@@weirdshibainu I agree with your statement because he seems naive and makes life economic success based on perhaps owning/starting a business…. 65% failure rate after 10 years in the US.
Thank you for this. I was pushed out my job at 62. Luckily I live a prudent life, saved regularly, and so am financially okay. Employers don’t want older people around. They prefer young people who will work for little money and promises of future promotions.
@@steven4315 I think all States but idk for sure. It doesn’t count as Earned income. I think Massachusetts even allows that you can earn $200 or $300 per week and it doesn’t count against your unemployment. In Maine, it used to be you earn a dollar, they take a dollar away from your unemployment check. Pls continue to do your research.🧐
You gotta' make money to do that. Most can't because of our healthcare and minimum wage laws. I'm going to guess your dad made his salary before the trickle down lie.
Everyone is getting duped thinking that it's necessary to work longer. If you enjoy working, more power to you. Reality is most jobs out there are not that interesting or exciting enough. Live within your means, exercise, volunteer, enjoy your family.
I wish people would live within there means they don't seem to. They don't exercise much either. But I don't see how we can force them to do either of these things
Sounds like work place discrimination against the elderly. Sounds like a class action lawsuit. I believe General Mills pulled that and they got sued. Plenty Companies do.
Truth....if you START early....you WILL be able to retire...and when you start your contributions at your first real job - start out at 15% immediately and then raise it until you get to 20%....
I started my kids early. They both opened Roth IRAs in high school and both had $10,000 in their accounts and another $10,000 in savings. They both work while attending college and still contribute monthly. They are both straight A students with STEM majors.
I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.
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.
Leticia Zavala Perkins, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Worked until I was 70. Loved my profession but working for kids that could be my grand children whilst they attempted to re-invent the wheel proved to be soul shattering. Start saving early, live below your means and work as long as you want to.
I was "retired early" and despite having a strong resume , appear 10 years younger than my age, in great physical shape.....can't get a job. I have countless friends in the same boat. The simple fact is that 99 percent of people that aren't getting government level pensions, cannot save enough for retirement when the forced retirement age is 50. Increasing the retirement age as proposed by Fink would do noting but impoverish millions of Americans while making the hedge funds even wealthier.
I retired at 49. Save as much as possible and never marry a housewife. Males are better off being single. BTW-I'm happily married, my wife always worked and paid her share.
@@fitfrog65housewife here…. Husband never made a lot. Regardless we put in 15% in his 401k beginning at his age 25. We now have $2.2 MM and no debt. It can be done if you are intentional and our family life as a result of me being a stay at home mom and cheerleader of my husband is priceless. So either way works.
@@fitfrog65housewife here…. Husband never made a lot. Regardless we put in 15% in his 401k beginning at his age 25. We now have $2.2 MM and no debt. It can be done if you are intentional and our family life as a result of me being a stay at home mom and cheerleader of my husband is priceless. So either way works.
I was forcibly retired at 57. I didn’t work anything but minimum wage jobs( plus sending out 100’s of resumes)until the pandemic. I was fortunate to get back into a job in healthcare that I hadn’t had for 16 years.
People who are able to retire early are lucky . I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing. What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?
Investors need to know where and how to allocate cash during a recession in order to profitably hedge against downturns. If you are not able to handle the market, see a knowledgeable counselor.
True. My portfolio was diversified across several markets with the help of a financial planner, and were able to achieve over a million in net profit among high dividend yield equities, ETFs, and bonds. It is vital that you have a variety of exposure, including in firms that are currently generating cash flows.
“LAURELYN GROSS POHLMEIER ’’ 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.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through a job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
@@amolejoshua7452 I agree, that's the more reason I prefer my day-to-day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
@@KacieLehman I appreciate the implementation of ideas and strategies that result in unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, Do you mind sharing info about this person guiding you, please?
@@FolarinSodiq Finding financial advisors like MARGARET MOLLI ALVEY who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
@@KacieLehman I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look MARGARET MOLLI ALVEY up and send her a message. You've truly motivated me. God's blessings on you.
I've worked in places where people are literally taking their last breaths at work. They haul them out in a body bag. I've seen older co-workers barely able to walk trudge into work to put in a 12 hour shift. Life is pretty dismal in those circumstances. The company did not care he was in pain. Just so long as the quota was met that shift.
I was 28 during GFC and saw loads of 55 year olds get laid off and presumably never work again so I don’t know why people think there will be a job for them
People can't save in the 20s and 30s because they are paying student loans. Imagine if we actually push back on the cost of college tuition and ask why does it cost $50k+/yr to sit large 200-300 student auditoriums where the adjunct professor and TA are getting minimum wage? College should cost a 10th of what it does if we get rid of all the bureaucracy/administrators and focus only on teaching useful curriculum. If young people could put away the money they pay for student loans towards a retirement, add compounding to that, and retirement problem would largely be solved.
I went to college in the early 1980's, and earned my B.S. in Electrical Engineering. I was a commute student living at home with my parents so, my only expense was for tuition (because, there was no need for a dorm room or a meal plan) which, cost for an in-state North Carolina student at that time about $950 per year (or $475 per semester). Also, at my college your tuition also included a fee to rent all of your hardback text-books. So, I do not understand going deep into debit to pay for a college degree (smile...smile).
@@ParisianThinker Yes, you are correct in many places the Public colleges are free. However, for admission you normally have to complete by taking an exam and , I always score very poorly on any standardized exam (smile...smile).
Learn languages, study in Europe cheaply or for free. My conference interpreter's degree was for free in 1978-1983 and lrd sttraight to a wonderful and well-paid freelance career. University in Germany is still free 40 years later! In Belgium where I live college tuituon costs about 1000€ per year.
@@ParisianThinker - Except in those countries, students are required to qualify for school. If they don't pass the tests, they don't get in. In the US, literally anyone can go to state/community college and get government-backed student loans.
I RETIRED 3YRS Ago at 49 nice and early. Since age 24 I was always bank account poor and forfeited lots of fancy trips, dinners, movies out and other unnecessary bling bling. Every single spare penny I had was "invested" (not saved. saving is for suckers!!). Invested for compounded growth in equities. Trust me, you have no clue how F'k'ing amazing retirement is compared to getting on the treadmill every Monday morning for the master. If you're smart (and no matter what your age) you will get your sh!t in order "today" and start investing every spare penny you have and dial back on the newer car, the nice trips, dinners and lunches out, ect...ect... Otherwise, there will come a day when your body breaks down and you can't go out and earn money even if you wanted to. Then you'll be at the mercy of the system.
@@pmill5781 The dumber people are, the more they're going to spend their retirement on useless consumption and depreciating assets. Societal norms support financial irresponsible behavior. The only way to get ahead is to be that very un-cool, unattractive person who lives minimally, maybe even reads books and seeks real experiences instead of going to bars, clubs, renting in trendy area's and taking exotic trips.
@@caucasianafrican1435 All depends on how much you need to live and take care of emergency costs. It all depends on where you are living and how you plan to live. Big cities, you will need more. Leave the US and you can survive on much less.
USA here, I am happy it work well for you. I saved and invested in my 401k, IRA's, bonds and stocks and retired with zero worries. What you are reading are the folks that we have here that still don't get it! They love blaming the government, their jobs or anything that sticks on the wall for their failures. We already have a system that taxes us for retirement and it's called Social Security but we also have to understand that we also need to save and invest to supplement our retirement income. This was taught to us back in the 70's but somehow the 80's brainwashed these hopeless souls. They though money was going to trickle down from the rich...so they spend every dollar they made and more like they were rich or drunken sailors. Now here we are, 40 years later reading their sad story.....
Of course in surveys people say they'd prefer to save for retirement. So what's stopping them? Paying FICA reduces a person's saving amount. But a lot of people aren't saving anything. Many are in debt. If you cut out FICA that's going to give many people more money to blow on crap. And then when they're 65, 70 and living rough we make videos showing how badly we treat old people. Social Security was started because we had so many poor old people unable to even feed themselves. You can't just wish people would be responsible for themselves.
