Why Americans CAN'T Retire in 2024

The reality is that the Average American cannot afford to retire. How did we get to this point? Why did it seem easier to be financially solid 50 years ago? Why are people with high incomes living paycheck to paycheck? How much money does the average American have saved? And how much money do we actually NEED to retire, because a LOT of sources online are entirely wrong about this. Finally, what can we do to change our situation and make our financial lives better? Great books: 📖Financial Freedom by Grant Sabatier: https://amzn.to/3aDtf6j 📖Your Money or Your Life by Vicki Robin: https://amzn.to/2NNFepS 📖 I Will Teach You To Be Rich by Ramit Sethi https://amzn.to/2Psr3rE 📖 Psychology of Money by Morgan Housel: https://amzn.to/3WBacmy (You can probably find them at your library for free as well) As an Amazon Associate I earn from qualifying purchases. 🐿Start investing with Acorns! Now get $20 when you use my invite link: https://www.acorns.com/brendan/ 👨‍💻Data made easy with Fennel, the superpowered investing app: Free trial without a credit card AND get 1-12 months free!: http://fennel.sjv.io/c/2906384/1959471/20785 🤿Want to dive deeper with an investing service built for the pros and available to everyone? Check out Interactive Brokers: https://www.interactivebrokers.com/mkt/?src=brendanevanPY1&url=%2Fen%2Fwhyib%2Foverview.php ⏱Handy Timeline: 0:00 Intro 0:25 Why we can't retire 1:59 We wouldn't know what to do with big incomes 2:45 How much money the average American has 4:04 How much we ACTUALLY need 6:13 How we fix this 6:43 Financial knowledge 8:29 Spending strategy 10:05 Investing now 10:58 Income strategy 10:29 Issues with passive income 10:34 Making a higher salary 11:47 (secrets) 11:49 See you tomorrow ⧉Join this channel to get access to perks: https://www.youtube.com/channel/UCVaO3-9dDkesDFAFrvqvcFg/join ===== 📗Easily learn all the essentials of stock market investing in a single afternoon: https://brendan-s-site-0fd7.thinkific.com/courses/Investing Free Digital Products I made for you: Relationship Money Plan: https://brendanbutler.gumroad.com/l/RelationshipMoneyPlan Net Worth Tracker: https://brendanbutler.gumroad.com/l/InvestingChecklist Budgeting Spreadsheet: https://brendanbutler.gumroad.com/l/BrendanBudget2022 New Investor Checklist: http://bit.ly/newinvestorchecklist Better Goal Template: https://bit.ly/bettergoaltemplate Memento Mori Life Grid: https://bit.ly/MementoMorigrid My Free Newsletter: https://brendanevan.substack.com/ My Early Retirement Projection Spreadsheet: https://brendanbutler.gumroad.com/l/RetireEarly Sources: - Cute Ally chart: https://www.ally.com/stories/save/savings-by-age-how-much-to-save-in-your-20s-30s-40s-and-beyond/#:~:text=save%20for%20retirement-,Fast%20answer%3A,the%20power%20of%20compound%20interest - Average Savings data: https://www.synchronybank.com/blog/median-retirement-savings-by-age/ - High earners living paycheck to paycheck: https://www.pymnts.com/consumer-finance/2024/bad-financial-management-habits-lead-30percent-of-affluent-consumers-to-live-paycheck-to-paycheck/ - High costs of living compared to the 1970's: https://www.marketplace.org/2022/08/17/money-and-millennials-the-cost-of-living-in-2022-vs-1972/ ===== 📥Contact me here for business purposes: Brendan@brendanevan.com #BrendanEvan Disclaimer: Any financial or investing-related topics discussed on this channel are not from a professional investment advisor and are not financial advice for you. This is for entertainment and inspirational purposes only. My opinions are not reflective of the companies mentioned in the video. Also please know that many of the links I have in video descriptions like this one are affiliate links which means I may be compensated by the company whom you do business with at no extra expense to you. Thank you for your support! Updated Acorns Affiliate disclosure as of 4/9/24: Paid ad. Compensation provides an incentive to positively promote Acorns. The information and opinions presented are for informational purposes only and represent the views of the promoter as of the date created and are subject to change. Investment advisory services offered by Acorns Advisers, LLC, an SEC-registered investment adviser. View important disclosures at https://www.acorns.com/brendan/ and Acorns.com.