Saving for retirement means navigating a potential minefield of high fees and bad advice. Billy Eichner and Kristin Chenoweth share some tips.
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I'm a single Dad with 4 kids ... I got two birthday cards this year and two christmas cards ... out of those four cards, 2 were from my finical adviser ... AND he's sitting on like nine thousand dollars of mine .. :)
That's exactly why I stopped working as a "financial advisor" for Prudential - I couldn't live with it on my conscience. There are a lot of laws but they bend the laws ALL THE TIME. You have to educate yourself, but I found that almost NO ONE educates themselves about their finances, even the most basic of basics they just don't know.
Don't forget about all the taxes paid when taking the money out of the account and I heard (not sure if this is true or not.) that the government taxes you every year depending on how much you have and how it's dispersed. Especially with ESOP programs.
6 weeks ago I joined a 401K. MassMutual, the administrator, can NOT answer practically a single one of my simple questions, either by phone or email. Their explanation and fee forms are long and scary. They initially told me my company contributes 3% of salary -- but they contribute ZERO. Maybe MassMutual only charges .53% per year, plus some small extra sneaky fees, based on reading their forms. Maybe. Hard to say. They're deceptive, confusing, incompetent, and they refuse to answer most of my emails.
I thought you meant the Wiki page for "Rope", the Hitchcock film. That's probably pretty interesting given its then-revolutionary single-camera, seemingly single-take cinematography. But, rope, the actual rope? I'd hang myself reading that page. With a rope.
That was totally enjoyable. I loved it, still laughing. But I guess it is no laughing matter. don't you just feel like they lie to us?I keep hearing, we are living longer and we don't save enough. But what really has caused our problems is the failed policies of the government. Think about it. Nobody has paid more into SS and medicare than the boomers, since their first wage earned. The aged in the 30's got to keep every dime they earned, they didn't have to pay into SS or medicare, because it didn't exist, taxes were even a lot lower back then, maybe that is why they could save money. In the 30's it was more agrarian and land was cheaper so you could get some and live off of your land, or their wasn't near as many regulations to keep you from hunting and living off of the land, trapping, fishing and gardening. Starting a business was easier, less regulation and when they talk about the average age, they must be talking in developed nations or world wide, because my fore fathers lived into their 80's and 90's even back then. As for us not saving more? They say that wages have been stagnant since before most Baby Boomers went into the work force, compared to inflation. Remember double digit inflation, down sizing and starting over in your career, NAFTA and the flight of our industry leaving America, Recession after Recession through our whole working careers. Now Age discrimination where after the "Great Recession" (2008) Many people in their 50's could not get a job or were under employed. All at a time when traditionally people would hit the saving for retirement era hard. Or What about all the funds we entrusted to the government for social security and medicare so we would have something in our old age, when we couldn't work or no one would hire us? Do you realize that if you could have kept that same money taken for SS and Medicare from your first paycheck, more if taxes hadn't gone up so much, and invested it over the same time period, not including all the money you have put into 401k's or IRA's, our elderly would all be multimillionaires. Do that take the amounts you put into these programs over the time period you have worked to a financial planner have him run an investment portfolio out of it and see where you would be now. It will shock you, especially if he can make it retroactive during the time period of the past when you earned it. In the 30's you could live off of one income, but because of inflation and wages, our wives all had to go to work. Now with a double income we don't have enough to make it from check to check. What do interest rates on savings look like today? In the 60's and 70's you could earn 6 1/4 percent on a pass book savings account, 8% on a CD, now it is point nothing percent. Why is that? Are times harder now than in the 60's and 70's or have banking policies changed with regulation that hurt the savers of America? Use the rule of 72 and figure out the difference that makes alone. Where if you take your interest rate, divide it into 72 the answer will give you how many years it will take to double your money. Einstein said the 8th wonder of the world was "compound interest" Where do you get that anymore? does it exist? What about pensions, where did they go? Maybe if our children were not still living in our basements with their families or still on our insurance that we are paying for, maybe if health care costs hadn't gone so high or gas prices (remember the lines) or food or so many other things, than we could have saved more. This is all about the Boomers, the next generation to retire. But do the math the boom was from 1946-1964, the peak being at the end of 1956. Most people are retiring later rather than earlier, waiting until 70 before collecting SS. So if at the beginning of the boom in 46 add 70 when did they start to retire 2016, What about the peak 56 add 70, they won't retire until 2026, which means if they can they are still working, in fact most of the boomers will still be working until 2026. How old does those born at the end of the boom in 1964 have to be before they can start collecting SS? Will it be past 70? if we add just 70 that is 2034. And they said in this video in 2033, SS will run out of funds? It appears to me that the boomer generation generated a lot of savings for retirement, the money was taken from them and will be until they need it and then, many will never see much if any of it. So it leaves you to ask, I know they would love to blame us, but is it really our fault or lack of opportunity, regulation, high taxes, stagnant wages, medical care... things we have had to face that those in the 30's didn't have to face or pay for. With now two incomes follow the money where is it going? Most of America is struggling to live in a house, not so much living in opulence and extravagantly. Most of the elderly today have old furniture, worn out, that has needed to be replaced long ago, not living high on the hog, so where has all the money gone that we didn't save, because it seems our households don't have it. And who is in debt more Americans or the American government and who is paying the consequences, (20 trillion dollar debt) Maybe if they practiced what they preached, we would have done better, but it seems we have followed the example our leaders set. How can they blame us. None of these things are ever mentioned, its like they are saying we have not worked hard enough or they wish we would just die already, it is always our fault, but is it?
