Baby boomers unprepared for retirement?

Barron's Wealth and Asset Management Associate Publisher Jack Otter on a new study that more than 50% of workers over age 60 are postponing retirement.

[@duaneyoutbe]

They are not living longer, they are dying longer.

[@bernie9728]

Posting this on Christmas Day 2021. I was born in 1954 which pretty much makes me a boomer. I retired in 2016 at age 62. One mistake most people regardless of age is they worry too much about how much they have saved instead of worrying about how much the owe. I retired debt free in 2016 at the age of 62. I'm now almost 68 years old and have yet to touch a dime of my retirement money. So basically, being debt free has allowed us (my wife retired two years after I did) to live off just our social security without any supplement from our savings. It's amazing what you can do when you stop thinking about how much you have and focus on becoming debt free.

[@hermanrogers1325]

Yep that’s right that’s what I did to

[@debbieframpton3857]

I quit working at the age of sixty five 3 years ago mortgage-free debt-free no work pension but I can live off my Social Security and still put a set amount every month into savings. I have not had to dip into my 401k or Roth IRA

[@bernaclischurchill4463]

You & I are a lot alike. I, too, was born in 54, turned 68 last yr; retired 3 yrs ago. I have a DB plan pension, which is unheard of, and SS. I have not touched my retirement savings, either, and I live the same lifestyle that I did before retirement, and surprisingly so, I have a lot more money, simply because I do not have work-related expenses anymore. I failed to calculate that aspect into my budget when I previously did my expense budget, but the oversight turned out in my favor. People don't realize that they may not need as much money as they thought would. Ms. B. Churchill

[@Aaroncarter55726]

As an early baby Boomer at 75 years, I was able to save $1.3 million in retirement savings.

[@JVONROCK]

I'm 68, at 70 I plan on getting a government loan for 4 years of college, find a nice tent city

[@gateway4582]

I will never be prepared. Prepared for what? I just could not work any longer due to illness.

[@aikirunner]

I like how they always talk about the switch from pension to defined contribution plans. That’s an over statement. Most people weren’t cover by pensions and some never stayed at an employer to qualify for their pension.

[@chocmilk10]

Exactly! Most people did NOT get a pension back in the day. How did those with no savings survive?

[@jameslyons6655]

Gen X and I retired at 52. You have to plan early, save early, invest early and control your spending. It’s not rocket science.

[@doctorcrusher2918]

Do you people have superannuation? It’s compulsory in Australia and helps with your retirement. Started decades ago.

[@116skinnyboy]

so America doesn't have that exactly... from what I understand the Australian system is that your employer pays an extra 9.5% of your salary into your retirement account that you cant touch until you are at retirement age (i believe its like 62 but I'm not sure) and if I'm not mistaken you can also pick what investments you want.... America doesn't do that, we have social security, how it works is the government takes 7.65% of your pay and charges your employer 7.65% of your total salary (if i make $100, I pay $7.65 and my employer is charged $7.65... my take home pay before state and federal taxes is $92.35)... all of this goes into the social security fund which is comprised completely of treasury bonds (these are some of the safest, yet lowest yielding investments ever, the money barely grows) you dont even get an individual account, you just pay into the fund and the social security administration calculates what they will pay you based on multiple factors like how much you made in your highest paid years, and when you choose to collect... many people collect around $1,200-$1,700 a month USD.... basically our government takes more, puts it in low yielding investments, and the payout is much worse than your system... if you want an actual retirement, you must save more of your income and invest in stocks and bonds in one of many different types of investment accounts.

[@user-kz8ik8cg2c]

Remember our money goes down and property goes up with inflation. Think about it!

[@mariooliveira9074]

I live in Connecticut and property taxes go up. Home values go down!!! Our homes are property of the Public Unions retirement plans!!!

[@chrisk4690]

The big lie: “Well, I’ll just work in my job longer”. No…most won’t be able to keep that job into their elderly years. Companies will get rid of almost all of you. Your next job will be awful.

[@pedrohernandezjr4340]

Now with CV, I want to know how many individuals can retire now.

[@iangrant3442]

Financial literacy can be learned. It takes 5 years or more. This is the truth. Celtic have heart for others.

[@trumpisaconfirmedcuck5840]

You can learn financial literacy in under an hour. It's just an application of compound interest from math class. I never had a finance class. Just realized invest X at Y rate. It's just the future value of a single amount (your current savings on hand) + the future value of an annuity (your monthly/biweekly/annual/etc savings).

[@lowellford3419]

LMAO 401-k's hahaha wait till the market eats that one day and they don't have 25 cents in those accounts.

[@parkerbohnn]

The next crash will more than likely eclipse the '29 crash. Outside chance the DOW will fall all the way back down to DOW 1,000 again.

