Why You Probably Won’t Retire (If You’re An American)

[@jeffDwyer1]

You’re absolutely right-it feels like the traditional idea of retirement is slipping away for many people in the U.S. I actually had this discussion with friends yesterday, and we all agreed that the days when pensions provided security and people could comfortably retire in their hometowns are largely behind us. The rising cost of living, stagnant wages, and a lack of affordable housing have made it increasingly difficult to save enough for retirement. For those living in high-cost areas like Washington, D.C., retiring there is out of reach without significant financial resources.

[@stephenthomas7298]

Retirement is not the goal. Financial freedom to do what one wants is the goal.

[@jollama]

So both

[@raiden031]

Most will never get there. At age 43 I have a net worth of $1 mil, and no debt other than mortgage. I am on track to have several million by retirement if the market stays healthy. But the only reason I am where I am is because I intentionally avoid spending money stupidly every day. There will never be a time where I can spend frivolously without consequences to my future wealth or ability to sustain myself in retirement. So financial freedom is an illusion for most other than maybe the uber-wealthy

[@Cyberpunk_Radio_PBS]

Yeah and most people aren't even on track to not work to death

[@jollama]

@@raiden031 I’ll be where you are since I started investing at 19

[@samsmusichub]

You can't retire without financial freedom.

[@TheRealEdStoner]

I matched both of my daughters ROTH IRAs contributions when they started their teenage jobs and now at 32 and 26 they are years ahead of their peers.

[@cryptowire]

I’ve been ready for retirement since I was 30 😅

[@AndreiJikh]

Personally I was born for retirement LOL

[@therealtimray]

Nice!

[@Tucanaldeinversiones]

@@AndreiJikh lol

[@jakeforrest]

@@AndreiJikhI couldn’t agree more !

[@galaxygaminggallery]

I’m 30 now

[@WitoldPilecki551]

My grandfather worked at an automotive company thinking he was earning a rock solid pension. That company went bankrupt leaving him with nothing. With a 401k, at least you own your retirement and don't depend on the health of your former employer.

[@OK-pi6fq]

The pension is supposed to be separate. They aren’t supposed to get out of that one.

[@WitoldPilecki551]

@OK-pi6fq nobody got out of anything, the company was Studebaker, it no longer exists and so can't pay a pension.

[@TM-li7bl]

As a retiring financial planner, consistently is the key to build your portfolio. Next thing is that you make good choices on big purchases like properties. I’ve seen people make emotional choices on big purchases and that is really hard to fix!!! That also includes, finding a right spouse!!! If you do these three things right, I think most people will retire comfortably in US!

[@devourerinthemist]

Portfolio? Purchasing properties? This is completely unrealistic for the average person, you understand, no?

[@hubertvecht7255]

Instead of finding the right spouse I got rid of the wrong one😂. Completely broke and stuck with her debt . Blue collar worker and twenty years later retiring comfortably at end of the year 😅

[@nancymcmonarch]

I also learned years ago to never, ever roam the mall. Too much lovely stuff on sale that I truly DID NOT NEED. When it was time for new clothes or shoes, I'd go straight to the clothing or shoe section, buy what I did need, and got the hell out of there. No lingering for lunch, no impulse buying, and when girlfriends called up to say "Let's do the mall today!" I told them I had to do laundry instead.

[@kman0074]

@@devourerinthemist median income 60k a couple makes $120k this not unusual and plenty to own a starter home and save a little.

[@zackbarkley7593]

Sure blame it on the victims.

[@markrine5368]

Yes I had a pension when I started where I work back in 1997. Then my employer kicked us out of the pension and gave us 401k but I was a young guy and didn't pay much attention to what was going on. So I didn't start my 401k until I was 36 years old.. They definitely need to teach this more for the young people.

[@jcm9356]

It should be mandatory like math during your high school years.

[@Zeldasmojo]

This is what I did. They ended my pension and it wrecked my retirement plans.

[@WealthAmplified]

@@Zeldasmojo darn. I am sorry to hear that. But did you know you could have a Personal Private Pension Plan?

[@rene.s.s]

Did they give you any stipend for ending the pension?

[@mikemecklenborg5412]

Agree. I didn't start my 401k until age 45 but I have a military pension which offset the years I didn't have a 401k. If I combined it with my SS I think I'm alright. My military pension is twice the amount of what I'm expecting for SS.

