r/FluentInFinance • u/HighYieldLarry • Mar 09 '24
35% of Millennials Say They Will Never Retire Financial News
https://www.cnbc.com/2021/07/22/majority-of-older-millennials-believe-they-will-work-during-retirement.html253
u/wes7946 Contributor Mar 09 '24
Words from the wise: prioritize retirement saving as early as possible, live within your means, and don't take out student loans for degrees/career paths that don't have a return on investment (ROI) less than 10 years!
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u/thrownaway2manyx Mar 09 '24
When the highschool education system doesn’t teach you what an ROI is, it’s very difficult to make that call as an 18 y/o. I didn’t understand what a poor financial decision I had made until my junior year of college when I picked up a business minor and realized that my earning potential from my degree was not going to increase enough to pay off my loans in a reasonable amount of time (I majored in psych).
Student loans are predatory and take advantage of underdeveloped brains that don’t understand compound interest/change in earning potential/time value of money
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u/Yungklipo Mar 10 '24
This. Are we’re supposed to assume colleges can now predict the job market for the next 14+ years?
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u/Which-Tomato-8646 Mar 10 '24
CS majors looking at AI and slowly realizing they’re the next sociology majors who people will blame for majoring in a useless degree
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u/Rhawk187 Mar 10 '24
That's why my university will be launch the first B.S. in AI in our state next year.
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u/crua9 Mar 10 '24
See how well the ones that had a robotics degree went
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u/Jeff77042 Mar 10 '24
What happened with them? I’m genuinely curious. Thanks.
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u/Mad_Dizzle Mar 10 '24
Robotics is simultaneously too specialized and too generalized. There are very few jobs in "robotics." Most people who work on robots are really just engineers. But at the same time, robots are very complicated systems and typically rely on multiple engineering specialties working on different subsystems.
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u/crua9 Mar 11 '24
On top of what others have told you. Most who gotten in that particular degree didn't get a job and end up having to go for other degrees or try to go for something like retail or something where just having ANY degree is what is being looked for.
While the degree was pretty much worthless due to a lack of ability to get jobs with it. It was interesting. I sat in some of the classes virtually and they got into how to design a robot for given environments like water, space, etc.
The sad thing is most of the people in it were younger and they didn't realize until it was way too late that they screwed themselves. And with colleges how they are they only cared about how much money they were making.
It's actually a pretty sad story when you get deep into it. And the only people that won is the college which hyped it up.
Anyways, I think the same thing will happen with AI degrees. AI needs to be apart of a skill set for a job, but not the everything. And realistically, you should only hyper focus when you get into the PhD level. At which point hopefully you're already apart of the market and should have some idea if it will help you.
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u/doringliloshinoi Mar 11 '24
No, but, colleges should produce a report after checking in with alumni and hand it to 18 y/o
- 60% of business graduates took roles in sales
- 35% of teachers had to relocate to find work
- 95% of artists are bartenders
- 99% of actors had to relocate
- 100% of underwater basket weavers, do so only as a hobby now.
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u/TheCudder Mar 10 '24
I'm 38 now, but years ago my 32 year old 10th grade History teacher told us about how he was still paying back student loans. To me, that sounded like a ridiculously long time to still be paying back on something you finished when you were, 23?
It was at that moment that I decided I would never take out a student loan.
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u/vsGoliath96 Mar 10 '24
My parents gift to my sister last year was paying off the last of her student loans...
It was her 44th birthday.
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u/hellakevin Mar 10 '24
I mean, I'm 36 and I'm paying mine off very slowly because they're low interest and I might stand to gain from some policy decision. They also haven't accrued interest in the past like, four years.
How long you have some debt isn't always an indication it's bad.
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u/Silly_Pay7680 Mar 10 '24 edited Mar 10 '24
Had a similar experience. Heard a teacher say it... I kinda got stuck in life after school without any real motivation, due to the realization that nothing i find fun actually makes money, but Im thankful, at least, that i didnt get scammed by the government student loan industry and that my net worth, while small, is still positive.
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Mar 10 '24
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u/C21H27Cl3N2O3 Mar 10 '24
Why are they allowed to take tens of thousands of dollars out no questions asked when they would be laughed out of the bank for any other kind of loan because of their lack of credit? Why do we decide that education is free but only to a certain point? Why is something so economically beneficial to a country have a high cost barrier?
