Retirement Crisis No One Is Talking About With George Kamel

[@Casey-summer]

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.

[@mellon-wrigley3]

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.

[@sloanmarriott5]

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.

[@lilyhershey1]

@@sloanmarriott5 That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?

[@sloanmarriott5]

"Izella Annette Anderson" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment

[@Buffet-walton22]

Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.

[@Kattyol1]

I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.

[@Kseniaramesh]

Nice way to retire. For me, I believe 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 wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha

[@Larry1-pl2wq]

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 a million dollars 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

[@mariadrukker2557]

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation

[@Larry1-pl2wq]

I definitely share your sentiment about these firms. Finding financial advisors like Joseph Nick Cahill who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them

[@louisahernandez]

I have heard numerous stories of people earning up to $500k-$1m working with this particular real-time portfolio manager

[@Aarrenrhonda3]

I'm a 52yrs Director in a Tech company and I consider myself a high income earner at $350,000 per annum, I have a retirement account account but i still want to explore opportunities for short term gains before i start working less in few years.

[@Peterl4290]

In my opinion, IRA is a valuable strategy for retirement planning, providing growth and tax advantages. While the market is promising, expert guidance is essential for portfolio management.

[@larrypaul-cw9nk]

I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.

[@sabastinenoah]

How can i reach this person?

[@larrypaul-cw9nk]

‘Annette Christine Conte maintains an online presence. Just make a simple search for her name online.

[@sabastinenoah]

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

[@gingerkilkus]

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.

[@CharlesArthur-fq5sx]

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

[@williamDonaldson432]

Its 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 $287k 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.

[@foreverlaura-fq4eu]

@@williamDonaldson432 I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.

[@williamDonaldson432]

I take guidance from an advisor Annette Marie Holt To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

[@Franklin-gq4si]

Thanks for putting this out, curiously inputted Annette on the web, spotted her consulting page and was able to schedule a call session, she actually shows a great deal of expertise.

[@jennesont4791]

My Gen X experience. Kids still need us financially AND aging parents need our resources AND no employer pension plans AND daily expenses growing too fast compared to our stagnant wages.

[@jeromehenry4484]

Pensions have been going bankruptcy for decades; why do they even mention pensions? It's absolutely moot.

[@Kris-tk2hu]

Good points. 37 year old millennial here with no parents and a Gi bill for my son, I don’t envy what you have going on.

[@SharonOnTheNet]

so, did you downgrade your car? did you cancel your Netflix subscription? It is very hard.

[@jennesont4791]

@@SharonOnTheNet my car is 12 years old and reliable (minimal insurance), no streaming subscriptions. We eat home prepared meals and buy almost everything 2nd hand and. Have a vegetable garden and no medical expenses (so far) for me or my husband. I don't know where else to trim...

[@ericew]

Move and find another job. We've had one of the hottest labor markets in decades and if you employer isn't rewarding you then you need to move.

[@LelasHome]

There is a difference between being able to support yourself and being able to do everything you want to do.

[@Riggsnic_co]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[@Jamessmith-12]

Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!

[@JacquelinePerrira]

That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!

[@kevinmarten]

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

[@JacquelinePerrira]

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..

[@kevinmarten]

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

[@frankm2385]

I'm a Gen X'r. I retired at 51. My pension pays me plenty. I went back to work at 55, and I love it, but i prepared at a young age. You reap what you sow.

[@stephendodson3590]

Retirement is now more difficult than it was in the past. 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.

[@Robert_Seaman]

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

[@Walter_hill_]

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.

[@Trevor_Morrow_LTD]

Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

[@Walter_hill_]

Vivian Jean Wilhelm a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

[@Trevor_Morrow_LTD]

Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.

[@jerrycampbell-ut9yf]

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 determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.

[@Peterl4290]

You are right. I’m in my mid 50’s now, my wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with profits over the years, but at least I’m earning more. I’m making money even before retiring and my retirement funds has grown way more than it would have been with the 401k.

[@larrypaul-cw9nk]

It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through an advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.

[@sabastinenoah]

Do you mind sharing info on the adviser who assisted you? I'm 40 now and would love to grow my stocks investment portfolio and plan my retirement..

[@larrypaul-cw9nk]

Annette Christine Conte 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...

[@sabastinenoah]

Thanks for the information!! She appears to be well-knowledgeable and accredited. I ran a Google search on her name and came across his website, thanks for sharing.

[@Labbernese77]

"Change your wants". Brilliant! I say it all the time "want less"...

[@daveassanowicz186]

Own nothing and be happy

@@daveassanowicz186 Own assets and avoid liabilities you will be happy

[@FranciszekPawal]

Before I stopped dca-ing into my retirement account, it was 220k and has now depleted to 175k in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.

[@jennykatie123]

If you want to rebuild your retirement by yourself, without the help of a partner, I will tell you it is near impossible. Even NewRetirement and co can’t do the job of an FA with expertise, a large following/client base and experience. Vet and hire one and begin to develop a rapport.

[@FranciszekPawal]

How can one get in touch with them? I’m looking for a fiduciary what’s the kinda fee for consulting?

[@Jennapeters144]

The decision on when to pick an Adviser is a very personal one. I take guidance from ‘Jennifer Mackimm Wesley‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net. I am close to retirement with 1.4 M to my name outside of retirement accounts.

[@GregWilliams-et3nj]

I have seen advisors and commentary on them but not one that looks this classy. She experienced as detailed in the report. I set up a call. How soon should one expect feedback?

[@FranciszekPawal]

Looks good. I hope my email doesn’t end up ignored, lady is very young for that experience and looks quite brilliant. Thanks for sharing.

[@hobbes1069]

We're going to be ok (gen X here) but my parents taught me NOTHING about finances, much less retirement.

