Money Lessons From Older Americans Who Learned The Hard Way | Business Insider

Very powerful

these stories broke my heart. Hugs to all the retirees who are going through this. 😢

I love learning from those a generation or two ahead of me. There's so much wisdom to be gleaned! Thank you!❤

These folks having to empty their savings because they had health issues is the most infuriating thing about this video. You can't save the millions of dollars that many major treatments and surgeries require. I will not be spending my older years in this country, that's for sure!

Sad to watch how elderly folks reflect back on poor financial decisions and or health issues. I was very poor growing up and it left an impression on life choices. Didn’t start saving until I was 30, after a failed business attempt. Once I bailed ourselves out of federal and state back tax, regular job filed supervisor. Always lived by 10-10-80 rule from that point forward. 10 percent tithe, 10 percent savings (retirement fund) 80 percent to live on. Brown bagged and lived within our means raising 3 kids., own home outright. Retired at 59.

10-10-80 rule a good place to start. 10 percent tithe or donate, 10 percent retirement funds, 80 percent to live on. Live within your means, brown babe, used cars, etc. my heart goes out to those with medical bills

Its insane how most of we brazilians defend private health care, because our public health care isn't that good, but man, it's heartbreakning seem elders get broke because of health issues. This is unthinkable here.

I’m 61 and plan to work until at least 70. Being productive is what childhood and death is for. If you can physically work then get busy working. I don’t understand these people who retire at 59 and then wonder why they are broke.

It’s terrible to hear how medical bills can so easily ruin people’s life savings.

I don't want to end up a burden to anyone so make up that what you will.

Young people will never afford retirement because wages have fallen so behind living expenses. Young people are paycheck to paycheck with little savings and no retirement savings. If the 0.01% weren’t so greedy we’d be able to save for retirement. So stop blaming poor people for a capitalist system that has stolen wealth from hard working people over and over again.

Advice is useless when the system is designed to steal from the poor.

Watching this with 100% VA Compensation makes me so relieved.

(I'm retired at 28)

Boomers who lived during the easiest time in america still managed to mess their retirement up. Imagine the next generation that's trying to save. Most will never own a home. Saddens me what america became and is continuing to get worse.

I wish I had treated my personal savings more like my 401k....Put money in mutual funds/etf's and left it alone. My 401k has done amazing. My personal savings....terrible. I didn't net lose money, but didn't make any either. Most of it sat in Checking/savings accounts making like .01% and the rest I tried to trade/buy the hot stock of the day and that was a 2 step forward, 2 steps back endeavor. I'm more on track now. I've taken a good part of our savings and now its in a money market making 4.3% and some in diversified ETF's and just sitting there for a year or more and they've done well. Even my index 500 etf did pretty good. Boring but good. My other bit of advice? As far as investing in my 401k... Don't follow these guidelines regarding % invested in stocks and bonds by age. I wouldn't even bother with bonds in a 401k until I was closing in on age 60. Even then maybe not. I had money for years in one of these target funds that do just that and it always underperformed.

Taking advice from Boomers is about the dumbest thing you can do. Boomers are the greediest, dumbest generation ever to exist. When you retire, you should expect to live on much less money, that's a reality you should be getting ready for at least 5 years before you retire

This is the most chaotic video I ever watch. Random information here and there

my dad always said: "you can alway get more money but you can never get the time back!" Howard Hughes even with all his money couldn't buy an extra day. you know what happened to Apple after Steve Jobs died? it went on and became even more profitable! Steve who they now ask?

Sad thing is that most of us will work until the day we die

So these people are all financially irresponsible. They need Dave Ramsey

Are Americans the better Germans?

This is a video about American school systems failing to instill a solid understanding of personal finance.

If they had been adequately compensated by their employers, then early retirement would have been achievable. The real theft was lowering the value of their labor for profits.

This was wonderful. Great insights. As a 39yo I'm listening!Respect your elders! ❤ outtakes at the end were cute 😂

Boot strap America, your on your own, maybe if finance, math and philosophy where mandatory curriculums k-12 this would not be an issue, only in American

Stupid boomers.

I was with this until "retirement is boring you lay on the couch and eat brownies every day." What is this a secret ad because of our declining birth rate?

My parents are retired. They have tons of hobbies and keep themselves active.

Thank you for your wisdom

I’m going to off myself at 50 to not worry about this lol

Invest in BITCOIN!!!!!!!

This feels like an ad for the Wall Street fat cats, saving money is good but there are many ways of investing besides those mentioned

Boomers have one role left... To leave us the money and property. Dont f*** it up.

@ramitsethi

god this is hard to hear.

If the corrupt government of the US...didn't spend money on useless wars,drug war, and billions to other countries, welfare fraud claims,disability fraud, billions to support illegal immigrants...every qualifying US citizens should bring home EXACTLY what the made per month working full-time....and not one cent less. And if you invested money or got a pension...those citizens would absolutely enjoy retirement till their day comes....

AND....if you do take SS at 62....there SHOULD NOT be a limit of what you make and SHOULD NOT be punished by lowering your SS payment PERIOD....AND NO TAXES ON SS AT ALL....
THE US GOVERNMENT SHOULD BE SHUT DOWN AND REWIRED....

To my younger self. Praise God more and read the Bible every single day. Trust in God not in money or man they have both let me down. God has been faithful and this life has gone by so fast.

This breaks my heart, but the commonality that I hear here is the word "WORK". Only one investment and no passive or semi-passive income ideas. At their age, they may be able to do it. No one in their life would be able to survive off of what employers or the government gives for retirement; barely for everyday life.

I’m 66 years old. Healthy but worried.
My home valued at 1 million and my rental property valued at 450. Everything’s paid off. I’m still worried that it’s not gonna be enough. In about a year I can draw my full highest paying Social Security amount for the rest of my life. I’m still worried. I’ve got about 80,000 bucks in Vanguard. That’s it.

The title is misleading. There is no problem with retiring early. This video is about people who foolishly neglected to plan for it.

My plan isn't to stop working, its not having to work a job i dont enjoy. Also I started planning what my retirement may look like in my mid 30s, you need to make a retirement plan which includes things you want to do or see, experience.

Pensions are crucial

Roth IRA makes sense only when you will have a big IRA to deal with tax. Having pre-tax IRA is also an advantage.

The goal should be to get to a point financially to be "work optional" not to just stop and do nothing. That is my goal, to have the option to not do a job I hate but be able to do a job I love even if it does not pay that well.

The US seems like such a brutal place to live.

Basically, these are a bunch of people who didn't do the appropriate research required to plan their retirement, whether that be financial planning, managing free time, or having age-appropriate hobbies. Honestly, I couldn't make it through this. These folks lived through the easiest generation in the history of mankind when it comes to enriching themselves and failed. Don't listen to this nonsense.

I thank everyone, they had the courage to come before the camera and speak to us. As I watched, I had tears in my eyes. Stay strong. Stay healthy. Thank you for your valuable input.

pfff I retired at 20 and that is 34 years ago, doing just fine, the problem is retired people often ramp up their spending with travel etc.

A good lesson for all us young folks to get in the retirement game. Take advantage of your workplace retirement programs and open/invest in a Roth IRA.

Wish them well. Thanks for sharing