!
@@Wealthion Absolutely! I just discovered your channel and I absolutely love it!
I have done pretty well preparing for retirement, but I am very concerned about the government confiscating my retirement savings...
You need to find alternative news outlets like Real America News. You will find much more hopeful and honest reporting. The Democrats and globalists are fighting for their survival as Americans rise up! You won’t read or view this in legacy mainstream news media
@Joseph Lucas Because they can. Redistributing wealth will always be a politically popular message given the small percentage of people saving for retirement...
There were proposals about 12 years ago to require all personal savings vehicles ro bec100% invested in US government paper (including repatriating funds). Not quite confiscation in words, but in deed.... It did not happen that time.
@Joseph Lucas they have ways. Below the mention of forced treasuries, which they're doing with pensions as well, but they also have a codified way of quietly swapping 401k into treasuries as needed and this isn't taking into account the potential for outright public confiscation, which is VERY possible and likely if everything completely goes to hell.
@Joseph Lucas Not so sure. They keep the control, and keep it close. The outside of the US USD market getting funded by exporting USD, that a World Reserve currency requires, can have quite a snap back
Adam, I AM says: “ WELL DONE, GOOD & FAIRHFUL SERVANT “. I also am IMPRESSED.
Thank you!!!
I came back to the us 3 years ago broke and in debt to another country after Greece’s economic crisis. It is amazing that I already paid off all my debt and have 70000 in retirement savings. This country is amazing if you learn how to save. Going broke taught me how to respect every dollar I make.
Great story my man!! Congrats. What course did you follow to pay everything off and be able to save so much pretty quickly?
Well done, hard headed people will never listen to you they spend everything they get
@@questioneverything594 I was lucky and had enough in savings (8000) to start a small business and worked 7 days a week 15 hours a day and now earn as much as i can work. Every penny went to the business or my debt. I lived with relatives for 9 months. The cost of living in Greece is very low so I was (still am) supporting my wife and daughter with 1100 dollars a month. I still invest or save 50 percent of my income and max out my deductions. I still work insane hours as I wait for immigration to ok my wife after 2 years. ( 3 years, if you count the year covid shut down immigration ) I'd rather work those hours than watch tv, and I don't go out much. My only hobbies are stock investing and running until my family can join me.
@@nvarras7 Sir, you are a very impressive gentleman. I have absolute respect for what you've done and are doing. My hat is off to you. You have proven once again that there are really no shortcuts for most people. The "secret" is working and saving. Good luck ti you and your family, nd I hope you will be successfully reunited soon!
@@questioneverything594 Thank you, I hope they are here soon also. I had to learn the hard way about working and saving. When you are younger you think you have all the time in the world but it passes quickly.
“Nomadland” by Jessica Bruder is a book/audiobook about seniors who basically live in their vehicles and work seasonally at places like Amazon during the Christmas season, and the sugar beat harvest in the fall, and campground host in the summer. It is an amazing story and I recommend it to everyone, especially those who might be facing a similar situation. It is a story that stresses the camaraderie and tenacity of this senior group of Americans. I have listened to the Audiobook a few times now, because it is such a poignant and contemporary story. It is clear that in situations like this, group energy is needed!
I saw the movie
It is a Powerful movie. Frances Mcdormund is a fantastic "actor" (I guess "actress" has fallen out of common usage).
I could possibly go the Nomadland route if I could skip the desert and move to the Pacific Northwest...or abroad.
What a sad existence. I could never have that kind of lifestyle. That's why I grow ever more serious about saving & investing.
Frances McDormand was her usual amazing self in Nomadland, with her nuanced portrayal. I never felt pity, just admiration for her strength and tenacity. If people can make this off-the-grid lifestyle work for them, I think it can be an alternative filled with camaraderie and adventure.
When I started my career, I noticed many coworkers that were working in their 60s, and they would tell me they wished they had invested decades earlier and also wished they weren't still paying their mortgages. Seeing this, i took it upon myself to read several personal finance books and begin investing as soon as I could (after saving for a home down payment). For the last 5 years, I really stepped it up and have since paid off my house, and I'm maxing both 401k, HSA, and Roth IRA.
Hope its there then
I have a paid off mortgage and a decent amount of savings ...but....inflation and living in NJ...and I'll be working til 65 like most others
@@susanneschmidt6159 If old slow, you know, Joe buys enough votes to be reinstalled your savings will be inflated away..
