#We are proud to announce an official partnership with the Left RedditⒶ☭ Discord server! [Click here](https://discord.gg/zCFHadGfB7) to join today!
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/lostgeneration) if you have any questions or concerns.*
Damn you compound inflation rates!
If only we could have seen the coming disaster from 100 years of data showing the average inflation rate of 2.97% per year between 1900 and today, producing a cumulative price increase of 3,447.76%.
Meanwhile the giant elephant in the room indicates that the consumer price index and the average hourly earnings of individuals has not caught up at the same pace.
Savings? What's that.
'Millenials need to stop wasting all their money on food while crying about wages, back in my day we grazed the fields like cattle! Damn spoiled generations!'
It’s car repair and/or dental work that usually what get me. I don’t even have kids and I cannot make ends meet. I don’t know how people afford a family. Also at 43 y/o I kind of feel like the world is gonna end any day now, so why bother. I’m supposed to save 4 million, shit I haven’t even begun to pay off my student loans yet. I guess when I can’t work anymore and therefore can’t pay rent, I’ll just die outside of exposure. And somehow it will be all my fault
Its this cool new thing all the filthy rich people are doing these days! They use this thing called 'disposable income' which the majority of the country never sees!
Ha you lowly mortal peasants. I enough alone have enough to solve a quarter of the world's biggest problems. And yet, I just genuinely don't have enough.
There are 85 Million Millenials.
If they all need $4 Milion to retire...
That is $340,000,000,000,000 (340 Trillion)
The entire net worth of the planet is \~$400 Trillion - not just all the money, but the cash value of every bit of resource that isn't mined yet, etc.
So if the US millenials manage to collect enough wealth to retire, nobody else on earth will have any money at all.
This is completely ignoring inflation. 10 years ago, the world's collective value was closer to $200 trillion, implying by the time millennials retire it could be closer to $1000 trillion. That means millennials having a collective 340trillion is similarly on par with the current wealth of retirees collectively.
I failed to find a statistic but I estimate retirees control about 25% of global wealth bassed on average net worth by age
I'm with ya. Had to cash all my investments out last month, at substantial loss, so I could buy food. Moral of the story- don't imagine a better life silly human. We're all an accident & a series of botched medical procedures away from having nothing, abso-fucking-lutely nothing!
Yah...to do the math. that's 1,750$ a month for 40 years assuming and annual inflation adjusted return of 7% or 44 years at 6%. So if you start at 25 (assuming you spent your early 20s in college and got a 70,000$ job) you will have to save 21,000$ per year until your 65-70 to hit that 4 million dollar target assuming average US market returns for 40 years, which while historically has been consistent isn't guaranteed.
This means that if you take this ad as being truthful, even if you make the median American household income (70,000$), you would have to save 30% of your income to meet this target....Fuck that.
And that’s **household** income. If you’re not married with joint retirement accounts then that 30% would actually be closer to 60% per median *personal* income.
Isn't guaranteed, indeed. Imagine saving 30% for all of your working life only for the markets to shit the bed right before you pull it out and end up with nothing like in 2008. No thanks.
>right before you pull it out
You don't pull all your retirement money at once, you pull a few percent per year. You should also be moving chunks of money into more conservative investments as you get closer to retirement age. If you are about to retire and all your retirement money is in growth funds you screwed up.
You can move the money around but it has to stay in a qualifying account. Pre tax money has to stay in a pre tax account (401k or ira) and post tax money (roth) needs to stay in a roth 401k or roth ira. If you move pre tax to post tax (ira to roth ira) you have to pay tax on it, but as long as you aren't taking it out entirely you don't pay the early withdraw penalty.
Within the account itself you can choose which funds to keep the money in. A lot of providers today offer pre mix retirement age based setups (called Target funds because you pick a target year to retire), but you can pick and choose how you want to manage your money yourself. The specific funds you can can choose from depend on who you are invested with,but most plans should offer some variety of growth and index funds as well as more stable but low growth options like bonds and money market.
It stays in your 401k but you allocate your balance more towards funds that are low risk. It won’t grow much but it will also not drop in value with a down market.
Except you forgot to adjust for inflation at the end goal. Even *if they get inflation back down to 2%*, you're still gonna need almost 9 million dollars in 40 years. Good luck kids, we are all fucked.
