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Let’s face it, it’s hard enough just to get by these days. Saving for retirement? Now that’s a pipe dream for most Americans. Why is that? Are things really that bad? Let’s take a look at retirement trends in the United States and see what’s behind these worrying developments.
Why You’ll Never Retire – Second Thought
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Citations and Further Reading:
Increase in the age of retirement and typical justifications
Estimates of the retirement age in the future
That Wikipedia page
97% of people depend on social security
Social security is the largest source of income for those over 65
Income and life expectancy data
Cases of declining life expectancy among the poor
Pensions go from 40% to 13% of workers covered (some sources go up to 20%, but all show a steep decline)
Pensions and 401(k)s, more generally
52% of Americans above 55 have no retirement savings
Private equity funds, $230 billion, largest transfer of wealth quote
The Trump 401k policy picked up by Biden
Camperforce
Labor militancy and retirement
Retirement, generally
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About Second Thought:
Second Thought is a channel devoted to education and analysis of current events from a Leftist perspective. Welcome!
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LEARN MORE ABOUT: Retirement Pension Plans
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Is Retirement Still Achievable?
The concept of retirement has always been a momentous goal for many people. After years of hard work and dedication, the idea of finally being able to step away from the workforce and enjoy the fruits of one’s labor is a dream that many aspire to achieve. However, in recent years, there has been growing concern about whether retirement is still achievable for the average person. With increasing life expectancies, rising costs of living, and economic uncertainty, many individuals are wondering if they will ever be able to retire.
One of the major factors contributing to the uncertainty surrounding retirement is the increasing life expectancies. While it is certainly a positive development that people are living longer, it also means that they will need to save and plan for a longer retirement period. This puts a significant strain on retirement savings and requires individuals to save larger sums of money in order to sustain themselves throughout their retirement years.
Additionally, the rising costs of living are making it increasingly difficult for individuals to save for retirement. From housing and healthcare to food and transportation, the expenses of daily life continue to climb, leaving little room for saving and investing for one’s future. This is further compounded by stagnant wage growth, which means that many people are struggling to keep up with the increasing costs of living, let alone saving for retirement.
Furthermore, economic uncertainty has also added to the challenges of achieving retirement. Market volatility, low interest rates, and changing economic conditions make it difficult for individuals to plan and save for their retirement. Many individuals find themselves at the mercy of economic forces beyond their control, making it difficult to predict and prepare for their future financial needs.
So, is retirement still achievable? Despite these challenges, the answer is yes, but it may require a shift in mindset and planning. It is imperative for individuals to take a proactive approach to saving and investing for retirement. This may mean setting aside a larger portion of their income, seeking out higher-yield investment opportunities, and being more diligent about their financial planning.
Additionally, individuals may need to consider alternatives to traditional retirement, such as phased retirement or part-time work in retirement. These options can help individuals ease into retirement while still generating income and staying engaged in the workforce.
Moreover, seeking the guidance of a financial advisor can be immensely beneficial in navigating the complexities of retirement planning. A financial advisor can help individuals create a tailored plan that takes into account their specific financial situation, goals, and risk tolerance, ensuring that they are on track to achieve their retirement objectives.
In conclusion, while the challenges of achieving retirement may seem daunting, it is still achievable with careful planning, smart financial decisions, and a willingness to adapt to changing circumstances. By taking a proactive approach and seeking out the necessary guidance, individuals can still work towards their retirement goals and enjoy a fulfilling and financially secure retirement.
I'm 50. I've already figured out I will never retire. I'm considering taking a separation benefit and going back to school. If I have to work until I die, it's gonna be something I enjoy.
To get the same return on a home that my parents got the average house (around 400k) the home would have to be 5.6 million at the end of a 30 year mortgage. That will never happen.
As a soon retiree, keeping my 401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated.
I hope to be healthy enough to be able to work into my retirement years. I once took a sabatical and after 3 months life was boring, I had little meaning in my daily life. I wanted to work again. IF retirement is not working it's not for me. However, I don't speak for everyone. If people want to retire and never work again and have their financial needs covered then they should be able to have that. You worked all your life and deserve a dignified retirement.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
I some what have to disagree with this video. There are life insurance products that can help people prepare for retirement like annuities and index universal life insurance just to name a few.
