Something Terrible Is Happening To Boomers

There are 73 million baby boomers in the US and they can all retire by 2030. But at the same time, 45% of baby boomers have no retirement savings and they are becoming homeless at a rate not seen since the Great Depression. So what now?
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00:00 What's going on with Baby Boomers?
00:43 The 1st leg of the 3 Legged Stool
02:01 The 2nd leg of the 3 Legged Stool
05:27 The 3rd leg of the 3 Legged Stool
10:00 Is this a good or terrible thing?
11:32 The biggest problem for Baby Boomers
13:30 But THIS might change everything...
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.
Past performance is not indicative of future results. Vincent Chan does not guarantee any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed. Strategies or investments discussed may fluctuate in price or value. Investors may get back less than invested. Investments or strategies mentioned may not be suitable for you. This material does not take into account your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You must make an independent decision regarding investments or strategies mentioned. Before acting on information, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

[@VincentChan]

💵 Get my free Savings Goal Tracker + Checklist → vincentchan.co/savings-tracker/

[@sang3Eta]

Taking a workers retirement contribution to pay out someone else retired today is the definition of a Ponzi scheme. It will ultimately collapse.

[@anthonynardella8907]

Your link doesn't work. and it is not in spam.

[@VincentChan]

I just tested it and it works - could you try it again and double check? @@anthonynardella8907

[@Chicago48]

You forgot to mention SSD which is disability and which a LOT of Americans don't deserve because they can work.

[@michaelofmarble2094]

Have you factored in the 40 million undocumented migrants?

[@sunnykobe3210]

“They got money for war, but can’t feed the poor”

[@robert-zg8or]

Feeding the poor does not fill the Panamanian bank accounts of politicians nearly as well as foreign aid ( money laundering) does. But hey ya'll voted the criminals into office and kept there for decades. So who's fault is it? All I'm sure of is I ain't signing up for grandma's only fans account.

[@Skaarxiong1]

Israel and Ukraine need your money. pay up, now!

[@swift_4179]

I wonder how many US Citizens Actually approve of these ongoing payments

[@Diana-yn2ho]

Exactly, especially the disabled veterans, the impoverished elderly and the disabled/severely ill should be helped, but money goes to fighting foreign wars. Since the politicians aren't the ones going to the battle ground to fight, nor their adult children/grandchildren, they could care less. War is like a game for them.

[@robert-zg8or]

@@swift_4179 apparently 83 million

[@skinnypete3104]

My mother was a boomer. Did everything right. Paid off home. Had retirement planned and saved. Then she was forced to retire 10 years early due to brain cancer and tumor in 2011. Her insurance tried to drop her, obamacare was expensive and a nightmare. We eventually sold her home but it was 2013 by then so the money made from it was minimal. Disability income was horrid even though she had worked since she was 16. By the end we cared for her or she would have been in poverty even though she had done everything right all bc of cancer and being forced to leave work before retirement age. Healthcare in this country can still destroy a person even if they did all the steps right. This has happened to millions. So people please stop acting like its only irresponsible people who end up in extreme poverty when older bc thats some bs when we are talking about a country like USA

[@genac4561]

I am so very sorry. Reading this broke my heart.

[@aliekatsmom]

I am so sorry for your heart breaking story. But you very correct and thank you for taking care of your mother. Bless you

[@Web-Diane]

Sorry to hear about your mom. The healthcare is not talked about enough. Americans deserve better.

[@user-dx6jo1cm9c]

when That happens It makes no difference how old you are, you going to lose everything....soory for your loss...

[@Marmbrust]

I actually cried.

[@patrickchadd]

The sad reality is that the generations AFTER the boomers will have even LESS retirement...

[@ObjectivismInEverything-sp1xu]

Only if we rely on socialist practices. Don't let the government take your money. Work underground.

[@fear_the_smile961]

More like nothing mate. People on average make 30k a year. You need 100k to survive on this country while safely ignoring the vast majority's share of struggle.

[@aunch3]

This is why I don’t blame Gen Z for being pessimistic and negative about work etc. imagine how fucked they’re gonna be

[@Not-Ap]

Were not dead yet. Criticize millennials and gen z once were closer to our late 60s or 70s. Some of us may yet bounce back given time if we learn from our setbacks we had early in life.

[@jeffdunnell6693]

The generation after boomers lives on credit cards and are stuck in their phones,spending money they don’t have on stuff they don’t need.

[@benitabussell5053]

For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.

[@RickWatson-xu6gw]

Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.

[@A_francis]

Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.

[@benitabussell5053]

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

[@A_francis]

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

[@studleyjb3172]

​@@RickWatson-xu6gwbuy some lead also.

[@allmivoyses]

I'm a "Boomer" and I can tell you exactly what happened to my money. It went to the healthcare system. Even with insurance I was a good, responsible, citizen and paid my bills. Over one million dollars in retirement savings gone, poof, nickle and dimed in inflated healthcare costs and purposely configured billing practices of insurance carriers. So now I quite literally have nothing. No retirement. I no longer own my own home. No more investments. The only "asset" I have is a 25 year old vehicle, and the only income I get is the $1405.00 the federal govt has decided I am worth in SSDI a month. Now please don't interpret this as me whining "Oh whoa is me", far from it. I'll figure it out. I always have. I'm using my example to illustrate what's wrong with the system and what needs to be fixed and why. Because if we leave it as is all we are doing is wiping out peoples retirements and forcing them onto public programs further taxing and straining the system.

[@Shadowtiger2564]

Anyone who says we shouldn't have universal Healthcare like every other developed nation has clearly never been screwed by the US Healthcare system. BTW anyone who complains about other ones taking longer has never been forced to delay care by insurance companies not wanting to pay for doctor recommended care

[@aceofspades9503]

@@Shadowtiger2564 I've always been really confused by the people who say that care will be delayed in a socialized system. Every person I have talked to from a country with socialized healthcare says they rarely have to wait beyond two weeks. Here in the US I typically have to wait 3 months or longer, regardless of how much pain I am in.

[@robertmanley2687]

@@aceofspades9503 Not where I live great care easily accessible

[@HealthyDisrespectforAuthority]

try that on under $800.

[@mangodiet801]

Most of your money has gone to fund corporations: weapons, healthcare, stock market, 3rd party contractors via bad never ending infrastructure projects .. and Americans have been brainwashed to think any of their tax money going back to help them via social programs is bad, divide and conquer strategy fathered by Reagan

[@richardperritti5916]

I am a boomer and retired. My generation was told over and over again to save for retirement. Many of them did not. They spent all their money on bigger homes, more expensive cars, vacations and gave money to their children hand over fist. I watched my spending closely during my working years and saved as much as I could. Social Security is going to take hair cut sometime around 2030 to 2033. Your benefit could be reduced from 20 to 25%. In most cases that is right around $500 per month. You are being told almost 10 years out. Once again no one is listing. Now is the time to set aside some money to generate $500 a month or close to it as you can get, so you're ready for the haircut. Americans in general live way beyond their means and have a spending problem.

[@paulmoss7940]

Same as you here. I saved ,worked 12 hr. shifts on my last job for 32 years to retire early . I'm good.

[@SomeUserNameBlahBlah]

I've noticed the many in the Boomer generation spent money to keep up with the Joneses. Gen X spent their money on name brand crap and partying. Millennials blew their load on tuition and expensive trendy gadgets. Gen Z spends their money on life experiences. Every generation follows a trend to piss their money away. I don't feel sorry for anyone. I work and I save.

[@marietaylor5174]

Richard, I could not have stated it better!

[@fdm2155]

Yes, my siblings are Boomers, I'm the font edge of Gen X, My siblings have a variety of circumstances: One with no savings, no pension, minimal social security. One who worked a professional job for 40 years and was a prodigious saver/planner is set up well for retirement. Two worked public sector jobs with pensions for decades the older is in reasonable shape while the younger is having to work in retirement until 67. One other sibling with a well paid trade at a corporation is also well on track now after having no savings for years. The next ten years is gonna be wild I'm sure.

[@neerajchaudhary1821]

Boomers were the entitled, spoiled generation in the history of the world. Thank you for being the exception.

[@coolrsvid]

The forest was shrinking but the trees kept voting for the axe, for the axe was clever and convinced the trees that because his handle was made of wood he was one of them

[@steveborkowski4330]

Classic!

[@honeybadger2986]

👏👏

[@christinebuckingham8369]

👍💯💯💯

[@user-te3qm5mv6r]

Ha ha.. They would rather spend money on wars, anything but the poor.

[@valerietaylor9615]

I couldn't have put it better myself. Describes our elites to a T.

[@Lin1Lin2Lin3Lin4]

It’s a broken system when you get punished for working hard and living long

[@user-te3qm5mv6r]

People are being punished for being POOR !

[@zarroth]

@@user-te3qm5mv6r Not quite, people are being MADE poor. No central bank equals no inflation when on a gold standard. Look at the history of inflation and become aware that ALL of this is due entirely to the central bank and the corrupt politicians that serve it.

[@Courtney-Alice-Gargani]

I think 60% of people don’t even have $1000 in their bank account.

[@goruguro]

There was a study that showed 57% of US citizens would not cover a $1000 unexpected expense, nearly 60% 😭

[@tarat26]

I used to be doing well with savings. All it took was one serious ongoing medical condition/expenses and everything is burned out. Don't go without experiences, memories, being comfortable and caring for family. Everything else can wait. You can't use stuff if you're too unwell to use it.

[@lifewithbakari1413]

@@tarat26okay brokie

[@RRNOTHING]

​@@tarat26 there are resources online to help with hospital bills

[@Langtw]

If I was to wake up and see that all of my accounts had a balance of $0, I'd be better off than I am now.

[@MeadowDay]

I’m sure our politicians don’t have these worries, they’re safe and sound in their mansions after screwing us over for decades.

[@evgeneiac]

And they all have government-backed pensions. They aren't depending on Social Security.

[@LanternOneStudios]

Yes, true but it's up to us to hold them accountable, aggressively and consistently. Not enough Americans directly contact their representatives. Instead, people think posting on social media is enough. It isn't. Americans need to get in the face of the media and the politicians.

[@terraterra9014]

They get set up nice by the billionaires whose interests they served. When they say “We the people” they mean “We the opulent people”.

[@gracewomack4228]

...too many people vote stupid...

[@terraterra9014]

@@gracewomack4228 people vote for the same two parties for most of the century and nothing changes… Definition of insanity

[@richcarroll7510]

Sad fact ,Only 2% of homeless people are here illegally,The rest are citizens that were born in the U.S..tells something about the U.S government and how they treat there people !

[@Skaarxiong1]

finally, someone who isn't stupid and blind.

