AARP Caught Spreading Fake News

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Here we go, got another one. Another day, another story about the retirement savings crisis. often, these stories are sponsored by the AARP. yeah, the AARP. I always love making fun of them. Anyway, anyway, the AARP, what they do is, again, many journalists are lazy.

and they want stories to write themselves. organizations like the AARP and many others will put out press releases where journalists say, 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 a story. Anyway.

Here we go. Is a retirement savings crisis looming?

Yes, I love this Trump donor

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This is how the article started. Trump donor, Norm Champ, details how the Biden-Harris regulations have been hurting Americans’ retirement funds. Mm-hmm. Trump donor.

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start doing this? When we write about somebody we’re gonna put down who they donated to or who they voted for. Anyway tens of millions of private sector workers lack access to retirement savings plans through their employer. Which experts

Experts at the AARP Public Policy Institute warn could pose a significant burden to future taxpayers. What makes them an expert by the way? How does one become an expert in financial planning at the AARP? Do these people manage any money? No, no, no.

they got themselves a BS job at the AARP. Anyway, the Institute, what do you think they do all day at that Institute? Anyway, estimates that 57 million private sector workers, half the workforce are not offered either traditional pension or a retirement savings plan through their employer, a problem that has persisted for decades. It’s a problem and it’s not a problem.

Problem, no problem. That’s been around forever.

Forever. mean, just correct me if I’m wrong. If you were a subsistence farmer, did you have a retirement plan? Do you think all those little shops down in the lower east side of Manhattan, when people, immigrants are coming to, do you think that they had a retirement plan for their workers?

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Anyway, anyway, in April, an AARP survey showed that 20 % of adults at least 50 years old had no retirement savings. And more than, more than half were worried that they would not have money to support them in retirement. Well.

You probably can’t retire then. If you have no plan, again, I’m putting my arms around this here. And I understand, you know, certain jobs you might 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 50s or early 60s who are facing retirement without enough savings are in the midst of a crisis.

For society as a whole, 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 ones who are paying the 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, yes, we need more nonprofit organizations or government programs.

This could include support for healthcare needs, housing, or essential services. Don’t we have Medicare?

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Housing or other essential services 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 gonna let everybody realize here and I’m some tough love here on this program I mean you you can put money away into a an IRA or Roth IRA if your job doesn’t have a 401k 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, there’s a thing, there’s a solution to this problem. It’s called family.

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Family, again, I’m trying to get my arms around this, okay? Do these people not, again, maybe I, I don’t know, maybe I’m just too old in the way that I think here. Isn’t the family unit supposed to take care of one another if a situation like this presents itself? That’s what family,

is supposed to do? Let me add this straight. 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. no, no, we’re let the government take care of it. We’re gonna let a nonprofit take care of this situation. it’s gonna be too much of a burden on me. 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. Okay? You’re supposed to take, we’re supposed to belong to one another. We’re supposed to take care of one another. Are we not? Is that what the family unit is all about? No, no, no, no, not the family. I’d rather rely on the government to do it. Sorry, here, I’m not Mary Poppins, no spoonful of sugar to make the medicine go down. Watchdog on Wall Street.