Gen X is in BIG Financial Trouble - Here's Why

[@Aarrenrhonda3]

This is more than a Gen Z war, 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.

[@derrickholfman2]

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.

[@Dantursi1]

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.

[@CindyValenti]

Being heavily liquid, I'd rather not reinvent the wheel. Since this strategy works for you, how can I contact your advisor?

[@Dantursi1]

Annette Christine Conte 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

[@CindyValenti]

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance

[@maxw576]

As a younger boomer (1962), I think your assessment is correct. I lived through the same challenges. Older people, who i looked to for guidance didn't understand 401ks or retirement saving in general. I knew a lot of people who checked out of their 401k when the market crashed. I was VERY fortunate that I worked with an older guy in the 80's when i was an apprentice. He talked to me about 401ks and "forced" me to have one setup within a week. He checked with me every day until i proved to him that i did. I need to find that guy and thank him!!!

[@realMacMadame]

Yes, it's not just Gen X but us late Boomers too. I started working in 1978 and the last place I worked that had a pension program was in the late 80s. That company cashed out the pension plan when it was bought. My husband is younger than me, but still a Boomer and he has never worked anywhere that had a pension plan. (And few places big enough to have a 401k plan for that matter.) We also, being young when pensions went away and 401ks came in, didn't really understand what was going on and many of us didn't max out our 401k like we should have.

[@anonymousdonor8084]

Wow!! What an awesome friend!! You should definitely thank him asap.

[@paulh6096]

I'm Gen X and my first real job at 20 I had a boss who cared enough to sit us all down and say "contribute to your 401k and pretend that money doesn't exist". I took his advice although challenged at some times to contribute. I will retire at 62 with a nice 401k and a pension

[@stevelopez372]

Sounds great. Challenges you bet I had four of them 3 daughters and a son. Lol.

[@davidw2739]

I lucked out - it wasn't my boss (we had neither a pension nor 401k), but a co-worked who had just discovered Vanguard mutual funds and couldn't stop talking about how great a concept they were/are. I was sending them what had to be the smallest contribution checks they received, at only $25/month. This was the early 90s. Also GenX.

[@blackgrandpa7652]

My employer has a mandatory pension in which they contribute 6% of my weekly and I match it 33 years and counting into a target date fund managed by Blackrock which will mature in 2035 and it will possibly reach almost 2 million dollars with a paid off house no debt and investment in a tax sheltered investment account and non sheltered hard work and sacrifice paid off 😂

[@garyowen9044]

@@paulh6096 when I started the company had a mandatory 401(k) seminar for new hires. Those that declined had to sign a packet of forms, some did, and I thought they were crazy... 6% match and regular profit sharing (went into the 401(k) but was invested per companies wishes. Didn’t realize there are now laws covering it.

[@nate_vz]

In my case it was my Dad. My Dad had a conversation with me when I first started my career in 1997. I still work for that same company and have contributed since day 1. I thank my Dad every chance I get ❤

[@MisterR4236]

Im gen x and wont have enough to retire. I came from a broken home. Step father threw me out on the street at 18. Was homeless for 10 years. Finally got a job and barely on my feet. Now in my 50's and just now am starting to make barely enough to save for retirement. Lucky to be alive. I guess

[@KikoValleyMan]

That’s cause Gen x has a strong will to live no matter what.

[@fillmorehillmore8239]

@@KikoValleyMan Its the most resourceful generation. Grew up analogue and digital.

[@jayc4715]

Health is wealth

[@info781]

Thrown out at 18? This is when kids move out. Back then we all lived with roommates.

[@fillmorehillmore8239]

@@info781 I assume 18 has to do with the legal age of voting to which someone assigned that as mature enough to move out.

[@dawolvx3098]

GenXer here, when you support your parents and now your own grown ass children and thier children (grand children) what do you expect? We are freaking tapped!

[@lamarravery4094]

You didn't have to have kids, they cost too much and most aren't grateful.

[@DeenanTheKemon1]

​@@lamarravery4094that's a great strategy. That way humanity can just disappear in 100 years. Brilliant logic.

[@someoneelse9271]

@@DeenanTheKemon1 To be fair I don’t think anyone goes about having kids to benefit humanity.

[@jkdm27]

You, along with me as a 1960s boomer, are a responsible person to help your parents and kids.

[@ExhaultedPoobah]

@@someoneelse9271 Think it through. The young work to produce products and need to borrow to buy a home, a car, ... Who do they borrow from? The older, as they need a return on their savings to pay for retirement. If no young, then no production, no creation of wealth, just a lot of old people not working and having no one to lend to.

[@frankprit3320]

something I didn't hear you mention, was the fact that our generation (Gen-X) did not have the same level of employment stability and growth that the boomers had. ours was the era of rustbelt economics with layoffs, outsourcing, downsizing, and part time employment with no benefits being the norm. When you're only making minimum wage, you do not have the wealth to do any kind of investing.

[@giannagiavelli5098]

Yes that's what I was saying you eventually hit a path of unemployment we have no choice but to use your retirement savings the government really didn't give a s*** about the workers they brought into million Indians with fake degrees that worked for peanuts they decimated every industry like that

[@irisbjones]

This video tarts with the assumption that your parents were doing well in the 70s and 80s. If you were raised with a sense of lack, and have never been covered by health care (at least not your condition) it leaves you with survival instincts, not saving instincts.

[@frankprit3320]

@@irisbjones yes

[@catherinesanchez1185]

We went through two major recessions and many of us lost our jobs , burned through savings , and had to start over so we’re behind

[@frankprit3320]

@@catherinesanchez1185 yes that's right. I've lowered my expectations. i no longer expect to have the wealth that the boomers had, but I'm ok with that. a lot of that "stuff" they spent so much money on was just to empress everyone and i no longer care about those things.

[@vivathecat7052]

Wow. Those numbers blow my mind. I'm GenX and it's sad to see. I also think another issue impacting us is that a lot of us are subsidizing our adult kids. I think that in the future, we will see a wholesale return to multiple generations living together.

[@JohnJohn-wr1jo]

Already seeing it.

[@nate_vz]

We have had a conversation with our adult kids that we expect them to be financially independent. We understand emergencies happen and we are there to help them but for daily living expenses they know that the gravy train is over when we are retired.

[@davidbrayshaw3529]

I'm in Australia. Kid's just don't seem to leave home, anymore. More than half of Australian men aged between 18 and 29 still live in the family home.

[@SK-or9bo]

Or caring for our parents

[@user-bg9em7ch6k]

@@davidbrayshaw3529 same in the US

[@chevtow]

I’m gen x, 51. Retired at 48 after selling my business during COVID. Many classmates of mine are floored that I was able to do it. These same classmates take lavish vacations, own two new cars and live in big houses. We are still in the same modest ranch home we bought when my kids were small, our vacations usually involve hiking or fishing within 10hr drive, and our vehicles are paid for. I got lucky on business valuation during covid but we also don’t spend like crazy like many gen x I know

[@StevePaige]

Right on, brother. I'm 47 and plan to retire at 48. I've lived modest my whole life, and it pays off. Enjoy your retirement.

[@raquelalhaqab5994]

I also retired 49 but no business. I have virtually no savings I can’t worry about the future. I hate to say this but a man has to be my savings account. Women weren’t set up well and before you ask yes I did everything right in life. I stayed out of crime, joined the military, got two worthless degrees, made excellent grades, worked the corporate grind, got married and had a child. Life is still hard but it’s much less stressful and yeah I have no retirement plan but I honestly don’t care because I could worry about this my entire life and never see that needle move. So many people like myself are doom spending. I’m not doing that but I’m enjoying my life and not letting the worries of saving bog me down because I don’t want to end up like that Wells Fargo employee dead at her desk. What good is money if you can’t enjoy it? I used to save and save and then I would just have leeches or family look at ways to steal my money. After getting ripped off 11K from a family member I thought I trusted I learned that it was best not to let anyone know my financial worth and to always play broke. It’s honestly the best way to hold onto your investment. Never loan money to anyone and never full disclose your😢 financial worth. Some people will steal or try to put plans into kill you for nothing.

[@mrpmj00]

Easy way I got rich and I'm gen X, started with -$22k out of college: buy stocks in Apple, Microsoft, Google, Wells Fargo. You only live once, you can't take money with you. You can die tomorrow. I love my bought new 2017 Corvette with stickshift. Just bought a 2024 Cadillac XT4. Travel with family Restaurants with family Highend hifi and home theater system.

