Millions of Americans nearing retirement without savings

About half of all Americans ages 55 to 66 have no retirement savings, according to U.S. Census data. Janet Shamlian examines the financial struggles many face as they near retirement in the CBS News series "Retirement Ready."
#retirement #savings #news
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[@masterlee4370]

At 21 my company started a 401k plan with Vanguard and American Century. I had no clue what that was and was leary about doing it so I was going to opt out. My boss who had a degree in Finance and Marketing sat me down and explained it to me on my level. That was in 1979. I thank him every morning when I wake up.

[@TopVillain]

How much did you have when you retired

[@RK831]

So this means you are 64 years old. At the time, American Century was either Twentieth Century or the Benham Group before their merger. I know because my first mutual fund was a Twentieth Century Growth Investors fund.

[@masterlee4370]

@@TopVillain Still working at a job I love. I was closing in on a Million dollars when the administrations changed. Under Biden I have lost $160k but I do not plan on touching it until the RMD kicks in, so I have time for it to grow back up.

[@masterlee4370]

@@RK831 Yes I believe they changed the name in 1997 to American Century Investments.

[@masterlee4370]

@@pinkcrayon1382 Under Bush you eventually made it back and some. Under Biden we continue to lose. And by the way you are whining! The facts are the facts. This is the worse administration in my life time!

[@A_francis]

I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow, considering all the inflation, into something substantial that I might use for retirement. I just here for ideas

[@benitabussell5053]

At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.

[@RickWatson-xu6gw]

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.

[@A_francis]

Please can you leave the info of your lnvestment advsor here? I’m in dire need for one

[@RickWatson-xu6gw]

*Sharon Lynne Hart* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@vivianfoster702]

Put it in a diversified fund, with goal for retirement like 2032.

[@slicksmith856]

My Dad's advice was to get a job with good benefits, which can be more important than salary. Thanks Dad, I retired at 55 with a nice pension.

[@Kristeninblack]

this is awesome! Just in general I wanted to throw out there that jobs with pensions are a dissapearing commodity these days and hardly exist anymore.

[@slicksmith856]

@@Kristeninblack This is true in fact the company I retired from has done away with pensions. I decided to take Social security at 62 so I will be arranging that in a couple of months. Thank you for responding I'm wishing you and your family health and prosperity.

[@KB-ke3fi]

@@slicksmith856 Doing the same but at 66 next year. I might have enough to last, I'm not sure yet the way inflation is going.

[@slicksmith856]

@@KB-ke3fi Congratulations! At 66 you receive more, you'll be fine.

[@vcv6560]

It was in 2006 when IBM they were eliminating their pension and going strictly to an enhanced 401K system that gave most of corporate America the position to end there's the article in the New York Times is probably still online where the IBM spokesman is quoted saying and I'm paraphrasing because this is just from memory "We have the capital to pay current retirees that are eliminating this cost to be competitive." I think that says it all right there

[@Riggsnic_co]

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.

[@TheJackCain-84]

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.

[@martingiavarini]

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

[@bob.weaver72]

Mind if I ask you to recommend this particular coach you using their service?

[@martingiavarini]

Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@bob.weaver72]

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.

[@matturner8]

Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $350k in my 401k.

[@LukeMcfarlane5]

People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.

[@KevinClarke9]

I totally agree; I am 66 years old, recently retired, with approximately $1.2 million 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, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.

[@ritalorrigan]

This is exactly how i wish to get my finances coordinated ahead or retirement. Can you recommend the financial advisor you used to get ahead?

[@KevinClarke9]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

[@ritalorrigan]

I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

[@miamivicefanatic9736]

They need to make this topic a mandatory class in high school. Maybe include it in a class on Personal Finance. That includes showing them what life will be like if they have no retirement savings.

[@rickyayy]

They would never. It's been years ppl been saying this.

[@tranger4579]

I had finance in highschool. It taught me a lot. So sad they don't offer it these days. I remember we were assigned job/careers and I was a contractor/framer. I had a salary the fluctuated along with a mortgage and truck payment with child support. We would roll a dice every Monday to see what life changes hit us. It was role play but it taught us how to prepare and manage finances.

[@KB-ke3fi]

We did back in the 70's called general business and investing classes, it was mandatory. They cut the mandatory part and made it optional...about 1980 I think.

[@fendermon]

@@tranger4579 The closest thing my MI school system had to finance was a home economics class where they showed how to sew, cook, and balance a checkbook. The sewing might come in handy if I'm ever penniless and living under a bridge.

[@rockgod2131]

I don't think that would work for a lot of people. Some people have to learn the hard way. Only when it's reality will it seem real to many. Until then, it's the distant future and they assume things will just work out.

[@tltinatl]

This lady is not a great example of people at/near retirement with "nothing." She had a house and sold it. Surely that put around a couple hundred thousand in the bank for her. She's still generating income and is able to travel through her job so it sounds like her health is good. She's saving a lot of money through shared housing costs. Sure, most people don't necessarily want to still be putting in 10 or 11-hour days at the age of 66 but at least she's doing it on a laptop and not at the local Amazon warehouse or big box store. If her health holds out a few more years so that she can wait until 70 for Social Security, she'll get the maximum benefit. I think this lady is going to be just fine.

[@alittlepieceofearth]

She'll do just fine if she has a plan like the one you just described. If she keeps living for today though. . .

[@connor_flanigan]

when my aunt retired at the age of 70, she built a house, paid $400,000 for it and got a 20 year mortgage on it.

[@EMSpdx]

Thank you for pointing this out. Having her own online business puts her ahead of most people without big or any retirement savings. And she is able to travel as part of her business- many retirees with pensions CAN'T afford to do that!

[@reniedavisson8532]

Rhode Island is a very expensive state to live in with regards to housing and taxes.

[@deeb.9250]

Another reason her savings are limited is because she adopted 3 kids as a single mother... I think it's a good trade. She got to be a mother, do what she wants. She seems to be a hustler, so long as she stays in good health for a few more years, she's ok

[@4040smokey]

The real story is half of Americans aged 55 to 66 have nothing saved for retirement. This is dire indeed.

[@tonyasanders7523]

Agreed. I actually replayed that part to make sure I heard it correctly. That is sobering.

[@james1000]

Lack of financial literacy? Spending beyond their means? Insufficient job opportunities for those without education? What is the issue?

[@mindfullymellow2323]

Many life curveballs. Midlife divorces and/or a catastrophic illness can derail even the most well-planned among us. Not everyone out there has lived beyond their means.

[@consumerdebtchitchat]

I agree James. I have a gal pal who asked me about a month ago if "I knew of any jobs with government pensions - like teachers have - because she has nothing saved for retirement (inspite of my telling her for years to do something about it). She didn't seem to get that a pension is in exchange for a lifetime work commitment. I reminded her she is 57 and it's a bit late to start looking for a pension job (eye roll).

[@shawn47240]

That’s what voting for Trickle Dumb Economics, and tax cuts for the 1% for the last 40 yrs gets you. Meh…they were warned it was voodoo and refused to listen. Oh well.

[@lindadorman2869]

I'm 62 and never saved for retirement but I live well on $1500/mo. Tips that helped me are 1) Pay off all debt and stay debt-free. 2) Learn to be happy with less. What you own, owns you. 3) Stay active - take long walks, eat well, get lots of sleep and eliminate stress. The longer you maintain your health, the better life will be. Looking back, I wish I'd saved more but it's not the end of the world if you don't - life can be comfortable and fulfilling if you change your expectations.

