Retirement Crisis: Americans Living Longer, Saving Less

Retirement Crisis: Americans Living Longer, Saving Less

[@NickanM]

*The old restaurant owner knows what poverty looks like, and he learned his lesson. And wise enough to pass his thinking over to his children. Bless his heart.*

[@carmenortiz5294]

Get real, many people got way older than 65. I'm 70, most of my ancestors lived to their late 80's and mid 90's and one great grand mother to 107. People are not saving because they have been brainwashed all their lives to spend and the economy has tanked. Real income is LESS than it was in the 1950's.

[@driven39]

You want me to believe a 70 year old can log in to youtube and add a comment? lol I will not ... Warren Buffet doesn't know how to use the computer and neither do my parents.

[@acajudi100]

My mom was born 1922. I will live in Thailand, if I cannot afford to live here on a 2k monthly

[@acajudi100]

Carmen Ortiz my grandmother lived to be106. I would have more, but I generously helped others andI travelled on my own dime. I know how to move to Thailand.

[@blackworldtraveler3711]

Driven The Rockstar Kid Heck someone can just log her in among other things. I've logged into KZbin 5 years ago on my computer and iPad and I don't think I ever logged out. Heck my mom is 95 and we still play a mean game of chess almost weekly from iPads 1200 miles away from each other.

[@NickanM]

Driven The Rockstar Kid *Idiot. My grandma is 89 and she uses internet every day. Including KZbin.*

[@richardmctere6016]

I'm not to worried about it.I have been saving some money for about 25 years now, plus I plan to collect from Social Security plus I collect over $1000.00 a month from the veterans administration ,and best of all I plan to retire in Mexico or South America . The US $ Dollar doubles in some cases almost triples in Mexico and some South American Countries .The best advice I can give people is start saving even if it's $25.00 a check .If who you work for has a 401k plan do contribute as much as you can , That's free money you are passing by.

[@lisac4250]

I have been fortunate. At 57, I was broke. I secured a great job that I hope to keep, but I do have a plan B if not. I put 20% of my income in a 401K with an employer match. God willing, I will work until 70. I don't have lofty ambitions of needing a ton of travel money, etc. My needs are pretty simple. I am also huge on Faith, so far, so good.

[@tonyl6385]

I'm the same, 56 same scenario. I'll be working until at least 72, max 74. I'm debating with myself if I should just save the cash which I save 70% of my pay a week or put half in an IRA. In the bank it won't earn a lot but I won't lose it incase there's another market crash. At this point it's luxury problems, thanks be to God.

[@evandewind4264]

Good job, Tamara Rowe!

[@darylgud7601]

I keep hearing, we are living longer and we don't save enough. But what really has caused our problems is the failed policies of the government. Think about it. Nobody has paid more into SS and medicare than the boomers, since their first wage earned. The aged in the 30's got to keep every dime they earned, they didn't have to pay into SS or medicare, because it didn't exist, taxes were even a lot lower back then, maybe that is why they could save money. In the 30's it was more agrarian and land was cheaper so you could get some and live off of your land, or their wasn't near as many regulations to keep you from hunting and living off of the land, trapping, fishing and gardening. Starting a business was easier, less regulation and when they talk about the average age, they must be talking in developed nations or world wide, because my fore fathers lived into their 80's and 90's even back then. As for us not saving more? They say that wages have been stagnant since before most Baby Boomers went into the work force, compared to inflation. Remember double digit inflation, down sizing and starting over in your career, NAFTA and the flight of our industry leaving America, Recession after Recession through our whole working careers. Now Age discrimination where after the "Great Recession" (2008) Many people in their 50's could not get a job or were under employed. All at a time when traditionally people would hit the saving for retirement era hard. Or What about all the funds we entrusted to the government for social security and medicare so we would have something in our old age, when we couldn't work or no one would hire us? Do you realize that if you could have kept that same money taken for SS and Medicare from your first paycheck, more if taxes hadn't gone up so much, and invested it over the same time period, not including all the money you have put into 401k's or IRA's, our elderly would all be multimillionaires. Do that take the amounts you put into these programs over the time period you have worked to a financial planner have him run an investment portfolio out of it and see where you would be now. It will shock you, especially if he can make it retroactive during the time period of the past when you earned it. In the 30's you could live off of one income, but because of inflation and wages, our wives all had to go to work. Now with a double income we don't have enough to make it from check to check. What do interest rates on savings look like today? In the 60's and 70's you could earn 6 1/4 percent on a pass book savings account, 8% on a CD, now it is point nothing percent. Why is that? Are times harder now than in the 60's and 70's or have banking policies changed with regulation that hurt the savers of America? Use the rule of 72 and figure out the difference that makes alone. Where if you take your interest rate, divide it into 72 the answer will give you how many years it will take to double your money. Einstein said the 8th wonder of the world was "compound interest" Where do you get that anymore? does it exist? What about pensions, where did they go? Maybe if our children were not still living in our basements with their families or still on our insurance that we are paying for, maybe if health care costs hadn't gone so high or gas prices (remember the lines) or food or so many other things, than we could have saved more. This is all about the Boomers, the next generation to retire. But do the math the boom was from 1946-1964, the peak being at the end of 1956. Most people are retiring later rather than earlier, waiting until 70 before collecting SS. So if at the beginning of the boom in 46 add 70 when did they start to retire 2016, What about the peak 56 add 70, they won't retire until 2026, which means if they can they are still working, in fact most of the boomers will still be working until 2026. How old does those born at the end of the boom in 1964 have to be before they can start collecting SS? Will it be past 70? if we add just 70 that is 2034. And they said in this video in 2033, SS will run out of funds? It appears to me that the boomer generation generated a lot of savings for retirement, the money was taken from them and will be until they need it and then, many will never see much if any of it. So it leaves you to ask, I know they would love to blame us, but is it really our fault or lack of opportunity, regulation, high taxes, stagnant wages, medical care... things we have had to face that those in the 30's didn't have to face or pay for. With now two incomes follow the money where is it going? Most of America is struggling to live in a house, not so much living in opulence and extravagantly. Most of the elderly today have old furniture, worn out, that has needed to be replaced long ago, not living high on the hog, so where has all the money gone that we didn't save, because it seems our households don't have it. And who is in debt more Americans or the American government and who is paying the consequences, (20 trillion dollar debt) Maybe if they practiced what they preached, we would have done better, but it seems we have followed the example our leaders set. How can they blame us. None of these things are ever mentioned, its like they are saying we have not worked hard enough or they wish we would just die already, it is always our fault, but is it?