[@AdamMc192]

*Come for the finance stay for the retirement advice*

[@AndreiJikh]

allegedly

[@FLIPPHONE69]

nOt aDViCe ReeeeUUUUUUUU

[@enkiandenlil]

@@AndreiJikh Amazing video entertained & educated knew most of it but a good reminder can you make a video on Universal Index Life Insurance or Infinite Banking heard my mentor talk about it but have not looked into in yet…

[@gianttwinkie]

If someone will hire you over 60.

[@murkyturkey5238]

Experience is gold

[@SteelRainz1]

​@murkyturkey5238 you say that probably because you are not old. Age discrimination starts in your 50s and only gets worse from there.

[@silentstorm5439]

It’s real, experience pays a lot and they don’t wanna pay older people forever. In a lot of industries when mass layoffs come around, it’s the older folks that are cut first

[@sw6118]

The GOP would like you to know that if you don’t work, you’re lazy and no, they don’t care if all you can get is burger flipping…

[@Sky1]

​​@@SteelRainz1its only ok for the Guberment to age discriminate which is ironic since they are the ones who say it is illegal

[@34tgroan]

I just retired at 59. But in my working years I always encountered people who mistrusted retirement accounts and refused to save.

[@nancymcmonarch]

That's a shame, and a big financial mistake. Sign up for that 401K or IRA on day one of a new job, and you'll never even miss that money . . . but you'll sure be glad it's there later in life!

[@WealthAmplified]

Congratulations on getting to Retirement. Is it going to be enough to stay retired?

[@x3dominator28]

It’s cute that you trust government.

[@nancymcmonarch]

@@x3dominator28 Our Constitution is elegant and profound. You have a better idea? And where do you keep your savings--sewn in a mattress? Trump bitcoins? 🤣

[@ExpensivePizza]

Fun fact: The concept of "retirement age" (the age you're eligible for the pension) was introduced in 1935. The average life expectancy in 1935 was 62. Also, the real reason you can't save your way to retirement (and you must invest) is inflation of the money supply. Your dollars are becoming more and more worthless over time.

[@nicrfe]

Fun fact - you can find the versions retirement ages for everyone working at the temple in the Old Testament. Maybe check your facts before pretending to have any!

[@ExpensivePizza]

@@nicrfe I'm not disputing the idea of retirement. I'm specifically talking about the legal definition of retirement age (FRA) in regards to receiving pension money from the government and I clearly stated that in my original comment. Besides, there's technically nothing stopping anyone from retiring at any age assuming they have enough money to support it but the reality for a lot of people is that they can't retire when the Old Testament says so.

[@Excalibur2]

No, inflation of the supply isn't the only issue. Even if we used gold, inflation would still occur in a healthy economy.

[@jeremybrummel3254]

This is one of the core flaws of SS, and yet Liberals want to reduce the retirement age, not lengthen it.

[@yankinwaoz]

Fun fact. People don’t understand statistics. The average life expectancy from 1935 that you quoted is measured from birth. So it includes infant and childhood mortality. Because both were more common in 1935, it skews the average down. The correct metric to use in the context of retirement savings is survival rates after reaching retirement age. In other words, how many months does the average man or woman live once they reach age 65? The first SS retirement benefits payments went out in 1940. In 1940 the retirement age for SS was 65. The average life expectancy when measured from birth was 60.8 for men and 65.2 for women. However, the average survival rate for men reaching 65 was 11.9 years and for women was 13.4 years. That survival rate is what the actuarials at the SSA use to compute premiums benefits.

[@gigilaroux762]

Are u gonna repeatedly say Papa Powell in this episode? I wanna know if I should get my shot glasses ready.

[@AndreiJikh]

Dang! No drinks for you today!

[@ktext]

Haha! Great one! I have a new game!

[@supermanbeatsthor]

@@AndreiJikh

[@amcx32]

If I can’t retire I will be offing myself when it’s time

[@brutallyhonestfrank5542]

Don't worry about retirement, worry about life. You wouldn't accept either if they came overnight.

[@777jrg]

Just use social security bro. It's what all the boomer losers are doing.

[@DCKontakt]

I don't know whether to laugh or cry lol

[@Annnnndbitcoinfixesthis]

Before you unalive yourself, make yourself useful. There are some bad people out there.

[@harleydavis3814]

Live in a van down by the river, preferably on a piece of land you bought and live off the land

[@Wolfhybrids]

I will never retire. I am a single income family with a special needs child and I only make 50k a year. It’s amazing I survive right now.

