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Retirement Plans: Last Week Tonight with John Oliver (HBO)

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Saving for retirement means navigating a potential minefield of high fees and bad advice. Billy Eichner and Kristin Chenoweth share some tips. Connect with Last Week Tonight online... Subscribe to the Last Week Tonight YouTube channel for more almost news as it almost happens: www.youtube.com/user/LastWeekTonight Find Last Week Tonight on Facebook like your mom would: http://Facebook.com/LastWeekTonight Follow us on Twitter for news about jokes and jokes about news: http://Twitter.com/LastWeekTonight Visit our official site for all that other stuff at once: http://www.hbo.com/lastweektonight
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Text Comments (5258)
Mike Baxter (3 days ago)
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 .. :)
topis-kun (4 days ago)
Greetinfs from Germany. I think here it was introduced some years ago that you should organize your Retirement privately. The state offers less money than before here. So idk.
cartoon junkie (7 days ago)
wow, I feel so much better about the fact that I actively manage my account myself.
Brandon Davidson (8 days ago)
Yeah, the problems with financial advisors and brokers is when you try to do business with one that is privately owned, not one that is owned by another company.
Nicholas Plesko (9 days ago)
I plan to die before I reach retirement
Naþan Ø (10 days ago)
QUESTION: Does the 'throw darts at a list of companies' technique work in general, or was that cat an infinite monkey?
Jessi Meyer (10 days ago)
I find it hilariously ironic that Glinda Goodwitch was the one crushed in a freak accident this time.
xuyahfish (11 days ago)
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.
Idea Notes (12 days ago)
billyquaide (13 days ago)
The fiduciary rule requirement has just been removed. The financial advisor scam is now without restraint.
Christiane Meier (14 days ago)
Kill baby hitler
MrBlackPasta (14 days ago)
"Billy" in the end clip, is an actor in American Horror Story: The Cult.
Dragoon77 (14 days ago)
The Next Kong Hee (12 days ago)
Stefan laluna (14 days ago)
sorry stupid American's - the EU has us covered
DJ Wise Pariah (15 days ago)
Suze may be denying people who "can't" afford to save money, but at the same time, if they can't afford to save, they shouldn't be able to afford bullshit like $4000 fairy school.
scubaeric1344 (15 days ago)
Hysterical pommey! *nods*
Ibrahim Bukar (15 days ago)
I don't plan for retirement but now got a go lessons
qzniel (16 days ago)
I want all the worst things in life to happen to that guy at the end. He. Is. Insufferable.
Chandler Carrier (17 days ago)
Why do some of your videos have your F-words bleeped and some don't?
Denise Hall (17 days ago)
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.
Ann Mburu (18 days ago)
Let's face it ,"You're very very average" 😂😂😂
Ann Mburu (18 days ago)
Let's face it ,"You're very very average" 😂😂😂
Lucy Foreman (19 days ago)
If you'd like to earn $10 on the Ibotta app you can use the code: sgiayrf :) I absolutely love Ibotta and couponing! I've saved over $200... Every bit helps.
T Mc (19 days ago)
Teacup pigs in teacups....... full screen. We'll go full screen now.
Torben Rudgaard (22 days ago)
For 10 years I took half of what I earned and bought rental properties - now I own 54 of them free and clear and im retired living at the beach in Thailand :-)
Lex Parsimoniae (22 days ago)
So these funds basically work like life Insurance
Kyle Schutter (22 days ago)
Agreed with the first 16 minutes of the show. Wrong solution though...
Lucy Cowan (23 days ago)
Ok great video, cool, yeah, did you just email Kristen Chenoweth like "hey can you star in our fucking skit about financial advisors or are you busy?" or what?
Shadowplayit (23 days ago)
honey badger don't care
amir bahmani (24 days ago)
denied is better than rejection
Michael Anderson (24 days ago)
Is it just me those retirement ads make me want to punch that know it all investment guy in the face
YouTube ecuador
Thomas Hansen (28 days ago)
Got damn America is a fucked upp place in all ways that are bad!
Johnny4eyes (29 days ago)
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.
Daryl Gud (29 days ago)
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?
KingQwertzlbrmpf (29 days ago)
Quite frankly, i'd love to go to the elf-spotting school if just to see first hand what they teach^^
Rory Wilson (29 days ago)
Corner straight wrong profound statue emission challenge questionnaire lesson communicate shuttle lady stomach.
Hichem Mettiti (1 month ago)
Oh dude , this both scares me shitless , and makes me want to see Bill Burrs reaction to this
Joseph Hooley (1 month ago)
Jonathan Branch (1 month ago)
Gene Hackman is dead
ZAM zam (1 month ago)
and lastly, don't forget to die! LOL
BountyFlamor (1 month ago)
the antonym to re-active is pro-active, not active.
ternes99 (1 month ago)
https://www.investopedia.com/updates/dol-fiduciary-rule/ - Dep't of Labor Fiduciary Rule (advisors for retirement funds must be fiduciaries) still not implemented as of May 2018.
Rimu N (1 month ago)
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.
Yngve Andersen (1 month ago)
im so fucking glad i dont live in the us! i be better of in Kenya...
fucking commie scum
Salem Evans (1 month ago)
My only question is wtf is an elf spotter
yaksher (1 month ago)
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).