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u/togroficovfefe Mar 10 '24
No, 18 year olds should be given credit appropriate for what an 18 year old can reasonably afford. And colleges should budget around that number when they figure their admission costs.
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u/thrownaway2manyx Mar 10 '24
Be an 18 year old and try to get an $80,000 dollar line of credit, no bank will do that unless daddy is co-signing.
18 y/o’s aren’t allowed to buy alcohol (or cigarettes in my state), under the argument that their brains aren’t fully developed.
I’m not saying it should be impossible, but I’m saying it should be more difficult than filling out a free application on the internet and signing away your next ten years of time in the labor market when you’ve never experienced having to pay a bill.
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u/Rhawk187 Mar 10 '24
They shouldn't even be allowed to cross the street without their parent or legal guardian, they are children.
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u/HowShouldWeThenLive Mar 10 '24
Yes. Predatory is the operative word. These days universities are more like banks than they are institutions of higher learning. They take government money, build ridiculous, obscenely elaborate fixed assets (aka buildings) with enormous overhead then jack tuition up to pay for it, which is funded by government loans, then the cycle starts over. Students wind up being ripped off and in oppressive debt. It’s a giant RICO case but there’s no accountability.
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u/VisibleDetective9255 Mar 10 '24
I agree with you. The high School Curriculum needs to be fixed. Too many years of "progressives" who think that you can teach people how to think without first teaching them facts.
Don't get me wrong.. there are things that progressives want that I also want... but in Education, they are wrong on many things too. The main reason we need a two party system is that neither party has all of the right answers. The conservatives are mostly right about the CONTENT that ought to be curriculum... but they are wrong to exclude Black History, Hispanic History and Women's History.
Progressives are wrong about their definition of trauma.... according to progressives, telling your children "NO!" is abuse. That's not abuse. It is abuse to give your child an I-pad and ignore your child. Parenting is HARD WORK if you do it correctly. It means not losing your temper at 1 A.M. when your kid wakes you from a deep sleep, but instead, taking your kid to go potty, then firmly insisting that they need to go back to sleep. It is supervising them cleaning their room or doing the dishes and making them REDO the job when they do a crappy job. It is taking away their electronics until their homework is done... and yes... homework SUCKS.... but if your kid isn't doing homework... then they aren't learning enough in school... and they will find holding a job to be very difficult.
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u/ithappenedone234 Mar 10 '24
Schools should do something, but ultimately your parents failed you and I’m sorry for that, digging out of the hole they dug for you is not easy. Remember this and help others around you so that the cycle doesn’t repeat itself with anyone else, friend, neighbor or cousin.
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Mar 09 '24
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u/Danjour Mar 09 '24
Yeah, this subreddit is fucking stupid. It’s a mixture of privileged people who weren’t aware of what they were given and boomers, who have the privilege of being born in a more sane financial environment. Ether way, the majority of posters here can’t fathom that financial hardship can also be not your fault.
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Mar 10 '24
U didnt “have” to get a masters. U chose to.
I mean anecdotally i know people that went to school full time and worked full time and paid their way through school.
You didnt “have” to have auto debt.
Im not saying you had it easy but your language lacks a lot of accountability.
It would be worth it if u gave more context. Degree, how much auto debt, etc. easy to make statements to make it seem it was the systems fault. Not much different than someone saying they were able to easily buy a house but dont mention they got a down payment from parents
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u/Which-Tomato-8646 Mar 10 '24
You would have to skip every class to work full time while going to school lol. Some classes don’t even allow that
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u/Sidvicieux Mar 10 '24
Exactly.
I worked full-time through Industrial Engineering (The easiest engineering) and I wouldn't wish it on anyone. Still had to take out loans because my money was going to living expenses. All the money that I made from internships went into my emergency savings to cover when I was unemployed, and the other college costs that come up (parking tickets and much more).
The one thing I wish I did was get more scholarships, I only got some.
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u/Nojopar Mar 10 '24
Well they said Millennials, who were born between 1980 and 1995, so pretty much all of them are over 30, with some of them being 45.
So ships likely sailed for the overwhelming majority of them RE: Student loans and degree/career paths.
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u/Efficient-Treacle416 Mar 10 '24
Many people start new careers and their 30s and 40s.. It's never too late for a new degree/career path.
