.
MARIA: WELCOME BACK, GET THIS
A STUDY CLAIMS OVER 60% BABY
BOOMERS MORE CONCERNED ABOUT
RUNNING OUT OF MONEY DURING
RETIREMENT, THAN THEY ARE OF
DYING.
THIS COMES AFTER ECONOMIC
POLICY INSTITUTE REPORT,
SHOWED THAT FOR WORKERS NEW
RETIREMENT AGE MEDIAN AMOUNT
OF SAVINGS JUST 17,000 DOLLARS
JOINING US FINANCIAL EXPERT
AUTHOR OF RETIRE INSPIRED
CHRIS HOGAN GOOD TO SEE YOU
THANKS SO MUCH FOR JOINING US
WOW PEOPLE DO NOT HAVE MONEY
IN SAVINGS RETIREMENT REALLY
LOW NUMBERS.
>> REALLY IS, NOT ACTUALLY
THAT SHOCKING TO ME CASE
AGENCY I TRAVEL THE COUNTRY
SPEAKING I AM HEARING FROM
PEOPLE THAT THEY DON'T HAVE
ENOUGH, HEARING FROM PEOPLE
THEY BELIEVE SAME-STORE SALES
IS GO
IS G
-- SOCIAL SECURITY WILL
PROVIDE THEM ENOUGH THAT
CAUSES ALTERNATIVE I'VE GOT TO
KEEP DOING WHAT I AM DOING
BEATING DRUM TO HELP WAKE UP
UNDERSTAND THE REALITY, YOU
CANNOT ALLOW FEAR TO DOMINATE
YOU FEAR IS REAL YOU HAVE TO
PLUG INTO IS A PLAN THAT WILL
ACTUALLY WORK I WOULDN'T
ESPECIALLY SINCE SOCIAL
SECURITY GOING OUT OF
BUSINESS, DAGEN WE TALKED
ABOUT EVERY DAY.
>> RIGHT EVEN MEDICARE RUNS
OFF THE MONEY -- ABSOLUTELY,
BUT CHRIS, AGAIN, TRANSLATING
THAT FEAR LIKE YOU SAID INTO
PASSION.
>> IT IS REALLY IS, AND TAKING
THE RIGHT ACTIONS ARE THE MOST
IMPORTANT THINGS LIKE
REGARDLESS OF WHERE YOU ARE,
THERE ARE THINGS THAT YOU CAN
DO.
I CAN START TO UNDERSTAND YOUR
INCOME HOW MUCH IS COMING IN,
VERSUS WHAT IS GOING OUT, WHAT
DOES IT TAKE FOR YOU TO LIVE
ON ESTABLISHING A BUDGET WILL
HELP GIVE INCONSIDERATELY
UNDERSTANDING NUMBER ONE
THREAT TO DREAMS TAKING ABOUT
DEBT YOU HAVE TO UNDERSTAND,
THAT THE AVERAGE CAR PAYMENT
AROUND 600 DOLLARS AVERAGE
USED CAR PAYMENT 400 AVERAGE
MORTGAGE PAYMENT 1100 DOLLARS
A REALITY FOR PEOPLE.
YOU START TO FACTOR IN CREDIT
CARDS THE AVERAGE INCOME 24%
GOING TOS CONSUMER DEBT PEOPLE
NEED TO GET MORE INTENTIONAL
TAKE MORE CONTROL OVER AREAS
THAT THEY CAN, DEBT BUDGING
TWO THINGS CAN CONTROL WE HAVE
TO WAKE UP GET STARTED.
>> MY QUESTION WHAT ABOUT
HOUSING CRIES HOW THIS MIGHT
IMPACT PEOPLE RETIREMENT
PLANNING A LOT OF PEOPLE
THOUGHT THEIR RETIREMENT WAS
IN RISING HOME VALUE IN 20H
2008, 2009 WIPED OUT.