You also must listen to what she actually said. She stated that when asked, people would pay more into Social Security in order to get more back. Unspoken is the expectation that paying in more gets you more back proportionally. That is not how SS. Paying in twice as much means a benefit check that is less than 30% larger.
I was a financial counselor for 14 years. What she is saying I told my clients back in the eighties. The 401K is not the problem and can be part of the solution. Spending beyond your means is the problem. Lack of self control when comes to spending money is the problem. Not following a budget is the problem. Not making yourself more valuable to the workforce is the problem. I have to agree with her that the SS program is absolutely necessary but the revenues from it HAVE to be taken out of the General Fund and set aside in it's own account to be used ONLY for paying SS benefits.
I agree with you 100%. I retired about 2 years ago at age 63. I've been saving and investing since 1982, and started putting money in my 401k plan in 1989. The 401k systems worked out for us perfectly. All of the nay sayers about the markets missed out big time these past 40 years! Some of my friends and coworkers thought I was crazy back then on how I was going to get rid of my mortgage, save/invest and never have a car loan but move the clock 40 years later I did great and they are all broke. They all made pretty good money, most of them made more than I did but they had to buy every friggin thing out there, first it was the big cars, then to the bigger trucks, SUV's. Had every stupid thing done yo their homes, refinance their homes once or twice and made sure they went broke on putting their kids to the most expensive schools in another state. Yup, they lived the American dream and now they can't retire. They still have a mortgage with little saved for their retirement. They did it to themselves and but blame it all on everyone else.....
I hate when rich people try to include themselves in regular conversations, I get empathy but what do you mean “we have the possibility to work longer”??????…..you’re not included in this, most people on the network are millionaires, conversations aren’t applicable
Yes, tell that to construction workers whose bodies are beat up. The smartass part about hambuger helper without meat. They're so condescending even when they try not to be.
The rich can retire anytime they want. The poor are not even living that long. If they are in a trade there body is spent before they even reach 60. And they can't do any job after there body is basically used up.
I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
Find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Rachel Sarah Parrish 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.
Larry Fink never worries about retirement because he can call up the Federal Reserve to print up more money. Larry Fink the man with the printing press!
I wasted too much time in college and university. I should have been more career focused although I was involved with internet marketing back then, but it never really took off like I wanted it to. The reality is you'll work for the rest of your life while the rich use you as "slaves" to get richer. I really regret not being career focused, but I listened to my mom and paid the price.
Working longer is not an option for many. Health and stamina become an issue as a person ages. I have employed many older people and kept them on even when they could not do the full job because of their health. It was a tough call, but I knew they had to have the money to survive month to month. Saving for the future beginning when you are younger is something people must accept or face the harsh realities of a rough existence as seniors.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its 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 $287k 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.
Finding financial advisors like “Diana Casteel Lynch” who can help you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you so much for this tip! Finding your coach was a breeze and I was really impressed with all the research I did on her credentials before scheduling a call. It's clear from her résumé that she's extremely knowledgeable and skilled, and I'm so excited to have the chance to talk to her!
Originally, the 401K was never designed to be a retirement to begin with. It was line 401K of the tax code in which executives could shelter their big paychecks for their golden years ( golden parachutes etc ). They came to the conclusion that they could foist 401K's onto their employees and ditch their employee's pensions altogether so they could save big money for the corporation. During hostile takeovers of companies, the corporate raiders would even steal that money as well.
No, a pension can dissappear but not a 401k. That stays with you even when the former company is gone, this happened to my brother and a few of our friends. The 401k are usually rolled into an IRA, or in some cases into another 401k....
Ah, but that's Germany and not the United States which makes most people fail financially except the ultra-rich greedy corporations that rake in billions. You want more of the same keep buying only from ultra-rich corporations and then wonder why the wealth gap is so ridiculous and insane. People probably shop at only 1 or 2 stores now. Most likely 1 lol.
Never happen in America in the private sector. Only the underworked and overpaid public sector workers get taxpayer funded lifetime pensions and benefits. Private sector employers couldn't wait to get people into the 401K charade. Now more moola for the executives.
It's hard to keep a job as you get older and even harder to get a new one if they dump you. I didn't retire I was retried by my company to relocate the job to India.
@@xyz987123abc My friend said his college education costs his parents $500 total, that helps. No US citizen can pay off their student loan with their first paycheck.
57 here, and after getting laid off in Jan, I already blew through the severance and remaining emergency money I had left - as such, I had to withdraw my entire 401k to take advantage of the Rule of 55, because I have no idea when I will get another job based on how crazy the current market is. My retirement already took significant hits between 2008 and 2020, so I am afraid that I won’t be able to save enough for when I actually WANTED to retire.
@@scottl9660 Correct. I hated my job and the people I worked with but knew that I was one of the lucky graduates who had a decent paying job. I invested everything I didn't spend and thankfully I was able to get on that boat that left the harbor.
Buy bitcoin. 120% average annual return since inception. This is your only hope of escaping the forthcoming financial repression that the government will impose on us to devalue the currency and pay off the national debt over the next 10 years.
Since the mid 1940s, we grew up in an expectation of better days ahead. Instead, we work more and more (if we have a job at all), and have less and less. Trying to live up to increasing expectations while the standard of living degrades has been done at the expense of not saving for the future. Reality is catching up to us in old age. Whatever happened to hobbies? Men used to support their whole family and had time and money for hobbies.
Exactly. If we had no expansion of money supply beyond GDP growth, the cost of living would go down as we get older and technology makes goods in more efficient ways. People then could save their money in bank accounts instead of being forced to pay into SS. And we’d get a much Intrest rate at the bank. Then, we wouldn’t have so much money in the stock market making it not such a dangerous 40 year bubble.
No, protecting dumb people from themselves. If you personally are not on pace with a retirement folio projected at 65 with enough capital to "fully" replace your income for the next 30yrs to 95....then you are also one of the dumb one's.
Mandatory pensions sounds like a horrible idea. There’s no way I would trust some pension manager to invest and manage my retirement savings over being able to manage it myself
THAT'S the issue.....I can see the government robbing that FAT mandatory pension fund....to give it away to idiot liberals, Dems, and illegal migrants.
This is why we Millenials and Gen Z are not having kids, getting married, starting families, etc. We are doom spending because we will never own a home child care costs 1/3 avg annual income PER CHILD For 50 years all income increases have gone to the wealthy elite, middle class wages are sideways. We will never be able to retire. Whats the point? This economy isn't for us, it never has been.
I acknowledge that things are tough for millenials and gen Z. But they weren't that easy for some of us boomers, either. When I graduated from college, home loan interest payments were a whopping 17%! Salaries were much lower then. Housing prices were lower, too, but balancing the prices and the salaries and the incredibly high mortgage rates sort of makes it a wash. It was tough then, and is tough now. But I saved, watched spending, and contributed to my 401K. I'm now retiring in a good place. So it can be done.
I have been investing for my retirement from age 20 without out a college degree and im a self made millionaire the beauty of compound interests is amazing
Same here but I did go to college. Looking back, I would have made it the same way without college. Getting a college degree is another falsehood that our society places on us. Most 18-20 year olds have no clue what they want to do professionally.
@@jaygold4467 You get a 401K thru the employer. The GOOD PART is that it is not controlled by the corporation. Don't you try to learn from experience? Corporations can't be trusted with pension funds. They can escape the obligations via bankruptcy.
I agree with you 100 percent. Now in my early 60's, I retired last year and have had three jobs after earning my B.S. degree in Electrical Engineering and each had a pension plan. At age 30, I worked for a private company which, had both a pension plan and also offered a 401(k) plan. In my early 40's, I starting working at my last job as a City employee and again, I had both a pension and an optional 457 plan. I do not understand why, would anyone work for either a private company or a government agency without both a pension and an optional 401(k), 403(b), or 457 plan (smile...smile).
The first 100k is the most difficult. After that compound interest kicks in and starts to double every 7-8 years. If you start early in your Twenties or Thirties you can build a decent retirement by 65. Coupled with social security and a paid off house you’ll be set up.
I have a friend, age 81, that is still working teaching English. She never bothered to save money but she hasn't needed it. She manages with work and her Social Security.