To the people wondering how American retirement works. Your company (not all) provides a 401K which they will match 5% of your contributions. The percentage varies but generally 4-6%. Your contribution gets deducted every paycheck. This money is often managed by a different financial company (fidelity, Vanguard, Blackrock, etc). I personally manage my choices, because Fidelity put me in a lot of funds when I only needed to be in five. They normally spread you out across different funds depending on your risk tolerance. Since I am in my 20s. I pile on more risk so i am at 90% stocks 10% bonds. As I grow older, that shifts to more bonds than stocks, Bonds generally have lower returns but they are also more stable (unless it's emerging markets...). I prefer this to pensions. Why? You can actually calculate your expenses and your future value. For instance, you can take the amount you spend every year, your contributions whether weekly or monthly, your average returns and calculate the future value of your money. You can gauge how much you'll need for retirement. This means, if you meet your retirement amount, you can not work anymore or even retire early. You generally can withdraw about 3-4% of your portfolio without affecting your portfolio and live like that. With a pension, you have to work for a company for a huge period of time to get one.
Passive investment performs as well as average—the market grows, so you'll generally win.
Active investment _on average_ also performs like average. Except someone wins and someone loses. And most people lose. Almost by definition, most can't do better than the market. Stock is very, very close to random noise, you win by figuring out the tiny components which aren't. Most active management can't do that, and instead they become prey for those who can. (Paraphrased words of someone who gets 100% annual returns (yearly doubling) on millions of dollars)
@10:35 You're not going to win big. You're going to win average... which is a lot more than can be said for almost everyone who tries anything else.
The market is a 'fixed sum game' (which is a term I just made up, though it's probably been used before, but it's pretty self explanatory. Zero sum game is where everything you win was lost by somebody else. Fixed sum game is where the total resources increase, but the amount by which they increase doesn't depend on the actions of the players and the players are still competing over a fixed amount of resources).
I played a stock game in AP Econ. Chose and oil company then typed in random letters and chose the first thing that popped up, as long as it showed positive returns. Got thirty percent returns and beat everybody in the class, including my teacher. Average stock returns are seven percent. Think of that when you're debating paying for an expert.
About 3 months ago, I saw a comment on a video about how Some Trader named Samson March has been helping people Win 96% of all their trades through binary option trading and bitcoin mining, I doubted this,I had only $3000 in my wallet,I risked it, i contacted him and he changed my Life,, He so much changed my Financial status,I went from earning $500 a month to making close to $20,000,,Never knew I could make Such this Year already.. You can mail him at ( [email protected])
I haven't invested in mining bitcoin yet, Just sitting this one out and enjoying my daily profit predictabilty of the market is something amazing. My friends and I made a total profit of $13,000 last week trading binary and ethereum. And strategies from Samson March did justice, if you have any issues whatsoever about trading or need a good strategy, March is the man.
I started investing with $2,000 (all I had at the time). That $2,000 is currently $7,800 and still growing, Moral of the story is there is no minimum amount needed to get started. Do your research, invest only what you're willing to lose, and if you do it right, you might be the next success story!
Trump eliminated the fiduciary rule in the labor department. Financial advisors sell your money as soon as you walk out of their office . THey get their money all up front and you have no legal right to know about it.
