WWL>Topics>>3-19 9:10am Tommy, retirement savings?

3-19 9:10am Tommy, retirement savings?

Mar 19, 2014|

Tommy talks to Brad Fortier, a certified financial planner with Fortier Financial, about a new study on how much people saved for retirement

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Automatically Generated Transcript (may not be 100% accurate)

Let's talk to Brett fortune now certified financial planner with -- financial good morning Bradley Dillon. -- -- great hurry up pledges talked to is always tell me about. Man what's going on in America -- is it variations. In income is that the economy. I can't believe somebody actually -- me a laugh about it and actually has a thousand dollars. For retirement. Yet it's kind of amazing in and then I guess the way are you going like this is whenever we start talking about looming. Crisis especially when it comes to her apartment. A politician always frame and so on sudden dynamic but really it's the culmination. Decades of small choices and law while I don't think we need to worry about the future we can all focus on one day at a time. Think we -- to make sure that each day were sort of you know making wise short -- -- right action and wouldn't you know product. For the past thirty years the story has been. You go to college. Get a graduation great job by the house armed. And all the things all the choice -- it turned out to be pretty expensive and you know the home improvement stores and convinced -- that. Can be mastered that was an investment in our future. And the list goes on and on and they would wake up. And I think we'll start seeing now is corporations realize. That change is upon us and happening so fast that they can't make the graduation -- problems -- that they used to majority in you know. The dying of the defined benefit plan and things of that nature. Well and as if that's not enough we hear that Social Security which is not actuary early funded for a lot of us may not be there. Yeah I'm not the other way outlook Social Security it's certainly not adequately on that means. -- -- the way to look at it is it they'll probably always be on -- that it -- question of how many workers you have many retirees you have. What does that do the numbers and and that sort of thing I think the problem. I heard talk about it BHD earlier you know it's funny out policies and analyze behavior kind of games a year ago. So I was reading another article that ADHD being where schools are actually incentivized to. Label -- that way because a lot of some poll. In terms of analyzing test scores and so we think policy maybe -- our actions. You know you can look at the policies we have -- -- -- audience -- we're. -- heavily incentivized society too consumed consumption at large part of the economy a lot of people who benefit from that. And I get questioned island that -- you know it was a really answered it. And so the decision that would make and clearly clearly not the seven out of ten Americans are insecure about their. -- when you say games theory you come on John Nash. I think that the idea that incentives matter you know and how now how you incentivize people to behave and act. Has consequences so make sure you you autumn brook on long term and you know a lot of incentives. A lot of incentives that we have provoked a policy standpoint. A look at savings rate now so -- who's to blame for the fact that most people watched saving -- -- is that is that the tread that. Is entangled but I had to do it. Is that is that for needing. The literally be in the level. Disaster management because we've got such highly unstable economy and and and -- that we need to. People look at -- clearly these -- these are the things we'll catch up. -- -- -- is part of this may be because we're living in the past and we think well you know dad program on had a nice and the pension. And he was able to retire at 65 and had a pretty good life. But somehow we don't make the connections that those days aren't here anymore. I think that's part of it I think partners were in the -- for the transition now and so. You know young kids graduate today in what they're realizing firsthand that the advice that was given to go to college pale under grand. Specialized worm that major dumping or years you know they're not they're not finding the same level job -- that because the corporation economy. You know better technology in productivity gains are allowing them -- get by with fewer fewer. You know human need and so we sort of have this. This paradox where. Does. That. Still makes -- -- writing an article this month from up laughter. It's the same thing that got into the housing trouble and -- the idea that we start to adopt belief systems where everybody should. You know perform certain actions it's it's great record audio and all we saw where that kind of got a small and it's great if everybody goes to college and think we're starting to Wear that inning and -- Don't retirement was always perceived to -- -- -- based destination that it was important -- reached in light as I've always a lot of it has. It's a spate of financial. Freedom it's it's not necessarily aid based and I think you were tired when either a you know -- you mentioned earlier. Always what listen to you because it's great hearing somebody who truly love what they do an advocate mutually -- -- do. Then then retirement like your retirement is probably different. But the person who made their job and can't wait to get out of accompany it to it's a different animal and and you need to be able to figure out how to crate and not passive income. From from assets that he's satisfied build the foreign freedom to do something different. -- I would think paradoxically if you hate what you're doing and where you are you trying to compensate for that I spent a lot of money to buy things that'll. Distract from that -- is a dark dark -- Harold -- -- -- phone lines are open to have -- questions or comments. At 26018780386. Exit eight -- early seven he would come back. Like a look at this. Almost from an age groups standpoint of the if you're fifty years exterior here in his and you think it was a delay the -- -- kind of feedback -- if you -- money. Maybe you can do something about it Red -- here -- certified financial planner with. -- financial we're talking about a new study that shows. 