The Retirement Crisis Financially Destroys The Entire Baby Boomer Generation
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- čas přidán 5. 04. 2023
- The Baby Boomer retirement crisis is a whole lot worse than we’re being told. Thousands of Baby Boomers hit retirement age every day, but less than half of them are financially ready for retirement. Economists argue that by the end of the decade, Social Security will have gone bankrupt, both the stock market and the economy will take a massive hit, our healthcare system will be completely overwhelmed and our workforce will see a huge gap all due to this crisis. Ultimately, it is going to have a detrimental impact on all of our lives, and the most worrying part of it all is that older Americans predict that conditions are going to get even worse for them in the short and longer term. That’s what we’re going to expose today.
Baby Boomers are going to completely change our economic and financial landscape by the end of this decade. The problem is that economists predict this will be a change for the worse. A generation of this size transitioning out of the workforce will inevitably impact the U.S. economy in many more ways than we’re actually being told right now. With more and more boomers elected to begin receiving Social Security benefits, the outlook for the financial health of the fund is concerning.
Amid an ongoing banking collapse that is forcing the government to bail out huge banks, economists question whether politicians will also bail out its citizens. Considering how shockingly large is our current debt load, with the U.S. national debt surpassing $31 trillion, or $246,868 per taxpayer, it’s not unwise to assume that Social Security is likely to go bankrupt.
At the same time, the Baby Boomer retirement crisis will probably disrupt the U.S. job market in a major way. Economists say that they’re paving the way for what is now called "The Great Retirement," which will likely surpass The Great Resignation as the most significant trend in the labor market in the 21st century. By the fall of 2022, almost 30 million Boomers had retired, an increase of 213% from the previous year, the firm reported.
A recent study by Pew also found that one in four workers in the United States is a boomer, amounting to 41 million in total. “The mass retirement likely will lead to an even wider workforce gap as companies will need to fill positions made available after the Boomers' retirement. These workers generally hold higher positions, making the need for recruiters even more critical,” the researchers highlighted.
Given the incredibly large number of retirements, there will be a huge shift in the balance between supply and demand in the overall economy. In other words, we must brace for a significant decrease in consumer spending, which is a decisive component of GDP. On top of all that, experts anticipate the influx of retiring baby boomers will soon lead to healthcare expenses that will outstrip what most retirees have in savings. That’s why many healthcare providers are warning about deteriorating affordability and accessibility for millions of Americans.
At the end of the day, this isn’t simply a retirement crisis, but an economic and financial crisis that will be felt by all of us. All of this means that the future of our younger generations is being stolen from them as our leaders fail to assist older Americans. In fact, at this point, the future in America no longer looks prosperous and promising, but rather worrying and grim.
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.
Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.
It seems like I used the FIRE movement to manage my finances. Investigate it further by doing some research. With the help of a financial professional, they were then successful when investing in stocks, cryptocurrencies, and real estate.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
Her name is “VIVIAN CAROL GIOIA” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just Googled her name and her website came up right away. It looks interesting so far. I'm going to send a mail to her and let you know how it goes.Thanks for sharing truly!
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
Given the heightened complexity post the 2008 crash and exacerbated by COVID, I highly recommend diversifying your financial portfolio. By engaging an advisor, I managed to grow my portfolio by more than $150K amid this volatile market, employing defensive strategies that safeguard and capitalize on market fluctuations.
@@maryHenokNft Kindly share the details for reaching your advisor. With inflation negatively affecting my funds, I'm in search of a more lucrative investment strategy to optimize their performance.
Much credit goes to *Camille Alicia Garcia* for her significant contributions. She maintains an online presence, making it easy to locate her. While other advisors might pose challenges to find, Julia has proven to be an excellent mentor throughout the year.
It is really incredible!!!! because I'm just shocked that someone mentioned and recommended Camille Alicia Garcia. I thought people didn't know her... She's really great!
Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.
Stop the scary talk this very minute. Thanks, now where are my stress pills .
I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?
It’s always a good option to keep some gold. Well with the current market situation and everything at stake with the present economy, I’d say you’re better off staying away from stocks fr awhile or better still reach out to an adviser for guidance.
@@maiadazz I couldn't agree more, having an invt-coach is the best way to go about investing now, especially for near retirees, and folks like me that lack the expertise to deal with high volatility. My portfolio used to be up and down like a see-saw, until I employed the use of an advisor last two summers. As of today, I've realized nearly $800k after subsequent investments, cos I know enough to seek expert counsel before giving up.