[@mocheen4837]

@@mrpmj00I switched to working three days a week when I hit 50 so I could spend more time with family. I do more traveling, mountain biking, going to the gym and gardening. I have two kids in college, but fully funded by 529 plans. I still pay for their car insurance, medical, cell phones etc. I am hoping to retire by the time they graduate. I am starting to try and enjoy our savings a little bit more. We earn in the top 5% and each have seven figure retirement savings. I could work another 15 years, but I feel as though I am ready for retirement now.

[@aggierowe9574]

@@chevtow That's the way to do it!! Live within your means.

[@miguelb.3951]

Born in 65. Walked away from Corporate America at 54. Thankful I was fortunate to have a great mentor in early work life that encouraged me to invest. I passed it on to those who worked for me.

[@devilmonkey427]

Born in 74 turned 50 last month.... Same. None of my other coworkers listened. I'll be retiring in 4-6 years

[@pubmeatman]

My boss who became my mentor encouraged me to invest when I was in my early twenties. I retired at 58 and live comfortably. Thanks boss.

[@discoverglobeliving]

Wow, this video really opened my eyes! My parents are Gen X, and I've seen them struggle with saving for retirement. It’s tough for them to make ends meet. I hope more people watch this and understand the challenges!

[@jimv77]

As a Gen X I was lucky to start watching financial news during college (for some reason) and the advice was max the 401k as soon as possible and something about compound interest. First day during orientation Summer 2000 I contributed 15% the max of my $42,000 salary. Eventually the company allowed us to do 20%, then 30%. Years later with a higher salary I realized the company was taking "after tax" for my 401k and had no idea why. I didn't even know what a "Mega Backdoor Roth" was until many years later. Today I have to say "Thank You" to my 23 year old self. As a nfunny side note, I also recall asking the HR person during orientation what this "pension benefit" was and the HR person told me "don't worry about it, it's mainly a concern for old people... you're too young"...... 24 for years went by fairly fast.....

[@jcm9356]

Well done but the school system, not the TV should teach those lessons.

[@Kudeghraw]

Yeah, they definitely need a finance course in high school curriculums. Compound interest is something that should be known as early in your life as possible. They used to cover it briefly when math hits the statistics chapter. PeRT or something. The longer you wait to invest, the more you have to pay to get a fraction of the benefits of starting early.

[@FIRED13]

Same path here man. Reached FI in my 40's and did not know it until I was outsourced by cheap oversea inferior labor (that entire outfit got sacked a year later). Freedom is awesome. Didn't know about the pension until about 8-10 years in. What a blessing

[@Holthyr]

​@@jcm9356I had at least 3 teachers teach about compound interest during different math classes. My problem is no one told me where to invest money to get those returns.

[@nyleslehnen4751]

Boomers rode the biggest boom in history of man

[@tatianastarcic]

Things are getting worse! Low-paying jobs, inflation, and insane rental rates prevent many from saving. Home ownership, a traditional retirement asset, is now out of reach for middle-class Americans.

[@JacobsErick-u8r]

I'm 62, and rising prices have derailed my retirement plans . I worry that today's economic conditions are more challenging than ever. The stock market's unpredictability, coupled with reduced income and soaring inflation, makes me anxious about having enough for retirement.

[@richardhudson1243]

working with a. fiduciary advisor has been a huge help in managing market uncertainty. Their advise on risk management and hedging has played a key role in growing my retirement savings to nearly a million. I've learned how to diversify, manage risk, and adjust to market changes. Thanks to their guidance, i feel more confident about my financial future.

[@winifred-k9e]

Can i get a recommendation on who you are working with?

[@richardhudson1243]

Her name is Melissa Terri Swayne can't divulge much. Most likely, the internet should have her basic info, you can research if you like.

[@TinaJames222]

Thank you for the lead. I searched her site up and filled the form. I hope she gets back to me soon.

[@aggierowe9574]

Older Gen Xer here, math was not my most fave subject in high school, but I did understand the idea of compound interest and savings and as I went to my afterschool job in 1983 where I asked customers “Would u like fries with that?” I longed for the day when I wouldn’t have to do that anymore. Never counted on a pension and or 401K but was a child of immigrants and military who had skills to offer this country. Worked hard like most to build freaking assets! Entering retirement with husband who has a great pension and showed him the value of real estate. All homes are debt free and building income, no student debt, both cars all paid off. I have high school friends who went to Ivy League colleges and are professionals but with a ton of debt and absolutely abysmal retirement. Some are still paying student loans, some live off credit cards. A 401K doesn’t matter if expenses are going to increase over time, cut down the debt and liabilties.

[@kylaluv8453]

Honestly, after nearly 30 years in Corporate America, I would love to say "Do you want fries with that" again. Sure the pay sucks and the customers are worse...BUT compared to the BS I have dealt with in IT, I'll take a grouchy Karen over corporate leadership that is either highly incompetent OR maliciously sadistic. I swear over the last 15 years Corp America has taken a page out of McDonalds play book and actively work towards turning all processes into a McDonalds ice cream machines.

[@deanrotering879]

I think the biggest problem with Gen X is 401ks were new and a lot of companies didn’t really talk about them. I thought investing was for rich people at the beginning of my career. Luckily the guys that had been there longer told me to start my 401k right away. I was 24. Will retire next year at 60. Can wait as long as I want to collect Social Security. Will probably take it at FRA.

[@52CA]

I’m a boomer and 401ks were available when I started in the workforce.

[@deanrotering879]

@@52CA ok so relatively new😂

[@garyowen9044]

@@deanrotering879 my company had a mandatory 401(k) orientation for all new hires. After the presentation, those that declined had to sign several docs formally declining, some did decline. We had matching (I forget what it was when I started, but I think 6%), and profit sharing that went into your account totals, but the PS was invested as the company specified. To this day, I often wonder where those that declined, wound up in life. But hey, YOLO!

[@fialee8ca132]

While I don't know how much you contributed, but would you agree that if you saved more while younger and through your working years, you might have retired (or have the opportunity to retire) in your 50s? 401k savings can work, but one prob has to save 20% or max contributions... which prob allows for early retirement in their 50s.

[@seththomas9105]

@@fialee8ca132 It also helps if your employer contributes something. My emplyoyer contributes ZERO to our 401k. The last 28 years that would have really added up.

[@buzzbuzz5724]

Gen Xer here, retired USAF and current DAF Civil Servant. Wife will get decent retirement from local school system. Early on I had to convince her investing wasn't complete voodoo. Our house is paid for, no vehicle payments or revolving debt at all. Between TSP (401k), IRAs and imvestments we have $1.3M saved. Our after tax pensions will be ~$8,600 before social security. She gets hit by GPO and gets very little SSI, so I will work another 5 years to get full Gov't retirement benefit. We are looking for our forever home since my health has ruled out RVing. Early on saving money was what set us up for retirement. Teach your kids to save early, often and always.

[@HolySchmidt]

Hear hear!

[@buzzbuzz5724]

We currently save $8,500 a month on top of her TRS and me maxing out my TSP

[@pioneer7777777]

​​@@buzzbuzz5724 Do you think that this amount of government funded pensions are a problem? As someone working in the private sector it seems a bit, like greedy on the government employee's behalf. Every company that tried to do the same went bankrupt, but the government can just tax more. Like at what point is it a problem to have a $10 minimum wage but have people getting $100k per year pensions in addition to social security? Retirees make more money than working people in so many situations, seems wrong on some level. I guess it's just huge wealth inequality, which I think is a problem for the country.

[@jcm9356]

@@guyfaux5010 They didn't work the system, they served their country.

[@Maryland_Kulak]

I’m similar. I was in the Army, Army Reserve and Army National Guard and a Department of the Army Civilian. I had about 17 years of active duty, and 30 years of service total counting reserve time. The rules are different for reservists, but bottom line is I’m drawing my military retirement and will one day soon draw civil service retirement. One thing I didn’t do was go for disability like so many retired military. I also have a Thrift Savings Plan. I also have saved and invested my whole life. I’m 58 and retired except I work part time as a military contractor. I don’t blame Guy Fawx at all for saying I worked the system. It’s true.

