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Your recent report the average American family has simply not saved enough for retirement.
More than 40% of households do not -- pension plan a 401K or -- IR days so what can you do to make yourself retirement ready.
And also help keep your time affordable joining us now the co authors of a new book retirement plan solution.
The reinvention of defined contribution Don -- co chairman for global consulting and Russell investments.
And Bob colleague managing director for investment strategy and consulting at Russell investments -- is here New York.
Bob is in Tacoma Washington welcome them -- on Bob thank you thank you is this say big you know listen I mean -- Is this a big problem not these people that we're talking about in your book do have Social Security.
This that is so.
They have someone right.
That's right and that's always that's a base for everyone and then the question is what can you do over about back.
And that's what the book is about.
Yeah any bit but is this going to be a major I mean listen if you -- -- take a trip to Marat whoever you're gonna get some extra cash but just as far as living expenses going your -- in the researching you've done.
Is that are we are people in trouble -- -- have to really toned down the way they live.
Well the bottom 25%.
Will probably live just the way they are living unfortunately.
On Social Security.
The top ten to 15%.
Will probably never run out of money no matter what they do if the -- 60% where we have choices tonight.
Bob what are some of the potential solutions here because you have tax incentives they don't seem to do enough.
With IRA and 401K plan investing pensions don't really work if you have of mobile society of -- -- Then so security and what -- government mandated savings is that where we're headed here to make sure that the population with the -- enough money away.
That's not that fun fun to have but -- -- suddenly a scenario which he is left open by the fact that.
Corporate pension provision affects a -- certain percentage of the population.
And -- -- for the remaining part of the population yes some sort of government mandated solution.
Mighty well will be on the life because as as you're going to discussed Social Security provides a place like.
Over and above that is -- the worker Olympic Games.
Like Bob like in certain countries like it's still I mean -- -- -- reforms and now basically everybody in Chile sort of is.
Sort of I don't know mandatory contribution right this is not really voluntary but they do have some.
Choice over what they can do do you envision that being the case here above and beyond.
Social Security -- -- to be honest do a lot of our viewers like we have no -- it.
That's -- -- their dignity to the degree to which the next generation is relying on Social Security as their primary retirement income.
I think -- -- people aren't looking to that by and large.
That -- I have -- there's one that's sudden interest in the Australian model is one that so we we address at some length and I'll vote.
I've met some interesting things happening in Canada and the Netherlands as well so definitely there are lessons to be to -- from around the world for the US.
-- -- reality that we as a nation just gonna have to work longer retire later.
I think that's beautifully put.
When the smoke started Social Security Germany in 8918.
The average lifespan was 45 and he said the state we'll give you something from age seventy.
That was -- was too much of an expectation if we.
Live to a -- ninety and we want to stop stop working at 65 yes it's more expensive it's a choice and I think what's happened recently means.
That most of us are gonna have to work longer to make up the fall in the market.
And companies like GM have recognized that it's very difficult to fund.
This type of you know thirty year lifespan post retirement and passionately pink one and one of the main.
Startling statistic to come up with a book is that every ten cents to say it will probably generated all of that you control them off to retirement.
And it's not just the ten cents becomes Abdullah but the other ninety sensed that he sends a cruise why you'll still working.
And sixty cents nobody realizes it's as big as that.
Has yet to approve an investment returns off to retire so we need to focus not just on getting the ten sends him.
But off to retirement what do we do with that.
To keep them to make sure that sixty cents keeps coming.
-- the lottery.
Can I as a thank you very much Bob -- authors of a new book we appreciate you coming up.
My -- an issue that is not going away as passionately thank you he's.
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