@@answerman9933 Actually it would be to the benefit of the State. However the State ensures the benefit of the populace. In such a system you would not have a Musk requesting $58 Billion per year in salary while in the same breath laying off 3000 people.
Im in my early 50's, blue collar, no debt whatsoever. About 980k in 401k savings, plus about 175k cash. Plan on working until 55.5. The younger generation at my workplace, for the most part, is deep in debt. New trucks, campers, and boats every few years. There is so much emphasis on material things. Our kids are grown, and we are planning on downsizing.
Average life expectancy in the US is a pathetic 66.1 years. Nobody wants to work till they’re dead. I’ve seen it way too often. Working till you’re dead is a WASTE of your life.
My father was 83 when he passed away, my father in law was 94, my grandfather was 98.....almost all of my friends fathers passed away in their 80's to 90's... www.ssa.gov/oact/STATS/table4c6.html
@@PihlalorjooneAaaahhh yes…. The CDC. The same organization that brought us all that “accurate” information through the Covid situation. I’m sure they’re correct on life expectancy information as well. No doubt Larry Fink funds their “research”.
I’m a retired Australian and our system is fantastic but it is worth saying that the state pension is very strictly means tested and the minimum for survival - no guaranteed social security. It was also introduced gradually over many years with workers forgoing pay increases for employer contributions.
Australian here, our superannuation system is a really good system. Every single worker saves every single month. We still have an aged pension as a safety net, but the reliance upon the aged pension is greatly reduced due to our superannuation system.
Bullish or bearish, AI stocks will still dominate 2024, even beyond. Why I prefer NVIDIA is that they are better placed to maintain long-term growth potential, and provide a platform for other AI companies. I know someone who has made more than 200% from NVIDIA. I'll also take these other recommendations you made.
I agree, just because the market presents opportunities doesn't mean we should rush in headfirst. For this reason, we should look for appropriate market analysis or guidance or seek advice from certified market strategists.
@@FolarinSodiq No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit a 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
@@SarahOlivera-t4z Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.
@@BarbaraLouise-i3r Victoria Carmen Santaella is who I work with and she is a hot topic even among financial elitists. Just browse, you’ll find her, thank me later.
My cousin’s husband was laid off from Qualcomm when he’s 50. My brother has been a contract worker for decades (always looking for the next gig). My other cousin who’s a patent attorney retired at 50 due to high pressure (he’s fine financially). Strangely all my female relatives work non stop, no one talks about retirement except me. I am the only one retired early because I like doing nothing all day 😂
I was impressed how classy he was at apologizing immediately, and how classy she was by just saying the name without getting offended, to which he replied, simply, “thank you.” She’s clearly a first-time guest, very unpolished, and he probably had hours of preparation for a show where he has many guests and many topics to cover. So he stumbled over the name-at least he was respectful about it and took responsibility. More generally, if she didn’t get offended by it, why are you getting offended on her behalf?
finally the truth ......many white collar let go in their 50's (re org, skill set, business closing), many blue collar are physically worn out (work construction for 35 years and knees, back , hips are shot), ........Live below your means, pay off debt .....you are only an e mail away from "early retirement".
I only have 11 more years. I'll see whether I get a heart attack or not by then. I can't imagine what the environment will be like by then though if it's bad now geez.
Why don't we listen to the expert economists of this nation like Teressa Ghilarducci instead of our congressmen and women who legislate policies that hurt the average worker? Our congressmen and women make 175K a year with great benefits and retirement packages, and line their pockets with millions from corporations which benefit from policies that discourage pensions.
50 seems to be the age that unless you’re in upper executive management, the companies will find a way to get rid of you. There’s this bizarre idea by boomer managers of that same age that anyone older than 50 is “slow” and “dead weight” and “ not innovative” 😂
The reality is many people are offered retirement plans at their jobs and they dont participate. Also these are the same people taking Social Security at age 62 which means a really low payout. It is too late these people brought it on themselves.
Thats why you buy assets with that money. You only need enough cash set aside for 3 to 6 months of expenses. Invest what you have left over after rent and utilities.
I knew social security would be shaky when i got older so I contributed to my 401K at 22 and now at 47 my net worth is just under 2 mil. Most I ever made was 60k. It can be done.
Requiring people to work past 55 should be consider cruel and unusual punishment especially physically labor type work like construction, farming, etc.
No is requiring it. But, if you can't afford to NOT work, are you going to focre others to pay for you not to work? Where does the money come from? Ridiculous.
This is completely true. Statistically half the workforce age 60 have to stop working because of health issues or because they are downsized. For the people that lose their jobs it’s hard to replace their peak earning power with a similar job as an elderly applicant. You must prepare financially when you are younger for the time when you are unable to work or pushed out of the workforce.
The biggest failure of our public education system is that at no point are there classes on basic finances, How to create a budget, how to determine based on income, what is a rational budget for housing, car, food, clothing, entertainment and the basics of saving and investing starting with first job into a 401k or IRA. My father was a legal immigrant taught me these things at the dinner table starting around age 12, I retired at 58 it’s not that hard it just takes long term planning, commitment and some short term sacrifices
No one should have to work longer than they want to? We don’t work because we want to it’s because we need to. Stop with your nonsense Fink. No one needs to be forced to save either lady. Freedom means being free to decide how you choose to live if you’re not imposing onto others to do so.
That is not called freedom. It is ignorance. Most people don't have the ability to grasp these concepts. Most people won't even pass a simple delayed-gratification test. It is very convenient to advocate for 'freedom' when you are at the top of the pyramid.
You shouldn’t be forced to save but it is a really great strategy to take advantage of compound interest. If you choose not save then you must accept the consequences of your decision
Forced savings is a horrible idea. People have debt at 20+ percent interest and struggle to house/feed themselves but we have to put money aside to get a 4% return after taxes and fees? Get rid of the cap on wages taxable for social security and means test social security so wealthy people can't access it and Medicare.
I agree with removing the wage cap. Most everyone is paying in at 100% of their salary. Why are the wealthy any different? I disagree with means testing however. Anyone who has paid in, should benefit. However there should be caps.
No discussion of cutting Social Security and Medicare until the government stops giving $50 billion a year to the fossil fuel industry, $45 billion a year to the pharmaceutical industry, etc.
The doing away with defined benefit pensions by most private sector employers is coming home to roost. Most people retiring today from private sector employers don't have nearly enough money in their 401K's to create a stress free retirement.
This is a highly 'romanticised" view of the pension-system in the past. In reality, in the early 70s only 43% of employees participated in a pension-scheme during any time of there career, and of those only 75% got any money from such a scheme. For the black population it was far worse: only 10% ever participated in a pension-scheme and only 20% got any money from that scheme.
He suggested a system like Australia. In Australia retirement savings is compulsory 11-12% of your salary, it can be 16% in the military. You are free to choose where you want to put your retirement money. You can put it in bitcoins, GME or whatever. You can't withdraw it until you retire and you can't invest in things related to yourself, like can't buy a property and rent it out to your family.
America ranks in 22nd spot in the Global Pension Index. trailing Ireland, Chile, Uruguay, and Kazakhstan. The 401k system isn't working for the majority, only for the wealthy and stable minority. Arguing that it's the fault of those that didn't save is pointless. You still have a boatload of boomers nearing retirement with little to no savings, and you'll still have to pay to help them get through retirement, or have anarchy on your hands. Wouldn't it have been better to adopt the same system of forced savings other countries did, so the government could avoid this problem from the start, in effect spending 5-10% to solve things early, rather than 100% to deal with the much larger problem today? So annoying to see the old guard yelling at Ghilarducci like scared dinosaurs, when she's just telling them what they can do to save themselves...
People are idiots with money. I have been saving a minimum of 10% of my income for over twenty years now. I now have over 250K saved up stocks, ETFs, and mutual funds.
Housing costs are so ridiculous. How can anyone save? Then unemployment hits. There goes 401k. Disability? Poverty unless you create some j.k rowling witchcraft 😂
You can't save, there's not enough income and time. The only solution is more income from a side business but that's a lot more difficult and disappointing than a job that pays guaranteed income.
