position. you can watch allf our congressional coverage with our free video cap c-span now or online at c-span.org. c-span is your unfiltered view of government funded by these television companies a more including cox. when we are connected, you are not alone. cox supports c-span as a public service along with these other television providers giving you a front row seat to democracy. josh hodges will be talking about the retirement savings

shortfall among the baby boomers. thank you for joining us. tell us about the council aging. joining us. guest: we are a national nonprofit, focused on one key mission. everybody in this country has the human right to age well. there are many things that have prevented people from aging well, whether they are economic security barriers, health barriers, and our goal is to create policy solutions so we help all americans age well. host: we have some facts pulled up from census.gov. it says an estimated 73 million baby boomers in america, people born from 1946 to 1964, all of

which will be at least 65 in age by 2030. there is a recent headline in the hill that says nearly half of baby boomers have no retirement savings. this is a chart i'm showing from that same article. it shows retirement account ownership, baby boomers, 58.1% have retirement accounts. how much should americans be saving? are you concerned at all that 40% of boomers do not have retirement accounts as they reach retirement age? guest: there are two in five adults who are baby boomers who do not have retirement accounts. it is a problem. this is one of the big problems we are facing in retirement. many people are not saving the dollars they need to retire. ewr know that -- we know that

50% have significantly less than $100,000 in their retirement accounts. they do not have the dollars they need. people are facing two big problems in retirement. longevity and longtime care costs. people are living longer. if you are 65 you have a good chance of living to 85 if not longer. long-term care costs can cost more per year, so many people do not have the assets they need to retire and age well. host: we will be talking more with josh, but we want you to start calling in with your questions about retirement and retirement savings or any comments you want to make on the topic. i want to give you our phone lines because they are different. if you are nearing retirement,

not thereby getting close, we want you to call us at (202) 748-8000. if you are retired or semi retired, you are already there, call us at (202) 748-8001. everyone else, your line is (202) 748-8002. you can still send us a text message at (202) 748-8003. if you are close to retirement, (202) 748-8000. if you are already retired, (202) 748-8001. and everyone else, (202) 748-8002. start calling in now. josh, how much should older americans be saving? once someone is ready to retire, how much it should they have

been there account? guest: i wish i could give you a magic number. that is just not reality. everybody needs to look at their individual situation. i would encourage people to look at what their current spending habits are to better understand what social security will provide. social security will not cover as many expenses as people think it will. people need to look across the space. we are about to release a new survey. we did a partnership with the women's institute for secure retirement. it will show that women across the space do not feel prepared for retirement. 4 in 10 baby boomers when asked the question do they feel they are saving enough for retirement, they feel they are not. 6 in 10 generation x individuals feel they are not saving enough for retirement. that is the crisis we are facing as a country. host: you mentioned social

security. i do think a lot of people imagine social security will be enough. why is that not the case? guest: social security provides benefits to a lot of people. it does not provide $1800 a month. the gap has to be filled with something. th isat -- that the crisis many people are facing. when you go into retirement, things are not as inexpensive as people think they are. that is some of the need people have. host: let's go to the phone lines to take some of your questions and comments. one more time, i want to remind you of the numbers. if you are headed towards retirement, call (202) 748-8000. if you are retired or semi

retired, call (202) 748-8001. everyone else, call us at (202) 748-8002. our first caller is steve in florida. you are getting close to retirement, steve. tell us about it. caller: we are getting close to retirement. i feel like we are well prepared, but when i look at our situation and the situation of a lot of folks in my age group, seei a lot of the same problems coming out of nowhere. number one is long-term care for loved ones, for spouses, parents. it is prohibitively expensive, and long-term care insurance in checking out, we find out it is so expensive the only people who can afford it are people who do not really need it. i guess the other situation that

comes up, when we retire what we are trying to do is create, establish a budget where you are making more than you spend every month, but the prices of homes, the prices of houses, apartments, everything has just exploded into orbit. i think that's a problem that a lot of people who are looking to retire, they are looking to cut back a little bit. maybe there are people who raised families with several children that have grown up and left. well, we can sell this big house endcap back a little bit. the homes -- and cut back a little bit. the homes we were planning to cut back on are now more expensive than the homes they are living in. host: steve, i hear your point.