[@karingarrett7862]

One thing that is seldom mentioned is the importance of WHERE you retire which has a definate impact on how far your retirement funds take you.

[@kingdavid1614]

One must remember that divorce can be a destroyer of wealth building.

[@josefj1776]

Then marry an adult.

[@monikaw1369]

If you were doing it as a single person, wouldn’t that mean you would have half of what a married couple would have? Same place and time !

[@anniealexander9616]

Don't depend on your wife to save for you. You can cut back and save. Cook your meals at home, clean your house yourself, mow your own lawn. The biggest issue I see with men not being able to save is they eat at a restaurant for every meal.

[@laurasharp9488]

No it is income sorry a single mom making 40k in Florida can't do it

[@laurasharp9488]

What they don't want to cover is that most companies want to get rid of you by age 50

[@cfrend]

I was blessd in my ignorant years of my teens to hear my grandparents and an Edward Jones advisor tell me "Social Security likely wont be available to you when you retire so you better start saving now" Kind of a negative fear based message (still not validated), but it lit a fire under my young millennial derriere!

[@renwoman101]

😅😅

[@gibblespascack1418]

In the 80s congress temporarily fixed SS until 2031. With 40 years, there is plenty of time for a permanent fix. I will retire at the new retirement age in 2031. So there will be nothing for me. When I got my first real job at 24, I started to pile money into my 401K and invested in mutual funds. I added the max16% and the co added 3 percent and did that until our company was sold 23 years later. That was the best decision that I have ever made. When the company was sold, If i did not touch the 401K, it would create a great retirement plan. There was no FIRE plan when I was doing that and that 401K is at 2.3 mil now with 7 years to go. So it should hit $4.6 mil by the time I retired. This was possible with a budget and a plan.

[@tamarasnook]

Agreed! I don't expect it! I'd rather have it and not need it, than need it and not have it! 😅

[@thebestthingthatneverhappe6729]

my aunt would tell me.this all the time

[@DMaster81]

It will be around the question is how much and when can you get it? It might be pushed back to 70 or later or you’ll get less benefit, but this whole “SS won’t be there” is overblown

[@russthompson4296]

Gen X here and our generation was spoiled by the 80's and many things were taken for granted.

[@snowadams696]

Gen X here. Have been in a job with a state pension, retiring in 2 yrs with no CC debt or car payment , just mortgage. Taught/helped both my 20 something children to start their Roth IRAs. Truly a mind set at ANY age!!

[@bitsnbytes10]

@@snowadams696 I’m gen x, my mom told me I know you think you can’t afford it but you need to save for retirement. It was rough, in the beginning I hated getting the statements showing I lost money. Back then you couldn’t do paperless and I couldn’t keep myself from opening them. It was so depressing to see money lost when I was so broke. My solution was that I changed the statements to go to her house. I ignored them for a really really long time, just kept doing what she said. Finally a few years ago she suggested I log in and look, I was blown away. Now anytime I’m depressed I log in and look at how much I contributed compared to how much I have and I can’t feel bad lol. Also one thing I came up with was once I was actually living comfortably, every raise I got, I off set it by making it go directly to retirement. I clearly didn’t need the money and out of sight out of mind.

[@SabrinaaDolph-y4y]

According to a financial planner, It's possible to make sure you have enough money for a comfortable retirement by contributing at least 15% of your income into a 401(k). How may you potentially increase the amount you save for retirement over time by utilising compound interest?

[@BINDERANDREAULRIKE]

These kinds of crucial judgements are best advised by professionals with experience in the industry, thus it is preferable to seek their assistance in these situations.

[@WilliamsTyler5]

That is exactly the reason I stopped trusting the financial advice of KZbinrs; in the long run, I only end up with a jumbled collection of stocks and bonds. Whereas all I needed to earn over $350k in less than two years was guidance from a true market expert.

[@JamesPieters]

Thanks for replying, That's a very impressive return, You must have a good idea of stocks. How did you go about it?

[@WilliamsTyler5]

I started with a financial advisor by the name “Melissa Jean Taligdan’’ She is quite popular in the US and occasionally appears on CNBC.

[@WilliamsTyler5]

“Melissa Jean Taligdan’’

[@dc76384]

Retirement is an individual responsibility. Not a generational responsibility!!

[@dklauf]

The tik tok generation has thrown in the towel in their 30's. That is regrettable but self induced.

[@Livingthedream157]

My wife and I have a combined net worth of $1.9M, no credit card debt, no car debt, no student loan debt, a small 2.625% mortgage, six months emergency fund in a HYSA, and two pensions when we retire, but we are still living way below our means, and saving like we are just getting started. We SHOULD easily hit $2M before we retire in five years at 62 depending on the upcoming economic events, but life is full of curve balls so we are doing everything we can to save as much as we can. Wish us luck, LOL!

[@TuBui2]

did you have kids?

[@Livingthedream157]

@@TuBui2 Yes. We have twins. We put both of them through college to keep them from having student loan debt. We cash-flowed everything.

[@reaccionapr]

Honest questions: When’s the last time you went on vacation? When’s the last time you treated your friends to dinner? When is the last time you engaged in guilt free spending?

[@Livingthedream157]

@@reaccionapr Sure. (1) We went on a European cruise late last year, (2) We covered dinner with friends this month (we meet once a month), (3) since we cashflow everything, all of our spending is guilt-free.

[@reaccionapr]

@@Livingthedream157 awesome!

[@sarawilliam696]

I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement, I'm 55.

[@Justinmeyer1000]

Those sound like great picks! consider financial advisory so you don’t keep switching it up, top 3 payers for the month were $OHI, $KMI, and $EDP... not bad for 350k

[@NicholasHarmon-ow3jl]

You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 14.3%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an advisor.

[@KaurKhangura]

I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?