Laid off @ 47 after 13 years on the job as division was sold to competitor, laid off @ 52 due to automation, another round of layoffs coming this year as my current employer was just purchased by competitor. Looking for work @ 55 is not something to look forward to
I couldn't work fulltime after 52 due to health issues and family responsibilities, but manage to work 20 more years in public education part time. I never planned that, just worked out that way. I do have a pension. My husband worked part time after 61 due his job going away. No pension just IRA. But not everyone can.
The issue is too many people living on loans and credit and not saving, driving up costs for everyone even the responsible ones. I regularly see people in my pay grade living luxurious and not saving because they “can’t” it’s insane
Specially in the diplomatic service . (salaries for FSO, their outrageous rent, schools, and SALARIES for local employeed) . Happens to all countries😮😮
“Forced savings” “government match”…they’re both nuts. Giving more of our money to the govt to “save” for us is the absolute worst idea to solve this “crisis”. How about mandating financial literacy starting in 7th grade…all the way to 12th. If parents won’t teach it (many don’t know themselves), our schools need to do it.
I’ll never agree with a “Forced” plan, this is America. Education is the key. Young people in high school need to be required to take and pass a course in basic finance.
When I look at the amount I've contributed to Social Security over the past 45 year vs the amount I will get at retirement is a real problem. Forced savings is not a bad concept but the investment benefits need to stay with the investor --- not others (Government, etc) pulling out $ for other reasons. It's mind boggling if you look at the actual numbers in the current Social Security set up. Great concept but terrible investment for most long-term contributors.
Just as paying into Social Security Administration (SSA) is mandatory, why not phase in 401k as mandatory, and phase out (over time) Social Security, with the same principal of employer matching as SSA? In other words, you get to keep what you invested into, individually, portable, and fair. As for how to invest, that's a whole different subject and it's more about education. It's not hard , since most 401k plan will have limited option of investment as well as a default one (just like choosing company insurance). For example, lifecycle (an all-in-one investment) mutual fund.
You should be saving 10-15% min. right off the bat. Not when every you can get around to it. It is the most important thing you can do. Don't worry about the fancy house and car until you can afford it. Not everyone will choose a career that will let them live the lifestyle they want, but you made the choice. Successful people don't get that way by luck, they get that way because of how they were raised and how hard/smart they work. Everyone was not created equal, like they keep trying to tell you. It will be easier for some than others and the decisions your parents made for you. You might have to get a couple jobs for awhile. Don't worry it won't hurt you and will make a big difference down the line.
Retirement is YOUR responsibility. Stop living in debt, stay BELOW your means, side hustle. This has allowed me and my wife to retire EARLY at 55 WITHOUT a pension.
When I started working following college I calculated the 401k contribution percentage that dropped my income down a tax bracket. I ended up with more in my take home pay and a 401K going.
I'm retired and I work part time at Home Depot,a lot of us work for something to do,get out with people and the extra money is a bonus,a lot of retired people like to work
The only jobs a company will hire someone over 55 for pay under $15 hr and are part time. Luckily for me I learned how to invest and have a predictable retirement income of 58k a year till I am 89 years old
I have retired twice, the reason I have gone back to work is mainly because I missed it. I now am sub to the company I worked for the 30 years. It’s working out well. My wife is much younger than I so she has years to go. Like me she likes her job. We are able to take plenty of vacations and I don’t feel over worked. I have a pension, 401K, investments and a couple of homes that we rent. I got a bit bored in retirement and I missed hanging with my coworkers. I am 65 and I am not sure when I wall actually retire. Maybe never.
Upon birth drop 10k in a government sponsored retirement account with a 60 year vesting requirement, waived for total disability. Require participants to contribute 5% and employers to match. Reduce SSN pension benefit by half and increase Medicare benefits with the proceeds from SSN reduction.
Companies are determining retirement age. They start figuring out how to get rid of employees when they reach 50
Exactly! I know so many 50ish people getting laid off. Once cut, it’s very hard to find a new job for those 50+
If you are working for someone else, that's the main problem. Look for no one to act in your best interests. Do something about it or be a victim.
@@billmoyer3254 Poorly constructed statement
Truth
@@weirdshibainu
I agree with your statement because he seems naive and makes life economic success based on perhaps owning/starting a business….
65% failure rate after 10 years in the US.
Thank you for this. I was pushed out my job at 62. Luckily I live a prudent life, saved regularly, and so am financially okay. Employers don’t want older people around. They prefer young people who will work for little money and promises of future promotions.
Push me at 62 and I’ll draw unemployment while collecting Social Security. All the best.
I worked 2 nights at a convenience store last year. The company was OK with it .... I wasn't looking for any promotions at my age.
@@dennistyler9852 What state allows you to draw unemployment while collecting SS?
@@steven4315 I think all States but idk for sure. It doesn’t count as Earned income. I think Massachusetts even allows that you can earn $200 or $300 per week and it doesn’t count against your unemployment. In Maine, it used to be you earn a dollar, they take a dollar away from your unemployment check. Pls continue to do your research.🧐
The best financial life advice I ever got was from my father: "Live below your means."
You don't have to be crazy cheap to make that work.
You gotta' make money to do that. Most can't because of our healthcare and minimum wage laws. I'm going to guess your dad made his salary before the trickle down lie.
Everyone is getting duped thinking that it's necessary to work longer. If you enjoy working, more power to you. Reality is most jobs out there are not that interesting or exciting enough. Live within your means, exercise, volunteer, enjoy your family.
I love my job is a great lie. People work into old age because they were not prudent.
I wish people would live within there means they don't seem to. They don't exercise much either. But I don't see how we can force them to do either of these things
UA-cam John Bogle
Quite working as soon as you can
It cost money to work the 5 day work week. I’m going to work 2 six hour days. That’s it…
We just went through a layoff (65 employees) that I saw the list of exiting employees. Almost every single one was over 50.
Men do the same thing in marriage. They trade in their 45 year old wife for a 25 year old
Sad 😢
Sounds like work place discrimination against the elderly. Sounds like a class action lawsuit. I believe General Mills pulled that and they got sued. Plenty Companies do.
Deere?
Maybe a class action lawsuit against age discrimination…
It doesn't take age to retire, it takes money. People need to realize this, start saving at an early age, and you can retire at an early age.
Truth....if you START early....you WILL be able to retire...and when you start your contributions at your first real job - start out at 15% immediately and then raise it until you get to 20%....
I started my kids early. They both opened Roth IRAs in high school and both had $10,000 in their accounts and another $10,000 in savings. They both work while attending college and still contribute monthly. They are both straight A students with STEM majors.
And live within means, not wants. Excessive spending is most people’s downfall, that can’t comfortably retire at a reasonable age.
100%. I watched my parents and their entire social circle “get retired”
I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.
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.
Mind if I ask you to recommend this particular coach to you using their service?
Leticia Zavala Perkins, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Worked until I was 70. Loved my profession but working for kids that could be my grand children whilst they attempted to re-invent the wheel proved to be soul shattering. Start saving early, live below your means and work as long as you want to.
Such good advice.
I was "retired early" and despite having a strong resume , appear 10 years younger than my age, in great physical shape.....can't get a job. I have countless friends in the same boat. The simple fact is that 99 percent of people that aren't getting government level pensions, cannot save enough for retirement when the forced retirement age is 50. Increasing the retirement age as proposed by Fink would do noting but impoverish millions of Americans while making the hedge funds even wealthier.
You’re not the only one.
I retired at 49. Save as much as possible and never marry a housewife. Males are better off being single. BTW-I'm happily married, my wife always worked and paid her share.
@@fitfrog65housewife here…. Husband never made a lot. Regardless we put in 15% in his 401k beginning at his age 25. We now have $2.2 MM and no debt. It can be done if you are intentional and our family life as a result of me being a stay at home mom and cheerleader of my husband is priceless. So either way works.
@@fitfrog65housewife here…. Husband never made a lot. Regardless we put in 15% in his 401k beginning at his age 25. We now have $2.2 MM and no debt. It can be done if you are intentional and our family life as a result of me being a stay at home mom and cheerleader of my husband is priceless. So either way works.