@@tatianastarcic I'm intrigued by your experience. Could you possibly recommend a trustworthy advisor you've consulted with?
@@richardhudson1243 It would be a very innovative suggestion to look out for Financial Advisors like “Laurel Dell Sroufe” who can help shape up your portfolio. Trying times are ahead, and good personal financial management will be very important to weather the storm
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
Considering the increased complexity since the 2008 crash and COVID, I suggest diversifying your financial portfolio. I hired an advisor and successfully grew my portfolio by over $150K during this turbulent market using defensive strategies that protect and profit from market fluctuations.
Could you kindly share the contact details of your investment advisor? I really need one urgently.
My advisor is ‘’Natalie Lynn Fisk’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Thank you for this Pointer. It was to find her handler, She seems very proficient and flexible. I booked a call session with her.
Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
thank you, can you give a pointer the best investment now ? i am thinking of getting stocks or cryto
The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets. get a financial assistant
I currently work with KATRINA VANRENSUM a financial expert i met in a seminar
I recently watched KATRINA VANRENSUM on TV , such a great speaker . but have you made any profit whatsoever working with her ?
I have been able to make maximum profits off my trade with $40,000 and I have amassed about $190,000 in net profit In 4 weeks
Financial books have been so helpful. >> I’m 54 and my wife 50 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.
I read a book that talked about having a financial adviser. Well, Credits to ROCHELLE DUNGCA-SCHREIBER, she saw me through the process. You can glance her name up on the internet and verify her yourself. she has years of financial market experience..
I would love to know what some of your guys’ tactics are. It would be extremely helpful
@@graywilliams_77.ROCHELLE dungca-schreiber does not exist. This is all a elaborate scam... Never get a financial advisor based on this kind of advice!
Oh no, those poor people who voted for this, how terrible.
We studied this when I was a Sociology Undergrad back in the 90's. We've known about this for decades.
No government is saving us 😭
Wake up
Republicans and Democrats have been extremely reckless with our taxes.
Nope, they only did what WE allowed them to do. Stop blaming the few for inaction of the masses. 😂
@@rightsdontcomewithpermits7073 how can we the people stop the government from spending more than they can take in?
Is this Joe Bidens burner?
Inflation is from one place and one place only, it has its source & origin in Government printing Cash and distributing this through so-called quantitative easing. Governments have only one option to stop inflation they must "bring in the Cavalry" the cavalry is INTEREST RATES ! ! This is to bring in & harness the money supply, but Governments must also reduce spending. If Inflation is measured at 10% then Interest rates must be raised to above this, say 12% or perhaps 14% for a short time. After some years once Inflation has been controlled and brought down, interest rates can be normalised to something like 7% 8% or 9% this is normal, what we have right now is still an abnormal interest rate, 4% base rate is an abnormal and it is an emergency rate. Once any Government begins this policy (and the USA have not yet begun) it will soon "expose" their statistics as true or not, that is if Governments say Inflation is 10% but actually it is 15% then an interest rate up to 12% will not deal with inflation . . . Governments get exposed
News Flash a little more than reckless, oh ya- its Trumps fault !
Thieves steal. We’re being robbed blind.
I worked for 42-1/2 years, retired for almost 2 years, felt useless, got another job and have been working in inside sales for a master supplier for almost 5 years now. An 85 year old friend of mine told me his grandmother worked in a dairy office until she was 105 years old. Yay, we oldies are not useless! Plus I show up for work early, stay late, and do my best for the company.
Amazing!
I am speechless so no one should have a excuse
Younger generations would like you to step aside so we can obtain these jobs someday
Some have self motivation, others need outside confirmation.
Retirement is best when you continue doing things you enjoy
The younger generations nowadays never even had a chance to save money let alone own a house.
Because they spent all their money having FUN
…..and the money that they CAN’T SAVE is worthless anyway!
What's the point when you're GUARANTEED to lose 20% of it YoY now anyway 😅...personally I buy gold & silver...
Save money is not that difficult. The worst part of it is to buy anything worth it with what you save. Even if you save a whole year worth of a skilled labor salary, you wouldn't be able to buy a house, even on the cheap side.
Because They watched the Older Generation Save their whole life to live Someday! Only to die a few years into retirement, and decided to enjoy Life Now!
Turned 62 and retired in South America. I'll never go back it's so easy and cheap down here.
Shoulda done that at 50 before the bloodsuckers attached to everything bled me poor...