[@SvirepiyBambr-xw8rw]

Tell me please why them illegal immigrants are not homeless? Because they work instead of drinking and using substances?

[@slasher1563]

​@SvirepiyBambr-xw8rw Because migrants tend to be highly motivated and well connected. Most homeless people struggle with mental illness and substance abuse and struggle to find a place back into society, which i imagine is pretty hard after being actively rejected from it. It's also why veterans are so at risk as the military has broken them, rebuilt them to serve its needs, and then disregard them.

[@ralphaelalfaro6023]

​@@slasher1563 It actually starts in the school system. Or maybe the 2 income family started in the 60's, where parents left their kids as wards to the state via the school system. Then exasterbated with the credit/banking system which created financial slaves. Then the graduating kids found a temp out of the "rat race" via the military only then to be discarded after their use was over. I turned 18yrs old in '75. I went to inlist into the military. I went with the ex mayor of my city,(retired army). Nixon had called for full withdrawal from Vietnam. The army sent me to the marines who then suggested the navy. Why? Because as they both said, "We are out of 'work' right now, go to college for 2yrs, then come back in a few yrs, we might have some work by then". They both pointed out they were offering incentives for early out to their troops. Hence as Eisenhower(?) described "The military industrial complex". Now including the "Prison industrial complex".

[@user-te3qm5mv6r]

Americans are too expensive Companies in Asia are less expensive.

[@catgirl6803]

My Boomer parents worked so hard for so many years but lost their 401K savings and their jobs after the 2008 recession. My dad worked his butt off to try to recover the loss. It was hard to find new jobs because of their age. My mom never worked again after that and he ended up doing contractor work. My mom said that after 2008 the 401K never came back because her job stopped matching her contribution which was the only way it grew so there was really no employee benefit at all. Then a few years later she was forced out due to age discrimination. The only thing that saved them was my dad saw the crash coming, so they sold their house in 2005 and got something smaller. Otherwise they would have lost their house. My dad died unexpectedly in his sleep in 2019. My mom is living comfortably with no mortgage and off his social security, but she said all those years of contributing to a 401k and she only gets $200 a month from it. Even though I wish my dad were still here, I am grateful that he went the way he did and that I don't have to worry about elder care or long term illness with him. Sometimes I think he worked himself to death on purpose to protect my mom.

[@Geo-Global-oz5kl]

Another reason to be an misanthrope.

[@Me-eb3wv]

Many older men work themselves to death to put a smile on their loved ones

[@user-yf6cd9bb8t]

As you get older, you are supposed to put your money in safer investments. My parents lost money also, but they still had more money than if they had never invested at all. If you want to lose money, don't invest. I made $50 a month keeping my money in the bank. I made $1000 a month in stocks when stocks were really performing. Not as much now, but more than $50 a month.

[@ankhpom9296]

Wall Street got the money and left you in the lurch.

[@catgirl6803]

@@user-yf6cd9bb8t well my parents were like most people- not skilled in this area. I watched a video about this how 401ks don’t work just because of lack of knowledge. My dad’s parents were poor immigrants. My mom’s dad lived off a pension. Cool that you know that. I need to learn.

[@barbmelle3136]

Healthcare has become legalized theft. The same angiogram that was $12,000 six years ago became $38,000 three years ago and the last one was $70,000. Same hospital, same techs, same procedure. $20 a month medication is now almost $100. I am already paying just short of $900 a month for health insurance and making monthly payments to the hospital for the 20% of their bill that the insurance does not pay. Something is broken.

[@bradbrad6521]

exactly! I keep trying to steer libels into the right fight but just like rednecks being more interested in punishing the woke agenda because their son is gay, most libels have absolute no intentions of making anything better and just want to punish the GOP. The point im making should be clear, drop the fight over guns for now, lets focus on the bigger problems that are actually killing and affecting MILLIOINS of Americans such as healthcare, automobiles , and the rising pay of CEOs. I cant, for the life of me understand how libels can argue that guns need more control but these 2 ton machines going 80mph killing and injuring 1000x more people than guns are just fine!

[@silverbirch-youtube]

The fiat money system is broken. Inflation has been killing the lower and middle classes since we all came off the gold standard and so our wages and savings became increasingly worthless year upon year in real terms - while government money printer go brrrrr. All the freakish degeneracy you see everywhere right now is caused by this basic corruption of the money supply, because the oligarch class rigged it that way to steal everything. While they play us off old vs young, black vs white, red vs blue and blame a 'cultire war' - they are laughing at us all!

[@kjsaaaaaaaa]

We need a single payer system.

[@bensheard3969]

In my state you are fined for not having health insurance. I can choose not to drive a car but I cannot choose to have a body. That and social security/Medicaid are just organized rackets

[@SuperDrainBamage]

​@@kjsaaaaaaaawe have a single payer system. It's even worse

[@stacey9003]

Hey Vincent, most Millentials and Gen X,Y, Zs blame Boomers for today's financial woes. Thank you for not doing that! I'm a Boomer who worked as an RN for my entire adult life and raised a family on my wages. I chased inflation like a rat on a wheel and struggled with a divorce when my ex stopped paying child support. I never took welfare, food stamps or subsidies. My taxes climbed and I lived through 6 recessions! I am a contributor to an economy that has failed. Unfortunately so are the generations that follow mine. We ought to be blaming the corruption of our political and economic systems, not each other.

[@DanielH874]

Well said.

[@FrankC656]

Millennials = Gen Y, FYI

[@Psychetwo]

It's true many gens blame Boomers, but vice versa, Boomers like to criticize Gen x,y,z for being lazy and entitled. It's just disheartening to hear when I'm struggling and working 2 jobs just to afford rent and bills. Every generations all face their own struggles, but it's just terrible when boomers are telling me to work harder and learn coding like my problems are easy. So i'm suppose to work 2 jobs take care of my kids and all the while go to school to learn coding? This is probably the worse inflation event in history when rents in California for a 1 bedroom apartment is $2200 per month! I can confidently say that I'm struggling just as much if not more than the previous generations. I'm not lazy and I'm not entitled.

[@drwayne_carter9115]

"we ought to be blaming the corruption of our political and economic systems…." Hmm I wonder which generation created, corrupted, and controls this political and economic system🤔

[@99eewing]

You are one of the few who hasn't *graped* the future generations for your own benefit. Your voting habits however have more likely than not allowed for the hell we have today.

[@PrettyPrincess9609]

My grandma is a Baby Boomer who saved her money, worked in Corporate America for over twenty years, retired early in her late 40’s, sold their home, got a pension, got social security once she turned 65, and withdrew from her 401k after she retired. She traveled with my grandfather and was living a great retired life. Unfortunately my grandfather passed away a couple of years back and my grandma ended up getting stage 1 cancer in 2022. She said it’s like she is living paycheck to paycheck. She is completely dependent on her social security and pension now. Her savings is now gone due to her hospital bills and her paying for moving expenses to move back in with my uncle. She did everything right and still ended up struggling. I’m a younger Millennial and I would give anything to help her but I’m struggling myself and can’t even afford a house.

[@Axel-vq3mv]

a question, how do you square "did everything" write with retiring in her late 40s, selling their property and living on fixed income? im not american so might be missing something

[@twystedhumour]

@@Axel-vq3mv Exactly. That's a loooooooooooooot of lost income there.

[@kingdomross8974]

Why did she retire in her late 40s, and why did she sell her home in her late 40s?

[@BenDover-nl8qk]

At least she had fun. 🎉

[@thelight3112]

So she quit her job in her late 40s, they sold their house, and then proceeded to blow all of that money plus the 401k traveling the world? And she's complaining that she has to live off of "only" Social Security PLUS a pension?? Combined, that's probably more than many full time working adults make. Sounds like she's doing fine for someone who hasn't worked a day in the last 30 years.

[@FindingGod365]

The problem is that companies stopped offering true retirement plans like in the old days. Plus the govt took people’s money and now is running out due to their reckless spending.

[@Ominiumshadow24]

They voted for that government in the first place. They made that mistake. They have no one to blame but themselves. Maybe if the keeping it with the Jones, didn't existed, that kept buying useless shit. They would have a retirement instead of leeching of young working people like me.

[@thinkingtoomuch7680]

You are absolutely correct. Pensions were created because people were not inclined to save correctly and wound up thinking about the immediate needs vs long-term goals. (Some immediate needs were legit, but could have been deferred or downsized in lieu of better returns later.) Plus, the pensions were partly funded by the employees, anyway, with it being a fairly painless deduction over years, accruing interest! Owners knew the pensions drew in eager workers who would stay at the company.

[@randymillhouse791]

NO! The problem is that workers actually TRUST pensions and 401k plans. Cash is king. Save as much as you can G-DAMMIT! Put it into safe investments that have guaranteed returns. F the casino.

[@user-te3qm5mv6r]

Profits and money grubbers !

[@FindingGod365]

@@user-te3qm5mv6r yehp. The unmitigated greed of corporations these days is just stunning and has few historical comparisons. Maybe if we go all the way back to early days of " robber barron capitalists but that's 1860s to 1920s so well over a century since we have seen this level of pure greed. And it is always us "little guys" that suffer the most.

[@notquiteyoung]

This is the first time I've heard someone publicly vocalize that the relief of those taking care of their aging parents while trying to maintain themselves and their growing family comes at the cost of their parents' lives. As someone who is just starting their professional life and taking care of aging parents who are taking care of their aging parents and neighbours, the struggle has been real. Thank you for acknowledging this issue.

[@rogerhurtubise2150]

It's a precarious balance. I took care of my both of my parents while working full time and handling doctors appointments and all that. Then I lost my dad last January. Now I had my mom move in with me, and it can get overwhelming.

[@becsterbrisbane6275]

I'm dreading this day. I'm the only unmarried one in my family, and no children so I know the burden is going to be on me within the next decade or 2. I have worked my ass off to try to make my own life somewhat comfortable (barely) but don't have the time to take in elderly parents, and being alone, who's going to pay the mortgage?

[@user-jb2ks2cc4z]

Well the only chance at salvation is to vote blue.

[@albertchurchill4845]

@@user-jb2ks2cc4z Why? They helped create this. I'm not entirely sure they didn't plan it.

[@gsteelman4190]

Yes, you will eventually end up at a point in your lives where this will happen. Usually about middle age

[@jerrrdy]

Since corporations are considered ‘individuals’ then tax them like individuals

[@Rustea314]

Corporations don't pay taxes; corporations collect taxes. End Citizens United.

[@stopper90004]

Corporate taxes just get passed on to the consumer.