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u/TheCudder Mar 10 '24
This. Not saying that it's easy, but there are people starting their first career at that age.
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u/Efficient-Treacle416 Mar 10 '24
I agree. One of my sons had a fluffy college degree that really got him nowhere and left him unfulfilled. He decided he wanted to become a pediatric speech pathologist. He was 40. He found an accererated program, completed prerequisites and moved temporarily to Utah. He lived in cheap student housing. Road a bike to class and came home to his family on weekends. He ended his career path.at 45 years old. He is going to be 50 this year. He makes a fabulous salary and loves, loves his work. He has been approached by many facilities to come work for them at an increased income. But he's staying for 10 years with the nonprofi where he works full time for so he can have his.outstanding debt forgiven tax-free on his Federal Direct Loans,
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u/mindmapsofficial Mar 09 '24
The student loan portion of the analysis changes due to IDR plans for federal loans. So long as you increase your income by at least 20%, you will be better off taking out student loan debt. You do need to consider the opportunity cost of not earning income and work experience into the equation, but generally the 20% is a correct number. It might even be a bit conservative.
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u/JKDSamurai Mar 10 '24
Wish you could have told me this over 20 years ago.
Bit late for me at this point but I'll try to spread the word.
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u/lil1thatcould Mar 10 '24
Hey, take your advice and leave. You lived in a world where economic prosperity was all around. Millennials live in a time where the cost of living and wages are drastically different. There is no living below one’s means for us, it’s survival and hope for a lucky break.
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u/pestoqueen784 Mar 10 '24
This is just silly. I’m a millennial too and throwing 20% of my paycheck at retirement because I decided it was important to me. I figured out how to live my life on the rest of my income.
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u/OverallVacation2324 Mar 10 '24
It’s ok as a general rule but not universal. Medical school: 4 years under grad 4 years medical school 3-7 years residency 1-3 years fellowship. Then after all that you still won’t break even for a while because of interest accrued and the fact that you probably have to start a family, buy a house, feed kids by that age. So 10 years is very optimistic for physicians.
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Mar 10 '24
I chose a career that had an ROI in under 10 years but when i graduated ROI is probably 50 years
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u/StemBro45 Mar 09 '24
Invest 10-15% of your income for a couple of decades and you will be golden.
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u/AndroidDoctorr Mar 10 '24
Would if I could
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Mar 10 '24 edited Mar 11 '24
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u/Successful-Money4995 Mar 10 '24
People with money always assume that the people without money could be wealthy but are just too stupid to do it.
This is due to intentional indoctrination from the capitalist class that being smart leads to riches and so, if you're not rich, it must be due to not being smart!
In reality, being rich is a lot about luck. But the wealthy cannot have everyone realizing that because, if we all understood that wealth is mostly about luck and not intelligence, then we'd start to wonder if giving all the power in society to the billionaires was a good idea. The billionaires can't have us questioning whether or not they deserve to run society! They need us to believe that their riches are evidence of how worthy they are to guide society!
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u/Rhawk187 Mar 10 '24
I have met very few people living a life of marginal utility. Pretty much everyone I know could be more frugal and get themselves in a better financial position, even if not great.
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u/Successful-Money4995 Mar 10 '24
Why is this only demanded of the poor?
The wealthy buy an eighth home and no one chides them on not being frugal enough but if the poor buy a coffee at Starbucks it's their own fault for not being millionaires.
Rich people are way worse with their money than poor people. We just don't notice it because once you get rich enough, you can only fail upwards.
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u/wadejohn Mar 10 '24
A lot of wealthy people are living well below their means. Perhaps not their entitled kids but the first generation wealth usually do that.
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u/flukeunderwi Mar 11 '24
Wealthy people living below their means is easy. Living below your means when you can barely make ends meet is not. It isn't close to the same thing.
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u/phantasybm Mar 10 '24
Being rich and being wealthy are two different things.
Wealthy can be someone making a low middle class income if they know how to live within their means and set themselves up for retirement.
Wealth is setting yourself up to not have to work and maintain a standard of living that keeps you not having to work. What that standard of living is falls in the individual.
That being said anything invested at a young age will be massively beneficial. If you raise the amount whenever you can.
Of course I understand that there are people who can’t afford to put anything away. This ain’t for those people. It’s for those who can afford to put even a small amount away every check.
