Of all generational cohorts, older millennials are most likely to generate enough income to retire comfortably, according to the latest Vanguard Retirement Readiness report.
Specifically, millennials aged 37-41 have the greatest chance of landing a comfortable retirement.
Not having children is my retirement. I will probably work till I’m old and gray so I just tuck what I can away, buy things that hold value, and live my life.
The opposite. On the off chance I retire I plan to parasite off my kids until they put me in a home.
Muhaha
Homes are expensive. Be nice to them so they don’t wheelbarrow you off a cliff.
It’s fine. Perfect end to the perfect life.
Same. I’ve simplified my life as well. Sold my home, car and other shit that was financially and mentally draining.
In my country we know that for sure since so many young people are leaving the country and the rest are working minimum wages because employers are paying them on the side to avoid paying taxes. We are also not allowed to take out our pension savings, like you can in USA. So you end up working like an idiot for government to maybe pay you back money if you manage to live up to average age.
Millennial here. My plan is to use my notes from the movie Nomadland and plan my life to life like that until I die on the side of the road.
I’m in this window and don’t feel that’s the case.
I am resigned to working until I die, leaving my retirement funds to my kid so maybe she’ll have a leg up, or at least be able to survive.
I don’t have kids but my ex wife and I were really bad with money so if ever I had a chance to retire I squandered it.
Hoping I have something to leave my nephew so he has a leg up when he crawls out of the bunker after the climate wars.
Gen X here and an older one at that.
I don’t think I’ll get SS and I will be of retirement age in the next 12 years.
My funeral will also be my retirement party.
So I’m in Canada but worked in finance for close to 20 years. I have been told outright that by the time I retire the system will be losing money (I’m 46) so we are contributing to a sunk cost. My parents are poor so they deserve the money that CPP affords them but Jesus Christ we are fucked with people living longer and it doesn’t help the largest fucking generation ever was right before my jaded ass.
That’s a weird way to say “millennial tend to have retirement plans”
The title made it sound like we’re finally eating the rich.
That was my plan. Are… are we not doing rhat anymore?
I have my fork, knife, and bib. Where are we meeting up?
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Worked out well last time.
Probably a good idea to start now before robots get more deadly
And they misunderstand how social security works.
Not me. I’m gonna just die in a gutter somewhere.
Thanks O’Bidump W. Reagordarterxon.
in Australia 12% (used to be 10) of your salary is automatically invested for your retirement that you can’t touch until then except in extreme circumstances (or you have a shit PM who let’s anyone withdraw it during covid). even then, it will be hard to say it will be enough and you want some other side investments. if you don’t own a house, like many my age, things would be grim.
and even in bad scenarios, we accept none of us will ever see a pension. currently boomers can get a rediculous amount on top of owning a large valuable house and they will screech black and blue about “entitlements” but for everyone else it’s a “handout”
They lose their mind when you tell them the aged pension costs the taxpayer 5x what unemployment benefits do
Lol retire
Millennial here and I have a few family members that rely on SSDI so I just like that my contributions support them. I’ll figure things out myself for retirement. But an estimated 7.8 million people rely on SSDI and taking that away from them could very well be death sentences. We have to do better.
I mean, cool. But, the idea is we are paying in so we get to take out when it’s our turn. I’m definitely not cool with spending my lifetime having them take money out of my paycheck and then not seeing any of it when it’s my turn to retire. Sorry. I’m not buying this republican talking point like Social Security disappearing is a foregone conclusion. It’s MY money.
All they need to do is raise the salary cap where they stop taking social security taxes out of your paycheck and Social Security is saved. Today, any income you earn above 160,200 is exempt from social security taxes. Most Americans don’t make close to that amount. Make that cap 500,000, or 1,000,000 and we’re fine. Social security being in danger is just some Republican talking point because the rich don’t want to pay taxes.
Ha! Read your money. Now read about fiat. It’s literally not your property. It’s the government’s and they’re letting you borrow a little.