[@NicholasHarmon-ow3jl]

‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@KaurKhangura]

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

[@SpookyEng1]

GenX here, my retirement in 3 years will be just fine, no debt, paid for house, three income streams.

[@daveassanowicz186]

I'm also Gen X, broke, and will never retire. That's why I don't work too hard. How'd you survive 911 and the Bush bailouts, and the Obama years?

[@jeromehenry4484]

Most important is being mortgage-free!

[@Brigitte724]

I won't be mortgage free...but We have pensions,401K, Roth ira, social security and saving. I plan on continuing to earn money in retirement in a business. I still feel unsure...it is alot going on in this world 🌎 Plus you worry about your parents, kids and grandchildren 🫶

[@SpookyEng1]

@@daveassanowicz186 I spent most of those years deploying to 3rd world S-holes

[@zenal3036]

Excellent discussion and advice. Ken is so astute in his questions. Kamel’s responses are equally thoughtful.

[@calvinwebb8949]

George and Ken I am generation X. I am currently in process of Baby step 2. I am new to the Ramsey plan, but I have decided to change my current situation and my future. I appreciate all the advice and instruction, and I watch the Ramsey Show every day. I am learning how to manage, budget, and live on less than what I make. I want to Thank all the personalities, but especially George. I ordered and read the book Breaking Free From Broke..

[@marshall4759]

It's not generational it's age. I am a boomer and didn't worry in the 20s-30s. I was sure I was doomed in 40s-50s. Have managed to save enough to retire comfortably soon. Furthermore, I don't know anyone with pensions other than government employees.

[@Leftists_are_Losers]

Most people I know are on the “Work Til you Drop” plan.

[@DEBTFREEMIKE769]

There’s people now who don’t have a million and they’re doing just fine. It depends on your goal in retirement. Not everyone has to be a millionaire.

[@Pje3ski]

Very true, and I have never met an 80 year old who is spending a ton of money on travel or anything else for that matter. They just don’t go anywhere or do very much.

[@joefunk76]

Depends where you live, whether you own a house, and what your property taxes are. Someone who owns a modest house in a LCOL area and pays $400/month in property taxes probably needs less than someone who pays $4k/month rent in a HCOL area. The latter individual needs $1m to kick off enough passive income to cover his rent alone!

[@cindyf7]

I believe it’s very common to not have a million to retire on.

[@1FlyingSolo1]

My boomer parents are the perfect example. Not as much saved for retirement but they were frugal their whole lives, no debts, paid cash for the house 24 years ago. They don't travel and aren't big spenders. They enjoy the grandkids and have plenty of money to eat at restaurants a few times per week. All depends on your lifestyle, wants, and needs. If you don't want much, you can get by with less.

[@karenjensen2345]

I am right on the edge, technically a boomer, I am 60 but a young one so I never had a pension but I have worked the same job for 25 years. Dug myself out of debt. 1M saved including our paid off house and have zero debt and one 14 year old car. Doing fine finally. Will work 5 more years.

[@madamenoire6830]

It doesn’t matter how much you save. You can only work so long as you get older either your body or mind will betray you. I learned in the 1st grade to save I remember the story of the ants and the grasshopper. Winter isn’t coming it’s here for some of us. Okay so you save and you get sick… Bingo all the money is gone… so how much is enough… it’s never enough.

[@DiFinni]

It's not just about saving, it's more about investing.

[@matthewmaurin9054]

You will absolutely have a retirement crisis if you listen to the Ramsey team on a 7-8% withdrawal rate.

lmao

[@jonmarchilgers384]

Withdrawal rate, 5% in the “Go Go” years, 4% in the “Slow Go” years and 3% in the “No Go” years. I’m kicking out at 63.5 abroad w/ $650k in retirement savings and $2.1k per mo in SS. Average monthly withdrawal availability is $5k mo ($60k annually). Naturally, this is if the economy doesn’t crap the bed. Best wishes to all. 👊🏻

[@HB_4482]

​@nicolasgirard2808That's incorrect. 4% withdrawal rate gives you a 95% chance of not running out of money over 30 years of retirement. It is not designed to preserve your nest egg.

[@kay203]

Even at ~7% withdrawal rate, your chance of success is still near ~80%. At 4%, the chance is like 99+%. The 4% rule is extremely conservative method assuming you don't adjust spending based on market changes, which most ppl will if they see their portfolio goes down 30%

[@richard77231]

​@@kay2034% also assumes a portfolio of 50/50 equity/fixed income. Too conservative especially since you could have 30 more years of growth.

[@cindypatrick785]

If there’s any advice I would pass on to younger marriages it would be make room in your budget for a financial advisor so you can be informed before making important decisions about insurances , purchasing rental properties, buying vehicles. My husband is 74 and I’m 67 . Recently found Dave’s Utube videos. We’re one small credit card balance away from paying off consumer debt! I appreciate his illustration about looking out of the front windshield rather than looking in the rear view mirror at all the uninformed decisions we have made in our 45 years of marriage ( loans for rental properties,heloc for remodeling personal home & rentals, new car, truck, worthless Universal Life insurance, no long term care policy. We have lowered our cell phone bill by 1/2; shopping auto & home insurance, dropped direct tv monthly , putting rental properties up for sale to help fund emergency fund quicker. Also expecting inheritance from the sale of 2 rentals from my dad who recently died at age 88. Ultimate goal is to finally retire without a mortgage 🙂2:40

[@mbnesbitt]

Start early with diversified investments in stocks, bonds, and real estate. Maximize contributions to tax-advantaged accounts like 401(k)s and IRAs. Regularly review and adjust your strategy to ensure security

[@hamzahamza-bz3rf]

I feel sympathy for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped me a lot Sir Brian! Imagine I invested $50,000 and received $190,500 after 14 days

[@vanillatgif]

Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.