[@PortlyPour]

You have been dealt a rough hand but you are doing awesome! Your family must be incredibly proud. You are a success in my book.

[@OPTIONandSWINGTRADER]

Everything happens for a reason, stay strong, have hope and never give up!

[@Tj_McQueen]

@@OPTIONandSWINGTRADER No it does not.

[@Tj_McQueen]

Love that for you. Keep that victim mentality. It will get you very far in life.

[@abuissa506]

Stay blessed my friend! You're more than enough ❤.

[@timon2wheels355]

A couple of things to keep in mind: The tax rate in the countries with the "best" retirement is typically 45-57%. Your 401k is taxed at withdrawal as regular income. There is no guarantee what that rate will be when you retire. I agree that finical education is sorely lacking. I don't understand why this is not a priority for countries.

[@AJohnson0325]

401k is not always taxed as regular income. In my case, my employers contributions will be taxed when I retire but I made sure that my contributions to max out the rest of my 401k for the year have already been taxed. So when I take out my contributions it’ll be tax free. You can also get a roth ira which everybody should.

[@ThugByChoice]

You’ve done a better job helping people get a handle on their retirement With your KZbin channel than our government ever could.

[@WealthAmplified]

the government wants you to work till death. They keep pushing the social security retirement up. Have you ever heard of a Personal Private Pension Plan?

[@Tj_McQueen]

Weird. It’s almost like you shouldn’t depend on the government to take care of you.

[@lol0609]

I believe there's also an issue with our education system. We are required to take a multitude of nonsense subjects, but there isn't a class that covers important topics like investments, retirement, and taxes. On the bright side, at least we can say a few words in German.🙄

[@brian30165]

Hey, dont forget you also learned to square dance!

[@randomhobbies5796]

It's done on purpose. America is ran by winners for winners and only bail-out winners.

[@sct4040]

You never been to the library?

[@aliali-ce3yf]

i keep hearing that sentiment, but realistically it would not matter. the majority of students memorize what they need for the test and forget it all you can lecture , attempt to educate all you want, but most wouldn't retain the info.

[@lol0609]

@@aliali-ce3yf I think exposer matters especially if it’s done consistently.

[@taxthechurches946]

I live in NYC and I don't make the amount that the people in the video were making but I am well on my way to having more than enough money for retirement. I did it by not trying to keep up with the joneses, maxing out the company's 401k match in large cap index fund, only use my credit card for things I that I am willing to pay the entire balance on at the end of the cycle. My only regret is that I didn't learn about roth ira until few years ago or I would have put money in there too.

[@TheDiamond872]

Freedom above all!

[@jeremybrummel3254]

Right? We are a Land of Freedom and Opportunities, not Land of Security and Guarantees.

[@ChefChrisDay]

Man, this video was perfect. Concise well-informed. Well thought out and easy to understand. No extra explaining or unnecessary information. I wish all finance videos were like this.

[@FredrickMoss5374]

Just broke 150k in my 401k and IRA accounts….and I’m 31 and only made over 100k two years of my working life…its a PRIORITY issue, if you don’t prioritize saving you won’t.

[@spleenfeen]

Too right mate, keep up the good work!

[@onanothernote]

*investing

[@michaelangeloabarreto4588]

What kind of work do you do?

[@yippehanako]

Leaving out where you made 90k instead of 100. Not 20, 30, 40, 50 😒

[@db2631]

​@@yippehanakohe has discipline instead of excuses. Perhaps you should try that!

[@kurmit-ih1yn]

Another thing that would hugely improve financial literacy in America is to teach personal finance in middle and high School!

[@erdrick22]

Nice description of the void created by the death of pensions

[@tonya5468]

Hi Andrei, I appreciate your entertaining and intelligent presentations. You explain things very clearly and make it fun! Thank you!

[@AndreiJikh]

I appreciate that!

[@clark4041]

You are on point with this one Andrei! Good book recommendation too. My favorite finance book is A Random Walk Down Wall Street by Malkiel. It was published in the 70’s and is updated every few years-a timeless and pivotal work!

[@sw6118]

My favorite book is Your Money or Your Life by Joe Dominguez and Vicki Robin.

[@johnstirling6597]

Australia introduced a compulsory superannuation scheme in 1990 (I think) and currently the employer contributes 12.5% into an approved scheme that the employee can access upon retirement. The employee can also contribute additional funds to the scheme. Its not perfect , but it works quite well. For workers with minimal funds in their account , they can also receive a partial government pension that cuts out once you have reached a specified level of $ in your account.