P 3 (1 month ago)
I'll lose my own money in retirement thank you ! I earned it.....I'll lose it. It's mine to have fun with.
SecondLifeDesigner (1 month ago)
Yeah and Trump is killing the fiduciary rule. It just more proof he doesn't care one bit for the middle class and working people of this country.
bubblefish (1 month ago)
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.
Angel (1 month ago)
Cool video
First G Official (1 month ago)
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Lucas Ronny (1 month ago)
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.
Ideal Real Estate (1 month ago)
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!
Some more info on 401k fees from forbes https://www.forbes.com/sites/davidrae/2018/05/17/my-401k-plan-is-free-right-retirement-plan-fees-explained/
J. Arthur Boyle (1 month ago)
hahaha my MFA is a deluxe elf-spotting certification hahaha oh god what have I done
Agent Orange (1 month ago)
Steven Read (1 month ago)
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.
James Benet (1 month ago)
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.
Lynn Perry (1 month ago)
Have you folks made any updates, given the reverse of the law requiring that financial advisers be fiduciaries?
RedSkeletone (1 month ago)
Actually there is a certification process for Certified Financial Analyst, and Certified Financial Planner.
Niko Faershee (1 month ago)
Kristin Chenotwen is the best thing ever happened to this universe
Evan Fields (1 month ago)
I go to Iceleand to elf spot but I come to YouTube to troll spot.
Mini3Mayhem Minecraft (1 month ago)
jake black (1 month ago)
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).
Bart Hand (1 month ago)
Go the index fund!
John Keith (1 month ago)
Reminds me of the DartBoard Fund...
MisterTutor2010 (1 month ago)
I want to buy happiness :)
MisterTutor2010 (1 month ago)
Want to spot elves? Just watch Lord of the Rings :)
Mark Lyles (1 month ago)
Oliver is an intellectual BEAST.
Edmundo Pazzetti (1 month ago)
Any chance I can meet Orlando the cat??
R G (1 month ago)
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.
Damien Parsons (1 month ago)
For someone with your thought waves, I would believe that you'd have more confidence in cryptocurrency... Your comedy is good but confusing. I do think your eyes are opening though.
Baf Lange (1 month ago)
Orman IS a scam artist tho, to be fair.
Mike C. (1 month ago)
Why wont Prudential let you comment on their incredibly condescending manipulative TV commercials?
iDiotiCDesign (1 month ago)
SURPRISE! That rule he talked about near the end is getting repealed by the Trump administration. YAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAY!
Nicholas Littlejohn (1 month ago)
#SuzeOrman is said to be a wild scammer, check out the amazing Reddit threads on her.
Richard Brown (1 month ago)
Invest in Auctus, the first retirement blockchain. This is the future, definitly in a industry that's worth 25 trillion dollar.
Overseer76 (1 month ago)
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.
Jaguar Rose (1 month ago)
Update, the fiduciary rule was overturned sometime last year thanks to Trump and the Republicans. And some democrats who also voted in favor of the big banks because all politicians are terrible.
Ezra Cold (1 month ago)
This makes me miss the days we had a president who CARED about us.
Justin Baker (1 month ago)
How do I find the people behind my 401k plan?
PS Wright (1 month ago)
This is a sad reminder of the hope we had before Donald Trump and Paul Ryan decided to tear our govt. regulation down Obama rule by Obama rule.
johnny dick (1 month ago)
is this guy a jew british?
rabbit216 (1 month ago)
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)
rav ernot (1 month ago)
I couldn't spot the elf spotter certificate on your website... Did I fail the elf spotting exam?
rabbit216 (1 month ago)
Biochem Dog (1 month ago)
This was one of the best Last Week Tonight shows
Deathstroke OG (1 month ago)
I was a financial adviser for several years. But I'm not comfortable being a sociopath so I left Primerica and just started my own business.
jwd0808 (1 month ago)
LOL, just printed up a few Elf Spotting Certificates... Great gag birthday gifts!! Thanks Mr. Oliver.
Brian Sounalath (1 month ago)
Billy Eichner sounds like the Honey Badger
Douglas Hogg (1 month ago)
Why would anyone listen to Suzy Orman? She’s a con artist.
Jhoopy theElder (1 month ago)
ARRRGGGGHHHH. Fox dumped me into here. The comment below goes elsewhere...
Jhoopy theElder (1 month ago)
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...
John Scott (1 month ago)
I don't think there is any systismatic reasons you can't retire. If you can't retire it just means you are a loser at life.
John Scott (1 month ago)
Land doesn't produce income unless it is perhaps ag land. You have a lot to learn.
Amanda Harig (1 month ago)
John Scott It applies to real estate speculation, too. Take a look at the land grab that happened in 2009-2013.
John Scott (1 month ago)
401k LOL, I have income producing rental properties.
Amanda Harig (1 month ago)
John Scott I hope you remember this statement the next time your 401k is plundered on the stockmarket.
steedums2 (1 month ago)
If John Hancock so expensive, what do they recommend? Vanguard's fees are still $3,450/year to run a 401k for a small business of 15 employees.
Anon YMouse (1 month ago)
Why invest more in bonds?
Matthew Mitchell (1 month ago)
managed funds with higher MER's generally perform the same or better as ETF's. so either way no one is trying to swindle you. Sounds like JO just had a bad adviser
A A (1 month ago)
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.

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