Also in this playlist...
This transcript is automatically generated
A new study says nearly half of Americans die -- less than 101000 dollars in assets according to the National Bureau of Economic Research 46%.
Of Americans have almost no housing wealth.
And rely almost entirely on Social Security benefits in the days before they die.
Which makes elderly folks largely -- prepared for any financial emergencies before they die.
Joining us now personal finance expert Larry -- -- he's also the author of the book people are idiots and I can prove that catchy phrase.
Larry you know the question is I guess you're not surprised because people who die would no assets lived it with no -- Right.
That's exactly right people who die broke probably -- broke.
They can't really is lack of preparation and lack of planning plus the fact that most people are just not good -- addition and subtraction.
They never took the time to add up what retirement was really gonna cost and subtract.
What it was gonna cost them -- -- how much money they had.
And when you do that you needed depth of the positive number most people -- in the end up relying on the government and Social Security.
The first thing people need to remember a Social Security is not enough.
You need to plan and save along the way -- need to become obsessed with saving and you need to do it long before you get in retirement.
Well that's -- -- good Larry but I gotta tell you know it's frustrating for a lot of people because you look at the market over the past fifteen years and I can tell you from firsthand experience my 401K is done diddly.
And the reason has done dailies because it takes years to build up and then two months the market -- it all out.
I mean people are frustrated because in this day and age it's difficult to save money.
It is difficult aside but that's also what you need to realize you have to have a diversified plant.
You need to have a good portion of your savings and just -- -- flashing cash is what I -- And most people don't do that they just don't have any cash on hand and you know another great way to make sure that -- planning for retirement is to get healthy.
It and you don't do that once you're retired you start getting healthy right now because one of your major expenses in retirement is going to be health care cost.
And the best thing you can do to -- all of that is to become -- peso through diet exercise get out but.
If you're smoking cigarettes -- done that package that you haven't is that -- a 4000 dollars you could say.
I got ten seconds -- -- they give me to do great things -- need to know about saving.
First of all adjuster -- style right now I know -- on that adjusted NASA retirement won't come at a sticker shot.
And then remember always -- at least of the same amount of money that you're expecting from Social Security 10% as a great place to start.
-- -- -- got to see you thank you sir.
Well a lot of travelers -- --
Filter by section