[@DuffyJ1111]

Started my 401k in 2002 and in the last few years opened a separate Schwab Brokerage account currently focused on SCHD and SPYI. Thanks for the video!

[@samsmusichub]

Just the encouragement I need.

[@Si737]

Simple Path To Wealth! Can't recommend it enough - JL also has a brilliant voice for the audiobook reading

[@Larson-jz6yo]

The editing is this video is awesome. I wish everybody had taken this much pride in their work.

[@lavieenrose7925]

If you have a Roth or 401K, you ALSO need to set it up so the funds are allocated where you want them to go. This is another vital aspect of it that isn't taught or widely known

[@Rzamortis]

You're mostly half right, it's federal law that employers must set a default option for 401k's. Most are in TDF's.

[@lavieenrose7925]

@@Rzamortis Thanks for the correction

[@gardenia8085]

I have a friend and I asked her where her money was invested in at work, she says 401K. I asked again but what is it invested in? She didn't know what I meant.

[@Tj_McQueen]

A “Roth” isn’t a thing. Roth and 401k are not automatically different things. You can have a Roth IRA or a Roth 401k. You don’t just have a Roth. That’s nothing.

[@theaboveaveragejoe]

12:58 is the best statement made in this video. “The great truth about all of this is at it’s at its core, its really simple but it was designed to be complex so that you’d pay someone else to figure out for you.”

[@mikebaker6804]

On the contrary. Companies began to shed workers to dump pension liabilities.

[@ryaneverett830]

Imagine this headline folks. Never being able to retire? What a miserable existence. God bless the American Dream. LMAO

[@kevinsm2039]

It’s not even the worst country. You’ve pretty much hit the jackpot if you’re at least born there a homeless guy is better off than some people living in war or starving to death in some third world country

[@darex0827]

Remember, dreams aren't real.

[@pauljones-tj5vs]

You know why they call it the American dream? You have to be asleep to believe it. Carlin.

[@light0000]

Making 3x's the minimum wage and still can't afford a house😂

[@DagnirRen]

This is why I work hard in the USA and plan to retire in Latin America. If I’m not married by then, I’ll be playing hard in my 30’s-40’s.

[@desiburks5398]

Just watched CVT Brian’s video on our economy today.

[@BlackJoePesci]

Great info about the %15 contribution at the end 👍

[@AndreiJikh]

Thanks! 👍

[@marg8315]

There are two types of people who won’t be able to save 1X salary by 30 or 3X salary by 40. The first type is people don’t save enough because they don’t make enough or spend too much. There’s another type where people make a lot of money that maxing out 401k alone won’t be enough to get them to 1X or 3X their salary.

[@tonyscinemascope]

andrie, you know what i realized as i was watching the video, of course you are right in everything you say, but i realized that i just love watching you talk. so entertaining 🤯

[@jameelbest9404]

Curious bro. If a 401k is inside the market and it crashes, do we get the money back? Or?.. better yet is there a way to protect from market loss and also still grow? Thank you so much for the video

[@glennshoemake4200]

No it just means you need to work longer until the market recovers.

[@silverfox4123]

401k is a long term investment and it will take hits. In 2008, I lost @40k in my 401k but it rebounded in less then a year when the economy recovered. So unless you withdraw it at the time of the crash, it is a paper loss. 401ks need to be aggressive when you are younger and then needs to be moved to safer investments in your 401k when getting closer to retirement. Now imagine having that SS 12+% that you pay put into your retirement fund instead of going to a government agency where your money does not accrue any interest - at all. You could easily retire a millionaire. The Government also makes it hard/impossible to have a 401k style HSA so you do not bankrupt yourself when you get older. Our System is broken by design.

[@Soraviel]

I wish math teachers taught real maths related to life, not long lessons about academic algebra lmao

[@DannyBrooks1]

They should teach the power of compound interest along with budget class on how to invest and live within the amount you actually make.

[@sct4040]

Smart people learn to think in school.

[@aliali-ce3yf]

you wouldn't have retained that info either

[@mandypdx]

My sister is a personal finance teacher for a high school in Oregon.

[@Bryguys91]

They should make finance and investing required curriculum.