@@MR..181 keep trying...I said FU to everyone and left. There's no BS down-here. No paperwork to rent and cheap transportation. I have my own little house with big yard and perfect climate in Ecuador for 230$/ includes electric wifi and gas. Did a year in Peru for even cheaper. Heading to Bolivia Chile next with my dog and crappy Spanish.
I admire you
Catalina you are the smart one for sure. My plans DO NOT include the US.
@@catalinafirefly4685 just subscribed to you. Definitely want to hear about your adventures
I'd like to introduce the concept of the "lucky flea". I'm a baby boomer, and grew up in an eastern burb of Cleveland, Ohio. As a kid, most men in my neighborhood worked at a big corporation that our grandfathers built. They were either in the factory or the office. Moms stayed at home and raised the kids. After high school graduation there were dozens of places to work with good wages, benefits, and 30-and-out pensions. Just get into one. Look at today: most of them are gone. Who knew in the mid 70's which ones would be left? What modern society doesn't need to produce automobiles or steel? Only the lucky fleas hopped on the right dog, and still have their jobs.
Unfortunately, both the silent generation and your own are much to blame for this.
Our lifespans are already shrinking, not getting longer. This will continue. Older people can't afford to retire
It just blows my mind how many people retire while actively paying a mortgage. That's just crazy. Be debt free when you retire. We will have no cc debt, no mortgage, etc.
Yeah I was surprised to find out my 80 year old father n law still had a house payment to go with his new car payment his widow has to deal with that now
The braggart comment board is over at CNN and MSNBC.
Yaaay for you.
We have real estate in two countries worth about 2.8 million paid for in full. A business worth about 4 mil with constant parts sales. Gots assets of a mil and still nervous.
property taxes, sales taxes, yearly taxes,.....yes retire debt free.......
Government cares more for other countries than its on people, that is where the money comes from.
I am preparing for retirement by buying 10 cans of Beefroni each week and storing it in my basement! I already have around 4,200 cans. Hoping for a 10 year supply or 400,000 cans.😊
AMERIKKKA IS ON LIFE SUPPORT JUST A MATTER OF TIME....IT WILL BE OVER..
The Decay Spiral in America seems like it almost was INTENDED.
It's Kali yuga, so you might be right.
@@rajarsi6438 I'm sure too, if globalists want to establish one world gvt, they must get rid of usa has we know it !
It Is Intended.............look up the WEF, LISTEN TO WHAT KLAUSE Schaub has instore for us all. A NWO
It was
I wasn't financially free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video! Thanks for sharing!Very inspiring! I love this
I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do for me now because I have no idea of how and where to invest in.I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.
@@MajorCockbern Her name is Laura Marie Keilman. Look her up online, she is quite popular in the united states and she is a certified financial adviser in order to put you through the procedures of achieving your dream portfolio.
@@DarylSimpson58 That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@@DarylSimpson58 Thank you, i just found her website.
@@MajorCockbern I do the same thing, I do not have big money on bank account. With the right property in market and sales advisor, we will be on right track. Right now 3 estate done with loans which I turn to plantation and earn money from it, 2 more to go.
NOBODY GAVE ME A DAMN DIME, AND I WONT LEAVE NOTHING
Same here. I left home at 15 and never got a dime. But I plan to leave a small fortune to some lucky person or cause. I don't have family which frees me to leave it to someone doing great work towards American democracy and truth but with few resources... just not sure WHO yet. Just because nobody cared for me growing up or helped me in any way doesn't mean I'll pass on that horrific ethos as my legacy. NO WAY!
If you’re on SS and Medicare, people are giving you lots of dimes right now
excellent as usual.....I always look forward to the next video!
They have been saying this my entire 64 years. It’s BS!
maybe sell their homes? Millennials would love to buy one.
One thing we in Europe and the UK don't have to worry about is health costs. That's all ages, not just the retired.
Trust me, the life expectancy will start to drop as seniors have to choose between rent/bills eating and medications/health insurance.
Many will cut on taking their meds, putting extreme pressure on an already stressed medical system!
Or live healthier without the poison!
@M R I'm mostly concerned with diabetics or those on seizure meds or someone that might wein themselves of something too fast.
You're probably right about many of the meds out there having terrible side effects.
@@pasky7824 Type 2 diabetics can manage their blood sugar levels without medications. I do it with a combination of intermittent fasting (only eating lunch and dinner, no snacks) and keto. See Jason Fung's book, The Diabetes Code. Cheaper and healthier than anything Big Pharma can offer!
Self Deletion is also on the raise because of those factors you just mentioned.
@@enigmathegrayman2953 unfortunate factual good point
Get your Passport now. Other countries are more affordable and healthier than America. There are better countries to live in than ours.
