Why baby boomers are unprepared for retirement

‘Retired Inspired’ author Chris Hogan explains why baby boomers are facing financial challenges when it comes to retirement savings.

[@leondonald]

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.

[@donna_martins]

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

[@robert-1miller]

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.

[@ilyaveysman.]

nice! once you hit a big milestone, the next comes easier.. who is your advisor please, if you don't mind me asking?

[@robert-1miller]

Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with ‘’vivian jean wilhelm” for the last five years or so, and her returns have been pretty much amazing.

[@ilyaveysman.]

Thanks for this tip. Her website popped up on the first page immediately I searched her, I read through her resume and it seems pretty tight. So, I dropped a message & hopefully she replies soon.

[@fanclub8999]

Dude kept cutting him off. How rude🙄

[@williamwilson6499]

Retired at 56 nearly four years ago...living easy, living free. Season ticket on a one way ride. Realized along the way that it wasn’t working that I hated the most...it was the people.

[@tdlkorbt100henry]

Ok Boomer

[@imranharith8936]

Wait age 65-70, you feel pain enough

[@MidnightRR]

Imagine getting free college, having a retirement, 401k, pension and 1k$+ a month in social security. And STILL complaining about not having money while the rest of us make due with the scraps left by the post-boomer economy. Sad!

[@mr.c9582]

I started thinking about retirement in my early 40's. My goal is to have a roof over my head and not to have to eat out of a dumpster.

[@WhatsUpWithSheila]

Considering what I'm seeing and hearing.... That's a damn good plan 👍

[@charlenepierson9893]

At least you started thinking about it some people never think about it, sometimes simple comfort is all you can ask for, and a big blessing. Good luck 👍

[@clarifyingquestions]

Mr. G - guess you missed out on the benefits of compound interest.

[@shaereub4450]

I opened up a Roth IRA in August after the pandemic. I started investing this year at 26 1/2 (so i have at least 33 years). I have $22K total, no debt (didn't go to college yet since i haven't decided what i want to do long term).

[@michelesimko7541]

@@shaereub4450 you are to be rewarded.....smart thinking......our world will never be the same after all these changes. Let your intuition and gut help you along the winding road. GOod Luck

[@tonypittsburgh9]

I have an Aunt and Uncle who are 71, no kids and at age 62 UPGRADED a home. NO 401K or IRAs, but they feel the lord wants them to be prosperous. They also do not pay some of their bills and "pray" them away

[@CasiodorusRex]

I don't understand people and their gigantic expensive houses. I sleep 8 hours a day, travel 1 hour and at work another 8 hours so that 7 hours a day at most I'm at my house.

[@moonwolfdancer1103]

@@CasiodorusRex to hold the stuff!! 😁

[@pookypoo1169]

@@moonwolfdancer1103 just don't have stuff

[@moonwolfdancer1103]

@@pookypoo1169 😀😃😄

[@dancasey9660]

Every generation is going to have its sob story. There are a lot of boomers who learned good lessons from their depession era parents, and are doing just fine. Growing up if a family of 9, having a house with one bathroom, and never seeing the parents have a new car is a powerful lesson.

[@evegreenification]

Fortunately, sob stories are affordable and abundant, unlike a lot of other stuff.

[@clarifyingquestions]

Not a generation thing - rather there are people in each generation that live beyond their means and whine and blame.

[@barbiec4312]

Yep, have two kids! Easy access to birth control is a good thing for your retirement and the planet.

[@MySensualWorld]

Millions upon millions of people don’t even have adequate healthcare, or a living wage, millions of people are suffering in the most horrible ways in the richest country on earth, this systemic poverty is an evil, at the very least a social evil, a humanitarian crisis. There are people who say you shall know them by their fruits and this countries fruits are rotten.

[@jacobjohnson2714]

@@MySensualWorld there's some interesting data that shows that's not really the case. Even in a pandemic. Middle class america is shrinking because there's more people moving to upper class. The median (not average!) income grew by 4K in 2019. The vehicles for wealth and stability are not exclusive to the rich. Costco, whole foods, starbucks, and many others offer retirement plans and health insurance some even to part-time workers. The blue collar skilled trades are booming (they literally can't find enough people) and those apprenticeships/education are usually paid or subsidized. I did some research on how difficult it is to acquire a home loan in my rural area (30 miles outside a major city) it's very affordable to acquire a modest home in a safe area. Where people have limited access to this: 1) Having children before acquiring a marketable skill. 2) Drug and alcohol abuse, crime. 3) Medical problems. 4) Proximity- certain parts of the U.S. literally have no jobs and these people should move. 5) Debt- whether through student loans or credit cards, tackling this debt immediately should be imperative. Overcoming these obstacles makes wealth creation much much more doable. Who is worst off in america? A guy who has a kid at 18 and then goes to jail for drug position, then uses credit cards to afford the ghetto fabulous lifestyle. He works 5 years in a low-paying job that requires no skills because no one will hire him. He finally says, "ok I need to get serious about my future" so he gets a journalism degree taking on more debt. Now he's got two kids, tons of debt, no work experience and no jobs in his town for journalists, he decides not to move and waits "for jobs to come back" After years of stress, struggle and bad habits he requires a major medical intervention to save his life. The final nail in his debt-ridden coffin.