[@Drewbie2415]

I real value your videos. Unlike other financial advisors, you don't blame or belittle people. You give good solid advice backed by math and statistics. Five more months until I can retire at 60. The happiness of knowing that I should be ok and can retire early is fantastic. Keep up the good work.

[@TomcatSTL]

I am a 1966 Gen-X'r. I attribute my financial success to Clark Howard when he used to have a show on CNN. Just a working stiff retiring with several million schmackers, I am. God Bless that man. Geoff Schmidt is of the same ilk - a genuinely good guy worth listening to..

[@martinlord8837]

54. Could retire at 55 but I have kids starting college so will work a few more years until I have a better picture of how much financial help they need. I suspect the Gen Xers on this channel are those who planned for their retirement years ago.

[@travisadams4470]

Let your kids pay their own way.

[@gumby2241]

I retired at 57 and was able to start withdrawing funds from my 401k without penalty. Never looked back and just started collecting social security at 62. Make sure that you have cash also so you can get Obamacare subsidies until you're eligible for Medicare.

[@FIRED13]

​​@travisadams4470 I had my then high school girl come up with an affordability plan for each of the colleges she wanted to attend. If it was affordable, apply ; if not, drop it (or apply and see what scholarships they offered). We saved some 529 for her, and we pay a little here and there (eg car insurance, gas, flights home for Christmas, etc). But, the rest is on her and she has done an amazing job 🎉

[@davidhughes6048]

Just chatting with my wife as I was repairing the dishwasher and she was wiping down the new bbq. We noted that we used the old one that came with the house for 17 years before buying this one and that 60 years ago, with no credit cards, people would have bought it as a layaway, taking $20 to the store every week until it was paid off. Now you just click your mouse button and in a day or two a truck shows up with your new bbq and you get a nice visa bill to match. This is another reason why Gen-X is in trouble: Buying on credit is too easy and “good enough” isn’t enough for most people’ egos. I pity the next Gen even more, their lives are saturated with consumerism.

[@Rachel-ul8et]

I’m Gen X, almost a millennial. I remember layaway. I also remember credit cards being relatively new. I’ve paid for things all these ways with no guidance on what the consequences would be because honestly no one had lived with these “tools” before. I learned the hard way with a credit card. Dug out for 6 years! It was hard, but I learned. The next generation can learn from our mistakes if we caution them. Nothing feels better than debt free, responsible financial decisions. We can pay this knowledge forward. A seasoned BBQ is tastier. New isn’t always better. Best steak I ever had was cooked on a rock

[@davidhughes6048]

@@Rachel-ul8et Rock Steak! I like it. Nothing wrong with an old bbq until the bottom falls out and flames shoot everywhere. 🤣 Yup, trying so hard to give my kids some guidance. It’s tougher for them than it was for me. I think Gen-X may be the last generation that did better than the one before, in N.A. at least. We’ve saddled the next gen with debt they’ll never get out from under. 😢

[@andrewglover9608]

Housing and health care....what did you pay forty years ago? I bet it probably had a few zeros less than now. Don't 'blame' gen X, they've been shafted from day one with no pensions, skyrocketing housing, lower wages, health care co$$ts...I could go on but you get the picture.

[@Comut-d4m]

@@Rachel-ul8et I understand about the credit cards. My parents always said, if you can't pay cash you can't afford it. Also, Delaware is corupt! Guess who, and guess how Delaware allowed credit card companies and banks to charge outrageous rates?

[@bookmagicroe9553]

I looked at the APY % for one of my credit cards. I always pay my credit cards off each month, and wasn't paying attention to the numbers. It was 39%! I cancelled the card just because that is usury. I also grew up with saving for what you wanted to buy, and my parents never had a credit card. I now have only two cards that I seldom use.

[@G_Machine_Joe]

I'm a 'late boomer' 1962. There was no talk of saving for retirement when I started working. My father took the eraly retirement from Kodak after 33 years in 1989. Years later I had to tell him that there is no such thing as a pension anymore. I had to explain 401k to him. He's in his 90's and still getting a pension from Kodak. I didn't start a 401k until in my mid 30's! It's not a fraction of what he still gets.

[@occamsshavecream4541]

Same here, these generational terms boomer, genex, etc. are too general.

[@Maryland_Kulak]

Okay. What did you think was going to happen?

[@beezlbubba]

My father (83) also worked for Kodak. Got laid off in 87 after the lawsuit. They offered to transferr a bunch of workers to Rochester. Those who went were eventually laid off and stuck in that God forsaken area. Don't think he got a pension from there. We moved to Florida, and he looked busy at the Ritz Carlton for 20 more years. Home paid for, has annuities, etc. But has no clue the struggle his own children go through. My brother makes @$100K, and he was forced to sell his condo, and now he pays $1300/mo for a room. My wife and I take care of my father who has no sense of reality of the market. We pay all bills here, yet now drowning in credit card debt. Social Security? Def the biggest ponzi scheme ever. I just hope I go quickly when I do. But for now, I need to stay alive for my 13yr old daughter, and provide for her. The struggle is real though. Many won't ever understand in unless they lose it all, just like Trump did. As successfull as he is, even he knows the struggle..

[@freyawildesciencefictionau8156]

yep.

[@irisbjones]

@@beezlbubba - ummm.....Trump has been bankrupted multiple times. But has never struggled since he's a rich boy living off daddy's money.

[@mjf1036]

Fortunately my wife and I discovered and followed Dave Ramsey in 2009! This was before YT and Holly Schmidt ❤. We did the hard work and today are in a much better place. I plan to retire in the next 12-16 months, age 60…God willing. 😊

[@HolySchmidt]

That is awesome!

[@ronaldreagan-ik6hz]

gen xer here from 1971. i watched my parents live off of a teachers retirement that i knew largely no longer existed. i graduated college debt free by working. i never had a car payment, bought a house early and started investing at age 28 with a planned saving plan to retire by age 50 if i wanted to. I also read the book the millionaire next door for inspiration. its very possible to retire young with a lot of hard work and sacrifice.

[@HolySchmidt]

Indeed and well done!

[@Firefighter53]

"The Millionaire Next Door" is another excellent book. I've also read it.

[@HistoricLife]

You mean was. Born in 75 and missed the cheap house era. I did fine because I am in a high income bracket but lets not forget these issues are compounding over time. Wages for a college degree only grew 18% since 1980 and the cost of the degree grew 196%, most rapidly after the 1998 privitization of Fannie Mea (luckily missed that). Homes exploded in price in the late 90s and on. Houses when from 4x average pay to almost 8x now. I paid twice as much as my late Bommer cousin for the same house. It is nearly 100% more expensive today. Much of the millionaire next door no longer allies, the most common millionaire when writen was a couple of teachers with pentions. The lessions on moderation remain true.

[@ronaldreagan-ik6hz]

@@HistoricLife you are completely wrong. college tuition shot up exponentially when OBAMA ( that fool ) villainized private banking and created Government backed student loans in 2010. the millionaire next door is still alive and well. 90% of millionaires are self made today. the top three professions of millionaires today are Engineer, Accountant and TEACHER -- yes, teacher. so as typically happens -- the democrat lie about everything.

[@user-tv6bh3bp2d]

The other thing many may not know....401ks were optional when GenX started. There was no automatic enrollment. And companies felt zero obligation to tell you if you didnt know about it. Today there are laws against this.

[@bobbert1945]

Amen to that. I had to hound my HR department to get started in a 401K. And it was all on paper, not on the computer (which we didn't have yet).

[@zoomzoom3950]

it's your retirement not your employers. that's your responsibility

[@nightdipper5178]

Executives (high earns of a company as defined by the IRS) always encouraged employees to contribute to their 401K's. The executives 401K contributions have always been limited based on the amount the 'non-high earners' of the company contribute to the 401K plan, they want the employees to contribute, it financially benefits them personally. If you're not a high earner you would not be aware of this. Financial Ignorance is the issue, not "big bad companies holding folks down."

[@josefj1776]

For many of the millennials, the 401(k) plan was also optional when we first started

[@roxannerobertson554]

Please note….they guy who designed the 401k …does NOT recommend it….check into it….it’s rigged…and he knows it…so….

