Is Retirement Dead? Most Americans Have No Retirement Savings | Adam Taggart

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Six years ago, I wrote an article titled 'Grasshopper Nation', warning about how poorly prepared Americans are for retirement.
Sadly, the data has only gotten worse since then.
I’ll deliver the punchline here first, and then get into the underlying data:
Right now, as the largest generational cohort in history has reached retirement age, tens of millions of Baby Boomers in America have insufficient savings to retire or otherwise fund their living costs during their twilight years.
This is a massive economic and humanitarian crisis in the making, with no credible plans from the government currently on the table to address it.
In fact, we’re not even having a national discussion about it right now, because we’re not yet even acknowledging that we have a problem.
Until we shake free from this denial, we will continue to fall deeper into this hole of generational insolvency - while the timeline of consequences accelerates towards us at a faster rate.
Ok, now that I’ve got your attention, let’s look at the data...watch this video.
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IMPORTANT NOTE: The information and opinions offered in this video by Wealthion or its interview guests are for educational purposes ONLY and should NOT be construed as personal financial advice. We strongly recommend that any potential decisions and actions you may take in your investment portfolio be conducted under the guidance and supervision of a quality professional financial advisor in good standing with the securities industry. When it comes to investing, past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in partial or total loss.

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[@charlesbrown9213]

Great video as always Adam. Its true, the "system" (laws) are woefully tilted to the top 10%. I got my first taste of that in the early 80's, as I was graduating high school. I had good grades and expected to transition immediately to college. Then Reagan decided to "set the Social Security house in fiscal order, in part by eliminating SocSec survivor benefits for orphans, post high school. I was one of those orphans. They could have removed the ceiling on FICA contributions, but instead decided to lean on orphans to fix Soc Security. The millionaires always have had more lobbyists than orphans. So i understand the unfairness endemic in the system. That said, I busted my hump (had "no life" during my 20's) eventually got that degree. Despite starting from poor conditions, I've saved every year, even while attending college. Despite "the system", it can be done. These boomers who don't have 2 nickels to rub together, I really cannot muster any empathy for. They've lived in the best of times. If, after 40 years, they have no savings, well, for most, that is the culmination of a lifetime of bad choices. Americans (and most other people) generally indulge in chronic "immediate gratification". The Govt DOES have a plan for them: Social Security -- enacted to SUPPLEMENT personal savings and pensions (now, IRAs/401ks). If many find that to be "not enough", perhaps they should consider co-habiting/shared living arrangements. Replacing beef/chicken with soup as their main meal might help them to economize too. Many boomers have houses. The govt set up reverse mortgages for "house rich" seniors. that would be an option too. Bailing out seniors who squandered their earning years when they should have socked it away, is not a very compelling investment. I doubt the Millenials or GenZ would be interested in doing so, either. Sorry Granny, you are on your own!!

[@peternyc]

@@charlesbrown9213 19th century England was laizzes faire domestically, and brutal empire to the rest of the world. Their brand of capitalism was identical to American capitalism today - financial capitalism based on colonial conquest in the outside world, and pauper wages domestically, with no safety net. As capitalism has needed more and more consumption to create the need for more and more markets, the ability to be strictly laizzes faire has receded, and was replaced by debt as the driver of "production." The ruling class then and now understood that speculation was quick and easy money, and used banking and real estate to create rigged opportunities for capital gains and rentier streams of income. Today's stock market and endless asset purchases by the Fed, plus the regressive tax structure and corrupt fiscal spending makes for a world that is designed by and for the owners of capital at the expense of the non-owners of capital. The U.S. had its opportunity to turn capitalism into a benevolent system that rewards ingenuity and creativity. That was the hope of the New Deal. That world is dead. In its place is the corrupt, decadent world of a dying empire, just as in Ancient Rome. The enlightenment philosophers, our country's founding fathers included, understood that too much wealth was a dangerous thing. Adam Smith himself understood that super high profits that extend over too long a period of time are a contradiction in a free market. This means the super high profits are the result of monopoly and not of competition. This is America - super high profits for way too long - only today it's due to international monopoly, meaning imperialism. The blue collar jobs that enabled people like TV's Archie Bunker to own ahome in NYC, have a stay at home wife, and raise a child are long gone. The ability for working class people to make money in America since Reagan depended on one's ability to be business minded. Most people are adverse to this. Most people have a subconscious revulsion to the idea of pursing money for its own sake. Those that are talented at it are in the minority. Those that are super talented at it are disproportionately affected by mental illness such as psychopathology. A disproportionate percent of corporate CEO's and high level executives are no doubt psychopaths. The definition of a psychopath is someone who is incapable of empathy. Your comment shows not only a complete disregard for the welfare of others, but goes beyond that. You show pleasure at the thought of others experiencing pain. This is textbook psychopathy 101. Your unfortunate experience regarding your parents enables you to provide cover for your sadism. It doesn't work. My mom and dad died when I was 18. I have no siblings or cousins, and my aunts and uncles were worthless as family. I survived and "made it" to a certain degree. I don't wish hardship on others, yet you enjoy the thought. Your orphan story doesn't erase your mental illness. It only allows you to find like minded friends. The Republican Party is full of people like you. Charles Dickens and Hans Christian Andersen wrote in order to reveal to readers the horror of living in a society governed by people with no empathy. Enjoy your moment. It won't last. When too many people have too little for too long, revolutions happen. Unless that moment produces fascism, which it might, your moment will pass.

[@charlesbrown9213]

@@peternyc - my, my, are you a licensed psychologist, or do you just play one on YT? I actually don't disagree with most of the "history lesson" -- which, by the way, comes off as very "preachy". What was missing from your rather in-depth analysis was any mention of individual responsibility. People make stupid decisions every day. This country is great in that people can make some bad decisions in their life, and still persevere and have an OK life -- one better than humans anywhere have had for most of human history. But some people -- a lot of them -- tend to make chronically bad decisions. Maybe they marry wrong. Or marry right, then get divorced -- a very costly life-decision. Maybe they decide to birth kids because they are bored, or want govt assistance. Maybe they go down the path of substance abuse. Or, maybe they decide to start down the path of crime. For many, they just want to spend money they don't have on things or experiences which their grandparents never had, and which they don't need. If someone is a "grasshopper" their whole life (i.e. irresponsible, not planning for their retirement), its a strange suggestion that other people (i.e other taxpayers) should do more for the grasshoppers than the grasshoppers were willing to do for themselves. There is a group of people -- a very large group, methinks, which are the "UNdeserving poor". But the beauty of liberty is that if you disagree with that statement, you can donate however much of your savings you wish, to sustain them. Just keep your hands out of my pocket - do not compel me by threat of imprisonment to follow your crusade for Utopia. -- down that path is serfdom and tyranny.

