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Money Guy Show

X% of Americans Over 50 Have NOTHING Saved…

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 21 May 2025

⏱️ 63 minutes

🧾️ Download transcript

Summary

What happens if you turn 50 and haven’t saved a dime? We break down how to turn things around with tools like catch-up contributions, Social Security planning, and flexible retirement timelines. Then we answer your questions about profit sharing, maintaining a 25% savings rate, self-employment, and a whole lot more! ⁠⁠⁠⁠Jump start your journey with our FREE financial resources⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Reach your goals faster with our products⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Take the relationship to the next level: become a client⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Subscribe on YouTube for early access and go beyond the podcast⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Connect with us on social media for more content⁠⁠⁠⁠⁠⁠⁠ Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Unbelievable. This percent of my peers have absolutely nothing saved for retirement.

0:11.0

Brent, I am so excited to talk about this because I think that we can change it.

0:15.7

I think this is a statistic that is sad and frustrating, but I believe that it's one that you and I sitting

0:22.5

right here can improve on moving forward.

0:26.0

So the big reveal.

0:28.6

If we were just, because let's just go right out of the gates and tell.

0:31.6

Now, I want to flip this into the glass is half full.

0:35.4

Fortunately, 80% of my peers are actually saving for retirement, but unfortunately, 20%

0:42.6

are 1 in 5 have absolutely nothing saved.

0:46.3

It's pretty dire, right?

0:47.2

When you think about turning 50, hitting that thresholding, that mark, most people,

0:51.5

if you're thinking about a normal retirement timeline, you're thinking about

0:54.2

age 65. Well, by the time you get to 50, 65 isn't so close. I mean, it's not like right

1:00.4

around the corner, but you can see it. You can see the landing approaching. And for folks who have

1:05.8

done nothing, who have not prepared at all, I got to believe it's a pretty frightening and

1:10.5

pretty scary

1:11.3

experience to be in. So that's why, let's actually bring people to the bridge. And by the way,

1:15.4

if you're younger than 50, which 87% of you are, because I went and pulled the stats this morning,

1:20.9

still stick around because we got some great stats on how you can do this differently. You don't

1:26.9

have to be the passive player

1:29.0

in your own financial life and wake up when you're 50 plus and go, oh my gosh, how do I catch up?

1:34.2

How do I actually make this work? So we're going to hit the pause button for you young people

...

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