No-nonsense, straight-forward. Loved this video.
If you saved nothing for retirement, you are trusting your financial future to a government that has saved nothing for its future financial obligations.
PREACH!
This was an excellent discussion of the retirement dilemma many older Americans find themselves in. Unfortunately, although many expect the government to come riding to the rescue, that is unlikely because the problem is too large for even the government to solve. The 401k trap was doomed to fail because too many employees opted not to participate. It was great for the employers, but not for the majority of the employees.
With ever increasing 'defense' budgets, and with nothing to show for them, I propose diverting at least 1/3 of those funds (probably around $333B/year) to refund social security and Medicare.
Calling it a "trap" is a bit ridiculous though. All you had to do is put 10% of your income into a 401k (set up the automatic deduction then never touch it again) and you'd be set for retirement. Most people just have so little self control they couldn't even handle that without the government or employer doing it for them, tbh it's kind of pathetic. It's like a hole in the ground with dozens of giant flashing neon signs saying "Warning" all over it and people just walk into it anyways because going around would take too much effort...
Volunteerism, which is marketed as "choice" is in fact no choice at all. It is a recipe for dysfunction.
Lift the Social Security wealthy tax cap. They've been getting away with murder not paying after$147,000!
@@timothyw7663 the defense budget has become less and less a percentage of the total federal budget for quite sometime
SS and Medicare obligations are far more percent
Boomers- You want some serious retirement peace ? I simply decided I have no plans to retire. I will keep working and do what I've always done- take care of my family. I wont file for Soc Sec until 70. The income years from 62 to 70 are usually good earning years. So I've concentrated on staying healthy and enjoying my work. Really enjoying any time off I take with wife & family. Retirement is a very new concept. Retirement at 62 is ridiculously young unless you're a lifelong govt hack with a yummie gummy juicy pension. I tell you in all honesty making the decision to not retire has given me great peace. I am a man and the head of my family. It's the proper thing to do & I feel proud as hell over this decision.
I could not agree more. Take the pressure off yourself by setting yourself up so that you can work until 68-70. Thus we do not have to fund so many years of retirement. Why quit when you have worked yourself into a position of making the most money you have ever made?
@@bugsbunny2357 You nailed it. 👏 I am in my 60s super healthy & love my work. Added bonus is living in a resort area so any time off is like vacation without the travel hassle.
Those retiring at 62 ? Warning. That is a lot of hours to fill every day.
I payed off my mortgage loan and credit card debt and driving a 8 year old car and happily retired for the past 4 years and I don’t need to travel all over the place spending money and I been saving all my mortgage payments and avoiding debt like a drunken banker
This is the best short video I have seen on such an important topic in an easy to understand format in plain speech. Please make more videos like this, they help wake people up to the elephant in the room that NO ONE is talking about nationally or locally
I was an electrician for 46.years, I retired at 67 for health reasons, and couldn't have done that if I hadn't been a Union member for the last 16 years of my career. The years previously I was not union, nonunion does not pay enough to have anything left over to put into any kind of retirement account, I w was just able to keep a door over our heads and food on our table. If I had been given the opportunity to join a Local Union at the beginning of my career I would be comfortably retired today. Your plan is great but there are a lot of people that don't have an extra 20$ to put away.
I'm still going to have to get a part time job to make up the amount that I am short every month, very few people can make it every month on just social security.
I had to do this for an elderly family member. She never expected to live into her mid 90’s and did just fine living extremely conservatively on her compound interest until The Fed screwed her 😔
Yes. IMO it's not nearly discussed enough how the Fed's ZIRP was a direct war on seniors who planned their whole lives to retire on a fixed income. Massive betrayal of the social contract.
@@Wealthion Absolutely. All the while, illegals and their families received more benefits as well. So much for disrespect towards The Greatest Generation WWII Veterans and their widows 😞
@@christinab2074 actually it is the children of the greatest generation who are retiring now
@@eileenmcgovern9193 yes that is correct: my dad fought in WW ll, I am 68, and just retired.
@@christinab2074 Care to point me in the direction of some documentation for this?: "all the while, illegals and their families received more benefits as well". Not saying you're right or wrong, just looking for verification.
I worked 50 years and retired at age 63. I planned, budgeted, saved and worked extra part-time during 20 years of working life. Still felt moderately prepared for retiremen. Soon I will be 67 years old and seeing that pension, social security and retirement savings are not keeping up with current costs. WHO knew covid could impact so much so fast? I am considering returning to the work force part-time, thinking it is a shame the economy may require more than a 50 year work history after all that planing, sacrificing and saving. I feel sorry for those who had fewer options.
