Retirement Reality-Check: Millions Won’t Be Able To Afford To Retire. Will You? | Adam Taggart

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This short explainer video provides a reality-check on the brewing retirement crisis in America. The situation really is a lot worse than most people realize.
This topic is particularly relevant to most of you watching this video, as I recently surveyed the Wealthion audience and nearly half of you replied that “being able to retire comfortably” is your primary wealth-building goal right now.
When it comes to retirement savings, we’re in trouble. Every generational cohort is behind where it should be.
Personal savings, Social Security & Medicare, and pension plans are all substantially underfunded vs their goals.
In this video, we explain why, as well as provide steps can you take to increase your odds of retiring comfortably.
At Wealthion, we show you how to protect and build your wealth by learning from the world’s top experts on finance and money. Each week we add new videos that provide you with access to the foremost specialists in investing, economics, the stock market, real estate and personal finance.
We offer exceptional interviews and explainer videos that dive deep into the trends driving today's markets, the economy, and your own net worth. We give you strategies for financial security, practical answers to questions like “how to grow my investments?”, and effective solutions for wealth building tailored to 'regular' investors just like you.
There’s no doubt that it's a very challenging time right now for the average investor. Above and beyond the recent economic impacts of COVID, the new era of record low interest rates, runaway US debt and US deficits, and trillions of dollars in monetary and fiscal stimulus stimulus has changed the rules of investing by dangerously distorting the Dow index, the S&P 500, and nearly all other asset prices. Can prices keep rising, or is there a painful reckoning ahead?
Let us help you prepare your portfolio just in case the future brings one or more of the following: inflation, deflation, a bull market, a bear market, a market correction, a stock market crash, a real estate bubble, a real estate crash, an economic boom, a recession, a depression, or another global financial crisis.
Put the wisdom from the money & markets experts we feature on Wealthion into action by scheduling a free consultation with Wealthion’s endorsed financial advisors, who will work with you to determine the right next steps for you to take in building your wealth.
SCHEDULE YOUR FREE WEALTH CONSULTATION with Wealthion's endorsed financial advisors here: www.wealthion.com/
Subscribe to our KZbin channel / @wealthion
Follow Adam on Twitter @menlobear
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#retirement #socialsecurity #pension
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IMPORTANT NOTE: The information and opinions offered in this video by Wealthion or its interview guests are for educational purposes ONLY and should NOT be construed as personal financial advice. We strongly recommend that any potential decisions and actions you may take in your investment portfolio be conducted under the guidance and supervision of a quality professional financial advisor in good standing with the securities industry. When it comes to investing, past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in partial or total loss.

[@Wealthion]

SCHEDULE YOUR FREE PORTFOLIO REVIEW with Wealthion's endorsed financial advisors at www.wealthion.com/

[@rdlouzau8752]

Thanks Adam for always giving us the best advices

[@jvolstad]

Endorsed by whom?

[@Greggsberdard]

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.

[@lolitashaniel2342]

Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.

[@crystalcassandra5597]

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.

[@crystalcassandra5597]

'Vivian Barbara Mui, 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.

[@sharibuckler8529]

Why is social security called an "entitlement" when we pay handsomely into it every single paycheck?

[@jafrasar1]

Certainly should be entitled to a fund I’ve contributed for past 30 years.

[@byronbuck1762]

Because if you paid the requisite minimum taxes over 40 quarters you are entitled to a benefit.

[@nsant]

@@byronbuck1762 But then aren't you only entitled to the minimum?

[@byronbuck1762]

@@nsant no, you are entitled to whatever benefit you qualify for based on your work history and average income that was taxed

[@PK-zb6wh]

not sure, it is an insurance FICA-the I means Insurance. so you are “buying” imsurance.

[@Raymondjohn2]

I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways

[@hermanramos7092]

I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?

[@martingiavarini]

There are a lot of strategies to make tongue wetting profit especially in a down market, but such sophisticated trades can only be carried out by proper market experts

[@Oly_laura]

I agree, my profit has been consistent no matter the market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser.