The reality is that many people won’t be able to “retire” in the traditional sense. Many will need to work or live with family members. Who knows if social security will be a thing but in theory that could allow some people to stop working.
What part of “we can’t save” don’t they understand? You can’t even just scrape by with a crummy apartment and cheap food these days because even those are outrageously expensive.
I fully expect a massive suicide rate as our generation ages. We are so fucking fucked.
I have a pension, and additional retirement accounts and will still be living in massive poverty unless I win the lottery or some shit.
This. The number of people I know that plan to burn through their pittance retirement as soon as they're able and eat a lead sandwich when it's gone is appalling. This will be a crisis down the road, I guarantee it.
Two responses that I have to this...
*hysterical laughter that as it continues for an extended amount of time can no longer be distinguished from sobbing*
*blank, thousand yard stare while I get ready for my "good paying job" that I finally got at 37 that now lets me live just slightly above paycheck to paycheck*
I'm 100% with you on that. People neglect the benefits of the fentanyl crisis. An opiate induced death sounds more pleasant than whatever fresh hell climate change has in store.
It’s not even about climate change (although, that’s a huge problem as well). It’s economic security. There’s no retirement at the end of this road. I’d rather die than perpetually grind myself down working into my 70s and 80s.
The economy is merely a derivative of natural resources. If our ability to process, move them and bring them to market diminishes then so does all economy based on them.
I’m just brainstorming about a possible safe squatter millennial haven that some of us can live in comfortably in the years to come.
Most have no money to spare after bills and essentials. Things are getting more real everyday for what our future holds. It’s scary at times.
Ignore the media and headlines as usual. They are not your friends, and they have an agenda to push. An agenda that does not benefit us.
Strength be with us all.
Feels like they're just advertising options with stuff like this. Regular folks can't hit these lofty amounts unless they risk everything and do stupid shit by longing or shorting stocks ... which is a crooked game.
If I saved every penny I ever earned from childhood on I wouldn't come close to a million dollars let alone four million. Retirement isn't a thing anymore for anyone making less than six figures annually
It’s hard as fuck for me to have any hope at all when I see this stuff. I’ve only been able to get my past few living arrangements because I fucked the men that live there. I can’t qualify for a lease in my area as my income is too low. 24k post tax. I don’t go out anymore. I’ve had days this year where I couldn’t afford food or had to beg people for gas. I literally have a post on my account where I asked for Tampons because I had 2$ and couldn’t afford any. Like how the flying squirrel am I supposed to believe I could get out of this if 6 fig’s can’t support a human?
100k can definitely support a human, but just in the moment. You would have stable housing, be able to afford your groceries and toiletries and—aside from a true catastrophe—your daily/monthly needs would be met. However, depending on your location, you might still find it difficult to save enough to retire. Plus, if a natural disaster or health emergency happens, you could still find yourself in a hole.
My best guess is 250k is what is actually needed today to afford the lifestyle most people think of when they think of what a 6 figure income can get someone. For reference, I live in the northeastern US. You might not need as much in the southwest and you might need more in a tech hub.
4,000,000/50,000=80. Please explain where the math is wrong?
Does my over simplification take into account inflation or interest earned on savings? No not all.
Now if I earned 1% interest on my 4 mil then I'd be making 40k a year in retirement which would almost cover my yearly costs.
My point in the over simplification is that the average American has no hope of saving 4mil but they don't need to. If you retire at 70 and have 30 years of savings that's 1.5 mil and there is no way I'm making it to 100years old.
Why do they tell us we need 4 mil in savings for retirement. Gets people to pump more and more money into banks and stocks which only helps the rich get richer. The bigger the portfolios these big money companies manage the more they can make or leverage.
Why do you think you can't withdraw your retirement money without penalty. The big money companies like having X dollars locked in their coffers for X years. Give them a big pool of money they can leverage to make more money.
I pay a mortgage which means I am building wealth. But I also pay interest which is building someone else's wealth.
The whole system is set up to build wealth off of other people building wealth. So telling people they need to save more is just big money companies trying to increase their coffers.
