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Older Americans struggle to save for retirement

CBS Evening News 106 views

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We need to push for the FICA cap to be removed
Comment from : @KTPurdy

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them We can get by, but can't seem to get ahead My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for
Comment from : @IfranReinfeld

Low 6 figures 😅😊
Comment from : @davidbrooks8809

And he makes 6 figures and is still struggling to save for retirementscary
Comment from : @tom11zz884

Retiring comfortably in 2025 one would most likely need a combination of Social Security benefits, a retirement savings nest egg of around a million dollars and a sustainable income stream to cover monthly expenses depending on your lifestyle and location
Comment from : @Martin-cb7gk

56 million workers don't have a plan to save at work They just don't have the opportunity
Comment from : @garyz5456

Nobody has a million dollars saved Get real
Comment from : @CaseyLouis33

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket i want to invest around $250K savings
Comment from : @MaximilianFischer497

For a senior planning executive, he sure didn't plan well for his retirement
Comment from : @fialee8ca132

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money I started investing with $120k and in the first 2 months , my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and gets more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Comment from : @EmilyEvelyn-90

Retirement isn’t an end goal, but a journey best secured by careful and consistent investments
Comment from : @nicolasbenson009

Low six figures? the average American makes $40-65k
Comment from : @jamesfaragoza5782

it's getting harder to retire comfortably, especially since people are saving less than they need It’s like a real retirement crisis going on
Comment from : @Colbe-lx7fb

They now struggle because of YEARS of MISMANAGEMENT, SELF INDULGENCE AND LIVING BEYOND THEIR MEANS has caught up with them! Now they BLAME their employers, cost of living and EVERYTHING beside THEMSELVES!
Comment from : @Jazzfestn

Focus on passive income Get two rental properties, dividend income, social security and 500k in stocks and you should be good
Comment from : @toyarj37

Those numbers are vastly over inflated Live a frugal life in a low cost state
Comment from : @alanduff2205

They want you to die before collecting your social security benefits like my father did
Comment from : @williamtell3203

Makes me sick being poor
Comment from : @tomsimpson5317

This guy could retire today They must have a lot of debt or spend a lot
Comment from : @dobiesj

Why doesn’t CBS News discuss the real reasons? The Federal Reserve Note / Dollar $ is worthless…………
Comment from : @whiskeykilo2h429

I only receive 1299 a month from Social Security my only income and I have no savings hard to have any quality to my life as I endure it
Comment from : @tomtroy3792

Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life Make prudent investment choices to secure good returns and ensure a comfortable retirement
Comment from : @Millerj2450

Oldies but good yz remind me you song 1950s song
Comment from : @paulsaragosa371

You need to have your financial ducks in a row well before you become an older American
Comment from : @curiouspenguin6887

At least this clip gives numbers
Comment from : @mollygiovanna1095

The Baby Boomers have leveraged this country into trillions of dollars of debt Why would we expect them to have saved enough to retire?
Comment from : @119Agent

Its not as simple as saying, "I'll work till I die" You think there are a lot of jobs out there for elderly people? Think again
Comment from : @casienwhey

Retirement is affordable, only if you are willing to retire in a different country besides the US You can definitely retire on SS as long as you minimize your overhead and move to Thailand You can rent a place for as low as 250 a month Food is just a few bucks in our money and it’s right near multiple beaches and tourist spots
Comment from : @johntate131

Terrible example Dude has over 800,000 Not exactly a typical situation
Comment from : @back2the80s

If you're saving for retirement as an "older American", you waited way too late You should definitely be saving by 25, and 18 would be way better
Comment from : @jshepard152

Saving for retirement? The American people are over 1 trillion in debt Its a joke for many Americans to save for retirement They have no spending control And that's not the boomers its the younger ones Inflation is kicking everyone's arse
Comment from : @Emmy-J

I am only 47 years old and have a net worth of $31 million and I have never made a salary over $170,000/year in my life which is fairly average in most major US cities nowadays These retirees have no money not because they don't make enough money, but because they are not doing the right things with the money they do make I ALWAYS saved 20-30 of everything I earned over the past 25 years and invested it I bought rental real estate and consistently invested it in the market in basic ETFs and index funds Very simple formula and there is nothing hard about it at all Most people simply don't have the discipline to do it consistently over a long period of time You have to make it a habit like brushing your teeth
Comment from : @Pat7629

The public has been sold a sham The vision of "retirement" the media has sold people for decades has never been in reach for the vast majority of people It's not really gotten too much harder to achieve Rather, it was never really achievable to begin with People need to dramatically pull back on their expectations But this doesn't mean one must live a meager life of destitution Just maybe downsize to a space that's reasonable for someone of your economic activity, eh?
Comment from : @goldengriffon