[@hermanramos7092]

@@Oly_laura I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you

[@Oly_laura]

@@hermanramos7092 Definitely! All of this happened in less than a year after Catherine Morrison Evans told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.

[@dorisarnold9620]

Buy a good cross section of an economy and you should do well over the long term. The market wil be high in 10 to 20 years, and significantly higher in 30. It's almost impossible for a company with no debt to go bankrupt. the U.S. is about 50% of the global market place, Pay yourself first. It's time in the market, not timing the market. last year I invested 100 grand in the S&P 500/ an allocation fund (with the help of my FA, Evelyn Monping ) and made 571k, but guess what? I put it back and traded with her again and now I’m rounding up close to a million.

[@donaldduck830]

It took more than 30 years and a world war and a baby boom for the market to recover from 1929. The stock market bubble today has even more blown up compared to fundamentals than in 1929. Putting money into stocks today is like putting money into a slot machine in a casino: Unless you are very lucky and leave early enough, you will lose most of what you put into it in the long run.

[@PK-zb6wh]

Get out of debt. then you don’t need as much. No mortgage is key for retirement.

[@kenweidemoyer2221]

Good for you! I am trying to figure out taxes and health costs. Thanks

[@bpmattic9648]

Great update. You have a nice thing going on at Wealthion and I’m sure your subs will continue to climb. Just the right tone for me on nearly every update.

[@williamanderson6384]

Adam, you are a rare and valuable asset of shared knowledge. Thank you so much. Please continue your work. It is very much appreciated.

[@peterkolbe6309]

While I love the more in depth videos with guests, these quick hit videos are a very welcome addition to the tool kit for busy professionals; I would like to see more of them! Thank you for the great work that you do.

[@aerosciencedryfog]

Adam, your the man. Thanks for all these great videos. Keep up the good work.

[@cabragooncabulous4082]

Im going to share this video to friends and some social media platforms.

[@ADAMREES-GRITGYM]

These shorts are great. Thanks for doing them

[@DA-xc2uo]

Thank you so much Adam! ❤ I am behind the retirement account mean because of many years of bipolar mood desiquilibrium. But these 2 years I've been stable, i have more than doubled my net worth. Don't give up folks!!! 🙏❤

[@tapangangwal]

Hey Adam. It would be wonderful and enriching if you can come up with a dedicated video on how to plan. I love to watch all your videos.

[@andylabardy242]

Yes Adam, a video on how the "education" system is only succeeding in crippling millions instead of really guiding them(especially lil kids) to success, would be much appreciated. Keep up your quality work, thanks alot!

[@skylarscaling]

Agree 100%!

[@Anthony-qu7qd]

So many majors with no meaning in the real world, coupled with high prices and lack of workforce readiness out of college. Many entry level jobs look for 3 to 5 years of experience because of that and most jobs underpay compared to company growth.

[@hildedewaele5069]

THANKS ADAM

[@jdsmith8497]

I agree making a video for the younger generations would do them a great service, thanks in advance

[@revolution6133]

Lol…The only time I thought I’d be retired was when I first broke into my industry. I quickly realized those on top will crush everyone else to stay on top. Let this shitshow get started! I’d rather die on me feet fighting than hobble into poverty as a broken old man.

[@bookmagicroe9553]

Michigan is going to require a financial literacy class in high school. It used to be that there were Home Economics classes which had a chapter on personal finance, but most school systems stopped Home Ec a long time ago.

[@CyrptoDeb]

Would love to have a 'What to do for the kids' special video - If we start now we can put them so very very far ahead in the future. Giving them a truly priceless gift.

[@karenrinearson9250]

I retired 2 years ago. I can barely make it from month to month. I worked for 50 years and barely made enough to survive. I wish I could have saved more. I also was raising a daughter by my self. It was rough.

[@Wealthion]

You have my sympathy. It is rough, and the currency debasement our "leaders" are causing makes it even harder as time goes on. Hopefully the good karma you've created will come back to you & if you need support in future years, the daughter you raised will be able to provide it.

[@JarrodHSmith-br3bj]

Saved more...or understood the monetary system much sooner? Cash savings isn't king....cash flow is king.

