Old, Sick And Broke! The Cold Reality Of Poor Financial Planning

The financial struggles of older Americans underscore the importance of early and consistent financial planning. Without significant savings or alternative income streams, many retirees face the grim reality of outliving their resources, compromising their quality of life in their later years.

Ill-Prepared for Retirement
Lack of Savings:

Approximately 50% of Americans aged 55 and older have no retirement savings at all.
Among those who do save, the median retirement savings for individuals aged 65–74 is only about $148,000, far short of what’s needed for a comfortable retirement.
Insufficient Income:

Many retirees rely heavily on Social Security, which provides an average monthly benefit of about $1,827 in 2023.
This falls significantly short of the income required to cover rising expenses, including housing, healthcare, and daily living costs.
Running Out of Money
Rising Healthcare Costs:

Healthcare expenses are a major challenge, with the average retired couple needing around $315,000 to cover medical costs in retirement, excluding long-term care.
Longevity Risk:

As people live longer, the risk of outliving their savings increases. About 40% of retirees are projected to run out of money during their lifetimes.
Debt in Retirement:

A growing number of older Americans carry debt into retirement, including credit card balances, mortgages, and student loans for themselves or their children.
Broader Implications
Poverty Rates Among Seniors:

The poverty rate among Americans aged 65 and older is approximately 10.3%, but this understates the issue when factoring in out-of-pocket healthcare expenses.
Dependence on Work:

Many seniors remain in the workforce out of financial necessity, with about 20% of Americans aged 65 and older still employed, often in physically demanding or low-paying jobs.
#RetirementCrisis #financialfreedom

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[nancykurpaitis]

IT'S SOOOO At now 71 years old, my parents DRILLED IT into my head back then. Social Security WILL NOT/COULD NOT SUPPORT A DEAD YEAH, YOU HEARD ME!!!! I own/operate an Airbnb & doing HAVE BEEN "LECTURING" YOUNG PEOPLE....deer in the headlights, look from them.... TO THINK YOU ARE

[obrienortega]

This is sad and scary. This infuriates me but at the same time motivates me to invest more (Stocks, Real Estate) Funny how the government has money to splurge on these illegal immigrants but no money for the American people who bust their butts working hard and becoming good productive members of society. Excellent video Soldier Of Finance.

[strawberriesncandii]

Even though I’m in my early 30’s this is something I’ve been thinking about a lot. One of my parents was prepared for retirement and the other isn’t. Since I’m the only one talking to her I know at some point I’ll get a call about her at some point which is additional stress. I am very serious about this topic especially the health account. I’ve never heard about it until this video. I’m looking into ULI, whole life and term to see what I can do for myself.

[nancykurpaitis]

Just HONEST THANK-YOU, SIR!!!! Lack of knowledge is DESTRUCTIVE. Not Listening to the THUTH....IS DESTRUCTIVE!!!!

[yevgeniyshteynblik]

Youtube asked if this video is a good recommendation for me. It is.

[DIAMONDGIRL]

Poor financial planning is often just one factor. There are so many other factors as well; inflation makes it more difficult to save and invest. Grateful I have a retirement pension, social security and savings.

[shawnasmith]

Some people are full of excuses, no matter their age.

[AbbyC]

This is the future of today’s youth, fake-flexing on social media.

[gingerspeidel-yset]

A lifetime of expecting the gov to pay your bills, head in the sand.

[BingToPopewelsh]

To I am feeling sorry for myself my student loans are being paid off I am a senior citizen who's trying to struggle they have no idea what it's like to get to the struggle but no one will listen to us for so long what's so long we had to pay off student loans today the government are giving them a dismissal which hurt us so much they denied us so much because of student loan in our younger generation are getting off scot-free this is such a shame it stayed on our credit report for years that we had to pay all that money back but they don't have to do anything because the government is going to clean it up peace out to American people p senior citizen be blessed for all the money that we had paid and paid back may I have any father be with us always amen

[joycef]

We would never “keep” you in the hospital here…we have no space. You might be left on a gurney in the hall before going to a room. After treatment you can be wheeled to a street corner and left..but no free rooms and board.

[livingday]

P.S. $1M is not enough to retire on in 2024. What you think you need to live comfortable on when you retire, double or triple that amount. Then pray, it will be enough to live comfortable on. (Pay bills, eat out 1x week, groceries, repairs, necessities, vacation 1x to 2x a year to be with family).

[karimbennett]

I wanted to hear the woman’s story, but we just scratched the surface here.

[zhaw]

The Ant 🐜 and the grasshopper 🦗. READ it

[flauze]

blah blah blah, save a nest egg is all I heard

[blackgrandpa]

Feminine taught woman to pursue a career because they dont need a man to survive so they ran with it but they were not taught about investing for their retirement because they never had to in the past 😮😮