I will get at a minimum what I paid into the program, one way or another. Count on it. Even if I have to steal it from them. Face it, greed, crappy policies, and misuse have ruined the systems. So best to prepare for it to crash upfront.
It sounds like you plan to die, but plan to die a hero. Perhaps you can be the hero, America needs.
Too many fellow Boomers have not downsized their lifestyle. I have. Those who downsized will fare better.
Yup, same here, paid everything off and living a very frugal life style.
Until the real property taxes get so high they are pushed out of their home
@Ann Taylor lol! I've watched many very wealthy people lose their homes due to over cost health crisis, lack in medical gap insurance,and property taxes
I was always downsized so I didn't have to do it. I'm earning $105K less per year than I was at retirement yet living very well and in the same modest house.
@Ann Taylor look at what's happened to people's IRA and 401 retirement accounts. Please remember this group went through 1987, 2007/8,now this crash. You can NOT plan for these crashes. Plus, the spiked high inflation.
Working 48 years. Being a single mom never could save for retirement so at 67 I only have soc sec😢
But you have children!!
Retired CEOs and Funds' managers don't need SS
At 71, we just moved from VA to NC. Our daughter had 4 brain surgeries to remove a tumor at UNC Chapel Hill.. We had to pay for it as her husband left her the day of 1st surgery for his secret GF. We paid half down on new mortgage but should get it paid off soon. Car and CC are zero balance. Now, we have to buy a 2nd home for our daughter as she cant work. I am a 23 year army retiree with a small pension from them. I have combat wounds fighting in Vietnam and Desert Storm. SSI adds to our income to include VA disability. We are hurting with the inflation of food, fuel, electricity, and utilities.
Should get a duplex she live in one & u the other or rent out the other unit or have her live w U and/or in one of the awesome tiny homes on ur property?!
Thank you, for your service....and being there for your daughter.....🙏😊
- USA: The future looks like grim.
- Third world countries: First time ?
A lot of people retired in 2020 because of Covid shenanigans. I personally know of people who retired THAT year or the following who said that they could keep working, but they were tired of the work environment with all the social distancing, masks, and questions of if they were vaccinated or getting it and on and on the list goes.
Tinhornc fascists dictatoring.,employers?
I agree
I personally know of 3 and I don’t know a lot of people.
@@ChickityChicken 😂😂😂
This population you speak of is very real and more numerous than many believe.
@@ChickityChicken Hope you got your's.
Property taxes are the worst. I have a homestead. Grow 80% of my food. Smaller new house.
My property taxes have tripled in 4 yeats because my property is more valuable. It's crazy. So what am I going to do in 10 years and everyone's home os worth 1 million? I didn't plan on taxes on a property that is valued at 5 times more than I paid for it.
Lots of people are going to be broke paying property taxes over the next 10 yeats if houses appreciate at the rate they have the last 3 years
Does your state have a generous "homestead" property tax exemption? Or exemptions/reductions for agricultural use? If not, you may want to relocate to a place that does...
The world is on the brink of the biblical great tribulation.....Luke 21,36 KJV
Wow this one really is a doom and gloom one.. Yikes! 😩
If your over 55 exit out of the job market so the younger can have a chance.
Those golden years not so golden I guess. I’m 50, military retired. I’m not counting on social security. Started investing at age 20, Roth IRA, stocks, and mutual funds. Single, no kids. My grandfather was born in 1907 and planted the saving and investing seed in me. He never had a mortgage, no credit card. He paid everything in cash or check. I do as well. Never had a mortgage, loans. I do have a credit card for gas and online purchases. But I pay it off every month. I simply save up, live below my means and I either need something or I don’t. 🤷♂️ worked for me. And…I always worked.
Thanks for your service; I did 23 years Coast Guard. Can’t beat that military pension and the VA p&t designation for rated disabilities. Add in TSP/IRA and many veterans are doing ok.
Instead of mutual funds, consider switching to an Index fund. Mutual funds are typically "managed", traded again and again leaching your retirement money. Watch that PBS documentary put out about 15 or 20 years ago about the scam and how much people lose with managed mutual funds.
I think the biggest tragedy in this country is that we are not taught/educated from a very young age about financial investing, planning for our futures. Jim you are lucky that you had a mentor in your life to teach you but sadly most of us did not. We as a nation just dont teach our kids how to manage money and make it work for you. By the time we figure it out it is too late to be secure in retirement.
Appreciate your vids, even if they make me a little anxious.
..... I'd be worried if they didn't.