[@nightdipper5178]

@@JarrodHSmith-br3bj bingo, give the man a prize!

[@cliffluxion7019]

Thank you!

[@kamalhurree6480]

Thanks Adam

[@strongislandprepping2210]

Hi Adam I love your videos. I think you doing a video on educating kids is a terrific idea. I hope you have the time to do it. Thanks

[@kenweidemoyer2221]

How can you save if taxes and health care keep going up every year. Thanks for the info Yes my Pay Check did not go up no raises,

[@Mesofs9]

A video aboit Raising financial saffy kids is a great idea!

[@martinjdesmond]

I am approaching 70 years of age and am still working. I think that people need to stay healthy so that they can continue to keep working for most of their life. As Adam describes, Social security and medicare have incredibly huge unfunded liabilities. The best bet is to keep working.

[@adriennemuhammad2807]

That's my goal. Continue working and remain debt free!

[@lex6819]

Then tax the billionaires and they won't be unfunded any more.

[@steves3234]

​@lex6819 no stop sending our tax money to the Ukraine and other countries. Put it in SSA.

[@uniquedavenport]

That's very sad though keep working until you die?...what happens when you literally can't anymore be homeless die on the streets?..this isn't the answer to our problems America is dead ass wrong for doing it's working class people who paid taxes all their life's like this and they know it the problem is they continue to do it because they simply can and at some point something or someone has to put a stop to the greed of our government I'm only in my 30's but by the time I get to your age if I'm blessed enough my generation won't even have a pension Medicaid nothing that we can depend on to retire with and be ok it's not ok and I'm so saddened that you have to keep doing this you should be able to enjoy the rest of your life and not worry!..the way they treat the elderly and the vets that fought for this country is criminal and down right cruel selfish and evil and I can't wait till the day our government is truly stopped I don't know if I'll live long enough to see it but at some point I feel like there will be rules and boundaries and laws that actually protect us but until then it's literally get rich or die trying then they wonder why this generation doesn't WANT to work and rather have their own business because jobs stand for just over broke!

[@lfw3733]

I thought you were weird but you are always on the target. Thank you, Adam.

[@kaybecker2199]

One problem gen z has is they can't afford daily living costs so how can they save for retirement?

[@andylabardy242]

Diversifying their wealth portfolios are definitely a good start, otherwise, careful research is to be done for reassurance anyway.

[@tonymanos9500]

Excellent topic. Broken Eggs Film tried to start a discussion on the looming retirement crisis several years ago. Big trouble. Something wicked this way comes.

[@JarrodHSmith-br3bj]

Retirement is a relatively new idea and is a lie, too.

[@brianglass1199]

I think preparing a video for the generations younger than Gen Z (kids) would be a phenomenal idea. Thanks.

[@delhume2691]

An educational video would be excellent. Some kids and adults say they can't afford it. The truth is they can't afford not to! Excellent program as usual. Keep up the excellent programs!

[@AppaTalks]

I'll be honest here. I don't know anyone with $60K in savings for retirement in the 35 - 44 range...

[@bollywoodclips7032]

Hi, As always great video, please create a video showing past, present and future opportunity for kids. What can they do today to have better future. Thanks

[@daw7773]

Plan B: Retire comfortably in a "low cost" country like Portugal, Mexico, Ecuador etc. Life is short just save what we can invest(e.g. real estate, stocks) but no sense in stressing.....it kills.

[@rubytuesday9539]

No love for your comment, for some reason. Maybe many who didn't save much don't have the mindset to relocate, but some surely do. There are several great countries where you can live well on $1000/month.

[@daw7773]

@@rubytuesday9539 I have saved a couple of hundred thousands but I found myself "stressing" over saving "enough" money which there is no guarantee I will live to use it or if l live til retirement age ....It may still not be enough in America....so plan B is my back up plan.

[@Mitzi73]

I don’t care how much $ I will save, I am not moving to a country where the drug lords run the police stations. I would rather live in a shack in America.

[@TheAgTeam]

Commendable and inspiring content Adam. Keep up the sterling work

[@charliec.5514]

Thanks, it really salifies why I am taking myself out and leaving my money to my kid.

