Retirement Plans: Last Week Tonight with John Oliver (HBO)

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Saving for retirement means navigating a potential minefield of high fees and bad advice. Billy Eichner and Kristin Chenoweth share some tips.

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49 COMMENTS

  1. Uh… I don’t keep my Milk percent under 1%… that is a terrible comparison. Whole milk is healthier than Reduced Fat milk. The fat in milk isn’t unhealthy, and removing it results in much more sugar by volume, and the carbohydrates from the sugar is detrimental maintaining a healthy weight, resulting in weight gain.

    • +Nadine Girouard

      “AND! We are not cows. Cow milk is Wonderful for calves, not humans.”

      Just because they are wonderful for calves  does not mean they aren’t wonderful for humans… as I already mentioned… milk has a healthy and nutritional profile, so consuming it is just as wonderful for us as any other creature.

      “The milk industry cooks every good out and adds what they Think we need.”

      That isn’t an argument against drinking milk… it is an argument against drinking factory farmed pasteurized milk. Local Organic Raw Milk is very healthy.

      “I am good with nut milks”

      Oh yeah… nut milk is much more natural than milk from a cow. Grind almonds into a fine powder, then blend it with water, strain out solids, fortify it with some vitamins… and still have less vitamins, minerals, and proteins than Cow’s milk.

    • +Ellenor Malik

      I am not well versed on Canadian Raw milk laws… but if it is completely banned, rather than only in some areas like in the U.S…. if you care enough, I’m sure you can still find farms willing to sell you raw milk on the black market. People do it that way when they live in states that have outlawed the sale of raw milk.

      Another consideration, is cow-sharing… if your laws permit you to consume raw milk from a cow that you own… there are probably cow-sharing programs that allow you to have partial ownership in a cow, and you just go to the farm and pay your “ownership fee” and pickup some milk… it is a loophole in some states here in the U.S.

    • +Malo Perverso They have low minimum deposit for opening an account. Which is great for people starting out. Low commission if great for the long haul but getting started might be the most important thing. Many people don’t even think about retirement until they are in their 40s. I’ve been saving for an early retirement since I got my first real job. I’m 46 and am 95% retired. I make a little side money now. I call it hobby profit.

    • +Bill Schlafly The Stuff about your Early Retirement is Great Buddy! I’m Actually thinking About Investing Around $50,000 in a Bonds-Only Mutual Fund/Index Fund and want/wish to get a 4 to 6% Yearly Growth! Does it Sound like Vanguard Might have a Mutual Fund for me or Not!? Which One Exactly!?

    • +Bill Schlafly What About Buying Treasury Securities Directly from the Federal Government using TreasuryDirect.gov!?  

  2. The thing is, finance is a lot easier than people think it is.

    There are some generally-recommended, safe investment options (bonds, index funds) as well as retirement plans that provide a steady return over time with little effort. You don’t have to gamble away your money by trusting it with a financial advisor – or, potentially worse, putting all your money in stocks without spending the time it takes to do it well.

    So, once you find an investment vehicle you’re comfortable with long-term, you’ll have an idea of how much interest your money will accrue. Plug the data into an online interest calculator and it’ll be able to tell you how much money you have to invest at a given interest in order to be able to live off of it after you retire.

    A much bigger problem is for the many people who can’t do any of this because they don’t have the money in their youth, and thus never accrue interest on any money, and instead have to keep working long after they’d hoped to retire.

    I guess the bottom line is: Don’t trust the banks. Banks make money by literally taking as much money as they possible can from you. When you need the services of a bank, remember this. They’re not your friends. They aren’t there for you. They’re not there for the economy. They’re a necessary evil you need to avoid as much as possible.

    • ‘It’s just a prank’ – I sort of see your point, but looking at it another way … 81 people at the time of writing have liked this comment, and Emil’s thoughts may positively influence their lives.

