Will your IRA or 401K accounts ensure a safe retirement? FRONTLINE investigates the big business of retirement, raising troubling questions about how America’s financial institutions protect our savings. (Aired 2013)
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Trillions of dollars in Americans’ retirement savings are invested in large and small accounts managed by banks, brokerages, mutual funds, and insurance companies. But whether your IRA or 401K will assure a safe retirement is largely a gamble. In the 2013 documentary “The Retirement Gamble,†producers Martin Smith and Marcela Gaviria build off reporting from the groundbreaking series “Money, Power and Wall Street,†revealing how fees, self-dealing, and kickbacks bring great profits to Wall Street while imperiling the prospects of a secure future for individuals. The documentary explores who has the consumer’s best interests in mind, and whether there is a better way to manage our retirements.
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I’ve watch this video a couple dozen times over the years. I still find it fascinating even today.
What I still can’t get over is how the highly compensated professional investment executives featured in the film are not able to grasp how the cost of fees affects their clients retirement accounts.
I started saving 50 years ago when I was 14. I now have $871k in savings and 4 homes. I was on $84k salary for the last 22 years and raised 7 children and 9 of my grandchildren as well. I always put money into my retirement without fail. I am retired now and live on $500 per week. I'm about to close on my rental portfolio having accepted $2.1mil.
Well people keep believing that the rich in government gives a sh-t about them are seriously ignorant are just totally uneducated to the government's theft taxes on money that was taxed at the gross amount of the pay check and then that money is taxed again with SSI is taxation twice and people need to come alive and sound off about that!!! The no King crude was created by Walmart people are so truly influenced by social media ignorance like fb, Tik tock ,Xindependent news media is truly the best but use TYT, Midas touch,ihp, Luke Beasley, those who expose the corruption of all politicians completely no one sided report sheep should never run to the holding wolf
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered."
Thomas Jefferson's Monticello
Retiring in Asia. Saw this 15 yrs ago and it'll probably be my reality in 30 yrs. Not to mention, the A.I. apocalypse, dollar collapse, economy collapse, and population decline by 2040. The next 30 yrs will be devastating for America at the least. The crash for America will be societal destruction.
Every $1 contributed annually since 1995 in an S&P 500 fund becomes ~$200.50 today.
💰 Apply the multiplier to each savings level
Annual Contribution Final Value Today
$1,000/year ≈ $200,500
$3,000/year ≈ $601,500
$5,000/year ≈ $1,002,500
Eating junk food and not exercising, compounded over 30 years, gives you a fat unhealthy individual that costs more to medicate and keep alive in retirement, assuming the person is still alive to retire.
How does Robert in the video have a master degree in Economics, and act so confused with his 401K? Our janitor who retired late had $2 million in assets, which include 401K and IRA.
But also one more thing I thought I was going to have to live and work the rest of my life until I die but no hud-vash the veterans they saved me my everything is Affordable cuz I answered the call I want to hear some veterans that's what I want to hear I'm here in these these people you know that come on man no no no no no no I want to hear some veterans how they're surviving and all US veterans are surviving because we're smart and we answer the call and we we put our hand up and said I need help with the with my housing and they provided it so shame on you for not joining the military you draft Dodgers
I'll repeat myself I am living comfortably I do not have no Nest Egg whatsoever but what I do have is the HUD Vash with the veterans housing they are taking care of my rent my rent here in this apartment is 1,400 a month but with this program I only paid $300 and they pay the rest it's a voucher and I don't have to worry about I'm on Social Security and I make a fair amount I only have to pay rent I only pay $300 a month that's it so I gave you the numbers so you need to put this on the air and to tell anybody it can be done and army veteran I've been trained to be able to survive I can sit around all day I can go on a walk I can sleep all day if I want I have a payment on my motorcycle and internet and Electric and Utilities and that's it and I have enough money left over and I don't have a nest egg I don't have any kind of retirement no way and I'm 66 years old and I don't have to worry about a thing
This is a really good subject because I am retired I am a United States Army veteran I'm on Social Security and I have a decent amount I can pay for my apartment because I'm on hud-vash Section 8 with the VA so I have no problems I have it made that's why I want to say they need to mention that because listen the VA has saved me I only paid $300 a month for rent that's it and then I have plenty of money for food and other miscellaneous things and bills and everything so if I can do it then y'all can do it Providence people want so much money so they can do so much things when they retire but it doesn't work that way
thanks goodness, someone talked to me when I was young, I bought a house at 24, I have a job with a pension and IAP, I also started my own ruth IRA.. I'm 50 I can see the light…
Baby Boomers. The last generation to buy a house and car, put their kids through college, get a divorce and still retire at 50.. thanks to them I’ll now be able to buy a half million dollar home at 40 years old if I’m lucky
FrontLine make the best docs …. seriously
Stock market is a – Casino – Only put in there what you are prepared to lose – Dont gamble your pensions – Put that money in a safe place …Dont use it to pay the bonuses of – Traders
its just like the "medical" industry.
