Chris Hogan Talks About Retirement and Millennials Study
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- Опубліковано 21 чер 2016
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There is no pension for my generation. We must provide our own retirement. We can do it millennials!!
I have a pension through my job.
You hope.....
I have a pension, 401k and Roth IRA. 25 years old. There’s plenty of pensions out there, the divas of this generation just think they’re above certain lines of work
our legacy will be biting the bullet on SS. i aint got no worries, 30k in my retirement and growing
My job offers a pension so i hope its there when i retire
i wish his voice could narrate my life
The older millenials who graduated into the recession are going to be in panic mode for the rest of their financial lives - that's why! You leave uni with 30-40k debt, can't get a decent job for years, can't afford a house and are made redundant from your first few jobs due to failing companies... and that stays with you forever! I go to work every day expecting to lose my job and plan my money accordingly. I don't take anything for granted and watch the economy like a hawk for any sign of another recession! I do not want to be sleeping on sofas/floors and skipping meals to pay rent when I'm 50!
So this study doesn't suprise me at all. I think the figures would be even more extreme if you split the results between those who graduated into the recession and those who have gradauted since the job market improved. I think early experiences have a long lasting effect on how anyone approaches work and finances.
BritBit 👏👏👏👏👏 you are sooooo right!
This is possibly the dumbest thing I’ve ever heard. Do you have any idea of the amount of union work and civil service jobs there are out there that pay over 100k? I did over 200k in 2 years doing construction with an employer funded annuity at 21 and 22 years old. I graduated 15 grand in debt because I wasn’t dumb going to a school I couldn’t afford and got academic scholarships. Now I work a civil service job that pays over 150k at top pay plus a 401k and a Roth IRA. Your previous notion is nonsense and you’re just making excuses for not being a success. Stop throwing yourself a pity party, get out of the cushy office and go make something out of yourself
As a millennial I've become a bit bitter toward the older folks for being so irresponsible and having the nerve to call our generation entitled. Oh well lol
From a generation X, we apologize, but I say used that frustration to fuel you up and show everyone how wrong they are....!!!
I'm a millennial and yes, I am agressively saving for retirement, 401K, Roth IRA, and mutual funds :)
I am a Gen Xer and I am about to have my house paid off in 17 months. Once I get that paid off, I will essentially be debt free. I plan on at least doubling the 20% of my pay I already save for retirement right now when that happens. I am working on the dream of traveling the country camping all 50 US states and all the Canadian provinces when I retire.
Regardless of who you are and how old you are. One should be retirement planning. The sooner the better. One should never hedge their bets that Social Security will still be solvent when it is time for them to draw from the system.
You speak for everyone now? Did we all elect you to this magical position of spokesman for all human kind?
I am interested :) proud of you
Tania Martinez
👍
Good job. That is absolutely awesome. I think the main difference in a millennials retirement savings rate is the fact that we pretty much know there won't be a pension or social security check coming our way, so there isn't much else of a choice to put it frankly.
love that quote "adults have to tell our wants that it needs to wait"
I really enjoyed the tips, but cost-of-living is a real problem. Despite making a decent salary in Washington, DC, it was nearly impossible to find an apartment that cost less than 50 percent of my monthly salary! Really glad I moved.
Kenny Wesley you did the right thing.
I’m leaving DC as well for that very same reason
lol I live in DC as a teacher and it's 1/3 of my income, guess you didn't make enough. And no I don't live in anacostia.....
mizzmolly hmmm it's just as expensive. Perhaps because I only want to live near the metro?
Exactly! Needs, wants and deserves are miles apart from each other.
I'm 25, I work 85 - 105 hours a week. I don't get why people stay at a job only working 30 hours a week. I've paid off 20 thousand since December and the other 24 thousand will be paid off by September. I will then be putting 40+ thousand away each year for retirement.
hockeyrob76 Update time! Are you still on track?
Kyra Marie middle of the month will be done
good job man, just don't break your body in the process, I'm only 28 and I cant even do some of the things when I was your age.
I've rarely worked more than 40 hours in a week, and often under 20, and that's with a full-time job... and I'm 48 and can retire any time I want to if the work starts getting annoying. Your idea of working 85-105 hours per week doesn't appeal to me at all.