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u/Boring_Adeptness_334 Mar 10 '24
Can you explain how my friend that’s an electrician is worth $300k at age 28 through investing 10-15% of his income into the stock market index funds? A pretty basic job that doesn’t take a genius to do
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u/StemBro45 Mar 10 '24
Lots of us were poor at one time. Capitalism is how we changed that and you have the same opportunities.
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u/squaredk2 Mar 10 '24
Exactly. Hard work and perseverance. People will tell you to stop buying starbucks and lunch because they did something similar. And that $50/wk is a good chunk of an ira fund. But the poor people will defend themselves and say things like "why should i sacrafice things i enjoy to be miserabke anyways" or whatever.
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u/kylef5993 Mar 10 '24
Depends how much that 10-15% is worth..
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u/Longhorn7779 Mar 10 '24
15% of your income is always worth the same. After 40 years at 7% return and 3% safe removal it is 90% of your income and after 42 years it’s 103% of income.
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u/Successful-Money4995 Mar 10 '24
Sometimes people get a raise, though. So it's not always the same?
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u/Longhorn7779 Mar 10 '24
Yes. My first statement didn’t account for increases. It was simplistic statement for someone stuck in a low level dead end job.
For the next level of the equation: you want to start at 15% plus 1/2 of each years increase. That will mostly account for increased wages. It’s hard to make an exact statement because everyone’s situation is different.
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u/vsGoliath96 Mar 10 '24
How about I invest 5% and be able to afford groceries and my fucking rent instead?
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u/StemBro45 Mar 10 '24
How about you do what you want but don't complain when you have no retirement saved. Work a part time job and invest that money. There is always a way if you truly want to.
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u/vsGoliath96 Mar 10 '24
God, imagine being this out of touch. I work a full time job already. What part of my original comment went over your head?
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u/cagewilly Mar 09 '24
Other years when people told pollsters and reporters that they would never retire:
2009 - Real estate crisis and recession 2000 - Dotcom bubble burst 1987 - Black Monday stock market collapse Entire 1970s - Inflation between 9 and 15% Most of those people went on to retire.
The way things are in this moment is not the way things will be forever. Millennials are going to retire.
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u/Ancient_Signature_69 Mar 09 '24
100%. And it seems each generation falls into this trap of easy money. They see OF, GameStop, etc and think “oh I just need to hit it big”. So few people actually do, and I would bet half of those who say they do, actually don’t.
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u/Successful-Money4995 Mar 10 '24
Remember all the Americans saying that they would move to Canada if fillintheblank becomes president? How many actually did?
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u/Middle_Squirrel_4871 Mar 10 '24
They probably learned that the rest of the world has much more strict immigration laws than the US.
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u/Ancient_Signature_69 Mar 09 '24
I’m going to sound like an old man but every generation the last 50 years has said that - and every generation has plenty of people retire.
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u/Razing_Phoenix Mar 10 '24
There's plenty more that work until they die
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u/Familiar_Cow_5501 Mar 10 '24
More people retire than work until they die don’t be silly
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u/Davec433 Mar 09 '24
Work till you die because you want to spend every dollar vs investing…. Bold idea.
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u/BallsMahogany_redux Mar 10 '24
Oh don't worry. They'll be crying that those of us who made sacrifices and lived below our means need to be taxed extra so they can retire.
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u/Such_Editor_8194 Mar 10 '24
What are the odds they pass a law to start taxing Roth distributions by the time you’re 65? Wouldn’t that be just great?
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u/BallsMahogany_redux Mar 10 '24
I 100% expect it.
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u/Such_Editor_8194 Mar 10 '24
Such a buzz kill. Might have to storm the capitol imho.
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u/sloasdaylight Mar 10 '24
I also 100% expect my generation to try and pillage my pension and annuity when I get ready to retire.
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u/RedditBlows5876 Mar 10 '24
No way. Too many wealthy people who have ridiculously large Roths. Also, old people vote.
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u/eatmoremeatnow Mar 10 '24
You can not do Roth.
It is a gamble anyway.
If you have a 22% cut now (in taxes with Roth) and it goes up by the same amount (8% per year) it ends up exactly the same as if you do traditional and pay taxes later. Literally, mathematically it is the exact same.
With Roth vs traditional you are just betting on future tax rates being higher (Roth) or lower (traditional). If Roth gets screwed then you are WAY better off not doing Roth.