[@urbanurchin5930]

I am just a little older than you - I retired in 2017 at age 58 due to illness (genetic kidney disorder) and applied for disability. Luckily, I had a 401k from my employer that was not a large amount (I seem to recall it had a cash-out value of around $20K). It was enough to sustain me until I received SSDI - which is a nightmare of hoops and red-tape ! I was lucky to find a place that I can live at for less than $500 a month, in exchange for minor maintenance and upkeep of the property. Currently, regular Social Security has kicked-in and I qualify for Medicare. I am also debt free and watch money closely - a person can live modestly and well if one sets priorities and lives simply.

[@tomtroy3792]

Where do you find rent for $1,500

[@bherber]

That's wonderful... Do you want a medal, trophy or a cookie?

[@pm8401]

@@bherber jealous

[@ajbee4706]

And childish

[@KingDavid-jj7tk]

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. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.

[@karlabritfeld7104]

And that's a struggle???

[@angelachanelhuang1651]

budgeting is tough

[@happyappy19931]

4.2 million under civil service????

[@FaithandPurpose828]

4.2 mil and 1.8 mil...struggle???

[@user-er1on9yi9e]

Well , if they were married , they both retired with about $3 Million each . Good job Dad !

[@Erikkurilla01]

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

[@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 ?

[@Erikkurilla01]

Yes I have made a very huge returns on my investment with Katrina

[@TheJiggs666]

My company matches up to seven percent on 401k and still provides a pension. I will never leave.

[@instinctively_awesome8283]

According to certain economists, it's possible that the U.S. and certain parts of Europe might experience a recession at some point in 2023. Although a global recession, which is characterized by a decline in annual global per capita income, is relatively uncommon due to the faster growth rates of emerging markets like China, in comparison to developed economies. I have pulled out more than $340k from my bank. After all, the FDIC covers only up to $250,000, and the implosion could have bad effect. Looking to invest into the stock market now. Does anyone know how I could go about it?

[@tradekings5433]

@@PhilipMurray251 hello there, how do i find this lady you just mentioned?

[@instinctively_awesome8283]

@@PhilipMurray251 Thanks for sharing, I just looked her up online and I would say she really does have an impressive background on investing.

[@voidisyinyangvoidisyinyang885]

Don't blame yourself - 50% of the US population in your age bracket are in the same position. Real wages have not increased against cost of living in 50 years. Even the Rand research corporation admitted a $50 Trillion wealth transfer from the working class to the elite since 1970. The minimum wage has not increased against cost of living in 50 years. There was a 90% tax rate on the rich - marginal tax rate - to pay for subsidies to the working class to increase the middle class from the 1940s to the 1960s. That system is GONE so now the 1% has more wealth than the middle class. Brown-No$ing the elite doesn't work anymore. Trickle down from the elite's backside isn't paying the bills. The US had a 90% marginal tax rate on the rich during the middle class boom from 1940s to 1960s - including Eisenhower's administration! It's the high cost of living and low wages that have caused the problem - along with Reagan doubling the military budget - yes military contractor CEOs making $300 million a year from tax subsidies are the true cause of the problem. Not poor people trying to survive when the minimum wage has not risen against costs of living in 50 years. Welfare got wiped out but private prison labor spiraled - so the rich use the poor for prison labor now. Bring back the Maximum Wage pronto. haha. It's not due to "inflation" but rather Debt Deflation for military spending - this is Imperial Implosion.

[@cheesemaster113]

please be careful of scammers in the comments.

[@Lealelan]

consult a fee only financial adviser to make an investment plan!

[@PlayedTV]

I don't feel bad for her. She looks well fed, housed and healthy.

[@sunway1374]

Don't forget the two dogs. I mean they cost money.

[@Surfbird11]

A 401k is just another retirement account. It isn’t magic. You can save money without one. Get an IRA. Open a brokerage account and buy an index fund. Get a regular savings account. The point is that anything works if you actually save money and nothing works if you don’t!

[@tracywalker244]

True

[@clearviewtechnical]

Best part of 401k is employers almost always match contribution at 50% or more. No brokerage or savings account will do a guarantee 50-100% return on investment.

[@DieGurkenfresser]

Take everything that your Work matches, even If its Not much or what gives you a tax benefit. Every Dollar Matters, esp. When you are young. Also spread the Money to BE save

[@mallardcutter7209]

You can save a LOT more with a 401k and it helps lower your taxes

[@stgermain1074]

I'm 61. For the last 5 years or so, I've been saving 50% of my pre-tax income, which is in the $60K range. Basically, for the last 15 years, every time I got a raise, I put it into savings. I financed my home for 15 years, and once it was paid off, increased my savings even more. Now I have no debt, a $500K in my 401k, and a rental house to provide extra income. I'm mostly working for health insurance at this point.

[@LarisaC.]

That is SO impressive! Well done for you. I like the 15 year mortgage too, takes guts to do that.

[@A-t-r-u-s]

Sounds like you come from privilege

[@LarisaC.]

@@A-t-r-u-s???? Are you? Ok??

[@stgermain1074]

@@A-t-r-u-s Privilege? I don't have a college degree. I worked relatively low-paying jobs most of my life, but got ahead by actually showing up every day and working hard. I taught myself MS Excel and Access and then other database systems. And I lived below my means. I lived in a home without central heat and air until I paid it off, then I used what would be paid on the mortgage to install a minisplit unit in part of the house. For almost 20 years I carried in wood for the wood stove, and had one window A/C unit in the hot and humid South. Privilege? I had the privilege of observing parents who worked hard and saved hard. I had the privilege of shopping at Goodwill instead of foolishly thinking I had to have the newest and brightest. I had the privilege of buying used cars instead of new, but kept up on the maintenance, since that keeps them going. I've been privileged, indeed.

[@donaldkinsey5245]

I was only able to retire last year because I moved out of the U.S. The cost of living is cheaper.

[@patrickprendergast9589]

can u tell us what country

[@jerrym3261]

I can afford to live in the US unless the medical system gets me but, I'm thinking Ecuador could be a much better life.

[@patrickprendergast9589]

@@jerrym3261 im considering cancun mexico because of proximity to us 55 minuts my former coworker was going to go to equadore then he got maried no more maybe we could be room mates

[@jerrym3261]

@@patrickprendergast9589 I know I'm looking for much less population than Cancun. Ecuador is so versatile; coast, mountains or rain forest. Even with those options, Ecuador is just a starting point for me. If I don't love it, can't bear the thought of ever leaving, Panama would probably be next, then Guatemala because it's gorgeous and then there's Portugal. I do know Portugal is not in Latin America but, I'm part Portuguese and I've always felt that shaped who I am. I have no idea where I'm going to end up but, I know my clock is ticking. I'm 69 years old and even though genetics say I'm going to live long, I may not always be able to travel.

[@rdrdrd7777]

@@jerrym3261 69 ? You better decide fast and go

[@nikkipage9132]

I am so fortunate. We went through everything we owned and saved when my husband got sick. I ended up in Florida near my sons in a fixer trailer in a 55 plus park. When he died my survivors benefit was only 835 a month. It was a disaster. I sold my car and trailer and moved into my sons place till I could find an old van and get it on the road. Its been in the shop most of the time since November 2022. But I got really lucky/blessed. My name came up on a senior subsidized apartment. 30% of my income. Close to my kids who started a new business that has taken off beyond our wildest dreams. So I take care of my grandson and cook and clean. And they take care of any of my needs. Have faith and never give up. The van? Well that remains to be seen.😄❤

[@kerrynight3271]

Oh, Nikki, I'm SO glad you got a place to live. Enjoy your precious life.

[@codelessunlimited7701]

I like your story it's very warming.