[@grizbaseball]

Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit

[@whitefearlytales]

I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.

[@BigNate82]

Yes! I'm celebrating £32K stock portfolio today... Started this journey with £3K.... I've invested no time and also with the right terms, now I have time for my family and life ahead of me.

[@darcyfox6674]

Many baby boomers worked many years and were cut out of their pension and had no time to recover. Insurance industry cut out, postal workers reduced around 60 to 80 percent to 27% with no warning. My insurance rules changed just prior to letting me go . They changed the vesting to qualify for pension and I was cut out. Consolidation of companies cut out a lot of long term workers pension. This is coming a baby boomer. They don’t all have it as good as you think.

[@jeromehenry4484]

I'm amazed at non-Boomers that automatically assume all Boomers have a pension, which is patently untrue. Only about 1 in 4 Boomers have a pension, and many pensions had to be taken over by a Federal Agency because they were mismanaged. Most pensions have over promised yet underfunded, so pensioners will definitely take the hit. Corporate jobs no longer offer pensions, you need to work a government job, police officer, or fireman, to stand a chance of even being offered a pension. Many municipals are under great financial stress due to paying out these pensions to former workers; what do you think happens when a municipality files Bankruptcy? Those pensioners will be high & dry, no promised payments. It's really pointless to bring up pensions to average workers in current times.

[@butterflygirl2285]

iMO - Exactly. And Medicare is not cheap despite what younger generations think. We have been hung out to dry.

[@urbanart7325]

Under Reagan they started taxing social security

[@TheHavocdog]

Most baby boomers had their pensions cut way short. Most companies ended their pension plans by about 1995. George kamal's comments that baby boomers still had their pensions is just wrong.

[@TheThiaminBlog]

And I think all government employees. And their pensions are substantial. It is difficult to swallow that; they have guaranteed paychecks for the rest of their lives. I know dome who are triple dipping. Very different to try to plan with no more coming in. My parents were terrified they would outlive their money, and would spend NOTHING their last years.

[@beemrmem3]

Gen X was captured by consumerism. Our parents also didn't teach us about investing as they already had pensions, social security and $100k homes that are now paid off. A lot of millennials still live with their parents and know how to invest from the internet at a young age. I had no idea what a brokerage account was until I was in my 30's. My parents just told me to save money. Which gets you no where

[@johnpatejr6358]

You both are on it, hitting the ball right out the gate!! Great video!!! A true must see

[@jameskotter8752]

Hi Ken! I am applying to Bethel tech but they are saying that they no long honor the 10% discount with the Ken Coleman show!? Is this true?

[@fuzzy3440]

GenX'er here. Fully ready for retirement by the early 2030's. Military pension, Fed govt civil service pension, + whatever social security I get. Plan to spend my time very active with gardening and volunteering, already planned out and have the property to build on. My son paid for his own college with ROTC scholarship, I have no credit card debt, mortgage should be paid in the next few years. Medical costs covered by VA healtcare, Tricare, and my government civilian medical care. I'm set.

[@dc76384]

But your Gen X your a loser, there's no way you saved enough for retirement. (Sarcasm). Nice work.

[@Nisa-gm5wg]

Gen xer as well. We are in the same position as you except our mortgage is paid off. Planning to retire when the last one goes off to college in 2027 ( her college is already funded). I might continue to work part time but only if I want too. Not all Gen Xers are doing bad. I’m teaching all 3 of my kids how to prepare for their future too. I like Dave Ramsey ( that’s how we became debt free) but I love Ramit Sehti. I think Ramit is a better fit for my kids but they know about Dave too

[@bitsnbytes10]

Im genx barely. Im preparing myself for retirement. I want to retire at 59.5 at the latest. I am on track. My sister sees me as scrooge rubbing my gold coins together. I am ok with that. She really says it jokingly she and my mother just also want me to make sure I have some joy before retirement. I tell them my joy is saving and seeing it grow. Now here is the kicker. When I retire, I wont be downgrading my home, I will be upgrading. I will be making my dream happen and Im hoping its fully paid for by then. I make estimates all the time of how much money I need and I tend to over exaggerate the costs of things just so I dont have surprises. I cant do this before because I cant change states until work is done unless I win the lotto. My dream has nothing to do with impressing others, it is literally my dream and has been since I was 19. Im not opposed to working after that age, but I want to do something different.

[@Hunterhunter-ir9nz]

Remember the old saying. Most don’t plan to fail, they fail to plan. Just keep working towards your goal and adjusting your numbers and it will happen. My dad retired at 48 and I tried to beat him. I couldn’t do it, but I still got out at 52. I wanted to retire young and worked towards it from my early 20’s. Don’t worry what others think either! Friends made fun of me too, yet now they are still working and complaining they want to retire. Just focus on making “you” happy and your partner if you have one. Enjoy the ride/life!

[@bitsnbytes10]

@@Hunterhunter-ir9nz I have a niece on my husbands side that I feel like resents me because she thinks I make a bunch of money and I shouldn’t be so cheap. At the same time I have wondered if the only reason she has a relationship with us is because we have no kids and is looking for a payday when we die. I straight up told her she makes more than I do which is true. Yet she spends money on stupid shit ALL the time and I don’t, then she criticizes me for it. As it stands now my husband says he wouldn’t give her a dime because she would screw things up instead of learning how to do things the right way. She seeks some advice from my husband for things and doesn’t want advice from me. She is too dumb to realize my husband knows nothing and just does what I tell him, because he knows I wouldn’t lead him astray. He knows the only reason he is financially successful is because of me. From the job he has, to his pay, to saving for this house, all is because I pushed him. I have stayed in a state I hated so he could be close to his family and now it’s time for me to plan to be near mine again and I think the niece really doesn’t like that either. Frankly I don’t care what she likes or doesn’t, she isn’t my problem. She feels broke all the time but is pregnant with her second on purpose. She is in for a rude awakening since my mother in law died, no one there to buy her diapers, formula and all the clothes and toys for this one.