Your still young so your body can manage a hectic work schedule. Wait until your late 20’s, your body will change. It will start deteriorating, it’s inevitable . Enjoy the overtime while you can to save funds for retirement. However, you should focus on having a balance between work and a social life. Build meaningful relationships as they’ll keep life interesting.
My future retirement:
Correctional Officer $2500 a month (At 45 yrs old) *Pension*
Army Reserves (at 60 yrs old) $1,230 a month + $480k TSP *Pension*
Continue Being a Substitute teacher $2000 a month
I own properties but I'm not adding those assets just yet
Even if social security is around when I reach retirement, I want to see if I can get to the point that I won't even need it.
Chris Hogan has a nice voice
Wow! Such great info!! Love when these two get together!
"wake up, shake up, and begin to take up our own dreams for our financial future"
i think the difference is that millenials like myself have grown up not expecting to receive a pension at retirement, heck maybe not even social security. Whereas baby boomers got into the work force and alot of their parents retired w/ a pension or social security.
True. As a millennial, I'm not banking on getting Social Security when I retire. I'm convinced there will be nothing left when I retire. If there is nothing left in Social Security, then I'll still be comfortable.
Exactly. I'm just annoyed that I have to pay for both my pension and a government pension for someone else at the same time. While also not being able to afford a home.
Facts I'm 25 and I don't plan to file for social security ..hopefully my 2 Roth ira and 401 will do justice
@@phlyyungin6168 Though I intend on being completely finally independent, irrespective of Social Security, I definitely plan on filing for the money if it is still around when I retire. I worked for the money and want it back.
Chris is a great expert. Thumbs up!
Great video. I click on for Dave, but you guys rock. I'm going to use that line on my brother and tell he doesn't own his possessions, his possessions own him.
Miss that voice😭
Awesome
Awesome!
I miss Chris
dave sent me something to say stop eating lunch out every day. stop buying high end cable tv and all that coffee. i live in the independent level of a retirement comminity. i go to the common room to read the los angeles times, take my laptop to their 'hot spot' only have about 10 channels on my tv and dont drink coffee. my monthly rent does include 15 meals in the dining room to be sure we eat nutritiously most of the time
So sad how he is leaving The Team for his affairs!
Chris was a good financial adviser. I hope his reputation is not tainted because of this.
We need Chris!
I agree, it’s a disgrace he had to leave the show, his ex wife should be severely punished and humiliated for what she did
This probably will never work in reality, but why can't I sue the goobernment for monetary theft if they've forced me to pay into social security and it goes bankrupt before I can take it back out again?
Because the government says you can't. :P You can help vote the fkers out of office though!
Chris could be talking about Twilight movie and I could still listen to him all day.
Now listen as a Gen Xer to our credit we didn't have as much information instantly that millenials have. At some point some of us couldn't progam a vcr clock. And good for our children who are doing better than we are...but we want that for them too.
Meh. "instant" information isn't that helpful. Gen X folks (like myself) had the books of Benjamin Graham and Peter Lynch, etc., when we were still in school. "Instant" information wouldn't have made a meaningful difference.
@@asterisk911 It's mostly about the ease of access. If you have a question and can just google the answer you're a lot more likely to actually do it than if you have to go look it up in a book.
It really bugged me that Chris really didn't look much a Ken during the talk. Dude's face was glued in those notes.
Jason Doucette
He's intimidated by a big black man
I love it when Shaquille O'Neal's on the Dave Ramsey Show
Bryan Dey haaa
Bryan you’re stupid!
Chris, what do you think about investments sites like stash. You begin investing with as little as $5.
A 401k isn't absolute though. You could lose everything if the market crashes around the time you need to take out the money.
The money putting in for retirement preferably stays there until the age is reached.
Historically, there is no such crash in which you lose everything, Great Depression and Great Recession are not exception.
Decrease the risk / stock allocation as you get closer to the retirement age.
But yes, 401k isn't absolute. Same with everything.
