Also in this playlist...
This transcript is automatically generated
Hello -- Lawrence admitting you're watching fox extra with the changing economy traditional retirement planning is simply not gonna cut it.
We're talking to -- -- Botsford of the big retirement risk about what we need to be doing to prepare.
And -- we need to start preparing and here is just spoiler alert it might be allowed -- -- -- think -- Aaron -- are joining us what.
Differences today compared to previous generations and setting up your.
You're golden nest and I think what a difference today from the past is that most of our parents had these traditional pensions or they had social security and they had.
We're just not gonna have that in our lifetime we can't reliant so I think the new age is going to be the age of self reliance verses pensioner government reliance.
-- we've definitely seen that I know you have to have your own for a long can and you -- hope that.
Make something up right -- right -- he's -- saving your twenty's in your thirties what's the best advice for that age bracket.
-- the best advice for twenty and thirty year -- is one instead of debts.
The nice thing is in this generation frugal is becoming the new -- And in so the idea of one you know if -- can't afford to buy it don't have -- you should never have more than a car loan or student loan.
In your twenties and thirties also if you're married as a young person twenty or thirty year old you should plan to -- your lifestyle up.
I'm living on one person's paycheck and save the others and if you think that's impossible I have a twenty year old son and my daughter -- that's that they do.
And so because they're trying to create a bigger future for themselves so they're giving up some of the immediate gratification right now.
That is that is probably one of the best -- I've ever heard the all right so let's say -- in your forties and your fifty's what should you be considering at that point.
Well again in the forties.
We're living longer and so we have to think about this money lasting so much longer so the forties right now are really the thirties and so I think the whole living frugally living within our means and then you do wanna put money in your 401K but I'm a little different from other people.
In that I say.
Don't think Mac seeing out your 401K I believe usually put that much and where that your employer will match and then invest the rest of your money outside in.
Income producing investments are right so 65 who retires at 65 these days.
I'm not very many -- I don't know what it's not a bad thing I always think you know.
I have seen a lot of people who retire early at 55 and sixty.
And boredom is a really bad thing in -- you don't have something purposeful to do in those late retirement years I -- Keep working -- the one thing that it is true is -- that you can postpone at least your Social Security paycheck.
Between the ages of 65 and seventy.
You can 8% a year race I mean who's making 8% of their money right now -- -- do tell people if you don't have to take the Social Security checked out.
John can't have stated for a rainy day would you agree with some of these big executives are saying seventeen is the new retirement age.
I think so like -- -- I think we're living longer so what do you do I mean.
How what do you do for minority -- fifteen years I mean I don't think people want to be that unproductive pick up from a debate retirement risk from more tips.
On retirement and saving for retirement not -- for fox extra.
I'm Lawrence in in Eddie thanks for watching.
Filter by section