[@rayb7402]

your numbers are accurate, unlike many KZbinrs

[@thesiasgc5914]

Fantastic video! Really enjoying these short videos; a succinct explanation of very useful information. Nice to see Wealthion gaining traction!

[@andrewmarsden1970]

UK has this issue. All UK employers have to contribute to their eligible employees plans but only 3% currently. Many employers do pay more than 3% but not enough. Most employees prefer to live now, and you can understand that view. The inevitable bear market will makes matters worse.

[@theoldguy9329]

Canada for contribution type plans have a maximum of all sources of 18% of salary per year. Frankly, still not enough. Employers cannot pay for everything.

[@Gumardee_coins_and_banknotes]

Australia is 9% for super. I do not think that is enough either.

[@Gumardee_coins_and_banknotes]

@@Ruth-wu3vf how do you save and invest more than you earn. Mmmm

[@revcrussell]

I'm in both a federal government pension (they can just print currency to pay me) and a private pension that is over 100% funded, and I still assume that I won't be able to retire.

[@truclien1]

Pls do a video 🙏

[@H2R5GSXR]

So happy we retired at age 52 and enjoyed life. We are now 71 and life does not look so rosy due to Intrest rates going to zip and costs rising quickly. Your advice sure seems on track for future generations.

[@edhcb9359]

If you retired 20 years ago and had a lump of money invested then you would have so much money right now the inflation wouldn’t matter.

[@AllBetsAreOff-zt7xx]

Does checking in with a brag make you feel good?

[@edwardirvin6954]

Yes young people need an education on money, savings, and investments.

[@minky7252]

And preferably multiple streams of income

[@paul1862]

As a young person struggling to afford a house... All you had to do was buy a home. And boy were they cheap back then. You can rent out your basement and get more income than you need to live. I don't feel bad for any old people who will have to work to death.

[@prestros]

Hi Adam, I was born in 2005, so I'm a member of Gen Z from the German-speaking world. We are shaped by two dooms. The fall of Rome, which was a hyperinflation due to coin deterioration, and the hyperinflation of 1923. The hyperinflation of 1923 drove the Germans into the arms of Hitler* and led to World War 2, but we recovered very quickly (only 30 years) from the last doom, but the economic crisis that followed the fall of Western Rome lasted at least 1000 years, and if you look at how long it took for the population in the cities to recover, it was 1500 years. From the fall of Rome and the Corona crisis, my generation has seen how effectively centralized power can be exercised, how quickly injustices can be distributed. We see politicians of all stripes obsessed with promoting social conservatism and supporting the material interests of homeowners, zombie-entrepreneurs, and people already on a stable career path, which means stopping the creative destruction of the free market economy with fiat money. Therefore they will try to hold up the necessary change for as long as they can, will kill the economy until the state itself crumbles in the same way as ancient Rome fell. Therefore, saving makes no sense for us, except to acquire land in the countryside where we can grow our food. Just as people in ancient Rome moved from the city to the countryside because the collapsing economy in the city could no longer feed them. They lived a poor peasant life, threatened by roving bands of robbers, while the decaying remains of the infrastructure (e.g. the viaducts for the drinking water supply) reminded them of how earlier generations were better off. There is then no more pension, but only work until (early) death. *) The Great Disorder: Politics, Economics, and Society in the German Inflation, 1914-1924 by Gerald D. Feldman

[@__Wanderer]

Calling Gen Z clueless whilst most boomers don't have anything for retirement after decades of golden investment opportunity is rich.

[@maplenook]

You have a point there! Luckiest generation ever!

[@evegreenification]

I’m gen x, my view growing up was that lots of boomers went from layoffs to downsizes to rightsizes. They were the very least lucky of the cohorts before them-with the probable exception of The Lost, who similarly got hurt financially in midlife. The fact that they are the luckiest generation still alive tells you everything about this culture and how our ancestors basically bent us over.