[@consumerdebtchitchat]

I am currently 57. I will retire at 68 with a 30-year State of Florida teacher defined benefit pension plan. Combined with a few hundred thousand in annuity savings add social security, I stand to retire in better condition than I did working. Without the pension I would be financially screwed. I'm a 3rd generation teacher. I strategically planned to retire with a pension. Fortunately teaching is also my dream job so it really helps 😊😊❤❤

[@jerrypedrick6206]

Hopefully your around at 68

[@L.V.1]

Elder Gen X: bought first rental property at age 22 and have been buying and selling since then. Sold a rental in Seattle in 2022 and used the $1.8m profit to pay off the mortgages on all the other properties: rentals and two homes we live in - main and vacation home. Worked 25 years for a MAJOR tech company and also served 22 in the military reserve. The combo of real estate income, stock from tech job, and military pension means I make more now as a retiree than employed (and my tech salary was over $350k a year). I made some mistakes early on with respect to not maxing out 401k to get matching because I was stretched too thin, but the 401k is still over $3m thanks to great stock investments. Now I have portfolio 60% aggressive and 40% bonds. I have colleagues who made same or more who will be working till 70 because they didn’t save enough and instead bought fancy cars, fancy houses and took fancy vacations. I have all those things now and I don’t owe anyone a penny.

[@nunyabidness3075]

The good news for Gen X is most of them can keep working in some capacity. The job market really needs people who show up on time and care.

[@scooter73-i2]

Unfortunately, ageism is getting worse in many fields.

[@Gizziiusa]

@@scooter73-i2 and the pay is squat, especially with the inflation going on. pass

[@waterandafter]

You mean forced to work till 73 before you can get benefits

[@nunyabidness3075]

@ Forced? I suppose in the same way criminals get forced into criming?

[@scooter73-i2]

@@waterandafter I meant that once you're in your 50's, you're looked at as too expensive and management is looking into ways to replace you with someone in their 20s.

[@marcuss2956]

I was very fortunate to retire at 45 from a police department after 23 years of service. I’ve been living in Mexico the past year and a half and couldn’t be happier :)

[@user-fr3hy9uh6y]

As a later baby boomer, I lived through the Reagan years. Two recessions and a multi year period of stag-flation when my 401k did not grow by very much. That shock caused me to prepare. Gen Z had enough time after the 9-11 crash to prepare. Gen X did not have the wake-up call early enough in their careers to wake them up to the need to prepare. I really can only talk for me, but it was the economic downturns that caused me to take retirement seriously.

[@mahalia_kendrick]

I turned 40 today. I meet with 2 financial advisors earlier this year who estimated my net worth between 1.6 and 1.8 mil. I live in the middle of nowhere, work a bluecolor job in a very poor state, have an associates degree from a votec school. Anyone can do what I did. Most of my net worth is my 401k. The next chunk is my paid off house. I haven't had debt in years and live well below my means. I dont lose sleep over the housing market or stock market swinging...

[@Jessrobbie]

I was able to save a lot of money in 3 years. I landed a 3 year consulting gig paying over $100K a year. I reside in the mid-west where there is a lower cost of living. I lived with my Mother ( I paid her rent). During this time I also paid off my $15K student loans and $18K Jeep. Now I have zero debt, still making over $100K and able to focus on building wealth via investments, etc

[@Ariellasegal.]

​@@Jessrobbie How can I get on this??

[@Jessrobbie]

​@@Ariellasegal. Yes you can.

[@Jessrobbie]

I have a good guide, Britney Cohen Rose, she's special to me. My mentor.

[@Jessrobbie]

Google search her name.

[@rhill109]

I feel incredibly fortunate to have my Big 3 automaker pension(wife retiring after this school year with a state teacher pension) AND we saved like we wouldn't have either pension. We are 56 and 57 respectively. The key for us was we had our kids by our mid 20's and they are grown and living independently. We have certainly lived a good life up to now but just wait till our Roths and 401Ks can be tapped into. I feel like we've won the lottery.

[@gregwhite5058]

My wife and I have a similar situation but are both in our 70s and have been retired about 15 years. When I first started working, an older employee warned me that our organization's defined benefit pension plan might not be around when I retired so I needed to plan on funding my own retirement, which we did by contributing the maximum to our individual retirement accounts and living a lot more frugally than others we knew. Today the defined benefit plan still exists and pays us more than enough to live on and to fund the many luxury trips we take each year. All the money we saved is not even needed and we use it to make very nice donations to charities we support. Based on our experience I can tell you that you'll be doing even better than if you had won the lottery because you've already learned how to manage money and invest it wisely.

[@nynphose]

wait and see

[@rhill109]

@@nynphose I can't worry about something that's completely out of my control. If FoMoCo goes belly up, our state pension system goes bankrupt, the stock and bond markets totally crash and Social Security goes away, I suppose we'll be in the bread lines like everyone else. Because if all those things occur, no one is unaffected.

[@mekon1971]

@@rhill109 I think having kids earlier in life helped us grow up and become serious about life quicker out of necessity!

[@DonaldMark-ne7se]

Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.

[@kevinmarten]

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 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.

[@JacquelinePerrira]

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

[@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.

[@JacquelinePerrira]

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.

[@austinbar]

The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?

[@rogerwheelers4322]

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.

[@joshbarney114]

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.

[@FabioOdelega876]

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?

[@joshbarney114]

‘’Marisa Michelle Litwinsky’ is 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.

[@FabioOdelega876]

Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.

[@fromthebirchwood]

I’m 20 years old, lost my dad about half a year ago and I am going to receive 350k inheritance soon. Would it be smart to grow my money in stocks while in college and then pay down mortgage afterwards, or should I go for real estate investing first since I'm still young?

[@everceen]

I would advise the counsel of a seasoned financial pro. It may seem expensive, but as the old saying goes - "you get what you pay for" "Expert solutions require Expert providers" - my mantra

[@bukki07]

@arlenehill4ril bravo! I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now.. mind if I look up this professional guiding you please?

[@J.woltz48]

insightful comments, curiously searched Karen Lynne Chess on the internet, found her consulting page ranked top and was able to schedule a call session with her, no sweat

[@CarlosRodriguez-ox3bg]

If I were in same situation I would take every penny and act as if it never existed. I would put it all into an S&P 500 fund and forget about. It will grow it will dip but when you come back 40 years later it will be millions. Do your research and you will see that those who employ this strategy have the same or better result than those who use financial planner or manager and they have none of the fees associated with them

[@Peter-gu9ph]

Real estate has been a great investment for many decades - in Australia where I live for example, houses have doubled in value every 10 years. But I don't think that trend will continue because houses are unaffordable for most people now (so there's less competition between buyers which kept driving prices up), and apartments do not increase at the same rate.

[@mekon1971]

Gen-X here, my parents always said follow the 10/10/20 rule. 10% to church, 10% to emergency fund, 20% to savings (didn't have easily accessible 401k/investing then for "low income" people). Joined military and used GI Bill for college. Always did the "match" on 401k and took advantage of mutual funds once that was easily accessible then to dividend ETF's with drip reinvesting. House paid off, vehicles paid off, no debt, and retired.

[@HolySchmidt]

Great job!

[@willelliott5052]

Yep, divorce is the wealth killer that people don't seem to discuss much.

[@greggutierrez6997]

70 percent of one’s net worth is lost on average in divorce.

[@lynnxe]

I’m older Gen X, and another factor is that many of the service industry jobs and small business jobs that I had when I was young not only didn’t offer 401K, they didn’t withhold your taxes and acted like it was a great favor to you. So your social security account was not accruing the employer’s contribution. I know it was common where I lived, and they’d act like they were doing you a solid - when you were young then, and no one took the time to explain how it works, how were you supposed to know how that might affect you later - the internet? It was too undeveloped then. Also, Gen X has effectively made less money every year of employment thanks to wages not keeping pace with inflation. There are so many factors, including the fact that not all jobs offered 401(k)s even once they became popular.

[@KikoValleyMan]

Yep!

[@stevedgrossman]

I am a 60 year old expat. I still find this information incredibly helpful. My current country of residency (where I worked on and off for more than 10 years), has a mandatory pension law. Everyone has a pension plan. This includes people who clean your house, your server at the local cafe, and the person who takes care of your grandma. Genius.

[@ellencox8415]

What country?

[@reginamolloy7761]

That’s what Australia has in place

[@stevedgrossman]

@@ellencox8415 Israel. Also, what I would have to pay for medical care (I have a chronic illness) would be at least 8 or 9 times more than I pay now.

[@joycewright5386]

I’m a baby boomer, retired with no pension and 401k wasn’t available until I had been working 13 years. BUT I knew enough to save for retirement and stay out of debt.

