Our Take on the "No Retirement Savings" Crisis
The Stacking Benjamins Show
Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP
4.4 • 2K Ratings
🗓️ 14 April 2023
⏱️ 63 minutes
🧾️ Download transcript
Summary
Do you have anything put away for retirement? If so, you're doing better than 50% of women and 47% of men ages 55-66, according to U.S. Census Bureau data. Yikes! For today's roundtable, we welcome guest contributor Investopedia Top 100 Advisor in 2019, 2020, and 2021; Certified Financial Planner (CFP); and Retirement Income Certified Professional (RICP) Benjamin Brandt. We welcome Paulette Perhach back from her travels, and Len Penzo joins us from his bunker under flooded Los Angeles. They give their 2 cents on today's alarming headline - which is $0.02 more than almost half of Americans approaching retirement age have set aside, apparently! Double yikes!
In our second part of the retirement savings discussion, we discuss a piece by JL Collins that pushes back against the idea that your home doubles as a retirement nest egg.
In his trivia today, Doug comes through with timely data about expected retirement age - which, as we discuss, doesn't always pan out the way people plan. Flexibility is the name of the game, Stackers!
FULL SHOW NOTES: https://www.stackingbenjamins.com/Fri-roundtable-1343.
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.StackingBenjamins.com/201
Enjoy!
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Transcript
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| 0:00.0 | I mean, you're living in your mother's basement right in the blog on finance. |
| 0:03.9 | Really, you should stay off the computer, son, and get a job. |
| 0:07.3 | Seriously. |
| 0:13.8 | Live from Joe's mom's basement, it's the Stacking Benjamin's show. |
| 0:36.9 | I'm Joe's mom's neighbor, Doug, and we're getting out the crystal ball today to figure out why millions of people are close to retirement and have no savings. Today to help us figure it out is Army |
| 0:39.7 | veteran and retirement guru Benjamin Brandt. You know, I got to break script here for just a minute, |
| 0:45.9 | Joe, and just say, Benjamin, I really have to thank you for the acting you did and miscingeniality |
| 0:50.8 | and Cloudy with a chance of meatballs too. I mean, it was just, it's top shelf |
| 0:54.4 | performance, man. It spoke to me. It moved me. And I just, I got to be a fanboy here on this one. |
| 1:00.4 | Plus, the man who's beating the retirement age average and doing it in style, Len Penzo. |
| 1:07.1 | And a lady writing her own retirement ending in English and Spanish, Paulette Perhatch. |
| 1:12.6 | But that's not all. |
| 1:14.1 | Halfway through the show, we're going to find out which panelists can get my ageless trivia question. |
| 1:19.6 | And now a guy who can talk about money until the cows come home, it's Joe Saul Cihai. |
| 1:30.6 | Hey there, |
| 1:31.4 | Stackers, and happy Friday to you. |
| 1:33.6 | Thank you for the introduction, Doug. |
| 1:35.3 | I am Joe Sal C-Sci-hi. |
| 1:36.3 | I average your money on Twitter. |
| 1:37.8 | And what a fun day we're going to have today |
| 1:41.0 | because we're not more people retire on time. |
| 1:43.5 | If not early. |
... |
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