[@adamoliver4094]

I started maxing out my 401k at 23. Because I was a saver I also opened up a non-retirement brokerage account at 27. By the time I was 36 I realized I could comfortably retire (and did retire at 38). I didn't inherit anything, my parents didn't pay my college tuition, I live in a high cost area (SF Bay Area), I'm a millennial, I don't work in tech, I didn't invest in crypto, and I'm not unusually intelligent. I'm not sharing this to flex, I just wanted to show that even for the average person, time and compounding returns can work magic

[@frieddale329]

How are you aloud to even touch your 401k early without it being heavily taxed

[@adamoliver4094]

@@frieddale329 I haven't touched my 401k. I live off my brokerage account until I'm 59 and a half.

[@CFlandre]

How much was your yearly salary?

[@adamoliver4094]

@@frieddale329 I don't touch my 401k. In addition to my 401k I saved money in a separate non retirement brokerage account and live off that until I am 60.

[@adamoliver4094]

@@CFlandre When I was 23 it was $59k. Later it was more. I was a chemical engineer so it was decent, but not spectacular.

[@Andrew_28]

Andrei for president 🇺🇸

[@Bobventk]

14:10 you can’t just “open an HSA” you need a high deductible health insurance plan

[@kowboyinkorea]

Yep. I can only open up a FSA because I have a zero deductible health insurance plan.

[@Myopinionvdo]

I really appreciate the summary Of Financial order of operation from most important to least important 13:17

[@tylersarasin1980]

Only assuming the s&p 500 keeps going up, were about to lose the power of the money printer, wont be the same

[@TrevForPresident]

In addition to SS being insolvent, we'll probably be looking at triple or even quadruple the tax rate on capital gains to service this country's debt. Any retirement estimations need to be moved way up.

[@marc-alainmiller8453]

@@jg79100 buckle up, cause that's exactly where we are headed.

[@bryanwalz3455]

Not to mention it costing $1000 for a snickers.

[@joshbreckling9084]

Wish I had a 401k stuck with a roth ira and regular investment account

[@coryluke12]

“Less choices, but higher quality products” That statement just declares war on the mutual fund industry, so good luck making that happen 😂

[@sprinkle61]

My plan helpfully lowered my choices by taking out the index fund. I actually talked to the loser who did that, and he thinks his high fee funds can beat the average. OMFG !

[@coryluke12]

@@sprinkle61 😂

[@ME-mf2xe]

Had to click the like button after you said I’ll choose how I’ll fail with the Eagles screaming in the background 😂

[@hadleycontractor496]

Answer : because we tax over and over the same dollar and send ridiculous amounts of money overseas. We tax for social security then we tax social security, and tax for Medicare then we charge for Medicare when it’s your turn to use it We pay for everything even when you are supposed to not be paying for it we don’t have integrated healthcare yet we send money to countries with free healthcare the list goes on and on If we started handling our own problems in the United States and kept the dollars locally we would all have a very healthy chance at a decent retirement

[@interrogative2607]

Watch a schweikert speech on Forbes and think again. The problem is demographics and the social security system. Our mandatory spending alone (VA, SSI, interest, defense, etc.) Takes up nearly all tax revenue. Every dollar debated over in congress is already borrowed. The dollars sent to places like Ukraine pale in comparison to our mandatory expenditures.

[@CantaconJess]

"You don't sell everything at once and then go to the beach" 🏖😅 Best part of the video! Thanks for your amazing videos!

[@Ezunit1991]

The average age to death, is not a great number to use. It was down because of early deaths such as during childhood or birth. Once people reached adulthood, they lived to a similar age as we do today.

[@James-w6w2e]

Those people crying about not being able to save making over 100k a year are the same ones living a "lavish" lifestyle

[@GuitarsAndSynths]

exactly right! Drive an old beater car, cook own meals and brew own coffee. Live modest.

[@Flyguy9]

That or they live in NY 🤮

[@Dgnmuse]

Lots of people have huge rent costs and that’s typically where those jobs are.

[@VMYeahVN]

Not always true, they probably just live in one of the three most expensive cities in the country. 100k a year in Iowa is not the same as 100k a year in New York City/Los Angeles/San Francisco. Not saying they can't cut back some, they probably could. But 100k doesn't make you rich or able to live "lavish" like it used to back in the 90s. The 100k "i've made it and can live comfortably" threshold is like 100k AFTER TAXES a year now.