36% of workers have less than 1000. Dollars in savings. And investment 16% 10101000. Tommy Tucker backlash on VW Tommy Tucker nine when he board -- WL talking with bread board today. Is certified financial planner with four -- -- financial about retirement and this new study out loses some people have 36%. Have less. And a thousand dollars and only 44%. Say their spouses of even tried to figure out. How much money in agony. So ideal -- could take some calls here as well as talk degrade guides instantly higher under the W good morning. Yeah I -- -- -- Yeah I mean I think it's a simple equation. The rich keep getting richer. You know there's only so certainly -- money supply out there they keep getting more of it then that means a lot of other people have last that. And you know they used to be the days when you know your parents had those planet because companies were. More conscious that there employees from port and make sure that they took care of their -- after retirement. Where now I mean. -- there's there's no money left over to say anymore if you look at the cost of living. Who Wear -- for the same where you can say. A -- as the number one rule financial planning to pay yourself first to actually pay yourself first if they get -- to turn the lights off when you can't have food on the table. It tends to credit card people angry when you do that absolutely but it at least bundles -- Mean I guess you know the common narrative by years the rich keep getting richer and the poor keep getting important no doubt about reflected in the statistics I guess my question is we have -- why -- -- happening and -- -- the rich rich got them on the big box department store wireless getting rich because lots of people are going in iron renovating bathrooms. And debt and bad at. Home be clear. Exactly that sort of against the the where -- comment that there's out corporations have a tendency to treat -- on Koch market. Debate that I think that's something we need to work -- we also need to recognize corporation employees labor took its source labor cost. And they have been managed that and and one of the reasons why they're being so mean to. Believers. At least at that perception is because change is happening so fast now on our side that they cannot make a graduation great promise and Morton would be imprudent and fiscally irresponsible so. What I. Would propose individuals trying you know -- managed out rather than maybe -- complaining about it I mean. Or out wide -- this way you look at what's really happening in the economy in the Internet. As revolutionize never has there been a better time for individuals to create. -- -- incompetent self knowledge is this example that. The public ministry used -- be if you wanted to write a book he could get one person to decide what book made it out into the world now days. Anybody can publish their own book going to social media site market and distribute it. Know you might not get rich but you can certainly create a separate income source so I think what's happening in individuals are actually becoming more power -- And so I think that's at. It's frightening because we don't have that security that the corporations used to offer but I think it's also liberating aren't even in the right light. Sure. I don't disagree with -- I think you just except that he kind of brushed over the fact that well let's. Hillary keep getting richer we got to deal with that I would say it's gone out to help -- deal with and took the money in banking course that you know. Back in the sixties and it was a -- government employees that actually says there will be a revolution in this country and every cap political society goes through it. I mean is just there there is no there's too many people that you know that just don't have the wherewithal. To take care of themselves in the fashion that you are saying. And that's what that's that 36% that there just isn't gonna continue to grow again Tia. And we've seen -- authority around the country around the world that the eventually. When you know there's a ton of people black people buying anything any more than one of the restricted I mean where they get -- it would insult to. You know that's which that's the thing about me that's when the total collapse -- -- through this and there too you know and this may be. Childish example I don't know but I like old movies and watch his movies in the fifties in the forties I count the jobs that aren't there anymore. Like well we don't have them we don't have them computer technology is taken over that people do that for themselves and I guess bread and guy at some point. I mean that's factors and this is dwelled on it because companies. It more people have less jobs and as a result the companies can pretty well off for what they want guy you know first. Well I think that you know that that may be different