[@peternyc]

@@charlesbrown9213 Ownership is what makes for a responsible person. Renters don't care. These are the types of people who make bad decisions as a rule, not as the exception. When a society is filled with renters, as ours is and 19th century England was, it is always corrupt, sadistic, and decadent. The libertarian idea of a society of owners is attractive, but is a fantasy. Power is always compounded in a laizzes faire economy, private ownership of what people need to survive breeds more private ownership and more irresponsible people which I am calling renters here. It's a vicious circle. The only way out is to create a larger public sphere, meaning public ownership of what we all need to live and prosper. Examples of the 2 extremes between absolute private ownership and absolute public ownership would be a slave owning society as was in antiquity and existed here until the Civil War on the one hand, and a pure socialist society where money doesn't exist and all work is voluntary. Such a fantasy world of socialism is obviously not imaginable now, but neither is the libertarian fantasy world you hold as ideal. You have to separate the person from the position the person holds. Individuals, even bad actors, are not the problem. It's the position they occupy that enables them to be bad actors that is the problem. Change the conditions and the bad actions disappear. Corruption, decadence, sadism are all characteristics of private ownership of other people's ability to survive. When all people become owners, whether in a libertarian sense or in a socialist sense, the bad actions diminish and disappear. If you want good libertarian philosophy of economics I recommend checking out the ideas of Henry George and Silvio Gesell. George was a 19th century American economic thinker who was pro-free market. His remedy to the ills of capitalism was to eliminate all economic rent seeking, which begins with land. Silvio Gesell had similar ideas of eliminating rent seeking, but in regards to money. Google "Wörgl Experiment" which happened in 1932 and transformed a destitute Austrian town during the depression into a healthy, productive, and happy town literally within a few months. The central bank of Austria forced the government to shut down the experiment and the town instantly reverted to abject poverty. You see, change the conditions and the people instantly change. Ownership is key. That which prevents ownership is bad. There was a really excellent monetary thinker from Belgium named Bernard Lietaer. He based his work on the ideas of Silvio Gesell. The overall point I'm trying to make is that when society is under the microscope, individuals are not the subject. The positions that the individuals hold are. Anglo libertarian philosophy so popular in America is a con game. It isn't real libertarian thinking, just as liberal Keynesian thinking is also not socialism. It too is a con game. Thanks for being polite in your reply to me. I admit I was hard on you. I apologize.

[@charlesbrown9213]

@@peternyc Your world-view removes individual responsibility. So, no one is to blame because we are all "victims". -- ONly the warm, embracing state can "save us from our victimhood". - That requires ever more powers vested in a central govt. That solution has been tried -- throughout history -- and leads to tyranny. Its had many names: pharoahism, monarchy, Socialism. Communism. But it always ends the same way, serfdom for the majority. These malevolent wealthy people which you blame for society's ills: Do you really believe they (or people like them) will not insinuate themselves into a more powerful state -- and use that increasingly powerful state to further enrich themselves? Homo sapiens are not angels. Some percent of us are covetous of power -- and have an innate need to dominate their fellow beings, to the advantage of the few. Power corrupts and absolute power corrupts absolutely. That govt governs best, which governs least. These concepts may seem trite, but 5000 years of human history have proven them true. The drafters of our founding documents -- the Constitution, Declaration of Independence, the Federal Papers -- the drafters were astute students of political history. That is why they insisted on limiting the power of the American state. Every man/woman is free to advance devote themselves to improving the lot of themselves and their fellow man. But if, by force of govt compulsion, you demand that I must adhere to your "dream", its as if you are shackling me with a harness to serve your ends, as though I were a dumb ox, with no will of my own. That is the antithesis of freedom, and anathema to my right to liberty.

[@Rubenbarlow]

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

[@TommasaCollison]

Generating significant proceeds, especially during a bear market, requires the implementation of sophisticated actions, which are most effectively carried out by experienced connoisseurs in the market.

[@TazioParisi]

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@JoeLarkins]

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.

[@TazioParisi]

Stacey Lee Decker, my fiscal guide, holds a distinguished reputation in her field. I urge you to explore her qualifications and expertise further.

[@NolaBuckhanan]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.

[@PatrickLloyd-]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[@trane85]

as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management

[@PhilipDunk]

Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.

[@sattler96]

@@PhilipDunk this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future

[@PhilipDunk]

I've shuffled through a few advisors in the past, but settled with “Vivian Carol Gioia” her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.

[@sattler96]

@@PhilipDunk very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified

[@SophiaChristian-so2of]

Retiring in 20 years? Due to inflation, you may need upwards of $2.6 million to maintain your existing lifestyle, with the ongoing effects of high inflation, lower forecasted stock market returns, and stagnant wages, achieving a secure early retirement could be more challenging than ever before.

[@MarkFreeman-xi3rk]

I suggest you offset your real estate and get into stocks, A recession as bad as it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advice but get buying, cash isn’t king at all in this time!

[@AntonioBianh]

@@MarkFreeman-xi3rk I agree. I have pulled in more than $435k since 2020 through my advisor. It pays off more in the long run to just pick quality stocks and ride with those stocks.

[@JenniferDrawbridge]

@@AntonioBianh Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems.

[@AntonioBianh]

@@JenniferDrawbridge Margaret Johnson Arndt is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.

[@EmmanuelCage-xd7bt]

@@AntonioBianh thanks for sharing, After locating her, I composed an email and arranged a phone conversation. I'm optimistic that she will reply.

[@veronica.baker1]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. They both retired millionaires.

[@hunter-bourke21]

This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.

[@edward.abraham]

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@Kim.beneteau]

@@edward.abraham Please tell me how can I connect to your advisor. My funds are being murdered by inflation, therefore I'm looking for a more profitable investing strategy to put them to work.