[@Lxx-tc4xc]

The following four steps make it possible to retire on Social Security alone: 1. Marry for life. This does a great deal to banish the prospect of female poverty in old age. 2. Pay off your mortgage before your 60th birthday. Aim to start retirement owing no debts. 3. If your house costs a lot, sell it and move to an area where houses are much cheaper. Much of the interior of the USA qualifies. 4. Delay starting Social Security as long as you can. This dramatically increases the size of the monthly check.

[@wolfgang7812]

Lyle Cosmopolite Marrying for life may be a difficult one because the baby boomers introduced divorce into the Gen X culture.

[@Churbitser]

If they did introduce it, it doesn't mean you have to follow their example. BTW, I am a boomer. Got married 32 years ago, still going strong. Married at JoP while I was in the service so we didn't have a lot of money to spend on a wedding. I laugh at all the people spending thousands on a wedding and getting a divorce a few years later. I guess I'm an odd ball from the boomer generation. BTW, I'm close to retiring, have a million plus in retirement account so I'll be retiring in luxury.

[@johnsradios484]

What went wrong? Pay has not keep up w cost of living.

[@USCG.Brennan]

John, That's definitely part of it....

[@gusgrizzel8397]

Yes, for sure. It's hard to save. But there are people who just spend and spend. Vacations, new cars, drinking, gambling...if they make more, they blow it.

[@blackworldtraveler3711]

JohnsRadios Most people spent every cent they had. I watched them do this for 35 years. You mean pay did not keep up with debt and spending of money they didn't have.

[@blackworldtraveler3711]

JohnsRadios I know what went wrong because I just observed everyone around me for over 30 years. Many want to pay higher cost of living with debt and spending money they don't have,too many kids,upgrading to bigger home,second mortgages for stupid things like cars and boats,keeping up with the Joneses,vacations on credit cards,etc.,etc.,etc.......didn't save anything for emergency fund or retirement,no investing, just spend spend spend. Heard a lot of "live for today" and "you can't take it with you" from many baby boomers through the years. And I live within means,bought used cars with cash,,home I could afford, saved,invested,contributed to retirement and emergency fund,etc... My primary home living expenses are under $1500/mo. on $130k-$160k/yr. with zero debt. Paid cash for my second home on Marco Island cheap on short sale newly remodeled short sale condo during housing crash and I can afford to NOT rent it out and mess up my dream gulf/marina/beach view home. Retiring early.

[@clarifyingquestions]

Here comes the excuses.

[@titaniumsandwedge]

There has never been an American generation that has been fully prepared for retirement. Authors such as Hogan will always have a job writing books on how to do it right. His basic thesis of getting rid of debt is right. Most people go through their financial life like a Fiddler on the Roof. They are the ones most unprepared. They belately read books and try to salvage a retirement. If they had smarts, they would have been preparing decades earlier.

[@wanelly]

It’s not about what you make. It’s about how much you save. It’s a simple concept but very hard to digest. Good luck!

[@icebergrose8955]

My parents had a sense of entitlement that was way out of control. Baby boomers are spoil rotten. I have no sympathy. None. What they have left for their grandchildren is criminal. Their parents would be horrified at their selfish children.

[@widndn]

Don't think this is the case for all baby boomers. Smoked pot my whole life, worked hard, married a great woman, live on 5 acres over looking a huge lake, travel, play golf 3 times a week. Can you say party till I die.

[@rendarsmith]

Maybe the boomers should have saved up for their retirement instead of blowing their money on fancy cars and houses they couldn't afford and divorce courts.

[@rockymntnliberty]

I always get annoyed at the specific numbers for retirement. These numbers that say you need say $600,000 of savings in order to retire are just absurd. All these numbers depend on the individual and their particular circumstance and vary dramatically. While one couple might retire quite comfortably with only $100,000 in the bank, another couple might struggle through retirement with over a million dollars in the bank. If a person has position themselves with a house that's paid off no debt maybe even living off the grid with solar power and a relatively self-sufficient lifestyle, they could potentially live quite comfortably just on their social security income. A different couple who is still paying $2,000 a month for house payments that's nowhere close to being paid off, has two nice car payments has a huge amount of debt, and an extravagant lifestyle, might not even be able to retire because they wouldn't have enough income from a large savings and Social Security to pay their monthly bills.

[@CasiodorusRex]

Healthcare is the big expense. Medicare does not pay 100% of your healthcare and you'll need supplemental coverage. Plus if you wind up in an assisted living center they charge around 5K a month. If you're worrying about your future, worry about your health, not money.

[@rockymntnliberty]

Joe Schmoe True enough. So yeah even if you take care of your health and do everything right, unforeseen circumstances arise and you still might wind up with very expensive Health Care issues.

[@blackworldtraveler3711]

Son of Liberty That's the whole idea about saving and investing for retirement. My pension alone is more than twice the monthly income I need to live on and social security will be $2100/mo. at 62 or $2500/mo. at 65 if if I wait. 401k is 1.4 million,Roth IRA is over $500k. Also have other savings,investments,passive income. If I wind up with expensive health care issues or anything else I can afford it. Heck just my United Healthcare stock alone pays me around $2k in tax free dividends.