It’s not exactly that I’m buying into it disappearing is a foregone conclusion - just that if something doesn’t happen to proactively protect and improve the system, than yeah, it’s in big trouble in the next decade. And my personal bias puts my main concern on the people who rely on it for disability insurance since they are some of the most vulnerable. Of course I want what I paid into it myself later in life, but at least I can see it helping those close to me for some consolation if it doesn’t.
How about the richest nation in the history of the world just take care of all of its people, regardless of age?
I’m so sick of this complacency with the idea of paying into social security your whole life to fund the boomer retirees just to have it taken from us as one final fuck you. The vocalized consensus among everyone needs to be its not getting taken from us, if anything it will be fixed and made more robust and any politician that acts to remove it from us will have their heads removed from their bodies.
Boomers believe social security would be gone by the time they retire. It’s been a common conspiracy thing for decades.
Basically republicans who are “we need to lower taxes and also steal the rest of the social security fund and give it to people who are already wealthy”
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So we post into social security assuming we won’t get it to support the boomers but then they shot down student loan forgiveness, cool.
Absolutely. I get the doom, but there’s no way I’m just rolling over on SS, ever.
It’s literally a Ponzi scheme that the government just declared it to not be one. It must either explode or have ever growing generations funding it.
Wealth redistribution isn’t a ponzi scheme. Even if we do nothing to “fix” social security it will keep writing checks.
It’s an unfunded mandate. It can’t if the fund has no money. Touch nothing and the program runs out of money to pay the drawing population. Basic math.
Something as to shift or it will in fact not be able to pay out for all members drawing in it given enough time.
The program runs at reduced payouts if it’s not “fully funded”. That’s how the law is written and isn’t controversial, just not really talked about in these kinds of doomer articles.
If the program is paying you significantly less than what it should, you can’t rely on it for retirement calculations.
It isn’t enough to retire on on its own today. The program paying significantly less of its distributions as a result of being not possible to fully fund, results in many of us believing it is a program that served the elderly of today ( boomers) and not those who come later as a result of the funding to withdrawal ratio that the baby boomer generation will create.
I was responding to the claim that the program would stop working, not that the program would need larger payouts to eliminate poverty.
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All it takes is one far right politician to take all that social security money for tax breaks for the rich, write a massive IOU, create rules regarding how far it has to be funded, and then declare social security bankruptcy. It’s what is happening to the USPS.
Please refer to the final part of my statement
Millennials fretting about their financial future can take comfort in knowing they are on track to retire in a better financial position than they probably think.
A lot of things were supposed to be better than we thought in the beginning
A lot of things are much better. It is easy to focus on the negative without realizing how bad the past really was, or for that matter how hard things were for those in the past. sure some things are worse today - work on fixing them - bit overall things are still very good.
Women’s rights have been walked back, causing child rape victims to struggle to find abortions, to say nothing of women being forced to carry fetuses who will die upon birth. Trans rights are being shit on, to the point that gender affirming care is being denied to people even where it’s legal. Taxes for the wealthy are too low. The middle class is rare to be in. Health insurance is insanely expensive and it’s difficult to see a doctor even when you have it- emergency rooms will leave you waiting for 6 hours or more. We simultaneously have too many people, and too few children with a looming crisis of too many elderly. We have microplastics in the air, oceans, food, fetuses, everywhere. Housing is largely unaffordable across the globe. Homelessness is out of control. Massive, destructive wildfires are the new norm. Heatwaves are killing people. Migrants are clamouring to find new countries to live in (which will get worse due to climate change) causing all kinds of social frictions. The youth are anxious, depressed, and suicidal.
But please, tell me how things are good for people over all?
We have 4k porn. That is pretty much it.
If I were to go back in time the the 80s, 70, 60, etc. They would have a similar list of problems that seem insurmountable, but we keep going on and things have gotten better over time.
