How to save for a secure retirement

As the economy remains uncertain, there are questions about how to best save for retirement. CBS News' Lana Zak has more on what retirement accounts could maximize your savings. Then, Harold Pollack, the Helen Ross Professor at the University of Chicago, joins Matt Pieper to discuss.
#news #economy #retirement
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[@CBSNews]

Click here for more news from MoneyWatch: kzbin.info/aero/PLEb3ThbkPrFYgDkeTDyUZHDFkNV1hErBj

[@dannywalters958]

You can technically never save enough for retirement, especially because of inflation. Your best bet would be to take your health seriously to reduce the financial burden of failing/ill health and ACTIVELY plan your retirement. We all know how slowly and nonchalantly governments react to things like this and as such we should do the best we can from our end.

[@kortneyrawhouser6881]

That's very true. Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement? Mine draws nearer by the day and I'm gradually going into panic mode

[@marguritekostecki2194]

There's no need to panic. The simplest way is to save more and invest those savings in profitable ventures (you must either be very informed or get the services of a professional so you don't end up losing your savings). I made a couple of thousands last year only through something as casual as Stocks and if I can keep at it, I won't have much to fear even with less than 6 years to my retrement. Goodluck!

[@kortneyrawhouser6881]

True. You mentioned investing and using pros, what are the steps for getting one? like a really good one? I could definitely use external help right now.

[@marguritekostecki2194]

Funny enough, I can honestly relate. You should start by looking out for those from reputable firms and good track records. You should also make sure the person is licensed. Personally, I use Marie, Kelly Matwick. You could also check her out.

[@buryatiaduckyBIiIy8143]

I'd kinda rather die younger than have to work til the day I drop to be honest

[@tahirisaid2693]

I’m glad I pulled through, despite the crises. I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per mnth through my super which gives me total $240,000 a yr to live comfortably. I have no debts .. Stay Motivated!!

[@tahirisaid2693]

Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as *Jenny Pamogas Canaya,* who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner..|

[@Erikkurilla01]

Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.

[@Lemariecooper]

thank you, can you give a pointer the best investment now ? i am thinking of getting stocks or cryto

[@Erikkurilla01]

The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets. get a financial assistant

[@jessicasquire]

I think this is also a great time to invest in private equity and cryto. Can you give a pointer ?

[@Erikkurilla01]

I currently work with KATRINA VANRENSUM a financial expert i met in a seminar

[@patrickbrussels4454]

I recently watched KATRINA VANRENSUM on TV , such a great speaker . but have you made any profit whatsoever working with her ?

[@agoogleuser9218]

You're never going to be able to save "enough" for retirement. Same thing goes for having a family. The key is to retire debt-free: no mortgage, no car payments, no credit card debt. Between your savings and social security, you should be fine if you do this.

[@victorblock3421]

Savings should immediately be put into S&P stock index fund.

[@berettagunowner]

It's not what you earn, it's what you keep that counts.

[@onespeedlite]

It's not the question of "either/or". It's both. You need a good paying job and save what you've earned. Even if you don't have good paying job, you should still aim to save as much as possible, because something is better than nothing.

[@berettagunowner]

@@onespeedlite that's absolutely true, and it's getting more and more difficult to do so.

[@2-old-Forthischet]

IMO, in today's environment, "saving" for retirement is a lose lose situation already because savings interest doesn't keep up with inflation. My plan was to not have debt, first and foremost, in retirement. Don't get me wrong, I did invest in stocks too while I was working and it did pay off in the long run. The next thing was to invest in my son and get him going. I paid all cash for his 5 1/2 years of college. No one wants to say this, but by him getting a job and buying his own home is really part of my retirement. My absolute last thing was IRAs. I opted for a cash buyout upon retirement instead of a pension. That cash buyout ensured future monthly income whereas pensions are always at risk.

[@shanty6953]

Savings interest from banks isn’t meant to be an investment, your getting that idea wrong. A banks savings account is just meant to hold accessible cash when you need it( emergency’s, insurance deductibles etc). You’re supposed to hold the majority of your wealth in asset GROWING areas (index funds for base line stock investments, commonly a house, no a car is not an investment) And your IRA should have been one of your first areas of wealth growth (ITS TAX FREE GROWTH, with Roth) Also good on you to have your kid, IMO more family’s need to be like that, but western culture has the whole “me myself and I, this thing is only mine, send my parents to elderly homes”

[@nala3038]

That's why you start saving in the early years of employment. The other big advantage this would give you is time to grow your savings exponentially. You can't have the attitude of 'I want anything and everything now' just because you have moved out of mom and dads and have this newfound freedom to make your own choices. Unless you make big bucks, you can't have everything now. You have to make choices. It's like live below your means now (saving) or live below your means and needs in retirement. It's important that one thinks about your choices in these matters as well. Do the math. It's as simple as making a choice between someone giving you $100,000 now or giving you a penny today and for the next 30 days, they will double your total (ex: .01, .02, .04,.08, .16, 32 and so on. The latter example gives you an example of compounding, all be it, doesn't grow that fast. Saving early gives you to freedom and control of your own retirement, instead of taking what comes your way, good or bad.