[@rockymntnliberty]

@@blackworldtraveler3711 Sounds like you're in a great position, far better than the average Joe. My comment was just directed at the generic you need so so much money to retire comments I always see. If somebody is in the right position with being debt-free and etcetera they really don't necessarily need a lot of money to retire. But if you've got a $3,000 house payment, two kids in college, two luxury cars and a yacht call my all with payments, you might need several million dollars in the bank to retire. Michael is to be debt free, living off the grid, with 300,000 to 500000 in the bank. This will allow my wife and I are good quality of life, with a monthly income probably four to six times our monthly bills.

[@shannon2748]

Not to mention, $600,000 saved today for retirement will be worth a LOT less in 20-30 more years, with rising costs/inflation, etc.

[@jcrowley1985]

I'll have a paid off house by age 40. I'll then rent out my house and travel the country in an affordable cheap camper. Retiring in my 40s.

[@gavinreid8351]

I am a baby boomer. I retire soon. I have savings and have been paying into a pension since age 19.. I am completely out of debt. I am really looking forward to my retirement.

[@gusgrizzel8397]

That's because you get a pension. Most govt pensions give you back more than you ever put into it. Not the same for the private sector.

[@AdamTopCommenter]

And leaving the world worse off than how you left it, thanks idiot boomer

[@Hoffmanpack]

Oh he is not leaving. Just wait till that finish line runs 50 miles past you. Or your dollars don't buy the labor of the youth for what they used to.

[@blackworldtraveler3711]

gavin Reid I'm a baby boomer. Retiring early in 2021. Zero debt.

[@georgegarner1425]

Gus Grizzel kind of like social security and Medicare does

[@jimdandy8996]

I'm a Gen-x er. I watched this all go down while growing up. They are unprepared like the kid who partied all year when he knew that there was a 20 page term paper he was suppose to work on the whole semester and then suddenly came to the realization that it was due in 2 days. I don't feel bad for the Boomers one bit. They should have read the fable of the Ant and the Grasshopper as kids instead of later trying to outdo each other with material items that are now worthless. Tell them to go the The Sharper Image and the Ferrari dealership and ask for their money back for all the crap they pissed their money away on in the 80s.

[@wolfgang7812]

Jim Dandy The baby boomers encouraged the GenXers to do the same.

[@USCG.Brennan]

Archer and Dandy, Now children.....stop painting with such a WIDE brush. Many of we Boomers are ready to retire and have all our ducks in a row. We planned, saved and invested....even though we had to pay for all your stuff while RAISING YOU KIDS! Lemme know how that works out for you in 20 years. ;-)

[@vernanewsome6335]

Im a boomer and I retired at 51 after working 30 yrs I live well. Dont think were all slackers . I brought my first new car after working 15 years on the job .It was a 99 Kia . I got rid of it in 2014 , I brought my second car in 2013 I paid for it the next year when I retired My parents werent living by the time i was college age so I didnt go. I retired making 37$$ an hour I opened my first 401 at 23 yrs old

[@chineseslaves1971]

They created a horrible expectation on younger people such as myself. Men demanded women pay half the bills for twice the lifestyle they could afford in their own right. I didn’t appreciate that one bit. No sympathy here to the first generation with easy, widespread dual incomes that paid well and were fully benefitted. They flaunted their extra income, now it’s gone.

[@happygirl7258]

Gen-exer here too. My inlaws lived it up partying, buying new cars, several homes and jewelry etc etc etc...Now they are calling us monthly asking for money to pay their mortgage payment. We have a set plan to retire and my husband will not be able to if this keeps up. I honestly don't know what to do. I pray a lot on this.

[@gwebocelestron9194]

At 57 I decided to no longer pay income tax and I'm simply not going to pay my maxed out credit cards. So far, all is going great!

[@jeffreyrichardson]

Save for a rainy day.

[@PInk77W1]

I’m 59. I’m a high school drop out. I did hard labor all my life. I have zero debt. I have no car. I have no Credit card. My house is paid. I make $47k semi retired.

[@MySensualWorld]

Your point is? Everybody is not you. Some people live where they need cars. Most people in this country suffering today did not get as bad off because of just bad decisions, many of them didn’t mske bad decisions at all. It is because the elite raised the prices on everything, because they manipulate the system, congress, the fed, the judicial with citizens united and more, the presidents, wall street, because of right wing and establishment democrats that continue to give to the rich and take from the poor.

[@PInk77W1]

@@MySensualWorld As long as u choose to be a victim You will be one

[@roadster12522]

The host wasn't listening to free advice given here. 🤔

[@antdavis3843]

Free advice usually benefits the person giving it.

[@cherylT321]

roadster12522. He was barely listening; too busy interrupting!

[@mytinyretirement]

At 54 and 56, we're finding ourselves in this very retirement predicament. My husband and I were both single parents with constant legal bills from our crazy ex's, and just literally barely putting food on the table. Even if we COULD have saved, it certainly wouldn't have been enough to cover us into retirement. However, unlike so many others that I see with just negative attitude and playing the blame game, we're making radical changes right now in our current situation to make sure we can survive, and hopefully thrive, in our upcoming retirement years because Social Security is likely not going to be there like we thought it would be.

[@gusgrizzel8397]

Well, you are only in your early 50s, which is way too young to retire.

[@johnnybee2517]

Fantastic comment and someone who is thinking clearly and planning for the future instead of whining about the future.