[@tarawalton6778]

❤️

[@tonyl6385]

Praise God.

[@keithss67]

You should have just fed him to the birds 🦅

[@wthomas5697]

It's strange to see how many folks watch something like this and then feel the urge to comment on how well they've done financially. Very weird.

[@sunway1374]

Yep. More than 50%. Funny how the people who are not doing well don't watch this video or don't comment.

[@pepper1188]

Nobody in my family lived much past 60...I would take Social Security asap

[@garychristison763]

Recently I ran across an interesting study that shows your life expectancy correlates more closely with your spouse than with your siblings. I other words, diet and life style trumps genetics.

[@windsofmarchjourneyperrytr2823]

@@garychristison763 Unless you have old relatives who are single and refuse to croak...

[@McElvinn]

Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,

[@corrySledd]

Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving

[@sherryie2]

@@corrySledd Agreed! I first contacted a Financial Analyst because these days, it's easy to buy into trending stocks, but the task is knowing when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. I’m currently 60% up in profits just in 5months with my

[@AUstinnesc]

@@sherryie2 How can I Find this Lady?

[@sherryie2]

@@AUstinnesc Sure. NICOLE DESIREE SIMON, a well-known person in her field, is my advisor. I got to know her through my wife. It's my wife that has her number, but you could further investigate her credentials and contact her yourself.

[@AUstinnesc]

@@sherryie2 Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@ClementRusso2]

I'm nearing retirement in three years, and despite having solid companies in my portfolio, my profits have stagnated in this uncertain market. Are there any calculated profit opportunities in this recession?

[@AlexanderDanielley]

Generating substantial profits, particularly in a bear market, involves employing intricate strategies that are best executed by seasoned market experts.

[@VickyAlvy]

I agree. Despite early setbacks and losses in the market, I re-entered in February 2021 with guidance from a recommended investment advis0r. Fast forward two years, and I've gained over $720k in returns.

[@Jason9o669]

That's impressive ! I could really use the expertise of these advisors. Who is yours?

[@VickyAlvy]

Definitely! Everything unfolded under 2 years following Stacey Lee Decker’s guidance. I began with just under $150,000 and now I'm only about $45,000 away from reaching a-million dollars.

[@hisaddle]

S&P 500 funds did great last year.

[@kevinp8108]

Why aren't her adopted children helping her or allowing her to live with them?

[@MrBrewman95]

Why should they be dragged down too by her poor decisions?

[@Octaviamorris77]

Exactly

[@starbrightblue4936]

I worked till 67 paid off home and SS only. I wouldn’t have it any other way. Love being free and out of the workplace!!!

[@michelsilva1711]

People all over the world go to USA for the american dream, but its hard even for americans born...

[@michaeln.2383]

I think delaying SSI benefits is bad advice.

[@johngill2853]

For who? It may be for you but it isn't for me. When to collect Social Security depends on your situation

[@Liberty2358]

A Dollar now is better than a dollar tomorrow. Econ 101: Time value of Money and Net Present Value. The best time to collect SS is 62 not 70 since you may be dead long before age 70. It would take until age 75 to break even if you wait until 65 versus age 62.

[@johngill2853]

@@Liberty2358 it's not a dollar today or a dollar. It's 72% today at 62 and 134% at 70 And that doesn't include other things like taxes and inflation adjustments. We know statistically what age people will die, but you know statistically where you fall statistically on those statistics. Somebody who drinks heavy and smokes obviously have a lower life expectancy

[@michaeln.2383]

@@Liberty2358 Yeah, the government is betting on you dying. So, they try to get you to delay collecting benefits.

[@Liberty2358]

@@johngill2853 Just do the math, age 62 vs 66.5 = 54 payments, age 65 vs 70 = 60 payments. For a $2,000 monthly payment that adds up to $120,000 by time you reach age 70 and divide $120,000 by the monthly (increase by filing at age 70) you will see how much longer you have to be alive just to break even. All of us can die today or tomorrow. It is less than optimal to wait.

[@stuartstuart866]

I had a friend who would work, save money, quit his job, and then live off of his savings until it ran out. He repeated this process until he got too old to work. He lived his final years in poverty, not homeless, but certainly not in comfort. I guess it’s a trade off, in his youth he enjoyed his freedom by working intermittently where as I worked steady through my younger years and retired early, and in comfort.

[@EMSpdx]

In my 20s I went from job to job, often because I was on contract for my line of work. And I went through a period of real impoverishment in my early 30s (widowhood). It taught me that having freedom to do fun things and having a financial cushion were not diametrically opposed.

[@33Jenesis]

I’d love to work to live fun life but falling thru the cracks in old age is a real deterrent. Instead I took vacation and sick time to travel, never saved it to cash out annually. I loved running races in different cities and bagging peaks in other states. I did long distance trekking in England and in the Alps. I don’t believe in seeing the world AFTER retiring. I saw the world and natural beauty during younger healthier years. It did help that I have been single and no kids. Traveling expense is just for one person. I retired last year, still waiting for crazy travel industry to calm down.

[@yodafannie]

And I hope you take him out for lunch a couple times a month.

[@MrLazlness]

That’s why I don’t plan to live past 35

[@stuartstuart866]

@@MrLazlness I have heard that argument over and over …… from people who are now in their 60’s lol

[@liferdog3697]

Always lived for tomorrow, spent my entire adult life in the US Navy (33 years) now I collect a $6000 thank you note from Uncle Sam every month. Did all the normal things people do but found a way to save $1.2M during my working career. Just started to collect SS at 65 y/o. I still work part time building custom cabinets and shelving and made 20K in 2022. Sometimes I think its an embarrassment of riches but I believe I earned every penny of it. My 4 adult children are currently on the same glide path, I tell them no one is going to help you so you had better have a plan and stick to it.

[@cockyhemi-123]

Good work! 👍🏻🇺🇸

[@tianzhou1244]

You earned it man, whats an embarrassment are the fat-cat bankers and CEOs..

[@aqua6613]

Raised 3 kids that weren't her own... That was her retirement investment and it plummeted in this culture. Other cultures take care of their seniors.

[@jeffjr84]

It's hard to save for the future.. when things cost so much now and the pay is so little on average..

[@dachicagoan8185]

But she is a boomer. The price of homes were like $50k back in her day

[@MrLivewire1970]

It's hard to save when you go on expensive trips and you don't save for the future like this woman admitted to. Maybe she should get another pet to go along with the two she can't afford. Where's the kids she raised? In the good old days kids used to help their parent's. Now everyone wants a handout from the government.

[@ariefraiser140]

That's an excuse. For the past 20 years we've had some of the lowest inflation in modern US history. It just seems there's a lot of people who would never save a dime for retirement. I read an article that stated 51% of Americans making $100,000/year or more live paycheck to paycheck. That's just ridiculous. The average US household income is $70,000 yet over half of Americans making over $100,000 can't put away just 10% for retirement and live on $90,000? I feel for those who truly can't save such a as people earning minimum wage but for those making decent pay of $50,000+ you should be able to put away something. Even if just 5% of your salary.

[@Liberty2358]

It is easier than you think, do you smoke, drink latte, eat out...etc. Track what you spent daily and look for opportunities to save 5 bucks. With 6 bucks a day you can fund an IRA for the year. If you can save one hour worth of your wage per day you can fully fund a Roth IRA with an investment account at Charles Schwab or other brokers. Pick an S&P 500 index fund such as VOO and just sit tight until you retire. It is that simple.

[@vickylightspeed2750]

it is just a useless excuse...if u have discipline and selfcontrol you can save and invest

[@bookmagicroe9553]

People can always save in a Roth IRA that grows tax free. If you start early and put in little bits at a time, it can grow substantially by the time you are older. But it's best to start early.