In 1990, 1.9 billion people lived in extreme poverty, representing 36% of the world’s population. By 2019, this number had fallen to 9.2% — about 703 million people.
https://www.worldvision.org/sponsorship-news-stories/global-poverty-facts
Over the past generation, extreme poverty declined hugely, and there are more than a billion fewer people living below the International Poverty Line of $2.15 per day today than in 1990. On average, the number declined by 47 million every year, or 130,000 people each day.n
https://ourworldindata.org/poverty
Women’s access to education has improved significantly in many parts of the world. According to the National Intelligence Council’s Strategic Futures Group, there have been decades of improvements in women’s formal education
https://www.dni.gov/index.php/gt2040-home/gt2040-deeper-looks/future-of-womens-rights
Women’s financial liberation has improved in the United States. Women now have access to credit cards in their own name and can get bank loans without a male co-signer
The ACA has improved healthcare in various ways, including providing health insurance coverage to 20 million more Americans, protecting people with preexisting conditions from discrimination, and expanding Medicaid
https://www.americanprogress.org/article/10-ways-aca-improved-health-care-past-decade/
For every step back that we hyper focus on, there are two step forwards that we don’t even think about. All our problems have solutions, just don’t give into negative thoughts.
I’m always skeptical of poverty statistics because I believe the metric to meet poverty is wrong. For instance the bureau of statistics puts the poverty line at just under 15k annually. Please tell me how a person making 20k a year affords housing, food, and other basic necessities without government assistance.
15k in North America is different than 15k in the Philippines or Botswana
You’re correct but the bureau of statistics is American so that’s really where I’m talking about. However this data point doesn’t give a lot of faith that the statistic for other countries is accurate either.
They would have a similar list of problems that seem insurmountable
I’d love to hear how climate change ‘seems’ insurmountable. We aren’t even stopping ourselves making it worse, let alone actively looking to work towards fixing it.
Climate change will be tough. Even if we stop using fossil fuels, it will take decades for the environment to recover.
But wind, solar, and hydropower are all examples of renewable energy sources that are becoming viable these last few years.
Lots of countries are working to implement solutions, they still have their problems and no one is really doing enough, but these steps show us we are capable of implementing more drastic and effective changes when even conservatives can’t hide their head in the sand any longer:
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China: China has implemented a number of policies to reduce greenhouse gas emissions, including a carbon trading system, renewable energy targets, and energy efficiency standards[1].
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European Union: The European Union has set ambitious targets for reducing greenhouse gas emissions, including a goal of net-zero emissions by 2050. The EU has also implemented a carbon trading system and invested heavily in renewable energy[2].
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Denmark: Denmark has developed a “Global Action Climate Strategy: A Green and Sustainable World” to slash emissions and set a framework for limiting global warming below 1.5C as set by the 2015 Paris Agreement. The Danish government’s agreement outlines five goals, including increasing global climate ambition, strengthening focus on climate adaptation and sustainable development, and shifting financial flows and investments from black to green[3].
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Brazil: Brazil has implemented policies to reduce deforestation, which is a major contributor to greenhouse gas emissions. Brazil has also invested in renewable energy and has set targets for reducing greenhouse gas emissions[6].
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India: India has implemented policies to increase the use of renewable energy, including solar and wind power. India has also set targets for reducing greenhouse gas emissions and has implemented energy efficiency standards[1].
Citations: [1] A review of successful climate change mitigation policies in major emitting economies and the potential of global replication - ScienceDirect https://www.sciencedirect.com/science/article/pii/S1364032120308868 [2] What are the world’s countries doing about climate change? - Imperial College London https://www.imperial.ac.uk/grantham/publications/climate-change-faqs/what-are-the-worlds-countries-doing-about-climate-change/ [3] 3 Leading Countries in Climate Policy | Earth.Org https://earth.org/countries-climate-policy/ [4] Global Climate Agreements: Successes and Failures - Council on Foreign Relations https://www.cfr.org/backgrounder/paris-global-climate-change-agreements [5] A Framework for Comparing Climate Mitigation Policies Across Countries https://www.imf.org/en/Publications/WP/Issues/2022/12/16/A-Framework-for-Comparing-Climate-Mitigation-Policies-Across-Countries-527049 [6] Climate Change Mitigation in Developing Countries: Brazil, China, India, Mexico, South Africa, and Turkey - C2ES https://www.c2es.org/document/climate-change-mitigation-in-developing-countries-brazil-china-india-mexico-south-africa-and-turkey/
European Union: The European Union has set ambitious targets for reducing greenhouse gas emissions, including a goal of net-zero emissions by 2050.