types of jobs but there -- there there can be jobs out there. So. You know the problem is we would turn into society almost where. You know it is so many people -- just making money off of money which isn't producing a darn thing and I think that's a dangerous aspect of our society. Well it is interesting guy and that you know one guy and I always make that example can dig ditches for a year and and he'll make will be another guy makes with the click of a computer mouse and in and dollar but I guess. They go and you branding as part of that is you need to know who where and what to click on. Yet and I can't disagree with guy at all that the financial position of our economies. Giving a problem but think we saw the first signs of that in 2009. Clearly the system entirely and stable. Clearly it's not sustainable. You know we've had two -- -- monetary collapses in history not the end of the world it just means that we structure where we restructure of the rules of the game. And so I don't doubt any of that is happening I think the only thing I'm sort of suggesting is that what the revolution are happening and if you look at things like bitcoin. If you look things like the self publishing industry Amazon.com. A what a lot of that revolution has already taken place. Regardless of what we're with the currency looks like in in ten years are horrible pick what you're wondering I'm saying. Ready at a couple more minutes sure we'd love a gutsy six 187803866889087. If you have any questions about. Given your age group how do you go about. They get him some money for retirement or maybe what is your magic numbers if there is such at thing given your -- in and how much you have saved and Hamachi and an eight. And her Evan dale hold on we're coming to you next and wondered two lines open NT six -- 1878. So free 866889087. A quick text here no money for savings that's BS it's called priorities. People who can't save spend money eating out get their nails done getting tattoos. And it's that are all unnecessary expenses. Expenses rather sell about priorities conversation continues in a moment right now though. Time for -- WL offers news and that was -- physically. I Tommy Tucker talking with Fred -- -- is certified. Financial planner with Ford chief financial and -- we're in this study done by. The nonprofit employee benefit research institute and Greenwald. & Associates and some of the numbers startling here. 36%. Have less than 1000. Dollars in savings. And investments not including value of primary residents are defined benefit plans that is traditional pension. And when it comes of 401 -- The number of people have those is surprisingly low. As well. Some bread for chasing new questions at -- six 187 Neitzel 386. Exit date nine's 087 and we CNET. Commercial on TV about what you magic number how much do you need to retires. I guess my question the audiences -- people don't plan adequately for their retired because they. Waste their money here or suspended on the things that they don't really need to because they just don't make enough. Andrew and -- thanks for calling your -- with brand under the WL. -- -- -- -- -- -- You -- not a -- question on -- and moderately there at 401K line and item on a personal stake out only -- -- higher by a question that cannot count on. Programs such social security and Medicaid being air and being payable on retirement party spot forty hours. That. And that's the big question. Crystal ball and I mean -- between -- and -- will we know. We have a compassionate society that believes that there should always be at baseline level -- cheaper for human being born in this world so. What can we expect. We expect that a lot he will be. Will be in existence. Now that you're it's your program that you mentioned both of which are. You know highly funded and I think you know -- -- going to be issues associated with. I would say on Social Security you can probably unless we change. They'll optically it it's simply a system of the people who were working -- the people who were not so as long as people working and I would imagine that would be. You know. Still functioning that the challenge and now we have more people. Quickly not working and then -- -- bar and the numbers are getting lax so. I don't know that -- Jim I'd buy it should be you know keep torture cruel and it will become more financially can't take care your health you're not dependent on -- New Yorkers. Those type circuit and I think -- and about the aware -- like that. Trying to be as resilient as possible so efficient as possible -- -- -- -- for the much. Andrew holder Ian. RAM mom who died so in terms of retirement do you think about and actually area Ari do you think will now on thirty Emily and had so much fun at this agent. What what kind of -- defined retirement blades in book penalized the expected -- I mean unmarried with which catered out -- -- all -- colleagues think about that does the future that's that's an idea very pro -- park itself. You're not into retirement that Maya mom's side by my house being paid all com. Any candidate not -- access -- -- not tightly packed the money from Belmont or locate and whatnot. I mean because I think I'm like what legitimate center about. Companies not taking care employed I think we've seen recently -- a retirement -- it from any company. That people are tiring. Not how it's done okay by our access my tanks and all our all our our current individual. Become more personal re -- don't know how are you aware. Retire when are on they all can be a financial budget and eat meat eater. -- -- that -- can tell me that