Don’t Trust the Government With Your Retirement

Marc Lichtenfeld By Marc Lichtenfeld
Chief Income Strategist, The Oxford Club

Retirement Planning

“I’m worried about running out of money someday,” Wayne told me.

“How could that be?” I wondered. My buddy Wayne sold his company for millions of dollars. He lives well, but not extravagantly.

If someone like Wayne is concerned about running out of cash someday, then the rest of America must be downright petrified. Or at least they should be.

There are various studies that show what poor financial shape America’s retirees and pre-retirees are in.

According to AARP, 70% of workers plan to have a job in retirement – which doesn’t sound like retirement at all. Of those, 35% say they plan on working because they have to.

Today’s retirees and pre-retirees feel as if they are losing control over their retirements.


  • A federal government that has thrown fiscal responsibility and social norms out the window
  • A stock market that, though strong for the past nine years, feels volatile to many who still bear the financial or emotional scars of the 2008 meltdown
  • Skyrocketing healthcare costs that threaten to bankrupt us and our families if we get sick.

The average 65-year-old couple will spend $266,589 on just Medicare premiums in their lifetime. Include all out-of-pocket expenses and it goes up to $394,454. If you’re 55 years old, your lifetime costs are projected to be $463,849 starting at age 65.

No wonder more than 1 in 3 workers expect to need a job in “retirement.”

So what can retirees and pre-retirees do to avoid driving for Uber or becoming a grocery bagger in their senior years?

There are various income and cost-cutting strategies available. I detail them in my new book, You Don’t Have to Drive an Uber in Retirement: How to Maintain Your Lifestyle without Getting a Job or Cutting Corners.

Some of the income strategies I highlight include…

  • How to maximize your Social Security benefits
  • How to get people to pay their property taxes to you
  • How to give yourself a raise every year.

On the cost-cutting side, I’m not suggesting you downsize your house or stop going out to dinner with friends. The whole goal of the book is to help you maintain the lifestyle that you’re used to or achieve the one you dream about.

I have simple strategies that can save you thousands of dollars a year with just a few mouse clicks, including…

  • How to save big bucks on prescription medication
  • How to travel for less, including getting a free ticket to Europe
  • A simple way to save on taxes when you have a big gain in your stock portfolio.

Lastly, I tell you why you should avoid some of the most popular investment strategies, how much those products cost and why they’re big rip-offs.

The book is really resonating with retirees and pre-retirees. In fact, it already hit No. 1 on Amazon in its category.

If you’d like to learn more, including how you can get a free bonus chapter, “How to Save Money Every Time You Visit the Doctor,” please visit

And if you’ve already received your copy, please consider writing a review on Amazon or the site where you bought it. Those reviews really help other readers and me out.

It’s highly unlikely that the government, your current (or previous) employer, or anyone else will take care of you in the future. It’s up to you to take control; find safe ways to generate income and simple steps to cut costs so you can enjoy your retirement on your terms.

Good investing,