i want to let josh respond to some of the points you raised about budgeting and housing. guest: steve, your spot on. your example is one many americans are facing in this country. long-term costs can be prohibitively expensive, easily more than $100,000 per year, so if you're planning for your long-term care or a caregiver for someone who will need long-term care, those are things to take into account. long-term care insurance is one thing many americans cannot afford. as people go towards retirement, they are thinking about what the long-term care costs will be. the impact of inflation on retirement savings, you are spot on how prices have increased. for older adults living on a fixed budget, their budget does not have the flexibility to adjust to those inflationary

activities. i applaud you for looking into those things, but that is the problem many americans are facing right now. host: let's go to ron. ron is calling from sterling heights, michigan. ron is retired. what is your question or comment? caller: i'm looking at social security and retirement. some companies are borrowing money from the retirement fund. that should be illegal. you have social security is not really funded through our money. they say that money is not really hours, that the government never really had it 100% our money. they don't want to pay back. he was talking about rental,

that one guy. i tell you how i did it. i went and bought me a jeep. i sold it. i got 26,500 for it, i paid $40,000, and i used it for a down payment on a house. you have to figure out a way to save up some money. you may not be able to save it up with a savings account, but you need a car or something like that to invest in it. i was at $26,000. by the time i closed on the house, they had changed the law. i bought me another car for $7,000, and took that other money and used it close on the house. host: we appreciate your call. any feedback for ron's comment?

guest: i appreciate your ingenuity. you raise a good point about social security. social security is a vital program in this country. it is very important that we as a country recognize that we must make social security a part of the future as well. host: vince in saint an ego -- in maryland. caller: i would like to pick up where steve left off, and asked josh to consider this. i m on the tail end of the baby boom. everybody is moving into retirement, and the demand that is creating is causing prices to spike. the service sector and the build

above the infrastructure to support the baby boomers is ramping up to meet that demand. my question is what happens when the pig gets through the python on the other side? with all of the infrastructure having been built up, there will be a decrease in demand eventually for folks like me as the baby boomers age out. there are fewer of them. what happens on the others? -- on the other side? is there a better scenario on the other side? guest: i mean it is an interesting concept if the industry will ramp up to the point where we have an over abundance of supply. the reality is people are living longer. you are dealing with retirements that are 20 or 30 years in

space. the other side conversation is many decades away. it is an interesting conversation worth exploring, but right now we are trying to build up these services to allow people to age well. for a lot of people that is not something they can do without financial supports. host: i want to ask you a question we received on our facebook page. bobby writes " how many retired baby boomers saw retirement savings spent within a year due to illness of self or spouse, just before reaching retirement age?" guest: the scenario this individual is talking about is a fairly common one, where they are either spending it on themselves, a spouse, or parents or a child. these things happen. that is unfortunately not an uncommon scenario.

the reality is retirement is not a one time thing. i ist a multi -- it is a multi-decade stage of life. when you have the opportunity to retire, it is important you view it holistically, not just what is happening on an individual day. host: jay is in south dakota. are you nearing retirement, retired, or calling for other reasons? caller: i have worked hard my life, but my house, paid for it -- bought my house, paid for it. the problem i see is with property prices everywhere. i travel around everywhere. it is just terrible. host: ok, property prices?

guest: we are seeing property values go up across the country. there are programs in different areas that have property tax programs. there are a lot of options. i would encourage people to look across their counties, their municipalities to see if there are possibilities to reduce property taxes. host: johnna is calling from oak ridge, tennessee. she is retired. good morning, donna. caller: thank you for your program. i am interested in making a comparison between the savings for people in socialist countries like germany and the u.s., which is the more capitalist country. what i want to ask is retirement

funds or savings went down as social security and medicare came in, or if they stay the same. in addition, i have savings, and i would like to make a little statement to people who do not have any savings. leaning on your pension and social security is not really sufficient to maintain the lifestyle that you might like to maintain. you may have to sell your house. is that what you want? i would encourage people to save a little every month, if they can. thank you. guest: on the second half of your comment, i agree. the reality is, take an opportunity to take a look at what you can save, if you can.

social security will not cover the majority of your expenses. on your broader question about comparing our country pre-social security and pre-medicare, it is hard to know at this point. social security was started nearly 100 years ago, and medicare was put in, in 1965. the comparison is hard. we know social security is a vital program in this country. many older adults rely on it. our goal is to make sure they see social security as part of their retirement. host: that last caller mentioned pensions. the baby boomer generation, do you consider it a generation that still has a lot of pensions going into retirement, or is this the first generation that does not have widespread pensions to rely on? guest: many people retiring now do not have an official pension.