[@stephengarrison7552]

i just read war & piece!

[@stormb28]

TLDR

[@denisestathatos4147]

Make the welfare people go to work and pay into the system!

[@frankornelaz8234]

Retired at 55! Living the dream

[@travelingman9763]

57 here...now two pensions and S.S..8,500 miles away

[@happygirl7258]

Frank Ornelaz That is our dream as well🙏🏻. How do you handle health insurance if you don't mind my asking?

[@johnsimmons5951]

Retired by 60 with a pension half my pay, when 66 I'll get state pension (at NI contracted out rate). Nothing to pay for health and free local transport.

[@jimmygentile1088]

I bet old Pat doesnt have to worry about retirement.

[@blackworldtraveler3711]

Jimmy Gentile Thanks to a lot of now broke people at retirement age giving him money though the years.

[@geoffdearth8575]

Bingo.

[@fsl88]

Yet he should worry about hell

[@gordonallen9095]

He's DUPED a lot of clueless seniors and others into giving him a considerable amount of their meager income under "guise" of blessings from God. If there's a HELL, he has a special place waiting for him there.

[@susannahjones7779]

The government will pay out money but will lower the value so they can keep their promise.

[@eisenjeisen6262]

Anybody born in the great depression feels very natural to save for that rainy day

[@pamelad6774]

The predominant cryptocurrency btc hits $100k by Dec. Start buying cryptocurrencies it could be a huge help down the road for more financial progress.

[@Mom_sBasement]

Pat wants 10% of your money.

[@orion3706]

I'm saving about 21% of my income for retirement. 4% involuntary pension contribution, that I'm not confident will be there, and 17% into a retirement account.

[@philipgerry5228]

You will be glad you did. Good work.

[@orion3706]

@@philipgerry5228 I just upped it this year. Now 30% total

[@johnscott2746]

They can talk about life expectancy being less than 65 when Social Security was invented but the first person to get a monthly SS check was Ida Mae Fuller. She had paid in about 30 dollars and lived to be 100 years old drawing out about 25,000 dollars during her life.

[@stephengarrison7552]

pat doesnt have to worry when thousands of people give him money for all his needs & more for being a know it all & a true crook & one-way ticket to heaven for all these years.

[@paulsaragosa371]

Little darling by Shanahan song lyrics

[@paulsaragosa371]

Those oldies but good ys song lyrics song lyrics lyrics song

[@acajudi100]

Be a tele evangelist and earn millions on up.

[@Pennyk900]

No matter what you make If you don't save your money. It's your own fault when it comes to retirement you won't be able too. Max all your retirement accounts. Get out of debt. Stop using credit. Get your house in finiancal order. AMERICANS HAVE NO SAVINGS CAUSE THEY SPEND ALL THERE MONEY ON JUNK. A HOUSE FULL OF STUFF THEY DON'T NEED. TITHING IS THE FIRST THING.

[@bernie9728]

Living longer is good, saving less is bad. Learn the difference between good and bad and you have got it made. Are there really people who don't understand this simple concept?

[@tylergnosis2581]

Save save

[@anewcreature7]

‘Savers are losers’- R kiyosaki

[@debbieframpton3857]

@@anewcreature7 , You go ahead and continue to think that way but I'm going to continue to save and nobody's going to support you in your old age

[@anewcreature7]

@@debbieframpton3857 ever heard of ‘investing’? Saving is a slow road to retirement. Wake up.

[@debbieframpton3857]

@@anewcreature7 , What do you consider investing because I have a 401k and a Roth IRA and I have a year-and-a-half liquid savings. Isn't that saving?