[@edward.abraham]

@@Kim.beneteau My advisor is “Julia Ann Finnicum”. I've been working with her for a very long time. You could still check out others on the internet. She's an independent financial advisor, so her decisions have been really spectacular.

[@rebecca_burns14]

@@edward.abraham Insightful. Your counsel couldn't have come at a better moment because I'm currently barely holding on. I'll do some research on her online before calling her.

[@oliviaralston1]

You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K in a meme coin from just few months ago and now they are multimillionaires....

[@ademusiaka7198]

You are right, to be a successful person in life require him or her of hard work and time

[@Isabelle.h]

The thing about been successful is working toward it and not going the other way round

[@kirstenraedmund7346]

It's obvious everyone is doing this online Investment

[@Brookeinda]

​@@kirstenraedmund7346I totally agree with you it has been an eye-opening experience for a lot of people.

[@dustireller3953]

Investment is the key to achieving success with the current pandemic slowing down so many businesses aww

[@Edna825]

With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.

[@Justinmeyer1000]

@@Brilliantrans Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

[@Justinmeyer1000]

@@Brilliantrans Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

[@scottyglenwalker2345]

The earnings can only be withdrawn tax and penalty free at age 59 1/2 or after 5 years with a penalty but yes contributions can always be taken out without penalty so you could use it as an emergency fund.

[@wardsmyth5335]

Adam, this is a great and long overdue discussion! Folks need to listen. My wife and I retired two year ago, hopefully well prepared. We are totally loving this time, we're all taught to work til we drop. Proper planning and implementation will open a window to a wonder (and I hope) long future.

[@graywilliams_77.]

@susan nicky sorry for your divorce, there are actually ideas that could be put in place for solid gains during a crash, but such strategies are carried out by distinguished advisors..

[@graywilliams_77.]

@susan nicky great share, just copied and pasted her full name on my browser, thankfully her site appeared top search! she seems first-rate, her creds speak for itself..

[@AveryFetherolf]

I'm just 31 years old, but studying and doing the work to be financially free early before traditional retirement .. I hate seeing people around me living paycheck to paycheck and complaining. All roads have pointed to the financial market of some sort which is a good idea buh where else should I put money besides the financial market? I have $150,000

[@CristianHulbert]

Yep great question and that’s always the one - where would you rather be if you have an option. Financial-market for me seem the only way forward with my long time horizon (accrued almost $1.4m in gains) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe! . Just know the risk you're comfortable with . Mistake is expensive

[@RachelBrinkmeier]

@@GarrettDills Hey, who is your pundit and how can I get in touch? I'm working two jobs and trying to save up to buy a house for my parents and me. I'm exhausted, and I don't want to feel this way anymore.

[@ThormanBoucher]

@@GarrettDills Thank you. I just checked her out. She seems really proficient. I'll follow up with an email. Thanks for the lead.

[@Richardcarlett]

As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.

[@philipr1759]

Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge, And it also all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.

[@georgebarret]

Reason I decided to work closely with a broker ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.

[@DavidRiggs-dc7jk]

@@georgebarret That's impressive, my portfolio have been tanking all year, tried learning new strategies to gain in the current market but all of that flew right over head, please would you mind suggesting the adviser you're using ?

[@georgebarret]

I thoroughly recommend Julie Anne Hoover, an investment advisor who is subject to US SEC regulation. She has assisted me with my portfolio for many years. Look her up online; she's a well-known figure.

[@DavidRiggs-dc7jk]

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

[@alexisye]

The best time to plant a tree was 20 years ago. The next best time is right now. This is great advice, and no, it's not too late to start.

[@patrickbrussels4454]

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 yr through my super which gives me total $100,000 a yr to live comfortably . I have no debts ... Stay Motivated!!

[@patrickbrussels4454]

@Ivan Johnson What I think everyone need is a Financial Adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit

[@patrickbrussels4454]

*KATRINA VANRENSUM* That's whom i work with.

[@patrickbrussels4454]

KZbin is a public place; i can't drop her information here but You can just put her name on google and you will be directed to her website and drop her your message.

[@michaelwoythaler]

Doesn't pass the smell test.

[@hugohabicht9957]

Show off 😂

[@paulginsberg6942]

We are in the process of our standard of living collapsing to its true level. It's debt and credit that has camouflaged this reality.

[@ricf9592]

Indeed. It's the brutal reality. Vast numbers of people have spent decades being able to pretend they were far less poor than they really were.

[@naddarr1]

Absolutely. We've never really recovered from the 2008 crash and our society doesn't want to admit that. Luckily a lot of young people have vastly different spending habits then previous generations. Hopefully we as a society will no longer desire more and bigger and by proxy no long look at the ultra wealthy with rose colored glasses. Either way the whole world is about to finally see just how broke the U.S. citizen really is. People in this nation are not just complaining anymore we really are taking massive steps back in living standards.

[@tomasr.533]

@@naddarr1 It's true, many people live beyond their means. Trying to show off with fancy cars, clothes, houses... going to expensive sporting events, wasting time and money watching TV or cruising the internet for hours and hours while not improving themselves to make themselves more valuable in the job market.

[@g.t.richardson6311]

@@ricf9592 very true And those of us who didn’t? What of us ?

[@billkallas1762]

I won the retirement game. In order to win, you need two things. Zero debt, and a Trust to keep Big Brother out of your pockets.

[@nosuchthing8]

Do you don't pay your taxes huh?

[@billkallas1762]

@@nosuchthing8 I'm not running for office.

[@duancoviero9759]

Also have to have health God like wealth. You get Diabetes, cancer, or other high cost medical situation you can forget about saving for retirement.

[@billkallas1762]

@@duancoviero9759 If you have good insurance, you don't have to worry. A few years ago, my wife incurred a $60,000 Hospital Bill. I ended up shelling out about $125.00. Everything else was covered. Another example was that two months ago, she had a $925 ER Bill. It cost me $15.

[@alfx5432]

Zero debt is a good start

[@ayuhafiz3668]

what can I do? I have been disabled since 2009 and I am 58 years old at the verge of retirement. My portfoliio of $750k is down to $492k, How can I profit from the present market" , I mean I've heard of people making upto $250k in couple weeks during this crash and I'd like to know how.

[@ayuhafiz3668]

@@oscarkalfman wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.