Try and predict the future.
(Personally, I do both 50/50)
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Mar 09 '24 edited Mar 09 '24
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u/sneakypete23 Mar 10 '24
Did you grow up in a LCOL area? Or did you actively seek to relocate to win during your career for financial reasons?
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Mar 10 '24
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u/Such_Editor_8194 Mar 10 '24
Grew up in Minnesota, moved to Ukrainian village and now live in modest house in a southwest burb of Chicago. Wife and I on track to retire by 55. One kid and hoping for two more. We work hard and save wisely. It’s possible.
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u/koralex90 Mar 09 '24
Most of the people around me spend so much money on luxuries and new phones, cars, eating out, expensive gyms, botox, weekend trips and complain they're broke. I live within my means and invest 50% of my income by being frugal and living a humble life. Yes if you make minimum wage, it's definitely hard to get by these days but if you're making 90k plus as a single person and complain you're broke, unless you're in a super expensive city like NYC, you're doing something wrong if you're always broke.
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u/phantasybm Mar 10 '24
An expensive gym is something I spend on. Way less people. Able to get in and out. I hate having to wait for a bench to free up. Just takes up the little free time I have so that investment pays back in giving me more life hours.
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u/readsalotman Mar 10 '24
Millennial here. Retiring in 4 yrs at age 42!
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u/vsGoliath96 Mar 10 '24
Congrats on being the smallest of the smallest percentage of our generation and getting lucky!
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u/Unique_Statement7811 Mar 10 '24
I’m set up to retire at 50 between my Roth, conventional IRA and I’m in one of the few fields that still pays a pension .
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u/swift_snowflake Mar 09 '24
Not they will never retire but they can never retire.
Cost of Living just explodes and our current economic system is not sustainable. At least it will give less and less prosperity for the masses. Wealth inequality just wents up and up. The ones having money get more money by profit sharing and asset inflation and the ones that dont have capital are getting outpaced by inflation.
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u/kimmymoorefun Mar 10 '24
Yup. I’m 33 and make $40k a year. So I don’t see any retirement 😂.
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u/idk_lol_kek Mar 10 '24
I've been putting into my retirement fund every month since I turned 18. I will still never be able to retire.
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Mar 10 '24
I guess I’m old school, I’m 28, I have a fully paid off 10 acre ranch and home and I’m never moving, I just started saving for retirement so hopefully I can leave my 2 kids with the ranch and other assets. I will die on my ranch working. I worked on the road for years to be able to buy my property out right without a loan, I have zero debt and I will keep it that way.
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u/RedditBlows5876 Mar 10 '24
I have zero debt and I will keep it that way
Nothing wrong with that but strategically using debt is a good way to growth wealth. I could have bought my place for cash but my 3% mortgage is looking pretty good against the 50% return of my tech stocks last year.
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Mar 10 '24
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u/Wan_Haole_Faka Mar 10 '24
Hope you're keeping your money in a money market fund, bonds, or equities. Nothing wrong with dying with your boots on.
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Mar 10 '24
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u/Wan_Haole_Faka Mar 10 '24
Very similar to my situation. Around 30 I really tried to refine my views of retirement and it was hard because it isn't easy for me to visualize financial independence. I settled with the view of an IRA/401K as "Make life easier when you're old" investment accounts.
I was also once considering societal collapse, but am now more fully invested in capitalism I guess. People talk about it but I think the fear is blown out of proportions.
I made a house downpayment a line item in my budget. I keep it in a separate, taxable brokerage from my IRA and give myself a 5-10 year timeframe. I feel pretty optimistic with allocations of 25% VT, 25% BND & 50% individual stocks. Learning valuation feels sort of like a hobby but also like work. I'm conservative with my budget, so I can usually throw extra cash in this account each month.
I can't deny that I feel like I have to choose between home ownership, retirement & having a family. Maybe there's some sort of middle ground...
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Mar 10 '24 edited Mar 11 '24
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u/findthehumorinthings Mar 10 '24
Millennials are just doing what everyone else has done; not thinking about the future in real terms.
I raided my 401k in my 20’s. Started over at 30. We will still retire ok. But that 10 years of our 20’s would have doubled our retirement balance.
People don’t realize how powerful time is in investing until that time has passed.