[@johngill2853]

Or you can contribute to a traditional account and save the tax breaks you receive. The overwhelming amount of people pay less tax in retirement

[@Liberty2358]

It is easier than most people think. If you pay yourself 45 minutes' worth of your daily wage, most people can fully fund their Roth IRA for the year. Do that for 30 years, you should have a million dollars in your account.

[@johngill2853]

@@Liberty2358 if your goal is a million in 30 years I'd rather have traditional. Your total would be closer to 1.2 million (because in 30-years the standard deduction to be about $25,000 a year)

[@Liberty2358]

@@johngill2853 You could be right, however depending on your income. For the lower income earners, a tax-free future is much more optimal. That is why one should max out their 401K with employer matching and invest in a Roth IRA at the same time at $6,500 per year. It all depends on you personal situation.

[@johngill2853]

@@Liberty2358 maybe if they save enough to withdrawal over the standard deduction which the median do not(median retirement-savings about 175,000). Most people don't have a tax problem in retirement

[@moneyrules1337]

Its never ever EVER too late to start saving, no matter what age you are you have to start NOW. There are people in their 70s who still work who will never retire because they didnt save a penny.

[@UptownSigma]

Aye the Crypto champ is here ladies and gents.. Hope u folks learn about Bitcoin!

[@victorkreitner754]

There's a video of a woman whose 71 years old calling Dave Ramsey the financial expert. All she had was 900.00 in a savings account. That's sad reality right there.

[@Donnie-Lee-Gringo]

She’s doing fine. Sharing a house with two others. Traveling. What’s the problem? I took social security at 62. I have no savings. I left US of A to live in South America. I’m living off of less than $2k a month in the middle class of of South American people. I have free health care in South America at first world standards. There are options if you have no 401k savings or other pension money.

[@gabriellaescobedo4711]

My parents did the same, retired at 62 with only my father receiving Social Security income, my mom is 58, they move to Mexico and they're enjoying their life living with only $1,200 a month. And they're loving life with only one income.

[@Liberty2358]

We have always had low-income people in the USA, but we used to have figure it out and take personal responsibility. There is always a solution if one chooses to be responsible.

[@alphaomega1351]

I hear you but one should not have to leave to afford and enjoy a reasonable retirement. There is something truly wrong with the financial capitalism system if that's the case. 😶

[@KB-ke3fi]

yeah then why are millions moving here across the border from there?

[@KB-ke3fi]

@@gabriellaescobedo4711 But you can't buy land there.

[@jos8333]

Financial advice for both men and women. If you are married, stay married. Divorce can have serious financial consequences.

[@InverseMyInvestmentAdvice]

Stagnant wages, increasing healthcare costs, and rising housing prices have made it difficult for some people to prioritize retirement savings. Many people are struggling to meet their daily expenses and simply cannot afford to set aside money for the future. Printing more dollars can potentially lead to the devaluation of the dollar.

[@MyerShift7]

*DOES. Not potentially, it does. 🎉

[@ellajones9787]

This is scary - I had no idea it was that bad. My former employer offered a 401K with a 6% match soon after I was hired and during the last 10 years I maxed out my savings rate (almost $25K). I'm 63, just retired, have almost no debt, own 2 homes and have 7 figures in retirement savings. I knew I was blessed and lucky but didn't know how much.

[@linuxsurfer2002]

That is awesome.

[@fdm2155]

Yes, it's stunning how many people are so poorly off. I think people look around at 50 or 60 and realize they are WAY short of what's needed to retire. This lady was smart to downsize and buy into a home with others. That surely allowed her to cut expenses and save a lot more. She's starting late but at least she's starting.

[@mmc9828]

A 6% match is awesome. I've never worked for a company that offered more than 3%. Good for you!

[@MrDemonsushiGuy]

Where did you work? What did you do?

[@mmc9828]

@@MrDemonsushiGuy Medical field

[@kristinab1078]

Warning: This thread has been hijacked by bots, self-promotion, and free advertising. Proceed with caution.

[@sammyday3341]

I may not be the best dad in the world, but one thing I did correctly was teaching our daughter finances early on. She has emergency savings, a 401K, and no credit card debt. I learned the hard way, but she’s smart enough to listen and learn the easy way.

[@MrSteeDoo]

Yes very important.

[@kellyyork3898]

I have a disability and had to retire early…well, I actually worked 35 years before retiring, so I don’t know if you call that early or not. But I retired at age 59 with a pension, and later some Social Security. I did have a little bit of savings, but you will eat through your savings pretty quickly. Be careful with your money and save as much as you can. Good luck to all.

[@Michelle_Sanders561]

Amazing video I will say retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement. This is how it should be and I really want that have that comfortable life. Any advice on what to do?

[@user-qs9by1fq4o]

Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks.

[@AnnBurrow-vb8tt]

Michelle, we had invested money through a financial advisor for nearly 30 years. The market had its ups and downs, but it did very well for us in the long run. With my pension, social security, and investments we can live comfortably.

[@bobconder3163]

Where did the 3 ingrate kids go ??? And those pets aren’t cheap

[@sallyclay1974]

I retired in Danbury, CT in 2006. I went through a corporate takeover and a bankruptcy. I stretched my stocks, for about 8 years. Now they r gone ,and I'm on a fixed income

[@EMSpdx]

A lot of people don't seem to realize that these things do happen, even IF you have investment accounts!

[@1lorijb]

All our young People should be told, if you don't buy a home and have it paid off by the time you retire you most likely won't be retiring 😒

[@happy3813]

I agree. You should have a paid off house by time you retire because that's your biggest payment. If not, keeping working until it's paid off. In the long run homeowner is better than renting in your senior years.

[@tracywalker244]

@@happy3813 Upkeep and maintenance can be a hassle in your senior year

[@markconley3877]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. I personally benefited from the market crisis as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.

[@Florencecoxx]

I keep wondering how people earn money in financial markets, i tried trading bitcoin on my own made a huge loss and now I'm scared of investing more..

[@markconley3877]

Personally, I would always advise getting a professional help so they can steer you through the choppy market.

[@Florencecoxx]

I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the expertise that assisted you and how to get in touch with him?

[@markconley3877]

@@Florencecoxx I get guidance from *Mr Gary Mason Brooks* . Most likely, the internet should have his basic info..

[@zombie15ish]

@@sheilajensen This is the Fourth time I'm seeing someone talking about Gary as there are lot of testimonies about him on Facebook. Do you know him ? if yes , did you work with him?

[@dolphinwatcher415]

She said it herself, "She had a live for today attitude."

[@EMSpdx]

While raising three children and paying off a house. While it's too bad she did not saving for retirement, I would say her attitude towards life was a good one overall.

[@vcv6560]

@@EMSpdx that very sweet part of her story left we wondering if her children could help her. I did so for an elderly grandparent that stepped in to raise me.

[@EMSpdx]

@@vcv6560 Her children are hopefully working good jobs and building their own lives! If it came to a pinch I am sure her children would help her- but honesty this woman is VERY fortunate- she bought a house with others and is able to have an online job.

[@mcnally211]

America is the wealthiest nation ever on earth. The workingclass hasnt received a raise that keeps up with inflation in 40 years.

[@MrLivewire1970]

Right, but this woman could afford to go on expensive trips. She even said she lived in the moment and didn't plan ahead. Why simp for this irresponsible person? Is it because she's a woman?

[@thisguy73]

Reagan loves it. As does Thatcher. All the wealth should go the few elite! MAGA!!!!!!!!!!!!!!!!!