[@__Wanderer]

​@@evegreenification Least lucky?? They could support themselves on 1 job for a family. The price of a house was 2-3 times annual income, it is now 10-20x. Education was free (no student debt). Jobs were plentiful, if you had a pulse and drive you got a job that compensated you fairly. Stock market was at such low levels investing in almost anything would have made you a guaranteed millionaire by now. Raising a child was far more simple /less expensive (you can see it by family size now vs then). etc etc

[@joshuatabke6893]

So many people in australia think, all you have to do is buy a house pay it off and get a job that pays your super fund for you. Both get killed by inflation or fiat currency devaluation, its a moronic investment/retirement plan.

[@JarrodHSmith-br3bj]

And one that's been shoved down the throats of middle class...they're about to get the wakeup call, way too late.

[@nightdipper5178]

Real estate is one of the best inflation hedges. That's one of the reasons Blackstone has been investing billions in the SFR single family rental market over the last few years. Z-Gen will rent homes from Blackstone.

[@joshuatabke6893]

@@nightdipper5178 its not when you only buy 1 house to live in and pay it off over 30 years thinking it will make u rich. That has never worked never will, if you use it for capital and invest into multiple yes it does, my comment was in relation to people dont do that. Plus a bad real estate investment will lose money that doesnt sound like a good inflation hedge to me.

[@joshuatabke6893]

@@JarrodHSmith-br3bj i watched my parents live by this motto and i can see there retirement isnt great, its sad to see people fall for this trap.

[@joshuatabke6893]

@@Ruth-wu3vf like i said buy 'A' house, thats 1. This is how majority are doing it, owning 1 of anything is no good to you. Unless when they retire they dont need a place to live, then its a good investment plan in that enviroment.

[@darioazul]

Mr. Taggart: Yes! Please do a video(s) on the basics & more. It would be great education to share with kids. Thank you.

[@ter8330]

Making a video for those who are illiterate when it comes to money would be a fantastic idea!

[@glockonr]

Something that is little talked about is the impact of funding public pensions has on private sector income. In 2022 the Kentucky legislature took over $4 billion dollars out of the state's general fund to bailout the state's public pension system. The state government is raising taxes through the roof to keep the public pension system from going insolvent. The private sector can't save for retirement due to so much of their income being taken to ensure public pension benefits covered. In Kentucky taxpayers are contributing 30% of salary to teachers' retirement. That's almost 17% above the obligation. The private sector needs tpo know how public sector pension impact their own ability to save for retirement.

[@michaeltollen588]

Have you considered making some videos geared more for teens or college age kids?

[@hildedewaele5069]

OK regarding the kids financial education

[@fransgmail838]

again a concise and clear summary of a major challenge related to wealth planning, thanks Adam !

[@ivangaeta3663]

Great message, love it

[@t206kid]

Need to take control of your retirement and educate yourself. I am nothing special being 34 with a net worth of about $130,000. I am optimistic, but the crash in 2008 and 2009 (when I graduated college) and the coronavirus hurting me too I do wonder where I would be if neither (or just one) of these events happened.

[@sadieesther9721]

How do we calculate inflation in the future? Say I contribute 10% for 30 years and it gets me $6 million… how do I calculate the purchasing power of that $6 million if inflation continues at 4% each year?

[@rr8253]

Adam, you sound like you are from the Pittsburgh/Ohio area. This video just goes to show how you need to build cash flowing assets, not so much "savings". You did make me feel better, we are way ahead of the median and buying more real estate and still investing and I have been getting educated on Options ....so If nothing else, if I just did covered calls OTM, I can bring down my cost basis to Zero over time. Our education system is horrible when it comes to financial literacy but then again, I wouldn't want my kids learning from someone who is a bureaucrat, who gets their pay check from the taxpayers and thinks that they will retire on a pension!

[@Bradimoose]

I don't particularly like working in insurance, but I get a 9% 401k match and good benefits. I'm in my mid 30's with 110k saved and I save another $1100 a month with my 401k. Calculators say I should have about $2m at retirement.

[@kaym7704]

I can retire on my social security...in Mexico or Ecuador.

[@williamstratton1935]

The amount you said they would have would be after inflation biased on the 6% so 2k a month is plenty to live on

[@HenrikRClausen]

Wondeing just how much precious metal would fix the problem?