Many many boomers die before 62
It's pretty clear the shift from managed pensions to 401K's has been an utter failure for nearly everyone except Wall Street. Personally I've managed to save a lot, but it seems clear that probably 80% of working people would be better off with a strong state-managed defined benefit pension plan; ie. SS or CPP but paying a lot more. And actually managed/invested, not used as a piggy-bank by politicians in exchange for low-interest government bonds.
They've been doing this for fifty years.
I retired at 64. I'm living on my social security check of $2200. Yes. I had a tiny nest egg of $60k but I'm 74 now and haven't had to bite into it yet. On the contrary - I'm continuing to add about $8,000 to the pot every year. The secret? I bought a 2/2 house in California under Prop 13 bottom of the market paying cash ($35K). My Prop tax is stable at about $800/yr. I'm single/no kids, so utilities are low. I'm proof that you DON'T have to have hundreds of thousands in the bank to retire. That's just baloney! And you know why they tell you that incessantly?? Because they want you to keep adding to those highly traded mutual funds you've got in your 401K plans so they can continue to steal from your retirement funds. Don't believe them! DO however, make sure before you retire to have your mortgage and preferably your car, all paid off.
So your living off of poor people? And doing well?
@@MR..181 How so? I paid TWICE for my social security check - for my parents gen AND my gen... AND I wasn't selfish enough to have kids so how am I living off "poor people"?
What is a two two house? A duplex?
@@MR..181 Everybody pays into Social Security rich or poor. He was able to buy a home by 'working for it'.
I planed for my retirement. I in fact retired when I was 55. Everything is payed for. And I don't owe anyone.
you still need 1.5 million in income flow
Yeah, live for 30 plus years and see if you're still in good shape.
You planned. Everything is paid for.
I know the feeling. Retired at 56, debt free. 64 now and still debt free.
@@ChickityChicken No, "planed". He was a pilot.
@@tnotc I will be. I am totally off the grid. And have plenty of land to be self-sufficient.
My wife and I always had 3 cars. Now at 83 I have a Toyota Corolla and got rid of the rest. My wife would like to have more, but hey, somebody has to face reality. I save a lot of money on gas now. Not traveling much can't afford it and is too hard on the body. Buy used stuff like most Crokers!
With the amount of people retiring no one should complain about not being able to find a job.
Ignorant statement
100% true
Nobody has the qualifications or knowledge to work most of these positions.
Except that companies are laying off thousands practically everyday, which kind of offsets the people retiring. We're in a recession. When companies are laying people off left and right, it means they're not interested in hiring.
Younger generations are lazy. How did that happen?? The parents are responsible for raising lazy kids.
Acting as if people are actually able to save money is laughable in the first place. The cost of living has skyrocketed over the decades while pay wage is stagnant and no where near keeping up with fost of living. The government is responsible for poor monetary policy and for giving our currency to the fed. People need to learn them their rights and country's history bc most are decieved.
They do it on purpose the rich want us as poor as possible one day we should all stay home and not work for a week let them see who the back bone is watch them go wild
But on the plus side, it was the Boomers who did most of the damage, so I'm okay with them having to deal with the fallout in their retirement years.
@@stevenschnepp576 When so-called "Boomers" run out of cash, the economy will crash. So, they're okay with you not having a job.
Steven...what the hell are you talking about??It was and is our government that's done and are still doing all the damage !! Keep pointing your finger at the people who actually worked their entire lives and had to pay into the ponzi scheme called social security.That's ok...you're probably one of the entitled generation that sits on your butt playing video games and expects everything to be handed to you.Don't worry
though ...it will come back to bite you in your a** !!
I worked my entire life. I think boomers are
very hard workers.
The hardest part is the medical bills for aging boomers.
It's very hard with the increased pricing of food and gas.
@Ann Taylor I've paid into social security since I was 15 years old, it is not handout, before you make stupid comments, know something about it first.
Medical debt is only a thing in America and not in the rest of the western world. Not only is universal health almost universal but it works out cheaper with the US spending nearly twice the GDP on health than other western countries and with better health outcomes. Worse health and more expensive is the American system.
@@davidbyrd5316 social security is absolutely welfare, so is Medicare.....you are sucking way more out than you put in, social security is the biggest part of the government budget and growing..it's unsustainable and the government has said that by 2032 social security payments will only be paid at 50%, your check will shrink 50%.....social security is a tax, always has been.......it's not like you were depositing money in a bank.....