>> I STILL BELIEVE OWNING HOME
AMERICAN DREAM PEOPLE
OVERBOUGHT ALLOWED THEMSELVES
EMOTIONAL BOUGHT TOO MUTUAL
BASED ON BAD GUIDANCE FROM
REAL ESTATE AGENT OR BANK IF
YOU BOUGHT TOO MUCH HOME YOU
CAN'T AFFORD IT, LET'S ENGAGE
WITH THE REAL ESTATE AGENT
LOOK TO SEE, CAN YOU SELL THE
HOME CAN YOU DOWNSIZE?
MAYBE YOU GO BACK TO RENTING,
BUT I THINK PEOPLE NEED TO BE
AWARE REGARDLESS OF THE
DECISIONS YOU HE MADE IN THE
PAST, YOU STILL HAVE CONTROL
OVER YOUR FUTURE IT IS ABOUT
UNDERSTANDING YOUR OPTIONS.
>> CHRIS WE ARE TALKING ABOUT
BABY BOOMERS WORRIED ARE
MILLENNIALS WORRIED ENOUGH
ABOUT RETIREMENT STRIKES ME
PROBABLY NOT THINKING ABOUT IT
MISSING A CHANCE TO PUT MONEY
AWAY NOW WHEN THEY CAN
IT.
>> BRIAN I COULDN'T AGREE MORE
MY FRIEND WHY I AM TRAVELING
AROUND TO GET MILLENNIAL WAKE
UP UNDERSTAND THE
OPPORTUNITIES, PLUGGING IN
UTILIZING A 401(k) OR 403B NOW
WHILE IN EARLY 20S WILL TRULY
SET THEM UP, TO BE ON
MILLIONAIRE STATUS LATER IN
LIFE WE HAVE TO HELP
UNDERSTAND IT WE HAVE TO HELP
THEM TO UNDERSTAND THE
IMPORTANCE OF TAKING THAT
CONTROL YOURSELF PUTTING THAT
ASIDE NOT JUST UP TO MATCH BUT
INVESTING 15% OF YOUR INCOME,
AND LET IT SIT THERE, IT IS
NOT A HOME DOWN PAYMENT IT IS
NOT MONEY FOR A WEDDING THIS
IS MONEY FOR YOUR DREAMS FOR
LATER.
SO IF WE CAN GET THEM TO SEE
THIS AND UNDERSTAND IT I TRULY
THINK WE CAN HELP MORE PEOPLE,
START ENJOYING DREAMS IN 50S
NOT HE 70S.
>> GOOD POINT.
DAGEN: I AGREE WITH YOU ONE
MARRIAGE THING CHRIS WEDDING
DUMBEST WASTE OF MONEY IF YOU
CAN EXTRACT.
>> TELLING THAT TO COUPLE.
DAGEN: IF YOU CAN EXTRACT
FROM RELATIVES PARENTS ALL THE
PEOPLE MIGHT SHOW UP I AM NOT
GOING TO MAKE YOU BUY ME A
GIFT JUST SEND A CHECK YOU
DON'T HAVE TO COME TO WEDDING
WE WILL ELOPE.
>> I KNOW THAT NOW, BUT --
GETTING READY FOR THE WEDDING.
DAGEN: AFTER FIRST MARRIAGE I
KNOW THAT ALMOST -- [LAUGHTER]
DON'T WASTE YOUR MONEY!
JUST KIDDING CHRIS.
>> NO BUT YOU BRING UP A GOOD
POINT YOU DO BRING UP A GOOD
POINT WE DO HAVE GO INTO
THINGS REALLY UNDERSTAND, IT
BES LONG TERM IMPACT OF DAY'S
DECISION FINANCIALLY YOU ARE
RIGHT WEDDINGS PEOPLE
TYPICALLY OVERSPEND 25 TO 30,
40,000 DOLLARS ONE DAY, THAT
IS A WEDDING, I KNOW YOU HAVE
MANY YEARS OF LIFE TO LIVE
TOGETHER, SO GOING IN EYES
WIDE-OPEN MAKE DECISIONS SET
LIMITS.
>> SEND THE CHECK TO THIS