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For many American seniors, their retirement savings are not enough

CBS Evening News 255 views

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This comes down to financial literacy and getting people to start their 401k and never, ever draw from it early
Comment from : @AverageJoeDividends

They bought into the government lies that Socialist Insecurity and MediScare was going to take care of them
Comment from : @stockae74

Determine your retirement income needs: Estimate your future expenses, including housing, healthcare, transportation, food, and leisure activities Consider inflation and potential unexpected costs
Comment from : @Rogerederer-b2r

they say they have ,retirment pension from another job ,plus social security, plus work at 65 years of age, but still struggle, maybe they have to much debt how ever, i know that in today's world 2025 things are just out of control with inflation sad, but i know some folks who worked until they died, at 85 years old this is not an american dream
Comment from : @robertgreene4046

I've been planning for retirement since 1967 I told co- workers to put away 10-25 of their take home pay for years Tina, Al's wife
Comment from : @alanbirkner1958

Alot of this are people fault The pther blame should go to school and parents This needs to be taught in high school because if you keep a 401k straight outta highschool theres no way you will jot be a millionaire
Comment from : @Cenlalowell

The oldest folks to rely on 401k for their retirement didn’t save enough The younger generations will be smart to observe, save 1 more each year to their 401k (or IRA if no access to 401k) Start small but make it automatic When we are 75, we won’t wanna work full time anymore if we can help it
Comment from : @amyomeara2515

IMO you cannot retire if you have a mortgage, credit cards and a car loan
Comment from : @nancf9955

Further proof that anyone who thinks Ronald Reagan was a great President needs to have their heads examined His economic policies are directly responsible for what this couple are going through when they should be retired
Comment from : @stevegilbert2277

Come on stop it grow up and plan
Comment from : @paulsuppes7862

Sounds like they had a pension They were foolish
Comment from : @RonaldeRobinson

Way too much debt for their age
Comment from : @jhanick

401k yes, but another goal needs to be a paid off home by the time you retire Which might include downsizing if needed Whatever it takes not to have a mortgage
Comment from : @MrChev-wq1jb

It sounds like they treated their 401K as a liquid account, not a retirement account Not smart!
Comment from : @savethewolves4517

If you don’t educate yourself on investing for your future That’s your own fault There is no one to blame but yourself It’s part of being a responsible adult No one is going to knock on your door and tell you when to start saving, and investing for your retirement They made their own bed, now they can lay in it
Comment from : @andrerodriguez7603

Spend, spend, spend …brbrYOLObrbrNeed a bigger house “for entertaining” brbrAt 65 - you’re broke and destitute…
Comment from : @manydreams1life315

When I was 14 years old, I lied about my age and got a part time job A couple of months later the business was sold and the full time workers hated the new owner For some reason the new owner reminded me of my grandfather I treated him with respect addressing him as sir and really working hard One day he took me aside and asked me why I was such a hard worker I explained that my family need the extra cash and that he reminded me of my grandfather who taught me to take pride in my work He also figured out my age as he had grandchildren as well We bonded and he taught me so much He was my mentor and he privately doubled my pay and told me to live on half of my pay and to invest the rest I followed his advise and went on to become an engineer and eventually a senior corporate manager I was still living on half of my income and investing the balance of my income Long story short, I'm now retired living on two thousand acres on a mountain top in Colorado living my dream life, although I'm still thrifty, driving older vehicles and wearing out my shoes before buying new shoes Thrift is a hard habit to break
Comment from : @lockman004

Compound interest should be taught in school There should be a required personal finance course
Comment from : @DannyBrooks1

If you were an electrician you had to be pulling own a good wage and if your wife worked, what the heck did you do with the money you made??Biggger House,,,,New cars every couple of years?? This "I worked on a farm and nobody told me about saving "is alot of BUNK I'm sorry but they just seems like people who either are spendthrifs or dont know how to manage money at all
Comment from : @PD3725-t9s

As distressing as this is we must acknowledge that hundreds of thousands of people (millions?) are in worse shape People living in substandard housing, people going without needed meds, people without enough to eat More than 771,800 people were homeless in 2024 The number for January 2024 is 181 higher than in 2023, when officials counted about 650,000 This situation is intolerable, considering how wealth inequality in the US is a national scandal In the meantime Trump uses promises of better life as a ruse to promote himself
Comment from : @rr7firefly

Dear god I will never retire - I’m 32 and have mentally prepared to work until I’m dead
Comment from : @lizhopkins6926

bl bought my first house last month, just can't be more proud that I'm right now I'm glad i took a bold step that favouring me now I'm 52 years old living Arizona 🇺🇸wish to retire at 55 if things keep going the way I planned/b
Comment from : @MouradBrik-g3r

It's what you do with what you saved If I knew what I know today, I would be in much better shape in retirement I'm still comfortable being retired for 18 years now I retired at 58 from an hourly job
Comment from : @2-old-Forthischet

Stupid story, stupid people Im gonna go watch Seinfeld Have a nice day
Comment from : @drvannozzun

Never blame anyone but yourself for not saving enough
Comment from : @robertpatti3138