[@Hunterhunter-ir9nz]

@@bitsnbytes10 Yep. Wealth comes from "delayed gratification", and most can't "wait" to spend $$ period, they want it all now. Most of our friends made more $$ than my wife and me. But now that they think we have $$, they want us to pay more towards outings. Nope. Enjoy your hard work and keep the "delayed gratification" $$$ to yourselves or those you feel "deserve charity";)

[@Jeffwolfenson]

6 figure salary and retired 2 years ago at 67. Social Security is enough to pay bills. Will wait until 73 to take any money from retirement plan. A million is plenty in retirement funds.

[@ParkDari]

We own a condo, our kid wants to own a house….in Nashville 🤦‍♀️🤦‍♀️🤦‍♀️😳 We told them they better stick to their Coast FI plan and stick to having room mates until they marry. Training your kids in the reality of cost of living is paramount. Get them to work young and force them to open a retirement account as soon as possible. Every dollar saved now is $88 at retirement. Give them a healthy terror of debt.

[@kevinkanter2537]

ahh yep 88 multiplier - invest $1 towards retirement at age 20, it will grow to $88 by the time you reach age 65. For example, if you were 12 when you invested the money, it could grow to $196 better to wash those diapers + put them up on the clothesline --- even more ---- sorry 🙂

[@Chekmate99]

One thing that I don’t hear none of these youtubers talk about is risk vs. reward - if you are 50 and are just starting to save for retirement I’d be more focused on individual stocks (forget about the S&P 500) - as the guy said, investing $1 will make $2 at 50. You need to take on more risk since you are dealing with little capital - great thing about America is you can have nothing at 50 but still become a millionaire before retirement

[@john-o1g9p]

''true retirement'' hell yes. been workin since i was 13. 66 now. not going back. every day is a golden day and i will never have a ''gots to get done'' list EVER. AGAIN.

[@DionTalkFinancialFreedom]

No way I would listen to someone who isn’t a fan of true retirement. I don’t want to live in a world where work is required.

[@travelnurseadventures3225]

I agree with George, GenX had a no online brokers, financial illiteracy, no pension jobs, crappy economy--different world, it was safer and more freedoms--but different. I think for Millennials and Zoomers they grew up with a Roth, online brokers, Financial Info on KZbin, more financially literate--different world and they have different challenges. Boomers had the benefit of a 'booming' economy thanks from the Greatest Generation--all Generations have their challenges, hard to judge.

[@nickycs1935]

No one has to pay for their kids college. I would of never put that on my parents. 30 years old fyi.

[@Clevertechly]

My spouse and I opened a 529 for each kid within 6 months of their birth. Every month we put whatever we could into it. Sometimes it was $100-200/month. Sometimes as high as 500/mo. As our friends were going to concerts, fancy vacations, buying fancy cars, etc, we were funding the college fund. That and paying off mortgage was top priority. My son has graduated debt free. My daughter would have except tuition prices skyrocketed and stock prices tanked the past two years. She will eventually have to take out a loan and that really stinks.

[@nickycs1935]

@@Clevertechly its not a parents burdon to fund their now adult childs life choices. Plenty further their education without breaking the bank and without their parents money. Theirs a cost to everything including everything else that money could have went to or used for besides your childrens college funds.

[@videosabia]

Gen X here. Consumerism is the killer for most people. Social media has created a widely shared space where “keeping up with the Jones” is magnified. Don’t fall for that. Focus on your own financial goals and don’t deviate from spending less than what you make! It really pays off down the line.

[@imkindofabigdeal4308]

There is no amount of savings that inflation can't destroy if our government really tries hard enough. Plan for the happy path but have a backup plan (hopefully we invested in children so we can live with them if needed).

[@allthingsnu4673]

Good information and I enjoyed seeing George and Ken play and have fun with each other at the end... very funny.

[@tscoff]

One thing that none of the basic retirement calculators that I’ve tried out is the effect on how much we need in retirement when we increase our saving rate. Someone who earns $100,000 who saves $15,000/year needs to replace $85,000/year when they retire. But if that same person saves $25,000/year they need to replace $75,000/year when they retire. In addition to needing to replace a lower annual income they have more money available to replace that lower annual income! This is part of why I created a spreadsheet to calculate my projected retirement income. The other reason is because the basic retirement calculators don’t take Roth 401k vs. Traditional 401k balances into account when it comes to how much we need to pay in taxes in retirement. The advanced ones do take that into account, but the basic ones don’t.

[@alexismarotte2680]

And a person saving 25K doesn't even necessarily need to replace $75k, right? Because certain expenses that their $75K income is supporting will change in retirement. Maybe they don't have a mortgage. Maybe they only have one car instead of two or three. Maybe their food and pet care costs go down. Those benchmarks aren't bad, but unless those expenses are being diverted elsewhere, such as extensive travel or increased healthcare costs, they won't even need their full $75k/year salary replaced. If someone runs their own numbers in terms of lifestyle cost, they may find they could potentially afford to be less aggressive in their savings or save for fewer years and allow their balance to passively grow until retirement.

Just assume your income tax in retirement is 50% and you will build a nice buffer against tragedy and unforeseen expenses. I assumed USA postal stamps would be seven bucks by now, so my postal budget subsidizes my energy budget since I did not foresee utility taxes going through the roof.

[@extremecarpetcleaning-wvwi86]

What amazes me is how many people they think make 200,000 a year. I guess because the only people who call the show make that or more. But the average household income is only 78,000 and that is household.