the concept of pensions comes from the idea that you work your 40 years, you get your gold watch at the retirement party. that is not a lived experience many people have these days. even companies who have those, they are few and far between. people are not drawing on those as much. i don't know it is the first generation, but it is the largest group of individuals who are now retiring without a defined benefits plan. host: the last caller also mentioned reverse mortgages. can you explain what it is, and is that something that you consider a good tool for retirees? guest: a reverse mortgage in layman's terms, you own your house and you essentially take a mortgage out. instead of you paying a bank, the bank pays you. you are withdrawing the

equities in your house. you have to own your house, you have to qualify for a lot of things. do some serious research. we have a lot of information about reverse mortgages. is it a good tool? it could be. it is a toolbox. if your goal is to get the equity out of your house, there are a few ways to do it. like any other tool in the toolbox, you would not use a hammer when you need a screwdriver. it is a personalized experience. host: let's go back to the phone lines. steve is calling from new york, getting close to retirement. what is your question or comment? caller: hi. first of all, thank you for the program. this is a great segment.

i'm four years away from retirement, and i am in a good position. i work for a union. i work union so i have not only social security, but i have a fixed pension, which mow people do not have any more. i grew up during the cold war, and in my area there was a lot of defense industry, a lot of people had good jobs, but when the cold war ended that industry disappeared, so the jobs where you do not need a high school education, they are gone. that is one thing. the last thing i want to say though is about these reverse mortgages. reverse mortgages is a big bankers way of taking money from the working class. it is their last opportunity to suck the last d dollar out of you so you have nothing for

your kids. guest: many unions still have pensions, but they are fewer and fewer between. a pension is a great retirement tool, but i encourage people to look a retirement accounts more broadly. there have been predatory practices in the reverse mortgage area. everyone has -- host: in case people are looking, the national council on aging, which you are representing, that website is ncoa.org. i i'm showing a page on your website. the heading is "use your home to stay at home." ncoa.org has a lot of resources

on many different things. let's go to eddie now in georgia. what is your question or comment? caller: my main question is this. the one's coming behind us will have to get creative. if you have a high-value home, you will have to sell it. you will have to use some of those funds to live off, and the federal government -- my plans were to go into retirement with the little money i had, and then refinance my home and continue to live. the federal government are not giving assent to do that. they will have to get real creative with that retirement. guest: i think eddie brings up a

good point.you should be looking across multigenerational planning. one of the reasons we did the survey starting at age 25, is depending on where you are in your life, it is something everyone should be looking at across the generations. it is a conversation you should be having at every kitchen table across the country. host: that brings us to another question we have received. mark stone rights "if you could give younger people advice on retirement, what would it be? set up a 401(k) as early as possible and take advantage of the company match?' guest: absolutely. the 401(k) and company match our great things to have. if you are lucky enough to have a company with a 401(k) and company match, take advantage of that. 401(k)'s are not as prevalent as

people think they are. how are you making the budgetary trade-offss at your own table? host: as a reminder, we are taking your calls on saving for retirement. this is josh hodges of the national council on aging. the number if you are nearing retirement is (202) 748-8000. if you are retired, (202) 748-8001. for everyone else, (202) 748-8002. let's hear from carrie in milwaukee, wisconsin. caller: my comment, i will try to keep it real specific and that is on the need to reform social security. we need to make changes. i'm sure this gentleman will

agree. we need to make major changes or we will lose social security. there is not enough money in it. i am currently on social security. if we don't make changes, 10 years from now everyone on it will be facing a 25% cut. social security was set back in -- the retirement age is 67 to get your full retirement benefits. they did that back in '84 and it started taking place 10 years ago. the reforms we need to make will not take place immediately, but they are for people went to

years from retirement. people like myself do not need to panic, but people coming up in the next couple of years do not need to panic, but we need to make changes now that will go into effect are people retiring 20 years from now. that includes raising the retirement age. it has to be done. we also have to look at needs based assessments, which does not seem fair because we all paid into it, but the reality is once you are on social security for about 5 years you have gotten back as much as you put in, so everything from thereon is basically other people's money. we need to go for needs-based, raising retirement, and may be lowering benefits for some. host:, your thoughts josh? guest: the caller might agree that social security as a