Sell the house Mexico retirement is open
Comment from : @johnsimon4263

Americans choose to live paycheck to paycheck and rarely make sacrifices to save and take the time to read a few simple books on financial investing Even investing 100 a month starting in your 20s with your first job will result in retiring a millionaire brThey only have themselves to blame
Comment from : @Jm-Gonz

No disrespect but I have a HS education and didn’t ever have a six figure salary but retired at 55 a millionaire I am NOT bragging or casting aspersions on anyone but this is entirely possible if you use some common sense and live within your means
Comment from : @cerny4444

Meanwhile, young people today are using their credit cards for necessities because it’s so easy to save for retirement on $15 an hour for three jobs
Comment from : @BufordTGleason

The husband is 77 years old, he’s in amazing shape for his age My dad is a few years younger and is in poor shape and health
Comment from : @Theendofeverything7036

You’re absolutely right—it feels like the traditional idea of retirement is slipping away for many people in the US 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, DC, retiring there is out of reach without significant financial resources
Comment from : @jeffDwyer1

I feel bad for this couple; they seem very nice The husband saying that no one instructed him to put money aside and make his own way later on down the road is strange Did he assume that some unknown person was going to do that for him? No one instructed me to save and invest for retirement either I chose to establish IRA and non-IRA brokerage accounts in my 20s, contributing to them aggressively and consistently through the decades This couple drained their 401(k) accounts, treating them like regular savings accounts? Yikes They were fortunate to have 401(k) accounts I never worked for a company that offered a pension or 401(k) plan I was on my own
Comment from : @KathleenMcNe

Retirement? Does that still exist in 2025? Look at how much a dozen eggs cost…
Comment from : @shadaeChevelle4737

Problem is people spend to much We have to much stuff that we feel we need today The 401k works just make sure you draw down on it properly If you’re clueless find a reputable financial advisor It’s not that difficult Just live within your means
Comment from : @AnthonyPsomas

Play song by Jean aurtry back in the saddle again for g00d
Comment from : @paulsaragosa371

Frugal living & keeping ur job for ur medical insurance to survive is the new future
Comment from : @adf2099

There's a reason they call it a retirement account and not a savings account So why would you treat it like a savings account?
Comment from : @jdl9623

Who wants to lay around all day work is fun we like hard work !
Comment from : @jj-eo7bj

If they were too stupid to plan for retirement how were they ever smart enough to do their jobs
Comment from : @Northland11899

One lesson I've learned from millionaires is to always put your money to work, no matter how small Even investing €200 per month can compound to tremendous wealth over decades The key is to keep going!!
Comment from : @ibrahimaisaadan

LOL, you have to educate yourself Just because you grew up on a farm doesn't mean you get to be ignorant your whole adult life
Comment from : @ibbjos08

A mortgage at 77 years old is badbrSell that place and move to a state that's more affordable People try and stay in the same high priced area that they lived in all their life and that's not possible for most any longer Move to a state that's more affordable, buy a house you can afford and live within your means
Comment from : @michaelvanbuskirk8845

$250 month auto insurance? Hell no
Comment from : @stoveguy2133

Why doesn’t he be a part time electrician @10000 ph
Comment from : @danwaller5312

Let’s face it…corporations run this country Corporate America could care less about our retirements They care about executive pay and perks
Comment from : @kevintmerk

Bring back pensions!!
Comment from : @AshishShrivastava-q6i

Retirement is now more difficult than it was in the past I've been saving for a long time instead of investing, and right now I only have about $400K considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies
Comment from : @TinaJames222

C’mon, CBS You can do better This story smacks of sensationalism brbrWhile am not unsympathetic to people who are hurting, this “crisis” was of this couple’s making brbrTo have a car payment, a mortgage and $12,000 in what sounds like revolving debt at their age is foolish, and theirs to own by virtue of their past spending habits brbrThe wife says it all when she said they treated their 401(k) like a savings account brbrI would also like to know if they 1 Ever did an early withdrawal from a 401(k) and and paid a penalty or 2 Took social security at age 62 like some many people so Both are foolish financial moves brbrI feel bad for them, but they created their own situation
Comment from : @douglaslippertindy

Isn’t putting money away for retirement common sense?
Comment from : @johnp139

Grandpa is driving a nice car for someone drowning!
Comment from : @vanjabobic5791

I can’t even imagine unloading trucks at age 77 for $14/hrbrbrPeople need to take more responsibility for their retirement and for saving and investing and having a plan It’s not the government’s fault or your neighbor’s fault It’s yours when you’re working manual labor at age 77 So sad
Comment from : @neilaxelrod5872

In my opinion, the only way you can retire is with no mortgage, and no debt
Comment from : @lisafreda2873

“No one ever told us to put money away” lol
Comment from : @Boulderdad1248

How many Seniors r in debt?? Credit cards Car loans Mortgage loans Medical debt DEBT HMMM
Comment from : @richprokop5155

Go to Thailand or Philippines, much cheaper there…
Comment from : @hump1953

Parents/schools should teach the basics of financial planning I’ve lived well and worked hard At the beginning of my professional career I started working with a financial planner and investing in a mutual fund I did not run up credit debt I retired at 58 years old and realize retirement income from my investments greater than the income of 85 of people still working People need to properly plan
Comment from : @jaygallamore562