@@fitfrog65ideally make sure your wife earns as much or MORE than you. That way should you divorce its more equitable.
I was forcibly retired at 57. I didn’t work anything but minimum wage jobs( plus sending out 100’s of resumes)until the pandemic. I was fortunate to get back into a job in healthcare that I hadn’t had for 16 years.
People who are able to retire early are lucky . I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing. What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?
Investors need to know where and how to allocate cash during a recession in order to profitably hedge against downturns. If you are not able to handle the market, see a knowledgeable counselor.
True. My portfolio was diversified across several markets with the help of a financial planner, and were able to achieve over a million in net profit among high dividend yield equities, ETFs, and bonds. It is vital that you have a variety of exposure, including in firms that are currently generating cash flows.
You seem to know the market better than we do, so that makes great sense. Who is the guide?
“LAURELYN GROSS POHLMEIER ’’ 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.
I just Googled her name and her website came up right away. It looks interesting so far. I sent her an email and i hope she responds soon. Thanks
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through a job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
@@amolejoshua7452 I agree, that's the more reason I prefer my day-to-day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
@@KacieLehman I appreciate the implementation of ideas and strategies that result in unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, Do you mind sharing info about this person guiding you, please?
@@FolarinSodiq Finding financial advisors like MARGARET MOLLI ALVEY who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
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My wife and I were both broke when we married at age 31. We saved 35% of our income and retired 25 years later.
I've worked in places where people are literally taking their last breaths at work. They haul them out in a body bag. I've seen older co-workers barely able to walk trudge into work to put in a 12 hour shift. Life is pretty dismal in those circumstances. The company did not care he was in pain. Just so long as the quota was met that shift.
And where was that??
I was 28 during GFC and saw loads of 55 year olds get laid off and presumably never work again so I don’t know why people think there will be a job for them
The only people saying citizens need to work longer before retirement are people that don’t need to do that and could very well retire now..
People can't save in the 20s and 30s because they are paying student loans. Imagine if we actually push back on the cost of college tuition and ask why does it cost $50k+/yr to sit large 200-300 student auditoriums where the adjunct professor and TA are getting minimum wage? College should cost a 10th of what it does if we get rid of all the bureaucracy/administrators and focus only on teaching useful curriculum. If young people could put away the money they pay for student loans towards a retirement, add compounding to that, and retirement problem would largely be solved.
I went to college in the early 1980's, and earned my B.S. in Electrical Engineering. I was a commute student living at home with my parents so, my only expense was for tuition (because, there was no need for a dorm room or a meal plan) which, cost for an in-state North Carolina student at that time about $950 per year (or $475 per semester). Also, at my college your tuition also included a fee to rent all of your hardback text-books. So, I do not understand going deep into debit to pay for a college degree (smile...smile).
College is free or almost so elsewhere.
@@ParisianThinker Yes, you are correct in many places the Public colleges are free. However, for admission you normally have to complete by taking an exam and , I always score very poorly on any standardized exam (smile...smile).
Learn languages, study in Europe cheaply or for free. My conference interpreter's degree was for free in 1978-1983 and lrd sttraight to a wonderful and well-paid freelance career. University in Germany is still free 40 years later! In Belgium where I live college tuituon costs about 1000€ per year.
@@ParisianThinker - Except in those countries, students are required to qualify for school. If they don't pass the tests, they don't get in. In the US, literally anyone can go to state/community college and get government-backed student loans.
I RETIRED 3YRS Ago at 49 nice and early. Since age 24 I was always bank account poor and forfeited lots of fancy trips, dinners, movies out and other unnecessary bling bling. Every single spare penny I had was "invested" (not saved. saving is for suckers!!). Invested for compounded growth in equities. Trust me, you have no clue how F'k'ing amazing retirement is compared to getting on the treadmill every Monday morning for the master. If you're smart (and no matter what your age) you will get your sh!t in order "today" and start investing every spare penny you have and dial back on the newer car, the nice trips, dinners and lunches out, ect...ect... Otherwise, there will come a day when your body breaks down and you can't go out and earn money even if you wanted to. Then you'll be at the mercy of the system.
I should have done this but had limited knowledge and invested only 2k to 4k per year in a Roth until I learned there were other ways to invest.
School should mandate a finance class.
@@pmill5781 The dumber people are, the more they're going to spend their retirement on useless consumption and depreciating assets. Societal norms support financial irresponsible behavior. The only way to get ahead is to be that very un-cool, unattractive person who lives minimally, maybe even reads books and seeks real experiences instead of going to bars, clubs, renting in trendy area's and taking exotic trips.
How much $ would you suggest someone have before retiring at 50?
@@caucasianafrican1435 All depends on how much you need to live and take care of emergency costs. It all depends on where you are living and how you plan to live. Big cities, you will need more. Leave the US and you can survive on much less.
Australian here. Thank goodness for our superannuation. I’m retiring really well!
USA here, I am happy it work well for you. I saved and invested in my 401k, IRA's, bonds and stocks and retired with zero worries. What you are reading are the folks that we have here that still don't get it! They love blaming the government, their jobs or anything that sticks on the wall for their failures. We already have a system that taxes us for retirement and it's called Social Security but we also have to understand that we also need to save and invest to supplement our retirement income. This was taught to us back in the 70's but somehow the 80's brainwashed these hopeless souls. They though money was going to trickle down from the rich...so they spend every dollar they made and more like they were rich or drunken sailors. Now here we are, 40 years later reading their sad story.....
Of course in surveys people say they'd prefer to save for retirement. So what's stopping them? Paying FICA reduces a person's saving amount. But a lot of people aren't saving anything. Many are in debt. If you cut out FICA that's going to give many people more money to blow on crap. And then when they're 65, 70 and living rough we make videos showing how badly we treat old people.
Social Security was started because we had so many poor old people unable to even feed themselves. You can't just wish people would be responsible for themselves.
Exactly.
You also must listen to what she actually said. She stated that when asked, people would pay more into Social Security in order to get more back. Unspoken is the expectation that paying in more gets you more back proportionally. That is not how SS. Paying in twice as much means a benefit check that is less than 30% larger.
Yet the average American spends 10% of the income on fastfood, and 25% on fancy cars...
I was a financial counselor for 14 years. What she is saying I told my clients back in the eighties. The 401K is not the problem and can be part of the solution. Spending beyond your means is the problem. Lack of self control when comes to spending money is the problem. Not following a budget is the problem. Not making yourself more valuable to the workforce is the problem. I have to agree with her that the SS program is absolutely necessary but the revenues from it HAVE to be taken out of the General Fund and set aside in it's own account to be used ONLY for paying SS benefits.
I agree with you 100%. I retired about 2 years ago at age 63. I've been saving and investing since 1982, and started putting money in my 401k plan in 1989. The 401k systems worked out for us perfectly. All of the nay sayers about the markets missed out big time these past 40 years! Some of my friends and coworkers thought I was crazy back then on how I was going to get rid of my mortgage, save/invest and never have a car loan but move the clock 40 years later I did great and they are all broke. They all made pretty good money, most of them made more than I did but they had to buy every friggin thing out there, first it was the big cars, then to the bigger trucks, SUV's. Had every stupid thing done yo their homes, refinance their homes once or twice and made sure they went broke on putting their kids to the most expensive schools in another state. Yup, they lived the American dream and now they can't retire. They still have a mortgage with little saved for their retirement. They did it to themselves and but blame it all on everyone else.....
You're a financial counselor and you don't know SS funds are invested in safe government bonds and are very accessible?
I hate when rich people try to include themselves in regular conversations, I get empathy but what do you mean “we have the possibility to work longer”??????…..you’re not included in this, most people on the network are millionaires, conversations aren’t applicable
Yes, tell that to construction workers whose bodies are beat up. The smartass part about hambuger helper without meat. They're so condescending even when they try not to be.
The rich can retire anytime they want. The poor are not even living that long. If they are in a trade there body is spent before they even reach 60. And they can't do any job after there body is basically used up.
I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
Find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Rachel Sarah Parrish 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.
She looks to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Larry fink should keep his mouth shut
You’re being far too kind sir.
