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Speaker 1: Forget sixty seven.

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Speaker 2: America has a new retirement age and you get to pick.

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Speaker 2: It's either eighty five or thirty five.

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Speaker 3: Oh no, I'm gonna pick thirty five.

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Speaker 2: Right, Okay, you can do that, but you're gonna have

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Speaker 2: to save, aggressively, invest smartly, and quit your high stress

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Speaker 2: career if you can afford it.

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Speaker 3: No, I didn't do any of those things.

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Speaker 1: That sounds pretty good, right.

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Speaker 2: There's this new movement it's called Fire, the Fire movement.

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Speaker 2: It stands for financial independence, retire early, and that has

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Speaker 2: inspired well, i'm gonna say millennials, which you don't fall

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Speaker 2: into that category, to save, aggressively, invest smartly, and then

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Speaker 2: quit their high stress careers. But according to a new study,

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Speaker 2: and I don't mean to stress you out, okay, but

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Speaker 2: you need one and a half million dollars to retire comfortably.

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Speaker 2: Comfortably being the subjective word in that sentence.

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Speaker 4: Yeah, I mean one and a half million retiring in

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Speaker 4: Silicon Valley, California or Los Angeles. You're not gonna be

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Speaker 4: very comfortable. One and a half million retiring in Tulsa, Oklahoma. Yeah,

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Speaker 4: you can do all right.

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Speaker 1: Maybe a little bit better.

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Speaker 2: So the old idea of retiring at age sixty seven

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Speaker 2: or sixty five or even sixty two and a half.

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Speaker 2: It's being challenged and there are some people who have

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Speaker 2: to work well into their eighties because they did not

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Speaker 2: save aggressively or invest smartly. And there's the other side

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Speaker 2: of the young group who's wanting to invest in crypto

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Speaker 2: and then retire at age thirty five.

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Speaker 4: Okay, lot going on here, but this study was really

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Speaker 4: interesting because it did talk about how, you know, there's

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Speaker 4: this kind of split that's happening where you know, sixty

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Speaker 4: seven that's the full retirement age for Social Security. That's

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Speaker 4: kind of been what everybody's had in their mind. Or

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Speaker 4: if you want to take social Security early and take

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Speaker 4: a little less money, you can retire as early as

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Speaker 4: sixty two. But that's sort of time period there for

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Speaker 4: the last twenty thirty forty years has kind of have

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Speaker 4: been everybody's target for retirement. But the study goes into

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Speaker 4: details that that is splitting, and like you talked about,

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Speaker 4: there's this younger generation.

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Speaker 3: And I get it.

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Speaker 4: Look, if you come out of college with a degree

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Speaker 4: that's in high demand, whether you're an engineer or you're

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Speaker 4: in finance, or you know, cybersecurity or something like that,

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Speaker 4: and you can make six figures pretty soon after graduating college,

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Speaker 4: and you want to live a pretty spartan, meager lifestyle

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Speaker 4: and throw all of your money into investments and do

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Speaker 4: that for ten or fifteen years, and all of a sudden,

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Speaker 4: you got a couple million bucks and you can retire

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Speaker 4: at thirty five.

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Speaker 3: That's appealing for a lot of people. But the other

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Speaker 3: part of.

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Speaker 4: The study talked about how you know, whether it's inflation

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Speaker 4: or the cost of living or everything else going on

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Speaker 4: in their lives, that there are people that they can't

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Speaker 4: retire at sixty seven or seventy or seventy five or

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Speaker 4: sometimes even eighty and are going well into their eighties

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Speaker 4: and still working.

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Speaker 2: Now.

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Speaker 4: Some people do that because they just like to keep

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Speaker 4: busy and enjoy work, but far too many you're doing

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Speaker 4: it because they have to. And it really reflects a

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Speaker 4: lot of what you and I have talked about on

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Speaker 4: this show, and the fact that it's beyond that. There

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Speaker 4: is a K shaped economy that we're living in right now.

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Speaker 4: So if you think of the letter K, you've got

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Speaker 4: a line on the side, and then you've got one

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Speaker 4: line coming out of it that goes up and another

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Speaker 4: line coming out of it, that goes down. And in

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Speaker 4: today's economy, there's some people that are doing pretty darn well.