[@ff5973]

As a Gen Xer, I had to educate myself on finance and retrirement. I am so tired of people talking about the problem. I think the biggest problem is that there is NO education in schools about finance or DEBT I also think student loan debt is a bigger problem going forward.

[@austinbar]

The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?

[@jcurdrayeric243]

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[@rogerwheelers4322]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

[@joshbarney114]

I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars 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, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

[@FabioOdelega876]

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

[@joshbarney114]

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 ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@campbellhouse6569]

Insurance rates are crazy high. Our cars are paid off but the insurance payments are ridiculous including homeowners insurance going up every year! So hard to save when your insurance rates keep going up. Guess my next vehicle will be a bicycle. I don't even have debt. These companies need limits on price gouging their rates but the corruption runs too deep. Why should I work my butt off to stuff their pockets.. The American dream is broken from corruption.

People that live in natural disaster zones, people that live in the ghetto, and people that commit fraud are the primary reasons insurance rates rise. Nobody is getting their pockets stuffed.

[@williamfrench3796]

Spot-on and excellent overview gentlemen! I'm a boomer, I came from lower middle class and wanted a better life. Mindset and financial literacy is key across all spectrums. After serving 4-years in military, worked my way through college (Physics/Engineering), continuous learning mentality, side hustle jobs, lived below my means, started saving/investing at age 28, Boglehead - low cost index investments and power of compounding. I'm the quintessential millionaire (+) next door. Currently planing my glide path to retirement within the next year (i.e., Charity, Junior Achievement, etc.). One thing that should be mentioned - health is wealth too; taking care of your self (i.e., healthy life style and exercise). From my perspective, the formula essentially remains the same across all generations. Keep up the good work!

[@genglandoh]

One of the big issues is people do not buy starter homes. Instead they want the McMansion as their first home.

[@daveassanowicz186]

That's all they build is McMansions

[@genglandoh]

@@daveassanowicz186 They build what people want to buy

[@SmokinM1]

Very true. My present home I paid 150K 27 years ago. Paid it off within 5 years. Am about to retire early at 58.

[@TVHouseHistorian]

A "starter home" nowadays costs more than $300k. Contrast that with just $14k just 50 years ago. That might be part of the problem.

[@genglandoh]

@@TVHouseHistorian I live in the Cleveland area and here is a starter home in a good area for only $170,000 5147 Case Ave, Cleveland, OH 44124 3 bed1 bath, 2,210sqft

[@carlfaitware8099]

Are they saying you are screwed if you're late 50s with a mortgage?

[@MrTedTederson]

It Also comes down to the choices we've made. I'm gen x. I chose to have 1 kid in 1999 so he's already grown and done with college. I worked gull time when I went to cc and public state college in the early 90s so I cash flowed with zero student loans. I choose to be debt free. I choose to live minimalist to keep my monthly nut low so I can pile the majority of my truck driving income into my 401k, roth ira & taxable brokerage acct. I've chosen to teach myself finance and investing so I can manage my retirement portfolios well I'm in the mid six figures now and well on my way to millions by the time I'm ready to retire in 10 to 15 years. But I've intentionally made decisions to be in Mt position. With a paid for 11 year old car I maintain so it'll last another decade or more. I've got my emergency fund. I invest at least half my gross income each pay week. It all comes down to our choices

what are you going to do when SS fails, and the government seizes all the IRAs and 401Ks to supply those that did not prepare to retire with your hard-earned savings ... they did it with Obamacare ... it is only natural for the govt to screw over the citizens with another crisis

[@traceyrossetti1009]

I love you two but 2-3 million in retirement is unrealistic for most Americans. How about a more realistic view on how to live a simple life in retirement with less than a half million.

[@tamarasnook]

You are forgetting that with compound interest and inflation, 1 million in today's money will need to be 2 million in just 30 years. When I retire, I'll want 4-6 million.

[@jeromehenry4484]

#1: paid-off mortgage #2: stay or get in good physical shape to keep medical bills low #3: no student loan debt #4: paid-off workable vehicle (or accustomed to public transportation) #5: do not roll over credit card balances month-to-month which incurs high interest; pay off in full every month

[@Pje3ski]

The median retirement savings is a couple hundred thousand I think, and people are retiring every day. I’m not seeing a lot of starving old people around me and I live in Florida. If you have saved and are debt free and live in or move to a low cost of living area, you will be fine. Especially if you wait till 65 to retire. I don’t think I heard social security mentioned in this video.

[@jarodfranklin1081]

If you have cash flowing real estate than you be continually collecting checks until you die.

[@thomasa5619]

Let’s do some math then. All in todays dollars, inflation will be extra You made 6k a month for 35 years so social security will pay about $3700 a month if you wait until 70 You need to make another $2300 to maintain that income, 27k a year, 4% withdrawal is generally accepted as the safe indefinite withdrawal rate, which means you need 675k invested. But if you plan to die 10 years later at 80 and penniless, then you only need about 250k If you plan to retire before 70 which reduces social security benefits, or your plan includes the government reducing/axing SS, then you will need MUCH more

[@nestorvinas6248]

I find that most people I know aren't worried about their future. Instead their focusing on today unfortunately. I just know that my wife and I will be in great shape when that time comes. I can't say the same for others. Hopefully those that aren't ready will turn things around and prepare

[@calvinreichelderfer7989]

I find most people aren’t worried about dying and meeting God.

[@carolannstevens5814]

I agree George “Life is great here in the US! Choices = autonomy

[@Faben202]

A 7% withdrawal rate is crazy. George knows this, but big boss Dave will get pissed off at them for saying so, because he preaches an even crazier 8%.

[@christinehopping5040]

Ken and George are the BEST!! Question for George. I am a net worth millionaire, but I do not have a million dollars on my retirement account. Do you mean owning a house plus a million in retirement accounts?