[@DIAMONDGIRL57]

LOL!!! Raised two children as a single parent, paid off student loans, no credit card debt, no car loans, mortgage close to payoff. I still working although I can retire today financially secure with a hefty pension. Will continue to work and save until 65.

[@ctruth6185]

Most jobs don't provide pensions. Consider yourself lucky. Many companies raider their employee pension or never had them.

[@evegreenification]

Don't pull anything out of your 401k, guys. That is for Wall St. to squander, not YOU!

[@gdobie1west988]

Eve Green, it's all about how you manage your money over time. How does Wall Street squander your money?? If you use low cost index funds, this will keep your expenses low and you will get whatever the market returns that given year.

[@jperez1910]

Eve Green could not agree more! What does Wall Street have to do with this? If you have a good mix between bonds and stocks and tool as Vanguard, low cost and then employee match -you are golden.

[@blackworldtraveler3711]

Eve Green Wow you even got 20 thumbs up on that dumb statement. No wonder so many are broke and can't afford to retire. You know nothing about the 401k and apparently let other people handle yours. I have $1.4 million in my 401k. I do everything myself. Over $900k of that is in laddering CDs,money market,and credit union savings account making around $16k a year. One million of that is in Roth 401k Has nothing to do with Wall Street. The rest is in oil/gas stocks,REITs,and dividend aristocrat stocks making around $40k/yr. reinvested dividends. I'm completely debt free,have pension,other savings,investments,etc. and even my Roth IRA is over $500k. I even have free global lifetime flight benefits. Looks like you messed up.

[@Hoffmanpack]

Spend your 401k in 10 years and your 1 million will be the average salary of my kids. Thanks to the debit racked up by boomers from war. Way to go

[@darthvader5300]

Invest your retirement money in PUBLIC UTILITIES, AGRICULTURE, BASIC MINERAL MINING AND QUARRYING, BASIC HEAVY ENGINEERING INDUSTRIES THAT ARE NEEDED TO MAINTAIN AMERICA'S INFRA-TECHNOSTRUCTURE, AGRICULTURE FOR PEOPLE EAT 3 TIMES A DAY/365 DAYS A YEAR/EVERY YEAR, BASIC PHARMACEUTICALS THAT PERMANENTLY CURES AND NOT MASKS SYMPTOMS AND PAINS.

[@brianparent4882]

Followed Dave Ramsey she Chris’s plan and I’m now debt free, saving 15 percent of my income and putting everything else I can on the mortgage. Following their plan saved my financial life.

[@kathleenoliver5461]

Is this guy comparing apples to apples or apples to oranges? Retirement strictly on savings? I know everyone says SS won't be there but it is there for now and does provide some income, NOT ALL. Some fortunate workers (fewer and fewer these days) do have pensions from heir jobs. Is he considering that too? Work two or three jobs! For many these days two or three jobs is the norm because of being "under employed"...two or three part time jobs at low wages barely keep families afloat much less leave anything for "savings"! Biggest sales pitch is the 401K...sure, put your money in a 401K and the market takes a dive as it has in the past and your 401K is worthless...just like the housing bubble. Real estate used to be a solid investment but look how many lost their homes in '07, '08, '09, '10! No home, no job, no nothing and then re-build from ground zero? Good luck! Hope and pray your health does not take a dive working those two and three jobs either! Saving for the future is great but most people have a hard enough time keeping a roof over their heads, clothes on their backs and food in their pantry these days.... Everything is going up but wages/household income. Wage stagnation since the 1970's is killing the American dream and retirement!

[@christopheralexander6766]

I know this is a year late but I had to reply to this....Remember student loans? If your outstanding student loan debt is not paid off, government has, can, and will garnish your social security. So yes, for the majority of college educated Americans....they will not see social security....to the parents who also signed for outstanding parent plus loans (which admissions officers push) they will not see social security

[@SportZFan4L1fe]

What went wrong??? .......They thought the gravy train would Last FOREVER.

[@USCG.Brennan]

Sport...Mine's just beginning because I PLANNED for it!! How's your student debt going for you and friends?? Is there a light at the end of that long dark tunnel??

[@ArkainKnight]

Curt Brennan Jesus what’s going on in your life you sound so angry

[@blackworldtraveler3711]

ArkainKnight Don't seem angry to me. When you have your financial act together no need for anger. I'm retiring 15 years early in 2020. Heck how is his student debt? Is there a light at the end of the tunnel? Simple questions.

[@ctruth6185]

They worked hard paid their bills and played by the rules. The rules kept changing without warning or notice and they got screwed all their working lives. It happens a lot. Truth is life is ugly as hell.

[@blackworldtraveler3711]

Sully All good. Instead of retiring in October like planned I retired four months ago with generous out package because of Covid so paid company healthcare,half pay in 2021, and early pension payout is pleasant surprise. Zero debt before retirement highly recommended. Total primary living expenses( including property tax, home/auto insurance, and condo fees) are currently below $900/mo. which is pretty good considering everyone in my zip code paying more than $1500 a month in mortgage/rent alone. Only have 8 bills each month. Beach home on Marco Island is $1100/month with no issues. Even though my pension was cut in half and frozen it more than cover both properties. And I have Roth 401k,Roth/pretax IRA,taxable savings/investments,passive,qualified dividends,cash, etc. on standby. Being debt free makes big difference.