@Ann Taylor it’s not a handout you pay into social security your entire working life. They use the money to pay for people collecting. The government borrowed from our money we paid in. You should hope your children will take care of you when you get older and can’t work or hospital bed bound. Because your definitely are not seeing the money you paid in back in return. I guess you better work harder , be more responsible, have more children and be more kind to people. You better pray and hope by the time you don’t get older they just don’t humanly euthanize you because you no longer are seen as having quality of life and taking up resources and space.
@@davidbyrd5316 exactly what an ignorant uninformed statement
The economy is getting worse, because we have corporate greed, rising prices, too many dirt poor migrants on welfare, massive layoffs . I retired in 2006, and I went through my stocks, in about 8 years. Now, I'm living on a fixed income. I worked for 36 years.
Millennials and Zoomers welcomes you Boomers to the club
Always did say , save for retirement, because the pension won't ever be never enough
tell that to the goons in france who want 60% of full pay pension from age 60....lol
The French live under a socialist take care of me system welfare state. No money, huge government bureaucracy, plus welfare state equals disaster.
This is exactly why I chose to leave alternatively this way in my older years I can live very comfortable and not worry about Big Bill's still be debt-free.. not to mention have a lot of freedom to enjoy my life what time do it right now.. it had a big house on expensive Apartments I couldn't do that cuz I'll be I'll be working very hard to maintain those properties but because I look smaller it doesn't bother me anymore and I love it I love freedom it that brings me..
I love my freedom as well. I only work 3 days a week full-time 4 days off.
@@nicholaswetherell8599 that's what I'm talkin about
@ ska punk Ol! Alternatively living my goal is to be like epic economics create a CZcams channel and make millions a year so I don't ever have to work again.
@@nicholaswetherell8599 I live a lot smaller cuz I leave alternatively the last meal out of freedom right now but I don't have to work hard I love it because I live very small..
If you were lucky you got a good paying job when you getting out of college. Most of us have weren't lucky there.
Retirement wont exist in 18 months time.U.S will be another Venuswala
Keep prepping for the wicked days are here .
This reminds me of a piece George Carlin did about baby boomers.
Work hard, play hard!
No pain, no gain!
Well, lookie here! If it ain't the consequences of my own actions!
More than likely the consequences of a corrupt system
When the guy who narrated “Lives of the Rich and Famous” comes out of retirement and starts narrating videos on the pending financial crisis for retirees you know we’re screwed!
yep. they flew too close to the sun......
Maybe it will go broke and I won’t have to contribute to that scam anymore.
I am sure we can find some bootstraps to send these people. If there is a will, there is a way!
The term bootstrapping was meant as a measure of impossibility.
@@cherylcook1942 Pulling yourself up by your bootstraps, was originally meant an impossible task. However, it quickly evolved into meaning a hard task, but not an impossible one.
They outsourced the bootstrap-making to China back in the 80s
My retirement is going to be in an oblong box. I won't need a lot of gold, just a little bit of lead.
Mine is found in aisle 5 at home depot.
Our health care system is already falling apart.
It really is. I work in healthcare. Impossible to recruit anyone right now especially from out of town. No one can leave their houses and buy into these new interest rates. Reimbursements are way down and so are salaries.
@@MrNiceGuy500 Correct Patrick our health care care system is totally broken for the average person. That is why medical tourism is so popular in other countries like Mexico, India and Asia . The only people that come to this country for health care are the very rich.
The fake it till ya make it crowd is screwed,always worrying where the next party is and next vacation to go on and leasing a car they cant afford just to show off.Should have saved your money instead.
Miss ingenious is thy own world 🌎 of 70 percent cut ✂️
Bailing out a bank means that the stock-holders of that bank loose all stocks of that bank they own. The bank continues, the people working there partly continue their job. But the owners loose all. That is not possible with social security as the people are the owners... So the two situations are totally not comparable with regard of a bail-out.
Everyone should know and be aware that our Social Security payment system would NOT be facing any sort of deficit or be running out of money if our Congress had not STOLEN [and continues to steal] millions upon millions of our cash that was forcibly taken out of our paychecks over the years. Plus, again, thanks to our Congress passing legislation that caps what an individual must pay into the system. At present, that cap is $162,200. Anyone who earns more than that does not have to pay into the system once they have reached that amount within their work year.
So, once again the wealthy, which includes our Congress, continue to steal our individual contributions. They send it to places like Israel, and Ukraine and spend an ever-increasing amount [nearly 1 trillion per year at this point] on a fiction commonly known as the Defense Budget, corporate tax cuts, and tax incentives benefiting the wealthy. Then put out lies like the ones in this video declaring that the Social Security system is running out of money.