[@GothBatty]

@@Dgnmuseremote. In tech we live anywhere. 👩🏻‍💻🤗

[@matthewruhland8443]

Well its hard to trust our government with our money because look at how poorly they "invest" our social security. You could take that money and just put it into an index fund and be way better off than what our government will give you back.

[@meibing4912]

Nice walk thru. When countries such as Denmark and the Netherlands started to force people to save 8-10% of their taxable income towards retirement - it worked out just fine. No panic. No one leaving their homes. People just adjusted their spending. Over the year contributions went up to 15-17%. In Denmark even students pay into mandatory retirement. Young people in the US are the most wealthy ever - in spite of popular myth - there is no reason at all that they cannot become the wealthiest in the world in retirement (currently that's Denmark btw). And as for SS - no need to worry. There will be some adjustments to the age bracket and probably spouse entitlement too - its too generous to be sustainable - much less likely to be reduced in size and will certainly not go away.

[@CoryWould]

Get a raise, put that difference in your retirement account.

[@AndreiJikh]

Earn more, spend less - classic!

[@nickstark8479]

Forgot the part where the price of necessities also got a "raise" 😭

[@Pwn3540]

​@nickstark8479 a raise at a faster rate then your raise too

[@joelithic]

Those 50cent raises 😂

[@mtrest4]

Main reason is removal of the dollar from the gold standard in 1971. Prior to that, there was no cost of living or retirement problem.

[@toulee3551]

The glock retirement plan is affordable

[@jaywyse7150]

😅

[@jonnelson9760]

When they are talking about “Normal Income” they mean the income levels at which financial advisors can make their income.

[@MrThe1234guy]

I think you should focus on your high interest rate debt. Before you even think about, you were 401 k. It's paying 30% to credit card. That's your best investment right there

[@AndreiJikh]

If it's 30% then yes! Although I'd still say 100% is your first priority (401k match)

[@timlincoln2246]

A lot of the people I talk to are living above their means, causing them to retain and grow debt and either not contribute to a 401k or dip into it early to pay off an expensive car, trip or other luxury like a second home.

[@benking4604]

Great Video! Thank you for taking the time to talk about this stuff!

[@Steve56-w9r]

We're forced to pay into social security and you see how well that's working. Why would we want the government involved in any further retirement savings?

[@dweb2275]

VTI and chill. It's not complicated.

[@thanks4that261]

I agree, but until they put Bitcoin in there, I'm going to have some allocation to that as well. Riskier to NOT have any exposure.

[@AndreiJikh]

Exactly!

[@Antipodeano]

Yep 50% of my portfolio is VTI.

[@Frostedflakes23434]

Sir what’s good

[@FLIPPHONE69]

VT>VTI

[@ID_Adventure]

It doesn't matter who caused the problem. It is what it is! You either have enough money to retire or you work until you die. Getting angry does nothing.

[@jp4546]

I’m 60 years old. I have worked in nursing for 35 years. We did not create corporate greed. Stop blaming any generation of working people for the decline of the nation.

[@gregtyler4002]

Agree. Unfortunately, it’s just easier to say “boomer” than to say where exactly, within any said generation, things were handed over to corp greed. But the point is that the majority of wealth resides with a retired/retiring generation. Whereas, that same generation did not experience that same top-down financial crush.

[@freakoftechno13]

The jokes/random edits in this one are absolutely glorious!

[@MelissaHobbs-qm8wi]

Retirement planning is crucial. Did you know that in some parts of the world, you need over a million dollars to retire comfortably?

[@manoftomorrow5987]

Well…avoid those areas. Simple.

[@Excalibur2]

Hmmm bot?

[@ardor4247]

Stoked to see a full Muldoon review of the Stumpy! More please.

[@twilde3754]

Target date funds are just fine!! I agree -- we can't dip into retirement before we retire. You're right: people don't use their retirement once they retire -- my mom lived off of social security and RMDs ONLY. I'll be the same way. Who benefits? The Millennials -- they're gonna be rich, rich, rich!!!

[@thefamilygreg]

I agree, that our kids and grandkids could receive a lot of their parents and grandparents retirement money. We have been slow to spend our money in retirement but after two years of living like we are still working, we are going to give ourselves a raise and do some spending. Taking more trips and taking kids and grandkids with us. We also plan on helping with our grandkids education in a few years when they are ready for college.

[@tsis-k-koj]

Welfare is not supposed to be the main source of support as well, but if inflation keeps going up and income keeps staying flat, eventually, it would be better just to be on Welfare then it would be to work. Especially for low income people.