[@cooldog60]

I have been retired for 12 years I have more money than I ever had.

[@tdlkorbt100henry]

Sure you do XD

[@MySensualWorld]

There are millions that don’t have anything of real value, and most of them have debt.

[@cooldog60]

@@MySensualWorld All the people that I know who don't have money do not know how to manage money. I have always had money.

[@imranharith8936]

​@@cooldog60now?

[@cooldog60]

@@tdlkorbt100henry Who is xd?

[@firefeethok_tui2355]

Chris Hogan is awesome you can catch them on XM radio.

[@chodkowski01]

I live great on $650 a month. I haven’t paid a mortgage in 24 year’s, I only put 2,000 miles a year on my paid off car and I have no credit cards. Plus I’m able to save a lot every year.

[@tekkenfan01]

Student loans is the worst, not credit cards, mortgage, cars, hospital

[@blackworldtraveler3711]

Lockon Stratos Student loan is no different than the other. Up to the individual to read the student loan documents,do the math,and actually use common sense borrowing what you can afford to pay back before signing. Use credit cards like a debit card by keeping a cash balance and prepay before buying. Buy a home you can actually afford. Stay healthier by physical activity,avoiding processed foods and other crap. I've done all of these and never had consumer debt and paid off 30yr. mortgage in 9 years.

[@tekkenfan01]

BlackWorldTraveler that's nice but still

[@myopinion3908]

It’s because they don’t live within their means 🤦🏻‍♀️ Other than a reasonable mortgage don’t buy anything unless you have the money. Quit buying and don’t pay for two years 🙄 Stop racking up the credit card debt. It’s not that hard people. Make sure you have extra payments in a separate account in case something happens (because it always does).

[@tonypittsburgh9]

I see it all the time: The greatest generation saved like crazy and realized debt will destroy you, but the baby boomers never learned this. I know a couple (72 and 61) who owe 150 on a home valued at 165 and between the 2 of them (she is a nurse, he works part time but has a pension and SS) bring in 100k a yr, but use credit cards like crazy

[@gusgrizzel8397]

I've seen that too. Money burns a hole in their pocket. Bet they take lots of vacations and have new cars.

[@tonypittsburgh9]

Gus, exactly and they tend to take nicer than normal vacations and go out and eat all the time.

[@gusgrizzel8397]

How do they afford it? Unless they are getting a government pension check every month, they have to live off their savings.

[@tonypittsburgh9]

Many do get pensions, but if they are only getting social security, they cannot afford it

[@gusgrizzel8397]

The whole pension thing is not fair, since they pay so little into it. We always hear about how they should get rid of SS, but SS is a drop in the bucket compared to pensions.

[@michelesimko7541]

When you make 30k a year for years with a college degree how on earth can you save 600k. Get real

[@izzie.bellie]

it’s called compound interest- maybe your employer may have a company match for your 401k too

[@michelesimko7541]

@@izzie.bellie thank you. Happy Holidays

[@ariefraiser140]

A 25 year old making $30,000 a year who saves and invests 10% of their income and earns an average of 10% annually will have over $1.46 million by age 65. Accounting for inflation that would be worth around $700,000 in today's money. Start early, save and invest consistently, don't borrow against or take money out of your retirement savings.....Those things will help tremendously. Compound interest is a wonderful thing.

[@michelesimko7541]

@@ariefraiser140 I see....Soto live on 20000 after taxes...save $250 monthly.....live on about $1300monthly doable,but not in California or New York. Glad you showed how it can be done. Thanks

[@StaggerLee68]

@@izzie.bellie Many companies stopped matching last year. For the "health of the company" we were told.

[@sniferlip]

Will the host stop interrupting the man trying to talk??!!!!

[@joeswanson733]

baby boomers were the first to really partake in youth/consumerism culture to the max. and that essentially destroyed them.

[@asterisk911]

"The reality is is..." Why do people think "is is" is the way to go? I hear this all the time. "Well, the truth of the matter is, is..."

[@masterofgarden3472]

Like watching Chris Show very good advices.

[@edydon]

The retirement industry is a bit of a racket.They usually say you need at least $1million (not $648,000.).4% - 5% of US households have a net worth > $1 millionSo, at any one time, ~95% don't meet the standard.

[@goodhumorman1252]

Leave that money in a 401K so it can be syphoned off constantly by Wall St. with a dozen hidden fees and be annihilated during downturns. And the $650K number is totally made up. I retired a decade ago with less than $50K. That along with my SocSec that I paid into for many years and we are comfortable. True, we have no debts and you must have a budget and not throw $$ away like most young people today. The majority of people will end up living payday to payday while living at Starbucks and buying the biggest TV and newest phone. Bad prioritization.

[@BigRed2]

lol you obviously know nothing about 401ks and how you lose money on a market downturn, you don’t lose money unless you sell during a downturn and if you invest in low fee index funds within your 401k the fees are very small for instance my 401k fee is 0.04% and it has averaged 9.8% in returns annually for over 30 years VINIX is my fund i’m 100% vested in by the way

[@ammerudgrenda]

I agree about the $650k. You will need a lot more than that.

[@boxer6796]

@@BigRed2 Exactly!

