In a retirement savings crisis, defined benefit plans can help.

Americans are feeling pessimistic about their retirements, with 79% saying they feel the nation is facing a retirement savings crisis, according to the National Institute on Retirement Security. Segal Marco Advisors Chief Investment Officer Sue Crotty joins Wealth! to discuss the best ways Americans can start planning for their retirements despite current pressures.
"As everybody knows, we probably can't retire on social security alone," Crotty explains, saying people must find additional ways to save. She points to defined benefit and contribution plans as ways to steadily grow wealth.
She adds, "Part of the problem is that it's just not in the nature of many people these days to put that extra dollar away." Retirement plans are crucial because they compound, and some employers provide matching contributions, Crotty notes.
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[@xiphoid2011]

America doesn't have a retirement savings crisis. America has a terribe spending habit problem. How bad american spending habits are have been a running joke in Asian American community since at least the 90s. Meanwhile asian americans have no problem saving up a huge % of our income for retirment and more. Same country, two different personal finance cultures.

[@dantheman6607]

I know a lot of non- asians that have saved $$$ for retirement too.

[@rodneylw10]

Yes. The crisis coming is that now those spenders want the "savers" money and will petition government for social security to be redirected to them.

[@charletfoster8917]

Just save n invest consistently n you should be ✅

[@stevehowe209]

Many people have no knowledge of how to manage money and many families do not talk about money or educate their children about money. Some basic money management education and skills should be taught to high school and college students. The key to wealth building and successful retirement is knowledge and starting savings early. Compound interest is a magical thing.

[@dplouns]

Invest 15-25% of your gross earnings, take advantage of your employers 401k match and put in Roth then max out your HSA and invest that money in a S&P low cost index fund. Don’t touch the HSA, pay medical out of pocket and keep your receipts, cash in at a later date tax free !!

[@PraveenSriram]

I saved about $130,000 so far for retirement and I’m 40 years old

[@rickallen9099]

Wouldn't brag about that.

[@user-yy9hk9od9u]

Social Security payments will need to double to offset inflation.

[@victor4advice]

It will go bankrupt before that.

[@nickvin7447]

It is actually an economic crisis.

[@dantheman6607]

Dow 40K 😂 it’s horrible

[@nickvin7447]

@@dantheman6607 Yeah, never in history has a stock market inflated before a major correction. 🙄

[@ForeverStapleton]

I’m 46 and at $245k. I’m maxing my 401k contribution. I don’t smoke or drink and save as much as possible. For many, lack of savings is self-inflicted.

[@victor4advice]

If you are contributing beyond your match, then you are just creating more taxable retirement for your future retirement. And who knows what the tax rates will be then. Don't make the mistake thinking you will be in a lesser tax bracket in retirement when you have no deductions, except your standard deduction. Most experts and prognosticators are predicting much higher tax rates in the next 10 years. The Trump tax cuts will automatically expire in 2026 if he's not re-elected. And that starts it. Our tax rates are at some of the lowest rates in history. Top tax brackets have been as high as 94%. They were in the 70s during most of the 1970 decade. So in my opinion, NEVER over fund your 401k. Take that extra money and fund a tax free retirement account. Make sure a good portion of your future retirement income is tax free. I can show you how.

[@dantheman6607]

My wife works for a small company no 401k so she contributes to an IRA but you can only put in $7000 a year the 401k you can put in 3x as much

[@pilauopala843]

There’s nothing stopping her from investing after tax dollars.

[@shanarobinson7672]

She can definitely begin contributing to an after- tax brokerage account

[@kona6451]

easy, open a brokerage account and invest in S & P 500 index fund.

[@rodneylw10]

I believe they are pessimistic because they haven't saved. Stats say about 80% haven't saved or minimally so, only 20% have saved. People go for the higher salary but then use it to buy boats, travel abroad, etc. not thinking about retirement. I went to college (earned 5 degrees) with no loans and did without what many had. Americans prioritize leisure. Parents pay for college and car often to allow their kids study/party time. I was Cum Laude and worked 40-60 hrs a week. This same mentality can be applied to retirement savings. Start with 10% net money in a high yield savings- just saw one 5.3%. Continue monthly contributions and NEVER touch the funds. You will end up with quite a sum.

[@rickallen9099]

No shite. Obviously DB would help. Easier said than done to get into one.

[@kungdu]

Cost of living is too damn high. How can a person cover expenses and their retirement at the same time? Housing and food is taking like 50 to 75% of your pay. Then you have insurance, phone, gas. How the hell is anyone building wealth with chump change?

[@bradleyvanzile1111]

Brought it upon themselves

[@angieharris8015]

She looks like Helen Hunt!

[@bradleyvanzile1111]

Brought on them self

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I am curious, As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.

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