Addressing the US retirement crisis | Age in America

The retirement crisis in the US is an issue many older Americans find extremely stressful, especially as pensions, social security, and even 401k plans prove to be not as reliable as many of us have thought.
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Photo: Jelena Stanojkovic and Maridav/ Shutterstock
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[@scrippsnews]

What do YOU think?

[@Casey-summer]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[@sloanmarriott5]

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.

[@lilyhershey1]

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.

[@Buffet-walton22]

@@lilyhershey1 That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?

[@lilyhershey1]

Izella Annette Anderson is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@louie-rose7]

Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.

[@DonaldMark-ne7se]

THANKS. Just what I needed to watch. My wife and I are administrators of our farming business and our own properties, as well as small pensions. I am almost 56, my Wife is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn passive income online and retire comfortably let's say 1 million bucks.

[@kevinmarten]

It's recommended to save at least 15% 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 15% 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.

[@JacquelinePerrira]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through 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.

[@Jamessmith-12]

I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

[@kevinmarten]

This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?

[@Jamessmith-12]

'Carol Vivian Constable, 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.

[@Robby767]

I started my SS at 62 1/2, my wife who is 20 months younger than me started at 62. With my pension for working 25+ years we're doing just fine.That was over 3 years ago & we never looked back. Haven't touched our investments other than to travel. I had two brothers die of cancer 3 years apart. One died at 62 & never drew a dime of his SS. The other died at at 65 & drew 10 months. Let's be honest here, the reason the Government is offering you a bigger payday at 70 is because they're banking on you not making it!

[@roseyfischer]

I'm sorry about your brothers, Waiting for higher SS payouts can indeed feel risky. that's why it's important to consider planning for retirement early.

[@Kseniaramesh]

Have you thought about working with a financial advisor? work better for you in retirement and plan for unexpected expenses. It might give you more peace of mind and help you enjoy your retirement more. Best wishes!

[@mariadrukker2557]

You're absolutely right about the importance of having an advisor, especially for retirees. As a businessman, l've worked closely with my advisor, who expertly managed my portfolio, growing it from $200k to $1.8 million through stock trading.

[@mariadrukker2557]

Despite the stock market's current instability, she continues to make profitable trades. This has given me the confidence to take charge of my financial future without relying solely on government support for myself and my family.

[@Larry1-pl2wq]

I am nearing retirement with $250K to plan for, I'm feeling the pressure to secure my financial future. i would like to know who your advisor is, Can you share his/her name?

[@HodgeChris]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

[@brucemichelle5689.]

Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast.

[@Justinmeyer1000]

Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $400k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.

[@PatrickFitzgerald-cx6io]

Thanks for replying, You seem to know much, How did you go about it and can you recommend an advisor like yours?

[@Justinmeyer1000]

‘’Aileen Gertrude Tippy” just check her out. It's possible to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash.

[@PatrickFitzgerald-cx6io]

I appreciate this tip. It was easy to find your coach's webpage by looking up her name online, She seems proficient considering her resume.

[@INFM424]

This country is cooked.

[@jjones3566]

Well, we have money to give to everyone in the world but our own people.

[@pauline-o2q]

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

[@KarenJ.Mancia]

True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

[@SandraMoore78]

Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.

[@KarenJ.Mancia]

Mind if I ask you to recommend this particular coach you using their service?

[@SandraMoore78]

Jessica Lee Horst, 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.

[@DanielleB.Wooten]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@brucesprung6431]

The last 10 years before retirement, do 2 things, work to pay off all debt, your mortgage, all consumer loans and credit cards. Two if you are contributing to a 401K, try to increase the percentage you are contributing by 1% per year. If no 401K then contribute to an IRA through payroll deduction and look to increase it by 1% pet year. Retiring with no debt will help immensely with your monthly expense budget as will boosting the amount saved for retirement.

[@uncommonsense5876]

401k has been a great idea. Its been golden for Millions of people. Dont taint the success of the program due the personal failings of some individuals.

[@buckeyedav1]

I don't know is going to happen to those of us who are retired.. I am retired and surviving at the moment but I sure don't have anywhere close to even the minimum savings they are talking about and at my age going back to work with my physical health challenges would not be a option. I had it all planned out pay off my tiny little home did that, paid off all debt including my car and have no debt then last year the city decided my house was worth 3 X the value and raised my property taxes and they are planning on building 6 story or higher apartment buildings across the street from me and I wonder how that is going to affect my property value and taxes? I am being priced out. Anna In Ohio

[@gregorylyon1004]

Sell your house and move

[@marilynrybak9154]

You reap what you sow/ people- esp young people- save for your retirement because (hopefully) you will grow old(er) and will will be extremely thankful and grateful you saved for that day!