Covid is being used as a cover, the country never recovered from the 08-09 crash, we just papered over it and now, it appears, that the "papering" is finally coming home to roost and we will be resuming the 08-09 crash but this time in a worse condition than we were in 08-09 - the FED's "pony" trick has been played and now they have painted themselves and US into a corner that there is no painless way out of.
I told my husband not to retire until he’s 65 or 66. He does get a pension from his previous career but it’s not that much money annually. At least the house is paid off.
@@jdenino6022 Might want to buy some gold and silver if you don't have any.
Wow. You worked way too long.
Now here's a person who did it "right" and is still thinking about having to return to work. The costs if things in this country are OUT OF CONTROL. I'm not down on Capitalism, but the USA is going to have to do better at having their citizens being able to take care of themselves. Medicine, insurance, college, to name a few, all are overpriced! Cut bona-fide welfare, not Medicare, but welfare that pays women for having babies with no husband. If you don't work, nor have a decent work history, you don't get rewarded, you get the bare minimum until you understand, you need to work. 💯
Even if you have your house paid off, in some areas you will still have to have tens of thousands of dollars to pay the property taxes, water, and sewer bills. If you do not have family around, you will have to sell you house once you get sick enough that you are not able to take care of yourself unless you have about 2 million in the bank. Home care is incredibly expensive and most people have to go into a nursing home.
About 25% of seniors will end up in a nursing home at some point. Only 5% of seniors are in nursing homes at any given time. That means Most / 75% are not in nursing homes.
While you are correct homes are expensive, its not like you don't have to pay property tax/utilities/repairs if you are renting. As far as I know most landlords aren't in it to run a charity. Having a paid off home in retirement is certainly preferrable to renting or having a mortgage unless you haven't kept up with the maintenance and let the home fall apart.
Thank you Adam, sobering but very useful info and healthy stuff to know and be reminded about! It's the exact same here in the UK as the US.
I did retire in 2014...cant afford to stay with pensions, I am working full time again, but after Covid boredom, I am happy about it!!!
You are a natural speaker. Good voice. Excellent information.
You are # 1 on my chart on UA-cam everything you say I am going through it. Thank you my friend
Private pensions are one thing, the company not taxpayers fund it. Public pensions are another thing all together. Far too often taxpayers are left in the dark over contract negotiations by politicians with the public unions that had a large part in electing them. What could go wrong? Pensions and other benefits that the private sector can only dreams of to name a few. Besides being unsustainable. No public employee should make more than 50% or less of their top base salary along with paid health care for life. The number of public employees with 6 figure pensions is staggering, often which is more than their working base salary.
Gotta join the club and quit the jealousy I guess?
@@JJ-mh3hb Not a matter of jealousy. As a private sector taxpayer I shouldn't have to be paying for benefits that are way out of line with private sector benefits especially with the general level of performance/results many public sector employees provide. Public schools in most cases provide a perfect example of this.
@@waitingforrealitytosetin4807 i live with a retired teacher. They certainly earned every penny of their state retirement. If you include the SS check, it can take care of a no frills lifestyle. State retirement comes close to 50% of their wage but 50% of nothing is nothing.
Well that’s 50% more than non pension, hard working tax payers are getting.
@@ld4122 They are supposed to use the saving/retirement vehicles that were set up by the government. Public employees cannot use those. Just because people don’t plan their retirement don’t blame public workers.
Great news Adam. I am one of the 49% having lost everything in 2008-9 and never fully recovered. I am fortunate that my SS is double the average but even with that I spend most of my time out of the US in countries I can live much better on with the little I have.
How did you lose everything?!
Only people who get hurt are the people who sold the bottom. Make sure you leave you retirement alone for the next recession. Tough lesson to learn
See that you travel around...I'm "investing" in dual citizenship so I can have a permanent place to land or a choice in Europe. I just have no interest in Mexico even though I'm 50 miles away...or Panama, etc. I'm 71+ and may not make it, but I'm not dead yet so I'm giving it a shot! One big last adventure, why rot here in this sinking country...my soul can't take it anymore.