[@pickelsvx]

Corporations and cults should not be tax exempt

[@jf2176]

LOL! Yea, no. We won't be doing that. You can eat cat food tho. Gucci brand cat food. Only the dopest rappers can afford Gucci cat food. Now you all want it, cuz you can't have it.

[@SouthernFryd]

Corporations are people. Every person in a corporation is required to pay taxes. Educate yourself,

[@RayPointerChannel]

One of the problems is that since the 1980s, pensions have been slashed. Everyone does not have them as our parent's generation had. Aside from the taking from the Social Security fund, there are fewer workers paying into the fund. The question is how much was stolen from the Social Security fund? The records should show what the government is obligated to pay back.

[@user-ir1bl9ii1e]

100%Agree

[@chloej8978]

Our government plays by their own rules, I’m sure they’ll never pay anything back and get away with it.

[@BigTomInTheBasement]

​@@chloej8978yes and they will just print more cash to cover whatever bills they have

[@jackuzi8252]

The core of it is really the healthcare system, which seems to be designed to be as expensive as possible. Most people can't expect to be able to save enough to cover the cost of one serious illness, even if they're frugal.

[@jamesgoode9246]

Do you remember {when they passed Obamacare) they said that we'd save $2,500 per year on medical expenses. Where is my $2,500 ? My medical insurance costs more. My medical expenses cost more. Where is my $2,500 ?

[@michaelkarim57]

@@jamesgoode9246they don’t just mail you the money and you have to be below a certain income bracket to receive the care

[@pcthayer]

I am on Medicare and there is one thing that always bothers me. When I have any type of procedure, I get a statement saying the cost is X (let's say $500) and Medicare authorized Y (lets say $300) my cost only the deductible which is minimal. If I had no insurance I'd have to pay X($500) and not Y($300)....so the ones that couldn't afford the insurance, have to pay more....it doesn't make sense.

[@jackuzi8252]

@@pcthayer That's the system. Having insurance not only covers (some of) your medical costs, but means that for anything that's not covered, you pay the "insurance carrier" rate instead of "retail". Why providers are allowed to charge different rates depending on who's paying is beyond me.

[@ankhpom9296]

The insurance industry is the moneymaker and power maker. They even ration healthcare now.

[@twalatka]

Several crises in the last 5 years, wiped out my savings. I will never retire. Never imagined my life ending up this way. Working for what used to be a good salary, now, it barely covers rent. I'm anxious.

[@planescaped]

When people ask where I see myself in my old age my honest immediate answer is "not alive" one way or another >__>

[@jupitercyclops6521]

​@@planescaped You can't count on that tho

[@hungrycrab3297]

@@planescaped least melodramatic commenter

[@inviktus1983]

I'm sure more than a few have and will kill themselves over the state of things. Not melodrama at all. Reality.@@hungrycrab3297

[@Kiraiko44]

​@@jupitercyclops6521what? Lmao do you not understand his comment? The one thing you can count on is dying lmao

[@curatedcuriosities8208]

Its sad that people didn't realize they should focus on paying off their mortgage instead of relying on 401k plans. I realized in the 2008 financial crash that my 401k was not a good thing to rely on and thus switched strategy to pay off mortgage. Not paying rent or mortgage every month makes your money go much further, especially now, with housing prices going up exponentially.

[@lindanorris2455]

401 k sucks.

[@lisad6106]

Gen X?

[@judygilbert9628]

Also the greed attitude of the 401k myth prevented so many from downsizing and thinking ahead

[@Diana-yn2ho]

Today, while walking down the street, I met a very sweet homeless elderly lady in a wheelchair and I started a conversation with her. I really felt sorry for her. It made me really angry how millions of dollars are spent on all kinds of nonsense and unnecessary expenditures while our veterans, disabled and impoverished elderly are suffering. Makes me sick!

[@user-te3qm5mv6r]

Veterans care is illegal unless they are active duty! i.e soldiers in war! Look at the poor insurance cos.

[@user-te3qm5mv6r]

I am in a wheelchair thanks to s stroke, my care cost me half a million dollars.

[@Diana-yn2ho]

@@user-te3qm5mv6r - That is an outrage. Veterans who were wounded in war and have become disabled or are seriously sick, should not have to pay one cent for their care.

[@user-te3qm5mv6r]

They do unles they are active duty soldiers. Its different in Canada, not England, which has health insurance so they have to buy insurance their NHS is illegal Only Canada is legal because healthcare in Canada is 100% free @@Diana-yn2ho

[@user-te3qm5mv6r]

Yes they need to self pay since they were injured in acts of war so insurance doesnt cover them! Ask japanese!@@Diana-yn2ho

[@GlitchedVision]

I'm sorry for this potentially unpopular opinion in advance but an economy is destined to fail if it is based on debt like ours has been for the longest time. Every economist that has said otherwise didn't look far enough ahead in their projections. Anyone living day to day in poverty can tell you taking out one loan to pay off another doesn't solve the problem, it only delays it. This is not just about the government borrowing from social security, it's also the entire industry dedicated to keeping people in debt.

[@Fawn91193]

And our "money" is fake. It's fiat currency, promissory notes, debt notes. Not worth the paper it's printed on.

[@lesp315]

That is why I'm debt free and stress free. People just want everything, so they spend before they make.

[@DJ-rx5lz]

Debt is not your friend - divorce DEBT

[@lesp315]

@@mitchellcouchman6589 Not true. Boomers are the richest generation in the history of the US. It's all downhill from there. One KZbin video don't mean jack. It's a clickbate feel good for losers. Look at data. Next generations want boomers die ASAP so they can get inheritance. I'm a boomer, healthy as a horse, rich and I will live for a long long time. That's my plan anyways. You can take it to the bank.

[@user-kz5cw2gj3w]

Yeah, the chickens do come home to roost with the debt collectors, one day....

[@scorpiodelirium]

I'm Gen X and had my Mom move in with me 2 years ago as she could no longer work due to health problems and the amount of SSI she receives won't even cover the cost of a studio apartment. I think the most important part of this video is when it is explained how Regan, and every administration afterward, stole SS money that we are forced to pay into. I don't expect to see a dime of the SS that I have been paying into since I was 15. This in nothing less than the federal government defaulting on a loan that we are all required to pay into. Am I entitled? Hell yes I am entitled to be paid back a loan to the richest government on the planet. We are also entitled to damages because the FedGov stole our money from the SS fund. This is only one reason why I am no longer a "patriot" and why I have lost faith in both parties. Thieves and liars all of them.

[@rosemarieroth1984]

You stated what few know and understand...

[@18marshmello]

THANK YOU! I’m. Millennial and I’m so sick of people saying that I’m entitled bc I don’t want to be taxed for something I KNOW I will never receive when it was the government that messed up a perfectly functioning program. It’s not fair or right for the future generations to be expected to just be okay with this and Not complain. My generation and the ones after have already come to terms that we will be working until we die. The American dream is dead and our government is a corrupt liar only looking out for the 1% no matter which party is in power it’s all the same

[@e4e5e2e7]

That would be every Republican* administration/Congress that followed.

[@francisnopantses1108]

The government is us. This is the high cost of low taxes. Rampant inequality and government debt.

[@e4e5e2e7]

@@francisnopantses1108 💯

[@SqueakyChase]

I'm a boomer, don't fall for their pleas. They lived like rockstars and thought the money would always fall at their feet and they could divorce 3 times with no consequences. Now that age and reality has set in, those of us who maintained a proper balance of self-sacrifice, dedication to self-improvement, choosing proven career paths and marrying a person who is willing to reach an agreed upon goal come hell or high water. I have no pity for my fellow boomers. Life can be a beach sometimes.

[@a_9408]

Thanks for your wisdom and story

[@ButcherBird-FW190D]

@@a_9408 I am a Boomer as well, and I 100% agree with Squeaky's comments.

[@planesrift]

Imagine being able to buy a house and support 3 kids at the same time simply by working at a fastfood restaurant.

[@Funknfritter]

Yet that's how things worked when the minimum wage was implemented. If the minimum wage had matched inflation, it would be over $21 an hour now.

[@jamesgoode9246]

Yeah, working at a fast food restaurant ain't much of a career.

[@download_tel3gram]

in a perfect world CEOs would do anything for their employees to be compensated for their hard work and dedication

[@Samookely]

boomers made sure that every generation after them wouldnt have the same opportunity 🙄

[@GRTONEY1]

That has NEVER been possible. Who believes that crap? The minimum wage jobs back then were for high school kids. That was it. After HS graduation in 1972 i couldn’t afford an apartment without another person living with me. Minimum wage was around $1.65 an hour. I was making $2.50 an hr in a “real” job. It’s all relative except I didn’t have access to credit cards. Thank God!

[@LiamRappaport]

A couple of years ago there was a bbc article about old (probably single) people in Japan committing crimes so they could go to jail and not be a financial burden on their kids. The world is in a sad state.

[@ecebear3]

I saw that story. Elderly women would steal and get arrested so they would have a place to sleep and eat.

[@minoozolala]

That was really just a couple of people. Japan has a large population and families take care of each other.

[@1969bones69]

This happens every winter in North Dakota ect for drug users old people homeless so on. It's to cold to live outside. 3 hots and a cot for the winter it is then for some petty crimes...every single year.

[@hugohabicht9957]

@@ecebear3Because Japanese prisons are more comfortable than many American homes 😢

[@kristinab1078]

@@hugohabicht9957 Not really. Japanese prisons are quite strict, but perhaps for older people, not so much.

[@Pipper99]

I'm in my late 40's and have been taking care of my mom since my dad passed about 10 years ago. The hardest has been the last 2 years when she was diagnosed with Alzheimer's. She used to be independent but in the last almost 2 years I've been cooking for her, taking her out, shopping for her etc...she's financially independent but she doesn't want a caregiver and gets angry if I tell her it may be a good idea to find a live in caregiver or even someone to visit her for a couple hours a day. I give her meds everyday and pretty much care for her like you would a child. I have a husband and 2 teens to care for. I also haven't really been able to work for the last 2 years. It's been emotionally and physically very hard. I know the worst is yet to come because I saw what her sister went through with Alzheimer's it's the worst illness in my opinion.

[@TheseWhiteNights]

I can't say I have been through this, but I just want to say stay strong. I don't know if anyone tells you how you are doing, but it sounds like you have a lot on your plate and are managing to keep going.

[@Pipper99]

@@TheseWhiteNights thank you! I just take it one day at a time.

[@jdizzle6324]

Don't forget you will find yourself in your mothers situation. Treat her just how you would want to be treated. Have fun.

[@soonny002]

The last thing you want.. is to reach a place where you start to resent her. Get her to pay you for your services if she doesn't want a carer. Trust me, you can afford to lose that money if it salvages your relationship. Nobody wants to know that their children is just WAITING for them to die. This is what your mother is doing to you.