Two actions that we, the people, could take [but won't because we are a nation of demoralized slaves] is to demand that Congress REPAY all the money they have stolen over the past 75 years from the Social Security system, and focus the defense budget on the actual defense of our NATION. Specifically the defined territory within its borders instead of corporations, the wealthy, and a bloated useless military with a thousand military bases around the world that DO NOT exist to protect us, the citizens, but corporate interests and the military-industrial complex. Both of which contribute very little if anything to the actual well-being of the United States and our people.
Unfortunately, nearly every one of you that might read this comment is so propagandized and afraid that you will undoubtedly ignore and even scoff at this information. You all bitch and moan and lament about what is being done to you, about the government, and how terrible shit is and that it is going to get worse, but you don't even have the guts to stand up and reclaim what has been and is being stolen from you. And for that reason, I have no sympathy for you and sincerely hope that all the awful shit implied and stated by this video comes to pass. You all deserve every bit of hardship and suffering you are currently experiencing and will endure as the future unfolds.
No one ever contributed into it as much as they were, are promised to get.
By the way awesome bitching and moaning. 😂😂😂😂
👀Awesome statement!!
Was this written by AI??
🤣
@@johnrohman31 No, I'm a real boy, thank you.
Here here!!!
I’m a “baby-boomer”, one of the last surviving original hippies and my pronouns are GRooooVY, and FaR-OUT !!!
All boomers are garbage humans now.
There are millions of original hippies out there, but like this video said; many are struggling and don't see any hope in retiring
@@888strummer I am a mere impoverished scab of my former self, and I could chose to whimper, and cry about my destitution, but I chose instead to bask in the glory of abject minimalism, a true realization the LESS is MORE…..peace of mind in solitude, sit and watching the Jakaranda bloom, and breath free.
@@michaeldusso6882 Hang in there and do the best you can. That's all any of us can do. I worked hard for many years and caught some breaks so luckily I'm fine, but feel bad for those who also worked hard but are not in a good spot now
cool!
This "boomer" is ready. Water 💦, food 🐂🐖🐓, shelter 🏠, clothing 🧦👞🥾👖👕🧤👟, medicine 💊🩹, a means of self defense, and a plan.
YES!
When will The Sheeple seniors unite, and force the politicians to address senior's issues. There are thousands of senior Bills in the Congress and Senate waiting to be voted on. Meanwhile, politicians take vacations and dedicate time to be reelected! Don't forget to vote, for the politicians that don't represent you!
Thank goodness as a Native American elder I have tribal health and V.A health also- per-diem pay from the tribe two casinos, also I have a military retirement, and Social Security benefits, things are good now but they may change with this bad economy and the banking crisis
Social Security is going to run out of money, so you need to make sure you can make ends meet without any help from the government.
I retire in 2.9 months. I'll get a pension and Social Security. My body hurts like hell ,but if I retire now, I'll have to take ,$ 800.cut. I'm thoughing it out.
I also lost 25 lbs. I've changed my diet to eat healthier and I went back to the gym.
Lower production by the younger .
They did it to themselves
Saving for retirement: stock market drop of 1987, 2000, 2008/09, now. Add in inflation, and times are sketchy.
My div income has been increasing quite nicely.
Since I was a kid (1974) it has been said that Social Security will be broke. Klaus Schwab and other Eugenicist see older folks as "a financial drag on the economy". Scary people for sure.
Saw photos of him and he's no spring chicken.
@@debbieolin8153 Yes he is old but the upper echelon will be exempt from the old people extermination.
I’m moving into his house
Eat the Rich!
Just a thought, isn’t Clouse Schwab old too?
We are coming back to the workplace since everybody missed up, LOL. I'm going to work through retirement and collect at the same time. There is no way I'll stay home to do nothing much. I'll just work part time on my schedule. I'll reassess at age 65, I'm 62 now.
You fail to understand that all those millions of retirees will have the political clout to kick the expense of all this on to the younger generations 😎🥳
Maby not so as more older generations die there will be less of them and i think generations millennials, zoommers, and many of gen X will rightfully out vote the boomers. So i don't think they'll have the right or the power to force there decisions on us.
Imagine being the wealthiest generation to date and then blowing all your money on dumb sh*t, at least you boomers got a house, the coming generations are gonna have to fix all your mistakes in order to survive
Y not take all congress pay raises and rich mans tax breaks thats $29 trillion and their kids help and wives pensions
At 6:25 the average baby boomer has $144,000 saved.