K Henderson the lowest the market has dropped was in 2008 when the Dow Jones went from 13000 to 6500..many lost retirement if they intended to retire that year it was cut in half but if they rode it out until 2011 the money would have re generated tenfold..the current Dow Jones is over 20,000..as a 90's baby I have about 40 years to think ahead about if the market crashes again if it does we still have plenty of time to recover
If you start investing the maximum into your 401(k) very early and adjust your asset allocation over time I wouldn't be surprised if you retired with 8 figures. Even in the worst downturns the world has ever seen it can mostly recover within a few years.
Listening to Chris Hogan is like listening to a car commercial. Can't get past his voice. I like Dave
yossief haileab
Racist
I like the RIQ calculator on Chris' site.. it was on my side :) That's a number I can really work toward and make happen.
Medicare takes all or most of your COLA raises. Rents are so high, utilities etc., and our retirement income does not keep up. I can generate an additional income online. I did travel the world from 20-72, and I generously helped other. SS does not keep up with the COLA. I can live in a cheaper foreign country and drop Medicare.
I thought RIQ was going to be Ramsey Intelligent Quotient 😅
I do expect to receive Social Security because I've paid into it for over 40 years. But that hasn't stopped me from also investing and aggressively paying down my mortgage. I only wish my contemporaries had been as diligent as younger people seem to be.
Im 22 and some sites say I fall into the generation after millennials? What studies are done for my generation? of 22 and under
Wow, Chris! You're hitting me in the gut! :)
Husband makes over 200,000. We save, tithe and spend. Sometimes I shop because I say I deserve to go out every weekend since I'm at home all week caring for the child, volunteering, etc. I need to learn to stop and make it once or twice a month thing.
I know quite a few baby boomers that have 0 net worth. I refuse to emulate that.
So many free apps for stock market savings accounts. If you don't save when it's as easy as pushing a button on your phone it's your fault if you don't have a million dollars in your retirement. If you start at 18 and put just 200.00 per month you will have close to a million.
Hey Chris Hogan, are you putting 15 % into your 401k ? I understand you are in your early 40's? I have heard one millionaire say to keep increasing the percentage of 401k, from 15%, to 20%, to 25%, to 30%, and more, over time!Do you agree?
Jill Popp are you out of debt now?
There is a limit to contributions so not really possible
I wonder how many of those millennials are financially healthy though. I’m an older millennial and have friends who are investing in retirement. But they have no real plans of paying off or even paying down their debt. So what’s the point?
457B, 401K, 401A, IRA , Have them, Not needed , $7800/mo Pensions
Lets talk about Highly funded Defined Benefit Pensions Plans
SO MANY TIMES I've heard this guy say "compound interest" when he's talking about stock investing. If this guy doesn't know the difference between interest and dividends, then he should stop giving advice. NOTHING that he means by the term "investing" pays "interest", compounding or otherwise.
I don't think it's fair to say the concept of compound interest doesn't apply to stocks outside dividends. If your stock performance averages a return of some percentage every year, then that interest compounds by that percentage every year. If it's through just buying and holding stocks, it's compounding interest through exponential growth, but you can also get that growth from the purchases/sales made by a fund manager or by yourself.
Bob Sapp voice
Update for 2018: was announced today that by 2030 there will be no more SS. It'll be completely drained.
2037 and they will have to pay out 23% less actually. Not that we can be sure it won’t get worse.
Don't be a victim !! If your broke ..own it and change it. Victimhood is destroying millions !!! No one can change your future but you!!
shouldn't you put money into a traditional IRA where you can save taxes at your marginal tax rate when you can pull some of it out of the traditional with zero to low tax rates? in today's tax rates a married couple filing jointly can take out almost 40,000 at an average tax rate of just 5%. what are your thoughts?
How do you save money on 15 dollars an hr with the cost of everything 401k ha I lost 150 thousand in 2008 never got it back can he tell witch way the market is gonna go up or down he's sugar coating things
You didn't lose anything unless you sold your shares. Fact
I hope to be retired by age 55
We snake people aren't so stupid after all!
Pretty easy to save for retirement when you live with your parents until your 50
They "spend" mommy & daddy's money and save their own! Imagine if daddy didn't have that great pension & benefits.
By the time 18 is ready to retire at 65 or 70, 2.5 million won't be worth anything.
Hi It's Me Mind Your Own Business it will be worth more money then if you didn’t save