Agreed :)
Thanks fella's.
Fink a racist
Larry Fink never worries about retirement because he can call up the Federal Reserve to print up more money. Larry Fink the man with the printing press!
Mandatory high school curriculum - Financial Independence and Your Retirement.
I wasted too much time in college and university. I should have been more career focused although I was involved with internet marketing back then, but it never really took off like I wanted it to. The reality is you'll work for the rest of your life while the rich use you as "slaves" to get richer. I really regret not being career focused, but I listened to my mom and paid the price.
What are parents for?
Working longer is not an option for many. Health and stamina become an issue as a person ages. I have employed many older people and kept them on even when they could not do the full job because of their health. It was a tough call, but I knew they had to have the money to survive month to month. Saving for the future beginning when you are younger is something people must accept or face the harsh realities of a rough existence as seniors.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its 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 $287k 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.
Could you kindly elaborate on the advisor's background and qualifications?
Finding financial advisors like “Diana Casteel Lynch” who can help you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you so much for this tip! Finding your coach was a breeze and I was really impressed with all the research I did on her credentials before scheduling a call. It's clear from her résumé that she's extremely knowledgeable and skilled, and I'm so excited to have the chance to talk to her!
Originally, the 401K was never designed to be a retirement to begin with. It was line 401K of the tax code in which executives could shelter their big paychecks for their golden years ( golden parachutes etc ). They came to the conclusion that they could foist 401K's onto their employees and ditch their employee's pensions altogether so they could save big money for the corporation. During hostile takeovers of companies, the corporate raiders would even steal that money as well.
No, a pension can dissappear but not a 401k. That stays with you even when the former company is gone, this happened to my brother and a few of our friends. The 401k are usually rolled into an IRA, or in some cases into another 401k....
I’m all for mandatory pension savings. It works fantastic in Germany. Nobody retires homeless.
Ah, but that's Germany and not the United States which makes most people fail financially except the ultra-rich greedy corporations that rake in billions. You want more of the same keep buying only from ultra-rich corporations and then wonder why the wealth gap is so ridiculous and insane. People probably shop at only 1 or 2 stores now. Most likely 1 lol.
The 401k should be renamed "mandatory pension," maybe they might see the light....
Isn't that Soc Sec in the US? Its MANDATORY to pay in for both employer and employee.
Never happen in America in the private sector. Only the underworked and overpaid public sector workers get taxpayer funded lifetime pensions and benefits. Private sector employers couldn't wait to get people into the 401K charade. Now more moola for the executives.
It's hard to keep a job as you get older and even harder to get a new one if they dump you. I didn't retire I was retried by my company to relocate the job to India.
That's tells me that you were overpaid and under worked.
@@gregorylyon1004 The folks in Hyderabad are about to find out.
Maybe companies should be forced to not relocate jobs to India.
One of the biggest reasons why India is cheaper: no state retirement program at all.
What does ss consume here in America: about 15% of all payroll ?
@@xyz987123abc My friend said his college education costs his parents $500 total, that helps. No US citizen can pay off their student loan with their first paycheck.
Exactly! They stop hiring you once you hit your forties. 😳
57 here, and after getting laid off in Jan, I already blew through the severance and remaining emergency money I had left - as such, I had to withdraw my entire 401k to take advantage of the Rule of 55, because I have no idea when I will get another job based on how crazy the current market is.
My retirement already took significant hits between 2008 and 2020, so I am afraid that I won’t be able to save enough for when I actually WANTED to retire.
But 2008 - 2020 was a amazing run of the stock market. Where was your retirement sitting?
I am sorry about your job. It is tough time economic now. Be strong and keep look for new job. Don’t give up, nothing is permanent . Good luck.
@@SurpriseMeJTthat is only useful if you keep your job in the Great Recession. Millions didn’t.
@@scottl9660 Correct. I hated my job and the people I worked with but knew that I was one of the lucky graduates who had a decent paying job. I invested everything I didn't spend and thankfully I was able to get on that boat that left the harbor.
Buy bitcoin. 120% average annual return since inception. This is your only hope of escaping the forthcoming financial repression that the government will impose on us to devalue the currency and pay off the national debt over the next 10 years.
Since the mid 1940s, we grew up in an expectation of better days ahead. Instead, we work more and more (if we have a job at all), and have less and less. Trying to live up to increasing expectations while the standard of living degrades has been done at the expense of not saving for the future. Reality is catching up to us in old age.
Whatever happened to hobbies? Men used to support their whole family and had time and money for hobbies.
The new hobbies are expensive cares and fastfood...
Our government with constant printing is the problem
No. That’s a boogie man that conservatives bring out when they’re not in power to justify cutting benefits while increasing defense spending.
Exactly. If we had no expansion of money supply beyond GDP growth, the cost of living would go down as we get older and technology makes goods in more efficient ways. People then could save their money in bank accounts instead of being forced to pay into SS. And we’d get a much Intrest rate at the bank. Then, we wouldn’t have so much money in the stock market making it not such a dangerous 40 year bubble.
The only party that would stop running an ever growing deficit/printing money is the libertarian party. Stop voting for the dinosaur duopoly!
Forced savings? You mean stealing my money and giving it to hedge-funds to I can die early and never see a dime?
No, protecting dumb people from themselves. If you personally are not on pace with a retirement folio projected at 65 with enough capital to "fully" replace your income for the next 30yrs to 95....then you are also one of the dumb one's.
Truth
@@ddduva4440 Why invest in hedge funds? Do you even know what. hedge fund is?
You could utilize Robin Hood and do it yourself.
Mandatory pensions sounds like a horrible idea. There’s no way I would trust some pension manager to invest and manage my retirement savings over being able to manage it myself
THAT'S the issue.....I can see the government robbing that FAT mandatory pension fund....to give it away to idiot liberals, Dems, and illegal migrants.
You can manage the investments yourself it’s just mandatory contributions 👍
It is already there in the US. It is called Social Security. And it is very generous compared to most other countries...
This is why we Millenials and Gen Z are not having kids, getting married, starting families, etc.
We are doom spending because we will never own a home
child care costs 1/3 avg annual income PER CHILD
For 50 years all income increases have gone to the wealthy elite, middle class wages are sideways.
We will never be able to retire.
Whats the point? This economy isn't for us, it never has been.
how dare you question your corporate overlords for whom you toil?
I acknowledge that things are tough for millenials and gen Z. But they weren't that easy for some of us boomers, either. When I graduated from college, home loan interest payments were a whopping 17%! Salaries were much lower then. Housing prices were lower, too, but balancing the prices and the salaries and the incredibly high mortgage rates sort of makes it a wash. It was tough then, and is tough now. But I saved, watched spending, and contributed to my 401K. I'm now retiring in a good place. So it can be done.
I have been investing for my retirement from age 20 without out a college degree and im a self made millionaire the beauty of compound interests is amazing
Same here but I did go to college. Looking back, I would have made it the same way without college. Getting a college degree is another falsehood that our society places on us. Most 18-20 year olds have no clue what they want to do professionally.
I wish you could impart your knowledge to some of our younger folks.
Asked on us borrowing,what happens once it collapses as us can’t afford its debt repayments.
We need mandatory pensions by corporations. The 401K savings plan is a bust.
there is already. It's called employer FICA taxes.
@@ronloftis9080 That's government. We need it by CORPORATIONS like it use to be.
@@jaygold4467 You get a 401K thru the employer. The GOOD PART is that it is not controlled by the corporation. Don't you try to learn from experience? Corporations can't be trusted with pension funds. They can escape the obligations via bankruptcy.
@@MrSteeDoo That's what wrong with the Capitalist system. Its clearly rigged to the wealthy. Everybody knows it.
I agree with you 100 percent. Now in my early 60's, I retired last year and have had three jobs after earning my B.S. degree in Electrical Engineering and each had a pension plan. At age 30, I worked for a private company which, had both a pension plan and also offered a 401(k) plan. In my early 40's, I starting working at my last job as a City employee and again, I had both a pension and an optional 457 plan. I do not understand why, would anyone work for either a private company or a government agency without both a pension and an optional 401(k), 403(b), or 457 plan (smile...smile).
