Retirement becomes truly fulfilling when you possess two essential elements: simple financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement. My question now is how to get a good financial advisor that I can invest with and have good returns before retirement age .

Sounds like, the "Golden Years" will turn into the "Survival Years" for many older folks

@yourfinancialekg

6 ай бұрын

No doubt

The turning point for me was realizing I needed 2 types of emergency savings. 1 for things like a broken AC , car repair, bat removal (yes this happened) and one for long term emergencies like a job layoff or major medical event. The difference is the bat money(2-3k) is an annual event that is likely to happen and the 2nd amount (10k+) is hopefully a generational event.

@agates9383

6 ай бұрын

I just keep 3 months living expenses, in cash, in reserve, covers both of your scenarios.

@yourfinancialekg

6 ай бұрын

Great contribution!

55 - 64, median is $89,716 in retirement savings?? That cant be right, can it?? How the heck are these people gonna survive?? I am 61, with $905,000 in retirement savings, $62,000 regular savings and I feel this is NOT enough!

@edhcb9359

6 ай бұрын

You are right. You don’t have enough.

@garyxyz4400

6 ай бұрын

Wow that is sad to hear the median being so low. As for @crimsonpearl4686. You have enough unless you are an overspender which doesn't sound like you are. Enjoy your retirement. I am not a financial professional but i am tired of those pushing people to work longer than necessary.

@johngill2853

6 ай бұрын

People survive with basically zero. If they would wait to Social Security at 70 it's enough for most people (but most don't)

@TheFirstRealChewy

6 ай бұрын

They keep working, have roommates, live with family, live in a very bad area, live in a low cost of living area with their house paid off, squat, or beg. Health insurance is Medicare and/or Medicaid, and in some situations no health insurance coverage. Keeping your expenses low can go a far way.

@JKinLVN

6 ай бұрын

Crimson - Is $967K and social security your entire money and income, or do you also have some sort of pension or other income to add? If that is your ENTIRE source of income, you're still pretty well off, but I would agree that you can possibly outlive your income. However, if you have other sources of income, you are paranoid...lol. Well, ok...overly cautious.

The important thing to know is that the amount people saved for retirement is not the amount they wanted to have saved. When you reach retirement what you have is what you have, and if you have anything it's at least better than nothing.😊

@yourfinancialekg

6 ай бұрын

Very true!

Wow! That's really sad data for this in those brackets! Honestly, even the average is sad when you look at this numbers.

@yourfinancialekg

6 ай бұрын

Very true Rob

How do you count your HSA?Savings?? Part of ours is invested some of it is not in order to use for any family medical emergencies.

@yourfinancialekg

6 ай бұрын

I would just count the whole thing. The purpose of the money is just different. Thanks for commenting!

Per individual. Could be Roth. Even combined together per couple, gonna be rough.

@yourfinancialekg

6 ай бұрын

Yes!

Interesting data. I wonder if there is any data to see how many times people have had to tip into their outside-of-retirement funds to cover for job loss, emergencies like a sudden illness (all families deal with this at some point in time), or an unexpected and serious home or auto repair.

@yourfinancialekg

6 ай бұрын

Vanguard just put out data on this exact scenario. I think you can Google it and find it. I read it in the WSJ and on Marketwatch. Thanks for commenting!

@brucesmith9144

6 ай бұрын

@@yourfinancialekg I will look into that. Thank you.

Always ask yourself a question:" What are my alternatives?" Maybe, withdrawing your Roth IRA and investing in Treasury Bonds is one of them. Always, crunch your numbers by yourself.

@yourfinancialekg

6 ай бұрын

Thanks for commenting!

If more people saved more today, what would happen to consumption and GDP?

@agates9383

6 ай бұрын

It would go down but people either save and consumption is hurt or they dont and never retire - the prospect of saying "welcome to walmart" at 75 is pretty darned grim

@yourfinancialekg

6 ай бұрын

It would be a trade off, but a good one.

@agates9383

6 ай бұрын

@@yourfinancialekg Honestly, in the long run it's better for the country and by extension the countries people to be skewed to the saver side - look at Japan, they appear to have made it through their lost several decades pretty darned well as individuals but they are and have been notorious savers, I fear we will not fare nearly as well if we have a similar economic contraction here in the U.S.

I bet most of the people watching you are way above this. The ones that need to watch this do not watch this 🤦🏻‍♂️.

@yourfinancialekg

6 ай бұрын

Not always. We are the People Financial Firm! 😉

This data can't be correct. They are basically saying that people at retirement age have only about $100K in savings and retirement. Not possible. Social security only pays about $1700 per month on average, so you would be broke within 7 years on average. Something doesn't make sense.

@poornoodle9851

6 ай бұрын

It doesn’t consider assets. People can sell their house (if they have one) after 7 years and then rent…not fun…

@agates9383

6 ай бұрын

@@poornoodle9851 or move to a cheaper country

@yourfinancialekg

6 ай бұрын

Unfortunately it is the truth...Thanks for watching!

You shouldn't have $60k in savings. It should be invested. If you've got that much in your bank account, you're getting fleeced. You should have 4-6 months in emergency funds at most. The real statistic is the sad amount saved for retirement funds.

@crimsonpearl4686

6 ай бұрын

Why?? 40K of that is in a online savings earning 5.00% which is strictly for a job loss ONLY, covering 18 months of living expenses. Why in the world would you wanna gamble with that type of fund and incur losses?? NO thanks, I am happy with it earning 5.00% knowing if is safe!

@yourfinancialekg

6 ай бұрын

Thanks for sharing!

@craigschray4486

6 ай бұрын

​@crimsonpearl4686 but he doesn't say anything about having that money in anything but savings. I take that to be a simple bank savings account.

If I could ever find a job so I can continue paying my bills and saving for retirement…😢

@yourfinancialekg

6 ай бұрын

I know its tough out there!

@agates9383

6 ай бұрын

So you go into "slow the bleeding" mode and maybe take an interim lower paying gig until you can find a more perm. job that replaces the one you lost... just an idea

@ivearies4187

6 ай бұрын

@@agates9383 yes, I am applying and networking to see results in January. I am hopeful! Thanks!

@Quinu12

6 ай бұрын

I recommend the trades. Cheaper than a university degree, shorter time, high demand, decent pay.

Those median amounts are pathetic !! I guess I’m one of the accounts that’s pulling up the average 😂

@TheFirstRealChewy

6 ай бұрын

I am curious about the accuracy of the data. People switch jobs all the time, so the amount in any, one account might not tell the complete story.

@yourfinancialekg

6 ай бұрын

Unfortunately, according to the Fed survey most people don't have multiple accounts