[@cato451]

$658k needed. Lol. I won’t be happy until I hit $2.5M

[@snakechrmr6398]

People in the US do tend to equate happiness to a dollar amount. A big part of the problem with the US I never realized until living in Europe for the past 11 years. Hint: $$$$ does not = happy.

[@DaveBraga]

Their mistake was not getting a union job with a city, county or state government where you have a stable job, paid for every micro-second you work, then retire with full pay and healthcare. Oh, and get at least finish H.S.

[@andrewsnow1933]

We need Medicare for all starting at age 55. That will help a lot . In many cases children are done with college at that point and serious savings can ensue . Health insurance should not be akin to another mortgage. For-profit insurance is immoral

[@thomasstecyk792]

Shitty jobs that do not pay much.

[@matthewj2492]

658K - depends where you retire, if you can move and get a part time job that number can come down. (used paid for cars exc.)

[@kynchan3332]

If your investments can generate much more income/resources to more than sufficiently pay for retirement and inflation you can retire at any age. Production is key. The investments can be properties, land, royalty generating intellectual property and or stocks.

[@kynchan3332]

or even businesses if entrepreneurial enough.

[@Hoffmanpack]

Bitcoin

[@JULIAN8845]

WHAT HAPPENS IF YOU GET A 200K PLUS MEDICAL BILL

[@cato451]

DAVID ALTON pay a little each month. Nothing they can do

[@CasiodorusRex]

Australia only has 24 million people. That's less than Texas. Different story when you're talking about 330 million.

[@Hoffmanpack]

You have a brain be smart eat right.

[@alexm5209]

@@CasiodorusRex But in the US, theres more people who can pay into the system, so Universial Healthcare can work just as well here if not better. We dont have it yet because the insurance companies and big pharma companies own most of the politicans

[@CasiodorusRex]

Our government is 22 trillion dollars in debt, do you really want them to run our healthcare system? They can't do ANYTHING right. They fight each other over who gets control of OUR money. Democrats are HORRIBLE. They would take ALL of our money if they could.

[@roadtrip2943]

Nothing like 3 stock/employment crashes in 20 years accompanied by 12 years of 0% interest rates to encourage savings and build confidence

[@CasiodorusRex]

I prefer cash flow over a huge pot of gold at the end of the rainbow when I'm almost deceased. That's why I buy rental properties. I get paid every month as long as someone is renting the house + I still have the house that will appreciate in value. My three rental properties generate $3900 month not including the income from my job. $3900 + my social security check should be enough for me to live on, however I still plan on doing more investing. I think the goal is to make smart decisions.

[@jamie49868]

Has anybody considered a lifetime of television ads? I know my parents who were not raised on tv, had an entirely different idea about the necessities of life, and were very well prepared for retirement. Maybe, just maybe a lifetime of being bombarded with glitzy ads has had an adverse effect. Just asking.

[@victorialadybug1]

Yes, it does.

[@USCG.Brennan]

I agree....there's a big difference between the words "need" and "want".

[@johnnybee2517]

I agree with you Jamie and it's good to see a millennial think and get what is occurring. A lot of what is occurring today has been nothing but brainwashing and this has been going on throughout many generations and for hundreds of years. No one could have fought what was going on many years ago, because, they simply didn't know. Each generation has had some form of brainwashing. My parents generation were told that they would do very well if the woman also worked which has created 2 people in a household having to work now, or they won't survive. For my generation, we became key/latch kids as you are today also. The boomers were brainwashed with the hippy generation (not all boomers were hippies), free love, drugs and rock and roll. Today's generation are taught that they are owed something and nothing is their fault. They are taught that everything is the fault of the boomers and that they are powerless to change anything so they just sit back like defenseless little victims. I salute you and your parents. Obviously, they were able to escape the brainwashing and taught you values. This is and always has been about the rich getting richer and powerful.

[@campc1]

It's not just TV ads. It's television period.

[@chuckwillis5827]

because as the years went by the rules kept changing!!

[@Johnf85]

Guy has merch to sell.

[@lindamarkwood3718]

El Jay b

[@jeffreyrichardson]

Chris, can I ask you where your finances stand?

[@KS-cl8br]

People could save better if the average income was higher than $32,000 which means half make below this amount. Minimum wage is a dismal $7.25 per hour which is 15080 per year or $1257 a month. Minimum wage needs to be $15 then $31200 would be the starting wage. When workers are paid a living wage they can have money left over to invest for retirement. Sure some people have a good salary and waste money but most are hard off.

[@CasiodorusRex]

That is dumb. Once you raise minimum raise to $15 everyone else's wages will have to be increased causing inflation which will result $15 being the old $7.25. $7.25 are entry level jobs. Hell, my first job was $100 month delivering newspapers and my second job was $3.35 hr. I left the $3.35 hr job for $6.50 then another job $9.14 then to $15 then to $21 then to $35 hr. I educated myself along the way. Young people screwed themselves by declaring a right to be able to go to college. Obama mandated that the government fund everyone's college education. Once the government takes control of anything the cost double. There are C average student raking of huge debt in college. They shouldn't be in college.

[@blackworldtraveler3711]

K S Well you don't have to have kids you can't afford. Certainly don't have to get married and risk divorce rape and weaponized child support. Always live within means. I started my career making $80k/yr. and now make $135k-$160k/yr.. Always lived on less than $45k/yr. for years and currently live on $1k biweekly on a $1500/mo. budget. Many of my coworkers are still paycheck to paycheck and can't afford to retire. People don't save better they spend more. Better if you work harder and go to school like I did then you will appreciate income more instead of asking for increase in minimum wage and handouts.