    • If you have 100k, 200k and want to invest in fixed income, and you think that the lay investor from his laptop can do a better job than an advisor and a professional bond trader, you have no idea what you’re talking about. The average investor with 100k would not come close to the returns of the advisor. It would not even be in the same universe. So what happens? The small guy moves to fee based accounts and pays 2% a year every year on a bond paying 3%. Whereas if he paid an advisor 2 pts up front, he can hold a bond for 30 years and never pay another dime in fees. Think about how idiotic this policy is on so many levels.

      So, this policy will prevent small investors from getting proper advice and services. Brokers won’t service accounts they aren’t compensated for. To think otherwise is ludicrous. A high net worth individual is gonna just end up moving to fee based accounts as well, and everyone knows those accounts are never the best product.

      I could sit here for hours debunking this policy, but it gets too complicated. In simple terms, whoever at the DOL came up with this is ignorant in every sense of the word. As is Oliver and his research team. Go speak to a real trader, then try to make something funny out of it.

    • Bank trust departments aren’t much good, just like almost all other active managers. Bank CDs protected by deposit insurance are good but very conservative investments. The low interest rates since 2008 have obscured this fact. Vanguard stock and bond index funds are credible performers with very low management costs.

  3. I mean in a perfect world everything should be simple, but our tax codes and financial laws are written to be dense on purpose. People want to take advantage of others’ ignorance and capitalize on it. A huge portion of our economy is based on this fact.

    • +Douglas Fulmer With the help of Britain and Russia? You joined the party late and helped clean up the mess. Britain held the fort and Russia won the war.

    • Ah yes, how terrible it is for them to only have had 3 gun-related deaths in the past 15 years instead of over here in the US where we have 3 gun-related deaths every day. At least.

    • In my place, every single gun-related deaths are announced in the news. For the record, we have more vehicle-related deaths than the gun-related ones, with logarithmic-scale differences.

    • Britain was being bombed to dust were not going to be able to hold out forever, and if the US had not entered the war Russia would have had to fight a devastating two front war with the Germans on one side and the Japanese on the other. Yes, it is more complicated than saying that the US won the war, but take them out of the picture and things could have easily wound up turning out very differently.

    • Richard D. Strid II britain was not being bombed to dust after the battle of britain where luftwaffe was devastated and made unable to mount any significant offensives against UK

    • teeonezee I am sorry Primerica is the opposite of this… I have worked for Wells Fargo, US Bank, and other small financial companies. The industry as a whole is completely focused on active management and high expenses accounts. Primerica is focused on education and what is in the best interest of the family. If you had a different experience, I am sorry but that is the person you worked with not the company. I have spent several hours with the CEO in the past and other executives and know the direction they are pulling is far from this type of advice.

  4. I love that the women at the beginning who wants to buy a louis vitton bag is “denied”. She supposedly has 12 grand in the bank lol, she can buy whatever bag she wants XD

  5. Its like that for obvious reasons. The people running these companies are snakes…a brood of money hungry vipers. And they are stealing your money. If you want to save money…put 50 bucks a week in a jar and stuff it into a secret compartment in your ceiling. Then, after 30 years you take that 78,000 bucks and go put it all on red at the casino. If you win, awesome. If you lose, just blow your brains out. Life doesn’t have to be that hard. The entire worlds banks and economy are going to crash and those snakes and vipers are going to walk away with the spoils anyway.

  6. What about UIT’s and Mutual Funds? This video is 100% false. This policy requires the broker has to put their client in the lowest priced product, not the best product. So it is disastrous for the small investor in the sense that no broker is going to take on a 50k account. There’s no incentive. Moving into a fee based account doesn’t make it a better plan. For instance, if you buy a bond, you’re better off paying 1 or 2 points on a bond at the beginning than paying 2% every year you hold the bond. Think about how much money small investors are going to lose on literally millions of these transactions. I’m sure you think you know what you talking about, I’m sure John Oliver does too, but neither of you understand what this policy means and how it applies to products you clearly have never traded once in your life.

  7. So people can’t save for retirement? Yes, some people do make too little, but there sure are a lot of people spending above their means too.

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