When we are older ....very old
Health problems ..... its usually best to be at home in yr native country, not somewhere overseas, ...can you suppport yourself if you are unconscious
@@francisbrewster4948 Very true and good advice. 👍
Great summary! Do more of these please.
My dad and mom retired with a million dollars. I can’t even save $100 month.
It’s frustrating.
How much you save is all up to you. Improve you rskills, to make more, and cut out silly expenses.
Honestly what scares me more than the crisis itself is that government will make it a whole lot worse.
Printing money, confiscating assets, setting prices, stoking racial divisions - all the stuff governments usually do that invariably make things worse.
Government: If you hate the problems it creates, just wait until you see its solutions
@@Wealthion
Yah.
This as they say “Is the Stuff dreams are made off”
Not all dreams are good!
If only we had a gold backed currency.
@@idiocracyishere4531 That's not practical with how big our economy has become. There's not enough gold in the world to cover everything without increasing the price of gold by like 1000x, which would crater the electronics industry since gold is actually used to manufacture most computer chips.
Wait until the American Communists take over completely
They will redistribute (steal) your tax deferred savings (IRA) in the social justice ideology of equity.
Or they will eliminate your SSI based upon your net worth and RMD amounts.
Communism is evil.
I love the short explainer video’s Adam, keep ‘em coming. Thanks for all you do.
When there is such a gap between wages and the cost of EVERYTHING, it is not a surprise that people can't save. We are being overtaxed on everything.
This country has never committed to true social welfare and is splitting at the seams because of it...And, it is on track to do worse...ask Rick Scott what his crowd has in store re: taxes for the little guy...again,
I just recently read where 60%+ of folks are living paycheck to paycheck right now, and the longer this stagflationary environment persists that % will keep rising!
My parents didn't save. They worked into thier 80's and never complained. In fact said working helped them mentally and physically. I have a hard time worrying about people who made bad choices their whole life. I know there are people who truely need help, but I've seen many people drive new cars and buy expensive clothes and homes. I took a lot of jokes about my rust bucket cars that I fixed for 40 years. I never made top 10%, but close. Now I supposedly need to be compassionate towards those that made bad choices. 🙄
It will depend on how many people that have made bad choices. If the mob is large enough, it will get its way if it's the right thing to do or not.
:)
Still driving my 79. Thugs hit the lot at work. Watched them pilfer all the other guys expensive trucks filled with goodies. Never touched my beater👍
@@Gigi30107 you drive a 1979 car?
@@jdenino6022 yup
Being that this economy is now a service economy as opposed to a unionized manufacturing economy, the accompanying low wages mean people have barely enough money to put food on the table and a roof over their heads. There is no extra money to save for retirement or an emergency fund. Why does nobody address this issue? Why does nobody even bring up this issue unless it's to cut social security and/or Medicare, which isn't very good insurance now? But thank you for at least touching on this. It's time to tax the wealthy and tax them for social security but give them no money for a change instead of constantly screwing the bottom 90% financially, and also tax some of their other money away. The bottom 90% hasn't suffered from "poor planning." They have no money to plan with.
Not sure if this is a good thing, but for those of us that have saved and invested well, we leave our children a nice step up in life with a nice inheritance. It is important for me to leave my children a nice inheritance and I may not have saved much if I were receiving a pension as I would not have needed to save so much.
How can they save for anything. Cost of living is more than most incomes.
Rent, utilities, fuel (house and car), and food, and more.
100% agree! Time to go off grid!
Time for me to make my power booster so that solar can be truly functional.
Early retirement is the dream. I refuse to accept that I have to be at the end of my life to enjoy time freedom. Let's hustle to financial independence!
Being able to work because you WANT to, and not because you HAVE makes all the difference!
Early retirement is fine if that's what you want to do and have enough saved. I've grown tired of my friends who retired early and keep complaining about how tight things are.
Sure do appreciate your direct delivery and easy-to-understand presentation. Well done.
Excellent analysis! So many people in so much trouble. Looks like many older people will be working till they drop
And having multiple roommates to afford housing
Very much appreciated hearing these statistics… it’s a very dire situation we’ve got … yes, we need as much guidance as possible PLEASE. Thank you!!
Wealthion viewers didn’t like the Kiyosaki interview.
The obvious conclusion: Wealthion viewers are in general economically much better educated than the viewers of most other UA-cam channels.
Robert doesn't keep his wheels on the road. It's hard for him to stay in a lane.
@@tonymanos9500 Adam and Robert are friends from the past. Adam is a real gentleman. He really tried hard, but it was a mission impossible.
