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There is a common misconception that a retirement crisis is looming over society. The media often hypes this narrative, making it seem as if the majority of people will struggle to retire comfortably. However, when we examine the facts, it becomes clear that the retirement crisis is more of a myth than reality.
To start, let’s look at the numbers. According to the US Census Bureau, the median retirement income in the United States is around $31,618 per year. While this may not seem like a substantial amount, it is important to consider that retirees often have significantly lower expenses than working individuals. For example, mortgage payments, commuting costs, and childcare expenses are often reduced or eliminated in retirement.
Furthermore, it’s essential to acknowledge the various sources of income available to retirees. Traditional pension plans, while less common today, still exist for many individuals. Social Security benefits are also a crucial source of income for retirees, providing a safety net that ensures a baseline level of income. Additionally, personal savings, investments, and other assets contribute to retirees’ financial well-being.
Contrary to popular belief, research indicates that most Americans are adequately prepared for retirement. According to a report published by the Center for Retirement Research at Boston College, about 80% of households in the United States are on track to maintain their pre-retirement standard of living. This suggests that the vast majority of people have taken the necessary steps to secure their financial future in retirement.
Moreover, it is crucial to recognize that retirement is not a one-size-fits-all concept. Some individuals may choose to continue working part-time during retirement, not only for financial reasons but also for personal fulfillment and social interaction. This trend is becoming increasingly common, highlighting the fact that retirement is no longer seen as an abrupt cessation of work but rather a gradual transition into a new lifestyle.
Another important factor to consider is the advancement in healthcare and longevity. People are living longer and healthier lives, which means they have more years to save for retirement and enjoy their golden years. With medical advancements, individuals are benefiting from improved healthcare, allowing them to remain active and productive for a more extended period.
It is also worth mentioning that personal responsibility plays a crucial role in retirement planning. While it is true that not everyone may have access to the same opportunities, education and financial literacy can empower individuals to make informed decisions about their financial future. Taking advantage of retirement planning tools and seeking professional advice can greatly impact one’s ability to achieve a comfortable retirement.
In conclusion, the notion of a retirement crisis is largely exaggerated. The data tells us that the majority of people are adequately prepared for retirement, and even those who may face some challenges have various resources available to mitigate potential issues. Rather than focusing on the narrative of a retirement crisis, it is more productive to encourage personal responsibility, financial literacy, and informed decision-making to ensure a prosperous retirement for all.
Retirement is wonderful if you have two essentials — much to live on and much to live for. Invest wisely and get good returns.
Josh, my spouse is 100% VA disability and receives a non-taxed monthly payment of around $3k. How does this change when she elects to collect Social security, or does it? Appreciate your videos
This looks like a 4-year old video. Why post it in 2022? Plus the fuzzy math related to the spousal benefit made me cringe. Spouse can claim 50% of husbands FRA benefit, which is $2,398, not the survivor benefit of $2,338. Minor difference in the dollars, but still not correct. And to get the full 50%, the spouse would need to be at FRA, likely not just 66, and the earner would need to be on SS already. So if the earner waits until 70, the spouse must wait until then also.
Perhaps do a new version, with current data and correct math.
My 2 cents…
Why are you talking about 2018 and 2019? was this actually recorded 3 years ago and just reposted?
A good retirement strategy plans for periods of high volatility, that's why good advisors use a three bucket system to help tide us over those terrifying times that markets tank. As a working guy planning to retire we have to be realistic too and keep our projections conservative and work towards a sustainable budget. We're not the government, we can't snap our fingers and get more money like that. My brother retired a few months ago and of course he's panicking, as I told him, in 2020 the S&P took about a 25% hit during lockdowns, but recovered in about 5-6 months.
Consider reading this recommendation from Josh – The Essential Retirement Guide: A Contrarian's Perspective A Contrarian's Perspective (Books) Frederick Vettese
I’m 55 and still don’t want to stop working, have a very low stress job that I enjoy. Me and the wife will have 2 pensions. We are not going to start collecting SS until 67 no matter what. Prefer 70.
Another gobble gook video. The only person's retirement plan this video helps is Josh's. 🙂
Everyone's situation is unique. Sit down with a good financial planner to review your specific situation (income, reoccurring expenses, big ticket expenses, assets, retirement plans, financial goals, long term care needs, etc.) and they will run an analysis for you. Many planners will do this for a flat fee. Others, like Schwab, will do it for free.
An in depth, detailed plan for your specific situation will give you peace of mind and a higher success rate than something based on averages, median, mean and other gobble gook.
Could you stop repeating everything and just get to the point
I just want to say thanks. I’ve been watching your videos for a while now. I was very worried about retiring. I am just turning 50. Raising kids, getting laid off, etc. I’ve not been able to save as much as I wanted to for retirement. However, kids went to college and moved out. Income seemed to get better. Well, I’ve been maxing out my 401k and Roth for the last 4 years. Social security, military retirement, plus 401k/Roth, I believe we will be more than fine. So fine, if I keep maxing out the 401k and Roth, I believe I can “retire” from this job in 5 years. Then go part time at 55-56.
Thanks.
If you look at the real data Americans are going into retirement healthier financially than they ever have. There aren't any pulitzers given fr that though in the current lie-your-pants-off media.
Well, it's a crisis if you need your full salary replacement in retirement and you have no retirement savings, which, if you believe the articles, is the case for 50% of working Americans.
Still trippen hard after re-watching
Trippy fish eye len w/weird latentcy….I be musroooomin with the Scandlen
If you describe someone or something as much-maligned, you mean that they are often criticized by people, but you think the criticism is unfair or exaggerated because they have good qualities too.
thanks Josh,
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https://www.youtube.com/playlist?list=PLatBUqXIPJGj7c_CsXA3X6WeCYjRcT1Hz