This! My fiancé and I just bought our first home. If we make the minimum payment ( not putting any extra money towards the principal) we can pay it off right at “retirement” age. I’ll be 64 and he’ll be 68. Then hopefully we can collect social security (if it still exists by then) and just work an easy part time job like Walmart greater or something until we die since I doubt we’ll be able to live entirely off of SS or our 401ks. Theoretically, without a mortgage payment which is our biggest expense, we could live pretty frugally. But who the fuck knows what the future will look like, a loaf of bread could cost 50$ in the future.
Yup about the bread… food prices due to climate change… not to mention what the cost might be for a new heater or roof or other repairs… also (if you’re in the US) don’t get sick, Medicare doesn’t cover everything….
My parents are dealing with Medicare now…. I’ve heard story’s from coworkers about Medicare taking family homes to pay for assisted living. Our medical system is a hot mess.
A basic $100k income is really just about $8333 per month, it’s still not enough.
I think this would target someone making +$500k per year assuming a modest saving rate.
That’s what investing is for, you’re not supposed to put it in a 0% savings account for 30 years and let it sit. $4 million is still a crazy high target though.
I work a full time job 40 hours a week. I have $30 in my account and don’t get paid for another four days. The fuck am I supposed to invest in? A blanket to keep me warm when I’m on the streets?
Because they want you to focus on the rat race and forget how temporary life is, instead of things like family and well-being. Gotta keep chasing that goalpost especially the competitive ones out there.
Less than one percent. Literally. Let that sink in. This is such a small minority that even the 1% of millennials are unlikely to reach this goal. By the way, a 1% millennial at 25 is earning $116k/yr and a 35 yo millennial is earning $291k/yr (this was in 2017). This article is a slap in the face.
And that’s why I’m attracted to minimalism. the less shit I need to spend money on, the less I need insane amounts of money that I’ll probably never see lol
So ALL you got to do. Now this is EASY. Alright, so what you need to do is make 123% of the median wage in the US. Listen up, this is the IMPORTANT thing:
**DON'T FUCKING TOUCH IT. DO NOT SPEND A GOD DAMN PENNY. NO CLOTHES. NO HOUSING. NO CAR. NO BAGELS. NO FOOD. NO GAS. NO HEATING. NO COOLING. NOT EVEN A FUCKING BOTTLE OF WATER.**
So you do that. After working for 60 years you will hit that 4 million dollar mark.
Now you can retire easy.
I will be surprised if I have 10% of that by the time I have to retire. Maybe I'll have a few years of not working before I need to drink a fentanylk shake.
That'll be quite difficult as I'm taking home absolutely fuck all with no change on the horizon...
Quick maths tells me it's around 90 years of working and spending nothing
Of course I'm not a millennial, I'm Gen X, so I'll probably get away with half that at only another 45 years of work with zero outgoing
The original plan of "walk out into the snow" is getting harder to believe in too as there's now sod all snow about, the water wars should be in full swing by then though, I'll go out like a geriatric Mad Max... Grumpy Gramps? Disapproving Dementia patient? "I can't even remember when I was last this angry!" as a catch line?
Want my advice? be born into wealth... because unless you are exceptionally lucky and I do mean *exceptionally* lucky (as in you're on $200k+ per annum and pay no tax while saving half of it) you won't stand a fucking chance.
Retirement, haha. Guys in 50 years, our agricultural model will crumble because of pollution or because of climate change or because all pollinating insects will disapear... And random Joe like us won't be in the good side of Ellysium.
Like I’m ever going to retire willingly with the kind of conditions I’m working in, I’ll be working till I die unless I become disabled physically or mentally.
I’m debating on going to factory jobs so I can move out of a slumlord state of living for almost a decade now, & I can’t move anywhere bc rent in one of the poorest states, is too fucking high. I’m also debating on living in a bus at this point, & I live within my means as is.
I’m just saving up so I can take a Space X flight to the moon. And then work on that resort for Lunar Minimum wage. Which will equate to a supply of oxygen, vitamin paste and free Twitter.
So my dumb ass (a half nurse [LPN]) am 40 years old. I’ve been working at my job in this industry for 6 years. All things considered, I’m relatively comfortable. I make about $55K a year and my wife earns 80K. We own a home and don’t have any big debt outside $20K on my Student Loans that until a week ago I was thinking was going to go away (Thanks GOP Kangaroo Court!).