[@mercyme8014]

I’m considering having my dad live with me. I know it’s a full time job and I’m going to have him to give me some money every month. If he went to assisted living it would be $7000 a month so I see it as a true bargain to have me take care of everything. He now has dementia and I have no illusions about what that could mean. I think it’s a win/win. Instead of me going to work I can give him safet, protected and independent as long as possible. Plus he can live near the beach and have home cooked meals daily. Huge benefit is I don’t have to worry about him being scammed on the phone or by caregivers and I get to have peace of mind knowing he is getting good socialization with family and community close by. I want him to be able to enjoy his last years feeling loved and cared for.

[@noelleelizabethan]

This is terrifying. My mom is a boomer....her husband of almost 50 years, my beloved dad, died last year. She's relying on both of their SS payments...

[@chuckmorse981]

When a spouse dies, the survivor loses the lower ss check. Sorry…

[@erbiumfiber]

Be sure to tell her to apply for your dad's SS check if his was the larger- it's not automatic. She qualifies (heck, my MOM qualified and she was DIVORCED over 20 years when he died). It makes a HUGE difference (was about 1000 more for my mother).

[@andyb.1643]

One reason boomers are broke is the undeniable fact that as soon as you have a substantial ammount in your retirement account the economy crashes and your hard earned money vanishes, and you have to start over again. Build up, stock crash, start over. That money doesn't just disappear, it goes somewhere. The bankers and stock guys get it. This happens every decade or so. They milk your retirement funds like a dairy animal. I'm a boomer, and it's happened to me. Also, medical insurance looks just great in the shiny brochure, but when you really need it, it doesn't actually cover much, so you have to cash in your IRA to cover the shortfall, and many people are forced into bankruptcy. This also happened to me. I lost my house, my credit and my self- respect. Never thought I'd be a broke old man, but there you are, and the medical industry and the bankers are rolling in money, and it's all legal, because those bastards own the government which is supposed to look out for those of us hard working taxpaying citizens upon whose labor the country is built.

[@benton-benton]

Yes.

[@lindanorris2455]

YUP. HAPPENED TO ME IN THIS VERY WAY! pension cut in half, Vanguard funds = gone. TEMPLETON FUNDS = GIONE. STICKS & BONDES =CRASHED 2008. EVERYTHING= GONE!

[@sandrataylor3723]

I've worked hard all my life earning a paycheck since I was 16 and I'm now 67. I saved. But with helping out my grown children (housefires, floods, illnesses, loss of jobs, etc.) my savings began depleting and when Covid hit and my health took a nosedive and I had to retire early, my savings are now all gone and I'm having to live with my daughter and her family and by combining all of our money, we are barely able to scrape by without all of the extra's like cable, eating out, etc. You can plan all you want but things are thrown at you that you'd never expect in a million years. This economy the way it is now will literally be the death of many baby boomers.

[@momsspaghetti4504]

I’m sorry sir same boat

[@snowbird6855]

It almost sounds like a plan doesn't it?

[@sandrataylor3723]

@@snowbird6855 Yes it does.

[@TomM60]

You sure didn't plan out your life very well.

[@maxxomega6599]

@@user-wo5jo8sj9d - I am a baby boomer and I agree with you. People always blaming their bad decisions on someone else. Stupid...

[@jenniferwagner4595]

I think it is sad that we are ok with Social Security being gutted, and we no longer expect to get anything back. Why are we ok with that?

[@GenerationX1984]

The Republican party wants to gut it but they continue to vote Republican. They're not smart. They inhaled too much lead gasoline.

[@the_kombinator]

But my mental health!

[@annaburns2865]

Because Social Security was a bad program to begin with. It took from the young and have to the old. That isn’t right! Read your Bible. Parents are supposed to provide for their children. Not the other way around. 😡

[@isk8atparks]

because theres nothing we can do about it, the idea itself was already flawed

[@pirahna]

@@isk8atparks We could fix Social Security in one easy move- by eliminating the cap on contributions- and every competent policymaker knows it. But it sounds like you'd rather let our nation's grandparents die destitute.

[@houndmother2398]

We're all doomed.

[@danceparty3953]

This is exactly whats happening to me and my mom. I am forced to take a lower paying job in order to live with my mother and take care of her since she is disabled and elderly. I cant afford living in the city shes in on my own since I teach in higher education. Its own terrible system, and I think would be interesting for you to cover. We can't afford Medicare and make too much in Social Security for Medicaid. Its a nightmare. The system is so broken.

[@ellybanelly3656]

How am I supposed to build a nest egg, when I'm living paycheck to paycheck, and pulling out any tiny amount of retirement money I get from work, to fix the car so I can keep going to work? 😑

[@jeffdunnell6693]

Pay yourself at least ten cents for every dollar you make,you’ll manage without it,never spend it.

[@ellybanelly3656]

@@jeffdunnell6693 Normally I would really appreciate advice like that, but I took all my rainy day money and spent it on gas to get to work. Literally was like $12 of just change I had sat aside for months. I think it's time I just hit the pavement again and try for a different job. Even just a twenty cent raise at this point would be better than nothing.

[@user-te3qm5mv6r]

You need to make more money!

[@user-te3qm5mv6r]

Youre not supposed to build a nest egg because thats a failure for the banks;.

[@atrumluminarium]

I'm not from the US so I won't pretend like I know better than you do, but is public transport an option for work? Yes it's annoying but if it can help cut corners it might help you catch up a bit.

[@bookmagicroe9553]

Husband worked 47 years. Company went bankrupt and their promises for pension, life insurance, and healthcare in retirement disappeared. My jobs never featured a pension or even a 401K. My Social Security is about $870 a month. We were also saving/investing on our own. We experienced the recession and inflation of the 1970s just as we were raising our family. 1987 wrecked things, then 2000, then 2007-8. Our savings, mutual funds were gutted several times. Then came two funerals to be paid for, rising healthcare costs, helping kids with college expenses, and now an aging parent age 99, who has outlived her money. Food, taxes, house insurance, transportation all cost so much more.

[@rosemarieroth1984]

welcome to the American dream....turned nightmare.

[@user-dx6jo1cm9c]

you were the victim of bad luck....you did everything right and Life didn't do its job,,,sorry..

[@davidmckibbin4440]

my mother worked for wt grant co for around 30 years until they went bankrupt, she lost her retirement, and stocks. to this day npr radio is still using grant money that william t grant trust.just bullshit.

[@MilwaukeeF40C]

davidmckibbin4440 NPR is unintentionally the best intelligence service on corrupt leftism and it's front NGO ecosystem.

[@GeorgeOrwell-yz6zx]

​​@@rosemarieroth1984Empires fall because of big, expensive governments. Governments always expand and cost the people more more and more money until the whole system collapses. Last year the two biggest creators of jobs were the government and healthcare.

[@Toomanydays]

I saw this coming 50 years ago when I was in high school. 25% were putting effort in, 50% of the kids were just floating through, 25% were druggies. Back then college was cheap and even lower middle class kids like me could pay for it working part time. I feel bad for people who through no fault of their own are in a bad way.

[@user-bh6pq9oj9l]

Fifty years ago, was the mid 1970's. So yeah, you lived through the 73-75 recession. I had Uncles in NY during the 70' and early 80s. They said it was DRY to the bone back then. No jobs, heroin addicts everywhere, and mass poverty! 2023-2024 is EERILY similiar!

[@danpatterson8009]

If you are eligible to receive a pension from your employer, do not count on getting it. Without a legal commitment it is nothing more than a promise that can vanish overnight.

[@RealestDave]

I really hope more people watch this video, people have been warning about this crisis for decades and they been all crucified for it

[@fdm2155]

I always suspect videos like this grab the 'wrong' audience. It's people who are already taking stock and planning who seek out this content. The people who need it most probably have their heads buried in the sand.

[@rowdybush1]

@@fdm2155 This video contains so many errors that it adds nothing of value. This kid is a grifter.

[@vivientan3029]

How is he a grifter?

[@entropy8634]

@@rowdybush1 care to elaborate?

[@RealestDave]

@@fdm2155 Very true, people are drifting through life so blind its terrifying. There will be an insane number of debt slaves in the next 20 years its not even funny

[@bubbajackson7878]

This boomer grew up in poverty. I was blessed with poor health and abusive parents who hated each other and took it out on yours truly. Finally they died. I went on to get a Master Plumbers license and three college degrees including the PhD. Got a great position made over 100K per year at the end. Fell down some stairs injured my hypo-campus and began to had symptoms of Parkinsons. I resigned my position. Lived modestly for the last 10 years. I will try to go back to work or write a book. Maybe that will; "pan out." Had a son I worshiped. He became ill with cancer and thank God he survived. He finally wound up stealing me blind and lying about it. So at present I will try to buy a small boat to live on until I croak. Depressing but shit happens. Carry on until you can't then go in to a tent or whatever and wait till you die, Sounds bad and it is. However, I am one of the lucky ones. Welcome to our Capitalistic paradise. I have been all over Eastern Europe and to Russia. Life with the Bolsheviks is no better. Both my parents lived through a horrible depression and two world wars and were raised by Alcoholics. They were shits however they had it worse than I-God bless them. If you want to talk to me shoot me a letter to 10412 S. Prescott, Jenks Oklahoma 74037. God bless. I am a Vet from the Vietnam days.

[@mini-mei]

The problems are amplified in the US due to a lot of system failings. Sadly, the trend is the same the world over, it seems. I live in Europe, and we are starting to see similar signs. Owning a home has become a luxury, not the norm. People are having fewer children because they are simultaneously overworked and yet don't have the financial means necessary to have a family. Pensions are getting smaller, wages are stagnating, while the cost of living is rising. Hidden fees are tagged on everywhere, while trying to build savings is neigh impossible because banking costs are higher than any returns. Meanwhile, the richest people have managed to nearly double their wealth since 2019.

[@Zeoytaccount]

I really appreciate your balanced perspective. I see so many people (Americans and those from outside) make our system the scapegoat while ignoring their own issues. If everyone had an understanding like yours, where each system has respective positives and negatives, I’d be a lot more confident we could figure it all out.

[@howardhughes7596]

We are much better off in the US than most of the developed countries. Most people have no idea of the inflation and cost of living is in other places. Try to buy a home in Canada for instance. You think they are expensive here... inflation, job growth, cost of food is worse in almost all other countries. Folks need to quite watching Fox.

[@chihirostargazer6573]

But that is always where capitalism was going...people were just too brainwashed or ignorant to realise or care. Capitalism is just modern day feudalism. They have only given you the illusion of freedom and distracted you with material possessions to keep you complacent while they literally rob everyone, bribe governments and destroy society and the environment for profits. It's happening all over the world.