[@jockojohn3294]

I may not be able to retire......but I know some who need a "permanent relocation" to become soil improvement and worm food......

[@andrewwalker9216]

Please do a session about teaching our children-very much needed!!!

[@attilap4537]

Hi Adam, love your channel (from Australia), think education on wealth creation for kids starting out would be great !

[@darrenhobbs3258]

Adam, Please do a segment for children.

[@chucko12]

Society has all kind of things that never get talked about. The term pension envy is a misnomer that downplays what is really going on. Everybody's job contributes to society but government has declared that only their employees deserve pensions. 74% of us non-government workers are waving to the governmental 26% as they head off to the exotic destinations where they will enjoy their pina coladas. Government pensions come every month and are-not-tied in any way to if the recipient does or does not have a savings. All this is not an abstraction. My early retired government relatives are the proof. When I describe to them my aged coworkers hobbling in to the workplace with canes and walkers my relatives have not an ounce of empathy.

[@__Wanderer]

that 24k is worth about 11k in future money assuming 3% inflation --> 24000*0.97^25

[@toddminuzzo1853]

Hi Adam, a Wealthion video for kids sounds great. I've often wondered how to teach them about sound money. I've also ordered a few copies of the new kids book "The Illusion of Money" by Matthew S. Wergin on Kickstarter, which I'm hoping to get before Christmas. Maybe you could do a segment on that book or interview Matthew? Thanks for your all your efforts, cheers.

[@maybeide8078]

In these turbulent times Germany's retirement system shows its advantages. As money do not work, the active work force pays directly the pensions of the retired workers. No capital, money, or markets involved.

[@gdobie1west988]

What Congress needs to do is raise taxes on everyone for Social Security and push back the retirement age for the younger generations. That way full benefits will continue for everyone.

[@paulwjohnson8571]

yes to content for kids please

[@hectorg.m.3350]

Savings? What savings?

[@Gumardee_coins_and_banknotes]

I am not going to retire, want to work on stuff I like till I get recycled.

[@winthorpe2560]

Every UK local government ponzi oops I mean pension scheme I’ve looked at is massively in deficit. Normally about a third short.

[@metrocabinet]

No sound

[@peredavi]

There is not a good outlook for average Gen Z or Millennials. I’m fortunate in that that I had fairly high income and lived beneath my means. I retired at 59. in 2020. I’m very conservatively invested now due to overvalued stock market. I expect to barely keep ahead of inflation but I saved enough to deal with that.

[@manaoharsam4211]

It is a world of exploitation. Lots of money in hands of few enjoying the riches at expense very hard work by many does not create a foundation for a society. I am not against people making money, but I am against exploitation, for example removing pension, increasing retirement age, etc. All around me I see people work extremely hard. But hard work does not fetch the money.

[@6554532]

raising finanially savvy kid video yes

[@theoldguy9329]

As a pension actuary (not in the US) the problem with setting goals like this is that they really do 't take into account inflation even in a normal economic environment. Inflation is a killer. It likely would increase savings rates by a factor of 3-4 in normal times, and that is in a preferred tax saving vehicle. You can see why this type of retirement only came into being over the last 70 years.

[@prestros]

In the early 1920s in Central Europe, those who managed to protect their wealth with real estate and precious metals were taxed. Real estate owners were registered with compulsory state bonds and gold owners had to surrender the "gain", although their gold did not increase and only the monetary value was destroyed. The government has used the envy of those who have lost everything to steal more money.

[@theoldguy9329]

@@prestros It has not changed for PM....the tax on capital gains is taxing inflation on sales. The US proposal to tax unrealised gains will do much the same for all PM all the time.

[@Technojunkie3]

My advice to the young: live with family until marriage. Save what you would have thrown away on rent, starting with paying down all debt. Find work near home if you can both to save on transportation expense and to save precious time. Don't mess with margin or options, both are good ways to get hurt. When you do need to buy property, pay down the mortgage quickly and don't worry about the tax hit. Take the guaranteed return of less debt and avoid the risk of being underwater on your loan if real estate tanks. Do pay for real food because you really are what you eat. Pasture raised meat is ideal human food. I'd be retired now but I was unprepared for the 2008 crash, in no small part because my diet was crap and hurt my decision making.

