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So close your eyes and picture your retirement.
Are -- lunching with friends drink in hand may be out relaxing playing golf.
-- back to reality because it turns out in an astonishing one in five Americans.
Say they don't think they will ever be able to fully retire it is a harsh fact these days that maybe -- money -- -- can soften the blow.
Depending on what your definition of retirement actually is -- what it should be.
We've got a power house panel here aunts that live in -- -- -- -- -- -- -- -- human person it's exciting.
We also -- wealth manager pat Powell who were also really excited about it and I -- -- -- short after that open at every court forget Veronica dagger columnist retail have you with us as well.
This eye opening to me because one in five Americans are like up.
You know what I -- he blew it it's too bad it's not gonna happen I can't possibly retire do you find -- surprising I do.
And for a couple of reasons one because in that setting Melissa up about a third -- -- in the financial crisis.
-- is hitting their investment values now.
Hello isn't isn't the record highs the Dow was welcomed by the way bond prices until about six months ago we're pretty much -- of all time so it.
We do you think that they're not looking at their -- I don't know what's going on everything I know it's the -- that ended individual investor that bought high sold Lowe got out of the bottom didn't get back in it didn't get the right kind of advice right now is trying to buy again to catch up.
Pat what do you think about.
-- that's you know I think it's really they don't have played.
I think that bristle when not hard -- -- to get this right you've got to work at and if you can't doing something hire somebody help you do it.
But you -- do you suffer if you work at it.
And I think what people do if they get.
They get involved with -- mistaken my kids' college I want the house I want the car in the driveway.
And the in the time -- just disappears.
And the fact is that you really and it's the longest term goal that you have the Sunnis start the less you have to do the longer you wait the more dire situation seeing yet.
And quite frankly an awful lot of people are just ill prepared for this.
I wonder -- -- control.
Or is it out of your control because that that the sentiment -- I got from this study is that people felt like it was just out of their control.
That weather was the financial crisis -- another really big one.
You know is the housing bubble because I think there were a lot of people of the generation I think that's getting ready to retire right now.
Who their idea was you.
You bought a house when you're in your thirties at some point with your family you raise your family in that you paid off that thirty year mortgage.
When it was time for retired -- sold the house and that was your nest egg that was your money to retire.
And for a lot of people that blew up I mean it's not a big part of the problem Veronica that's a big part of the problem right invested so much of their hat in their house right now -- gun.
But a lot is in their control in terms of what they're doing now the people aren't thinking about retirement down the road they need to be saving more.
In this country we are not saving enough as a country so many people are going into retirement what what 25000.
Dollars and 80000 dollars how are you gonna get through -- -- scary step number two the average fifty -- has 43000.
Dollars in savings for retirement.
-- giants have a better chance of going to the NFL playoff the next person does.
We're Tanya happily because that's just -- -- make it even more to making it -- existing retirees.
Are people who are just getting extra time think they have about ten to twelve years of money.
Now they also think the retiring at sixty or 58.
You know what is going to do -- hit seven the end run out of money the fact is they are woefully ill prepared and -- incredibly intense OK so how you know how much money really because I know a lot of people look at their 401K and they say I mean you say 45000 -- look at an AC 45 they see a hundred.
To be sitting in one -- and look what it's going to generate for you.
If it got its -- you if you have a 100000 dollars is -- gonna give -- 4% are you going to be able to live on 4000 dollars a year from -- -- one -- The traditional retirement is very different.
If you look back.
Four about the thirty years from and 1980 to 2008.
We lost our pensions.
There you we sept 30% of the the people who worked in the private sector recovered by -- now it's 20% and it's dropping all the time.
Public workers a little different -- private workers don't have pension.
So what -- they have they have Social Security which covers about 40% of the air may not be in the mix -- which well according to the these Social Security system.
We are we are making promises we just cannot keep they're very clear about that they need to do some.
-- -- it's -- securities broke the who now I'm even bracket there's this question you know I wonder -- These people don't necessarily want to fully retired me when you think you have to kind of ask yourself what is retirement -- I mean maybe it's not.
You -- long hours five days a week but it's doing some other kind of job where you're generating income that is -- you know that that isn't the same as what you're doing now -- mean you have to define what your ideal retirement is right that there really good point and retirement has changed for so many people no longer.
For a lot of people no longer just going to Florida and golf and all day -- Lot of people want to continue in the workforce in some shape or form whether it's part time worker volunteering or starting a business they always want to start there's a lot of opportunities.
The key part in this though.
Is are you want to be healthy enough to keep working.
And -- -- that there.
The cost of health care is just going up -- not so this is really not messing up.
Lot of -- -- that's a big unknown I think in the future to with a yeah cost projections that are in some of these studies listen we have no idea where health care costs are going other than -- And talking about estimates it could be way off the charts with regards to cost of health care going forward that -- are not even factored in it to some of these numbers you're really depressing me -- Yeah.
Jets are doing well did.
Me I'll be good but it makes me feel like one -- I can't retire I feel like it's higher -- not based on what you did to help I think that.
-- our existing point it's standard of living to.
Because I think you have to adjust your standard living somewhat is well if you go into retirement -- -- that's the problem now nobody wants to.
But that's a tough -- Not hopeless I think -- -- start the less you have to do the longer you wait the -- -- it is.
But it is not hopeless what you really need -- -- is start.
Okay you've got actually lay out.
What when he going to retire and what do you have going for yourself as you retire and what other steps that you're going to take -- to improve on that.
And it may be among many things that you might have to.
Reconfiguring timing to it may be -- to retire a little bit later we're a little too optimistic think it would gonna retire and I fifties we have so little money.
Set aside I am -- I.
Of the biggest problems especially for Americans is looking at realistically what your lifestyles going to be like click what are my monthly expenses in retirement really going to be and how to I prepare for that and how do you do that realistically you -- I think -- -- to start now and set a budget which didn't you know it's totally on sexy nobody wants to do -- but everyone hates it caught a spending plan may be helps you -- -- an element.
But you know you gotta start somewhere because it's hard to cut back when you have to -- when -- entirely you have no income coming and you -- how to start soon.
Nancy and the batter you -- on a budget over the air Scotty markets I don't know about.
How was -- spot yeah.
I didn't -- on one.
Admits it's a -- but that's bread and eggs a great point it's planning.
And it's preparation.
In it's let's stop it that makes it.
Did you to the end if you just keep doing what you're doing we're not gonna work now I just plan to work forever that's not gonna do it well what about your health now -- -- -- you can only be there advising her what I love you -- -- About how I.
I can't -- that I want to.
-- that's not my.
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