[@KeiPalace]

time for a A War On Greed

[@Mephilic]

The younger generations won't even have kids to take care of them in their old age as they work themselves to death.

[@Kiraiko44]

I'm 35. I have already accepted that I will probably die on the streets one day, since i have no kids and I'm not close to my family. A lot of my friends have apparently accepted this too. We can barely afford to survive now, let alone when we're too old to work and our health issues have gotten worse. We won't be able to afford to retire or go into retirement homes, we'll work till we can't anymore and then die.

[@shawbrothers18]

I hear you buddy.

[@vincentzincone8012]

If boomers aren't ready for retirement imagine how all these other carefree generations are going to end up, they have almost zero discipline for savings.

[@onionpeeler2023]

Healthcare and dental costs need to go down, that's the solution, they were and are WAYYYY overpriced as is to begin with...

[@hugohabicht9957]

Yep.

[@walterbruner7433]

A lot of the cost is due to the rediculouse cost of insurance doctors have to pay for insurance,the lawyers are always suing for any damages they think they can get. Lawyers are running our country

[@onionpeeler2023]

@@walterbruner7433 that's a bunch of bullshit as most of the doctors and dentists that I know live in mansions, got real estate investments all around the world, and are able to afford super luxury vacations few times a year... And that's without knowing anything about their paper assets, which I am sure do not fall far behind... Also, they scam the insurance companies, I walked away from a number of dentistries because they were doing that... Regarding lawyers, EVERY doctor and dentist I went to in the last 5 years forces you to sign a waiver, so that no one can sue them for their negligence...

[@hugohabicht9957]

@@walterbruner7433Correct

[@cyrusserapheth9555]

​@@walterbruner7433There isn't one root problem, just a shitload of contributing factors.

[@austinburns4213]

I’m a boomer and was told that a company job would provide a lifetime pension equal to or close to my working pay, and social security would be nearly enough to live on. Well, we watched these promises get gutted and reneged decade after decade. Luckily, I saved, but many didn’t based on these broken promises.

[@olyasorokina3780]

Social security was designed to cover 40% of your expenses in retirement. That has never been a secret.

[@katydid2877]

You need a government job for a good pension. A good pension paid for by taxpayers.

[@dennmillsch]

@@olyasorokina3780 -- yes, I have never heard that SocSec was supposed to "be nearly enough to live on". I've always heard it called a supplement, but not enough

[@dyadica7151]

True, but people came to believe it was 100%, and politicians in those years encouraged this thinking. Now they find out they were wrong. @@olyasorokina3780

[@lucaspm98]

To add on to the social security points above, at the peak only 20% of Americans had pensions and it was clear as early as the 80s they were corrupt and unsustainable. It has always been clearly the responsibility of the individual to prepare for retirement, whether they were willfully ignorant of that or not is up to them.

[@iceman4660]

In other words we are returning to pre-WW2 days when retirement was only for the few. In addition it never existed in most countries.

[@knojustenuftobedangerous2442]

Social security will never go unfunded. The worst that will happen is that the full retirement age will increase by a year or two.

[@Future-Corpse]

AHAHAHAHAHAHAHAHAHA

[@asnpride]

I'm there right now. My mom is sick and I am her primary caregiver. I'm feeling stressed from watching my mom get sicker and doctor's appointments.

[@jamesnguyen7069]

buy nfts and btc now

[@HoneyBadger80886]

Find a support group. There's help for the challenges you are having. ❤

[@fourkeys9235]

Stay there.. you will find a way. you are kind, you are blessed . 🙏

[@joebidenisanutjob7511]

I did this too. How old are you?

[@TomM60]

If you are stressed taking care of your mother, you need a shrink.

[@snotrohmitabc123]

My parents are poor and bc they know how hard it is to survive for my sister and I, they take excellent care of their physical health so as not to burden us in the future to care for them. It's their only way of showing us love. I am blessed to have them. Health is wealth.

[@andreaterranova4824]

Me, too. Doing as much as possible to remain healthy so I do not become a burden for my son. Good for your parents, and good on you for your keen awareness of reality.

[@SpinningSideKick9000]

Damn, my parents did meth and got morbidly obese while watching TV and partying I’ll probably still take care of them, so I guess karma isn’t real and everything is a roll of dice

[@wendyyang2381]

That’s very true health is wealth. My husband and I exercise everyday and try to stay healthy so I wouldn’t have to burden any of my kids

[@reesedaniel5835]

@@SpinningSideKick9000 People who do meth are emaciated and toothless, not obese.

[@elizabethlibero1878]

And when they get Alzheimer’s? Stuff happens

[@michaelweaver2627]

As a boomer,I don't expect to go to a nursing home. I don't expect it but it could happen. Nursing homes and end of life care are designed to suck out the last of your wealth before you die. If you can't afford a nursing home then Medicaid picks up the cost but only for nursing home care not assisted living and only after you have used all your other assets . I suspect most low to middle income boomers will deplete their savings and end up in pretty bad shape 15 - 20 years from now when they sell off all they own and are forced to live purely off SS and Medicare/Medicaid. That's if these programs survive the big money attack on them that you can clearly see is ramping up now. If your a younger generation I would fight these attempts to kill off SS and Medicare that you will need someday. Remember that most of the money in America has transferred to a very small top percent of the population through various tax cuts and legal manipulations. That same set of people are now going to have to provide for the shortfall in keep society functioning.

[@user-gt8st3qf4o]

A decent assisted living facility runs about $60,000. a year. No one can afford that.

[@ICharlyl]

Here in mexico baby boomers also were cut from pensions and we rely on some sort of 401k too. Problem is that more than 60% of mexicans work in informality (informal jobs that don't pay taxes and dont generate savings or social number or anything). Somehow the government expects mexicans (historically irresponsible people), who are not teached any financial stuff at school to save up and be smart enough to invest and have enough to retire. I think it will take another 10-15 years to the first baby boomers to retire and i have absolutely no idea what's going to happen but im somewhat confident that like 90% of people will go into poverty or homelessness

[@spaghettiking7312]

My mother has told me this. Just by working, she used to have $10,000 saved a year. Now it's $1,500. She's worked the same job for thirty, maybe forty years. I already didn't expect to ever move into a better house, but when we talked about it, I remember vividly she said, "We just can't ascend anymore."

[@JenX422]

It is called the Federal Reserve. They printed money to save stocks and real estate and in doing that debased(diluted) the value of the currency you earn in wages or save for retirement. Even if invested, the purchasing power is getting less and less and the valuations go up and up. Big difference between the digital number and actual purchasing power. Higher markets go, the poorer most get

[@beefnacos6258]

And people say "My money hasn't changed " 😂 Ugh, yeah, it did.

[@kphaxx]

> she worked the same job for 30-40 years Well _that's_ the problem!

[@CordialH]

@@JenX422 That's only part of it. One of the biggest changes was everything in the Reagan era, the loosening of regulations around corporations, and the destruction of unions. All of the economic charts on just about anything related to average people having money desynched in the 80s and never came back. It used to be that employee wages and productivity rose pretty steadily together, but right around that time is when they became suddenly completely decoupled and productivity continued to rise and wages flatlined. Blame everybody who's voted for conservative economics and any Reagan era fiscal policies for our current mess. That's when it all began.

[@Reformed322]

… No. It proves purchasing power, through various means caused illegally by the government, went down and wages didn’t go up. That’s the issue, not that she kept the same job. If anything keeping that job proves capitalism is garbage and so is the US government.

[@PInk77W1]

I retired in 2017 at 56. No savings A $2400 take home pension. Then my Landlord said she was gonna double my rent. It was like a hard reality point. So I moved from CA to TX. Got a room for rent. Paid off a $11k cc. Saved up $28k. Bought a small home for $23k cash. Now I have zero debt and $50k saved in the bank And growing.

[@AlbertaGeek]

Cool story, bro.

[@PInk77W1]

@@AlbertaGeek I can’t believe I did it. When I was driving the Uhaul out of CA I was planning all this but Plans seldom actually come true. Life is Great now.

[@RichTapestry]

How do you chose to retired at 56 whilst living in a rental? I know CA property is eye-wateringly expensive, but still.

[@PInk77W1]

@@RichTapestry good question. How do I live my whole life riding a bicycle? My rental was 96sqft. I lived there 9y.

[@AlbertaGeek]

@@PInk77W1 Good man. I gave up driving years back and have been my bike everywhere, too. Incredible money savings, doing that. Of course riding year-round this far north is a little more _involved_ come winter, but it's still doable. Edited to add: And I'm 59.

[@jeffreykalb9752]

For GenX, even the notion of being able to retire is laughable. I expect to work until the day I die.

[@robertewalt7789]

The reason private companies stopped giving pensions, was that the accounting rules were going to require private companies to report their value of future pension obligations, a big hit. So most companies moved to 401K matches. Governments promises pensions to their workers, but rarely are required to show the obligations on their accounts. These promises are a huge overhang of government debt.

[@fsaldan1]

Congratulations for understanding something that most Americans don't. The US government does not have to follow Generally Accepted Accounting Principles (GAAP) when reporting on its finances. One hears government debt is 20 some trillion but that does not include Social Security, Medicare, Medicaid, and Veterans. If it did the figure would be hundreds of trillions. If GAAP were applied to the US government it would go bust immediately, just like General Motors did and for the same reason: huge pension and healthcare liabilities.

[@user-bh6pq9oj9l]

Robert, you are clueless. That is why ENRON was so valuable. They were counting future value of derivative contracts, to a NPV actually that made the companiy (On paper) look more valuable, and increases stock market activity. It is a net gain actually. The reason private companies moved pensions to 401k, is becuase Wallstreet wanted to increase stock market activty and liquidity. Trillions of dollars moved to the markets from thos eprivate pensions. Back then, private pension, DID NOT gamble in the markets. They parked retirement money in much SAFER investments, like municipal bonds and bank notes.

[@robertewalt7789]

@user-bh6pq9oj9l It is possible that the pension accounting changed, and Enron booked future values of various derivatives. But Wall Street wanted to increase stock market for at least a hundred years, far before 401Ks were invented.

[@AFAskygoddess]

I've been retired for almost four years. I had factored reasonable inflation into my future monthly expenses. But NO ONE could have anticipated the double-digit actual inflation we are currently experiencing. I shouldn't have had a money care in the world, unless I lived past 100. Now, I'm worried about running out of money in the next 10-15 years. Scary times.

[@vmj255]

Many people, myself included, predicted the massive inflation we are seeing now. Too many people didn’t listen to us.