One of your best videos. Despite the dire circumstances, it's odd DC politicians still hand foreign nations like Ukraine nearly $100 Billion while Americans face disaster. Can you discuss or have a guess discuss various Medigap insurance plans? Thanks for giving all your tips on how to prepare.
When does the govt hand money to us? When they did all the right wingers (took it) but called others lazy for doing so. They give foreign aid because 1. It's the right humane thing to do and 2. So that they have leverage with the country once the crisis is over. Also, they gave weapons...not cash. They also do this to feed the military industrial complex. The same reason our military budget is getting close to 1 tril. Ask yourself, does it really need to be that much? I think not and alot of people get kickbacks from funneling that money into the budget. Welcome to corruption 101. Now on top of all that, Republicans want to slash ssi and Medicare to "balance the budget" yet no talk about defense funding being too large.
How you conveniently forgot the republicans gave the rich, the top 1%, a trillion dollar tax break! DumptyTrump added $7trillion to the debt, but fiscal responsibility only comes up when Dems are in control.
The corruption is off the charts and I don't think it can be fixed.
Adam Taggart is one of the nicest utubers out there giving financial advice. Always informative, terrific delivery. thank you. , Looking forward to more of your informative interviews!
Please, the rules keep changing! Congress keeps gutting programs. 401k(s) used to be free but now cost 2% minimum plus the cost of the funds.
Great Video that tells so much. The best I have seen so far! Thank you!
Adam, Great explainer video!!! I watch every one and always get a better understanding of the issues!!
I can retire at any time, as long as I don't plan to live more than a year or two afterwards.
I just don't see how it's possible anymore. I make double the national average of income, budget all the time, and live a very average life. And I have nearly nothing for retirement. My best hope is to stay healthy and keep working, or retire in Panama or the Philippines where I can stretch a dollar far.
I never made over $45,000.00 annually. I retired in 2021. I love retirement. I am going to be 68.
I am 71. I've worked since 15. I have a 2 year degree, and raised 3 children on my own due to their Vietnam vet father becoming a heroin drug addict while in Vietnam. He was a medic and faked his own drug tests to return to the states. One son had a congenital disease that killed him when he was 25. I could never save for retirement because of enormous medical bills for him. My other two sons have issues of their own. I fell through the cracks. I'm growing weary of working. I will be forced to live in a vehicle or a tent when I'm no longer able to work. Rents are too high. I think I'll park my vehicle with a view of mountains. At least I'll die surrounded by beauty. America is cruel
🫂🫂
Social Security Disability needs to be cancelled immediately. For over 80% of all people receiving benefits, they are very capable to go to work.
You don't know that'
Please supply reference for 80%
I’ve see a lot of that. Able-bodied people claiming depression or anxiety, slopping at the trough for a lifetime.
Thank you very much for this. This is one of the best videos I've ever seen on this subject. It was clearly articulated with useful information. Thus, I subscribed.
very complete and informative video. You sir earned a new subscriber.
ADAM, A short video on how folks who are behind on retirement can improve their situation, thanks in advance.
Love the explainer videos. Thank you, Adam!
Excellent video, Adam! We look forward to your training in the coming months. TY!
Feels like a family talk...thank you
much appreciate the short on a long (big) and very important topic. thanks
I’m 25 and If I am not trying to retire by 40 but I do want more financial flexibility (aka keep a job but be able to pull from some investments to supplement income) then should I consider putting more into the third bucket than somebody my age traditionally would? Obviously wouldn’t get the tax advantage of a IRA but I would be able to pull the money at 40 to do what I want with it
If you want the ability to pull your money, I would think a brokerage account is probably the right resource for you. I'd recommend dividing your attention between a tax advantaged account and a brokerage account (IF you really wish to pull from your resources and not fully "Retire" later in life).
Both have their perks, you can save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor
@@lisabarnes8071 I have thought about this, but haven't figured out the right way to go about consulting a reputable one.
@@drfrankhutchinson2031 Really? where have you looked? (dont say YT) I am close to retirement with 7.2M to my name outside of retirement accounts. I have been using services of a CFP since 5 years ago, she contributed to my portfolio progress today.
@@lisabarnes8071 Who is she? Does she offer her services to about anyone? Can you share more details?