[@jeffreyrichardson]

Easy Street...

[@toady7741]

Well, at least Boomers have nice, Big suburban homes, and luxury cars/SUVs.

[@aririyadh8359]

Because people use loans for immediate gratification, overspend, show off, buying $300 sports shoes when earning $500/week, buy expensive cars to show off, basically fools with money.

[@asterisk911]

Credit cards aren't "the worst of the worst"; some of the sub-prime lending products are.

[@burtvhulberthyhbn7583]

This guy's right. his words are what I've lived by and anything less is a road to poverty.

[@hOtneO]

Let them sleep on the streets. Baby Boomers have both the retirement and single income household and free college, they left none of that for future generations.

[@FirstLast-nh6go]

The 1% took the wealth from the future generations, not the boomers.

[@Hoffmanpack]

Boomers sold it to them

[@blackberrylady6025]

U can retired easier if ur home,Bill's all paid off...no debt, mortage,credit card..u can easy live of $2500 to $3, 000 amonth... would help a $100.000 retirement saved...key is no debt.

[@hughrblackwell]

challenge your perceptions folks. forget about lump payments. All you will need is the ability to trade currency trends for income and that is available to everyone today. Don't let the media scare you.

[@feliciamarquez9621]

I have pleaded with the bill gates only to hear n see they don't give a damn why?

[@jeffreyrichardson]

Where do these two men stand.

[@scottjackson163]

Who came up with $658K as what is needed to retire?

[@jeffreyrichardson]

We all need money.

[@thomtorrez7618]

Mostly because I spent my money on fast cars , fast women , and faster living . Good thing I still look good enough to get some rich widow to care of me . Hopefully she'll have a bad ticker and no kids .

[@Hoffmanpack]

Ha invest in our retirement funds please and never pull out! Yeah right enjoy your time with money it won't last long. Your fellows are sending students to work with 100k debit and 14$ per hour. They will never pay that off. Good luck everybody time to do battol is soon!

[@onepurpleflower8910]

I have no where near $200,000.00

[@snakechrmr6398]

Neither did I when I retired. But I planned well several years before stopping work at 63. Left the US and moved to Europe. Live with fixed monthly expenses (rent, elec, ins, water, gas, internet, cell phone, etc) of less than 1/3 my SS. My SS check goes straight to my bank in Europe and a small pension check goes to a bank in the US. Spend most of my spare time riding a Harley (12 years old bought new w/cash in the US) around Europe. If I need a block of money for something unforeseen or a large purchase I can wire it here in 2-3 days. Americans just seem to have their priorities all mixed up. Nobody "needs" hundreds of thousands of dollars to retire well.

[@Lo-ud7qv]

They should have enough! No remorse here.

[@gusgrizzel8397]

Well, there's a LOT of 40, 50 year olds who are retired. I doubt they all saved millions to retire on. Bet a lot of them are on welfare or a government check.

[@blackworldtraveler3711]

Gus Grizzel You can tell who is on welfare and such at retirement. Anyone can retire at any time. The amount of freedom and quality of life during retirement is up to the individual.

[@gusgrizzel8397]

Jeez.What a fantasy statement. Most people cannot "retire at any time". Most people have little control of how they live in retirement---if they CAN retire. Most people don't make a large income, so it's hard for them to save up a lot.

[@blackworldtraveler3711]

Gus Grizzel I didn't say most people. I said anyone can retire at anytime. Up to them. Nobody's stopping them. They are out there and have control of how they live at retirement. Just won't like what little control they have and deal with it. Even with large income many can't afford to retire after living beyond means for years, too many kids,to big of home,spending money they don't have,, not saving/investing,etc.. Up to the individual. Where I work most of us make between $60k -$400k a year. I make $130k-$160k/yr. Many coworkers I'm my salary range can't afford to retire. Many at 65 to get Medicare and some maybe never. There are a few like myself already semiretired for years and retiring 10-20 years early.....401k millionaires,debt free,etc.. Same amount of pay with totally different situations 30 years later.

[@gusgrizzel8397]

Your comment makes no sense.

[@gusgrizzel8397]

Your last personal comment (activist post) to me makes no sense. Anyone can say they have a lot of money, and the fact you gave me all of those figures in a private response just upped the BS factor! :)

[@jeffreyrichardson]

Some people need money...

[@thinklikeido]

More money is better but these numbers by themselves are meaningless. No two situations are identical. Much of this is hype from investment companies needing more cash from millennials.

[@gusgrizzel8397]

People are so lazy. Always trying to get out of working. But they will scrape to get by, rather than work for a living. I doubt most of the ones claiming they can't work, really can.

[@snakechrmr6398]

several in my family have been sucking off social Security disability for decades claiming they can't work but working off books at times.

[@gusgrizzel8397]

That's terrible. People don't even feel bad about it.

[@jeffreycross5859]

great info great investments saving accts paid social security after this what could go wrong!!!!!$$$!!

[@MySensualWorld]

When people retire for most of them their social security payments wan’t be enough to live on, if they even live to retirement since the quality of life for many americans and their children are as bad as in a third world country or sometimes even worse than some third world countries.

