January 2, 2025 • 7 mins
Chris critiques the AARP's take on the retirement savings "crisis," questioning the role of government, nonprofits, and the family unit in addressing financial shortfalls. Highlighting personal responsibility and the power of family support, he offers a no-nonsense perspective on saving for the future, while challenging the narrative of inevitable dependence on public programs. www.watchdogonwallstreet.com
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Here we go, We got another one, another day, another
story about the retirement savings crisis.
Speaker 3 (00:25):
Again.
Speaker 2 (00:25):
Often oftentimes these stories are sponsored by the aa RP
Oh yeah, the AARP. I always love making fun of them. Anyway, Anyway,
the ARP, they what they do is again, many journalists
are lazy and they want stories to right themselves. So
(00:51):
organizations like the ARP and many others will put out
press releases where journalists are who oh, look at what
they're pushing right now, and then they'll take the press release,
they'll call up the AARP. They'll stick in some anecdotes
and pow bang boom, we got ourselves story. Anyway, here
(01:14):
we go.
Speaker 3 (01:15):
Is a retirement savings crisis looming? Yes? I love this,
Trump donor. This is how the article started.
Speaker 2 (01:31):
Trump donor Norm Champ details how the Biden Harris regulations
have been hurting Americans retirement funds. Trump donor, again, I
don't realize, do you know we normally are we gonna
start doing this. We're gonna when we write about somebody,
(01:54):
we're gonna put down who they donated to or who
they voted for.
Speaker 3 (01:59):
Anyway.
Speaker 2 (02:01):
Tens of millions of private sector workers lack access to
retirement savings plans through their employer.
Speaker 4 (02:09):
Which, experts experts at the AAARP Public Policy Institute Warren
could pose a significant burden the future taxpayers.
Speaker 3 (02:21):
What makes them an expert?
Speaker 2 (02:23):
By the way, how does one become an expert and
financial planning at the aar P. Did these people manage
Annie montaindo No, No, they got themselves a BS job
(02:44):
at the AARP anyway. The institute, what do you think
they do all day at that institute?
Speaker 3 (02:52):
Anyway?
Speaker 2 (02:53):
Estimates that fifty seven million private sector workers, half the workforce,
are not offered either traditional pinch or a retirement savings
plan through their employer.
Speaker 3 (03:04):
A problem that has persisted for decades.
Speaker 2 (03:08):
It's a problem and it's not a problem problem, no
problem that's been around forever.
Speaker 3 (03:17):
Forever.
Speaker 2 (03:18):
I mean, just correct me if I'm wrong. If you
were a subsistence farmer, did you have a retirement plan?
Do you think do you think all those little shops
down in the Lower East Side of Manhattan when people
(03:40):
were immigrants or company country. Do you think that they
had a retirement plan for their workers.
Speaker 3 (03:49):
Anyway?
Speaker 2 (03:50):
Anyway, And in April, an AARP survey showed that twenty
percent of adults at least fifty years old had no
retirement savings and more than.
Speaker 3 (04:02):
More than half.
Speaker 2 (04:02):
We're worried that they would not have money to support
them in retirement. Well, you probably can't retire then again,
if you have no plan. Again, I'm putting my arms
around this here, and I understand, you know, certain jobs
(04:23):
you may age out of based upon how they're set up.
But you know, I'll get into that in a bit.
This expert said that individuals in their fifties or early
sixties that were facing retirement without enough savings are in
the midst of a crisis for.
Speaker 3 (04:39):
Society as a whole.
Speaker 2 (04:40):
He said, it's not a crisis right now, but it's
pretty inevitable that it will be for society as a whole.
It's a really significant problem, and it's one that's going
to affect us all because if we're not the ones
with the small retirement savings to supplement social security, we're
going to be the the ones who are paying the
(05:01):
taxes to help the people who didn't have the opportunity.
If many people lack adequate retirement savings, they will likely
require more forms of public assistance from non all. Yes,
we need more nonprofit organizations or government programs. This could
include support for healthcare needs, housing or essential don't we
(05:22):
have medicare housing or other essential service at housing? Why
would you need again, where you've been living your whole life,
you don't have a house by now again, I'm going
to let everybody realize here and I'm cured some tough
love here in this program. I mean, you can put
money away into an IRA or roth IRA if your
(05:47):
job doesn't have a four to one K plan. And granted,
I think that there should expand upon all these programs
who allow people to save and put away more money.
I'm all for that. But you know that there's a thing,
there's a solution to this problem. It's called family. Family Again,
(06:10):
I'm trying to get my arms around this. Okay, do
these people not again? Maybe I I don't know.
Speaker 3 (06:19):
Maybe I'm just too old in the way that I think.
Here is.
Speaker 2 (06:26):
The family unit supposed to take care of one another.
If a situation like this presents itself. That's what family.
Speaker 3 (06:38):
Is supposed to do. I mean, it's straight.
Speaker 2 (06:43):
You've got a parent, even a parent you might not
get along with that. Well, still your mother, still your father,
still your grandparents.
Speaker 3 (06:52):
Oh no no, we're gonna.
Speaker 2 (06:53):
Let the government take care of it. We're gonna let
a nonprofit take care of the situation. Oh, it's going
to be too much if a non me, what do you?
Speaker 3 (07:01):
What do you want? Drugs? That's what you're supposed to do.
And guess what, you're not even supposed to get patted
on the back for it.
Speaker 2 (07:09):
Okay, you're supposed to take We're supposed to belong to
one another.
Speaker 3 (07:13):
We're supposed to take care of.
Speaker 2 (07:14):
One another, are we not? Is not what the family
unit is all about? No, no, no, no, not the family.
Speaker 3 (07:20):
I'd rather rely on the government to do it.