Women's are so lucky charms 😍 sounds great champion 🏆 🥇 🏅 👍 okay game over your life so charms can dream about it all over your time spent
Comment from : @paulsaragosa371

There's a reason why financial education isn't taught in school It's so people like this can feed corporations money without benefits from them through investments
Comment from : @Victor-it6bv

Damnhis income is in the low six figures😢😢
Comment from : @antdell8730

Older Americans struggle to save because they should have started when they were younger Americans
Comment from : @ronl2463

More and more people might face a tough time in retirement Low-paying jobs, inflation, and high rents make it hard to save Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire
Comment from : @Casey-summer

Capitalismaint it great ?
Comment from : @Fatbodypyle

The guy makes 6 figures and doesn’t have enough to retire Isn’t his job in planning? It sounds like he’s bad at his job
Comment from : @jonasking3670

take it from a poor man over 60 yrs old , he better thank god that he has over 800,000 saved,cause some of us dont make six figures, as a matter of fact, not even $ 30,000 a year so he needs to stop whinning, and be greatful for what he do have, besides, tomarrow is not promised to no one
Comment from : @robertgreene4046

Crazy the estimate to live in retirment of $74k is higher than the average income of $54 people make which makes me wonder what are people spending more on in retirement
Comment from : @robevans2114

"low six figure income" what the f is he complaining about!! Plan early and start saving early and stop spending money on crap you dont' need or can't afford putting it on credit
Comment from : @doobly140

It's not going to get better when Rebublicans cut Social Security and Medicare
Comment from : @mcswabin207

I am 70 and am "retired" from the IT industry That is to say I could no longer find work in IT After 2001 almost all IT work went either overseas or to short term contracting with no benefits My savings were obliterated after the market crash in 2008 and a divorce that followed I collect social security and have a job as a maintenance man that I won't be able to physically do for much longer I am single and my children all live at least 1,000 miles away I have Medicare, so I am able to at least get some health care If I had remained at a full time with benefits and a good wage job in IT that I had in 1996, I would have retired with full benefits 6 years ago That company doesn't even exist anymore I've worked for 4 companies that no longer exist My mother and father had 3 jobs between them their entire working lives I've had 3 jobs in one year, with pay gaps between them brI will have to ask for time off to go to my funeral, that's how hopeful I am of ever retiring I am one paycheck away from living out of a car 60 of my income goes to rent and utilities I am surviving life, not enjoying one minute of it My life savings is 4,500 dollars in a cookie tin in my kitchen brYou can't save and/or invest money that has to be spent to live
Comment from : @chesterwilberforce9832

Extremely interesting and informative
Comment from : @kartiersupremewhite330

Just wait until gen z gets to retirement age Glad I won’t be around to see that mess
Comment from : @alphaj9

We his going to have to compete with me for that part time job and I have a degree and a good back
Comment from : @havok5565

They must save all their lifes not start when old
Comment from : @tinabrenner3562

But keep voting for Biden’s policies! 🙄
Comment from : @happyappy19931

Ya save your money and watch iys value go down as inflation destroys value, buy silver keep your wealth
Comment from : @michaelf6705

Trying to save for retirement during retirement age is like trying to put out a forest fire after the forest has burned to the ground
Comment from : @MichaelChengSanJose

Ok Let me get this right This guy is a SENIOR Planning EXECUTIVE making six figures and this guy didn't plan for the future?? He's not on track He should have been able to retire years ago without any worries 🤡🤡🤡🤡🤡
Comment from : @411sponge72

hard to feel sorry for this guy with 850,000 in the bank
Comment from : @ut561

Fend for themselves within their own prideful women's self entitled and their lives
Comment from : @paulsaragosa371

Folks with almost a million dollars in retirement savings who can’t retire have a SPENDING problem - not a RETIREMENT problem………🙄
Comment from : @ddellwo

I'm 48, sad to say I made terrible money decisions growing up which I'm presently paying for, been dedicating every waking hours towards my retirement and I'd really love to retire to Portugal with at least $3million by, the market up and down is not helping at all
Comment from : @BlaiseOnowhosa

He mentioned medical expenses, I wonder what Medicare he has advantage plan or supplement plan
Comment from : @Shortie5-1

It's a good thing old Joe sent all that money to you ukraine just for to pay all their retirees salaries for a lifetime
Comment from : @Teddybearsandkittys

Maybe women's aren't lying to you r own self s
Comment from : @paulsaragosa371

Women's you can always enjoy giant's tallest glasses 🥂 👓 🕶 😎 of your favorite prideful okay dairy queen 👸 s
Comment from : @paulsaragosa371