well what she can't adopt your -- can ripple. It's something to your -- when -- -- and that's kind of what I'm an -- match number but. What's he'll joke brag about yet enough money to live for the rest he lives on -- -- -- next Thursday. Yeah answers thank you for the -- appreciated Angus. But the point I'm trying to make is. Years ago about a 50000 dollar whole life policy and at that point I thought you know -- Fifty grand. A mobile live -- on easy street when I retired and inflation creeps along and you realize now. Fifty grand they would use studies so how does a guy like Ian drew even anticipate inflation and and you know maybe some of us in the 401K I -- a 100000 or 200 or 300. And it seems like a lot of money now but when you retired if you looked -- by guess what you normally spend. In a year annual and hasn't done a decent lifestyle. You're just talking about high six figures here -- Yet and there's certainly a lot of things to consider when you start talking about inflation you know you bring it into the debating whether or not you know they're a large part of encompass iron in a lot of challenges we have -- financial operation of the economy. I get away that I would challenge people to ship their thinking about retirement. And if I had a late in the big -- on one culprit act and there educational system was really set up in the factory model. To train people think like employees do your job was to go to school bell rang -- all these rituals are placed about and they're the factory workforce and so. That's where the for the graduation grave you know thinking -- I came in and now what I think is being true -- true point about it that's exactly right. A partnership to the individual and that's because in a lot of ways spill has. So as the deputy individuals kind of freedom to -- to go out recreating in and and do some of those things so. You know I guess I would say start. We can probably start by shifting power educating kids not I don't think there's any entrepreneur -- war. Financial planning courses that I can recall ever having taken growing up in school -- -- -- we wanna start trying to work on some of these transitions. I think that would be a great as the start of because -- that I think he can be highly liberating thing for us to be back in a world where where. More creative and and and doing our own thing rather than inflating away and some manufacturing facility. LL isn't necessarily trying to signing culprit as much as I don't think. Money is ever but come more as more in this country then it was it later than it was previously news -- it. Morning it's sort inflation in. Yeah I mean there's no question completions and a nasty culprit in the opening you have factor into the game and handle the wage over comment is. Is how -- investing you know be careful not to be talking too much money away and trading decal that's exactly Bernanke is trying to do it. He's trying to force you into risky saying buck and you left and the cost of living increase should show. -- other using they're using that aspect of money sort of and -- internalize it and put our behavior and I get the way that I would tell people to invest around. Just think given that in terms of buying actually stream rather than. Rather than trying to buy by -- Ohio aren't always buying them. You know the next homer and stock idea you know he's thinking of acquiring massive cash flows. If you think in terms about probably -- so what -- are. I'd average it averages out stormy if your. Sixty years so what's the average lifespan I'm sure at some point you've competed better than somebody has ranked. I mean I think most people would probably be 8085. -- it triggered ago where. I 8085. Yeah I -- given inflation or whatever you anticipated. To be if you're thirty right now. I don't know if there's a chart that says Z if you wanna retire at what age how much you should have is there's such a thing. I'm not big into conventional financial planning theory I don't like -- which are number -- trying to kind of programming because it brings all sorts of product. Troublesome things into the equation -- -- the way that I would rather view it is. You know what what do you look at my ideal lifestyle or -- -- I enjoy doing every day how much does that cost. And then -- concurrent with that -- that caught going to be you can do some projections on what inflation like -- likely could be. And then look at all sources of income and say how much of how much of my expenses can be taken care -- -- or even come. And then you figure. It to cover the -- I would plan on maybe -- three to 4% withdrawal rate and whatever the present value number that is probably a much needed a bucket. Elements of this out there fewer if you're 35 or forty years old right now you'd better and -- retired 65 and have a decent life. You better have about a million and your -- is is that way off. I think if you have a million in your book you can probably say people breed breed or percent per year in an income. And an investor widely it is how you retire where that market is when you were up tires are critical dynamic it'll -- Well that's the other thing too because your 401K could be -- Downey better retire on Tuesday. This Thursday might lose it all of some man happens. Exactly what I actually think cash flow regular rental property -- never really worried with the value of the houses are far more concerned with the political cash flow generating it. Hey -- I appreciate you time -- really do very very entertaining and informative please. -- --

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