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Are you planning to retire when you get old? Stefan Molyneux looks at various government pension schemes, their sustainability and the shockingly low rate of savings among many people in the western world.
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Reality check. The WSJ had an article on the growing number of young people retiring at or before 40 years old. How? By not falling into the "I have nothing to do so I'kk buy something" mentality. They radically cut expenses and save 65-75% of their net. This means every closet cannot be packed, no eating out every day, energy must be conserved, Google - not Verizon, cheap car...it is being done. However If you are someone who shops for relaxation, has so many clothes you must use two closets or have never saved this is probably not for you.
Secondly, we take far more from SS, Medicare and Medicaid than we contribute (which is why they are bankrupt). The average couple (2012 - $44,000 salary each) will get approximately 1/3 more than they contribute (SS & Medicare) A one-worker family will get approx twice what they contributed. We contribute nothing to Medicaid except taxes. Lastly, the trouble with all these new pensions is that "retirement" begins 10-15 years earlier than what was once considered normal (65) and they are negotiated in good times.
I’m in agreement with you except for one topic. I don’t know what kind of women you surround yourself with but the women in my family are quite knowledgeable. It’s the men who think they know better who drag us down.
It’s hard to soar like an eagle when you’re surrounded by turkeys.
Humans are not solitary players, we are intrinsically bound together and thus pull each other up or down en masse. Gender has nothing to do with it. IMHO.
The problem is not that Americans don't want to plan and save for their retirement. The problem is Americans don't make enough money to be able to save for retirement. Stefan said that 22% of Americans have not saved any money for retirement. Which I am not surprised that number correlates with the percentage of Americans that are poor, too poor to save for retirement. I get bothered by people who think it is a matter of choice, okay I'll tell by boss to give me a 6 dollar per hour raise tomorrow so I can save a 1,000 per month for retirement, he will show me the door.
Social Security Trust Fund reported that the program will become financially insolvent in the year 2034. In 1960 the U.S. Supreme Court ruled that Social Security recipients have no contractual right to receive payments also the power to amend and revise anything they want. This should frighten people. The people receiving Social Security won't after 2034 (15 yrs) The others you are counting on Social Security to provide income during retirement are SOL. What can the gov't do? They could double the tax rate from 12.4% to 24.8%, that would increase the tax burden from the avg. 28% to a 41% tax burden. That means a lot of people will call their car home. It will not turn out good. The gov't could just print 1.37 trillion dollars per year, dump the money into the economy (rapid inflation) and add 1.37 trillion dollars annually to our national debt. Currently the interest paid on our 21 trillion dollar national debt is 500 billion annually. According to the Government Sustainably Office the U.S. is on a fiscally unsustainable path because of projected increases in Medicare and Social Security spending. I think were are on a path of no return,
You cannot say "why should the government pay their pension".
Those people had a deal and held up their end. They have the right of delivery.
If I sell you a car, and you agree to pay for me 5 year holiday on Ibiza... You made a deal... A crappy deal, I agree... But you should hold up your end. It's not my fault that you agreed to bad terms. We say that about everyone with a credit card loan or a student loan or a bad mortgage... why not about the government? They made a crappy deal, it's a free market. Pay up.
The public pension stuff was good. But why the hate for the RRSP, 401K, and similar programmes like TSFA. They are literally the only good programs the NA governments have. They allow you to avoid \ defer tax and take care of yourself in retirement.
I'd think you'd be all over the RRSP \ 401K programs, particularly self directed ones. For those with discipline, all you need ot do is set 10% of your gross aside, invest it in a set of exchange traded funds that mirror your top 4-5 stock exhanges ... month after month aftermonth for the duration of your career, never even thinking about it and voila ... your guaranteed 10% returns min over the long haul and wake up at 60+ to a VERY tidy retirement bundle. There is actually nothing that could be easier. All it takes is discipline and a commitment to the slow and steady long game.
The only bad thing about the government's involvement in corporate RPPs is that they force employees to contribute to them to some extent. THAT is bogus. Everyone should be allowed contribute to their own as per above and fuck the corporations who raid their pension plans and the gov't.
Best way to ensure a solid retirement: HAVE NO DEBT. Buy used cars and drive them until they die. Double-pay your mortgage to pay it off in 10-12 years.
I have over a million in net worth, not counting my fully-owned house. I have a 15-YO car, a 5 YO car (both fully-owned, of course). My 2 TVs are 7 years old.
The only "new" things I have are laptops which you HAVE to refresh every 3 years or so.