[@mcnally211]

@@MrLivewire1970 im speaking in general terms. Im not commenting on her situation at all. Ill hit you with another crazy fact. Americans used to have a thing called a savings account that would produce 7% intrest rate. Then the bank take that 7% package it with others $ & loan it out at around & you would get back 18-21% if taken youre $ out 3-5 yrs later. Think about living of youre intrest rates! It was a real thing in America. Now, thats only for the 1% of the wealthiest Intrest rates are now .5%

[@Liberty2358]

Econ 101: supply and demand. Take control of your own future and stop blaming others. Invest in yourself by improving your skills to earn more money. Then you must pay yourself first, open a Roth IRA investment account, save 5 bucks a day and put it in the account. Buy into a S&P 500 index fund and just sit tight for the rest of working life. You will be surprised how much you will have when you retire. Blaming others for you being poor gets you nowhere.

[@TVHouseHistorian]

Also, living in the wealthiest nation in the world she had access to a pension or some sort of retirement benefit. So she really doesn’t have an excuse. I started saving when I was 21. My employer at the time was offering a 401(k), and I saw no reason not to participate. Most of my coworkers passed on it, and as of today, most are in this woman’s situation.

[@michaeltudda8462]

Just turned 52 and I am Disabled Veteran who works. Is a scary thought for a lot of folks. Even when you HAVE been financially responsible.

[@ecclairmayo4153]

Exactly. These returns on investments aren't even the same as they used to be. I cam see that even as a young person. That makes it where even if you do all the right things, there is no guarantee. Thank you for your service❤

[@hisaddle]

VA disabiltiy pay is huge in the military town I live in. Had a friend driving tractor trailers for FedEx, 80% disability pay rate, with 3 kids and wife, they gave him over $3,000 a month. In my city, region, ex military people are doing great with the VA disabilty pay, good jobs on the bases too. They are making bank.

[@thinkforyourself9334]

​@hisaddle true. what city do you live?

[@michaeltudda8462]

@@thinkforyourself9334 - Vernon , Vermont

[@cockyhemi-123]

@@hisaddleyeah, that’s great. More government subsidies and benefits. Such a good thing for the economy. What a joke.

[@debbie7771]

I realized at 35 (and single) when I had $78 in the bank that no one was coming to save me. I was terrified. I became a minimalist and super frugal for about 5 years. Became debt free and started investing. I remember I opened a hys acct with $5 at the time. I’m 46 today and now live with my bf and we are both debt free and frugal and I finally can splurge a little and cut down on work. Start with any amount and just be consistent. I’m now no longer worried about my future.

[@averagejoe9249]

This is why social security is more important than ever.

[@Creepcanroll]

Get in a pension. State. Federal. City. Even if you're a janitor. Pension are hard to come by.

[@barbararey4337]

I know many people who worked all their lives but between rent and medical bills/medicine 70% of their paycheck is eaten up by these two necessities alone.

[@Liberty2358]

We all need to take personal responsibility for our own financial well-being.

[@lindsayschutz]

@@Liberty2358 how so? Spend less on groceries by buying more processed stuff? It’s cheaper now, but it’ll cost you more in the long run! Same with moving for cheaper housing- there’s a reason why housing is cheap outside of major metro hubs and it’s usually because very few people want to live there because the economy in that area is absolute crap!

[@agoogleuser6902]

Medical care and medicine, outside of emergency care, is rarely a necessity.

[@AlanHDeBoerSr]

Impossible to have money saved for retirement when you've been laid off multiple times through your work life, and had to live off savings while unemployed.

[@joefranks4235]

Amen brother. I am going through that now. I do have a modest 401K savings, but I plan on retiring next year (2025) and filing for my benefits.

[@taustin6524]

It’s difficult to muster sympathy for someone that, by their own admission, did little/nothing to prepare to stop working. Plus, she has a travel business that lets her travel the world on company expense so it doesn’t sound as if she’s too bad off.

[@tonypresent]

Raising 3 kids as a single mom isn’t easy though.

[@bobjames6622]

@@tonypresent So what? If you cannot afford kids then do NOT have them, or in her case, adopt them. It's called being an adult and facing up to reality rather than wishing upon a star and hoping that everything will magically turn out okay.

[@minoozolala]

@@bobjames6622 Meh, she'll be fine. She sacrificed to give 3 parentless kids love, a home, and a future. I'd call that one heck of an investment. She's definitely earned the jewels in her heavenly crown.

[@bobjames6622]

@@minoozolala You're living in la la land. She will NOT be fine. Life is hard,. and she made REALLY crap choices. If you make bad decisions and choices, there are consequences.

[@minoozolala]

@@bobjames6622 Nope, she's fine. She sold her house, has some of that cash in the bank, lives with others to save on accommodation costs, is likely taking SS at 70, has a job, travels the world. And if you think saving the lives of 3 kids is a crap choice, well, maybe you have your priorities mixed up.

[@bernie9728]

These videos can be kind of depressing. I never went to college. Went to work right after graduation from High School (1972) Met a stunning 17 year old High School Senior in 1973. We got married in 1975. I retired in 2016 at age 62, she retired 2 years later also at 62. After almost 7 years of retirement we are still yet to tap into any of our retirement savings. In my life I never paid rent until after I retired. Our RV is too big to keep in the driveway when we are not using it, so we rent a spot in a secure RV lot. Purchased our first house just before we got married. Purchased a bigger house 7 years later. Still living here, but paid the house off just before I retired. We sold our small RV and purchase a bigger one for our retirement years. Paid cash for that RV. So for the last 7 years we have been living debt free on nothing but Social Security. That could change because I'm trying to talk my wife into purchasing a new motorhome. She likes to buy me nice things so I am keeping my fingers crossed. Not bad for two kids who never went to college.

[@fendermon]

Not bad at all :)

[@jerryrichardson2799]

True.

[@jasono.1629]

Happy for you both! You don’t have to have gone to college to have wisdom.

[@biscuitbuilder27]

Motorhome is becoming an increasingly bad idea unless you own land to stay on as well. It's becoming a felony in some states to live or sleep in your vehicle (regardless of it's kind), so if you have an RV you'll need to pay an RV lot to park. That kind of thing. Eventually everyone who "owns" a trailer type home in these trailer parks will be forced off the land and forced into selling their home, because they don't own the land. Developers will eventually come and turn it into unrealistically priced housing. So, if your plan is to basically be harassed by law enforcement and never be able to settle again for the rest of your days I say go for it lol

[@Chris-de2qc]

the cost of living/inflation was way different back then. consider yourself lucky.

[@cherylcampbell7495]

I love how they put the blame on us. How about the fleecing of our pensions and social security.

[@KB-ke3fi]

Wait till Biden is done with us....nobody will have any money left.

[@belindabruceaustin7127]

Already retired with no savings but fortunately getting more than when I was working.

[@abbyc.4215]

As a teacher making 60k + bonuses who is single with no children, I am well aware that I make much less than what is considered to be a high earner and many of my peers. However, what I do like to focus on are my physical mental, emotional, and spiritual health. This means hitting the gym at least 4 days per week even though work can be exhausting. It also means that spirituality/ my relationship with the Lord is a priority. It means taking a few trips per year, especially out of the country (world language teacher here) and giving as often as possible. There are many who earn over six figures that eat fast food and junk food on a regular basis, do not exercise, and as a result, spend a significant amount of their salaries on doctor visits, prescriptions, and pills, and don't even feel good most of the time due to poor life choices. Health is wealth people! I may not have a lot, but I am in a way much better off than some with high incomes.