[@lesp315]

They make $250k in a couple of weeks and next they lose $500k. These are speculators and 99.9999999% of them get to have nothing.

[@michaelblum3520]

I'm 82 years old and was a financial advisor. The key to financial independence in the U.S. and really everywhere is home ownership. When your home is paid off most other expenses can be dealt with especially food and basics. My experience is that most would be better off starting there. But the best future investment is in your family. People that invest time and money in their children and get along well with them rarely have to worry. Stocks and bonds are a distant second.

[@niciassmith1204]

Paid off? How are most people supposed to get a home in the 1st place? The median home price is $440k and if you are talking most safe areas it's $600k+. The median individual income is $40k a year. If I was born in 1940 I'd have 10 houses by now. Instead I rent a room.

[@niciassmith1204]

@@MRGior-wo6dk By my estimate if SS is not going to be there you need a paid off house and probably $2 million and even then you may still need to work half the year

[@IndieInFilms]

If there is any - ANY illness at all, add hundreds of thousands of dollars to what is needed.

[@markjohnson1460]

100% true and as a wholesaler in Colorado I can tell you there is a difference between those that own and don't when we call them be the people who go oh I want to hear about cheap properties not wait I only rent

[@tktimber418]

@@MRGior-wo6dk SS is already insolvent. The government covers it up by printing currency.

[@thesilentgeneration]

In retirement now, one cannot expect to have the same standard of living as they did before they retired. I had to retire when I was 58 in 2003 and had no savings but what I could scrap up for a year. But there are ways to get around this. In my case, I left the US and moved to the Philippines, where I live in modest luxury on a pension that would be considered below the poverty rate in the US. Yes, there is some adjustment, but it is well worth it.

[@nosuchthing8]

Yeah, I might do that

[@zokitchvlog]

Great moved✅

[@questioneverything594]

Good for you my man. Nice move! Just wondering if you married over there?

[@danielsnook5029]

I wish you many 'happy endings' in PI!!😆

[@fy4729]

Well who knows what being able to move overseas is going to be like 20-30 years from now…

[@sewnsew6770]

Healthcare costs in America and no universal healthcare make saving for retirement very difficult. And social security provides poverty pensions. Medicare only covers part of retirement healthcare costs. Also once over 55 are a layoff target

[@acajudi100]

I am 80 and I had to leave the USA at 79 to Queretaro for a safer and less expensive city. I live on SS and a small pension, and a small savings. It was $1870 per month to live in the dangerous USA, and it is $725 per month to live in Queretaro. I do speak Spanish as a second language and have been visiting and living in Acapulco for over 60 years. Everything kept going up in the USA and I was not safe, but trust me, I can defend myself, We reap what we sow, and Karma never loses an address . Send all criminals to horrible prisons around the world with shave heads Stop stealing our money, and put Americans first. Seniors are helping the young people. Move to a safe inexpensive country of your choice, if you can work online, or on a pension.

[@brantrichardson1949]

I'm 50 now. I feel like I have spent my entire life sacrificing for the future. It has put me in a much better place than average for retirement but I still don't feel like I can let up and enjoy spending a little.

[@Wealthion]

You sound just like me

[@TT-jg8ju]

I assumed most boomers who had a house have a 6 figure retirement. Ur article is sayin most dont even have a 10k???

[@GrandChessboard]

@@notgunnadoit7461 Leave the country, there are plenty of nice places that are cheaper to live. If you get all your money from the government then you need to take a trip out of the country and see...

[@johnbirman5840]

@@TT-jg8ju No mate. As a Head chef for 40+ years - I never earned in the USA more than 54,000. My mm put down 1500 and found a cheap semi house (37500) and co-signed back in 1976 - 10.5% interest. I sold a year and a half later for 65,000. I was 19 making $100 a week as an apprentice. Got married, moved to a cheaper state, bought another house at 7.5%. Moved to USA at 23 with 52,000 cash. And bought a cheap house w/land for $52,000. At 52, took a non military contracting job in Iraq 2008-2011 w/ Defense Dept. Did whatever they wanted: Food service/Ice plant/Air Ops/Logistics. Went to Africa for 2 years. I worked 7 days a week, 12 hrs a day. 1st year didn’t have a day off. All tax free (or close to) Retired this year at 62. I gave up over 5 years of my life to do this. My last year’s work: 54,000. My wife stopped working 12 years ago, but never made more than $10,000 as a teacher in a Catholic school. Long story - and who cares. But even if you don’t earn a lot, you can make it if you look for opportunities and take em when they come, and don’t expect a regular job to pay.

[@TT-jg8ju]

@@johnbirman5840 so u have a retirment 6 figures?

[@casienwhey]

If you saved nothing for retirement, you are trusting your financial future to a government that has saved nothing for its future financial obligations.

[@markwhittaker6866]

PREACH!

[@Eleuthero5]

Excellent video, Adam. I was a college professor and retired at 59 because of saving and investment. I'm now 70 and even if the California Teachers Retirement System collapses, I will be okay. The numbers you presented are incredibly scary but well presented. Better that people be scared now than when they're 75 and totally out of money. Good job!!

[@rogerwilliams8535]

I love the short explainer video’s Adam, keep ‘em coming. Thanks for all you do.

[@desimo147]

All these companies selling $100,000 electric vehicles have waiting lists of months to years for their vehicles. Car companies have stopped selling economy cars because nobody will buy them. But, $65,000 pickup trucks are all over the road. Restaurants are packed and trips out of town are frequent. Garages don't hold cars anymore and they can't build storage units fast enough to house all the junk that people are constantly buying. The Amazon trucks stop by every single week, if not 2 or 3 times a week. The idea of cutting your own grass or painting your own house is a foreign concept to most Americans these days. Young people bypass the starter homes and condos of the past and go for the $500,000 house right off the bat. And all this is the behavior of the upper middle class! If they are broke, you know everyone else is too.

[@bugsbunny2357]

All brought to you by near 0% interest rates.

[@popsmcgee9775]

Love the explainer videos. Thank you, Adam!

[@greybeardbass]

My dad's failure to plan for retirement caused me to get financially educated. I was well on track to becoming my dad and thanks to education channels like this I've built my own income fund in a self-managed IRA. I won't be jet-setting, but no debt and reliable income will keep the lights on and food in the pantry. On track for a good retirement 5 years (or less) from now. I need to get that long-term disability insurance figured out that you mentioned though.

