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Investing in Real Estate with Clayton Morris | Investing for Beginners

1046: Saving for Retirement Is Impossible - Episode 1046

Investing in Real Estate with Clayton Morris | Investing for Beginners

Clayton Morris

How To, News, Education, Business News, Business, Investing

4.41.1K Ratings

🗓️ 25 April 2024

⏱️ 6 minutes

🧾️ Download transcript

Summary

Data shows that most Americans are ill-prepared for retirement. Bankrate reported that 56% of Americans feel behind on saving for their retirement years. So instead of dreaming of their retirement plans, many are left wondering if they’ll be able to retire at all. The idea of a cushy retirement has become more of a pipe dream than a real possibility for most Americans.

On today's show, we're going to dive into some of the latest data on the retirement crisis in the United States. We'll discuss the state of 401k balances, Social Security, and more. Most importantly, you're going to learn why saving for retirement is impossible, and what to do instead.

Transcript

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0:00.0

You know, you can see all these television commercials telling you, you know, save for retirement.

0:10.2

You know, you can see Fidelity and all of these different television ads running during NFL games.

0:14.4

Well, saving for retirement is impossible and I wish they would stop lying to people because data shows

0:20.4

that most Americans are ill-prepared for retirement and they're being fed a steady stream of

0:26.3

propaganda from these banks and going on television and pushing this.

0:30.9

Bankrate.com reports that 56% of Americans feel behind on saving for their retirement

0:37.1

years. So instead of dreaming of their retirement plans, many are left wondering if they'll

0:40.8

be able to retire at all. The idea of a cushy retirement has become more of a pipe dream

0:46.0

than a real possibility for most Americans, but also the idea of living off of a pile of cash, it's predicated on an entirely false premise that they've been selling you for many, many years since like your teenage years, frankly.

1:00.0

In the survey, Bankrate asked respondents how much money they would need to retire comfortably.

1:06.6

A majority plainly answered that they don't know.

1:09.6

10% of respondents answered with $150,000 or less. And when you compare that of

1:15.0

a hundred and fifty thousand dollars or less. And when you compare that with the average 401k

1:16.0

balance of a hundred and twelve thousand at retirement,

1:19.0

it's clear that something is a miss. There's a huge huge mismatch between what's needed for

1:26.3

a comfortable retirement and what people are actually able to save and here's why.

1:30.7

Saving isn't the answer. You can't save your way to wealth,

1:34.6

especially in this inflationary time.

1:36.8

There's no real education around finances

1:38.9

in the United States, so a lot of folks just

1:40.9

don't know any better. And the way that the Rockefeller's structured the work

1:44.9

environment, of course, in the United States is for you to be a worker, not an

...

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