[@blackworldtraveler3711]

Lowell Ford You and so many are ignorant about the 401k. Never understood why so many think the 401k is only the stock market. You have the option of putting your money in non stock market options like money market,CDs,insured savings,bonds,real estate,etc.. even gold. I have 1.4 million in my 401k with 70% in laddering CDs earning about $18k/yr. interest and credit union savings account and 30% in the stock market earning around $40k a year reinvested dividends currently. You're proof why many are broke and can't afford to retire. You don't even know you can put your entire 401k in cash.

[@ariefraiser140]

@@blackworldtraveler3711 A little harsh but also true. To most people investing is a huge mystery and a lot of people just don't posses the aptitude to properly research and invest for their retirement. Which is why it was so crazy years ago during the George W. Bush administration when they were pushing to convert social security from a defined pension model to a defined contribution plan modeled off of 401k. If that had happened we really would have had a huge crisis on our hands. Those people like me and you who have some type of understanding about investing may be alright but for the vast majority of people it would essentially mean working until death and living in substandard conditions. Any case. My simple advice for anyone not familiar with investing is to just throw your money in a stock index fund and allocate a percentage to bonds which also have index funds. If you're young and early in your career start at 90%+ stocks and 10% or less bonds and gradually decrease your holdings in stocks and increase it in bonds as you get older. The stock market really is one if the few investment vehicles that has been shown to consistently beat inflation and allow your money to grow enough for retirement. Even if you have a pension your company likely has the money they are required to hold for your pension invested in stocks. So if the market crashes that catastrophically and if somehow your company were able to survive that crash then more than likely your pension would be significantly impacted also if you still get one. If you're saving your money in a bank inflation would decimate it. In 15 years to have the purchasing power of $50,000 today you would need to spend about $80,000. Real estate would be another way you can attempt to save for retirement but if someone is having difficulty using and understanding the stock market for retirement I doubt they would be able to successfully navigate the real estate investment, laws, and business acumen to set up the requisite revenue stream for retirement.

[@gdobie1west988]

Lowell Ford, most boomers will not have 100% in stocks this late is life. And even if they did, it wouldn't drop down to zero, they could lose a big chunk of course. It's all about managing your money over time.

[@blackworldtraveler3711]

Gdobie1 West Yeah. I've owned stocks with growth,compounding, and dividend reinvestment for so long the market can go to zero and I'm still good. I don't think most realize this. The past 10 years was a heck of a ride and most want to preserve those gains. Heck just Apple alone I bought at $1.20 a share when I started my Roth IRA in the late 90s. I'm not risking over a million tax free funds in the stock market when it's making close to $40k/yr interest.

[@dennispatterson4998]

I AM 70 YEARS OLD- I HAVE HAD MY ENTIRE LIFE TO PREPARE FOR THIS- IF I DID NOT- NO ONE ELSE IS TO BLAME THAN ME.

[@Dawn-iu8nx]

I'm not living a longer, healthier life than my parents, grandparents, and great-grandparents, who lived well into their nineties, some over 100. Baby boomers cannot afford to retire, because salaries have fallen compared with the cost of living, pensions are no longer reliable or available, and we no longer live in a capitalist economy.

[@ecduzitgood]

Can Americans get refugee status?

[@acajudi100]

Move to a cheaper country folks!

[@sfrealestatedealmaker6001]

acajudi100 Look into the Philippines. Lots of American expats there. Search KZbin, lots of channels by Americans living there.

[@snakechrmr6398]

@T Mox You seem to be pretty clueless about moving to a cheaper country. Depending on which country you want to move to it can be as easy as sell everything except some boxes and suitcases of stuff you want to keep that will fit on a plane, buy a plane ticket, fly to a new country and setup a home. Period. For that to be "sure as hell ain't easy" you gotta be real lazy.

[@nameeman5570]

@@sfrealestatedealmaker6001 Yeah boomer degenerates who have destroyed their country with mass immigration now flee to the phillipines, they should have their social security cut for being outside the country

[@sfrealestatedealmaker6001]

Name Eman Why? People are free to go where they wish.

[@nameeman5570]

@@sfrealestatedealmaker6001 Why? Why should tax payers fund social security to people who dont even spend it in the country?

[@XxChuyoxX]

I have no sympathy for boomers. Millennials will have a much harder time.

[@TheMythOfTheThickSix]

Ohwhale gen z will have it even worse

[@nameeman5570]

Boomers should have their social security cut for ruining this country

[@TheMythOfTheThickSix]

Name Eman i prefer a genocide

[@nameeman5570]

@@TheMythOfTheThickSix lol

[@benjaminmann6963]

401k is an investment in equities. The failure of the market is coming. Soon. So if you don't want 70% of your saved money, then get yourself a 401k. Enjoy.