[@sactopyrshep]

I have decided, after weighing the pros and cons, the best long-term health/disability insurance is taking good care of yourself. Congratulations on figuring out a good retirement plan.

[@Frank020]

Necessity is the mother of invention.

[@timsandman]

Thank you Adam, sobering but very useful info and healthy stuff to know and be reminded about! It's the exact same here in the UK as the US.

[@Jbookman1111]

Your prep-work, genuine concern, and compassion shine bright in this video. Thanks, Adam.

[@tonymanos9500]

Adam, Great explainer video!!! I watch every one and always get a better understanding of the issues!!

[@mattanderson6672]

Thank you Adam!! Thank you for showing us the pit falls in a reasonable way!

[@feetch8]

Your videos are so informative and interesting… keep up the good work.

[@feetch8]

Thanks. I’ll be in touch. Timely issue by the way. My wife’s parents are woefully under prepared for retirement and my parents ( though financially comfortable ) are woefully under diversified. Your show is a great resource. Well done!

[@user-99.99]

Great summary! Do more of these please.

[@sactopyrshep]

I read many retirement-focused YT channels. Of the hundreds of videos I’ve watched over the years this is in the top five rankings for educating people as to how we got here. Thanks for a frank and succinct outline of the current disastrous situation. I am in the top 10% because I worked for 46 years at a large California medical center that offered membership in a well-run union. I retired at 70 with a hefty Social Security check and a comfortable pension. I also have a 403B account which I was able to fully fund due to the excellent wage scale negotiated by my union. In addition to the points you so eloquently made, the loss of unions has severely impacted workers in this country. Without unions, workers are at the mercy of the corporation. I wish future retirees good luck. No one should have to live in poverty after they retire from decades of loyal employment. I subscribed to your channel and look forward to future thoughtful and well-researched videos.

[@boyter8]

No-nonsense, straight-forward. Loved this video.

[@Daddio-et3lp]

Thanks for your courage to discuss such an impending issue, much love!

[@anyasagee6676]

Excellent video, Adam! We look forward to your training in the coming months. TY!

[@ats89117]

I have done pretty well preparing for retirement, but I am very concerned about the government confiscating my retirement savings...

[@bobz4968]

You need to find alternative news outlets like Real America News. You will find much more hopeful and honest reporting. The Democrats and globalists are fighting for their survival as Americans rise up! You won’t read or view this in legacy mainstream news media

[@ats89117]

@Joseph Lucas Because they can. Redistributing wealth will always be a politically popular message given the small percentage of people saving for retirement...

[@theoldguy9329]

There were proposals about 12 years ago to require all personal savings vehicles ro bec100% invested in US government paper (including repatriating funds). Not quite confiscation in words, but in deed.... It did not happen that time.

[@vex6559]

@Joseph Lucas they have ways. Below the mention of forced treasuries, which they're doing with pensions as well, but they also have a codified way of quietly swapping 401k into treasuries as needed and this isn't taking into account the potential for outright public confiscation, which is VERY possible and likely if everything completely goes to hell.

[@theoldguy9329]

@Joseph Lucas Not so sure. They keep the control, and keep it close. The outside of the US USD market getting funded by exporting USD, that a World Reserve currency requires, can have quite a snap back

[@hotrodbob.]

I was an electrician for 46.years, I retired at 67 for health reasons, and couldn't have done that if I hadn't been a Union member for the last 16 years of my career. The years previously I was not union, nonunion does not pay enough to have anything left over to put into any kind of retirement account, I w was just able to keep a door over our heads and food on our table. If I had been given the opportunity to join a Local Union at the beginning of my career I would be comfortably retired today. Your plan is great but there are a lot of people that don't have an extra 20$ to put away.

[@hotrodbob.]

I'm still going to have to get a part time job to make up the amount that I am short every month, very few people can make it every month on just social security.

[@georgekane1985]

“Nomadland” by Jessica Bruder is a book/audiobook about seniors who basically live in their vehicles and work seasonally at places like Amazon during the Christmas season, and the sugar beat harvest in the fall, and campground host in the summer. It is an amazing story and I recommend it to everyone, especially those who might be facing a similar situation. It is a story that stresses the camaraderie and tenacity of this senior group of Americans. I have listened to the Audiobook a few times now, because it is such a poignant and contemporary story. It is clear that in situations like this, group energy is needed!

[@3John-Bishop]

I saw the movie

[@magnuspym]

It is a Powerful movie. Frances Mcdormund is a fantastic "actor" (I guess "actress" has fallen out of common usage).

[@feliciasampson8032]

I could possibly go the Nomadland route if I could skip the desert and move to the Pacific Northwest...or abroad.

[@dachicagoan8185]

What a sad existence. I could never have that kind of lifestyle. That's why I grow ever more serious about saving & investing.

[@feliciasampson8032]

Frances McDormand was her usual amazing self in Nomadland, with her nuanced portrayal. I never felt pity, just admiration for her strength and tenacity. If people can make this off-the-grid lifestyle work for them, I think it can be an alternative filled with camaraderie and adventure.

[@loneranger7573]

I did retire in 2014...cant afford to stay with pensions, I am working full time again, but after Covid boredom, I am happy about it!!!

[@matt75hooper]

Boomers- You want some serious retirement peace ? I simply decided I have no plans to retire. I will keep working and do what I've always done- take care of my family. I wont file for Soc Sec until 70. The income years from 62 to 70 are usually good earning years. So I've concentrated on staying healthy and enjoying my work. Really enjoying any time off I take with wife & family. Retirement is a very new concept. Retirement at 62 is ridiculously young unless you're a lifelong govt hack with a yummie gummy juicy pension. I tell you in all honesty making the decision to not retire has given me great peace. I am a man and the head of my family. It's the proper thing to do & I feel proud as hell over this decision.

[@bugsbunny2357]

I could not agree more. Take the pressure off yourself by setting yourself up so that you can work until 68-70. Thus we do not have to fund so many years of retirement. Why quit when you have worked yourself into a position of making the most money you have ever made?

