The #1 Reason People Retire with NO MONEY!

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[christophervarela]

I had a co-worker always looking forward to retiring. He would check it every week for 25 yrs. He was so excited. Well life turned on him with colon cancer, and he passed away without seeing a penny from his retirement. Just thought I'd share. Great video.

[hollyjobitner]

I would often encourage my hospital co-workers to start planning for their retirement immediately. I would encourage the employer investment plan to start with, do a small Christmas club deducted automatically (a savings starting point), pay off any loan, don’t buy a new car. Bless them, as they stood there with fast food in hand, “I can’t afford it. I don’t have your $.” I would tell them, “Yes, I have $, but it’s tucked away in retirement. I didn’t always have $. It takes time bit by bit.” You can lead a horse to water…..💙

[gibblespascack]

Getting started is more important than anything. The rates don't matter if you have not put money into the program. It is even worse when you do not put in enough for the company match, if it is a 401K

[lindakingsley]

When a person like me had retirement plans close because the job is gone and it has happened several times to me. We are also not taught in schools to understand how money market systems work.

[appleiphone]

The three cardinal sins of a poor retirement, don’t start early enough, pull money out before retirement, just contribute the minimum to get the 401-k match.

[bigbanknewyork]

Add high student loans + big car payments

[jeffmonaghan]

People need more money. If they don't have it, they can't spend it. If people had more money, they would spend it, and we would have a booming economy. The problem is we have "currency" not real wealth. Our collective money supply is controlled by the Federal Reserve Bank. It is manipulated by smaller banks and dispensed with inflation. Money is taxed profusely by the Internal Revenue Service. Every consumer is brainwashed to value money more than wealth. You're not a good consumer if you don't spend your money. The government is in control. Your money stays within the economy throughout your life and after your death. We are poor, and we don't know it. Wealth is a mirage.

[margaretapersson]

"They dont put freaking money into retirement" -- people in general do not know or understand the stockmarket, they think it is like a Vegas casino or lottery where you cant win unless you name is Buffett. If they knew that the S&P averages 8-10 % per annum they would save.

[farhank]

yeah and Most people dont even know where to invest

[alexm]

Fees are an integral part of ones rate of return. There is no reason to constantly minimize the impact of fees the way Ramsey does. They can add up to hundreds of thousands of dollars over the course of an investing lifetime.

[stevenporter]

The dollar amount of fees compound over time. Nobody said fees are 100% and that is the reason for no savings, but high fees definetely doesn't help either. Dave ignores their impact by exaggerating what other people think.

[thurst]

That's why the Australian superannuation guarantee system is a good model.

[bekind]

If you buy your car on credit you have already lost. Most of us think that is normal. But it is simply the wrong way to start out.

[brandongutcher]

Also high inflation doesn’t help at all

[kf]

The other reason is they only make 40, 000 a year and you cannot live or make any headway making that.

[sandys]

I have put in money since 1987 and my employer matches that. We get an update every year with what we will get with a bridge benefit. I intend to stop at 65. That is when it ends. Then we have CPP and old age pension on top of that. My mortgage will be paid off and I will only have to worry about my maintenance fees. I hope I will be okay.

[nicholasselke]

Another big reason: people keep buying things they don’t need. Investing into retirement is ideal, but the extra money you don’t spend on non necessities sitting in a checking account is still better than having zero dollars at retirement

[chm]

Most people don't make enough to save, they don't even make enough to pay food, rent/mortgage and utilities. How the hell are they going to save.

[Red_]

Already hit the like button before I heard it.. guaranteed always good info from this guy. I wish I was taught about money when growing up, I’d be a gazillionaire today 😁

[Dontagerivera]

This is true. I work at kellogg we all make great money some people at my job didn't set their 401k they been there 10 years.