I have yet to meet one. Certainly not one in any of my extended family, or friends.
This has always been great information BUT the "old film" graphics are distracting. What does everyone say?
Love vintage and nostalgia myself ;:*) ...
I kinda like the "vintage newsreel" effect.
@beatleme2 thanks for your reply.
I don’t prefer it.
I agree..I HATE TO DOTS IN HIS VIDEOS.
The answer is to release the technologies that have been suppressed for the last 80 years
Eliminate the lifetime pension for career politicians so they might need social security, they will focus on it then.
Babyboomers are in too large a swath of time. Mom is a boomer, gave birth to a baby boomer , my brother. Later gave me life a gen X.
We can't afford to retire. (Born between 1955-1962) We didn't work for places that offered guaranteed retirement funds. It's always been on us. Medicare doesn't cover current expenses even if we wait until 70 to retire. If we live long enough, we'll always be working. Always.
Find yourselves some land way out in the sticks, plant a big, big garden and get yourselves some chickens - let them eat bugs and grass/weeds most of the year. Can your garden and cut some firewood. You can make it. Best wishes!
Mass non compliance of taxes is the only solution
I retired last September at 55 years old. No credit card debt, no mortgage, and my trucks paid for. However, the pension i receive is very underfunded. It's at 34% and needs a government bail out.
Really , I'm not paying taxes to bail you out
@@eddiekulp1241 Oh just know we are ALL paying taxes for bail outs
@Eddie Kulp unfortunately, you are. 602 million dollars. And we are one of 134 pensions in America seeking a bail-out. Throw in the insolvent banks, and the list grows.
I think it’s the millennials and Gen Z that will suffer the most from retirement fallout. Many of the baby boomers, at least, get a chance to enjoy company-sponsored pensions, a functional Social Security system (which will be non-existent for millennials and later), a lower student debt, and even get a chance to retire (while the new comers may never retire).
I agree with you. Baby boomers also enjoyed the incredible stock market of the last 30 years. Back in 1990 the Dow was around 1,600 and now it's over 33,000. Being up 20 times in value has given tens of millions of baby boomers a very healthy retirement account and many self employed were responsible and also bought mutual funds which went with the stock market. $20,000 in the broad based mutual funds when the Dow was 1,600 in 1991 is now worth about $400,000. But today's kids have it different and might never see this kind of stock market growth. America needs to make serious changes or all of our lifestyles will take a major hit going forward
@@888strummer Well said. I totally agree.
@@Golden63 Thanks Golden63, but it was you who made the point that it's the younger generations that are at a big disadvantage. I hope we can avoid a bad recession, but I don't think we can. I know many people over 60 who see no end to working because they simply did not save enough money over the years. Some made decent money over the years but never knew how to invest it well. Let's hope America catches some breaks at some point
Is it really suffering from the retirement fallout if we never expected to retire in the first place?
That must be why the boomers are raising their grandchildren and paying their children's student loan debts. Hate to tell you this, but any company that could declare bankruptcy and reorganize, did it to get out of paying the pensions. Pensions were promised in the first place instead of raises. So Boomers got screwed out of raises, and now their pensions, and co-signed their kids and grandkids student loan debts, and are raising their grand kids, yeah, I'm sure they're really happy about it. /sarcasm. Everybody is screwed under this system, no divide and conquer here.
The The most economical thing you can do right now is to buy a multiyear supply of freeze-dried food. It can last 20 years, it has a lower per day cost and, once you buy it, it is unaffected by inflation.
“How long? *Not long…*
For _what you _*_reap_*_ IS WHAT YOU _*_SOW!!!”_*
It drives me nuts when these activists want to raise minimum wages to keep up with inflation. Time and time again I say it only raises the prices and those retirees and peeps on disability hurt the most. A dog never catches it's tail....
56% of benefits cut? At least my rent will go down, it's based on income.
I'm lucky. 65 and not retired yet. (I get paid very well to travel the world and go to concerts. I really, really like what I do). But, if we were to retire tomorrow, I'm not worried. (My wife has a different position but is in the same industry).
🔥🔥🔥🔥
That’s good :) I can’t retire so at least the lead baby’s can’t either!
But they are pouring across the border by the millions expecting to recieve that former prosperity.
Most wont stay when they see that the streets in the US are no paved with gold. They wont be able to afford the US the same as we cant afford it. Have friends who live in Mexico and word on the street is that many Mexicans are coming because it is very easy right now. They will work and then take their money back.
Praise God for his emissary Satan shall torment the guilty and the innocent as it supposed to be, Amen!