[@anewcreature7]

@@debbieframpton3857 please read the book ‘rich dad poor dad’. Not a financial advise, I call that emergency funds and yes in some ways that is saving, but my initial comment was to his comment ‘save save’. Saving is not enough, we need to invest. Especially if we want to retire early. Simply saving, you are losing money every year just through inflation. Hence, ‘savers are losers’.

[@sidharthchand8072]

I'm retiring in Goa India 🇮🇳 so it's 😎 cool

[@SensaiMan]

How can a working Man like me be able to save for retirement when the income just isn't there.

[@Themrleonkennedy1]

SensaiMan you can’t save 100 bucks a month at least? Not an excuse.

[@freedomworks3976]

Move to a country that takes care of the poor like north Korea , Venezuela or soviet union

[@ethannaka1822]

Freedom Works LOL 😂

[@debbieframpton3857]

There are always ways you can save you just have to work at it and make it number one priority

[@SensaiMan]

@@debbieframpton3857 Hi Debbie, since I wrote the above, I have been retired for about 3.5 years. Fortunately I joined a Company pension scheme, and when I left the Company, that pension was frozen for over around thirty years. I nearly forgot about it, thankfully I receive a small pension for which I am truly grateful. And I also receive a lower rate Government pension. I have always had to be careful with money, thankfully I don't smoke and only drink at special occasions. I really appreciate your words of support and kindness. Thank you so much.

[@mackeddyfils7640]

This report shows the problem clearly and what one needs to take to heart. Let's meet and talk about this. I will show you the solutions!

[@paulsaragosa371]

Poor old stoney poneys Poor oldest server

[@Smoothie--oy8ri]

FDR looked like hell when we was 62 because he had POLIO!!!!

[@stephengarrison7552]

pats a republican- they dont care about facts & details!!

[@wickedleeloopy2115]

this is why superanuation was introduced

[@pascalxavier3367]

In France, the state in some way forces you to save for your retirement. You don't get your full salary, but only a part of it; the part you don't receive is used to finance your retirement. That way, even if you don't save for your retirement, you still get a decent revenue for your retirement. Of course, nothing prevents you from also saving on your side to get a bigger revenue when you are retired. You also have a possibility of working to increase your retirement. I don't need to work, for I have a quite good retirement revenue; moreover, with my savings, I have bought a property from which I draw a rent, which still increases my revenue. I also own my house, I have bought without making a loan. Even if I don't need to work, I feel like working to remain active.

[@cjmonty429]

Really that’s good

[@hoosier_daddy65]

Turn on the news and look at France today ...

[@georgegarner1425]

Hey cbn people cant save because it cost to much to live jobs dont pay enough people are living off credit cards

[@debbieframpton3857]

If you have to live on credit cards to survive you need to get a different job or more than one job

[@amq440]

If you can’t save now while you have an income, what will happen when your income goes away? Watch Dave Ramsey so you can get a sense of how to manage your finances.

[@jorgeignaciolopezaparicio5260]

Give God 10 Yourself 10 and school 10 and rest is for living expenses.

[@tonybranson7916]

People DONT WANNA KNO THEY DRIVING OFF A CLIFF!! Live RICH NOW then die broke!! 25yo lady smart! Have FUN LIVING ON SOCIAL SECURITY AND FOOD STAMPS!!

[@ChocoLatinaAdiccion]

*NOW are YOU having fun waiting to receive your SSI & EBT CARD B?!* 😅😅😅😢🌈 💩

[@pinkcloud5046]

My fear is somehow running out of money when I'm almost a 100, like imagine if someone shows up to a job interview at 95 years old

[@ronwhiteleo3352]

This is stupid,,, the subject is good,but the angle is horrible..

[@georgegarner1425]

Why save anything we are all dead in the end haha

[@amq440]

The problem is, you might not die right away, and may have many years (or decades) in retirement. My own father in law lived to 92, and in poor health. If you have not saved, you will end up being a financial burden to your family. Start saving now!

[@SweepingDeveloper]

Building a retirement fund for yourself is against the teachings of Scripture, says Matthew 6:19-20, which teaches not to store up treasures on earth for yourself. America doesn't need a 401(k), it needs a family system where the kids take care of their parents and grandparents, heeding the words of I Timothy 5:4-16.

[@debbieframpton3857]

I don't expect my kids to take care of me it's not their job

[@amq440]

Saving for retirement is not against scripture. People who think like you end up as a burden to their family and society.

[@SweepingDeveloper]

@amq440 I should have emphasized that the Scripture forbids storing up treasures on earth "for yourself", my bad. I have edited my original comment. A retirement fund for others is certainly not against Scripture. The prohibition is the combination of "laying up treasure", "on earth", and "for yourself". As for a societal burden, it's not so if you don't rely on society. As for a family burden, let me show you I Timothy 5:8, this is what Scripture says: “But if anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever.” (1 Timothy 5:8, ESV) This is why a biblical retirement must focus more on the descendants contributing to their elders. If they don't, especially for their own household, the Bible calls them WORSE than unbelievers.