[@TheDukeOfEllsworth]

Andre 🎉🎉🎉🎉 the universe loves you. Thank you and keep televising finances

[@AndreiJikh]

that's too kind of you, thank you!

[@Aortadetroit]

andrei PLEASE do one more of these for the self-employed and earners.who do not have access to 401ks.

[@Phozon000]

10:31 truly the epitome of the average US citizen

[@marrosenkranz4252]

You shouldn’t even joke about that.

[@gisellereyes7422]

Love you, your videos and your enthusiasm. Thank you for doing the research and making things easy to understand. ❤

[@Josh-tx8sj]

In Canada it will be near impossible to retire unless you work for the government

[@tonhunguyen2686]

Really love your content Andrei ❤

[@AndreiJikh]

thank you!

[@theplayingofgames]

Aussie here 🇦🇺 My wife and I manage our own superannuation (what we call our retirement plan). We do so via our regular bank. Shows in our online banking so we can regularly see growth and deposits, etc. 😁

[@evanrandolph5928]

As a 40 year old educator who makes 32K a year, I'll never be able to retire... Please don't let your children become teachers. It is probably the worst financial decision I've ever made.

[@Whiskey11Gaming]

I don't know what you are doing to only make 32k a year when in Nebraska, many teachers are making twice, almost triple, that in small 10k population cities while still having summers off. As a police officer, I had your same mentality... my first agency maxed out at 54k in 2019. After A LOT of things, I left for a similar size agency and even though I started at the bottom of the pay scale again, I only took a $0.20 per hour pay cut. Now there is a real chance I'll clear six figures in my lifetime... something I thought impossible before. YOU set YOUR worth. There are definitely better paying teaching jobs out there.

[@ronm9428]

Don’t teachers get good pensions?

[@MAHACoach2025]

Live below your means and save a few hundred a month and you can retire with millions. In what state do you only Make 32 as a teacher?

[@MAHACoach2025]

The lowest starting salary in any state is about 37 and that's starting. So unless you are a first year teacher at 40 you should be getting more than that. Also teachers work 9-10 months a year. Add in a summer job and you boost your income. Teaching is one of the top jobs to become a millionaire.

[@nancymcmonarch]

@@ronm9428 I certainly do. It's no great fortune, but my needs are minimal.

[@StockVisionHub]

It’s not why you can’t retire. It’s like how you can retire, change your mindset and you change the way you think about money. If you pay rent then find ways to build and learn how to sell rentals to people or start a business. Do the opposite of what is making you spend more. Start thinking outside the box

[@rcud1]

If that woman is making $140k at age 34, she should not have any problem retiring by age 62.

[@ryanferrara5222]

Says the boomer

[@andyguzman6232]

One of the problems is that everything is so overcomplicated that if you want to understand the health system , the basic economics or the school system you need to basically study another career for each one of them , when these things should be simple for everyone to be able to use

[@dreamtv1981]

I’ve been watching your videos since the beginning, love seeing your rise! Very inspiring and your tips and (magic) tricks have been more than helpful in building towards my retirement! Thanks and keep it up.

[@AndreiJikh]

Awesome! Thank you!

[@GuruChaz]

It's even worse if you are unmarried or don't have a working spouse AND you are working for someone else AND you own a home. Add up all your bills and you are more than likely skating by from paycheck to paycheck with not much going into a retirement account. The economy is beating people down at the moment with high costs of living. I have seen people in their 50s trying to struggle to figure out how they are going to accumulate some sort of nestegg. It's a mess.

[@CoryWould]

😲

[@Donkeyearsa]

What the government needs to do is instead of having a limit on IRAs and a different limit on 401Ks its one limit on both where you can put it all in a 401K, or all of it in a IRA, or a combination of your IRA and 401k. That way if you dont have a 401k you are not limited on your annual retirment savings.

[@mohammedhussain4908]

In Australia they want you to work till you drop... This was a quote from our forma treasurer 😢

[@AndreiJikh]

Woah!

[@mohammedhussain4908]

@@AndreiJikh it was Peter Costello who said this in an interview.

[@Gr8Incarnate]

Same with the US, but they just don't come out and say it.

[@darylallen2485]

Kudos to you for making a effort to think about and fix this problem. I suspect its a much harder problem to fix than you think. Its no slight on you, I think no human is smart enough to fix it.

