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Ideally, retirement is the event that allows for working men and women to shift their working lifestyle to a lifestyle of relaxation and enjoyment. The truth of the matter is that so many Americans, nearly one-third of those aged 55-64, have little to no savings and are unable to support themselves during their time of unemployment. Even with the median retirement account valued at more than $100,000, this is still not enough to maintain the living expenses of a person living the average lifespan of 80 years. Elizabeth White, an author and aging solutions advocate, shares this experience in hardship and has made it her mission to educate the world on the personal finance crisis.
Two years ago, Ms. White wrote an online essay that depicted the financial plight of boomer-aged Americans and her story resonated with so many. The overwhelming response to the essay led her to write her book, Fifty-five, Unemployed, and Faking Normal, which tells the story of the millions of older Americans who, despite a history of career choice and decent incomes, are facing the prospect of downward mobility in old age. Today, Ms. White has sparked a national conversation, has delivered an impactful TED Talk and has been recognized as one of the Top 50 influencers on aging.
In this episode we discuss:
- Ms. White’s story and her famous TEDx Talk
- Her financial mistakes and lessons learned
- The individual isolated behavior vs systematic factors that have led us to this point of the retirement crisis. (The 7.7 trillion retirement GAP)
- The 3-legged retirement income stool- (the savings, pension and social security) and why it is so wobbly/broken
- Advice for older adults reaching retirement and advice for younger adults
- Resilient circles and how people can form them in their lives
- The concept of ‘Smalling-up’
- What it means to have a richly textured life
- The changes Ms. White would have made her to habits and choices pre-retirement
- Her thoughts on the FIRE movement
At the end of the podcast, I also talk about the waitlist to the soft launch of my monthly membership program. Get monthly tips, tools, and classes to help you launch to Financial Freedom. Click here to sign up and be the first to be notified when the doors open in Summer/Fall 2018.Episode 59- Exploring the Personal Finance Crisis w/ Elizabeth White Who Was 55 & Faking Normal Click To Tweet The keys to financial stability are: 1) living frugally; 2) saving as much as possible and as early as possible; and 3) constantly upgrading your job skills in the event of unexpected lay-off, which may happen several times in a… Click To Tweet Come out of the shadows, get off your throne, find the bridge work to get you through the lean time. -@55fakingnormal Click To Tweet It is very possible to be well educated but to be in economic freefall. -@55fakingnormal Click To Tweet Episode 59- Exploring the Personal Finance Crisis w/ Elizabeth White Who Was 55 & Faking Normal Click To Tweet The 3 legged retirement income stool (individual savings, pension and social security) is wobbly. -@55fakingnormal Click To Tweet Many near-retirees are dependent on social security as THE retirement plan. And it wasn't meant to be that way. It's not meant to be the main source. -@55fakingnormal Click To Tweet
Other related blog posts/links mentioned in this episode:
- YouTube Video of TEDx Talk
- Fifty-five, Unemployed, and Faking Normal Book
- PBS Video and Profile
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- Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!
- Watch me on News12 Watch my latest segments on News12
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