[@user-ir1bl9ii1e]

100%Agree. I am 66, working part time, I don't believe that I can ever fully retire. So much for the american retirement dream. Seems like a Mirage of the past.

[@jeepstergal4043]

Yes, so much this. Save and scrimp, and then discover that all my work and saving is dissolving before my eyes.

[@mj-np9sy]

Then get a job. Nobody is *entitled* to retire in this country. It isn't a right. If you need more money, you work.

[@AFAskygoddess]

@mj-np9sy , work on your reading comprehension. After doing that, work on your anger issues. None of us said we wouldn't go back to work. None of us said we were "entitled". We said that we had worked hard (over 50 years for me) and saved for our retirement, based on historical inflation rates. Now, unprecedented inflation is causing us concern.

[@Chopsuey087]

My parents are pushing 60 and don't have a single dollar saved for retirement. They bought a new boat, new vehicles, new camper, and a motorcycle instead of saving.

[@hungrycrab3297]

This is a way more common story than the narrative of "Americans are so poor they literally cannot possibly save %10 of their income ever month for retirement, it's unfathomable" that people here are pushing

[@jenkins5265]

Yah you are their retirement plan.

[@strom51]

Do they have any plans? Or they expecting their kids to support them

[@ilbgentyl]

Mine are the same

[@user-qr2vj6zc6s]

Learn from your parents and make sure you don’t end up in the same boat.

[@valeriaswanne]

My grandparents passed before they could retire. My parents will never be able to retire, as they will owe massive student debt until they also pass. I don't even bother participating in society. There's no point. We will perish poor, hungry, and on the street regardless. The haves will have, and the have nots will not. Yes, I'm a very sad person.

[@LifeLikeSage]

Seeing clearly is a painful thing.

[@jamesgoode9246]

Some folks work for a living, invest their money wisely, and live a happy retirement. Some don't.

[@FelineVillain]

Kind of hard to save for retirement when just getting groceries eats up over half your check.

[@jamesgoode9246]

@@FelineVillain -- Sounds like this person needs a different job. Or, maybe a cheaper location to live.

[@FelineVillain]

@@jamesgoode9246 Apparently you have not heard of inflation, or just have not noticed that the price of everything has gone up pretty much world wide right now?

[@walkingdude8779]

We don’t need 1.9 people per house. We need to embrace generational homes, sacrifice and a way of living. It’s not healthy to live so independent from each other. Just my opinion

[@mj-np9sy]

We can't embrace "generational" homes because most millennials had to move out of the 1990s suburbs that had literally no career opportunities to the big city, where we could actually get jobs to start our careers around the '08 recession. Our boomer parents didn't move to the city and there is not a chance in h ell I will ever move anywhere near the dump they live in.

[@kimireneanderson9645]

Oh, and what about the Baby Boomers who have to take care of the Silent Generation? Now, I'm a Federal Retiree. The Federal government actually put me in a 5 day class to discuss Retirement. One of the things I was warned about in the class was chronic illness and the need for Longterm Care, because with my post-retirement income I'd never be eligible for Medicaid. The second warning was to make plans for and with our parents. I quickly gifted certain of my Mom's properties to family because with my Mom getting my Dad deceased Dad's pension and Social Security, and having excess property, I was afraid she's be ineligible for Medicaid, and Medicaid looks back 5 years into your history. So, the time came when she was wheelchair bound in her 80s and she needed nursing aides. Through an agency that's 4 hours a day at $25 an hour for 30 days. That's $3000 a month, or $36,500 a year. So, my Mom had some savings:that covered things in the beginning, but that ran out so I applied to Medicaid with a waiver. NO DEAL!!! She was $175 over what they would accept as monthly income. My only option was to ask the nursing aides what the agency actually paid them out of the $25 per hour. They told me $13, so I asked if I could pay them out of pocket, then went to the Philadelphia Corporation for the Aging, who could cover weekends partially. That's when I began using my 403B withdrawals, similar to a 401K, and began to pay out $52 a day for 260 days for an annual pay out of $13520. I was a Federal Retiree who made 6-figures, so with my pension and my 403B withdrawals I still didn't need to apply for Social Security until 70. Eventually, I exhausted my 403B, but got some big ticket items like an SUV to be able transport her wheelchair and my mobility scooter before that happened. Went on a few vacations, after being unable to travel for 8 years. When forced to apply for Medicare at 65, I decided to apply for Social Security as well. With my pension and Social Security, I'm doing okay, but it's still tight, but as I'm still paying down on tge SUV. Fortunately, I have no mortgage. My brother, a security guard, was my co-caregiver, so I covered him for Obamacare for two years, and opened a Roth IRA account. He's the one who had to sacrifice shift hours at night to pick up where the aides left off. Remember, Social Security is about the quarters you accumulate. It's not guaranteed to you, so I wish I'd set him up for his Roth IRA earlier as he's 11 years my junior. What I wish I'd had more of was more schooling in financial literacy ... preferably in junior high school. This stuff should be taught early in life, not in a Federal retirement class. What I know is that I'm grateful that I even have a pension as they don't exist in many places anymore. And even with an exhausted 403B, I'm still grateful I didn't have to put her in a Nursing Home and she could live out her days at home, because frankly, staff or not, my brother and I couldn't find one in Philadelphia that was not a hell hole. Just had to get this out as many forget that many Baby Boomers are still taking care of their parents.

[@user-iw8dj6yw9y]

Every COLA increases your income, so you don't qualify for help. Nothing changed except the cost of everything.

[@silo3com]

Tldr. Silent generation is pretty quiet

[@vvalasek]

Study Minority Mindset. very good for quick financial literacy

[@anonymouse5910]

yes we are taking care of our Silent Generation Parents.

[@TheresaTV1]

The children of the Silent Generation are mostly Gen X, by the way.

[@kpinthebubble]

Since I was about 16, I have been terrified of the point where my parents will need to be taken care of, and I still do. My mom is gone now (cancer took her when I was 21), but that still leaves my dad. I also have my bf’s parents to think about. Taking on a caregiving position can be emotionally exhausting. I just hope that when the time comes I’m financially prepared for it.

[@henrytep8884]

Your bf isn’t your concern until he put a ring on it

[@kpinthebubble]

@@henrytep8884 You’re absolutely right. 😅

[@1969bones69]

It's called medicare and an assisted living facility. I've come to terms with it. My parents refuse to help themselves on just about everything. Wont use a cane, wont use a walker, wont use the electric cart while shopping, wont use the special shoes to help her feet (look weird) nothing but stubborn denial , "I am not old" at 80. Wont lose weight (deeply offended the Doctor recommended that, now wont go anymore) Tired of it. Once they are bed ridden due to their own poor choices into a home they go. My experience with boomers has been that they are everything this youngest generation says they are.

[@ThrowItOnTheGrill]

@@1969bones69 This is a common mistake. Medicare will not pay for a nursing home unless it is a skilled nursing facility. If it is only assisted living, that is out-of-pocket. You can get Medicaid to help, but that is only after all of the person's financial assets are depleted. That also includes selling the person's home, unless you have been wise enough to legally protect it and that has a "look back" of five years.

[@BrianGivensYtube]

Its great to care for them but its not your responsibility to pay for it. My grandparents pay me to help out just as they would if I were a nurse.

[@joefran619]

There used to be a thing called Pensions.

[@benton-benton]

Only teachers, etc aka g'ment jobs get pensions. And we pay for their pensions.

[@elizabethlibero1878]

@@benton-benton no people pay into their pensions.

[@benton-benton]

@@elizabethlibero1878 Property tax pays for government pensions in my area.

[@Uarehere]

0:14 It may be true that Baby Boomers benefited from entering life at America's most prosperous point in history. *BUT* that just means they were more wealthy than other generations. The fact is that most Americans have always been poor. Pop culture likes to focus on rich people, and there "seems" to be a lot of examples thrown in our faces every day. But in a country of 330 MILLION people, how many of them do you think are enjoying a middle-class or better lifestyle? No wonder so many people prefer an early death to a destitute retirement.

[@rebeccahale4673]

As a boomer, I knew years ago that the most important thing is to have your house paid off. Amazing that so many have not done this.

[@bigjohnson7415]

Amen!👍👍👍

[@chrislastnam6822]

Most small houses of 2500 sq ft in descent neighborhoods in Los Angeles cost $3,000,000

[@rathelmmc3194]

@@chrislastnam6822 2500 sq feet is not a small home.

[@jdeidiker]

Or at least, keep your payment at the same as when you bought the house.

[@bigjohnson7415]

@@chrislastnam6822 2500 sq. ft. a "Small house?" I grew up in a 1200 sq. ft. house with Mom, Dad, and 2 sister's!

[@cj3720]

The government needs to pay back every single cent they took. With interest.

[@astrahcat1212]

don't forget the banks though

[@jamesgoode9246]

The government will pay back every single cent that they took. It's no problem for them. Have you not seen how they paid for all that slush money during the pandemic? The government has a printing press. It can print more money than we can count, more than we can comprehend.

[@aunch3]

The Federal Reserve (a private bank) prints the money, and then the government borrows it with interest in our name.

[@download_tel3gram]

yes, the banks have owned the gov since 1914. all wars are banker wars@@astrahcat1212

[@catreecemacleod7556]

@@jamesgoode9246 The printing press doesn't actually work. Every time they print more money, the value of that money decreases. You may notice that the grocery bill has basically doubled since the pandemic, and it didn't go back down again. You get "more money" temporarily, but anything you had in savings becomes worth less than it was from the inflation that gets applied. Who are the people with savings? ...Ah. Yeah, the ones trying to retire. Their savings become worth even less when more is printed, so it actually hurts them the most. Printing more money doesn't magically mean there's more money, it's stealing from both the past (savings) and the future (inflation) to pay for the now. It looks good in the moment, but that money came from somewhere, it didn't poof into existence out of nowhere. And you will pay the bill for it twice, because everything you purchase after your stimulus check from that point on will always cost more than it would have, and anything you try to save or had saved will be worth less. You get the stimulus check once, but pay for that check for the rest of your life. You can print MORE money to solve that problem though! ...But that does the same thing again. And again. And again. Every time you do it, it just gets worse. This is where hyperinflation comes in, where the dollar starts losing value until it has an inflation rate in the hundreds, the thousands or millions of percentages in really absurd cases. You want to know a large part of the reason why a certain political group got into power in Germany in the 1930's? Because they literally had inflation so high from printing money like this, that workers were legally required to be paid TWICE A DAY because the money was worth so little by evening that the pay they got in the morning wouldn't be enough to buy a single meal any longer. They had to get paid on a per-meal basis because of how insane the inflation had gotten. This has eventually happened every single time a country starts trying to print money to solve its problems, because it's a short term boost with a permanent pricetag that quickly exceeds the benefit that was gained. Do you want to look rich? You can get a Zimbabwe $100,000,000,000,000 bill. It's worth about $0.40USD. No, that's not a typo. That's a 100 TRILLION dollar bill. It's not even worth $1 in the USA. Don't rely on printing money to solve your problems.