[@Thorny_Misanthrope]

Born in 1968 and just quit my job today. I gave notice seven months ago, but I waited around for a trainee to take over. Never happened. My house is 86% paid off. I’ve got a reasonable nest egg, but I don’t think it’ll be enough of social security is turned over to billionaire cronies. I don’t have expensive hobbies and enjoy staying home. The lot is a fifth of an acre, which is enough to grow some foods, mostly fruit that we’ve been selling, including kaffir limes that sell for quite a bit. I’m still scared, but I just couldn’t take another day.

[@davidhughes6048]

We have a kitchen garden that doesn’t provide much but the joy of “free” food is the best. Good luck! Once that mortgage is done you’ll feel so good.

[@happycook6737]

Medical is what scares me. The plan my job offers to retirees costs $2k/month for one person. Crazy. I can't afford it. I must wait until I can get Medicare

[@desert-fax-only]

Retiring at 56 with “a reasonable nest egg” makes you an envy of others. Hope that you enjoy retirement and life.

[@kannermw]

I'm 4 years older than you but still working. Can't imagine quitting a job at or before age 56 with outstanding debt and 6 more years to reach min. retirement age. My debts have been paid off for at least past 5 years and my nest egg is sufficient to sustain my wife and I. The things that scare us most are healthcare costs and sequence of risk associated with currently over-priced market. At least if one retires at 62 they have options like collecting SS. The other elephant in the room is grossly underfunded social security program. This program was set-up like pyramid scheme under false pretenses that the number of people paying in would significantly exceed those collecting. The truth is that ratio is declining, people are living longer in retirement, and thus the bottom 60% of beneficiaries are collecting much more than they ever contributed. Then there are people who decide to retire early and thus contributing many fewer years than they should but still expecting fully funded payouts. It's not the billionaire cronies but entitlement society and early retirement that is problem. The money train is not free and there will likely be cuts. Hope you are prepared financially or you'll be returning to workforce at an advanced age.

[@horacepierce9210]

SS isn't being turned over to billionaires. If your health and dependents health is good, use an ACA health account with a high deductible and eligible for an HSA contribution. Then start putting away $6K per year into an HSA and invest most of it. This will insulate you from future health cost troubles.

[@masterofnone2705]

I have never stop contributing but if I can go back in time to talk to myself. I would tell my young self. When market goes way down, up the 401k contribution. When market hit all time high, contribute just enough to get all company match and save the difference to build emergency found.

[@enz6312]

GenXer, I am currently rolling over my future pension to my 401K ONLY because my previous employer has discontinued, liquidated the pension fund. 3 options were given, full payout (which i am rolling over) an annuity to collect immediately or an annuity to collect in the future. I too had a mentor back in the day and continue to also contribute to a well funded 401k

[@nate_vz]

I also had a pension in the very early days of my career. I'm still with that same company and the discontinued pension just sits in an account collecting simple interest. I wish I had the option to roll it into my 401K like you. That should be a required option. I want to invest that money.

[@raquelalhaqab5994]

The problem is wages haven’t kept up and not all of us are in the trades or IT professionals. It’s hard to save money if you don’t have a thing to put back. The 401K is a huge rip off but definitely good for the organization distributing the 401K that interest of 2-3 percent that’s a lot and not a good deal for people in general. Saving is harder than what they say.

[@meganhutchinson6435]

YES!!!

[@greggutierrez6997]

Find something to flip. Start small. It works.

[@BusArch42]

When I started working after college my step dad came to my office (we worked at same business) and sat down. He said I’m only going to do this one time but you will listen to my unasked for advice. Do NOT wait until 42 to plan for retirement like I did. He got up and walked out. The other day I called him. I am 58. I did listen. I said guess what? I listened to you and we now have 5 million in our 401ks. He didn’t remember that day but I certainly did

[@robins_rodeo]

Gen X / Gen Jones (early 60s) - Few companies offered pensions when I started working. Sometimes the company had a pension, but when you started working there, they had already removed the option for new hires. When 401ks came out, I had to ask the companies if they offered it. I invested little initially because I wasn't earning much and I was still paying off student loans. When I hit my 30s and began earning more, I increased my 401k contributions every time I received a raise. I tired to max out my contributions in my 40s and 50s, while also trying to balance paying off a mortgage. Approaching retirement soon, I think that I'll do fine. It's unfortunate though that 401ks only allowed contributions to IRAs at the time. Today more companies are allowing direct contributions to Roths; hopefully, the upcoming generation will be able to take advantage of this.

[@mattclary2069]

After college, I entered the workforce in 1981. Served in the military for the next eight years (no 401k). After leaving the military I immediately began contributing to a 401k. Although I do remember when times got tough, having to reduce that percentage for a few years. The two companies I ended up having careers with also had defined benefit plans (pensions) but the prevailing opinion was that they wouldn't last until retirement. Guess what? They didn't.

[@Vankel83]

Gen X born in 65. I started working fulltime @ 18 in 1983. Got introduced to 401K plan in 1988. I was hooked and started contributing. As for the other employees who didn't, they were content blowing and living paycheck to paycheck. Not my problem.

[@jerrypedrick6206]

But you felt the need to share that and be smart about it.

[@brianforrester9670]

I'm a young Gen Xer and I was fortunate for a few things. My mom convinced me to start a 401k with my first job out of college at 21. I've been fortunate to have stability in my career, i.e. no bouts of unemployment. I was also able to invest through both the Dot Com bubble and the Great Recession, the latter of which I maxed my 401k from 2008 - 2012.

[@Opinionated219]

Doom! I tell you, doom. Gen X here and the Boomers are not leaving us a damn thing, nor do I expect it. I saw the writing on the wall making $6.35 an hour at Disney World after three years. At 21, I joined the military and never looked back. The point is this, I have zero dollars in a 401k, I have a pension, but let's face it. Inflation makes it look like the 1980 minimum wage. Inflation is my tax. I will never be able to stop working for a so-called "retirement". I am not so certain I would want to do "nothing" until I died. GenX will find a way. We have been groomed to fight, fight, fight our way through life and expect zero from anyone. We are acutely aware of our finances and we will not quit and wait for someone else to figure out how to support us. The most pressing thing concerning jobs that will keep EVERYONE awake at night is the rapid takeover of business relying on AI over humans, and in turn, humans relying on AI to think and do. We will not be talking about retirement but rather extinction. Does AI have a need for humans? Not for long.

[@gsogymrat]

I'm GenX and have enough to retire IF it was not for healthcare costs. If you or your spouse needs assisted living or a nursing home, it can be extremely expensive. I spent 4 years paying for assisted living for my father after all his financial resources were depleted.

[@jjred233]

I have seen that happen often. Many older retirees assume that the government will take care of them. Oh boy.

[@jamespatrick100]

My Grandfather had assisted living insurance,it payed for everything for my grandparents for a decade...his IRA kept growing... My Mom inherited millions... That kinda insurance doesn't exist anymore..

[@jamespatrick100]

Or... The insurance was very affordable and more comprehensive than today

[@Winterascent]

News flash, you're better off retiring when you would, living well, and not worrying about paying for that nursing home. You won't get very good care and if you are in better health from living well, you will be able to avoid them as long as possible. You're better off not being around in those places.

[@ronaldreagan-ik6hz]

i agree with you that healthcare is expensive. so lets de regulate healthcare and let it opperate like lasik eye surgery. oh-- and vote republican. democrats are insane.

[@wilfredonievesjr]

As a Gen-x, retired at 55 this past Jan. Started planning on retirement at the age 23. 403b, IRA, Money Market savings of 4 years salary. And my medical coverage through the VA. I will take SS at 62 because of health and lessen the draw down of my resources. Almost debt free...only a mortgage to low too pay off.

[@deeh9563]

I’m so glad that i basically set it & forgot it when it came to my 401k. I had the benefit of being single with no kids & ultimately went to business school and made a good salary, so my focus was on maxing out my contributions so i minimized my tax burden. So I was able to retire early at 51 and move abroad, and don’t plan to work again, and will definitely be taking my social security as early as possible since I have no survivors, don’t trust the system & I understand the time value of money - with that, I expect to live quite well, having no plans to return to the U.S. But I know that I’m not the norm for Gen X.

