The Pew’s John Scott discusses why so many generations of American workers are having trouble saving for retirement.
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A reason why the majority of us millennium night save money for retirement is because it doesn’t make sense you can never predict how much money you will need in the future so it’s better to invest now in things like Real estate because at least you know when you retire your number one cost which is the cost of living will be Taking care of. It makes no sense to try to save your money and to you retire and then pay someone to live or try to buy a house at which time will be way over what you have Saved.
THEFLYBOYWAY 🤦♀️. Okay…talk to me in 40 years. SMH
NicE…..EXACTLY…..NOW AUGUST 2019…WE ARE OFFICIALLY IN A RECESSION WHICH IS GOING TO GET WORST AND ALSO GOING TO BE GLOBAL! THE 401K…IRAS, MUTUA L FUNDS ARE ALL PONZI SCHEMES. ALSO WE HAVE MASSIVE STORES, AUTO COMPANIES, BANKS, TRUCKING COMPANIES, HIGH-END STORES SUCH AS BARNEYS FILING BANKRUPCY AND CLOSINGS, NATURAL DISASTERS, SOCIAL SECURITY ONLY SOLVENT UNTIL 15 YRS, NOW THERE ARE RATES CUT NOW, SEPT, AND THEN JANUARY 2020. ALSO, THERE ARE PRIVATE AND PUBLIC PENSION CUTS THAT WILL EVENTUALLY TAKE PLACE IN THE NEW FUTURE. THEN THE INCREASED IN HOMELESSNESS, ADDICTIONS, SUICIDES, CRIME. NOT TO MENTION THE AVERAGE AMERICAN DEEP IN CREDIT CARD DEBT, CAR LOANS, OUTRAGEOUS STUDENT LOAN DEBT, HOUSING DEBT AND THE CURRENT FORECLOSURES AND MASS JOB LAYOFFS, HOUSING BUBBLE………WITH THIS ECONOMIC COLLAPSE ABOUT YO HAPPEN….NO O NE WILL WIN….THERE WILL BE NO MONEY TO RETIRE OR LIVE ON…..
THEFLYBOYWAY
I bought my primary place as a home not an investment.
And I saved and invested regardless.
Angela Lewis I think you accidentally left caps lock on…
THEFLYBOYWAY It’s better to save money than to have no money at all
annnndddd how many people had a “traditional” pension there, big guy??? Just fear-mongering across the board.
Yeah. Looks like I’m going to work until I die.
@felix u I agree, but plans can change…life happens and it isn’t always fun either.
My best advice is to just study personal finance in general. There are a lot of web sites that just provide free information like investopedia (my favorite), us news money, the balance. There’s are other resources as well like personal finance books, or you could even look for tips on finance from people like Warren Buffet or the many finance-themed channels on youtube. Just be careful not to listen to only one person on finance. Look at multiple sources and formulate your own strategy to finance that you believe will benefit you the most.
Maybe Washington should lower the social security age requirement to 55 since people over 50 have a hard time finding good paying jobs.
@Thor Power Who in the world told you social securuty was suppose to help with debt??? I’ve never heard that.
@Arie Fraiser logic dictates if you have money being taken out of your paycheck then you have less for essentials and less cash to make meaningful investment s.
@Thor Power Again who told you social security was suppose to help with debt?
@Arie Fraiser have a nice day
I don’t think the majority of people would save for retirement on their own I think we need to keep Social Security as it is
Millennial: “What’s a pension?”
Boomer: “Something you’ll never have”
I was going to tell my son who not paid into anything ever at 30. But I realized the pension age will be 70 by then . Why worry. Bad enough now for me and I still waiting at 65. But I do need my pension next year for food.
I worked for a company that did not offer retirement and did not contribute to the 401K but I still contributed there myself plus I had a Roth IRA that was after taxes and regular savings I started drawing my Social Security two years ago at the age of 65 and quit my job I am doing very well on just my social security but I also have a paid-off mortgage no car payment and no debt
yeah, im a milennial and hope they honor my teachers pension 25 years from now
Impressing friends and neighbors are more important than saving for retirement. lol
I don’t think so I don’t care what my neighbors think of me
If you are under 30 and watching this good for you. Start early. Control your expenditures, save early, invest early. It takes only $500 to start an investment account. People say they can’t afford to invest yet they have a 1k cellphone in their pocket.
We have to get ourselves educated on the use and investment of money, 58 years of age 1/2 million in investments looking to add another 1/2 million in the next 3 years with investments. its not hard just get involved and educated its your life not your employers
Americans fall short on jobs, wages, and benefits and living expenses keep going up.
The predominant cryptocurrency btc hits $100k by Dec. Start buying cryptocurrencies it could be a huge help down the road for more financial progress.
For most people the problem isn’t lack of savings, it’s too much debt. You can’t borrow your way to a better living. The answer to a better life is simply making better choices. My pension is self funded. I’ve been retired now for almost 5 years and I am yet to dip into my retirement savings. That’s what no debt will do for you. Work hard, save some of your money and control your debt. It works every time it’s tried. It helps to not spend your money on silly things like rent, or recreational drugs and alcohol. Do the math. Take what you spend on month on rent, recreational drugs and alcohol. Then multiply that by 12 months and multiply that amount by 40 years . No imagine you had that amount of money in you retirement savings. It’s you life. If you are not going to look after it, who will?
One day I was researching and I stumbled across Warren Buffet’s. I read about him and that ended up changing my financial life.
American buy to much crap. That’s it ,the Richest country in the world the waiting for Government lol.
The key is to stop buying crap , make your own coffee, its not the price of the coffee to me its the habit.
Thank you for the informative discussion on state-facilitated retirement.
Saving to “support retirement “
Is like saving oxygen to goto Mars!!!???
(It AIN’t GONNA WORK YO!!!)
Hahahaha Hahahaha