[@jmb-cm7mr]

As long as you have no debt when you retire most people should be fine.

[@darryltognarelli6769]

I’m very thankful for my pension for I’m collecting each month and collect a nice interest each month and still continue to work to pay the miner bills I have

[@roachtoasties]

I think you meant minor bills, unless you have special bills for being a miner. :/

[@LMays-cu2hp]

Thank you for sharing your show here.

[@roachtoasties]

We've all heard this same advice in one way or another over the years. It would have been nice if businesses didn't get their way decades ago, and steered everyone to tax deferred savings accounts instead of pensions. That just doesn't work for most. A blended plan, lets say, 1/3 Social Security, 1/3 pension and 1/3 retirement savings, seems best. What we have now is something like 25% Social Security and 75% retirement savings, which most people don't have. What this ends up is not only people struggling, but living in poverty, during retirement.

[@rona2215]

This 1/3 - 1/3 -1/3 is exactly what the Federal government does, as this was what the original idea of 401k. The 401k was never meant to replaces pensions but to compliment it.

[@roachtoasties]

@@rona2215 Yes. I've read the 401k wasn't originally meant to replace pensions, but businesses took them and ran with it to save money, and now the pension is a rare thing.

[@6861Charley]

The first day to start saving money is on the first day of your permanent job. When I retired at 60 years old I converted all of my 401K to Rollover IRA and started investing in good quality stocks. Profits are doing great that I have been spending my vacation to the Middle East and European countries initially twice a year and now I'm going for 4 times a year. Never used a financial advisor but I made my research and studied thoroughly. Anybody could learn as long as you just focus your job, establish your goals and have enough patience.

[@sampson7941]

Did you pay taxes when you rolled to ira ?

[@peterramsay1767]

The first step to successful investing is figuring out your goals and risk tolerance - either on your own or with the help of a Financial Advisor. If you can get the facts about savings and investing with a well detailed plan, you should be able to gain financial security over the years and enjoy the benefits of managing your income.

[@renelacad2603]

I think the pandemic have really taught people the importance of multiple streams of income, unfortunately having a job doesn't mean security.

[@ibrahimfaizan6047]

Successful people don't become wealthy overnight. What most people see as a lance wealth, a great career and luxury is a result of smart work.

[@twinfred3160]

@@ibrahimfaizan6047 It's not how much money you save in the bank, but how much money you earn and how hard it works for you. Money devalue over time, investment is the best option as it grows over time

[@muyiwamg8841]

@@twinfred3160 I think the key thing here is working with a professional. Yes people have devoted their lives to making profits in the market, but those of us who haven't but are interested in investing can simply work with them.

[@hoshifuyo4494]

@@muyiwamg8841 Alright, so you know anyone?

[@Joefromthevalley]

I have a desk job, so I never really plan to retire. I cannot retire even if I want to

[@bellafriend]

im 21 with 26k in a retirement ira, i am terrified for the future and hope i will be ok. i monthly invest in a low risk high yield etf as well. i own a 3 bedroom home and a condo

[@daystar73]

You doing fine and actually are ahead of others older than you. Keep going!

[@victorblock3421]

Looks like you have nothing to worry about if you were able to acquire these assets at such a young age. If you're the one who earned and made these investments then just keep doing that and listen to no one.

[@brianlinke1856]

The US has become 70% dependent on consumer spending alone to drive its economy. No longer employed in full-time jobs , w/ benefits, workers get caught between declining purchasing power and soring health care costs. Many workers additionally suffer under a global 'wage race to the bottom' as corporations seek the low cost supplier (wherever they may be off shore). The Middle class has become a "vanishing class".

[@MichaelChengSanJose]

Financial lessons should start as soon as a child can speak. They should learn to save and invest by 5 years old. Retirement planning starts at age 14 which makes retirement by 40-45 pretty automatic.

[@dillkilltv3942]

But when the market collapses it all disappears

[@mariozombie2843]

I don't have any money. What savings?

[@tonyharris4748]

I will forever be indebted to you you've changed my whole life continue to preach about your name for the world to hear you've saved me from a huge financial debt with just little investment, thanks so much Mrs. Nancy hanson .

[@oliviatuffin1144]

I'm surprised you know her too. I've been making a lot of profits investing with her for a few months now.

[@robertheavens7982]

You invest with Mrs. Hanson too? Wow that woman has been a blessing to me and my family.

[@marywatson8799]

I'm new at this, please how can i reach your broker

[@tonyharris4748]

You can communicate with her on tele-gram with the user name below

[@tonyharris4748]

*Investwithhanson💯*

[@larrybowers3716]

Save some but live some. No need to be the richest man in the graveyard.

[@roachtoasties]

Yes. I've listened to many investment advice videos and it does seem like these retirement "experts" want you to be the richest person in the cemetery. "Save $5 million for retirement" but don't spend it. What's the point?

[@agoogleuser9218]

exactly, travel and enjoy life while you are physically able. If not, you'll end up saving all that money just to end up giving it all to the doctors when you are elderly.