[@myvoiceyourstory9338]

I send light and love to you all and I pray that you always come out in tip top shape ! Abundance and health to you all

[@geoffdreill1925]

Just the kind of "feel good" video I needed today. Thanks.

[@mikenixon2401]

I am a boomer and remember when pensions switched to 401k. Most of us had no clue what this meant. Rollovers when going to one employer to another also cost us. We were accustomed to our dads working at the same place for 30-40 years and racking up a nice retirement package. The economic and cultural changes meant the average job expectancy was 5 to 10 years. Having to live off a 401k helped carry over while looking for new employment didn't help. So we were paying income taxes and penalties from a cashed out 401k. My wife and I tried to save, but had no idea how medical expenses can drain that "smart" savings. Sure, some have done very well financially. That's great. But as reported here I am among those living off my Social Security. Thank God we get by, but barely make it. So, if you are young and starting a career get a savings program and discipline yourself to pay into that every pay period. Do not touch it. Interest rates fluctuate over 40 years, but you will not lose money as you do when the stock market ruins your 401k. A lot of rambling on my part, I know. I just want to warn you, not to let what happened to me over 46 years happen to you.

[@rosaliethomson805]

My husband is getting teeth implants in Mexico. Fortunately over 2 years I can pay that. Forget American dentists.

[@user-lz6dm5lk9y]

It happened to my spouse and I, too. Hindsight is 20/20, but today I question whether 401Ks and IRAs were really designed to help most citizens live and work and prepare for retirement, or whether they ultimately were designed from the start to benefit the really rich.

[@mikenixon2401]

@@user-lz6dm5lk9y I think I agree. No doubt the banks and stock brokers made plenty. I've lived the higher class level and now I live a more modest level. Here I am closer to my wife and to God. Now, that is satisfaction. A quality of life investment.

[@RRL110]

As I said above, depends on if you are an early or late Boomer. I am barely a boomer born in mid 64. Boomers like my sister who are 10-15 years older than me got to live off of pensions. She lives off a nice pension. She worked at the same place since 1972. Whats funny is these older boomers tend to hate the very policies that gave them the life they lead. The policies of FDR.

[@mikenixon2401]

Well @@RRL110 I would fit in the first line, but I never received a pension. I would encourage you not to make sweeping generalizations based on one example you have seen. I'm happy for your sister's well being. She was among the final people that lived and worked at the same place for a long time. Not all careers are built that way. Have a good evening.

[@wyltedleaves]

Zillennial (youngest Milennial) with young-ish Boomer parents here. My mother retired because she was a public school teacher for the entirety of my life and most of hers. She was super diligent about saving and paying into her retirement fund, and didn't touch it for anything. Though she dotted her i's and crossed her t's, she's still struggling month-to-month, so she lets me stay here and I help her around the house and with groceries. My dad has always been private with his funds and even when we suggested he move in with us (my parents are divorced) he refused. He does have disability paying for his rent and some food help, but he's not doing well, either. I'm never going to be able to retire because 80% of my paycheck is going towards repaying private student loans, leaving no money for anything else (and yes I'm gainfully employed in a field that I have a degree in, jobs are just drying up). It's tough out here.

[@awsambdaman]

The economy is screwed but if there’s any kind of silver lining maybe in the US we will start to adopt more eastern practices like living with parents longer and having multigenerational homes. Obviously this will cause different kinds of problems as not everyone likes their family but could help to restore dying social support systems and could help decrease loneliness and isolation.

[@awsambdaman]

^the whole push of “leave home at 18” is not doable right now. It’s financial suicide honestly. Overtime stigma will drop if multigenerational homes become more normal

[@user-oc1yf5es1f]

you shouldnt have taken the loan. thats your fault

[@Jeff-sp7bg]

It worked for me. I "left home at 18 and started working . At 25 I bought my first home and never looked back.

[@montamiddleton9318]

Let's you? LMAO !! You did to grow up and stop living in your parents past life. And also, seriously man, your divorced parents living together? There's a reason they divorced. To think that you are helping them is really for your benefit so you can play the martyr. 😊

[@AussiePom]

We don't have this problem in Australia for we have something called superannuation and we've had it since 1991. Every working person puts so much money each payday into a superannuation fund and their employer contributes too, but not out of the employees wage but out of the employers profits. Even if you're a part time worker or casual you still have superannuation. There are two types, private super and industry super. The difference being that private funds have shareholders and salespeople so the payouts are lower whereas industry funds have no shareholders or salespeople and so their payouts are higher. Many people retire here and are self funded retirees that is no help from the government whatsoever. These people are not the 1% of society but about 75% of society. When people retire here they're not automatically entitled to a government pension. They're "means" tested to see how many assets they have and their assets determine whether they're entitled to a government pension or not. People on lower wages often get a part government pension and only those who fall below the threshold get a full government pension. This way the government can afford to fund the less fortunate in our society. We also have universal healthcare paid for by taxpayers, but once you're no longer a taxpayer doesn't mean that you're not entitled to universal healthcare for every citizen and permanent resident is entitled to it whether they're working or not. So even if you're unemployed you're still entitled to universal healthcare. Universal healthcare is paid for by how much you earn so if you're paid a lower rate you don't pay much and if you're on a top pay rate you pay a lot more but that doesn't entitle you to far more services for everyone gets the same amount of the service rich or poor.

[@potatosalad6699]

I don’t even have $100 in my account. I can’t even find a job. I have filled out over 3000 applications and not one called back. I don’t smoke, drink or have tattoos yet I can’t find a job.

[@fsaldan1]

You are hiding something from us.

[@got2kittys]

I stopped the paridigm of keeping up with the Jones and went for the paid for shack in the boonies. I will not do debts or credit cards ever again. I have medical issues, and saw the writing on the wall. It's not much, but I have a tiny roof. I'll leave if they kill me.

[@deeandrews7051]

I worked all my life at jobs I hated so I could have a "paid for" house, also. I downsized from a bigger one, and now don't have to buy all the insurance a bank makes you buy (i.e. windstorm for thousands). You have to work around the system which is trying to suck the life out of you. Stop buying stuff you don't need and try growing some of your own food if you can.

[@lizloukiss]

For years Boomers have been telling Gen X, Millenials, and Gen Z to “Pull Up Your Bootstraps”. But that was clearly never the solution.

[@Seelingfahne]

Yeah lets start with getting us a pair of boots…

[@vickijohnson9367]

You mean “institutional finance owned conglomerate media” (professional owned by thieves) and institutional finance owned politicians in government (professional owned thieves) were telling everyone to just get over all the lousy thieves and get back to work. Only they meant “you need professional thieves life training, look how well we’re doing. Did you not listen to your life coach guru?” Forget about it, you listen to propaganda of institutional thieves. They could care less about you, they just need you to participate in the debt instruments they create to get liquidity out of you, transferring all the debt to you!

[@ClockwerkMan]

Gotta love how boomers use a term meaning "do the literal impossible" to demean younger generations.

[@inthevault9603]

Karma

[@mae1412]

Pulling yourself up by your bootstraps was a heck of a lot easier when a house was under $100k cars were under 10k and eggs were $.25 a dozen 😂

[@synthiadavid925]

I live in a beautiful area of Mexico that has great weather which averages in the 70’s. Lake Chapala, Jalisco ( outside of Guadalajara) offers many full service nursing homes and assisted living homes. for around $1,500 per month including, meals, transportation to appointments, laundry, cleaning etc. depending on the needs of the clients. One does not have to wait for Doctors appointments, typically one can be seen immediately. No waits in Emergency Rooms. So many benefits, if retirees can move from the States.

[@sandrataylor3723]

Sorry, but 1500.00 is way more than my retirement check and I can't work due to several medical issues. Thanks for trying anyway.

[@erbiumfiber]

@@sandrataylor3723 I think that was for the assisted living places, that's a great deal for assisted living if you have ever seen those wild prices. For just rent and food for yourself, it's going to be much less that 1500...

[@pirahna]

My Republican accountant told me we could fix Social Security in one easy move; simply end the cap on contributions.

[@Iwonder2]

Under which President was the cap made?

[@ElisabethParker]

We have enough money to cover everyone's Social Security, we just refuse to elect people who will make corporations, those who own them, and their shareholders pay their fair share.

[@ATLIEN333]

Part of the problem bingo

[@reesedaniel5835]

Because those corporations put those people in office to begin with!! Voting is a scam.

[@benton-benton]

The United States is a corporation.

[@spankynater4242]

This is a myth. Corporations pay more than their share of taxes.

[@Zulonix]

I ALWAYS spent less than I earned. I bought my first car on credit. Every other car was paid in cash because when you spend less than you earn… money builds up. I decided on the amount I was willing to pay for a house… and bought an old house to fit the payments… then lived like a pauper on order to pay it off in 5 years. I never created a budget… because I got used to living like a pauper. Needless to say… I’m now retired and don’t need to worry about money. It helped to have a wife who turned every dime over ten times then wouldn’t by the item after all. 😊

[@JulioLenin88]

That country's future is a nightmare. Can't say mine is much better, but at least our social healthcare is not that terrible.

[@c7042]

I had to retire at 58, my pension is only $9204/year, but because I manage my own savings, my income is $41K/year and my savings also grow. I'm in a blend of S&P500 ETFs, CDs, some dividend paying stocks like SBUX because my kids spend a lot at Starbucks. I also manage my income tax exposure. My plan is for my kids to inherit a lot more than I retired with. Also my plan is to avoid being homeless. I'm a Vietnam vet so I don't have to worry a lot about medical. I'll take advantage of the government now because they took advantage of me when young. The first half of my life sucked because I struggled with poverty.

[@14lou]

The biggest problem is that there is no healthcare system, just a disease-care system that guarantees return customers. That combined with unhealthy toxic food and lifestyle ensures a rough time ahead making ends meet unless one takes responsibility for health by exiting the Rockafeller disease-care system and taking up a healthy lifestyle in mind and body.

[@clubmike2910]

yup

[@Cosmo_P0litan]

Bingo! If only US could change...

[@rajadon2071]

True

[@gizmo42001]

I was wondering if someone would actually tell the truth.

[@shawbrothers18]

Yeah, I’m a health conscious nut 🌰 and things are getting ridiculous. I keep getting sick at work. I can’t afford to get sick 🤒. If I do it affects my work performance. It’s a bad cycle!!!