With this, I'll say that Investing is mostly about behavioral psychology Rule 8 indicates you don't need a high IQ to be a good investor, just 2 qualities, self discipline and a lot of patience How can I generate more income to retire with at least $3m for long term care?
Comment from : @MaximilianFischer497

71 year old boomer here My life savings have been gradually lost after 2001 and 2008 financial crises I take social security and work two part time jobs to keep a roof over my head If it weren't for social security I would be living under an overpass I will have to ask for a half day off to attend my own funeral This crisis is not limited to young people, please know that 40 of people my age have less than 5 thousand dollars in savings That would last maybe 3 months if I were to try to retire The biggest problem with SS is that our government can't stop borrowing against it Don't blame boomers Blame billionaires that are doing nothing to help the economy that made them rich
Comment from : @chesterwilberforce9832

The 401K, in my opinion, was created by our government and corporations to destroy pensions! Neither care about ordinary Americans and anyone who thinks that either cares are hurting themselves brbrThe Federal Government started growing exponentially since Wilson We have to save ourselves and our family because we cannot count on the elites brbrGovernment has done the best it could to destroy families and communitiesbrbrSo, trust no one but family and friends Financial literacy is essential YouTube has a show, "Till Debt Do Us Part" that helps couples It's from 2005-2013 but the principals are the same Research and empower yourselfbrbrI am in debt and working to get out of it Stay positive You will thrive if you do the work
Comment from : @bovnycccoperalover3579

The government can't protect irresponsible people from themselves This story headline is absurd, it should read how to blow your money and work in your golden years
Comment from : @mrcav9565

I am retiring at 575 … I will work part time to supplement my state retirement brIf I have to, I will live in my van, but I do not plan on going back to work full-time
Comment from : @Frugal_fitchic

Brutus is relieved so many Americans loathe socialism
Comment from : @Brutuscomedy

The average Social Security check is $2000 for each person The $4000 should be enough for two thrifty seniors to live on Put another $1000 out of savings/investmentsand there should be no problem living on $5000/month Of course if you didn't save/invest, overspend and bring a mortgage into retirementyou have created a bad situation for yourself Don't expect sympathy for your bad decisions
Comment from : @heymoe1179

What were they doing for 40years ? The individuals are to blame
Comment from : @coderider3022

Retirement is now for the rich
Comment from : @donnavannostrand2378

I would have thought saving over your lifetime is basic common sense Apparently not They should look at themselves, their lifelong behaviours 😊
Comment from : @Kennybooy9

They admit to spending their 401K to maintain a lifestyle that they could not afford to live and yet seem to be blaming it all on anyone but themselves
Comment from : @AtomicB-zq2cw

A mortgage, a car loan and are paying off some additional debt
Comment from : @87fbird

The 401K us a great program that is helping millions Except for inflation tied to our national debt we can't blame the system for our own financial mistakes of which I made plenty I'm 75 financially sound, don't need to work but still do part-time except in summer when I like to travel
Comment from : @charlesrobert6211

Me 63 Retired brNo car brNo rent brNo mortgage brNo DebtbrNo credit cards brLife is good
Comment from : @PInk77W1

A 401k is a savings account? Really? No, educate yourself I am 58 Don't pretend the information is not out there
Comment from : @lv4366

They're living the dream They look great
Comment from : @jds1vette

But it looks like they have a very nice home!
Comment from : @Beautyrest575

Should have saved more money when they were younger No one to blame but the person in the mirror
Comment from : @fialee8ca132

If you don't plan ahead, you'll have to work til the day you die Retire to Mexico and live your American dream that's my plan ole' :-)
Comment from : @JohnClement-n5m

People should blame themselves
Comment from : @deborahbuffamanti4847

Would highly recommend watching Financial Audit with Caleb Hammer & the Ramsey Show (Dave ramsey) only on YouTube maybe will put all this in perspective, these two shows help my husband and I get out of debt, it takes a lot of sacrifice
Comment from : @noraconde8865

The problem is not retirement income or savings, the problem is expenses got insanely high It's a form of organized extortion Guess who's doing the extorting?
Comment from : @fordwayne3833

Jim rummy
Comment from : @paulsaragosa371

Play carrots
Comment from : @paulsaragosa371

Let s go play questions 20 and play scrabble boards games and check ers and marbles
Comment from : @paulsaragosa371

Who has a mortage and a car loan at age 70? That’s why they don’t have money
Comment from : @anthonygrant4275

I'm 60 and feel fortunate that I've built up to 920k in my 401k Unless the Orange Felon destroys the economy and the stock market, I'm hoping to push beyond the $1m mark I should get a decent amount from SS and a small traditional pension of around $750 per month And I'm scared shitless about when to retire If I go at 62 tgen I'll be paying exorbitant health insurance for 3 yrs But I hate the thought of missing out on my healthy years as well The great dilemma But I'd rather keep working to ensure financial success than end up broke
Comment from : @1515cando