Perfect pension supplement strategy: since most of the average workers will be dead before age 70, they’ll never get to retire and therefore there will be enough money for those that do.
I like to think that sometimes Satan goes into a fit of rage when he realizes how much he’s been surpassed by modern politicians.
Retirees facing financial challenges often couldn't save enough during their working years. Retirement decisions play a pivotal role. Despite my parents having similar years in civil service, my mom invested with a wealth manager, while my dad relied on his 401(k). As a result, my mom retired with approximately 3.7 million, whereas my dad retired with around 1.4 million
It was super cool watching retirement age roll back a year ahead of my dads age the last 4 years of his life!
Super glad I can just work until I die like he did – but without the stress of worrying if I'll get to rest before I hit topsoil!
Some truth …. mixed in with propaganda.
What organization can help with the millions of retirees who want action now , is there an organization out there , if not lets start one ,
A. S. A . P. , this is super important ! Let's get this going !
Where is the complaint hotline , so tens of millions of retirees can voice their grievance , address , phone # , Department to contact , who can help us now .
Free money for to many foreign countries and illegals here , so it's time for Americans to say something , like what the Hell is going on !
Most people who say they cant retire are from people who didnt planned anything from the get go. How come some people has millions in retirement savings?
Socialism for the rich individualism for the poor
you're a socialist, and I am not, BUT I agree with most of what you say…. love your videos.
Yet another case of the Boomers pulling up the ladder behind them. Are any of us surprised by this?
Seriously this generation has destroyed everything for everyone coming after them.
It is always the Rich people who make life terrible for the rest of us !
I have never worked a "9 – 5" job. I work 3:25pm -1am or 1:30 am most days.
As a member of the working class, we all should just *(this comment was censored by the CIA)*.
So whats the solution we are very aware that America doesn't care about its own unless you're rich so shoupd we all just lay down and let good old America clock us out?.. because absolutely nothing will change until the people at the top are dealt with accordingly and of course our government isnt going to be the ones who do that because their hands would be dirty too i guess its get rich or die trying right?..
I have no problem with not retiring but what needs to change is manager's pickiness when it comes to aged workers. One of our workers is retiring and the manager is stressing out and asking help for recruiting a replacement. I kind of laid out the facts with what they are particularly looking for because it makes no sense for me to refer people that don't really fit their subjective criteria but I mentioned that in general the younger generations don't tend to commit very long, are easily impatient and will take a higher offer from another employer as soon as they opportunity arises. In general older workers who are a decade away from what was normally considered retirement age are kind of content with their work and will likely stick out much longer. As someone who is 32 years old, I really hope this changes when I get older. There is still a shortage of workers for some jobs and managers need to know that beggars can't be choosers when the workers currently have leverage and not many applicants are applying. I wish to be like my parents who only had to work a short period of their life but don't have to work at age 40+ because of income generated from their investable assets are enough to pay their bills.
Self directed Roth IRA. invest as early in life as possible, pay it ahead of everything else.
I wish you well in the days ahead.
In 1997; my high school buddies laugh at me for joining the military.
Fast forward to 2023 @ age 44; I am too laughing, and so thankful I made that decision, as it propelled me for early retirement.
Retired with pension, low cost healthcare and rental properties.
Also, just relocated overseas with my family to reduced cost of living by 50%; thank God.
All the best everyone!
If this is the future, then why shouldn't I just check out early?
If possible, move in with relatives, Golden Girls styles.
The problem is the government not preventing bribes from corperations.
Also the peoples fault for not unionizing and demanding more wages.
Its not capitalism. There are no bailouts in real capitalism either
Can you imagine how ashamed the people who literally fought and died for labor rights must be if they could see how we've let their hard won victories be slowly chipped away… We need a general strike, like yesterday
The Moneymen have managed to skew retirement from most of us, to themselves, at increased wealth for themselves.
If I have to pay social security on my earnins, you best damn believe im gonna get my cut.
It is still achievable
If you have workingfamily member
I will retire I have a 20 year Military pension coming and single with no kids
Who thinks we should just abolish the stock market.
I am not working after 60, seriously would rather starve to death on the street than continue working after that.
Ahhh the joys of late stage capitalism. Work to you drop because it keeps the rich, rich and the financial machine turning. Basically fuck the poor.
“Let them eat cake.”