[@evegreenification]

So agree! Especially about food. A decent diet is an absolute must.

[@wsdmrtst]

Uh, I’m 54 and never married… my brother is 49 and never married. Should we still be living with our parents?

[@evegreenification]

@@wsdmrtst Well, to be fair, it's "advice to the young"

[@wsdmrtst]

@@evegreenification understood, however, I was young once… if I’d followed that advice I’d still be living with my mom. I guess that’s what my high school friends sister did… she still lives with her parents at 52… never left home

[@juanmoy4780]

As long as they follow the rules and contribute to household chores 👍 and contribute part of the utilities

[@jvolstad]

Inflation is a major problem, and the Fed just proved that they do not care. I was hoping for a 50 bp increase yesterday, 100 bp would have been better.

[@gregspeth7910]

Start with gold and silver coins …..

[@silvestertheblack7422]

24k are much more than germans can hope to get. Our retirement-system is broke 😓 i have to invest 1k per month to get a comfortable retirement with an age of 55.

[@nightdipper5178]

Good advice. Consistently living below your means makes it easier to follow it successfully. My plan was to invest in an asset that provides cash flow into retirement, not a plan to burn through my assets during retirement having to worry if it will last. Since the video started with concept of "Z-Gen doesn't have a clue" here's one, don't look to Government as your savior, that never works, Government only makes it worse. For example College was less expensive before Government got involved with providing financing. Good Luck!

[@Vansmackable]

Retire? How about find food?

[@Columbus1152]

If I take everything this guy says, he's predicting world economic collapse. Simultaneous failure of the SS system, the stock market, and pensions, would be unprecedented. How much would he suggest we save when you would have to factor in devaluation of the dollar? Cherry picking catastrophic predictions is as foolhardy as cherry picking optimal models.

[@ricklepick5829]

Finial advisors are going to tell you to go for those 6% annualized returns and take their fees out along the way. It's been under the watchful eyes of these financial advisors we've ended up here. They will fail you as they have slowly for decades now.

[@jarvisnelson4701]

Thank the politicians who held the key to the "lock box". Remember that?

[@maplenook]

Not much point in saving when super inflation and clot shots are policy from powers that be. Don’t bother and don’t lock it up with Fidelity! Start a business or side hustle and rental property!!

[@azteca6695]

My supervisor is 64. We thought she would retire this year. Turns out, she financially can't retire.

[@ADobbin1]

We can't save because we can't get ahead of inflation. Haven't been ahead of inflation since '72.

[@seriouslyyoujest1771]

What effect will boomers selling stocks, and going into cash, on stock prices?

[@baycreekhistorydetectives4830]

Thank you. A lot of great value stocks are already 30,40,50% down in this stealth correction. The FAANNGs make the markets look healthier than they are.

[@stevenvanderheide6472]

If you live in a developing country for 6 months of the year it really helps with budgets.

[@alanhodgson7857]

Gen Z? No one saves much before 30, imo. Even then, 600K by 50 would be awesome. That's ~2 mil by 70 without saving another dime. The actual problem is that nearly half of everyone doesn't save anything at all.

[@georgfriedrichhandel4390]

The video is overlooking one basic reason why Americans have such a low savings rate: low wages. Real wages have stagnated and even declined while items such as housing and higher education have exploded. Therefore, the majority of Americans can't afford to save for their retirement.

[@donaldlyons17]

Thanks! I agree that buying power matters BUT KZbin is full of people who want to say otherwise.

[@georgfriedrichhandel4390]

@@donaldlyons17 And to make matters worse, those same people are very judgmental. They think what worked for them will work for anyone regardless of personal circumstances. I have read many comments from people who claim that if someone can't afford to retire, it's their own fault because those people didn't "save enough" when they were younger.

[@juanmoy4780]

If recession hit perhaps people will be willing to work instead of depending on welfare. The best motivation to laziness is hunger. The best solution to criminality is prison punishment (not a vacation) and hunger👍

[@hubertvecht7255]

Just hunting for commissions?