Speaker 2 (07:24):
Sorry here, not Mary Poppins, no spoonful of sugar to
make the medicine go down. Watch dog on Wall Street
dot Com
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Here we go, We got another one, another day, another
story about the retirement savings crisis.
Speaker 3 (00:25):
Again.
Speaker 2 (00:25):
Often oftentimes these stories are sponsored by the aa RP
Oh yeah, the AARP. I always love making fun of them. Anyway, Anyway,
the ARP, they what they do is again, many journalists
are lazy and they want stories to right themselves. So
(00:51):
organizations like the ARP and many others will put out
press releases where journalists are who oh, look at what
they're pushing right now, and then they'll take the press release,
they'll call up the AARP. They'll stick in some anecdotes
and pow bang boom, we got ourselves story. Anyway, here
(01:14):
we go.
Speaker 3 (01:15):
Is a retirement savings crisis looming? Yes? I love this,
Trump donor. This is how the article started.
Speaker 2 (01:31):
Trump donor Norm Champ details how the Biden Harris regulations
have been hurting Americans retirement funds. Trump donor, again, I
don't realize, do you know we normally are we gonna
start doing this. We're gonna when we write about somebody,
(01:54):
we're gonna put down who they donated to or who
they voted for.
Speaker 3 (01:59):
Anyway.
Speaker 2 (02:01):
Tens of millions of private sector workers lack access to
retirement savings plans through their employer.
Speaker 4 (02:09):
Which, experts experts at the AAARP Public Policy Institute Warren
could pose a significant burden the future taxpayers.
Speaker 3 (02:21):
What makes them an expert?
Speaker 2 (02:23):
By the way, how does one become an expert and
financial planning at the aar P. Did these people manage
Annie montaindo No, No, they got themselves a BS job
(02:44):
at the AARP anyway. The institute, what do you think
they do all day at that institute?
Speaker 3 (02:52):
Anyway?
Speaker 2 (02:53):
Estimates that fifty seven million private sector workers, half the workforce,
are not offered either traditional pinch or a retirement savings
plan through their employer.
Speaker 3 (03:04):
A problem that has persisted for decades.
Speaker 2 (03:08):
It's a problem and it's not a problem problem, no
problem that's been around forever.
Speaker 3 (03:17):
Forever.
Speaker 2 (03:18):
I mean, just correct me if I'm wrong. If you
were a subsistence farmer, did you have a retirement plan?
Do you think do you think all those little shops
down in the Lower East Side of Manhattan when people
(03:40):
were immigrants or company country. Do you think that they
had a retirement plan for their workers.
Speaker 3 (03:49):
Anyway?
Speaker 2 (03:50):
Anyway, And in April, an AARP survey showed that twenty
percent of adults at least fifty years old had no
retirement savings and more than.
Speaker 3 (04:02):
More than half.
Speaker 2 (04:02):
We're worried that they would not have money to support
them in retirement. Well, you probably can't retire then again,
if you have no plan. Again, I'm putting my arms
around this here, and I understand, you know, certain jobs
(04:23):
you may age out of based upon how they're set up.
But you know, I'll get into that in a bit.
This expert said that individuals in their fifties or early
sixties that were facing retirement without enough savings are in
the midst of a crisis for.
Speaker 3 (04:39):
Society as a whole.
Speaker 2 (04:40):
He said, it's not a crisis right now, but it's
pretty inevitable that it will be for society as a whole.
It's a really significant problem, and it's one that's going
to affect us all because if we're not the ones
with the small retirement savings to supplement social security, we're
going to be the the ones who are paying the
(05:01):
taxes to help the people who didn't have the opportunity.
If many people lack adequate retirement savings, they will likely
require more forms of public assistance from non all. Yes,
we need more nonprofit organizations or government programs. This could
include support for healthcare needs, housing or essential don't we
(05:22):
have medicare housing or other essential service at housing? Why
would you need again, where you've been living your whole life,
you don't have a house by now again, I'm going
to let everybody realize here and I'm cured some tough
love here in this program. I mean, you can put
money away into an IRA or roth IRA if your
(05:47):
job doesn't have a four to one K plan. And granted,
I think that there should expand upon all these programs
who allow people to save and put away more money.
I'm all for that. But you know that there's a thing,
there's a solution to this problem. It's called family. Family Again,
(06:10):
I'm trying to get my arms around this. Okay, do
these people not again? Maybe I I don't know.
Speaker 3 (06:19):
Maybe I'm just too old in the way that I think.
Here is.
Speaker 2 (06:26):
The family unit supposed to take care of one another.
If a situation like this presents itself. That's what family.
Speaker 3 (06:38):
Is supposed to do. I mean, it's straight.
Speaker 2 (06:43):
You've got a parent, even a parent you might not
get along with that. Well, still your mother, still your father,
still your grandparents.
Speaker 3 (06:52):
Oh no no, we're gonna.
Speaker 2 (06:53):
Let the government take care of it. We're gonna let
a nonprofit take care of the situation. Oh, it's going
to be too much if a non me, what do you?
Speaker 3 (07:01):
What do you want? Drugs? That's what you're supposed to do.
And guess what, you're not even supposed to get patted
on the back for it.
Speaker 2 (07:09):
Okay, you're supposed to take We're supposed to belong to
one another.
Speaker 3 (07:13):
We're supposed to take care of.
Speaker 2 (07:14):
One another, are we not? Is not what the family
unit is all about? No, no, no, no, not the family.
Speaker 3 (07:20):
I'd rather rely on the government to do it.
Speaker 2 (07:24):
Sorry here, not Mary Poppins, no spoonful of sugar to
make the medicine go down. Watch dog on Wall Street
dot Com
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