[@JOELVAT]

We could blame the Boomers, true, but the reality is that if eliminating pensions was a choice given today to the people (with access to the internet a lots of available data). I am certain we would still chose its elimination. Doubt it? Just hear your co-workers and how not smart they are…

[@lho10101]

Pensions evaporate if the company paying them goes belly up. I’d rather have my money in an account I control.

[@Rocinante1963]

I disagree. Our parents didn't do anything to cause this situation. Our government printing of money is the sole source of inflation.

[@JOELVAT]

@@Rocinante1963 what are you talking about? This is a pension’s post. Are you are bot malfunctioning?

[@NormieWeimarican]

I'm glad I don't have a lifestyle. I just live. I live frugally AF.

[@dyhppyx]

Andre I think you're a genius but you are missing a huge problem in this video. The real issue is people don't have extra money after expenses.

[@joelithic]

Lifestyle creep. People buy more expensive stuff the more money they make. If I can live on 40k then a person making $150k should be able to save money.

[@ParkDari]

But you can control your expenses…you can choose to only buy used cars cash. You can choose to buy a smaller house or even a condo. You can choose to hang your clothes on a line instead of using a dryer you can choose to cook all your own food you can choose to buy raw food instead of prepared food from the grocery store, you can choose to work your way through college instead of taking out a loan. You can choose a Roku box over cable you can choose a used phone and a low-cost cell phone plan over new phones and fancier cell phone plans. You can choose to buy your clothing at Goodwill. That’s what people who make even below the median income choose to do to become millionaires.

[@yippehanako]

​@abdielneris4957 ...there are a lot of people who don't make 40k or who aren't supporting just themselves with 40 or 50k.

[@yippehanako]

​@jessbridges564 this is not how anyone below the median income becomes a millionaire. This is how people survive. This is normal life for many working class and lower income people, not hacks towards wealth 😂 This is the kind of stuff people do so that they can have a small emergency fund or get their car fixed finally. Millionaires 😂😂😂 if you truly think that many people aren't already doing these things and don't have money left over after expenses then you are clearly not in a position to be commenting about them.

[@lw4820]

This is yet another example of how people refuse to think ahead of their own near term horizon and instead gamble by delaying attention to the inevitable.

[@cthgbs6267]

Due to this super inflation, our hard earned monies have shrunken terribly. Most people around the world won't be able to retire, not just Americans. Thanks to Powell's irresponsible money printing during the pandemic.😢 (Btw, I am from Asia. A lot of people are suffering financially in Asia too due to the inflation)

[@11227denis]

Are you seeing a lot more Americans trying to live where you live than in past decades?

[@Tj_McQueen]

Stop blaming politicians for your poor choices.

[@ParkDari]

Plenty of people like my sister-in-law‘s grandmother got totally screwed over when the pension plan went bust. This happened a lot back in the day

[@300zxturbo]

The system isn't broken at all. This comes down to individuals making poor choices and bad decisions have consequences, not just in finances but life in general. If these people made better life choices then chances are they wouldn't be in these situations.

[@Returnofthejedi2000]

Thank you …it’s really that simple…poor people can make its all about putting the work and being responsible…that’s it …their is no magic potion this is not complicated…

[@yippehanako]

Is you guys secret going to clown college?

[@300zxturbo]

@@yippehanako I've never been to college.

[@untouchable360x]

@@300zxturboIt’s about discipline with finances and hard work. No college here and millionaire in my 40s. I lived below my means and invested most of my time on my craft and investing. Americans spend an average of 30 hours watching trash on TV. What is a better choice? 30 hours of entertainment or education?

[@zmack1830]

A Legend tackles retirement issues.......

[@icemastersHJL]

There is a retirement planning education crisis. If more people understood how important time is to retirement planning we’d all benefit. Schools are failing us.

[@sm753]

I know your order of operations is specific to retirement - BUT, I would also urge folks to establish a rainy/emergency day fund, typically recommended to be at least 6-12 months of "mandatory" expenses. Stick it in a high yield savings account and don't touch it. A lot of banks are offering 4.35% APR or higher these days. And gives you the liquidity to easily access it if worst comes to worst.

[@yamazakitakahiro5515]

Instead of a 401k, what if I just buy Bitcoin

[@thanks4that261]

So far that's worked out very well for the last 15 years. I think it will continue, but of course no one knows 🍻

[@Tj_McQueen]

Then you’ll be set for life.