Living WELL BELOW YOUR MEANS is the ticket to debt-free living. I could have had new cars at every turn and qualify for a house/mortgage 3 times the one I paid off. But why?
If you need guidance, look for Dave Ramsey's podcasts, website and videos. I took my steps before I heard of him, but he gives good, practical advice.
Yeah the government needs to reset the system, tax the wealth of those over $500,000 net worth, End S.S
for those with a net worth over $1.5 million, curb immigration, and send refugees back to their countries or tent housing near their country! Then we will be on track to a controlled system!
Living below your means is the way to go. Look at the "tiny house" movement and the homesteading movement.
But yes you can at least work part time. And I think worrying about health is moot because at some point in time its just better to die. This is why I believe in assissted suicide. Dementia? Why should anyone be forced to survive like that. Just end it. Get it over with.
I'm going to retire next August at the age of 50. How? The main thing is that I'm not retiring in America, or anywhere else in the West. I'm moving to Thailand where healthcare costs are low for excellent healthcare, where you don't need to own a car, and the food is cheap. For $2000 or less (sometimes much less, depending on your standard of living) a month you can live very nicely there. Not to mention the fact that in Thailand, while lousy with tourists, there is none of the immigration nightmare as exists in the West, very little deadbeat welfare-mongering, no sense of entitlement or victimology, comparatively little violence, and far greater freedom of speech (yes, even under a monarchy!).
I've always thought that investing for my retirement in Roth IRA is pointless, and foolish, knowing that something or someone will take them all away from me in the end. I'm single and will remain to be, and work in the trades. Should I stop investing?
Why save in a worthless currency? Dollar is trash; that's why Saddam wanted to trade oil for euro's NOT that it is any better. fiat is trash, physical silver or gold actually holds value over time, sure it will fluctuate, but you still have the value in the physical no matter what the inflation rate is.
It's all water under a bridge. I just read a Canadian Japanese history book put out by Canada; national defence. I would still state that there should be a head tax in a certain regard, to hault or stop. This is a intererelated point ,since more eastern values create worse and worse times, and theft of destruction of money andagainst people. Creating poverty by theft and criminal acts. So what is going on. In a world built on kings in the past, reality of bismark ideal of money and its use made logical sense, if one serves 20-30 years doing something to build a community and system, then they should have benefit when no longer apt to work then they should be able to inherit those freedoms. The problem here is that money is notthe freedom its the thoguth behind the use of it in which gives freedom, ie, the laws of restricted rent increases and more, but Asians have mental problems that seem to never stop whe nthey get or take osmethign they jsut keep eating and taking. Vancouver, ports, Australia ports, like one big bad gang of thugs. Might as well call then axe gangs. So yeah there is a fear, buts that what they would call it, but its self protection of upright ideals that is not fear, by a fierce independence and lawful nature of peope lto defend a quality and standard, what I see is the death of that, through all sorts of means and yet again Molyneux is off basis, with history here.
Its pretty much how the author of lies works through History. Example. In this book, It paints Asians as innocent vicomts and mobs of white hatred coming down on them, ignores all teh other people thrown intothe bag of white; which is natives, Australians , English Europeans, etc... anyways People do not act out of hate without reason. So when a group or wave of endless migrants come over far above the census values, udnermien the markets and then demonstrate their way of life as some weird shitty home of wood and love of poverty and abstain from works of health it is interesting and I could see a reaction to people, wanting a slower expanse. Keep in mind it also never mentions where and hwo paid for what for the railroad and hwo the migrants expanded it and were pawns of asaitic empire. So yeah peope lahd a right to react. its jsut like the native thing in which paints suddenly again all white people are evil against native,s but this then doesn't count white Asians, etc etc. So the dialogue always seems ot ignore the individuals inw hich cause the problem .Now a wave of darkenss that seeks only money is devastating to a intelligent society. Ie, Gold rush caused so much grief nad crime and debachuery its astounded more peop ldidn't die. So yeah the loven ad want of immediate reward is destructive against the person.s'
If my taxes go up because some old farts were irresponsible with their money and lacked the ability plan, I'm going to be very disappointed and angry. I worked my ass off to pay off all my debts and contribute extra to my 401K, and so did my husband. Our mortgage will be paid off by the time I'm 30. If all I get for this is the government taking more of my money that fucked up.