[@cy8905]

Teachers are one of the top categories of people who retire with over a $1million net worth.

[@abbyc.4215]

@@cy8905 That's my hope and prayer! The 401k and pension really help. I wasn't aware that I had as much as I did in my 401k until recently. With so many downsides to teaching nowadays, these are one of the few perks.

[@cy8905]

@@abbyc.4215 you can do it!

[@les0101s]

@@cy8905 What about State and other Government workers? They must be high on the list too with their pensions.

[@WAN2TREE4]

"Taking a few trip per year" means you have no savings and even in debt lol

[@FredMaples]

Go to Latin America. As an American I’ve been to Mexico, Costa Rica, Panama, Colombia and Chile. Whenever I meet older Americans retired over there they are so much happier and healthier over there than here. The US isn’t really set up good for retired people in my opinion.

[@lillsjul]

I think she has it pretty good. If it wasn't for the negative tone of the interviewer, this could be a lovely story. Golden girls life style with friends, travel, and still making money past retirement age. Thanks to remote working options you can keep a great life style at any age and keep your brain sharp without doing cross-word puzzles !

[@dcg590]

How is it great? She’s he definition of what not to do. First problem, the selfish choice to be a single mother. Now she doesn’t anything to retire on. I’m guessing her children will now have to pitch in, which is completely unfair. She’s single, decided to do the modern woman thing which is the worst idea ever. Doesn’t have any plans. The highest homeless demographic is single woman. No thank you

[@tltinatl]

@@dcg590 I wouldn't call adopting three children "selfish."

[@bobjames6622]

@@tltinatl You're right. Id' call it bloody idiotic! LOL!

[@DistrustHumans]

​@@tltinatl only if she paid for it herself... or are you going to convince me that taxpayers didn't ay for those kids? And if she had three kids, and she's having financial trouble as an old lady, where are they... why doesn't she move in with one of them? Too many fake heroes in our society.

[@whyme7996]

@@tltinatl absolutely selfish

[@lisabrightly]

Plus these jobs are so stressful! Who wants to stress out until their last days?! At least she had a house to sell.

[@CommercialVehicle]

When you're young , grin and bear it, make hay while you can. I had a sweatshop job, but I stuck it out for nearly 25 years.

[@tracywalker244]

@@CommercialVehicle 33 years for me

[@topper1958]

When people, ‘live for now” they have nothing for when they get old. I don’t feel sorry for people who mismanaged their lives. I’m 65 retired and saved 15-20% since 1986. I enjoy my freedom.

[@pepper1188]

Retirement is overrated, most people don't have enough structure to stay healthy. It's better to work as long as possible in my opinion

[@jodyvanliew2514]

66 years old and now comes to the realization that she needs to save for retirement and her future ? SMH

[@dodgerblue7381]

I have to say that she may not have savings but she is rich in kindness, generosity and Love. Downsizing her home will help but she needs to make sure that the new home is vested properly. If one of her roommates gets sick and in the hospital and it is not titled properly, she can lose her property to a hospital when it isn't her bill.

[@BZR330]

I will never be able to retire. I have struggled my whole life, and I will work forever or until the good Lord finally puts me out of my misery.

[@Pete-rs4yz]

You don't necessarily need a savings plan but rather a plan to save.

[@kathleendonnelly6077]

I am 62 and became disabled in the last year. I worked in the low paying career for childcare for 42 years and did not have much savings. Now I will only have SSDI. I admire the woman in this story though I wish she could retire. I would tell people - you may think you can work till 70 to get maximum SS but life happens and things can impact the plan. For coming generations I hope they will see and learn to start saving as soon as they start working.

[@freedomrings1420]

Maximum is 67

[@OhJodi69]

I was disabled at 44. You never know what can happen.

[@freedomrings1420]

@@OhJodi69 Social Security disability is the biggest scam in America. I've never seen so many people collecting SS disability that can drive, shop at the mall, go to the beach , walk ,talk , eat, have sex and do all kinds of things ... yet they can't seem to work.

[@OhJodi69]

​@@freedomrings1420 You're watching a lot of people on disability having sex??? You've got some really strange ideas about what disability is. I can do all of the above (except go to the beach and the mall, but I can go to the grocery store), and I was approved in 3 1/2 months, because my condition is listed in the Social Security "blue book" of conditions that are automatically approved. Sure, there's fraud. But the biggest fraud is how there are people who really are disabled who have to wait YEARS for approval, for which they have to hire a lawyer who will get 25% of the back pay. Many people actually die while they are waiting for approval. That's the government and lawyers stealing money FROM the disabled. Be outraged about that.

[@georgewaring7168]

@@freedomrings1420 Maximum SS benefit is at age 70. The SSI refers to age 67 as your "Full Retirement Age," but it's really just an arbitrary number since you can begin collecting SS benefits at age 62 (60 in some cases) and it continues to increase until age 70. At which point it stops increasing.

[@bradlucass]

My inheritance, a whooping 1m has grown only 4.72% in the past 12 months. In this bear environment does investing w/ a brokerge account under a custodian outperform a 401k? should I seek a pro to grow my funds on brokerage acct or still hold? I have 5 years to retirement. Happy to discuss.

[@RafetMert-qs3kw]

Mine was 8.16%, I used to dca into etfs but I reconsidered the strategy since I am still way behind after the massive downturn since Jan last year

[@bradlucass]

I don’t want to touch it despite dwindling savings and losing both my jobs. I wish to grow it aggressively if I must draw it down, hence my question.

[@Vinyvasquez]

.Private investing is the best way to go about the market right now, especially for near retirees, I've been in touch with a wealth manager, netted 370thousand the last downturn, made it clear there's more to the markets than we average joes know.

[@HermanOberg]

Be careful not to be lured into the market too soon, this current situation has really opened my eyes to the importance of a good mentor on YT or elsewhere knowing what he/she is doing.

[@bradlucass]

​@@Vinyvasquez this is incredible! how can I vet your advisr, mind sharing info, if you please?

[@aclem8246]

Yes we are the generation that came after employers got rid of pensions and working for a company for life became a thing of the past. As a result there were some 401k's but with each job change and serious inflation many didn't save. We were still trying to have a family but the cost of that skyrocketed and the wife now had to get a job and the addition of another part time job to make ends meet. Today people know better than to plan on a big family, a house, etc, but back then we were still thinking we should do as our parents had done. Times are tough. Wages have not kept up with inflation and 401k's are at the mercy of the stock market but people today know not to expect the same standard of living as past generations. The 1% are doing better than ever though.

[@cattastroficka196]

I grew up with parents who taught me and my siblings about hard work, not using credit cards or buying over your means. When my husband and I purchased a house we were told we could afford one twice the price of the one we chose. No thanks we said. Still in the same house, will be paid for in 2 years. Friends keep buying bigger and better homes. I tell them have fun with the mortgage when you’re 70. 😂

[@pm8401]

No need to compete with them.

[@cattastroficka196]

@@pm8401 That’s right! I have a brick ranch, 2 car detached garage, 3 bedrooms, 2 bath, a 500 sq ft rec room with bar, double lot on a corner. Absolutely perfect for me and my husband. Never struggled for money because we weren’t house broke. Because of that we were able to afford a metal roof. Won’t have to reroof in our lifetime. We also have 4 vehicles. For me a Miata convertible for summer and King Ranch F-150 for winter, and for hubby a LeSabre for summer and Wrangler for winter. Great feeling able to afford the things we want. My parents told us not to be broke by buying the most expensive house we could afford. Great advice.