The first 100k is the most difficult. After that compound interest kicks in and starts to double every 7-8 years. If you start early in your Twenties or Thirties you can build a decent retirement by 65. Coupled with social security and a paid off house you’ll be set up.
As long as you have your 401K/IRA predominantly in the stock market and preferably in the S&P 500 index.
@@glasshalffull2930 Yep! and in addition: never take money out of a 401K.
I have a friend, age 81, that is still working teaching English. She never bothered to save money but she hasn't needed it. She manages with work and her Social Security.
The most important financial decision anyone can make in their life is picking your parents.
what's the point of all these productivity increases and optimization if it doesn't translate into betterment of individual lives?
Its not to benefit the individual in a capitalistic society.
@@Dweeble233 Somewhat ironically, the individual is not to benefit in a communist society as well.
@@answerman9933 Actually it would be to the benefit of the State. However the State ensures the benefit of the populace. In such a system you would not have a Musk requesting $58 Billion per year in salary while in the same breath laying off 3000 people.
how dare you question your corporate overlords for whom you toil?
It's best for shareholders and their lives.
Im in my early 50's, blue collar, no debt whatsoever. About 980k in 401k savings, plus about 175k cash. Plan on working until 55.5. The younger generation at my workplace, for the most part, is deep in debt. New trucks, campers, and boats every few years. There is so much emphasis on material things.
Our kids are grown, and we are planning on downsizing.
Well done!
Average life expectancy in the US is a pathetic 66.1 years. Nobody wants to work till they’re dead. I’ve seen it way too often. Working till you’re dead is a WASTE of your life.
If you survive childbirth, life expectancy is about 76 years.
If we make it to age 65, our expected life span is somewhere closer to 82.
My father was 83 when he passed away, my father in law was 94, my grandfather was 98.....almost all of my friends fathers passed away in their 80's to 90's...
www.ssa.gov/oact/STATS/table4c6.html
I call BS: according to the CDC, for a male it is around 74, for a female 80. If you reach 65, it is a couple of years more.
@@PihlalorjooneAaaahhh yes…. The CDC. The same organization that brought us all that “accurate” information through the Covid situation. I’m sure they’re correct on life expectancy information as well. No doubt Larry Fink funds their “research”.
I'm retired and some of my freinds still have to work because they made bad decisions when they were younger and they admit it
I’m a retired Australian and our system is fantastic but it is worth saying that the state pension is very strictly means tested and the minimum for survival - no guaranteed social security.
It was also introduced gradually over many years with workers forgoing pay increases for employer contributions.
It's true. Even if people want to work longer they can't because not allowed.
Australian here, our superannuation system is a really good system. Every single worker saves every single month. We still have an aged pension as a safety net, but the reliance upon the aged pension is greatly reduced due to our superannuation system.
Great idea, should be looked at for the USA.
Bullish or bearish, AI stocks will still dominate 2024, even beyond. Why I prefer NVIDIA is that they are better placed to maintain long-term growth potential, and provide a platform for other AI companies. I know someone who has made more than 200% from NVIDIA. I'll also take these other recommendations you made.
I agree, just because the market presents opportunities doesn't mean we should rush in headfirst. For this reason, we should look for appropriate market analysis or guidance or seek advice from certified market strategists.
@@FolarinSodiq No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit a 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
@@SarahOlivera-t4z Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.
@@BarbaraLouise-i3r Victoria Carmen Santaella is who I work with and she is a hot topic even among financial elitists. Just browse, you’ll find her, thank me later.
@@SarahOlivera-t4z I will give this a look, thanks a bunch for sharing.
My cousin’s husband was laid off from Qualcomm when he’s 50. My brother has been a contract worker for decades (always looking for the next gig). My other cousin who’s a patent attorney retired at 50 due to high pressure (he’s fine financially). Strangely all my female relatives work non stop, no one talks about retirement except me. I am the only one retired early because I like doing nothing all day 😂
This dude should do his homework before interviewing a guest. Why did he not know how to pronounce her name? What a clown.
Start your own show then
is it to much to ask that talking heads actually know *how* to speak correctly?
I agree with you. I thought it was ridiculous that he couldn't pronounce her name. He's lazy and unprofessional.
This guy specifically is a doooooosh bag.
I was impressed how classy he was at apologizing immediately, and how classy she was by just saying the name without getting offended, to which he replied, simply, “thank you.” She’s clearly a first-time guest, very unpolished, and he probably had hours of preparation for a show where he has many guests and many topics to cover. So he stumbled over the name-at least he was respectful about it and took responsibility.
More generally, if she didn’t get offended by it, why are you getting offended on her behalf?
finally the truth ......many white collar let go in their 50's (re org, skill set, business closing), many blue collar are physically worn out (work construction for 35 years and knees, back , hips are shot), ........Live below your means, pay off debt .....you are only an e mail away from "early retirement".
im 55 i had a heart attack i am spending all my retirement now
I only have 11 more years. I'll see whether I get a heart attack or not by then. I can't imagine what the environment will be like by then though if it's bad now geez.
@@jonarauzo i suggest to look into gold and silver, educate yourself what true wealth is
I got a pacemaker for my 65th birthday.
@@TruthAboutMoneyy sounds like a really great way to not grow your wealth that's for sure
Why don't we listen to the expert economists of this nation like Teressa Ghilarducci instead of our congressmen and women who legislate policies that hurt the average worker? Our congressmen and women make 175K a year with great benefits and retirement packages, and line their pockets with millions from corporations which benefit from policies that discourage pensions.
This, working longer, may work for some people, but won't for many.
50 seems to be the age that unless you’re in upper executive management, the companies will find a way to get rid of you. There’s this bizarre idea by boomer managers of that same age that anyone older than 50 is “slow” and “dead weight” and “ not innovative” 😂
The reality is many people are offered retirement plans at their jobs and they dont participate. Also these are the same people taking Social Security at age 62 which means a really low payout. It is too late these people brought it on themselves.
Andrew, nice job interrupting your guests and not letting them complete their arguments.
I retired from full-time work at 56, but caried on part-time until 70. It helped that I enjoyed my job and in many ways, still miss it.
I don’t feel like working longer, for money that continues to lose value every day. GTFOH
Nobody is stopping you.
Thats why you buy assets with that money. You only need enough cash set aside for 3 to 6 months of expenses. Invest what you have left over after rent and utilities.
the simple answer to retirement is to get amazon, etc to pay the same taxes as berkshire hathaway
Job training and listening to your workforce is critical. Stagnant metrics lead to inefficient work processes too.
Retirement is far too important to delegate to career thieves.
I knew social security would be shaky when i got older so I contributed to my 401K at 22 and now at 47 my net worth is just under 2 mil. Most I ever made was 60k. It can be done.
Requiring people to work past 55 should be consider cruel and unusual punishment especially physically labor type work like construction, farming, etc.
No is requiring it. But, if you can't afford to NOT work, are you going to focre others to pay for you not to work? Where does the money come from?
Ridiculous.
Working past 55 is fine. Bending, stooping, and lifting past 55 not so much.
Delivery driving type work is brutal in your late 50s, but the money is very good.
Take a good look at inflation right now. It's doesn't take an Einstein to figure out why people are working longer nowadays.
WTF. I bought a farm and will have it paid off before 55. That's my retirement plan, to keep farming with less bills 😂
This is completely true. Statistically half the workforce age 60 have to stop working because of health issues or because they are downsized. For the people that lose their jobs it’s hard to replace their peak earning power with a similar job as an elderly applicant. You must prepare financially when you are younger for the time when you are unable to work or pushed out of the workforce.
The biggest failure of our public education system is that at no point are there classes on basic finances, How to create a budget, how to determine based on income, what is a rational budget for housing, car, food, clothing, entertainment and the basics of saving and investing starting with first job into a 401k or IRA. My father was a legal immigrant taught me these things at the dinner table starting around age 12, I retired at 58 it’s not that hard it just takes long term planning, commitment and some short term sacrifices
No one should have to work longer than they want to? We don’t work because we want to it’s because we need to. Stop with your nonsense Fink. No one needs to be forced to save either lady. Freedom means being free to decide how you choose to live if you’re not imposing onto others to do so.