Women's can go count sand okay
Comment from : @paulsaragosa371

He's living on low six figures and having to get a retirement job 😂brYeahlol Most people I know don't have an extra $100 to their name
Comment from : @freedomwon2004

Women's are on your own self prideful
Comment from : @paulsaragosa371

Women s u r on your own
Comment from : @paulsaragosa371

Low 6 figures lol
Comment from : @Mr_Miles_45

For the lifestyle I want when I retire, I will need $10M
Comment from : @RK831

There is NO retirement brThere is NO American dream anymorebrIF you survive to 72, social security ONLY pays $90000 per monthbrNOT enough to live off
Comment from : @daba6866

im going to die
Comment from : @MrYega-zq7rz

that's cool ask for help
Comment from : @angelachanelhuang1651

A planning executive failing to plan for retirement is peak irony
Comment from : @willmichael4033

I'm a single, 43-year-old father who resides in Hamburg If everything continues to go well for me, I intend to retire at age 50 I couldn't be happier right now than I am that I just bought my first house last month I'm so happy that I made wise choices that altered my life forever
Comment from : @Raymondjohn2

I am 59 years old and I keep investing without having to worry about my retirement benefit because my future is secured I have a guaranteed lifetime income on top of my SS that generates a steady stream of retirement income At an early stage When I was investing by myself, I had great losses For every stock that I bought, I was out of luck because I bought them when they were expensive I feel I missed out on all the stock opportunities so far for the tech stocks until I met my financial advisor who helped me with a new investment plan I started with a modest portfolio of $70,000, and within just a few months, it has skyrocketed to over $645,000! I have made an excessive return in the past years Thanks to my financial advisor Jacqueline Kobinski I will forever be grateful to her Now I have a staggering amount in my portfolio All I have to do now is live, travel, and enjoy the rest of my life
Comment from : @MarianandRose

He made more than $100,000 a year and he couldn't save $967,000 even at age 64? He's spending way too much money
Comment from : @pwu8194

Thanks for the video I could not survive on my money in the US even as I was living alone I moved to the philippines now I live like a king and have a beautiful kind wife All I do now is work on my YT channel and enjoy life!
Comment from : @bigmikessenioradventures

My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit
Comment from : @OttoLane-j9z

It is gone, we lived through the zenith of our timebrThese bourgeoisie individuals in tandem with the corrupt govt will take down this country like what happened to Rome My condolences to anyone approaching retirement, you may have concerns over whether your pension pot will stretch to cover the rising cost of living, bad regulatory policies, bad energy policies and insane fiscal policies
Comment from : @dilara4130

You can't buy time, get out as soon as you can
Comment from : @lancephinney5538

And after you save there will be another series of “market adjustments” that will take your gains down with it
Comment from : @calbob750

You work your whole life and the younger generation depends on the government for everything!
Comment from : @ajetmech2002

Over 800k and can't retire!?!?!? 😮 Does he still have a mortgage?
Comment from : @azteca6695

99 of people have skills that lead to high paying jobs No one in STEM dare be broke There’s absolutely zero excuse
Comment from : @mackeejack6731

He's not a very good planning executive, lol
Comment from : @scottjenkins1917

There's so many of these fear mongering no money to retire story's brPeople need to realize the motives Wallstreet and the financial planning firms don't want you to retire and pull your money out They want you to keep saving cause that's how they get paid That guy who makes six figures claiming he can't retire is ignorant He will be getting around $4000 a month in social security at 70 and if he's married she could draw her own or half of his Also People don't realize that they pay very little taxes and even no tax at all
Comment from : @RamTrucks590

Low 6 figures and he is worried about retiring 😂
Comment from : @dave8396

He makes 6 figures and worries about retirement?
Comment from : @romeysiamese6662

The problem is twofold People have been indoctrinated in the past 40-50 years is to live beyond their income level Debt kills savings Second is the fact that people don't save and don't think in terms of save now, enjoy later, they spend all they make (and more) and don't include in what they spend a savings amount that will get them to their goal Thankfully I countered both of those by living on less than I made and saving the rest and savings 25 of my income the last 15 years I worked Retired at age 60 with no regrets Taking SS at 70 Sure the 10 year bull market helped tremendously, but I now live on the same lower income I lived on when working (not the income I could have lived on if I had not saved as much), so it doesn't feel like I'm shorting myself Feels normal Able to do all I want to do in retirement It takes discipline which most people don't have when it comes to putting things off for later and saving for later
Comment from : @peter-hr1gl

Great Content, money is worthless untill you put it to work i made my 1st million off bit coin Making money is the plan and with bit coin investment your plans can be fulfilled 💯
Comment from : @AlvisAltair