Current Events > 35% of Millennials have $0 Saved for Retirement

(+) Yeah! (+)

20% Say They Will Never Retire

https://newyorkeconomicjournal.com/about-35-of-millennials-have-0-saved-for-retirement-and-20-say-they-will-never-retire/

Hard to save when 90% of your monthly income is eaten up by rent

Plan on being dead long before retirement

Yeah that's what happens when your parents' generation fucked the economy so hard that you have to be a fucking doctor to have the same purchasing power as a McDonald's worker from the 60s and 70s.

But they get that avocado toast every day!

I never really had the ability to look far into the future or plan ahead... Oh well, I've been a NEET for almost 4 years straight and probably won't live to 65, so I have basically experienced retirement.

Because we don't make enough.

DarkRoast posted...

Yeah that's what happens when your parents' generation fucked the economy so hard that you have to be a fucking doctor to have the same purchasing power as a McDonald's worker from the 60s and 70s.

This. Used to be a guy could work at a factory job as a single income for a whole family and could afford a nice house, several kids, and 2 cars. That's gone, but boomers still think things are how they used to be and people are just lazy now.

They should probably learn to code

Yeah, that's me.

It also doesn't help that the Baby Boomers own over 75% of the property and wealth, but voted themselves extremely low tax rates and now most of them don't even work - so the people who already own jack shit are the ones who have to pay the rich retired folk's pensions and Medicare.

Doesn't help that social security will likely either be worthless or dead long before we reach retirement.

My IRA has been open for 5 years and is -3% in the hole.

Boomers completely fucked us. I think more of our generation needs to realize that and get out to the polls

DarkRoast posted...

It also doesn't help that the Baby Boomers own over 75% of the property and wealth, but voted themselves extremely low tax rates and now most of them don't even work - so the people who already own jack shit are the ones who have to pay the rich retired folk's pensions and Medicare.

They're also the ones that refuse to raise wages, so yeah fuck 'em

And of those who have something saved, how many will have enough? Ill probably end up with a few hundred thousands if things go well. Ill still need a paid house and SS in order to live comfortably.

Thats part why I put solar cells. No more hikes in electricity and will pay it off in 20 years.

DanHaren22Champ posted...

Boomers completely f***ed us.

It was an accident. >_>

A lot of our paycheck goes to a social security program that I'm not even sure I'll end up ever getting back in return. The Baby Boomer and gen x generations have screwed us all.

Tbh 65% having at least some savings is better than I thought we were doin.

Boomers are becoming afraid of reaching the age where, in the past, they'd move in with their kids.

Because their kids don't have property or money to take care of them, and the Medicare/Medicaid system they bankrupted won't be able to afford quality nursing homes.

PiOverlord posted...

A lot of our paycheck goes to a social security program that I'm not even sure I'll end up ever getting back in return. The Baby Boomer and gen x generations have screwed us all.

I think SS is doing a little better than we might think. There are A LOT of people who die before they get SS, and they paid in the whole time, presuming they worked, of course. I feel like this number is not talked about enough, and may be the crux that saves the SS program.

The only upside, and this sounds pretty macabre, is that when the Baby Boomers die off there will be a HUGE amount of wealth and property and a disproportionately smaller group of cohorts to manage it.

HovaRex posted...

Tbh 65% having at least some savings is better than I thought we were doin.

Yeah but does "savings" count if its just anything above 0?

I am the 20%

I don't see any realistic reality where I'd be able to retire

At this point, why bother saving? Retire to what? A planet wrecked by climate crisis? Just use your money and enjoy life while it's still possible.

If the average person can even consider retirement like 3 decades from now it'll mean we pretty much solved all these problems anyway. And if we haven't? I'd rather just die.

When I was making $40k yearly in NYC I was still able to save about $500-600 month, I dont think $40k was even higher than the median salary, though that was like 10 years ago. Frankly coming from an immigrant background Ive felt Americans, especially younger ones are a bit more frivolous and carefree with money but that could be own biases coming from an immigrant background where saving for the future and being frugal is heavily prioritized.

even most jobs requiring a college degree you're not making enough to save. like teachers start at like $40-50k. most only part time as subs so more like $20k and then whatever side job they have.

there's a reason more and more people are moving to other countries. they ran this country into the ground.

refmon posted...

Yeah but does "savings" count if its just anything above 0?

Yeah I think so.

I'm not even thinking about retirement. I'm a Millennial and I've completely given up on the delusion of being able to live independently and own a home.