That is not called freedom. It is ignorance. Most people don't have the ability to grasp these concepts. Most people won't even pass a simple delayed-gratification test. It is very convenient to advocate for 'freedom' when you are at the top of the pyramid.
I force my kids to save for college. I guess I'm an authoritarian tyrant .
You shouldn’t be forced to save but it is a really great strategy to take advantage of compound interest. If you choose not save then you must accept the consequences of your decision
@@dippy2482 I will applause 👏 you for that one. I would call that good parenting though.
@@namastemcl absolutely true.
Forced savings is a horrible idea. People have debt at 20+ percent interest and struggle to house/feed themselves but we have to put money aside to get a 4% return after taxes and fees?
Get rid of the cap on wages taxable for social security and means test social security so wealthy people can't access it and Medicare.
I agree with removing the wage cap. Most everyone is paying in at 100% of their salary. Why are the wealthy any different? I disagree with means testing however. Anyone who has paid in, should benefit. However there should be caps.
No discussion of cutting Social Security and Medicare until the government stops giving $50 billion a year to the fossil fuel industry, $45 billion a year to the pharmaceutical industry, etc.
This has nothing to do with SS and most of Medicare.
The doing away with defined benefit pensions by most private sector employers is coming home to roost. Most people retiring today from private sector employers don't have nearly enough money in their 401K's to create a stress free retirement.
This is a highly 'romanticised" view of the pension-system in the past. In reality, in the early 70s only 43% of employees participated in a pension-scheme during any time of there career, and of those only 75% got any money from such a scheme. For the black population it was far worse: only 10% ever participated in a pension-scheme and only 20% got any money from that scheme.
He suggested a system like Australia. In Australia retirement savings is compulsory 11-12% of your salary, it can be 16% in the military. You are free to choose where you want to put your retirement money. You can put it in bitcoins, GME or whatever. You can't withdraw it until you retire and you can't invest in things related to yourself, like can't buy a property and rent it out to your family.
Sounds exactly like my old 401k plan, that worked for me big time!
America ranks in 22nd spot in the Global Pension Index. trailing Ireland, Chile, Uruguay, and Kazakhstan. The 401k system isn't working for the majority, only for the wealthy and stable minority. Arguing that it's the fault of those that didn't save is pointless. You still have a boatload of boomers nearing retirement with little to no savings, and you'll still have to pay to help them get through retirement, or have anarchy on your hands. Wouldn't it have been better to adopt the same system of forced savings other countries did, so the government could avoid this problem from the start, in effect spending 5-10% to solve things early, rather than 100% to deal with the much larger problem today? So annoying to see the old guard yelling at Ghilarducci like scared dinosaurs, when she's just telling them what they can do to save themselves...
People are idiots with money. I have been saving a minimum of 10% of my income for over twenty years now. I now have over 250K saved up stocks, ETFs, and mutual funds.
There is such a system in the US, it is called Social Security. And compared to a lot of other countries, it is very generous.
Housing costs are so ridiculous. How can anyone save? Then unemployment hits. There goes 401k. Disability? Poverty unless you create some j.k rowling witchcraft 😂
You can't save, there's not enough income and time. The only solution is more income from a side business but that's a lot more difficult and disappointing than a job that pays guaranteed income.
My stepfather still works at 83 cause he needs the money. There's jobs if people want them. He works as a janitor.
Its all about looks, if you don't look young they fire you, so create your own business hire them then treat them like the way they treated you.
Fair share in taxes is a start. Warren Buffet is on record saying he pays less than his secretary in taxes. Middle class is being squeezed
This lady is so right.
Laid off @ 47 after 13 years on the job as division was sold to competitor, laid off @ 52 due to automation, another round of layoffs coming this year as my current employer was just purchased by competitor. Looking for work @ 55 is not something to look forward to
Lower the ridiculous Cap Gains tax for those making under $300k a year. That is why most people do not use their principle after retirement.
I couldn't work fulltime after 52 due to health issues and family responsibilities, but manage to work 20 more years in public education part time. I never planned that, just worked out that way. I do have a pension. My husband worked part time after 61 due his job going away. No pension just IRA. But not everyone can.
The issue is too many people living on loans and credit and not saving, driving up costs for everyone even the responsible ones. I regularly see people in my pay grade living luxurious and not saving because they “can’t” it’s insane
Work longer? Just assume you could still find a good job at old age like the president. It is tough to find a good job at old age for most people.
This govt is too expensive to keep
Specially in the diplomatic service . (salaries for FSO, their outrageous rent, schools, and SALARIES for local employeed) . Happens to all countries😮😮
“Forced savings” “government match”…they’re both nuts. Giving more of our money to the govt to “save” for us is the absolute worst idea to solve this “crisis”. How about mandating financial literacy starting in 7th grade…all the way to 12th. If parents won’t teach it (many don’t know themselves), our schools need to do it.
How is forced savings “giving it to the government”?
I’ll never agree with a “Forced” plan, this is America. Education is the key. Young people in high school need to be required to take and pass a course in basic finance.
When I look at the amount I've contributed to Social Security over the past 45 year vs the amount I will get at retirement is a real problem. Forced savings is not a bad concept but the investment benefits need to stay with the investor --- not others (Government, etc) pulling out $ for other reasons. It's mind boggling if you look at the actual numbers in the current Social Security set up. Great concept but terrible investment for most long-term contributors.
Just as paying into Social Security Administration (SSA) is mandatory, why not phase in 401k as mandatory, and phase out (over time) Social Security, with the same principal of employer matching as SSA? In other words, you get to keep what you invested into, individually, portable, and fair. As for how to invest, that's a whole different subject and it's more about education. It's not hard , since most 401k plan will have limited option of investment as well as a default one (just like choosing company insurance). For example, lifecycle (an all-in-one investment) mutual fund.
People should start saving for retirement early. I started at 12 and that’s made saving so much easier.
I started at 10
I started during 8 months
I opened a high yield savings account when I was born
@@marving6214 But did you convince your parents to fund it with all your earnings as a newborn?
@@kangamagic1206What was your sources of income?
She has figured out! Once an employee hits 50 it is hard to keep your job because employers want the cheaper worker.
You should be saving 10-15% min. right off the bat. Not when every you can get around to it. It is the most important thing you can do. Don't worry about the fancy house and car until you can afford it. Not everyone will choose a career that will let them live the lifestyle they want, but you made the choice. Successful people don't get that way by luck, they get that way because of how they were raised and how hard/smart they work. Everyone was not created equal, like they keep trying to tell you. It will be easier for some than others and the decisions your parents made for you. You might have to get a couple jobs for awhile. Don't worry it won't hurt you and will make a big difference down the line.
Getting old and not being able to earn enough is number one cause of bankruptcy.
Retirement is YOUR responsibility. Stop living in debt, stay BELOW your means, side hustle. This has allowed me and my wife to retire EARLY at 55 WITHOUT a pension.
When I started working following college I calculated the 401k contribution percentage that dropped my income down a tax bracket. I ended up with more in my take home pay and a 401K going.
I'm retired and I work part time at Home Depot,a lot of us work for something to do,get out with people and the extra money is a bonus,a lot of retired people like to work
The only jobs a company will hire someone over 55 for pay under $15 hr and are part time.
Luckily for me I learned how to invest and have a predictable retirement income of 58k a year till I am 89 years old
And medical they’re desperate.
I have retired twice, the reason I have gone back to work is mainly because I missed it. I now am sub to the company I worked for the 30 years. It’s working out well. My wife is much younger than I so she has years to go. Like me she likes her job. We are able to take plenty of vacations and I don’t feel over worked. I have a pension, 401K, investments and a couple of homes that we rent. I got a bit bored in retirement and I missed hanging with my coworkers. I am 65 and I am not sure when I wall actually retire. Maybe never.
Upon birth drop 10k in a government sponsored retirement account with a 60 year vesting requirement, waived for total disability. Require participants to contribute 5% and employers to match. Reduce SSN pension benefit by half and increase Medicare benefits with the proceeds from SSN reduction.