[@amyyates8273]

I never really looked at it that way but you’re absolutely right. Gen X here and 401ks were just becoming a thing when I graduated from law school in the late 90s. Very luckily my husband and I started contributing right away, have experienced very little job upheaval (haven’t been laid off, no big emergencies) and we’ll be fine for retirement. But I do consider that luck.

[@DoubtfireClubWGPowers]

I'm a 1969 model.. they said I was stupid for becoming a mailman.. now I can retire next year and I will get social security at 57, a pension, and an employer matched thrift savings Plan (401k) who's laughing now high School career counselor huh?!

[@johnphillips4342]

How does one qualify for social security at 57 when early SS eligibility is 62, which needs to be upped to 65. Note. I'm 67+, waited to take SS at my FRA at 66 and 6 months, and am still working. People just need to get used to the idea ofworking longer.

[@DoubtfireClubWGPowers]

@@johnphillips4342 kind of cool it's called social security makeup pay. You get a social security pay equivalent at your retirement age until 62.

[@shep68]

It’s called the OPM Supplement. Roughly 80% of your age 62 SS number. Paid until you turn 62. Then it cuts off and you have a decision to make. Politicians are gunning for this program however so it may not last into the future. They are also going after federal pensions too. There’s a certain political party that won’t be satisfied until 95% of us are serfs. Voting matters.

[@jamesestrada7972]

It's called the fers supplement you receive as a government employee if you retire before 62. I receive because I just retired from usps at 56. You receive it until you are 62.

[@DoubtfireClubWGPowers]

@@jamesestrada7972 well..I'm out.. we just got our new contract today at USPS, it's basically a pay cut! After management got a 19% pay raise.. workers get a slap in the face..game over!

[@JuanAdam12]

56, will work until 65. Excellent 401k plan, small pension from a previous career, savings… My financial planner says I’m in good shape, but I still don’t think I’ll have enough to retire with.

[@deanrotering879]

I bet you will easily by 65. Just keep saving.

[@JuanAdam12]

@@deanrotering879 worried about inflation, but I guess the stock market investments will rise as the dollar falls.

[@appleiphone69]

Just multiply .03 x nest egg = yearly spending amount. Then add SS. Have a paid off house before retirement.

[@jeffburrell7338]

Your FA needs you to keep working Be careful

[@tekiwi]

We where and still are a very sceptical generation, grew up not trusting people let alone giving our money to an institution that we saw screw over people contiually after the early 90's. Amongst my friends this story rings out continuously also "Promised the world by our Boomer/Silent Generation parents" only to have the rug pulled out from under us. Im very fortunate as even though my Father sold a three generation old Family business plus ALL other property investments and died broke (SMFH 🤦) I continuously up skilled myself and started a business after covid that has an extremely promising future that will be passed onto my daughter. All life has taught me is you can only trust yourself and maybe one or two REALLY close people at most!!

[@jamisonaltbach7948]

Fun Fact - There is no more 50% retirement after 20 years in the military. That great benefit stopped at the beginning of 2018.

[@suewalan7635]

I am a "Boomer". Though I worked for large corporations I never had a pension plan. I did have (at various employers) stock sharing, profit sharing, and eventually 401(k)s and IRAs. I maximized my contributions to everything that was available, and researched where I put my investments. When I changed employers I rolled anything in their plans into my IRA. I also made 50 cents for every dollar my male co-workers made (And you think companies are treating you badly?). I bought a small house in an older neighborhood (don't throw money away on rent). I bought economical cars and drove (and maintained) them for 20 years (a car is NOT an investment). I have never gone on an expensive vacation. My entertainment was playing soccer, and I earned additional income refereeing. I am 74 and will retire soon. I took social security at 70 to maximize cash flow, and started taking my IRA required minimum distribution (RMD) at 72 as required by law. My social security plus RMD is a little over $70 K before taxes. I never paid the maximum into social security because I never earned the maximum income taxed by social security. Upon retiring my current 401(k) and company stock plan will be rolled over into my IRA and my RMD will increase. I was VERY fortunate - during the 2008 downturn my IRA made no increase, but I was invested in areas where I didn't loose the principal. That was just plain good luck. I was also a single mother, and my ex-husband did not pay child support. I was 41 when I finally got my engineering degree, and had to change employers to get a fair salary. I helped my son financially through college, and he put himself through medical school. AND Yes, I understand why someone would choose not to have children. If I can do this - YOU can do this. Go to work every day, find better jobs when you can, save everything you can, and don't spend your money on things you don't need.

[@badwolf323]

As you mention, some GenX parents had no clue to be able educate us about 401k plans. Had to figure it out ourselves. However, part way through my career I was able to model it in Excel and took action to ensure I’d be able to retire.

[@krishnar1182]

Another problem is with people who keep "borrowing" from their 401(k)'s and will never pay them back fully. Most of us have someone in our family or social network that is irresponsible and lives in a constant state of financial crisis and keeps getting loans from their 401(k)'s. I strongly believe that this cohort will work until nearly the day they die and blame everyone but themselves for their financial predicament.

[@slydogger]

As a 1967 gen x I can confirm that the retirement 401k has been drilled into us all the time. No excuses for not having a fully funded plan.

[@shastasteve]

I am the same year. I would disagree with you that it was drilled into us. Matches were very low to non-existent for many. They were not pushed like they are now. Now I started to fund mine early, and did not take any out, but most of my friends did not. Another thing I wish we would of had early was the Roth. That being said, yeah most should of seen this coming. The thing about Gen X is most are not going to be complaining about how unfair life is. It is what it is.

[@elibennett6168]

Just a bit after you and I put money into a 401k in my first true job in my early 20's. We had financial ups and downs over the years, job losses with various financial crises, but never had to sacrifice retirement. Still have the rollover IRA from that first 401k.

[@gobot4455]

I'm Gen-X. Saved since my first job out of university. On track for retirement in 2036. It wasn't hard, just took some discipline to save consistently.

[@JohnLee-db9zt]

You need at least $1M to retire comfortably. So almost all gen X are screwed.

[@KikoValleyMan]

I knew people in the late 80’s that were preparing to buy land with a few houses on it to house their children cause they knew they weren’t going to make it cause of inflation.

[@jerrypedrick6206]

No you don’t. Stop with that million BS. You know nothing

[@JohnLee-db9zt]

@ Lol, I’m about to retire. You must be a muppet believing in fairy tales. I’ve done the calculations. Unless you want to retire in the boondocks alone next a swamp, it’s gonna cost you. With a million dollars, you can safely withdraw around $40k a year. Unless your house and car are paid off, $40k is not enough live comfortably the way you’re used to in a safe area in or around a city like Los Angeles, Tampa, Austin, Salt Lake City, or Seattle. Social security will help assuming you retire and start withdrawing at 62 (in my case I’ll get $1700/mo at that age), but some of us want to retire by 60 or earlier. The money you need for state and/or federal income taxes, gasoline, utilities, groceries, medical bills, insurance for your house and car, etc are all necessities, not disposable income, that will significantly eat into that $40k. Do you want to travel, have money to eat out at nice restaurants, take up a hobby, go to concerts, etc? It costs over $120 to eat out at a nice restaurant for two. Last several concerts, I had to fork $300-700 for two. A vacation for two for two weeks costs $5k-10k and that’s just in the US. Last time my mother had a root canal, it was $3k, not covered by Medicare. Do you have elderly parents or family who require financial assistance? I do. If your idea of retirement is withering away in your lounge chair doing nothing living alone in a shitty neighborhood until you kick the bucket, then go ahead with your $200k retirement fund and social security. It will not last you 30 years. I plan to live my golden years to the fullest. It’s too bad you are so ill prepared for retirement and don’t see it. It is you who know nothing.

[@AnOldGuy164]

Being boomers, born in 1948 and 1949, my wife and I never had a pension plan. We had no savings around 1990 when our 2 kids entered college. But we did have IRAs shortly thereafter. We retired around 2011. We live a very good retirement life. The S&P 500 and NASDAQ turned out to be good investment vehicles. Our kids are in their 50s and are Gen X. They have very good retirement savings. Why? They were told by their boomer parents the importance in saving for retirement. But many people of every generation either lack the income to save, or make a choice to not save.

[@marianhunt8899]

Lack of money and not being financially literate are two major causes.