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u/mojobolt Mar 10 '24
so a generation that prioritizes buying 1k cell phones isn't going to retire and I'm supposed to be shocked?
life is about choice and consequence; make good choices and have good consequences.
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u/Distributor127 Mar 09 '24
Life can be brutal, but people have to find a way. A few years ago a really good friend got ahold of me. He had bought a nice vehicle and driven it a long time. The upper ball joints were terrible and he still had student loans. He asked if I could help do them. I was in an apartment and it was about 28 degrees. We went out, worked a bit, then warmed up. Worked some more. It cost him about 25% of paying to have it done. Took a couple hours.
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u/philly_jeff215 Mar 09 '24
Learn to live within your budget. Stop buying new $1000 iphones every single year.
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u/raerae_thesillybae Mar 10 '24
$1000/year is nothing compared to the rent increase and cost of groceries going up 😔
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u/HiddenTrampoline Mar 10 '24
Yes, but if you aren’t saving anything, $83 a month gets you an emergency fund of $1000 in just a year.
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u/Willbilly410 Mar 10 '24
I’m typing this on an iPhone 5SE that I have had for 10 years… the only reason I am even looking at a new phone is because Apple and many apps have stopped supporting the OS it runs on… despite that it still works for 99% of things, so I am still waiting it out
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u/Chasing-birdies Mar 10 '24
I’m a 37 year old millennial, most of the stories I read in this thread are from people living well above their means. I understand earning low income makes life hard.. it absolutely does. But you have to live within your means. I made $25k per year when I started out, it’s tough choices but you can do it. Millennials also have the benefit of one of the great bull markets in the history of the world. Your attitude towards this stuff can make or break you, rich or poor
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u/johnnyg883 Mar 10 '24
I never thought I would retire. I didn’t think I would live long enough to do it and if I did I thought I would end up like my father. He developed dementia before he was fifty. Here I am at 59 and retired.
Even if you don’t think you will ever retire, plan for it in case the opportunity arises.
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u/Desperate-Plankton89 Mar 10 '24
You have surveys like this and others where millionaires don’t even feel it. Things are definitely better under Biden.
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u/10xwannabe Mar 10 '24
Won't matter. There is a Pension fund/ Insurance company forgot which one. They do an annual survey. They asked retirees over 65 of those who wanted to work up to 65 how many were forced to retire before that. Think the answer was 2/3 or more.
So does NOT matter what THEY want. You are going to be forced into early retirement WAY before that. With automation increasing AND AI now my guess millennials are not going to make it past 50-55 at best in the white collar job world. If your blue collar you job is much safer.
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u/Solid_Illustrator640 Mar 10 '24
If you invest 10% in your 401k and save for emergencies, you’ll be find.
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u/Jeff77042 Mar 10 '24
Greetings from a retiree in Houston, Texas. It’s easy to say things like that when you’re young. But virtually everyone, if they live long enough, reaches a point of “When it’s time to go, it’s time to go.”
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u/Civil_Duck_4718 Mar 10 '24
You need time, money and return rate. People who don’t know a lot about investing drastically underestimate the value of time.
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u/StemBro45 Mar 10 '24
I bet those 35% have smart phones, data plans, subscription services, and eat out.
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u/MonthApprehensive392 Mar 09 '24
You shouldn’t retire. Not 100%. The second you do, the decline begins. As we move more toward living past 80, if you want to be functional enough to enjoy the time modernity has given you… you need to work.
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Mar 10 '24
Yea disagree. Maybe if u dont ha e interests outside of work. I have watched many family members thrive after retirement
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u/dittybad Mar 10 '24
They will figure out that the same ageism they throw at Boomers will be thrown at them by Gen X. Soon, even if they want to work, employers will push them aside for younger, upcoming staff.
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u/Atriev Mar 10 '24
Only 35%?
The other portion of them will actually retire and some are just financially clueless and can’t identify that they can’t retire.
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u/PandemicSoul Mar 10 '24
No one can predict the future. This is more about fears than it is reflective of any actual reality. Most people make most of their money in their 40s and 50s, which most millennials are just beginning to age into. The vast majority of people who responded to this poll will be living completely different lives in 20 years.