This dude is the World Champion at rambling, damn. But I am glad to see him getting older looking, if brings a sense of ...hope, for the future. Now don't get me wrong, cringe-worthy convictions, sketchy sociopolitics, dubious dispositions, and an uncanny resemblance to the itching lunatic in the movie "There's Something About Mary" aside, he's got quite a knack for character and presentation which I can TOTALLY imagine myself liking alot if I was an uninvestigative, uneducated, bigoted White male looking for my biases to be confirmed and not much interest in addressing his self-contradictions and hypocrisies, for he would sing my delusions, prejudices and insecurities, -and sing them on high!
(Why, I love how the profile pic right below this comment kind of adds that solidifying touch without having to look far into Stefan's kkkrowd.👍🏽)
I thought immigrants were brought in to pay the pensions of the ageing, mainly white, population?
This, after those people had already contributed to the pension scheme, their whole lives.
Now, it turns out, they have to keep working.. to pay the benefits of.. the immigrants.
If the immigrants think such a foul, corrupt system will benefit them in the far future.. think again.
ok, but wher are the money one pays so many years to pension fund? who takes decisions and how do they explain the loss? people are far too submissive with their own money, the society is doomed, finished, it is only a matter of time...
I have been putting my savings always on bonds. To balance with the annual inflaction. And recently bought land from my grandfather's oncle to avoid getting it all carved up among heirs. My father pointed it out it would be in my interest and made my aunt happy, promising her I wouldn't open a well to extract water direcly from our family's mine.
Just "making my bed" before things get worst. And things will get worst, it seems. Hopefully we can got through it while being free.
like many things are let to slide, because our gov. was so sure we would be one world with all having a stake in the ruins and then Mr. Trump took over and we citizens are going to run this country the way we want
2:54. Don’t forget women entering the workforce. When you double your workforce while the number of jobs stay flat or decrease due to automation, there’s no incentive to pay workers since there’s always someone willing to take your spot for 20% less. Not sexist, just math. You know, the thing women are bad at. Oh yea, that comment wasn’t sexist either, just a stereotype
I prefered the system in Libya under Gaddafi. Elderly were looked after.locals paid next to nothing at the petrol pumps,5000 dollars given to all with newly born babies, a dividend to the Libyan people annually from oil profits,free education for all, financial help given to all newly married couples ,free health care,
and accommodation was next to nothing.And let's face it,Gaddafi and Saddam were instrumental at keeping small militant groups from growing (What a colossal mistake ridding the world of those two). Look at the state of europe due to their elimination.
What i find funny on a daily basis,is the fact that europeans blame migrants from these countries as opposed to those displacing them.(go figure)
The "existential Minimum" payed to refugees in my country is, as I was told, about 2,5 times the pension pensioners are receiving at the moment.
Even tho pensioners poverty is a well known problem here...
Every working American is saving for retirement. It was forced on us by the government and called "Social Security". Now the government is telling us that the money we gave them to hold for us to retire on is spent and there isn't any for us. It is theft, plain and simple.
Molyneux, your message here is valid a lot. The public retirement funds are not managed decently and there is the general mentality that "the gov. will take care of you" once you retire. Never bought that. People have to forget the gov. and run their lives on their own. Quite interesting your point suggesting men let other men fall under disaster, differently than women might do. But am not sure.
Loose immigration policies probably were created to compensate for the declining birth rate in the U.S. and the rest of the West for that matter. Then you would have the necessary demographics to fund SS and Medicaid. However, if you play in automation reducing job growth and eventually the absolute decline of the number of jobs able to pay a living wage, these policies are doomed to failure. Add in the resulting societal upheaval due to this fueled by leftist mentality generated by radical feminism you have the recipe for societal failure. The worse part is we have welcomed, fed and housed our eventual conquerors.
If there's going to be a government welfare program with dwindling funds then it needs to be targeted to those who most need it. I'm an Australian and don't know the numbers of the US but if we pretend that social security payments can sustainably give $1200 a month to 1 million people, then perhaps only the 1 million oldest people in the US should recieve it. On your 70th birthday you'd go to the social security office and they'd tell you something similar to what phone service operators say "you are number 5 million in the queue, your estimated wait time is 5 years".
We also spend way more than we need to. I've been thriving and spending roughly $25K per year for everything. Couple that with a software engineer's salary, and it's pretty easy for me stash away more than $50K per year. During a good year, I could put away $80K-$100K. I feel like we're living in the best time ever. There's cash everywhere and you don't even have to work that hard for it. If you can exercise the tiniest bit of restraint, you'll be rich in ten years. It's totally doable with some simple habits. I really don't understand the negativity.
Bullshit. If you get married and have to support an immature, impulsive, selfish, self centered toddler that will spend every dime you have on useless shit you are prolly right. Not to mention the kids... See what I did there men??