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Speaker 4: And you know, if you're thirty five and you saved

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Speaker 4: a lot and you can retire, And then for others

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Speaker 4: because of the cost of living, because how life is

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Speaker 4: so expensive.

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Speaker 3: That's the other part.

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Speaker 1: Costs and healthcare, childcare, costs.

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Speaker 3: All of it, all of those sort of things.

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Speaker 4: And so you've got this K shaped economy for people

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Speaker 4: that are working. But now we're starting to see this

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Speaker 4: K shape in retirement as well, where some are having

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Speaker 4: to work into their eighties while others can you know,

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Speaker 4: buckle down and get out of there, you know, in

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Speaker 4: their thirties or early forties.

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Speaker 2: So you've got the thirty five year old Americans who

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Speaker 2: are grinding and just working as much as possible, maybe

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Speaker 2: striking it rich and crip, and they're.

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Speaker 1: Saying, you know what, I'm out.

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Speaker 2: And then you've got the other spectrum, the people that

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Speaker 2: are working until they physically can't work anymore, and social

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Speaker 2: Security not making it stretch. I remember when we were younger,

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Speaker 2: and we were just young baby radio music disc jockeys. Yeah,

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Speaker 2: I am the exact same age as Ryan Seacrest.

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Speaker 4: Oh yeah, from American Idol and now the host of

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Speaker 4: Wheel of Fortune.

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Speaker 2: And we we thought about him because there was a

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Speaker 2: time and he still does it where he was doing

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Speaker 2: his radio show, he was co hosting the show with

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Speaker 2: Kelly Rippa, he was doing American Idol, he was doing

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Speaker 2: his syndicated radio shows, and he was.

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Speaker 1: Also working the New Year's Eve show.

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Speaker 3: Exactly New Year's rocketyas.

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Speaker 4: Also he was the producer of the Kardashev Show and

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Speaker 4: other shows on the network.

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Speaker 2: Of course, at some point he eventually was able to

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Speaker 2: higher staff to help him. But we always thought, if

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Speaker 2: you were in a position like him, would you work

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Speaker 2: your butt off like he had to have been working

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Speaker 2: sixty plus hours a week?

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Speaker 3: Oh well, boy, not that, Yeah, crazy hours.

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Speaker 2: Work your butt off for just a few years and

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Speaker 2: just make a ton of money and then say, yep,

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Speaker 2: I'm done and walk away.

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Speaker 1: Or would you just keep going and going and going.

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Speaker 2: Now I always said, now, I'd say I'm good and

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Speaker 2: walk away.

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Speaker 3: Oh, work real hard for a short period of time.

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Speaker 1: For a short amount of time and then walk away.

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Speaker 4: Yeah, And I think that, you know, I think a

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Speaker 4: lot of people wrestle with that. We saw this during COVID.

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Speaker 4: Remember when remote work exploded during COVID, and you saw

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Speaker 4: that there was a certain group of people that were

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Speaker 4: taking two full time jobs at the same time because

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Speaker 4: they could do both jobs remotely and never had to

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Speaker 4: go into work. And essentially we're getting two paychecks and

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Speaker 4: making an absolute ton of money. I think it comes

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Speaker 4: down to each individual's you know, preference and choice. Look

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Speaker 4: for a lot of people, especially if you got kids

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Speaker 4: and a lot of other family responsibilities, or even elderly parents,

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Speaker 4: the concept of working fourteen sixteen eighteen hour days just

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Speaker 4: isn't physically possible with.

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Speaker 3: Your other responsibilities.

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Speaker 4: But for some people, if you're single and living alone

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Speaker 4: and you enjoy what you do and you want to

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Speaker 4: grind real hard and work crazy hours and make as

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Speaker 4: much money as you can so you don't have to

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Speaker 4: work later, you know, that's a decision you can make.

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Speaker 4: And I think that you know, this all goes back

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Speaker 4: to what we started off this break talking about, is

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Speaker 4: you know, it's different for everybody, and there's some people.

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Speaker 1: Right, there's some people who have no choice.

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Speaker 3: Absolutely, some people that have no choice, and.

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Speaker 4: Then there are other people that are like, you know what,

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Speaker 4: I'm not gonna live to work. I'm going to work

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Speaker 4: to live, and so therefore I'm gonna kind of, you know,

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Speaker 4: have fun while I'm in my prime working earning years

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Speaker 4: and maybe not make as much money, but enjoy myself

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Speaker 4: more during that period of time, and.