Because of the way the lobbying system is set up in D.C., there is no representation or safety for us. We are just the food that they all feast on.
F that it’s not against the law. BS. It should be. Corp make sure it is hard to understand
One thing I seen from people who retire early in life, they pick up bad habits and lifestyles with all that free time and end of taking years off there lives dying early. Its good for physical and mental health to keep working, if you are able. Get a part time job.
All these people complaining they can't afford to save, all go vacations, buy booze or weed and Starbucks in the morning. Plenty of defined benefit pensions in public service and military careers.
Im 53 one of my children has been severely disabled since birth another has had significant health issues since covid My mother is 74 and is carry for my sisters children who stay with me part time and her part time My grandmother just past away at 96 so untill recently we were were taking care of her. WHEN WAS I ABLE TO SAVE MONEY Oh and no we werent single moms my grandmother was a widow for 32 years My father died in his 40s I lost my husband 9 years ago
Too complicated? They’re skull f-ing you?!?
Leave the country . The world is wider than US.
All all scams and high fees and the guy selling it to you gets rich
The shift from pensions to 401k plans is a major risk factor.
It focuses on the issues with retirement savings and hidden costs.
Many American workers face a crisis as traditional pensions disappear.
This truly highlights the need for fiduciary standards in investing.
The interviewer, Martin Smith, cornered the JP Morgan executive (47:18) and left him stuttering and stammering…😂
Ten years from now, there will be no such thing as a 'financial advisor' and anyone that invests in individual stocks will be crushed by AI. Stock Index Funds will be the better choice for safety and bonds will be the better choice for 'growth'. The good old days are gone.
Omg i never looked at it. I have a 401k w fidelity
It is shocking that 85% of advisers aren't fiduciaries and can just sell you what's suitable rather than what's best. That segment on the teacher getting sold a high-fee annuity was heartbreaking. Warren Briar's book "Living Fully After Retirement" was a huge help for me in learning how to vet financial advice. It gives you the questions you need to ask to ensure your advisor is actually working for you, not just for a commission.
what changed is deregulation and private equity not only stopped steering government offices but completely took control over them and the rest is history- complete control of all the money that comes into the government coffers- and Congress simply allowed this to happen. The only cost for the pay-for-play ? A Continuation of/for/in the seats Congress possesses.. It's disgusting; corrupt, feeble oversight.. drain the swamp.. ? think that's enough…?
AND… it is not the lack of performing assets in your retirement portfolios.. IT IS THE FEES THOSE BASTARDS GET..~ they keep going up & up & up & up you really think they- in today's world are going to allow YOU to garner profits without their greedy stained finger grabbing a piece of it…?…!
WELL- here it is… your investment strategy for retirement. R E N T A L S…! the ONLY guarantee
It really is modern day slavery, they keep you poor just to keep you working cuz you really don't have no other choice.
This video was nihilistically stupid.
I just put my money into guaranteed 4.25% bonds… I don't understand why people would want to gamble their future by doing any other investments…
I'm on a good trajectory to retire by 55 and you can too if you stop living to impress others and do some basic research into cheap healthy foods…