[@ItsEricAZ]

Let's keep in mind that pensions at their peak only covered some 45% of all private workers. Most government workers were also covered by pensions for another 10% of the total workforce. However, there is a difference between being covered and sticking around long enough to get said pensions. Normal moving on after a few years or getting laid off reduces this potential number to a reported 30ish% actually getting one today. GM's pension plan was a farce and required a huge infusion of taxpayer money by Obama to keep it a float, so there were problems with funding and managing these pension funds. California's CALPERS is reportedly having huge problems today as well. So, it's not just the private sector making mistakes. With this in mind, I believe the 401Ks are a much wiser way to go as it allows folks more control over their funds and they can move them from the company setup to one of many companies, like Schwab, and manage them there. Sadly, we (parents, schools, bosses, companies) have done a poor job of teaching these 'new' workers that investing needs to start early and often. Thus we are where we are today with so many people needing to catch up.

[@teresablack6270]

Oh ugh! I am so sad that so many people are so far behind. That said, thank you for doing this. As a gen-xer, it makes me feel way better about where my savings are and is encouraging me to continue with my savings goals.

[@michaelfortney7510]

A lot of people have been spoiled and living in a social media bubble and the advertising industry has broken them.

[@j.m.7056]

That and no self control.

[@knaz7468]

Gen X here. Turning 50 in a couple weeks (yikes!). I was very fortunate to have a father working at Kodak in their hay day with an amazing pension that saw i would never have one. So he told me "max out your 401k no matter what". I retired 3 years ago. Living off interest alone. He passed away several years ago and I am thankful for his advice ever single day.

[@joethecomputerguy1]

I'm Gen X and I am fine. I actually retired early at the age of 52. Life is good.

[@HughJass-313]

LAME... I'm retiring at 50 🤣🤣

[@Adksnate]

49

[@damianmousley2098]

What do you guys do with your extra spare time and what was the decider to make you retire ?

[@joethecomputerguy1]

@@damianmousley2098 Doesn't make a difference what I do, what do you like to do? I travel, volunteer, help friends, read books, listen to music, visit family, manage investments, and probably a while lot more that I am not thinking of right now. I am as busy now as I was when I was working, but, when I want to be. I love afternoon naps, every day.

[@armondlevinia9221]

How is this at all helpful, if true? Maybe you inherited money.

[@milworks]

GenXer here, late 40s didn’t get going in my careers till mid 30’s, finally started accumulating in my 401k got to 100k and withdrew it all to get rid of a 80k tax bill. The only saving grace is that I was able to buy a home in my 20’s and survived the Great Recession. It’s now almost paid off and a rental property now. We have a second primary home and a growing business so we are piecing together a retirement based off of that. I also work a career that can stretch to my later years without too much trouble. So the wife and I minimizing debt growing a business and workings a full time job to catch up. Having to depend on something like a 40k is just not an option at this stage.

[@AmithKaury]

As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.

[@Kaustavpatell]

investors like you should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder.

[@kurtKking]

Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, my portfolio has yielded over 330% since covid-outbreak to date, summing up nearly $1m. So yes i think every investor should consider a similar approach.

[@rachelonigirl]

How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?

[@rachelonigirl]

Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks

[@beezlbubba]

Stocks are a joke. Those who rely on them will prob lose it all. If I had money to invest, I'd look into The Stansbury Institute of Baltimore. If Ron Paul advocated for them, you know it's solid.

[@000distructzero]

Late GenX here., I'm fortunate enough to have both a pension (annuity or lump sum) and the 401K.. Even with that I'm still nervous about retiring. I'm eligible now but with possible hyper inflation around the corner I'm still working.

[@NatesRandomVideo]

Early 70s GenX. Learned from watching parents struggle thru 80s inflation and saved my whole life. Paid off house at 42 after learning the hard way about debt in the dot bomb. Lots of peers in serious trouble for retirement. Didn’t save. Lived a lifestyle above their means on massive debt. Shrug. Dad taught me the rule of 72 and retired early himself. “Pay for a banker’s beach vacation or yours. Your choice.” lol 😂

[@anemoneii]

I'm a boomer, born in 54. No pension. Didn't start start until a 401 k was offered in the late 80's. Retired at 66 with plenty but it was touchy over the years. Was not encouraged to do anything about retirement when I was young but I always speak with young people about saving for retirement.

[@howardsharp6089]

Important content, Geoff. One thing, though-you left out the most equitable solution to the Social Security problem-lifting or eliminating the contribution cap.

[@Sylvan_dB]

How is it equitable to lift the contribution cap when benefits are capped, in fact replacing only 15% of income by the time the cap is reached?

[@jimmaag4274]

They've stolen enough of my wages as it is

[@aaronbugaiski2487]

Yah there is nothing fare about that. If you lift the contribution cap you should lift the benefits cap respectively.

[@ryanmonti4903]

I'm a Gen X, I retired in May 2022 @ 56. Tip: Have HR direct any bonuses you receive 100% to your 401k. This alone will reduce the taxes from 34% to 10%. My emplyer had had a 6% match which effectly reduced your loss to 4%.

[@justlikeasoldier]

I’m 32 and I am just starting to invest for the first time in my life. I have started contributing to my 401K and opened a Roth IRA with automatic contributions. My question is, does asset allocation even matter at first, or am I just overthinking this?

[@beautifulpeopleonearth]

There’s a lot to decide on… most times it is better to delegate your day-to-day investing to a license professional, someone with a comprehensive strategy that can cover many investment sectors

[@justamanwithbeliefs]

Couldn't agree more, investing with the help of a financial advisor set me up for life. Retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually, although if it wasn't for the covid-19 lockdown, I wouldn't have supplemented my income with stocks and alternative investments.

[@everceen]

@@justamanwithbeliefs good gains! who is this professional that guides you please? enthused about investing for my eventual retirement but dont know how to go about it, for now I only invest in my 401k through my employer and gains are quite slow

[@justamanwithbeliefs]

I've shuffled through a few advisors in the past, but settled with ''Karen Lynne Chess'' You'd most likely find her basic info on the internet, she's well established with over two decades of experience.

[@garrickphillips-x1z]

benevolence! curiously inputted Karen Lynne Chess on the web, and at once spotted her consulting page, she seems highly professional from her resumé

[@SuniSydeOfShade]

I'm member about in the middle of the Forgotten Generation. My father passed 2 years after he retired. Many folks I've worked with and celebrated their retirement with experienced similar outcomes. This begs me to wonder how much money I will leave on the table when I pass.

[@tomTom-lb5cu]

1959 boomer here. No college when I started my first real 40 hour a week job the job market for high school grads was horrible. But I did get a job as a janitor and did that for 2 years until I started learning a trade boiler operator/ industrial plumbing. But still in a factory environment. There was no such thing as a 401k . Only a horrible pension after like 35 years of service, if you stayed that long. I moved on and later when 401k became available joined right away . Moral of the story even someone with average intelligence and a trade and willing to work steady and not buy cars in a foolish way and paying off mortgages asap. Can become a multimillionaire in his 50’s. God bless

[@TFBITRCY]

You strike me as someone who is way above "average" in intelligence. Congratulations on your plan working out so well.

[@tomTom-lb5cu]

@@TFBITRCY thank you for the compliment but really average in intelligence but had a big drive to learn and wasn’t afraid to work hard and I knew the stock market made many millionaires and just knew every wall streeter wasn’t a financial genius . And I knew if I read a few good books about investing I’d get the gist of what to do and I jumped right in because it was all my earned money and if I lost it I could make more. But I invested always and most often just kept my hands off of it no matter what it returned yearly and then compounding did the rest.

[@tomTom-lb5cu]

@@TFBITRCY thank you

[@loganmedia4401]

Where I am you did effectively pay into the company defined benefit pension plan. You also lost your pension or received a drastically reduced pension if you left. The system was built around gaining employees and then retaining them. The problem with the defined contribution system is it simply became another wealth transfer scam. The companies running them skim off a substantial amount in fees and there are no repercussions for bad investment decisions. We unfortunately have no guarantees on the market returns and a major setback in any one year can take many years to recover.

[@Seniormexico1968]

I’m Gen x er. I’ve contributed max amount each year to 401 K for almost 30 years. I’ll retire at 59 1/2 with almost $2 million. I’ll have 2 pensions, 401 k, TSP and hopefully SS. I’ve done well coming from humble beginnings!