[@jjones3566]

There you go judging people and you know nothing about their situation.

[@sarabeth8050]

Outside of folks who are low income or had some sort of financial shock like extreme medical bills not covered by insurance, people only have themselves to blame if they are unprepared for retirement. I know so many people who lived beyond their means to fund lavish lives (huge houses, multiple late model gas guzzlers, expensive holidays, etc). These are people with good incomes who would have enjoyed excellent lifestyles while easily funding secure retirements. Instead, many are without retirement savings and no way of making up for lost time. How should we feel about such irresponsibility?

[@jjones3566]

No, we have the government to blame, too. We give billions of dollars to other countries every year, but I have to cut social security because we don't have the money for it.

[@gordonallen9095]

The elimination of defined benefit pensions, and the offer of 401K plans, was the biggest "bait and switch" in the history of American labor. A significant amount of retirees will OUTLIVE their savings. Many workers, especially those in low wage, no benefit jobs have saved little to nothing for retirement because they had little to nothing to spare after living expences. The specter of inflation, and the volatility of the stock market do not make for a secure, or garunteed retirement. Even for those who feel they have saved enough.

[@gregorylyon1004]

Employers can't afford to pay lifetime free ride pensions. Especially when people are living well into their 90s

[@jeanah685]

401 scam. Forced to play the stock market, then have to pay taxes. You're better off doing your own retirement planning. Also. Stay out of debt and live below your means.It's not more money that's needed. It's saving on to what you have and keep your overhead low. Don't use credit cards.

[@campbellhouse6569]

401 isn't a failure. Greed and corruption is the problem

[@CarolLustgarten]

Doing just fine 😊. 68 years old. Retired at 58. Bought my condo cash. No debt. Have a pension and took my social security at 62. Can travel anywhere I want. And the best part is no kids.😊😊. And even better no husband. Peace and freedom. How cool 😎 is that. Planning a trip to l.a. next year to see my friends. 😊😊😊

[@gregorylyon1004]

You have a lifetime free ride pension. That says it all

[@work2gather]

None of this talks about the economy falling... banks close and you lose your money. The government doesn't have the money for everything it funds now, I doubt there will be any FDIC payments for lost accounts. The domino fall includes stocks. All the retirement accounts are built on stock incomes, including annuities (?). If savings disappear, what happens to all the credit and purchases made already but not able to pay? Houses, cars, etc. Owning fully, being debt free, is one option for survival, but even then the government will be able to take your things for taxes. If there is a serious disaster like a grid failure, what happens to all your money and possessions? This is a very hard time in history. I can't see any safe options for anyone. Criminals expand in crises... they only think of their survival, their needs, their families.

[@kckuc310]

What crisis ?

[@tonylevine2716]

Almost done reading her excellent book!!

[@asterisk911]

Look on the bright side. Anyone who has too little to retire *because* they enjoyed their money when they were younger actually got exactly what they wanted, when they wanted. They literally prefer for "younger them" to be better off at the expense of "older them". We should celebrate their ability to get what they actually prefer. Of course, those who spent their whole life poor and are still poor in old age are a different matter, but leave that aside for now.

[@blackgrandpa7652]

Retirement isn't a human right its a privilege and the majority of people around the world its not an option invest in assets that build wealth if you want to retire if not you will work until your dead dead dead😮

[@marilynrybak9154]

You can thank the horrible economy for the past three and a half years for people needing to tap into their retirement.

[@dantheman6607]

Thank Trump for racking up 8T in debt in just 4 years which raised inflation

[@Red-Check-Mark]

@@dantheman6607 You're actually an idiot.

[@Red-Check-Mark]

@@dantheman6607 🤣🤣🤣 Couldn't be more wrong.

[@dantheman6607]

@@Red-Check-Mark wrong tool Trump cut taxes for the rich too and btw the stock market is at an all time high genius.

[@pep590]

Too bad the 401k came way too late for most retirees.

[@paulsaragosa371]

Play song penny s from heaven song

[@hubertvecht7255]

Thx for destroying the pension Mr father of the 401k! You’ve destroyed the American Dream !!

[@gregorylyon1004]

Lifetime free ride pensions were never sustainable. You can't pay a retired worker a 30 year free ride

[@AndersonNoah-o6l]

Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!

[@paulsaragosa371]

Poor old stoney poneys

[@jhunSebastian-t9t]

Greedy

[@paulsaragosa371]

Pooky servant's are the worst times worsted years ago older penny s pension fund

[@paulsaragosa371]

Penny s pension fund

[@BuddyDog9267]

VOT DEMOCRAT FOR EVERYTHING. REPUBLICANS FOR RICH.

[@Mary_st12]

Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!