[@xhillaryyx33]

Yes, that’s what they meant

[@ParisianThinker]

Now age 78 (oldest boomer) and recently a widow on my own. Never bought real estate (I traveled instead & still do) and have no pension, but I did invest and have an IRA. Is anyone considering the value of the USD in the future? In the next 10 years, the value of the USD won't be worth even half with all the money printing. That's why $3.5M I saved & still have might not be the same purchasing power as today.

[@reaccionapr]

You’ll be ok

[@Kaykay-ex6yb]

My thoughts exactly…🙄

wait until people vote in more Dems and patent rights are lost, followed by real estate rights...that it is the way the wealth will be confiscated, and retirement will never happen for people regardless of their wealth accumulation

[@jenn541]

It's simple why Gen X aren't ready. We are the forgotten generation in every way. We were not taught anything by anyone. We have had to learn everything the hard way, to include financial literacy. We are the last thing from slackers.

[@Red_with_lead]

My dad will probably struggle during retirement, and my mom won't ever be able to retire. It absolutely breaks my heart, and I promised my wife our children will never have to deal with that.

[@force_majeure4070]

It's never too late. I love this conversation, because even in your 50"s, if the multiplier is 2.x+ or better, if I told you I could DOUBLE YOUR MONEY, wouldn't you?

[@KarenReusch-j1u]

On paper things look doable. Executing the payments month after month is the challenge. I recently saw a truck commercial where the catch phrase was "sign and drive"! Which is another point...the power of your signature and how it can get you into deep financial trouble!

[@elizmon8526]

I would LOVE to know WHICH securities/holdings to invest in that will give me 8-10% "consistently" in a 401K plan. PLEASE share with us, which ETF's and/or stocks to invest in to get that ROR. $900 a month is a huge contribution!! When people's rents in NY is about $2,000+ for a 1 bedroom outside of NYC, it's barely possible to shave $900 per month. Just saying.

[@jackiem9460]

My husband and I's car insurance doubled. However, our income has hardly gone up. We are debt-free, but it doesn't mean we don't feel the pain. The only way to stay ahead is to vastly increase your income especially since some products cost twice as much as they used to.

[@chris-sc]

If George's message in this video appears a bit non-committal and imprecise, it's because he is straddling his own belief of safe 4% withdrawals, but also knows his boss, Dave, advocates 8% withdrawals. Well done, George, you balanced both views well. In fairness, for the typical person, the 4% rule may be much more realistic, with their investments generating maybe 8%. Dave is very conservative on saving (creating a solid plan for the average person), but on investments, his belief of generating 12% from high quality stocks or ETFs assumes a level of investor sophistication that is not on par for the "average" person.

[@isleliver7773]

Any relation to the Ken Coleman that did radio and TV for the 1970's - 1980's Boston Red Sox??

[@ei15870031]

Lamborghini is not a Ken Coleman car. He is a Camry kind of guy

[@sandrad801]

This was an amazing video, thank you.

[@thomasmcbride1528]

Many still live with their boomer or gen x parents or have moved home. That reduces their expenses, or they have many roommates to lower costs. For gen x in our twenties everybody pushed you to have your own place. We weren't considered adults to we were out of the house.

[@paulki3406]

Every where i see @kamel he s assuming for straight 22 years you will get 8-11% slam dunks which is absolutely not true 😊

[@thehomeless_trucker]

@@paulki3406 Nobody is assuming that.... that 8-11% is average over the lomg term.

[@paulki3406]

@@thehomeless_trucker if it ain’t straight then compounding cannot be applied his math is wrong 😑

[@thehomeless_trucker]

@@paulki3406 That's not how that works.... It's the long tern average. Add the Individual returns and then run it using the average of those numbers. Using a realistic average for what you're investing in will get you in thr ballpark of where you want to be.

[@loliwelch9151]

How would that impact your investing strategy?

[@rmark87]

It is true. Maybe you are invested in the wrong funds or have the wrong asset mix. The S&P 500 has averaged 10.1% returns over the past 20 years. You can google it to verify.

[@mlitz90]

I'm only 4 mins into this and he got what crushed me as a teenager to 21 years old while i was in Afghanistan. My dad died when i turned 17. Bought a house just prior to the recession. My mom worked menial jobs. We lived in the Southside of chicago so they paid for a catholic school because the CPS schools were shit. I called home from Afghanistan My mom said she's losing the house, i gave her my deployment money and she still lost the house. I felt betrayed by my mom. They never savedfor retirement as my mom said, we never quite got to that part yet.. I've come a long way since then. I don't want to be married nor have kids. I missed the opportunity to lock in low interest rates. I don't have debt but i have always put away for retirement.

[@dianafoster7883]

Maybe they would have gotten around to saving for retirement if they had used the money that was spent on your private schooling for their retirement. They wanted what they thought was best for you and put your needs above their own. Forgive your parents' shortcomings, especially your Mom's. Not everyone is financially savvy. She probably did the best she could with the resources and knowledge she had at time while also having to cope with your father's death. I hope you heal emotionally and can strengthen your bond with your mother. ❤

[@goneretired7030]

I feel that the key to building a retirement nest-egg is to automatically move money from your earnings into retirement accounts before you consider spending a dollar on yourself. Two main points - 1) move to retirement accounts first and 2) try to make it automatically.

[@lvpuppets]

Does a defined benefit plan of $4000 a month equal $1,440,000 over 30 years? If so Im half way there?

[@robertl9065]

I’m a Gen Xer born in the late 70s. My parents and grandparents did teach me about saving. I started at 22 in my first job out of college and started putting in 10% of my income into my first 401k. 22 years later I’m in a great job for the last 10 years with a 401 and a pension. I put in around 15%. I also have some annuities and an IRA on top of a good 401 amount. I pretend SS doesn’t exist. Honestly I’m still scared of not having enough even though I feel like I will.