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Speaker 2: They may find themselves working till the age of eighty

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Speaker 2: five as well.

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Speaker 4: I've always been the grinder. I'm the guy that is like,

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Speaker 4: although it hasn't worked out for me. Wait a minute,

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Speaker 4: Why have I been the guy that's.

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Speaker 3: Been working twelve and fourteen hour days forever?

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Speaker 4: And I don't feel like I have any closer the

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Speaker 4: retirement than I was when I was started?

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Speaker 3: How did that work?

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Speaker 1: And the work thirty five? And then cash out is

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Speaker 1: long gone for you?

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Speaker 3: Yeah, along gone.

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Speaker 1: So the middle.

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Speaker 2: Class retirement age is sixty five becoming a myth.

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Speaker 1: By the way, this is your reminder.

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Speaker 2: It is Financial Literacy Month and you can go to

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Speaker 2: my money dot gov today if you want to give

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Speaker 2: more information. They're not paying for any promotional plug. I

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Speaker 2: just wanted to remind you that there is a resource

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Speaker 2: out there for you.

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Speaker 1: Now.

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Speaker 2: Speaking of jobs, FAA has proposed to hire twenty three

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Speaker 2: hundred air traffic controllers in their latest budget request. And

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Speaker 2: here is the Transportation Secretary Sean Duffy saying, we just

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Speaker 2: had the biggest year of hiring, but we want more.

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Speaker 3: So let's say to it.

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Speaker 5: It's number one staffing and the other part of technology.

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Speaker 5: So in regard to staffing, we had the biggest year

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Speaker 5: of hiring in six years. At the at I was

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Speaker 5: air traffic controllers. So we hired twenty four hundred new

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Speaker 5: controllers in the last twelve months. We have more controllers

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Speaker 5: for the first time since pre pandemic. We have big

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Speaker 5: classes coming through next week, We're going to announce a

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Speaker 5: new class and air traffic controllers.

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Speaker 3: We're thinking differently.

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Speaker 5: We have a thirty percent washout rate, so how do

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Speaker 5: we bring that rate down?

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Speaker 4: Again?

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Speaker 5: You want to have a washout rate, but thirty percent

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Speaker 5: is too high. Getting the right young adults to get

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Speaker 5: into the school is what we're thinking through right now.

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Speaker 3: So that part is going well. We still have a deficit.

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Speaker 5: I've also included those controllers who are eligible to retire.

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Speaker 5: I'm offering them a twenty percent upfront cash bonus to

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Speaker 5: not retire to stay on the job. But when we

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Speaker 5: look at the Gordia again, we had two controllers in

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Speaker 5: the tower.

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Speaker 3: But I'm looking at how do.

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Speaker 5: I update the system to make sure we have the

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Speaker 5: best technology so humans can always make airs. So how

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Speaker 5: do I have great air traffic controllers and I back

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Speaker 5: them up with great technology. I got twelve and a

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Speaker 5: half billion dollars that I'm working on right now. The

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Speaker 5: next two and a half years, we're going to spend

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Speaker 5: that building out. You know, we're going to have telecom,

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Speaker 5: We're going to have new Rada, our new voice switches.

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Speaker 5: But the next part is we need new software to

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Speaker 5: manage the system. Congress has to give.

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Speaker 1: Me money for that, okay.

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Speaker 2: So that's kind of encouraging, especially giving this staffing shortages

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Speaker 2: in aviation over the past couple of years. Hopefully the

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Speaker 2: training which he mentioned will help with retention and keep

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Speaker 2: the pace. And that's where you want your government spending

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Speaker 2: some money safety in this guise, it's nice to have, right,

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Speaker 2: It's essential stuff that many Americans rely on every single day.

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Speaker 1: Spending money where it matters.

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Speaker 2: So he's talking about, Hey, we already hired a bunch

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Speaker 2: of new people, but now we have more positions we

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Speaker 2: need to fill well.

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Speaker 4: And it's good that they're looking ahead because it takes

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Speaker 4: two to three years to train a single air traffic controller.

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Speaker 3: So this isn't something where.