Small problem. You said the ww2 / baby boomer generation of families with up to 5 kids could live off one man doing 40 hours a week because taxes were low and the market was more free. Not true.
This was the 40s and 60s, when taxes were up to as high ad 80%. New deal regulations and spending loomed over everything and most industries were dominated by a small handful of companies; who ussualy also had government contracts.
I dont mean to undermine your point but thats a HUGE thing to overlook.
8:20 Is it possible to even pay a mortgage on a credit card??? I thought those had to come out of debit accounts...I could be getting back 1%. It is like I am missing out on a free burrito every month....
I have an interesting topic for you to explore Stefan. Why is it that so many Americans put content onto the WORLD wide web, whilst assuming that the audience is American only? Imagine how this pisses off the rest of the world?
Retirement savings accounts are a scam, they credit you the money then restrict how and when you can get it and punish you if you use more!
Keep your money at home,under your control,pay down your current debt and live within your means aka no credit debt,don't give the government a way to steal your money!
What about financial literacy? A lot of boomers did not know how to handle money. Also a lot of Americans do not know how to live within their means either. Growing up I watched my parents struggle and I never received a penny from them. I told myself I will never be in this situation. I put myself through college without loans and worked 2 jobs throughout high school. Now at 22 I'm a manager at a Fortune 500 Company and manage a side business. I live within my means and put 22% of my income to a 401k, 12% to a savings account, and 6% to a brokerage account that I manage. Its time to grow up and take some responsibility. You can't rely on the gov. to be there for you.
and indeed it would help if a person actually got paid enough money to live on and then have some money to save ...hahahahahah ahahahahaah ahahaha i will be working til the day i die ..and so will YOU unless you stole money.
Terrific presentation. Only 6% of those past 66 find themselves still employable to make up for the deficiencies of failing to plan and failures of the plan they chose. Inflation is the real bottom line problem which goes to the Federal Reserve System. Wars, near zero percent bond earnings, rigged stock and commodity markets, and an insatiable desire to consume stuff, and poor healthy life style choices have made this a catastrophe of proportions unimaginable to the sane. Jesus can't return soon enough.
You need to pay your mortgage, bills, taxes, food, medical, holidays, send your kids to university, pay out your ex after divorce, pay child support, alimony and don't forget to fund your retirement.
Government has suddenly found billions of dollars for maternity leave but can't afford pensions.
Why? Because pensions are a giant Ponzi scheme. You tax salaries now in the certain knowledge that the population is doubling every 50 years so you just keep raking it in and raising the retirement age. In the UK the state pension age is 65 for men. By the time I am 65 pensions either won't exist or won't be available until 75+.The only pension in the UK is bricks and mortar. Buy as many houses as you can on mortgage and get them paid for by your slave underclass for whom ownership is a pipe dream. Die fat and happy.
Once again @stefanmolyneux, your message is lost when you carry on insulting all women. Clearly your gender bias has diluted all your arguments. Unless you are willing to back up such ridiculous statements with fact, don't preach your slanted opinion. When you said (paraphrasing here) ; that anytime I (being you) bring up the topic of politics, women get this glassed over look come about. Really??? Stick to the topic instead of alienating 1/2 of your potential audience. I will miss your intellect, but not your overt sexism. Peace out.....
Of course it's a oxymoron to say "efficient government" 😣- although government should be; just as private sector needs to be "profitable." At 68, I've put 22 years into the well funded, State of Calif, CALPERS system. Depending on "collective bargaining units" - after 22 yrs ( at over 55), usually at 2.5%, we can get about 50% of salary, plus benefits. It's a good deal for me, even though State Govt. IS inefficient! We NEED an "injection" of private sector ideas that will make State Govt. more "effecient" - overcoming our crazy waste of taxpayer dollars AND stupid entrenched "policies and procedures!"🤔😉
Some say the Iraq ongoing massacre and oil theft was in part to fund the West's aging population. Insane the capitalists have to kill/maim and raid 100+ non British Commonwealth countries to fund basic life for their people.
My union pension ended up about 1/5 of what I was promised, The company I spent 20 years with, took bankruptcy and defaulted on my pension, and I knew SS wasn't going to be enough. I worked underground for myself for 10 years, paid no taxes, and I retired comfortably the day before I was 55. I have most of my money in those little one ounce silver bars, stashed in various places. They spend just like cash in the Caribbean, without any exchange fees. I'll probably never return here when I go down this winter.
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