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Former Treasury Department Senior Advisor Susan Ochs, Steel Vine Investments CIO Spencer Patton and Euro Pacific Capital CEO Peter Schiff on a survey ...
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It is our top story tonight obtained when you can retirement -- -- behind.
Enjoyed leisure time gulping in traveling.
Yeah well for most of us that day is looking further and further away sure the Dow hit a five year high and Friday but if you stadium.
You made no money in the past five years and don't get me started on taxes put it together and it adds up to big delays in retirement.
A new study shows nearly two thirds of Americans age 45 to sixty plan to put off the retirement.
Today's money power panel.
-- sense of as with steel -- investments he's their chief investment officer we have leadership.
Euro Pacific Capital CEO -- -- -- former Treasury Department advisor under President Obama welcome all of you back to the show.
I'm Spencer are with you when we talk about people retiring later and later -- In part.
I really do of the -- has done a tremendous disservice and robbing savers people that are planning on retiring the people are not trading the stock market but most people that are setting aside money.
The chance to be out -- retired you're saying not only have they not just not made money.
They've lost money due to the inflation and a withering away of the US dollar as the Fed just prints money endlessly it's it's it's horrible.
And it's you know -- this further pushing out of retirement for people can't afford a delay.
Here has retirement just become a thing of the past and we were all just gonna work until we diet diet -- deaths at this rate.
Well you know.
I think one day in America one day soon retirement will be as -- -- As a single income households you know one time it was the -- in America only one paycheck.
It was very rare for a married woman to work outside the home.
Now it's very common well one day it's going to be just as on common.
For somebody -- -- I agree it's because of the Fed it's because we're destroying the value of our money but the stock market is back up to fourteen dollar was briefly on on Friday.
But that's only in nominal terms the stock market is he getting more valuable our money is becoming less valuable and and so if you look at the real value of our assets they're going down the cost of living is going up health care costs food energy parity is getting more expensive and even if you have these that depreciating dollars what -- -- can you have he can't even get 1% on your -- -- There's still so how crazy talk rescue rescue everybody figures series rescue me -- man.
Just think you think they know what is VCRs are feeling so bad about having black so I think that we're -- to realize about a survey like the one that you cited.
It is really -- snapshot of consumer sentiment at the time it's not really.
Entirely predictive of what -- behavior will look like this is.
How are you feeling financially at least you feel secure -- not people don't you looking our for a one -- so they're saying something about -- I think for people who are in their because they were looking at people 45 to sixty so if your your forties -- really have any sense of when you think you're gonna retire in twenty you're really thinking that was a job market look like.
On -- -- hearing all this talk about entitlement reform at a DC's you're thinking that's your Social Security -- Medicare are going to be around when I retire and I'll probably have to see in the workforce longer.
So I think that this is more indicative of how people feel today in what they might actually -- -- doing down -- Spencer and the truth is those are great points and the same time I talked to people who are in their sixties and are saying I had planned to retire I've lost my home last a lot of value I was thinking I was gonna sell it.
And use that money to retire a lot of people really have had to put their plans on hold what advice would you give them.
Yeah and that does one respond to that because I think that's the people are are looking at the price of things -- -- what they cost today vs what they cost ten years ago -- a dramatic difference you're seeing prices.
When you include inflation include the cost of food and energy and -- gas prices as high as they are now compared to ten years ago the price of food verses ten years ago.
Tuition for kids ten years ago and all they do with extrapolate and say where we gonna be in fifteen years and that's a really -- what they do about I have my than this plays out here to give you a crack addict I mean you -- all.
What do you do.
-- -- You should be buying goal but one quick point before get to that is people are even talking about the unfunded liabilities.
Everybody share of the national -- we all talk about the national debt but those are obligations that we as Americans now out because of our government we have to pay all this money back with interest and interest rates aren't always gonna be low so.
We can't retire we have to pay for all the spending that's not being infineon dropped out it's -- -- -- I think I'll -- what they is that is that the message outlived what what.
What you can do is recognize that the dollar is gonna go down dramatically.
And and ended -- you don't want to you know them you your money is gonna retire before you do so what you need to do is get out of dollars -- to diversify internationally.
Looked on stocks bonds real assets outside the United States in currencies that the Fed can't destroy and owns something a real value that pays a decent dividend.
So you actually you get a return on your investment tiger savings not just watch the watchers savings be -- I cannot anybody.
-- -- -- I think look diversification as always Smart right in terms of end of retirement and the challenges.
You know -- it's really easy to say oh the Fed's destroying the economy but would you rather they were -- into -- we haven't yeah our company would -- -- You can see that there yeah.
There is no way that that would make for productive economy because the one thing here accidents none unless that the wedding -- would fix things here we have right now is not a productive economy.
Disinflationary welcoming you -- front guy one thing I would fix this right now is getting into a stronger economic growth scenario which we don't happen.
And if if you start to tighten up interest rates we're never gonna get there Peter tightening up in the know.
Again I mean you get an increasing taxes and trades aren't -- the -- -- -- -- -- -- hiking up interest rates and also raising taxes both strike me as terrible -- don't know I don't wanna raise taxes we want to slash government spending.
We want -- we wanted to liquidate the bad debt we want to let prices create jobs we need to save we need to produce we need to explore we can't just keep borrowing money so we can consume imports that's how we destroy our congress.
Yeah what -- highest level since been in decades so nice guys and reportedly -- This -- not economic growth and OK Peter your fantastic but I think we just drove a lot of people that drink tonight but -- not -- up.
I think you so much luck we'll have you all back soon with a cocktail hours -- -- are.
