RELATED ARTICLESMORE FROM AUTHOR

21 COMMENTS

  2. This is absolutely outrageous. It doesn't have to be this way. I recently recently read there something like 737 billionaires in the United States. There is direct correlation between the massive accumulation of illgotten wealth of these financial parasites and the immiseration of the vast working class majority. It's time for the working class majority to organize for system based on social equality for all.

  3. I've been putting off the thought about planning around retirement because it just seems so overwhelming, but hearing these numbers and realizing how far behind I might be, it's scary

  9. I'm not from the US, and over here we have mandatory contribution with exit fines if you pull out the money (harsh ones). So that employees at least can have some decent retirement savings. There is a problem with businesses and contract workers though, but at least employees are covered well.

  11. America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..

  15. This video showed a massive lack of financial literacy and financial discipline, and it underlines the need for schools to teach the basics of living a financially responsible life (the power of compound interest, the consequences of consumer debt, etc…). The simple truth is that it is not that difficult to build wealth in America if you start early. Even just saving/investing $250 per month in an index fund within a Roth IRA a month from age 25 until 65 will turn into 7 figures tax-free, not to mention if you ramp up your savings rate as your income grows. But no, we live at or above our means and we're addicted to immediate gratification. There was a survey done of 10,000 self-made millionaires, and teachers were the third most common profession in that group. Most of them never made six figures in their careers, but they started saving early and they were disciplined. Also, no one expects the teacher to drive a fancy car or live in a fancy house, so that eliminates some of that "keeping up with the Joneses" pressure which may make it easier for them to save and invest. Personally, my wife and I came to this country at 22 years old, with no college degree (we still don't have one), and no money, but our investments are above the average for our age group and we diligently invest every month. If we keep going at this rate till age 65, we'll have multiple 7 figures, but we will most likely retire earlier than that. Also, neither of us has individually made six figures in a single year, although we're both likely going to cross that threshold soon.

  16. People love to play the victim. Look at people throughout history. Every people group, every generation, had huge obstacles in the way of them making a good life for themselves. Inequality and Unfair systems are nothing new. Everyone just needs to rise to the occasion and stop complaining all the time.

  17. Retirees who struggle to meet their basic needs are the ones who could not accumulate enough savings during their active years. Retirement choices determine a lot of things. My parents both spent same years in the civil service, but my mom was investing through a asset manager, and my dad through the 401k. My mom retired with about ‘4.2M’, but my dad retired with roughly '$1.8M’.

  19. everyone in this video is upper class🤷.The avg. American is hving a tough time, I knw I am not alone. There re others in same position as me. By certain statistics: 22% of americans hve no retirement savings. 64% are worried that they will nt have money in latter yrs while 47% of adults who are not yt retired think they have to wrk part-time in retirement hence, making it hard to retire. Hw cn I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?

  20. "Half of workers don't have a way to safe for retirement." Oh really 🤔 I wonder if there was a way how individuals could save money all by themselves! Oh wait…

Comments are closed.