[@KathleenMcNe]

I know a couple who took out a mortgage to purchase a nicer, larger home than they need in their mid-60s. I'm their age and would rather live in a tiny, modest house than take on a mortgage at my age.

[@LMays-cu2hp]

Thank you for sharing this story.

[@thesilentgeneration]

The same thing happened to me 20 years ago when I had to retire at 58. Could not afford to live in the US so I immigrated to the Philippines. It was the best and only option I had. It worked out fine except for my retirement account with the Federal Reserve Bank. As a former employee, I cannot access my account from this country because the system is set up for those living in the US only. So, if you plan to move to a foreign country keep that in mind and don't cancel your American bank account, you might need it for direct deposit one day.

[@jefe.theciskokid]

Is there a way you could still collect from federal reserve? Like come back to the states pick up your money and head to the Philippines?

[@thesilentgeneration]

@@jefe.theciskokid Hi Jeff, I started receiving my checks again but delayed. I was also able to convince the Fed to UPS me a password and I should get it in about a week, maybe things will work out. Thanks.

[@zokitchvlog]

I plan to retire at 52, hopefully i make the right decision also going to phill

[@vivianfoster702]

The smartest thing to do if you don’t know how to invest is, if your company has a 401k, just select a fund for the year you plan to retire. Contribute to it, even if you’re poor, put in 5% or just your overtime money. Watch it grow. You’ll be surprised in the end.

[@johnnyfive1412]

She could have invested in an IRA on her won. She could have invested in a taxable account and only withdraw from it in retirement. She has only herself to blame.

[@mutajrjr1970]

Like my dad said it’s not what you make it’s what you spend I know teachers living a happy life and financially ok. I also have friends making 350k+ a year who have admitted to having 1 to 2 months of savings.

[@kenbell3250]

The American system is so weird that it is incomprehensible to an outsider. In Britain, a lot of people have private pensions - the law insists that employers are responsible for making sure that workers are signed up for one - but even if all you have is the state pension you will get by. As of April 2023, the state pension will be £203.85 per week. Health care is free for all and state benefits will pay the property taxes on a house to someone with such a low income. You get free travel on the buses - life is OK.

[@fendermon]

Interesting, we have a system where you get to live under a bridge and eat bulk dog food if you fail to plan and/or run into any problems.

[@EMSpdx]

This is true in Britain. But also in Britain things are VERY tight for pensioners- the cost of living shocks have meant cold homes, reliance on food charity, longer travel and medical wait times.

[@calipdis2]

The deficit is going to explode one day and all those free things will be gone, that will happen everywhere and still no one has a solution

[@CBCycles]

My wife and I didn’t have two nickels to rub together until we were 45. Been playing catch up since then, living very humbly while saving whatever we could. We’re 61 now, and will have to work until 66. We both have a pension and a 457 plan, and house is almost paid off. I sure wish I had started saving for my retirement much earlier, but better late than never

[@bro7269]

I will be ok between my 401k, SS and small pension but divorce can absolutely wreak havoc on retirement plans/savings. At 57 I’m saving for a house again but I was able to keep nearly 40 years of retirement savings.

[@domdrty]

I see too many people throwing every dollar they earn at their children. Everything to paying for their college, high school/college vacations for their kids to go with their friends, new cars, after-school activities, etc. I've talked to some of those people that are close to me and tried to explain they need to save for their retirement. They are completely blind and won't take any advice. It is sad because many of them will be in the same boat as this lady. However, they might not be healthy enough to work at 66yrs old.

[@JakeTapeWallets]

When you have kids you owe them everything and they owe you nothing. Especially in this age and dystopian time when it’s so hard for them to even survive or find affordable shelter. Not their fault YOU had them.

[@domdrty]

@Jace Nicholson go back and read my previous post. No where did I say not to feed and take care of them. I'm talking about all the additional money spent on frivolous things for them to keep up with the Joneses. People like you need to stop entering a blind trigger and actually READ/LISTEN to what is being said.

[@sneakyquick]

Headline should read Millions of Americans did not act responsibility and now have no retirement.

[@jaynelson8304]

I am aware that bad things can happen to good people, but honestly, MOST people can do something but choose not to. If you have a terrible, low paying, miserable job, get a better one. Or two. I worked 60-80 hours every week for 45 years and my wife had a full time job for most of those years, staying home when the kids were young. We never made more than $70,000/year combined but always put some of the extra hours into financing retirement. We retired to a comfortable life 1 1/2 years ago. It can be done!

[@befree9579]

dam 60-80 hrs a week for 45 years holy. that's a lot of time at work!

[@jaynelson8304]

@@befree9579 Owned and operated my own truck. Kinda goes with the territory

[@SnerMerNer]

I’d rather die young than work that much, and I probably will. That sounds miserable. Living to work instead of working to live. No thanks

[@jaynelson8304]

@@SnerMerNer Well then, don't ever buy a business ! I loved what I did so never felt like I was going to work.

[@SnerMerNer]

@@jaynelson8304 that’s the trick isn’t it? Doing something you love.

[@jasongavin3207]

Look how many eggs she had. She's rich

[@almdrs]

Hang in there, everyone. Help is on the way to Ukraine!

[@tracywalker244]

😂😂😂

[@gregorypaine513]

Crazy Joe polices

[@mobileeyesmarketing808]

Younger women have been planning in this manner for the last 30 years and it basically means career first and maybe a family. Then half of them are 35 with no kids in sight. This is leading to a time 50 years from now where seeing children in the "wild" is like seeing a taxi driver nowadays.

[@missadda8890]

I personally never intend to retire I have never met a retiree that I envy, going to the driving range twice a week and playing a round of golf on the weekend,workout 4 times a week ,gardening etc 2 vacations a year and I am good I don't have to quit work to do that I have a few friends that could not wait to retire but their lifestyle seems sedentary to me my advice would be make sure your retirement party is not your funeral and good luck.

[@Fc9ers]

retirement is not an age number, it's a financial number

[@kaylat63]

Most people don’t realise it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I knew he was making more than 10k returns from his investment monthly and it was completely passive.

[@coolben854]

I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or bitcoin and stocks.

[@face2lune]

I invested 10k in Robin hood and 401k about a year ago and it steadily went down, now my portfolio is down to $800. I don't know what to do and i am in between jobs

[@kaylat63]

@@face2lune Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances.

[@face2lune]

I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the expertise that assisted you and how to get in touch….

[@kaylat63]

@@face2lune I get guidance from *Susan Tori Davis* Most likely, the internet should have her basic info..

[@dontbanmebrodontbanme5403]

That lady that's working two jobs at 66 is nuts. She has a much better option, unless there are circumstances they didn't talk about. If I were her, I'd sell my house, start collecting social security, then go move to some place like Portugal or Costa Rica or Panama or Belize or some other country where I can live like a king on $1,000 a month. The average social security check if close to $1,500. We're all going to die one day. Do you really want to work your fingers to the bone up til the last day of your life?

[@darylharvey2865]

As always, the insensitivity in the comments section doesn't disappoint

[@angelicavasquez3870]

Agreed . Working until 70 as an option is disgusting and should be a crime. Also what kind of idiots think that working your whole life away in a country where your only option is to retire for cheaper in another country a good idea?

[@duanehall2213]

💯

[@lilithgrrrl]

🎯🎯🎯🎯 victim blaming is rife

[@lisabrightly]

I'm particularly annoyed by all the people flexing about how smart they were, managed to save tons of money by 55 and retired. If they're so lucky and well off, why are they watching this video?

[@fendermon]

@@lisabrightly Yes, a lot of flexing going on. In the words of the great Jennifer Beal "Go play with your xxxxing Porsche!" How people get to 60yrs of life without developing anything resembling empathy is a mystery to me.