[@michellekaiser7634]

I take some issue with 401k's as "worse in every way". Pensioners have been given unexpected cuts in many instances! Pensions rely on the company to remain solvent and to manage the fund in good faith. There are a lot of mismanaged pensions out there.

[@Sylvan_dB]

Agreed. And a pension locks you into your job - no switching employers! You are stuck for 25-35 years to qualify for the pension instead of being able to take your 401k money and leave.

[@tw8464]

A lot of those problems also apply to 401K many are very corrupt the fees are way too high

[@cavalieroutdoors6036]

​@tw8464 nah, they don't. The 401K money is *yours.* The pension fund is *the comany's.* That is the key difference. The company can put money into my 401K. The company can't take money out, can't lower the amount I can withdraw, and most importantly if the company I work for goes under or gets bought out the 401k does not just disappear. Just look around KZbin and find videos of people reacting to news the company they've worked at for 20 years got bought out and the pension is *gone.* Nah, I'd rather have a 401K and supplement with other saving plans.

[@Joe-no7gs]

I just stack metals. You laugh, but I have a lot of them and there's no counter party risk at all.

[@autobotdiva9268]

you missed why it was worse in every way. clearly didnt watch the video

[@Lillith.]

As someone who had to take care of a parent as a teenager, I cannot recommend it. It's stressful and you feel awful for wanting to take a break because it comes at the cost of their health. And it is true, you will wish for the end to come sooner rather than later. I don't wish it on anyone.

[@collinlovas]

Vincent, excellent presentation. Well organized, simple, yet effective graphics and good pacing. (I’ve just started Toastmasters, so good presentation work really stands out to me these days.) Thanks for your efforts.

[@kylia2009]

Im a Millennial with a Boomer Grandmother. I never expected to be the one that would have to take care of her. Shock of my life. It's sad out here

[@Elhastezy888]

Very sorry to hear that dear, it's extremely difficult being a caregiver. Hope/pray/wish you take care of yourself & get time in you need. p.s she's very blessed to have you 🫂

[@casbot71]

A CEO earning $20M/yr pays Social Security taxes on ~1% of their income due to the cap on the payroll tax. In fact, they stopped paying into SS in the first week of the year. Meanwhile, the typical worker pays SS taxes on 100% of their income for the entire year. It's time to scrap the cap. Then the system would be well funded .... and if the $20M/yr person can't live with that tax burden, well then they're obviously not fiscally savvy enough to be getting such remuneration in the first place.

[@DrSchor]

correct......that solution will be phased in.

[@delos2279]

Wealthy do everything they can to create a system where they pay no taxes. Same story with capital gains vs income taxes. If you earn your money passively with investments you pay a much lower tax rate than someone who earns the same actually working a job.

[@michaelj6392]

@@delos2279the bottom 50% of American workers pay NET ZERO in taxes

[@tcjatko7964]

Just set up an "S" corporation like Biden did, and you can avoid $500K in social security tax, like Biden did. No worries about having to pay your "fair share".

[@smpiano6605]

Crazy isn't it? The wealthy call everyone entitled yet they're the ones who think they are entitled to a lavish lifestyle.

[@sunmarsh]

I mean you explained part of the problem- the government has mismanaged the social security money. Same thing happened in the UK where the NHS was supposed to be funded at a certain level and due to the Great Recession they didn’t fund at the appropriate level and now it’s going to shit.

[@Janeair41....]

These topics and responses are very important. My question was discussed with my now-deceased husband and quietly in thought is why hasn't the American citizens been making this an issue in every election since the late 1970's? This issue has the same effects on other countries too.

[@SetaDragon]

Also want to point out, that basically most of the younger generation not just millennials are faced with a really grim prospect, if we help the baby boomer generation (our parents, and most likely we will) with their retirement, then we are then we are either setting our children up too have to take care of us, or like myself, making plans to never retire and refuse medical services as we get older (thus shorter lives). This way our children have a chance to break out of the cycle. I have talked to many parents my age and most of them are making plans in the later category, with a common joke of colt401k.

[@brianh9358]

This is really dark thing to say but this is the sort of thing that is becoming more real as I get older. I figure if I come down with a major illness, and it is winter time, I'll just kind of take a walk. They will find me in a snowdrift in the spring.

[@unc1221]

Nobody sane is tryna have kids in this hell.

[@patrickhandley627]

Take out high yield life insurance policies if you are able to afford it a make your kids the beneficiaries. It'll cover your funeral costs and any unexpected expenses that come up once you're gone so that your kids can move forward in their lives without having to pay for any of your debts and might actually inherit enough money to get somewhere in their lifetimes. I'm planning to take out a policy myself to cover my own end of life costs and leave something to my nephews and sister.

[@ripplecutter233]

colt401k is my plan as well lmao. i'm saving and investing but it's not gonna be enough. i just wanna unalive and let my kid(s) enjoy the inheritance 💀

[@Monday_Man]

Or y'know, just refuse to take care of parents or have kids, so I can have a small chance of actually getting to live my life.

[@jessicahayes9788]

Both of my parents are terrible at money management. My parents have been divorced since I was young. Both of them are narcissistic and both want to look rich. My father died of cancer several years ago penniless. I had to lend him money before he died because he couldn't pay for his prescriptions. My mother on the other hand earned millions of dollars because she was a commercial realtor. I think she barely has $500,000. She had this beautiful home that she gave to her current boyfriend just so he would stay. The house is worth $2.1 million. She keeps buying high-end clothing & purses to look rich. She expects us her kids to take care of her. None of us talk to her because of what she has done to us. It's too long to post so I'm not even going to do it. The money that she has left, $500,000 may sound a lot to some people but if you live in California and the way she spends money trying to impress people she doesn't even know, she can spend sll of that in the next 2 or 3 years. So yes, many baby boomers have squandered their money.

[@TomM60]

Your mother making that kind of money undoubtedly has the maximum social security between that and the income $500,000 brings in she should be able to live without any worries. Anyone that lives in California has rocks for brains though.

[@NoidoDev]

And this is the same these people behaved on average when it comes to politics. Giving everything away to look great and now wanting to retire in wealth.

[@RichTapestry]

@@TomM60 A commercial realtor living in California though? It seems to have worked out income wise.

[@shawbrothers18]

This country is going to hell.

[@stanmarcusgtv]

It was LBJ that folded SS into the budget. In early 1968 President Lyndon Johnson made a change in the budget presentation by including Social Security and all other trust funds in a"unified budget." This is likewise sometimes described by saying that Social Security was placed "on-budget." Johnson moved the balance sheets for Social Security money into the overall government budget for one sneaky reason: to mask his (and Congress’) risky spending habits. All that Social Security income made the actual government deficit appear smaller. Adding Social Security trust fund accounts into the overall federal bookkeeping ledgers, is known as the “unified budget.” Back in the 1990s, Congress changed the law to remove Social Security funds from the overall federal budget. So Social Security went back to its original “off budget” status. Presidents are required by law to invest the SS trust fund in gov bonds, Johnson, and no president since, and, for that matter, no member of Congress, has ever stolen a nickel of Social Security money.

[@sweetiebird544]

Boomer here. Thank you for the eye opener. I hope it's not too late to get my money moved elsewhere..

[@vvalasek]

My Dad was a boomer her worked his whole Life and saved and died and never got to See 2 penny of his retirement or social Security

[@Sassypants1957]

I'm so sorry!

[@LilyGazou]

This happened to a friend. Died just short of retirement.

[@benton-benton]

Same. Friend just got on medicare and soc sec. Was having arm pains. Couldn't get into a doctor. Had heart attack and died. @@LilyGazou

[@foodlover8151]

If it's a predicament for boomers, GenX are screwed. Candidates are already talking about raising retirement age and reduce the payout. Excellent video, again!

[@garyelder4610]

I hate to say it, but you're young (somewhat) and should stay saving

[@josephclark7243]

​@@garyelder4610cool. I'll just take care of myself like I already do. I am going to enjoy watching the system collapse on top of y'all. I divested from American investments long ago.

[@DeenanTheKemon1]

​@@garyelder4610saving what? Work full time and can barely afford groceries. Our generation has never been able to save. Thats the problem.

[@LucasFernandez-fk8se]

@@garyelder4610your generation kinda fucked the rest of us by buying up all the houses and renting them for 2k a month. We can’t really afford to save

[@bigjohnson7415]

​@@LucasFernandez-fk8seActually that was Wall Street, along with Tax Policies making "Real Estate" investors special carveouts! But the last President resembled that remark, so the fact that happened wasn't really a shock.

[@m42666]

1) Their is accountability to be taken for not saving. 2) People today do not know the term "yuppie". These were ex hippies who then got high paying jobs and spent their money on luxury items and a luxury lifestyle. They spent & did not save. The 1980s were the start of this era.

[@bobbert1945]

Most of the people I know are nurses, PTs, OTs, SLPs etc. All seem to be doing fine as they begin to enter retirement. All that could change very quickly though if medical issues come along and wipe you out. I think that working in a rehab hospital in my early twenties taught me just how precarious life can be, and encouraged me to save a lot more than I would have otherwise.

[@pickles9440]

Not to mention divorces, it really splits a person wealth. Now the same pile of money has to support two separate houses, etc.

[@bernadettec2681]

No one talks about this

[@woodspriteful]

Family Court proceedings doesn't just split wealth, it transfers it to people involved in the system. Most people in family court can't even afford a lawyer; there's no wealth to start with.

[@scottperry7311]

Marriage, once a benefit for both parties, has now turned into an economic trap, especially for men. I know so many men and a few women who were economically ruined in their later years by divorce. The system has really made marriage a game of Russian roulette, it works for some but not for many. This is one of the reasons why fewer and fewer people are getting married.

[@woodspriteful]

@@scottperry7311 When it comes to marriage / divorce and custody, I'm really sick of hearing pro-men pro-women biases. It's really about who has financial power and who the narcissist / abuser / coercive controller is. I am biased toward mothers as a result of my experience, but I still know better than to gender the issue of exploitation even though the statistics show children are safer with women typically and women suffer more financially typically.

[@AB-sw4kb]

@@woodspriteful you just gendered it

[@khonsubast5056]

Boomers upset they ain’t got money now. Meanwhile, I’ll be lucky if there is even an America by the time I’m their age.

[@shawbrothers18]

tis is true’

[@lisad6106]

Gen X had to learn at a very early age to take care of themselves on nothing. Life was never about how impressive your financial status appears. Boomers are sick and broke from a lifetime of bad choices. Xers will thrive with all the time in the world to go out in the yard and play.

[@stuckinsj]

Nice video, i’d like to see some attribution to PBS Frontline for their footage and info used in the video though