Transamerica Center, Helena Handbasket, 401K discussed on Watchdog on Wallstreet with Chris Markowski

Automatic TRANSCRIPT

Promises subtly broken big gifts irrevocably wasted through sloth or cowardice or carelessness you're so much better than that a little bit more wordy i would put it but right as i stumbled over some of the words got a couple of stories i wanna start off with us today story past week i'm reading about generation x or between nineteen sixty five thousand nine hundred seventy eight and how they need to focus focus in order to retire successfully the recent survey from the transamerica center for retirement research found that genx americans are more likely than baby boomers millennials indicate that they may never recover or have not yet begun to recover from the great recession why what what happened that's my generation i'm generation x why why why am i different than you why the great recession happened to be one of the greatest opportunities for investors ever of all time it was a phenomenal opportunity i would be banging my hand on this very desk show after show after show what everybody thought that that we're all going to helena handbasket and you better go out and buy one a glenn beck seed banks or one of his stupid gold or silver creek it said he was selling at some point in time now now what we were doing what our clients were doing well we were telling you to do on this very program is take a look around you look at look at everything that's on sale look at the value that's out there at one point time ever actually looking at some closed end funds that were trading at like seventy eighty percent discounts that their n a v yielding fourteen fifteen percent are you kidding me amazing but again what do we do we don't get off our but we worry about what's happened oh no i lost some money on this we don't move on say of the miserable whining life stop monkeying around i point out generation x but i also i i got the numbers this actually from vanguard and regards to 401k plans currently the annual maximum for workers under fifty is eighteen thousand five hundred yeah hit fifty you get a catch up provision which raises that number to twenty four thousand five hundred wow you'd think you'd be seeing some pretty decent balances now you got a first glance and this is where people make them snake the average the average 401k balance is one hundred.

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