[@timnewton8308]

It all comes down to priorities. You may be able to afford that car payment. You may also be able to afford that mortgage. You may also be able to pay for your child's education. But, can you afford it all? What is important to you?

[@Sahmgirl]

Im sorry. Im calling BS. My mother was a young widow at 55. She was a homemaker all her life until my father died, and she jumped into the work force as an office assistant at 55. She worked 12 years & saved the money from my Dad's life insurance. She paid off her house & invested well. Now at 81, she lives very comfortably with a $40k annual draw without touching the principle. You dont need a million. You just need a budget & a plan.

[@Brigitte724]

He means a million to draw from...not a million a yr

It takes a million bucks at the 4% rule to provide $40,000 annually without impacting the principle. Was the life insurance a million bucks because it is difficult to imagine an office assistant paying off a house, standard bills, and investing their way to a million bucks in twelve years.

[@SharonOnTheNet]

the numbers that George is giving are based on Ramsi policy of over estimating how much you can safely withdraw. when you plan take the number of 4 percent withdrawal rate. when you get to retirement you can adjust up if your profits are good that year. but for planning be on the safe side.

[@jspuhler66]

Im in Missouri. I've done the math. To be comfortable, 1.5 million easily does the trick based on the 401k covering 59% and SS covering 39% of retirement. 3% comes from other.

[@tofuhunter3797]

Oh, now we're at a 7% withdrawal rate! Almost there, George.

[@kevinkanter2537]

good luck with that math

[@thedopplereffect00]

He's going to get in trouble again. Don't forget the 1% additional withdrawal for management fees

[@mskuriscak]

keep in mind this guy is studying for his CFP exam

[@patrickbaca5768]

Whats the difference between rollover IRA and Roth IRA?

[@robnelson6545]

A rollover Ira is what you get after you leave an employer and roll your 401k into an ira. Whether it is Roth or not is independent of that. You can have a Roth rollover ira or a regular rollover ira.

[@patrickbaca5768]

I see. thank you for the clarification ​@robnelson6545

[@vallanddess]

So you get up aching, at what? 45. I’m 62, and have worked physically demanding jobs all my life. We believe in “true” retirement. Lack of savings and investment is concerning across all generations.

[@buckibanker]

Gen X just had bad timing, Kamel hit it, lost the pensions and 401k Roth wasn’t a thing, 401k was a relatively new thing. And they told us 6% savings rate would be enough. I was fortunate to work in investments and banking, so managed to accumulate over 1m in retirement at 50, but it’s taken 25 years of contributing

[@goneretired7030]

The first key is to never buy on credit. Another key to building a retirement nest-egg is to automatically move money from your earnings into retirement accounts before you consider spending a dollar on yourself. Two main points - 1) move to retirement accounts first and 2) try to make it automatically.

[@jaynez9027]

I’ve been getting nervous about having a decent retirement savings and then having a medical issue or need a facility or whatever is and it drains all of it. It’s like if you’re super rich you’re ok, if you have very little money, it could be covered.. but if you’re in between it can be scary

[@didine256]

Very interesting conversation, do it more often 😀 👏

[@LynnEvans-mz6vl]

Catch-up contributions? Can’t add additional. No student loan, no car payments. Still keeping 401k same percentage.

[@deborahhaagenson6554]

Reality is companies may not hire us after a certain age. Right now it seems older than it was for my father. Back in the 1980's if you were 50 + it was difficult. Now I found a good job at 60, 6 yrs ago. But I consider myself myself lucky!

[@RodneyWhittle007]

Let's see... 8% of a million is an $80k/yr withdrawal (8% a year. right) Plus social security between you and a spouse, maybe another $30k/yr. So your saying we as a couple would need $110k a year to retire. That's with the house paid off and the kids out of the house. Okay.

[@SMetz-cw6qj]

Great episode!

[@bobbert1945]

Most companies NOW have automatic enrollment in the 401K, have a match, and the amount the employee contributes goes up a little every year. No thinking required. You have to actively defy inertia to OPT OUT. But for Gen X, we had to defy inertia to OPT IN. In my case, I had to wait 6 months before I was allowed to invest in a 401K and I had to make a special trip to HR to get it going. I also didn't have a company match, until I was vested for 3 years. I don't think Millenials are better with saving than Gen X was when we started working. It's all about having the ability to make stupid decisions taken away from you. But Millenials have it rough in other ways. It's hard to invest much when student loans and home mortgages are astronomical. I'm glad I dodged that.

[@tapanddestroy]

I honestly dont believe I'll ever retire. Im 40 and neither me nor my wife have a dime in savings and work paycheck to paycheck. Im just now trying to put myself through college in hopes of finding a career that might pay me enoigh to start saving and investing. Our only debt is our home and about $8k in credit cards which were used in addition tona refinance to do much needed home repairs. We also have 3 kids so i dont see us ever being able to help them with anything. Our future is bleak and i know we are not the only ones my age that are facing the same issues.

[@cjmars822]

I’m in the same situation. The day I stop working to support myself is the day before I die from what I can tell

[@elizmon8526]

The problem is in order to earn a salary to take you out of the poverty/middle class and into the upper income class, you need to "finance" an education - and in certain fields, where you will attain a position as a doctor, lawyer, business owners etc. Because you can be THE most frugal office worker/admin assistant, but with rising costs - home ownership is out of reach, interests rates are so high, RE taxes.

[@happyappy19931]

My concern is that I have saved almost enough, but the crazy government and possibility of SS not being there keeps me on edge about retiring. It’s more the outside factors…

[@Achilles5937]

"The reason why they call it the American dream is because you have to be asleep to believe it". - George Carlin

[@landonjoyner3760]

Ken and George🐐