[@ronaldreagan-ik6hz]

dont say it too loud. democrats want to tax to death "evil rich people that lived responsibly"

[@timsilva1944]

One of my first jobs was in sales. By far, the biggest resistance from prospective buyers that were retired was "I'm on a fixed income". I always thought...well, that's some fix you've gotten yourself into. I started contributing to a 401k at my first opportunity at around age 23 and increased contributions with every raise. Bought precious metals as well. Fortunately I also have a pension and retired at 55 with no debts whatsoever.

[@blueskiesandgreenpasturesp3848]

You’re 💯 correct. My parents didn’t teach me anything about saving for retirement. My dad died at 62 and my mom worked until age 82 when she finally was forced out of American Express Travel services. She has no money in the bank and lots of debt. I’m 60 and just started investing last year.

[@HolySchmidt]

Thanks for the comment and being so open.

[@JOJO-ug9ei]

My pension got halved in the 2008 crash even though I took financial advice beforehand. Still trying to catch up.

[@-MakeItGood-]

Saving will mean almost nothing with hyperinflation.

[@itsnotme07]

Oh no, I listened to Geoff and I overshot the mark. What to do with all this extra money!!?? LOL Great advice as always!! These numbers scare me.....on the low end. Been successfully pushing some people I know to make the changes so they will be covered by something when they get there. It does seem to be working for them...and me. And remember, if your company offers a 401k match...put in at least that amount!! It's free money for you, that can make a difference later when it all adds up.

[@jberks1213]

Saw the writing on the wall years ago. When I was finishing college and started my first job in 1998 the only people that were retiring, and doing so comfortably, all had pensions including my parents. I left the corporate life and became a firefighter/paramedic. My wife is a teacher. We'll both have pensions as well as a deferred compensation plan (like a 401K). I'm on track to be retired at age 57 and have plenty of money to travel. I will not be reliant on social security and, in fact, have planned retirement expecting it to not be there. Not every Gen Xer is in trouble.

[@Qpoueoor]

Some of us are fine. Some of us didn’t buy things we couldn’t afford. We didn’t think we deserved expensive vacations etc….. I won’t help to pay for your mistakes. I’d rather let it all burn. No I’m not rich.

[@robedmund9948]

This video made my wife and I very thankful for the decisions we made in our late 20s. Living below our means, saving and investing for the long term. Nearing retirement and traveling/living more. We have far too many friends that did the opposite and are panick mode because they lived beyond their means, traveled multiple times a year on credit and made bankers rich off the interest they paid for trips, new cars, houses, etc. Hard to feel bad for them. Choices have consequences.

[@swtexan6502]

Retiring next year at 55..... finally.

[@hyfy-tr2jy]

one facet of the Gen X financial dilemma is the high divorce rate...when you lose half of your life savings it makes it nearly impossible to recover especially if it happens late in life

[@pudge9161]

I'm a Boomer never had a pension. Luckily I recognized I could not survive on SS. Took full advantage of 401K's.

[@mrsmartypants_1]

What are/were your occupations?

[@mikespangler98]

Late boomers especially had no pensions. If they started with one it got cancelled or cut off at the current seniority. Add to that all the job turnover and no significant pension ever built up.

[@penelope5500]

I really don't think of the boomers as having had pensions, not very many of us. The generation before us often had pensions

[@jonathanfoster2263]

same here, 60 now and have been contributing to a 401k since I was 21 up until i retired last month

[@josefj1776]

I agree many of the boomers did not have a pension only 25% of baby boomers are covered by a pension 50% of the silent generation were covered by a pension or nothing at all. The silent generation was the oldest generation that was first offered a 401(k) that had some time to put money into it.

[@catherinesanchez1185]

I’m an older GenX and the biggest impact on my finances and savings has been graduating from college during a recession , getting laid off , burning through savings , starting over with new company at a lower pay . Then getting laid off again during the Great Recession, only this time it took 18 months to find secure work cuz I was older and millions of people were fighting for the same jobs. I burned through all my savings ( again) and almost lost my house . I spent years working multiple jobs trying to build my savings back up . Having to start over repeatedly put me behind on my retirement savings so I definitely won’t be taking social security until 67 unless I become disabled

[@jimfarmer7811]

I'm a boomer. I grew up in poverty and worked hard to build my net worth. My adult kids despise me because I put more emphasis on investment rather than keeping up with the Jones's while they were growing up. They were well cared for but we drove cheap cars and lived in a small home. I tried to teach them how to plan for the future but instead both of my kids started spending like drunken sailors as soon as they left home.

[@deanrotering879]

Some people have to learn the hard way.

[@Financefunandfitness]

It’s not your fault, you tried to teach, I grew up in poverty also, it made me strong and resilient. It doesn’t always end up that way. I got lucky.

[@profosborne4501]

You did your duty. If they make bad choices as adults, there is nothing you can do about that. I did the same as you. Always food on the table but not excessive expensive ... ate out rarely because cheaper to cook at home. Vacations were never yearly like our friends. We always had nice cars, but OLD compared to others. We live in a house that is decent sized, but OLD and well abused by former owners, so I have always spent time on making it look nice on a budget. I am doing okay in retirement, but don't take constant expensive trips, buy expensive clothes, etc. My point is that my children are doing well, living well but not excessively, saving for their retirement and children's education. They are proud that the are in a good place and encourage me to do things that make me happy. Living that way didn't make your kids who they are today....if so my children would be the same. If that's what your children are saying, they are just shifting the blame to you for the things the do and the lessons they did not learn...IMHO

[@michaelfortney7510]

This seems like a common situation.

[@Comut-d4m]

There was an eposode on Father Knows Best. The children are upset because their friends have more than they do. The father then explained he is living within his income. He reminded them they have what they need and he said he has enough money so the family is secured should their be any unexpected event.

[@unearnedinc]

Great video and I believe these numbers to be true. What's more interesting is that most people in the comments are doing well, which goes to show you that the people who care about their finances are the ones that tend to watch videos like this. The ones that need to hear this will never have this content show in their feed. If you worked in corporate, got no 401K match and no pension you really got screwed. The people I know who are doing best are actually those that worked for government, unions, military, etc. where they will get a pension in addition to whatever else they saved.

[@user-mc4sq3fk5d]

Gen X is retiring? I think not. Your generation timeline is off. These are peak earning years for Gen X

[@jameslucas5590]

GenX (1968) and I've $2M and fell like I'm still behind. I've been working since I had a paper route and a bike. I don't know what life is like without work.

[@survivingthetimes]

I partied hardy until I was in my 40's, and I made up for it by really getting down to business. My retirement date is the day that my youngest daughter graduates the 8th grade. Somewhere around June, 2029. I had ABSOLUTELY no models for success except the fact that I seen far too many people, regardless of age, whining about their situation and blaming everyone else. Stay away from those toxic slobs. Cut out unnecessary expenses, save, invest, increase your income. I'm retiring to the beach a little after I turn 59. Don't listen to these poverty peddlers. Git 'er done.

[@robotlife2025]

Appreciate those honest thoughts! Enjoy your retirement ❤

[@bridgecross]

This is exactly me; my dad was "Silent Generation" and he actually got a defined pension from working 1960's-1990's, PLUS the 401k that came along later. He reitred early and comfortable. My Gen-X ass never saw a company that offered defined pension. Fortunately, in my third job our company gave a detailed presentation about 401k tax advantages, how mutual funds work, etc. That one presentation saved me; most of my peers didn't seem to understand how it all worked.

[@introvert__101]

Who is retiring? Greed will not allow anyone born after 1970 to retire. Even if you try to save, inflation will eat it up. I plan to work, at least part-time, for the rest of my life 😊

[@BlueFalcon-fz6ty]

Simply not true, I know several people who will retire and be just fine in retirement but yes it's getting harder.

[@gumbilicious1]

It’s a hyperbolic statement, but I understand the sentiment Imo, the concept of retirement is a fairly new thing, the modern concept of retirement has maybe been around 100 years at most with only a couple generations experiencing it. I am unsure if retirement is sustainable for society

[@maxw576]

Something that isn't talked about much, if at all... The impact on dating. I was fortunate enough to have a mentor who guided me in 401ks and investing. I'm a retired widower with no financial worries. Almost all the women i meet are still working and have little or nothing saved. I don't really care about their finances, except that they can not be a part of the travel and experiences lifestyle i want at this point of my life. I also sense a low level of jealousy, based on comments they make. I've finally met someone i like to be with who is financially independent and retired. There are not many of them, so i am fortunate we met.