Nearly half of Americans aged 60 and older can’t afford their daily needs, the National Council on Aging estimates. Over 3,800 older Americans reached out to Business Insider to share their financial regrets and the lessons they wish they had learned earlier. Six shared advice on saving, investing, and preparing for retirement.
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00:00 – Dear Younger Self
00:49 – “Save Money And Invest In A Roth IRA Or 401(k)”
02:21 – “Don’t Pile Up Debt”
04:36 – “Prioritize Your Health”
05:54 – “Don’t Retire Early”
08:29 – “Pursue A Career You’re Passionate About”
10:12 – “What We Did Right”
11:53 – Credits
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Money Lessons From Older Americans Who Learned The Hard Way | Business Insider
Views: 1
I goal when I retire is to cash out my 401k but leave it with Fidelity in a CD account. This way I don’t lose any money since it’s still with Fidelity but it wont be effected if the market crashes meaning I lose most or all of it. Now I wont make as much yearly but has some protection. I plan on retiring in a little more then three years. Looking to buy a smaller home and have it paid off before selling my current home and taking that money and put it into CD’s as well. I also have a retirement bonus where I work once I leave the company. I collect disability through the military and it’s separate from social security so will be able to collect both.
Please talk to a fee only financial advisor before you go through with your plan. Putting all your money in CDs virtually guarantees you will run out of money in retirement due to inflation. There are much better strategies. The fact is you always need some portion of your portfolio invested in the stock market to keep up with inflation. It doesn’t have to be all. Maybe 50% or if you’re ultra conservative 30-40% but you need something invested.
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I’m 52. I had a credit card once when I started university. When I realised that I owed someone else money and all the extra I was paying I got rid of it as quick as I could. Credit can get lost. Everyone chasing credit score to get loans. Don’t keep up with the Jones. You don’t need the latest car or kitchen or upgraded phones. Just buy secondhand or get what you can afford. Spend your money on a cheap day out instead or a coffee with friends. Good luck.
Great video on the realities of retirement. Plan accordingly and invest early. Time in the market is your best ally.
This is depressing. I am also appreciative that they ate sharing their stories.