[@joelikeskawasaki5215]

Miss three payments see who owns it 😎

[@flawaii-pines6858]

Hogan knows best!

[@CalderaFinance]

Because the dollar stopped being money 50 years ago

[@asenathdagraca1401]

I need $658,000 to retire ??? ......oh my....😓😮

[@davelorenz3285]

I am older and very good looking. I plan to live with rich elderly widows.

[@georgegarner1425]

Lol nonsense advice your not going to see 50 year olds working 2 or 3 jobs companies want young people there the one's working 2 or 3 job's I know 50 year olds trying to get one

[@ctruth6185]

Every Baby Boomer is not made of money. This guy is full of b.s. Most financial advisors are crooks.

[@keithconti3886]

The boomer should have long ago created a homestead.. teach the children how to farm, have chickens, food. Then the boomer as they get older estate the land for his or her decendents or kids, so as they get real old the children take care of them .. NO more cost or burden to need pensions or governments. However instead the boomer decided to live like the 60s, smoke pot, bjs , high divorce rates. Feed their Genx kids peanut butter jelly, 2 meals a day and then discard them. No training on behavior to their kids. Still later go on vacations, divorce here and there and now do reverse mortgages to take it all on their way out. Also with fake virus, want to shut down world because they got to fatt, diabetes and want the world to coddle them. So rather than do the right thing like world war one parents did, they were spoiled all the way through and cry where is my entitled pension? the think they believe they earned just cause of the entitlements. The boomer has so much opportunity and wasted it and become week and never taught generation morality , ethics. not all boomers but most. this nightmare is what happens when you go against nature.ft

[@jamesmurphy2828]

Basically you completely forgot about the recession of 2008

[@blackworldtraveler3711]

James Murphy Nothing to forget. Those were good times. Not only did my 401k tripled to 1.5 million since 2009 I bought my $560k dream beach home I bought for $240k cash in short sale. And through that recession I was still compounding/reinvesting over $70k/yr. in dividend/interests.

[@havenpersonalcare7968]

He keeps cutting Chris! His guest in the show.

[@bkinouye]

I want to go to the casino once a week.

[@jamesliggett2161]

We have 700 billion for our military, they turned all against unions and good pensions and this is what we have

[@jamesmurphy2828]

People loved life hoping to die before eighty

[@JB-kx9bx]

You should have a house paid off before you retire.

[@prescottmotley5225]

I work full time and have been putting in my 401k since 18 and I’m projected to be able to retire at 74 to afford to live till 80 retired. Millennials are getting there social security cut so the greedy baby doomed can get there full cut.hopefully I won’t die before I get a chance to retire

[@truthseek3017]

Greedy, materialistic baby boomers.

[@gusgrizzel8397]

I am saving my money. I don't have cable TV, don't have a lot of things people think they need. I save a lot of my money.

[@Hoffmanpack]

The majority of the consumers do

[@ctruth6185]

Logic Seeker you know nothing about the boomer. Guess a text book taught you that. The boomers were idealistic and unrealistic. They were far from a materialistic generation.

[@chobson8602]

the only thing that boomed was their waistlines and debt levels!!!!

[@blkhemi3925]

2 or 3 jobs after the age of 50?? How uniquely American!

[@rexralph5882]

Who could anybody have a dollar be real

[@BEACHDUDE71]

I will retire no later than 67

[@nathanielcarreon5634]

I am sure it is somebody's fault. lol

[@conductingintomfoolery9163]

Ohh noo…. Anyways, cut taxes

[@TheDashingRogue]

Because they're thieves

[@USCG.Brennan]

Because your a Millennial loud mouth without a clue!! Rogue, sorry to burst your Millennial bubble but some of us have worked and saved and paid off all our bills and are now ready to retire! My home and cars are paid for now along with lots of Crypto investments. Let's see how YOU do someday after raising your kids and paying all THEIR bills!! You paint with a very wide brush, Kid...WAKE UP!!

[@del5582]

You’re all, “I’m a Boomer... but!” line just helps underline our point. You’re unwittingly proving our point on Baby Boomers by feeling so compelled to underline how different you are from your cohorts. Yes, we all know there’s a handful of Boomers who aren’t completely retarded. Your point?

[@USCG.Brennan]

Del, You're all, "Im a Millennial....but!" line just helps underline OUR point. You're unwittingly proving our point on Millennials by feeling so compelled to underline how different you are from your cohorts. Yes we all know theres a handful of Millennials who aren't completely lazy and slackers and feel "entitled" to everything.....Your point?

[@del5582]

"I know you are but what am I?" A childish line of argument, unsurprising from a member of the most childish generation in all of recorded history. "Entitled" is a meaningless world you all tack on to us because we're bitter over the fact that college is far more expensive than when you went to school, you told us all to get college degrees and be left holding the debt or we're worthless, and now we earn 20% less than Boomers did at our age on account of an inundated job market, because you all were afraid of being called "racists" for talking about immigration, legal or illegal. And why complain? Your houses tripled in value and you got your lawn mowed cheap.

[@leonardfreid1348]

Over 50 - basically homeless - but God is able!!!!

[@gdobie1west988]

Leonard F Reid, God is able to do what??

[@ammerudgrenda]

Sure God is able, but what about you?