I would recommend you all go and check Vanguard Target Date Retirement funds or other similar funds as they are a set and forget alternative with ultra-low fees. If you want a bit more info and coolness check betterment or Wealthfront which invest in Vanguard funds aswell but let you adjust risk parameters. Since the market is quite high now I would suggest you wait for a market crash before committing to a long-term risk allocation. Now you can be in low risk assets and make 2.3% risk-free and 4% almost risk free using 1yr CDs and short term investment grade bond funds. Once the market crashes go all in in S&P 500 or similar index funds and se eyour money multiply. Once it gets really high again, change to lower risk and wait. This way you can reach your retirement goals and exceed them by a large margin. I went through all this already and this Oliver piece is a good primer.
Just need to correct that first part. Every single person who is working can save for retirement and it literally does not matter how much you make.
Invest $20 a week, every week
In an IRA invested in the S&P500 index
Start when you are 18, stop when you are 70.
You will have $520,914
I literally do not care what your life situation is. Every single working American can afford to save for retirement. If you want even more, petition your representatives to privatize social security. With privatized social security you would receive $10,000 a month, every month, for your entire retirement (even if your retirement lasted 1000 years).
My bank and lawyer just got fired by me. Fudged numbers in my mortgage re-negotiation. They turtled and corrected immediately when I challenged them. Be your own bank. #Bitcoin #blockchain #stopcorporategreed.
I was only listening when he mentioned reading the entire Wikipedia page on rope. I thought he meant Rope, the 1948 Alfred Hitchcock film, which WOULD have been interesting since that movie plays out in real-time and is edited to appear to have been shot in a single take. Imagine my chagrin when I looked up and saw plain old braided strands -- an item so common you can get 50 feet of it at any village market in The Forgotten Realms for just 1 gold piece.
This site will tell you when you will die (http://www.deathclock.cc/), so you can plan retirement properly and this twitter post for your certificate (https://twitter.com/lastweektonight/status/743096035413786624?lang=en)
The tipoff here is that Fox has dragged on two speakers with clear dogmatic axes to grind. Look, just repeating the same bankrupt appeal to "hey, just follow what OUR religion believes" does not in any way obviate the overriding secular consideration that the rights of a fully actualized human being hold sway over a fetus. We don't believe your silly religious myths but we are fully vested in a Constitution which looks after the equal rights of all of its citizens. This means that even though we find your assertions that a zygote is equivalent to a living, breathing mature human being (ironically, something your own God apparently struggles with), we will protect your right to deprive your own women of prudent health care -- as long as they subscribe to the dogma and indicate their willingness to suspend this subset of their rights (ah, lots of men talking about this but frankly the female representation seems a little lax). Just don't presume on our rights to have freedom of our own religious convictions, ok?
You like to characterize yourself as "championing for those who can't" -- we get that. We just don't agree with where you draw the line on what's a "who". And science is pretty clear that the critical mass of cells to even guarantee viability is well beyond 20 weeks (and that pre-emption of the bearing woman's rights definitely errs on the side of short-serving her in favor of a nonviable being. Very tough call, frankly.
It is really very simple: if you don't want to have an abortion -- then don't have one. But stop pushing your dogma on everyone else. It really is a [email protected] worldview, starting with its basis in lies and deception -- and it already gets way more indulgence than it deserves...
Like i've said before. Either yiu live your life to the fullest bravely or star saving for your retirement. Either way, try to do both if you can. But I don't see our system changing anytime soon, if ever. But I'll try to remain optimistically. Stay safe folks.
How to become bitcoin trader? Exactly like Bitcoin, multiple digital currencies exist in the marketplace. So if you prefer to buy a few other currencies which aren`t available on Indian Exchange than you can utilize Bittrex. All you have to do is locate an exchange that you favor. Cryptocurrency exchanges have a massive potential to modify peoples minds and opinions concerning cryptocurrencies generally speaking and their application in actual life. So even in the event the exchange is attacked, its still true that you have your money. Furthermore, the exchanges prepare each and every industry for Bitcoin expansion. Existing stock exchanges will also compete to be able to fulfill the users configuration requirements. Sooner or later later on, the prices will grow more equal, meeting somewhere in the middleyour profit is equivalent to the quantity of convergence. No matter how far it is from Kijun, it is likely to return and test that level at some point. The amount of bitcoin is perpetually changing. In the US, it is 1000 USD. Whats even better, seek the services of a seasoned lawyer or at least ask for an in depth consultation. So youve read the newspaper about the meteoric growth of crypto currencies including Bitcoin or Ripple. Then coming up with 1000s of exchange rates simply to go out and get groceries is nearly impossible. Many cities around the world provide a bitcoin ATM where you are able to trade cash for bitcoin. The cryptocurrency world isn`t efficient.