[@jamesstpatrick8493]

Most have less income during retirement thus 401k or IRA is best suited. Only Roth is best if government raised taxes on lower income to 50%.

[@nowellclay1283]

Open a Roth ira Add Some index funds and ETFs that track the fortune 500 and the world market. Add a few dividends friendly stocks and stocks that been around for ever.

[@Thea-gj2or]

Money controls all. You work your whole life earning a few scraps. Then you take 15% and invest it in an index fund. A braindead passive index fund. Because you can't be bothered to learn anything about investing. Stupid is as stupid does. Investing is not so hard that you cannot do it successfully. Follow the business cycle. Have the nerve to put money to work when the market is down. Don't be lazy. Put the effort in to learn what you are doing. You worked hard for the money. Make it work hard for you. Dave

[@nata3467]

My 401 lost tens of thousands...same with pension....glad not retiring now but concerned for my future.

[@onespeedlite]

You have not "lost" unless you sold your shares in a panic. If they are good companies, they always bounce back after an economic downturn.

[@InverseMyInvestmentAdvice]

It isn't hard folks, you can PLAN for YOUR retirement. It doesn't take 200IQ to do this. It's VERY simple.

[@gonefishing11]

It depends on the lifestyle you want in retirement. Do you want to travel the world 🌎 or, are you content with just the free things in life?

[@agoogleuser9218]

exactly. I'm going to travel the world as much as I can before I'm too old and decrepit to be able to enjoy it. When I retire, I'm going to take it easy and pursue my relatively inexpensive hobbies, such as they are.

[@6861Charley]

@time travel, Investing in good quality stocks will enable you to generate a lot of money than working in a regular job. I changed my career twice but finally decided to retire at 60 years old and started investing in stocks. Right now I'm spending my vacation to the Middle East and European countries 4 times a year.

[@user-qr7ee2cp4y]

America needs to do a better job of teaching the poor to save and invest instead of consume and charge stuff on credit..

[@gamingtonight1526]

Spend it as you get it (with a small amount of savings for emergencies, like your A/C needing repair). Civilization is just 20 years away from collapse due to the climate crisis!

[@victorblock3421]

No such thing as a "climate crises". just a made up fairy tale by woke communists

[@jamesstpatrick8493]

Just start a business and invest in real estate. Most need cash flow

[@mathew3267]

The best way to secure a retirement is never get involved with women. I've never kissed a girl and now look at me I'm a millionaire.

[@victorblock3421]

Great, have fun with your hand.

[@noblexavierrossom]

Is it really confusion or 2/3 people over spend and material items?

[@Eileen49654]

I'm not buying into the NEED A MILLION TO RETIRE. These jokers have no idea. It's a number the UPPER MIDDLE CLASS thought up Pay down your debt, pay off mortgage before u retire. Stop buying meaningless things, stop eating out I'm floored when I go through McDonald's to get a coffee how many cars are there at all times of the day

[@DrSchor]

yours is one of them. why cant you make your cofee at home.

[@alanbailey5621]

Low fee index funds makes you a partner in crime.

[@quentinhendrix2375]

So I get taxed for money I saved

[@sampson7941]

Yeah ! They tax when you earn it, when you save it, when you spend it and then they tax you when you die and try to leave it to your kids and if it was in a 401k the kids cant even touch it till they are 59 and a half years old !

[@martinineo]

Wow i didn't expect that to happen at 1:05 haha. Lets take a moment and apperciate all the hard work he puts into the content for us! Thanks for the videos.

[@prawnstar9213]

Own a house….

[@prawnstar9213]

Except that’s impossible now

[@profoundclarity8497]

If you don't have dual incomes or generational wealth good luck....millions are one problem away from having nothing.

[@victorblock3421]

I have one income. I spent the last 25 years creating generational wealth.

[@buckrepublican8782]

As usual, media goes to a local professor for advice. I'm suppose to listen to a guy who looks like he should be retired, but he's still working. His success is obvious with his painted WalMart furniture, his mother's vase and curtains that are 35 years old. His philosophy is left over from the 80's! You can save every raise you might get and never live until you're about to die. Why not find some retired millionaire who earned all his money and invested his way to early retirement? Orientals know how to save, they save 25 to 50%, they do it early, suffer for the short term then learn to have fun on less.

[@victorblock3421]

I know the professor's story. He learned the hard way and succeeded. He said in this segment to invest in index funds. he's 100% correct. Most Americans should follow that path.

[@joydavid5690]

I'm no longer waiting for the GRANT LOAN because I earn $50,000 every 7 days recently

[@morganjames3740]

Same here, I started with $10,000 now earning $25,300 bi-weekly profits with his trading program. His startegies is second to none and highly profitable.

[@jeffharrison6466]

I'm enjoying working under a platform that brings good return in my life. I've been making my weekly return's without stress all in crypto currency

[@jessikathavisay9145]

I have heard a lot about investments with Mr Jeffrey Louis and how good he is, please how safe are the profits?

[@robertjames2463]

@@jessikathavisay9145 It's four months now I started investing with Jeffrey Louis and it's been a good experience.