The risk that social security payments could be eliminated or even reduced in 13 years is NILL. In Germany, social security funds are no longer sufficient to ensure payments but the difference has simply been made up from tax receipts and that is obviously what would happen in the US. No politician would ever dare reduce social security benefits.
An excellent explainer. No criticism from me, but here is something to consider: our modern obsession with retirement is missing something ~ why not aspire to keep working part-time, serving others and dying in harness as an active person (if possible).
Yes a great point. The concept of retirement makes sense from the stance that as we get older, we get less... able. Especially when everyone was farming, I mean my grandpa was out in the fields until he died, but he moved a lot slower by the end. So it makes sense in the same way that babies don't work.
However, I think it also stems from a culture that hates work. Corporate America and our system of taxation, unsound money, and all the shit has led to insane inequality where many people work 3 jobs to put food on the table. And they're shitty jobs. And they don't pay well obviously. (Should someone cleaning the sewer really make less than some guy in a suit regurgitating stuff he read in a textbook...?) This hatred for work, clock-watching, job-jumping etc. leads people to want to "retire early."
I think the best life is one with work that is fulfilling and productive, work that I'm good at and maybe even enjoy, and then I don't feel the need to retire, maybe just work a little less.
Part time work and job sharing are options that should have been discussed prior to the boomers reaching retirement age. There are many of us who could have continued working if fewer days and hours were a possibility, but in many circumstances this is simply not an option.
Additionally, people may be living longer but that doesn't mean that their productive years have been extended. Especially true for those people who perform physical labor.
And many people have worked in jobs where they were overworked, unappreciated and poorly compensated so I don't see them aspiring to dying in the harness.
I agree with that @Jonathan Lee . I am more about FI, financial freedom than retiring. Doing nothing leads to depression, poor health and so many other things. Of course, no one wants to be working 40 to 60 hours a week at 65 especially if it is a physical job.
@Jonathan Lee Please feel free to "die in harness", it's your choice. I stay plenty busy on my free and clear 3.5 acres in the TX woods in the morning and then take the afternoon off. I earned the right to relax after a life of building and maintaining power generation, chip fabrication facilities and other infrastructure that people take for granted. Retired with 2 privately funded union pensions and social security. Not wealthy but I do well by living a sensible lifestyle. Help the neighbors by welding broken equipment and they give me as many eggs as I can eat. Too many people live off the efforts of others and complain when they cant maintain their luxurious lifestyle in retirement. Let them keep "working" and die in harness.
I'm working on being able to retire in about 2 years but not sure. I'm thinking of going to all cash in my 401k for awhile and since I think the market will keep falling hold onto my leveraged inverse volatility ETF which should go up. Also maybe work PT at my job and be semi-retired.
Thanks Adam-very sobering. I would be very interested in a future retirement planning webinar.
Hey Adam, so I'm a 23 year old living up in Canada and absolutely love this channel. My mother is in the exact same position, has nothing saved and is barely getting by as it stands. Any recommendations on how to plan for retirement when you are on the verge of entering it?
Thanks so much!
- Justin
I gave a number of suggestions for someone in her situation at the end of this video, so I'd start with those. Also, there are Elder Care consultants out there, who can help you & your mom navigate what State programs are available to seniors at her (low) income&assets level. Contact several, interview them and contract with whichever one seems best.
Justin, don't follow in your mother's footsteps. Start saving now. You have years to compound earnings. In your twenties work on your income and your savings. Read the "Millionaire next door". Best of luck with your mother. Resist destroying your financial opportunity in your efforts to help her. Just my 2 cents. Best wishes.
My father retired, but that was only because he was an officer for 27 yrs. No such luck for me. I need to open an IRA, but I can barely afford to put anything in it since I make so little and my rent is 1700/month. Can't find a cheaper place to rent in the area either outside of the odd bedroom here and again. Those run about 1k/month.
IF I did decided to make the sacrifice and go back to renting bedrooms, I'd have to give up my 2 furballs as well since bedroom renters rarely if ever allow pets.
Thank you for this. It was very compassionate and also good information for everyone, not just those people who will be on easy street. ♥️
People with insufficient savings are going to have to move in together become roommates for anybody that has a house an empty nester that has a house they should rent out rooms to friends who were still healthy and still working to give them a break on paying for independent rent for a unit that they use just by themselves and pool resources for food preparation just to make things a little bit easier
Yes, also lots of multi-generation households coming… young people moving in with parents and parents moving in with young and middle aged people. Tough for the finances and the ego, but may actually make stronger families which I think the West could use right now.