[@matt75hooper]

@@bugsbunny2357 You nailed it. 👏 I am in my 60s super healthy & love my work. Added bonus is living in a resort area so any time off is like vacation without the travel hassle. Those retiring at 62 ? Warning. That is a lot of hours to fill every day.

[@ginaashman8849]

Extremely clearly explained. Very practical suggestions. Thank you 😊

[@christinab2074]

I had to do this for an elderly family member. She never expected to live into her mid 90’s and did just fine living extremely conservatively on her compound interest until The Fed screwed her 😔

[@Wealthion]

Yes. IMO it's not nearly discussed enough how the Fed's ZIRP was a direct war on seniors who planned their whole lives to retire on a fixed income. Massive betrayal of the social contract.

[@christinab2074]

@@Wealthion Absolutely. All the while, illegals and their families received more benefits as well. So much for disrespect towards The Greatest Generation WWII Veterans and their widows 😞

[@eileenmcgovern9193]

@@christinab2074 actually it is the children of the greatest generation who are retiring now

[@jet4415]

@@eileenmcgovern9193 yes that is correct: my dad fought in WW ll, I am 68, and just retired.

[@HidingFromFate]

@@christinab2074 Care to point me in the direction of some documentation for this?: "all the while, illegals and their families received more benefits as well". Not saying you're right or wrong, just looking for verification.

[@lawrencelawkc]

Feels like a family talk...thank you

[@sanchezbennett2419]

I'm 48years old living in California, I'm hoping to retire at 50 if things keep going well for me. Bought my first house last month and I can't be more proud that am i now. I'm glad I made great decision about my finances that changed me forever but now I can't seem to make any other smart investment.

[@laylariley9350]

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 professional but is very advisable you make use of a professional like I did. If you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money.

[@patriciamary9934]

I'm a living testimony of expert Naomi, she has been trading for me for months now

[@colemanjeans5275]

Wow I know Mrs Naomi and I have also been trading with her, She's such an amazing woman with good skills and keeps me happy all week knowing I earn 15thousand extra income weely trading with her.

[@evelynabigail1507]

yeah she does , and in my opinion, it's a huge one and chance for you to change your life with trading.. I just bought my dream Mercedes from last week's profit. All thanks to her expertise.

[@gavinconnor3079]

After I got 300K trading with Mrs Naomi. I bought a new House and I'm now able to send my kids to a better school in the states thanks to mrs Naomi's trades. When someone is straight forward with what he or she is doing people will always speak up for them.

[@kimmykero2421]

This has been a very timely and valuable video for me, thank you!

[@michaelcowen6137]

Thank you always great content.

[@kesayo]

I can retire at any time, as long as I don't plan to live more than a year or two afterwards.

[@waitingforrealitytosetin4807]

Private pensions are one thing, the company not taxpayers fund it. Public pensions are another thing all together. Far too often taxpayers are left in the dark over contract negotiations by politicians with the public unions that had a large part in electing them. What could go wrong? Pensions and other benefits that the private sector can only dreams of to name a few. Besides being unsustainable. No public employee should make more than 50% or less of their top base salary along with paid health care for life. The number of public employees with 6 figure pensions is staggering, often which is more than their working base salary.

[@JJ-mh3hb]

Gotta join the club and quit the jealousy I guess?

[@waitingforrealitytosetin4807]

@@JJ-mh3hb Not a matter of jealousy. As a private sector taxpayer I shouldn't have to be paying for benefits that are way out of line with private sector benefits especially with the general level of performance/results many public sector employees provide. Public schools in most cases provide a perfect example of this.

[@jet4415]

@@waitingforrealitytosetin4807 i live with a retired teacher. They certainly earned every penny of their state retirement. If you include the SS check, it can take care of a no frills lifestyle. State retirement comes close to 50% of their wage but 50% of nothing is nothing.

[@ld4122]

Well that’s 50% more than non pension, hard working tax payers are getting.

[@jet4415]

@@ld4122 They are supposed to use the saving/retirement vehicles that were set up by the government. Public employees cannot use those. Just because people don’t plan their retirement don’t blame public workers.

[@mikemadison7410]

Excellent presentation--thank you! I am 75 and still work full time, as does my wife. I enjoy my work (farming) and plan to stay at until I drop dead in the field with a hoe in my hand. With no debts, my trickle of social security income is more than adequate.

[@medusaminiatures4006]

Nice! As an artist my plan is to drop dead at the drawing table :)

[@chessdad182]

I grew up on a farm. The current generation of farmers are mainly 4x4s.

[@questioneverything594]

Great story. Thanks for sharing this. Sounds like a great life and great living philosophy.

[@vivi44]

You should leave the country and go somewhere like South East Asia, where that trickle is a middle class income and that farm not only supports you but makes you a lot more money.

[@questioneverything594]

@@vivi44 Wow. You think that's actually possible sir? I'm on my way if it is!!

[@al-saidiking9372]

I love these videos, please keep making more❤️❤️❤️

[@massonh7476]

Wealthion viewers didn’t like the Kiyosaki interview. The obvious conclusion: Wealthion viewers are in general economically much better educated than the viewers of most other KZbin channels.

[@tonymanos9500]

Robert doesn't keep his wheels on the road. It's hard for him to stay in a lane.

[@massonh7476]

@@tonymanos9500 Adam and Robert are friends from the past. Adam is a real gentleman. He really tried hard, but it was a mission impossible.

[@nvarras7]

I came back to the us 3 years ago broke and in debt to another country after Greece’s economic crisis. It is amazing that I already paid off all my debt and have 70000 in retirement savings. This country is amazing if you learn how to save. Going broke taught me how to respect every dollar I make.

[@questioneverything594]

Great story my man!! Congrats. What course did you follow to pay everything off and be able to save so much pretty quickly?

[@hermanrogers1325]

Well done, hard headed people will never listen to you they spend everything they get

[@nvarras7]

@@questioneverything594 I was lucky and had enough in savings (8000) to start a small business and worked 7 days a week 15 hours a day and now earn as much as i can work. Every penny went to the business or my debt. I lived with relatives for 9 months. The cost of living in Greece is very low so I was (still am) supporting my wife and daughter with 1100 dollars a month. I still invest or save 50 percent of my income and max out my deductions. I still work insane hours as I wait for immigration to ok my wife after 2 years. ( 3 years, if you count the year covid shut down immigration ) I'd rather work those hours than watch tv, and I don't go out much. My only hobbies are stock investing and running until my family can join me.