[@CalebHammer]

Personal finance needs to be taught before high school graduation.

[@ValleyoftheRogue]

How does this work if you find yourself unemployed over age 50 or have health issues? How does this prevent age discrimination? Chances are you are married, and thus you have no credibility whatsoever.

[@DrSchor]

@@ValleyoftheRogue why don't married people have credibility? thanks for explaining.

[@voidisyinyangvoidisyinyang885]

You're joking right? By the 1980s Reagan was raiding Social Security to double the military spending! We knew it was a scam all along. Real wages have not increased against cost of living in 50 years. Even the Rand research corporation admitted a $50 Trillion wealth transfer from the working class to the elite since 1970. The minimum wage has not increased against cost of living in 50 years. There was a 90% tax rate on the rich - marginal tax rate - to pay for subsidies to the working class to increase the middle class from the 1940s to the 1960s. That system is GONE so now the 1% has more wealth than the middle class. Brown-No$ing the elite doesn't work anymore. Trickle down from the elite's backside isn't paying the bills. The US had a 90% marginal tax rate on the rich during the middle class boom from 1940s to 1960s - including Eisenhower's administration! It's the high cost of living and low wages that have caused the problem - along with Reagan doubling the military budget - yes military contractor CEOs making $300 million a year from tax subsidies are the true cause of the problem. Not poor people trying to survive when the minimum wage has not risen against costs of living in 50 years. Welfare got wiped out but private prison labor spiraled - so the rich use the poor for prison labor now. Bring back the Maximum Wage pronto. haha.

[@7392318]

Financial education was not taught to boomers. I’ve heard it’s being taught now. Our country thinks we shouldn’t talk about $ because “it’s too private”. Makes no sense for a proudly capitalist society to not talk about $.

[@aheimdahl5201]

I am in my 60s. We had Personal Finance classes when I was in High School.

[@alisatjaden3906]

@@aheimdahl5201 I'm in my 70s. Never had even heard of financial training in school. Shop class for boys. Home economics for girls. We learned how to sew an apron, so we could make yummy meals ( plus GRAVY) for our future husbands. Absolutely Zero Choice. Not even checkbook 101.. Boomers didn't learn about finances. Especially women. Too many years later I FINALLY learn and am following Dave Ramsey!!

[@mallorygraf8574]

If you took Home Economics in high school they definitely taught financial education.

[@alisatjaden3906]

@@mallorygraf8574 No they didn't in the 1960s

[@mallorygraf8574]

@@alisatjaden3906 I'm beginning to think it depended what area the school was in...I went to high school during the late 1970s (in San Francisco) and they did teach finance literacy in home economics back then...but it now seems it varied by state.

[@jhdz6988]

Even with a 401k I still don’t feel comfortable most people with one won’t even get to $401,000 thanks to over inflated property values and the major imbalance in the work place

[@Fict10n]

This is a horrible situation for them I totally feel it.

[@clifftanch]

Prof. Doug Bernheim at Stanford began to warn of this in the middle 1980s, nearly 40 years ago. A number of zero-savers will blame the government, but this is really not a public responsibility.

[@chrisl418]

58 year-old, been a single Mom for 12 years since divorce. I'll never retire. Just not in the cards. Have been near broke since divorce. Living below income, however the grown kids always seem to need help. Life is too expensive.

[@KB-ke3fi]

especially with Biden in office....doesn't look promising. Might want to wait another 2 years until that clown gets kicked out.

[@tltinatl]

I'm sure that you love your kids and I understand wanting to help them but they are, as you said, grown. You have to start prioritizing your own financial well-being. They have a lot more years ahead of them to work and save than you do so it's appropriate for them to take care of themselves at this point rather than depending on you so much. A lot of people around our age (I'm 48) are planning to work forever, but sometimes illness, injury or disability don't allow that. I've already seen it happen to some of my youngest aunts and uncles in their late 50s and early 60s. I'm planning to wait until 70 to take Social Security because I don't own a house so I'll need every dime of benefits I can get to help cover rent. But I know that anything could happen and put me out of the workforce early, so I'm saving whatever I can also.

[@kerrynight3271]

@@tltinatl Good advice. A few people can continue working into their 70s, but more of us can't.

[@alittlepieceofearth]

May I suggest looking into Dave Ramsey?

[@hrobbins]

your biggest enemy is in the mirror. learn to say no to your grown adult kids. You really need to take care of yourself because no one else is going to do it.

[@NHJDT]

Thank God I started saving since I started working in my 20s. I was so scared back then to have enough to retire. I never could have imagined how bad inflation would be. I seriously have no idea how people are surviving these days but then I look around at restaurant parking lots full of cars and wonder how so many people are still eating out

[@Liberty2358]

The poor are poor often is due the lack of financial education, they spent everything they made. I learned not to behave like poor people.

[@BadPhD777]

Just saw an article last week that said Americans are spending more on eating out than on groceries. And they wonder why they are broke.

[@Liberty2358]

@@BadPhD777 That is why I don't believe I should feel sorry for these people who not responsible enough to save for their retirement. Reduce eating out one meal a week can fully fund a Roth IRA for the year. As taxpayers we have to bail out those who were irresponsible. Does not seem fair to me. Many poor people blame others for their own situation which is ridiculous.

[@KB-ke3fi]

It's called the Biden economy. 4 years ago everyone in the country were doing great. Not now.

[@KB-ke3fi]

@@Liberty2358 Yeah and now you'll be taxed to death by the Biden administration.

[@triquepersonalwork6369]

Why should I feel sorry for elderly who admit to having a “live for now” mentality blowing their savings and not thinking about the future. Now it’s time to pay the piper and work

[@evandavis2362]

Should’ve saved your money. People so focused on their career and making more money while not saving or investing. Very stupid 🤦🏾

[@joefranks4235]

I've saved and yet at the same time you want to enjoy a bit of your hard work. I have a modest 401K so at least I will have something more than just SS.

[@user-uu2rh7iu1u]

investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>

[@AudraZapoticky55]

I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,

[@AudraZapoticky55]

STEPHANIE KOPP MEEKS, that's whom i work with look her

[@Austin-Scott-Miller]

That's the same of the experience of life

[@cameronesisuri1600]

Even Warren Buffet, after he dies, instructed his executors to put his wife’s money in a low cost S&P 500 index fund. Please please explore low cost index funds, they are genuinely incredible. Vanguard, Fidelity, and Charles Schwab all have excellent low cost index funds that are easy to use!

[@northernbohemianrealist1412]

As a Republican and proud NRA member, I think this is WONDERFUL! We got rid of the unions, moved manufacturing overseas, and raised the national debt to 31 trillion dollars so the only thing to cut is Social Security and Medicare. Yes!!!

[@SteveSabbai]

She spent all that time and money raising kids that are not hers and where are those kids now when she needs help?! Most kids are a waste of time and money.

[@sunway1374]

Not to mention also the stress and emotional drain of having children.

[@Voltomess]

They don't give a F about her.

[@FairBeautyEssentials]

“Delay Social Security benefits until age, 70” WhoTF even hires someone past retirements ages?!🙄

[@fendermon]

Probably have to already have the job.

[@joefranks4235]

Your telling me. I have 40+ years of IT experience and very few will even talk to me. I'm 65 now. I was laid off 2/8/24! I did find a job and start soon, but thankfully it is only me and a cat. I just want to finish out my remaining working years and just retire and get out of the working world. Employers want Cadillac service and pay for a Volkswagen.

[@MrSteeDoo]

They keep the job they already had.