@@edl8248 threat history multi-generational households have been the norm I've always had a fondness for The Waltons type of setup
Great. ...what other people should do according to you.
@@bugsbunny2357 I'm just making suggestions based on the success that I've had in adapting to this difficult environment I have zero debt I've cut my Baseline expenditures down to less than 20% of my gross revenue and I'm not making a huge amount of money and I've stabilized my income because I have more control over it people do whatever they want to do but you know if they're stuck in debt and they're in trouble they've got to get out of it
There a lot of people in their 60s and 70s working basic jobs now, far more then when I was a kid.
The 401k experiment is a huge failure for the great majority of Americans. We should have instead increased contributions to social security because the great majority of Americans only have social security for retirement. But then Wall Street wouldn't get all those fees they are currently getting from 401k plans.
Great video Adam. Also urge everyone to create / update their wills. States have changed their will templates and your current will may be nearly worthless today. Please folks, create, verify, update your wills. Save your heirs hassel and $$$ in probate. Put your real estate into land trusts to xfer to heirs outside of probate via successor beneficiaries in the trust doc. Land trusts are a simple tool. But makee sure to work with the local county tax assessor to bridge your homestead exemption accross the title change. Best to all.
Spot on Adam. You reflected every concern I have shared with my wife. Thankfully we were ants not grasshoppers and started saving and investing by age 25 after finishing professional school. We shoped at Aldi, had no expensive vacations(just stacations), drove inexpensive cars, (no BMW’s), paiid for things(no credit cards) and retired successfully 4 years ago. The first payment was always to retirement. My biggest fear is government reducing benefits because they think we have accumulated enough to reduce benefits. Funny, penalized by doing the right thing. If means testing why should this be done without expense testing. Should someone be entitled to a portion of someone else’s benefit that saved nothing but had a new car every two years, took fabulous vacations every year, bought the most expensive house, maybe a vacation home and now has saved nothing. Government not considering cause of no savings in means testing is another mistake of government and again disregards moral hazard in decisions.
Thanks for your courage to discuss such an impending issue, much love!
I graduated from college and joined the real world in the late 80’s. From the day I started my first full time job, society has done nothing but drilled into my generation’s collective heads the need to set aside a little money out of every paycheck for your eventual retirement. I’m sorry, but if you chose to fritter all your money away during your working years, than you will reap EXACTLY the type of retirement you have sown! If you retire broke, LOOK IN THE MIRROR……..!!!!!!
Same.
Damn Adam that was a sobering video but much appreciated thank you keep up the good work
yes, I enjoy and learn from all of your videos. more short summary videos please
We gave the money as "tax cuts." The propertied class wants 1 thing: never pay taxes. This was true in Rome and it is true today.
nobody teaches the children in school about economics, consequences of debt, balancing a check book etc ... this country is pathetic
All by design
Agree....the next generation is even worse. Most people will never retire, that's really a bad situation.
Taxing ALL income with the Social Security tax instead of just $134,000 or so, will solve the revenue problem for the next 75 years. We need to do that. We need to reform Medicare. Cut the private insurance companies out of Medicare. They add unnecessary cost. Bargain for the cheapest prescription drugs for all drugs like they do in Canada. Offer dental, vision and hearing in Traditional Medicare. Reduce the Co-Insurance for Medicare from 20% to 10% or 5%.
Yes, but many have enormously big houses, and multiple car payments
Why is it a problem if the top 10% own most of the wealth? The top 10% are largely just people that worked and invested for decades. I work with a bunch of people making ~150k per year. Some are stuffing 15% into their 401k and paying their homes off early. They'll be top 10%ers some day. Others are driving luxury cars and going on lots of vacations. They won't be top 10%ers. Seems pretty reasonable to me.
For someone that took advantage of 401ks I'm sick to death of the market swings up and down, gains are negligible. I'm fortunate to be at the tail end of the Baby Boom, so I have two smaller pensions. While I worked at American Express in the later 2000s, they were phasing out pensions. There should be repayments to the SS piggy bank to shore it up before any other handouts.
Interesting. I'm 63, getting ready to retire and have monies in IRAs and 401K, but no pension. I am fine financially because of 3 things my parents always harped on: live below your means, save as much as you can, and get rid of debt. Wise words to live by but unfortunately, most people today spend themselves into the ground.
No most of us have spent to only survive