[@questioneverything594]

@@nvarras7 Sir, you are a very impressive gentleman. I have absolute respect for what you've done and are doing. My hat is off to you. You have proven once again that there are really no shortcuts for most people. The "secret" is working and saving. Good luck ti you and your family, nd I hope you will be successfully reunited soon!

[@nvarras7]

@@questioneverything594 Thank you, I hope they are here soon also. I had to learn the hard way about working and saving. When you are younger you think you have all the time in the world but it passes quickly.

[@dougl945]

My dad and mom retired with a million dollars. I can’t even save $100 month. It’s frustrating.

[@DrSchor]

How much you save is all up to you. Improve you rskills, to make more, and cut out silly expenses.

[@alfred1535]

You are # 1 on my chart on KZbin everything you say I am going through it. Thank you my friend

[@clarekramer411]

Thank you for this. It was very compassionate and also good information for everyone, not just those people who will be on easy street. ♥️

[@dachicagoan8185]

When I started my career, I noticed many coworkers that were working in their 60s, and they would tell me they wished they had invested decades earlier and also wished they weren't still paying their mortgages. Seeing this, i took it upon myself to read several personal finance books and begin investing as soon as I could (after saving for a home down payment). For the last 5 years, I really stepped it up and have since paid off my house, and I'm maxing both 401k, HSA, and Roth IRA.

[@NeoAndersonReloaded]

Hope its there then

[@susanneschmidt6159]

I have a paid off mortgage and a decent amount of savings ...but....inflation and living in NJ...and I'll be working til 65 like most others

[@scinusa]

@@susanneschmidt6159 If old slow, you know, Joe buys enough votes to be reinstalled your savings will be inflated away..

[@brendaandjimharris6689]

yes, I enjoy and learn from all of your videos. more short summary videos please

[@hermanrogers1325]

I payed off my mortgage loan and credit card debt and driving a 8 year old car and happily retired for the past 4 years and I don’t need to travel all over the place spending money and I been saving all my mortgage payments and avoiding debt like a drunken banker

[@gemox3225]

Thank you very much for this. This is one of the best videos I've ever seen on this subject. It was clearly articulated with useful information. Thus, I subscribed.

[@mattl1811]

I just don't see how it's possible anymore. I make double the national average of income, budget all the time, and live a very average life. And I have nearly nothing for retirement. My best hope is to stay healthy and keep working, or retire in Panama or the Philippines where I can stretch a dollar far.

[@robtheaveragewhiteamerican4403]

I never made over $45,000.00 annually. I retired in 2021. I love retirement. I am going to be 68.

[@jamesgilmore2389]

Great Video! I appreciate your efforts very much. Keep up the great work.

[@sharonchilvers2935]

Yes I like these short explanations, very informative.

[@mikepetro695]

Even if you have your house paid off, in some areas you will still have to have tens of thousands of dollars to pay the property taxes, water, and sewer bills. If you do not have family around, you will have to sell you house once you get sick enough that you are not able to take care of yourself unless you have about 2 million in the bank. Home care is incredibly expensive and most people have to go into a nursing home.

[@bugsbunny2357]

About 25% of seniors will end up in a nursing home at some point. Only 5% of seniors are in nursing homes at any given time. That means Most / 75% are not in nursing homes.

[@jeffc1347]

While you are correct homes are expensive, its not like you don't have to pay property tax/utilities/repairs if you are renting. As far as I know most landlords aren't in it to run a charity. Having a paid off home in retirement is certainly preferrable to renting or having a mortgage unless you haven't kept up with the maintenance and let the home fall apart.

[@johncantrell8873]

I worked 50 years and retired at age 63. I planned, budgeted, saved and worked extra part-time during 20 years of working life. Still felt moderately prepared for retiremen. Soon I will be 67 years old and seeing that pension, social security and retirement savings are not keeping up with current costs. WHO knew covid could impact so much so fast? I am considering returning to the work force part-time, thinking it is a shame the economy may require more than a 50 year work history after all that planing, sacrificing and saving. I feel sorry for those who had fewer options.

[@agates9383]

Covid is being used as a cover, the country never recovered from the 08-09 crash, we just papered over it and now, it appears, that the "papering" is finally coming home to roost and we will be resuming the 08-09 crash but this time in a worse condition than we were in 08-09 - the FED's "pony" trick has been played and now they have painted themselves and US into a corner that there is no painless way out of.

[@jdenino6022]

I told my husband not to retire until he’s 65 or 66. He does get a pension from his previous career but it’s not that much money annually. At least the house is paid off.

[@agates9383]

@@jdenino6022 Might want to buy some gold and silver if you don't have any.

[@autobotdiva9268]

Wow. You worked way too long.

[@mrs.jack-string2420]

Now here's a person who did it "right" and is still thinking about having to return to work. The costs if things in this country are OUT OF CONTROL. I'm not down on Capitalism, but the USA is going to have to do better at having their citizens being able to take care of themselves. Medicine, insurance, college, to name a few, all are overpriced! Cut bona-fide welfare, not Medicare, but welfare that pays women for having babies with no husband. If you don't work, nor have a decent work history, you don't get rewarded, you get the bare minimum until you understand, you need to work. 💯

[@bigsky300]

Sure do appreciate your direct delivery and easy-to-understand presentation. Well done.

[@fred07575]

Very useful, thanks!

[@cynthiagallentinehowell391]

great explanation!

[@raoulhery]

very complete and informative video. You sir earned a new subscriber.

[@robertbrauer8909]

Thanks Adam-very sobering. I would be very interested in a future retirement planning webinar.

[@chanti811]

Excellent work and research to show the facts

[@SCOTT-ki3ve]

Awesome video. I was expecting the doom and gloom, the retirement outlook is just a mess. But your advice on what to do is just over the top awesome. You are a wise sage indeed. A rare highly skilled interviewer who is also a fountain of wisdom and knowledge in your own right.

[@orangenote3325]

Early retirement is the dream. I refuse to accept that I have to be at the end of my life to enjoy time freedom. Let's hustle to financial independence! Being able to work because you WANT to, and not because you HAVE makes all the difference!