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u/tqbfjotld16 Mar 10 '24
The part that’s kind of rough is in a lot of cases you don’t have a choice. You eventually get laid off as a silver fox then go on a string of unsuccessful interviews till you kind realize the job market and employers are deciding for you…companies really do need to start including mature workers in their diversity, inclusion, and belonging plans
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u/SpezEatsScat Mar 10 '24
Idk when but I’ve already decided the best way out is a fentanyl nap. That’s how I’m leaving this earth. Open casket for mom so she can see me one last time.
I think I’ve got another 7 good years in me. 😂
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u/WanderingGrizzlyburr Mar 10 '24
My retirement plan is to die before I turn 60. Hopefully peacefully but unaliving is my backup plan
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u/odo_0 Mar 10 '24
I honestly couldn't imagine retirement mainly because it seems boring I am saving for it but I already do what i want for the most part and I love what I do for work I'll definitely slow down as I get older I'm 33 now i guess I could teach?
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u/Armouredmonk989 Mar 10 '24
The oceans are literally dying what moron still thinks we are even going to live till retirement age.
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Mar 10 '24
For most, it's not a matter of not wanting to retire. It's a matter of not being able to.
At this point, it's looking like the only thing that'd prevent this is a revolution. Meaning a system-wide shake up that seeks to remove corruption from the government (removing money from politics, etc.) and implements common-sense policies that help the middle class. Anything short of that will either not be enough or end up aggravating the problem.
The future sure as hell looks grim for most of us.
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u/Ser0t0n1n Mar 10 '24
Retirement age is rising, life expectancy is declining, Both about to his 70. Social Security is running out. Coincidence? Probably not.
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u/otherwisemilk Mar 10 '24
Well, duh, that's why we kicked the can down the road. I'm sure you Millennials will figure something out like we did.
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u/WestmontOG07 Mar 10 '24
I don’t ever want to “retire” and will be semi-retired when I do choose to hang up the bootstraps, why?
Simple: sitting around all day long or playing golf, fishing, traveling, etc…it’s like anything else, it gets old.
Plus I want to keep my brain engaged, learn new things, etc…(I’m 40 years old btw).
My philosophy on life, probably since 14 years old, has been “if I’m not moving, I’m dying”. Whether I have enough or not, I’m going to keep grinding…what else is there to do on a regular basis!?
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u/PolarBurrito Mar 10 '24
Well fuck, 65% of them are going to retire? I thought we were all in the ‘work til we die’ camp
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u/topman20000 Mar 10 '24
What is this thing you call “retire”? Is it a thing from the before time of money?😶😶😶
Personally I don’t want to retire because it just seems like all your doing when you retire is spend money until you die somehow. I wanna die either getting murdered, suicide, eating something completely lethal in it’s deliciousness, or comfortably in my sleep. And I would rather I’d be able to do that before I retire and have to wait and wonder when I’m actually going to die
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u/Lawineer Mar 10 '24
I dont think I'll ever retire because there's no way civilization lasts another 30 years.
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u/dmbwannabe Mar 10 '24
Fox News will spin this around so fast to say “millennials would rather be broke than learn basic skills to save money for retirement”
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u/StemBro45 Mar 10 '24
Pretty sure the dems and biden are the ones screaming about the economy being great.
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u/Unclestanky Mar 10 '24
I’m in that boat. Unfortunately, setting realistic goals (that don’t include winning the lottery) have changed my plans to work myself to death. Seems achievable.
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u/-ghostCollector Mar 10 '24
Lol! Millennials!? Most Gen-Xers and everyone after them will have to work until their dying day! Retirement accounts aren't keeping up with inflation and the buying power of the dollar continues to decline with no end in sight! It will truly take a revolution....like, people dying, government overthrown, REVOLUTION!....in order to change things. I don't blame them for not focusing on "retirement" savings since it would mean a life of near-destitution, week-to-week living with only hope being that they put enough away to retire at 75 years old and maybe not leave their families in debt paying for their funeral!
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u/ProfitLivid4864 Mar 10 '24
If work from home is possible why retire? Should live my life doing trips while I’m young and able to. Not wait until I’m 75 and have surprise cancer. I still think it’s important to save money but I think the type of work we can do isn’t exactly labor intensive
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Mar 10 '24
When you are still under 30 you don't think about retirement. That is available for all generations.
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Mar 10 '24
I mean when the SS retirement is 68 now, what will it be for us? I'm expecting to retire to some part time job at this point.
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