Look I’m not saying we all lay down and die, but look at what you wrote here. A goal of net-zero by 2050. That’s twenty seven years away. We’re ultra-fucked long before then.
These were policies we needed to do 30, 40 years ago. Hell, we’re still subsidizing oil and gas, planet-wide.
it will take decades for the environment to recover.
I think you’re seriously, seriously out of touch with how bad things are. ‘Decades’ isn’t even close. When temperatures rose 5-8c, which yes is higher than we’re at (so far) it took 20-50 thousand years to recover.
It’s enough to make you want to blow up a pipeline.
I understand, I know it’s not enough but it shows we are starting to do stuff. Governments are a big slow machine.
We’re already at 1.5C and we’ve emitted enough GHGs to get us to 6-8C from feedback loops. Our only hope is they put sulphur back in the fuel to give us a few more decades of survivability.
We just had the hottest month in recorded global history, record low Antarctic sea ice (heading into southern hemisphere summer), and drought + heatwaves in the Amazon that are causing mass rivier dieoffs and forest loss.
Plus, Amazon deforestation is decreasing in Brazil but increasing in all neighbors - forest area is still decreasing fast.
Let me know if you actually want citations, these are all recent and commonly discussed.
Thwaites pinning point 5 just let loose.
Put down the hopium pipe dawg, you’re posting cringe.
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Here’s a list of bad things
Yeah but they’re not AS BAD as they used to be
No they aren’t. Stop shilling. Any response that isn’t “student loan debt has been taken away, all housing prices are at the level of the early 1980s, the ceo-to-worker compensation level is the same as 1953, we have Medicaid for all, and the government is out of debt” will be discarded.
12 upvotes, 42 downvotes
This is your punishment for trying to be positive on the internet ;-D
Like what specifically? Are you factoring in what things might look like in the coming decades? Or what things already look like for a majority of Americans?
I don’t care if I can get a 4k tv for $300 if I have no emergency fund, no retirement savings and can’t cope with a medical emergency (even with insurance).
Savings is about sacrifice for today. I personally know some who are making half a million/year who are living paycheck to paycheck, while I know others making poverty income who have growing savings. It is much easier to have a “nice” life when you have more income, but living below your means is a choice that everyone could make.
somehow you have access to post your reply. Give up your internet and that would free up some money. I have no idea what else you do in life, but I’m sure there is a lot more.
I know I gave up avocado toast and am now a homeowner.
The toast guy is now saying that we need mass layoffs to teach us toast eaters a lesson about not asking for better wages.
Trying to understand your point here. Because I have access to an internet-connected device means that’s the reason me and others like me aren’t saving enough?
Or maybe you meant if I have this device and I’m able to save then things aren’t as bad as they seem?
There is a consequence to your choice to have internet. There is less money for other savings. Worth it is not a choice I can make for you.
Internet access is as basic a utility as electricity and water these days. It is nigh impossible to function in society without access to the internet and pretending otherwise is just oblivious to the point of petulance.
The social security insolvency boogie man gets dragged out to scare everyone at least once a generation. It really is a persistent feature of how our nation is managed.
Remembering The Circle Jerks “Shit hits the fan” from early 1980’s.
Surely more than one third of millennials are outside the USA and don’t have access to it’s social security.
And if it’s USA only, why is this posted in world news?
Because it’s an ad and this is spam.
Because America is the world
7+ billion people disagree
Poe’s Law strikes again!
True.
America! Fuck yeah! /s
Fucking dio
I regret to inform you, I have never seen JJBA.
The closest thing I have to a retirement account is my full keif tray.
That’ll give you the same level experience as a $450,000 space flight on Virgin Galactic so I’d say you’re doing alright.