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Speaker 4: You're like, oh my gosh, we're short staff. We gotta

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Speaker 4: got a bunch of people in here. Now, Well, great,

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Speaker 4: they're not gonna be ready for two or three years

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Speaker 4: because they've got to go through this whole training process.

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Speaker 4: But it's fascinating that, you know, being an air traffic controller,

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Speaker 4: that is a high paying job that is available to

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Speaker 4: pretty much anybody. You do not have to have a

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Speaker 4: college degree to become an air traffic controller. All you

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Speaker 4: have to have is one year of full time work experience.

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Speaker 4: That's it in any field of any sort to be

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Speaker 4: able to apply to be an air traffic controller in casey.

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Speaker 4: The median annual wage for an air traffic controller in

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Speaker 4: the United States on this date today, yeah, one hundred

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Speaker 4: and forty four thousand dollars a year.

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Speaker 1: That's a high stress job, though you're going to pay for.

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Speaker 4: It, but that's why they make so much. But think

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Speaker 4: about that, that is a career that you could take

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Speaker 4: that pays almost one hundred and fifty on the average,

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Speaker 4: almost one hundred and fifty thousand dollars a year and

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Speaker 4: does not require a college degree.

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Speaker 3: There's just not.

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Speaker 4: Many careers or jobs out there that look like that. Now,

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Speaker 4: like you said, it's a high stress job, you actually

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Speaker 4: got to have the mental acuity to do that, because,

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Speaker 4: by the way, those air traffic controllers they're thinking on

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Speaker 4: their feet. I mean, they got a million things coming

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Speaker 4: at them, those things being planes all the time that

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Speaker 4: they've got to keep track of, and it's a life

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Speaker 4: or death situation every day. You've got to get it right.

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Speaker 4: So yeah, I get that it's a high stress job.

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Speaker 4: But to be able to have a job that pays

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Speaker 4: one hundred and forty four grand a year without a

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Speaker 4: college degree, not a whole lot of those out there.

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Speaker 4: By the way, if you are interested in applying, you

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Speaker 4: can go right now to USA Jobs dot gov.

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Speaker 1: Oh, that's where you go.

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Speaker 2: All of those USA jobs jobs are there, all the.

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Speaker 3: Federal job, federal government job.

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Speaker 2: So you've got a hire starting pay, and that is

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Speaker 2: to attract and also keep controllers. You also have the

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Speaker 2: FAA offering bonuses the agency. The FAA asking for ninety

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Speaker 2: five point four million dollars to hire more trainees, and

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Speaker 2: they're also seeking an additional thirty nine million dollars and

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Speaker 2: that is to bolster the aviation safety oversight and the

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Speaker 2: commercial space. Do you remember when we had so many

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Speaker 2: problem when Buddha Judge was the Transportation Secretary, You.

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Speaker 1: Yes, and he was saying we need system upgrades.

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Speaker 2: Well, now you've got Sean Duffy saying, show me the

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Speaker 2: money and I'll give you the upgrade.

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Speaker 3: Yeah.

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Speaker 4: It's smart of the federal government to be thinking ahead

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Speaker 4: again because it takes two to three years to train

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Speaker 4: these air traffic controllers. Oh, by the way, one of

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Speaker 4: the other key parts of being an air traffic controller

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Speaker 4: you have to agree to be able to move anywhere

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Speaker 4: in the country where they need you. So it's the

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Speaker 4: kind of thing of where you go to the training,

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Speaker 4: you do it for two or three years, and then

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Speaker 4: you get that reveal at the end where am I going?

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Speaker 3: Come on Miami, Come on Miami, moyne ile A.

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Speaker 1: So when you go to USA, chop stuck up. There's

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Speaker 1: that little box. Are you willing to relocate? If you

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Speaker 1: click no, you're not getting considered.

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Speaker 3: Yeah.

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Speaker 4: No, you have to absolutely agree to relocate because they

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Speaker 4: will send you anywhere in the country where they're needed,

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Speaker 4: and maybe it's someplace great like Miami or San Diego,

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Speaker 4: or maybe it's my not North Dakota. You don't get

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Speaker 4: a choice in it, but that's why the job pays

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Speaker 4: almost a hundred and fifty thousand dollars a year or two.

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Speaker 2: Johnet Cruise from the WIBC newsroom is going to join

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Speaker 2: us next on ninety three WIBC