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Jun 22, 2021
2:34
:02
pm
TomPetty
Intervention Needed
Good advice would be to get in a job they can do into their 70s
People with money live a very different life from people without it. Nearly 100 million people in the USA have no net worth and a poverty level income. Just the way it is.
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TomPetty
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TomPetty
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Oct 13, 2021
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Messages
Author
Time
What do you do as a financial planner when people in their 50s-60s come into
shoganai
6/22/21 2:25pm
Following this. I've wondered the same thing. I had a good friend who mentioned
macdizzle
6/22/21 2:27pm
Help them be realistic about what “retirement” is going to look like for them.
Junior Deputy
6/22/21 2:32pm
Tell them to start looking at houses in other countries because that's the only way they'll be able to retire
molodyets
6/22/21 2:33pm
I've met people abroad who are only there because that's what they can afford.
ReyOso
6/22/21 2:57pm
What's their healthcare situation like?
shoganai
6/22/21 3:05pm
They usually pay small stuff out of pocket & have supplemental.
ReyOso
6/22/21 3:11pm
It's that last part that gets me
Gustav
6/22/21 3:30pm
A bunch of other risks I see, too.
ReyOso
6/22/21 3:42pm
Good advice would be to get in a job they can do into their 70s
TomPetty
6/22/21 2:34pm
Sobering video
rad dawg
6/22/21 2:34pm
Yea and lots of problems for a very big voting block. The Great Recession hurt!
Nat Gas Man
6/22/21 2:37pm
That guy is smart. I like his takes.
shammy
6/22/21 3:33pm
You have to get creative
KingDave
6/22/21 2:38pm
Seems super weird that people in that situation would even bother to approach a financial adviser at that point. Like,
Slim
6/22/21 2:39pm
Same miracle you might see patients expect of their Dr when they're basically killing themselves, I imagine.
Soupie
6/22/21 4:07pm
Good point
Slim
6/22/21 4:14pm
Millennials are in their 50s and 60s now? Wow. Time flies.
4th and Niner
6/22/21 2:42pm
I believe the oldest millenials are turning 41 this year. Plenty of Gen Xers
shoganai
6/22/21 2:43pm
Yeah most of the studies show millennials save more than previous generations
wannnacruise
6/22/21 2:52pm
Tell them to plan to work into their 70s I guess.
OPINIONS
6/22/21 2:45pm
I'm guessing they have a really nice truck though and probably some toys
Mayor of Cougartown
6/22/21 2:59pm
Tell the wife to slim down, take care of herself and look around for someone
RC Vikings
6/22/21 2:59pm
Work until 70, both spouses then take max SS. That is enough to live comfortably
valleus
6/22/21 9:11pm
Comfortable like a bean bag chair is comfortable
TomPetty
6/23/21 1:01pm
Not at all. Plenty of communities in the US one can live independently and
valleus
6/23/21 7:10pm
And I like bean bag chairs.4k or 40k?
TomPetty
6/24/21 8:36am
How much is little or no savings? South of $500K?
bad84cougar
6/23/21 12:46pm
Median net worth for 55-64 is around 200k.
rad dawg
6/23/21 12:56pm
wow, that is not a lot of money. Now I'm sad
Mayor of Cougartown
6/23/21 2:26pm
Just use your house as a cash register I guess - ReFi, ReFi, ReFi
bad84cougar
6/23/21 5:01pm
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