DIY Retirement System Is Failing Many American Retirees
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Channel: WEALTHTRACK
Views: 17,307
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Length: 26min 46sec (1606 seconds)
Published: Wed Dec 11 2019
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I made it half way through and it was just ridiculous all the assumptions they are making. I bet if i listened to the end they were trying to sell something. Complete waste of the 14 or so minutes i listened to it.
nope. working just fine for me.
Interesting - 4 "job shocks" can derail your retirement. Getting fired/laid off/having to move for work.
Divorce and health problems can also cause problems, but having 4 bad jobs can mean that you don't retire nearly as well. starts about 9 min in.
Auto-enrollment can help, but people on the lower end can miss out on gains due to bad "timing" of investments, but if you have flat/low earnings, you can be required to take money out of the stock market when you lose your job, and start putting back in when the market is high. The worker was not "timing" the market, but they bought low and sold high, because they needed the money.
But if you have consistent work, even with minimal wage increases, you are much better off.
You can’t protect people from themselves.
If their financial habits are bad, even if you force them to have a bunch of money saved for retirement, they will just blow it all as soon as they have access to it.
Those faces make me feel like I'm strapped to an autopsy table.
Government planned / managed retirement was tried and has largely failed with social security. Washington has essentially unfettered access to it. It is not sustainable in the long run. I don’t want government to try again and steal from my 401k, IRA, Roth, etc. Can you imagine what their greedy hands would do?? 😳. Nope I would much rather take my chances with DIY.
Some lazy people want government to coddle them, take care of their retirement. Well, they have Social Security then for them.
Many people haven't saved, for various reasons. Yes, they will be in trouble.
Even in the past, few people had much of a pension - you had to work 40 years for a large corporate employer to get one. Most people simply didn't live that long, and kept working until they couldn't go any more.