[@JerryStevens]

Early retirement is fine if that's what you want to do and have enough saved. I've grown tired of my friends who retired early and keep complaining about how tight things are.

[@gilgilbert5866]

Great Video that tells so much. The best I have seen so far! Thank you!

[@omnium2607]

Top notch information here. I watch all the videos.

[@Maelu-op9gf]

This is shocking data… half close to retirement have nothing 🥺 oh my!

[@abergin]

This was an excellent discussion of the retirement dilemma many older Americans find themselves in. Unfortunately, although many expect the government to come riding to the rescue, that is unlikely because the problem is too large for even the government to solve. The 401k trap was doomed to fail because too many employees opted not to participate. It was great for the employers, but not for the majority of the employees.

[@timothyw7663]

With ever increasing 'defense' budgets, and with nothing to show for them, I propose diverting at least 1/3 of those funds (probably around $333B/year) to refund social security and Medicare.

[@elmateo77]

Calling it a "trap" is a bit ridiculous though. All you had to do is put 10% of your income into a 401k (set up the automatic deduction then never touch it again) and you'd be set for retirement. Most people just have so little self control they couldn't even handle that without the government or employer doing it for them, tbh it's kind of pathetic. It's like a hole in the ground with dozens of giant flashing neon signs saying "Warning" all over it and people just walk into it anyways because going around would take too much effort...

[@OroborusFMA]

Volunteerism, which is marketed as "choice" is in fact no choice at all. It is a recipe for dysfunction.

[@wyatt1153]

Lift the Social Security wealthy tax cap. They've been getting away with murder not paying after$147,000!

[@g.t.richardson6311]

@@timothyw7663 the defense budget has become less and less a percentage of the total federal budget for quite sometime SS and Medicare obligations are far more percent

[@darrenmcinerney2212]

Great information, Thank you 👍👍.

[@kareng9058]

Great information! Thank you! Love this video.

[@ralphkenniston7604]

Great presentation! 🙏👍

[@jodiemccallum7096]

great! encore! thank you!!

[@EricMcDowellegm]

New subscriber. Glad I found your channel, Adam! Great content.

[@strive4impact]

I like these short explained videos!

[@thomasskelton1555]

Damn Adam that was a sobering video but much appreciated thank you keep up the good work

[@maxw576]

My parents didn't save. They worked into thier 80's and never complained. In fact said working helped them mentally and physically. I have a hard time worrying about people who made bad choices their whole life. I know there are people who truely need help, but I've seen many people drive new cars and buy expensive clothes and homes. I took a lot of jokes about my rust bucket cars that I fixed for 40 years. I never made top 10%, but close. Now I supposedly need to be compassionate towards those that made bad choices. 🙄

[@bellmattwebb]

It will depend on how many people that have made bad choices. If the mob is large enough, it will get its way if it's the right thing to do or not.

[@thomasboutin6045]

:)

[@oweunuffin2252]

Still driving my 79. Thugs hit the lot at work. Watched them pilfer all the other guys expensive trucks filled with goodies. Never touched my beater👍

[@jdenino6022]

@@oweunuffin2252 you drive a 1979 car?

[@oweunuffin2252]

@@jdenino6022 yup

[@youcanknowanything8489]

excellent analysis. Would be nice if folks understood the difference between defined benefit vs defined contribution pension plans.

[@redman3863]

So well said

[@niciassmith1204]

There a lot of people in their 60s and 70s working basic jobs now, far more then when I was a kid.

[@stevenmccallan9202]

Excellent analysis! So many people in so much trouble. Looks like many older people will be working till they drop

[@noreenn6976]

And having multiple roommates to afford housing

[@MBihon2000]

Keeping up with the Joneses, a brand new 5 bedroom, 3 bathroom house, two1/2 car garage, a large deck, in-ground pool. A camper to use twice a year and a hig speed boat a weekend use about 3x a year. That is life in America, my friend!

[@acrobizer1238]

Like you said the key is behavior, specifically deferred gratification. It’s tough and it’s one to reflect on their future selves which is even tougher with societies addiction to our phones and social media.

[@Greg_call]

You are a natural speaker. Good voice. Excellent information.

[@sues3218]

When there is such a gap between wages and the cost of EVERYTHING, it is not a surprise that people can't save. We are being overtaxed on everything.

[@secretariatgirl4249]

This country has never committed to true social welfare and is splitting at the seams because of it...And, it is on track to do worse...ask Rick Scott what his crowd has in store re: taxes for the little guy...again,

[@clrodrick]

I just recently read where 60%+ of folks are living paycheck to paycheck right now, and the longer this stagflationary environment persists that % will keep rising!

[@robertthompson3814]

Excellent video. Please provide solutions

[@Legends_Of_War]

Brilliant explanation of the current crisis.

[@incurableromantic4006]

Honestly what scares me more than the crisis itself is that government will make it a whole lot worse. Printing money, confiscating assets, setting prices, stoking racial divisions - all the stuff governments usually do that invariably make things worse.

[@Wealthion]

Government: If you hate the problems it creates, just wait until you see its solutions

[@johnbirman5840]

@@Wealthion Yah. This as they say “Is the Stuff dreams are made off” Not all dreams are good!

[@idiocracyishere4531]

If only we had a gold backed currency.

[@elmateo77]

@@idiocracyishere4531 That's not practical with how big our economy has become. There's not enough gold in the world to cover everything without increasing the price of gold by like 1000x, which would crater the electronics industry since gold is actually used to manufacture most computer chips.

[@arymniak1]

Wait until the American Communists take over completely They will redistribute (steal) your tax deferred savings (IRA) in the social justice ideology of equity. Or they will eliminate your SSI based upon your net worth and RMD amounts. Communism is evil.

[@douglasthompson9482]

Agree....the next generation is even worse. Most people will never retire, that's really a bad situation.

[@tomkk1000]

Thanks!

[@Wealthion]

Thank you very much!

[@prandn]

Adam, I AM says: “ WELL DONE, GOOD & FAIRHFUL SERVANT “. I also am IMPRESSED. Thank you!!!

[@figtime]

Absolutely love your content! You're level headed and pragmatic and it's great to see people become so popular that don't have to use shock and awe to gain viewership. Keep up the great work, it's fun to watch this channel grow and really insightful!