program has to continue to evolve and be reformed. the cuts the caller was referring to is the concept that the social security trust fund will run out of additional dollars, sweat will only be able to pay benefits on the dollars it takes into itself at any given point, however, we have come to this many times before. our position is social security is a bedrock program in this country, and has to continue to exist, whether the changes are to increase the tax rate to take the cap off of the income rate. many do not know that if you reach a certain income, you no longer pay social security tax above a certain income. those are common changes we could see would extend the life of the social security program by many decades. the color and i are completely aligned -- the caller and i are

completely aligned. host: let's hear now from leroy in sydney, ohio. what is your question or comment for us. caller: i would like to thank steve for his comment, my union brother. we should be helping our retirements because where we are at now is because of our senior generation. a pension is a thing in the past. it vanished. where i am at, when covid hit that was when you should be backing up your employees and encouraging them to come out

because life stuff does happen, and at the same time we do feel that we need to provide for our families and like he said, when people do get sick, your spouse and all that, you touch into your funds. why should it be like that? what i don't understand is how our government is and how our senior employees have built the future for the younger generation, and yet here they are struggling when they should be enjoying their life because they worked their whole life. host: we appreciate your call. your thoughts, josh? guest: i agree with the caller's perspective that we need to be in a position to let people retire, and that needs to be something -- especially after

working for many years. i think the reality is, one of our goals is to always all people plan for retirement, and make sure they know about the entire services available to someone who is retired. host:host: let's go to traverse city, michigan. carl is on the line, says he is nearing retirement. caller: hi. as has been stated, the problem is the longer lifespans that were not calculated when roosevelt put this into effect. in listening to this conversation, we always talk about what we want our kids to do better than we did. i think over the generations that has generally happened. i have a lot of faith in young people, but it made me think about this -- which set of retirees will be better? my set of retirees that are

coming up or the set of retirees that were behind me, that i am still supporting through working? think about that for a minute. i ask that question to the gentleman there as well as the listeners. the other part is parents who are helping children through difficult times, in some cases adult children, or children helping parents through difficult times, which can tap out savings. a couple of solutions, raising your fica 1%, the employee share, and you don't have to do it all at once, you can do it in quarters. raising the income withholding threshold, there is a lot of money to be generated there. thank you for taking my call and for listening. guest: parsing your comments,

i think you raise an interesting thought exercise. which generation of retirees is better off? it is not something we have given thought to, because we are looking into how to increase everyone's retirement utility. i would push to say where are the holes for anybody at any retirement age, and how do we fill those holes so people can age well whether you are retiring today, already retired, or retiring in 10 years. host: the previous caller mentioned the previous generation, if their parents do not have savings, they become the sandwich generation, taking care of their parents, and possibly raising their own children. can you talk about that and how

that could be affecting the next generation? guest: the sandwich generation, we call them the panini generation, because we press them on both sides as someone providing care to multi-generations. that is a lived experience for so many people in this country. people will spend their time and dollars, caring for family members in different generations and that does impact their retirement. that is especially true for women, especially true for women of color. we see data coming out that women feel they are not able to retire because they are always giving, carrying expenses, and that kind of perspective. it is a personal problem. when i go home to texas and talk to my mom, we sit down and we go through her budget. you race back up in the d.c.

space, talk what are the policy changes we have to make in order to address these concerns. multigenerational housing is not going away. it is increasing. host: can you talk about long-term care? we talk about that often becoming the drain on retirement savings. what do you recommend? guest: long-term care can easily a clips $100,000 a year depending on your location -- eclipse 100,000 dollars a year depending on your location. this is typically true of women, who outlive men. this is a reality most people need to face. more than 50% of people will need long-term care at some point in their life. it gets down to understanding the cost, understanding your individual factors, so i would encourage people to look at other websites that talk about

long-term care costs to get a sense of what those things could cost in your area what, those things draw from, and take that into account when it comes to your budgeting and planning for retirement. host: let's hear from henry in montrose, virginia. henry is a retiree. caller: i was thinking about this retirement thing. i used to have a roth ira, and all of this kind of stuff. my friend was 74 years old, and the money i was investing in i was losing. it was tied to the stock market. i was a federal employee with the federal government. i took long-term pay for me and my wife. i did not have enough money to

keep investing. i had to drop that, but when the price skyrocketed, now they are holding $20,000 over me and my wife. i cannot get back. if i die, my wife cannot get that back. that is kind of jacked up. it is money i paid into the federal government. now they say, "you will never get that money back." i mean, they say the money is still there, but if i >> now to florida governor ron desantis speaking at a fundraiser in iowa. >> helped us to enact tax policy. we have to