[@trumpisaconfirmedcuck5840]

Dumb. 401(k) and especially IRA you can invest in non-equities. There are bond funds, CDs, money market, precious materials/resources (such as gold and oil) etc. Or just do what I do: Have 2-3 years of expenses in cash savings in the regular bank or credit union for retirement accounts 100% in equities. Plenty of time to recover from a crash.

[@cato451]

I’m ready. Planners are a scam. This fella is doling out shit advice

[@richardrodriguez1742]

deversified means have more then one job, + rental income on paid of property, it also eans no debt. stock diversification is a looser

[@trumpisaconfirmedcuck5840]

Boomers want their Gen X or Millennial kids to take care of them in retirement.

[@michaelh4227]

B-Buh-But Millenials....

[@michaelh4227]

@T Mox You'll find that most of the comments on this channels are from ignorant Baby Boomers who want to wage wars against everyone that isn't them, including Millenials for some reason. I'm guessing it has to do with the fact that the country is moving in a more left direction and young people are driving that movement, but yeah, that was what I was referring to in that comment.

[@ohwiseone142]

@Micheal H Society is moving in the RIGHT direction because the large Millennial demographic is reaching their 30’s now and are smartening up, they aren’t stupid college kids anymore.

[@michaelh4227]

@@ohwiseone142 Yeah, cause the uneducated demographic aren't the stupid ones here here. Keep telling yourself that friend that the country is going to the right, but reality is known for having a liberal bias. Statistically speaking the american people are going to the left. Poll them on any policy and they take the left progressive position. You know, if you just educate yourself a little on the topic you wouldn't have to make such stupid comments. But then again, you probably think that education and reason are stupid so yeah...

[@ohwiseone142]

College aged kids vote left because they are naive and inexperienced in life. Millennials are voting more to the right as they age hence Trump, Brexit, Salvini, Le Pen, Bolsanaro and populist parties becoming mainstream in Europe.

[@michaelh4227]

@@ohwiseone142 And lot of white old people vote right because they're uneducated and scared of change for irrational reasons. Face it, the older generation is dying out, the country is becoming less white, and the newer generations are gonna take over and they're going more to the left of things. You don't like that, nor do the other folk on Fox news, but that's the truth. Perhaps maybe if you guys on the right had any sympathy for people who aren't old white rich straight males then the country could've moved towards the right, but you can only build so many walls to fight change.

[@bohemianchic638]

The United States government needs to increase social security because the cost of living will be higher

[@pamelad6774]

The predominant cryptocurrency btc hits $100k by Dec. Start buying cryptocurrencies it could be a huge help down the road for financial progress.

[@akeylawhite9217]

Hop on the crypto train boomers!

[@ArkainKnight]

Akeyla White too late

[@gdobie1west988]

Akeyla White, crypto currencies for boomers?? Only a very small portion if at all. Very risky, speculative.

[@ericx4124]

Pssssh. I’m retiring at 55 because I plan well, not poorly like the chumps in this piece.

[@joefran619]

Don't brag, karma baby!

[@mikelee1659]

Congrats Eric good for you! Don’t listen to the hater brag all you want.

[@ericx4124]

Thank you Mike Bart ! May prosperity find you as well!

[@emenot]

THANK YOU CLINTONS!!!😤😤😤😡😡😡😠😠😠

[@rcas350pilot8]

OK I'm a boomer and I confess, it's all my fault.

[@stevewalther9965]

They need to stop hiring Mexicans....lol

[@StaggerLee68]

An honest Boomer! They DO exist! Cheers to you honest Boomer Guy. You rock.

[@cryptolae1803]

buy just at least $100 worth of bitcoin (fragment of a bitcoin) and don't touch it for at least 5 years... Bitcoin will change lives, do your research...

[@benjaminmann6963]

Based on nothing but thin air.

[@cryptolae1803]

@@benjaminmann6963 Unlike fiat that is printed on political whims, bitcoin is backed up by cryptography, is capped at a maximum of 21,000,000 bitcoin that can ever exist and can't be hacked. You can trust what you want to trust...

[@benjaminmann6963]

@@cryptolae1803 it's still based on nothing. A currency based on air. Limiting the amount does not give it automatic value. If that were true, then just have 10 of them. Cute idea and nothing more than another pyramid scheme.

[@davidbown2707]

It seems complicated

[@VanquishMediaDE]

Boomers should have made better life choices. I retired at 24, by the age of 21 I made enough money to live off of for the rest of my life.

[@TOM-pn8sn]

Trump is awesome