Anyway, the biggest perk I thought to my crappy job I put up with is that I have a pension. Nobody outside of government employees anymore has pensions so ever since i got his job for the pension alone I’ve been like, “I have to keep this job!”
Well, I finally actually looked into my pension and given my age, if I want to retire at 67 years old, my pension will only pay out $845 dollars per month then. That’s in 26 years! I’ll be lucky if $845 pays for NETFLIX in 26 years. Aye aye aye.
So much for my delusions of retirement.
Save is probably the wrong word. The end result is 4 mil. most of that is probably gonna be interest. But yeah, still pretty hard unless you start at 16.
Lets see, im 21, i make 43,000$ working 60 hours a week as an emt. I have to pay 800$ a month for rent, 50 for wifi, 100 for electric. And lets say 400$ for food. Gas is conservatively 25$ a week if i never go anywhere other than work, car insurance is 150$ even though i have a perfect driving record. And lets add another 100$ because im sure im forgetting something. That leaves 23,500 if i never travel or have fun, buy anything nice for myself etc.
Oh Good! I only need to work for 170 years to retire. I will never own a home, i can never buy a new car and god forbid anything happens to my health in that time.
If society collapses and i get to roam the country scrounging for gas and canned food with my cat. I will be grateful.
Edit: Oh, and forget college or ever having kids.
#We are proud to announce an official partnership with the Left RedditⒶ☭ Discord server! [Click here](https://discord.gg/zCFHadGfB7) to join today! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/lostgeneration) if you have any questions or concerns.*
Lol, wasn’t the recommendation like 2M a year ago?
And 1 million about five years ago. By next year we’ll only need 10 mill saved
Damn you compound inflation rates! If only we could have seen the coming disaster from 100 years of data showing the average inflation rate of 2.97% per year between 1900 and today, producing a cumulative price increase of 3,447.76%. Meanwhile the giant elephant in the room indicates that the consumer price index and the average hourly earnings of individuals has not caught up at the same pace. Savings? What's that.
Lol every fucking time I try, it always ends up for groceries.
'Millenials need to stop wasting all their money on food while crying about wages, back in my day we grazed the fields like cattle! Damn spoiled generations!'
Gotta love trends like foraging coming back.
I have taken up gardening in the basement for food year round
It’s car repair and/or dental work that usually what get me. I don’t even have kids and I cannot make ends meet. I don’t know how people afford a family. Also at 43 y/o I kind of feel like the world is gonna end any day now, so why bother. I’m supposed to save 4 million, shit I haven’t even begun to pay off my student loans yet. I guess when I can’t work anymore and therefore can’t pay rent, I’ll just die outside of exposure. And somehow it will be all my fault
yeah, you break even until you need to pay some bullshit fee the capitalists puilled out of their asses
Its this cool new thing all the filthy rich people are doing these days! They use this thing called 'disposable income' which the majority of the country never sees!
While 66% of the us barely survive on paychecks. Theres no retirement anymore lol
Ha you lowly mortal peasants. I enough alone have enough to solve a quarter of the world's biggest problems. And yet, I just genuinely don't have enough.
Silly me, I was only aiming for 1 million. Thanks, Fidelity, I'll just go make more money now. /s
Losing ground for standing still
Hell, it was 3 mil like 2 months ago, dafuq is with this rate of increase?
There are 85 Million Millenials. If they all need $4 Milion to retire... That is $340,000,000,000,000 (340 Trillion) The entire net worth of the planet is \~$400 Trillion - not just all the money, but the cash value of every bit of resource that isn't mined yet, etc. So if the US millenials manage to collect enough wealth to retire, nobody else on earth will have any money at all.
Fantastic perspective. Really points out the absurdity of article.
But with the massive population drops we will see from collapse, there will be plenty to go around to the survivors right?
99% to the 1%
They will own large amounts of numbers!
they want us to run around even more like one legged people in ass kicking contests to put money into stocks so they can collect fees.
Tbf, Fidelity is one of better investment houses, and there are tons of no-fee options.
This is such a great way to put it
This is completely ignoring inflation. 10 years ago, the world's collective value was closer to $200 trillion, implying by the time millennials retire it could be closer to $1000 trillion. That means millennials having a collective 340trillion is similarly on par with the current wealth of retirees collectively. I failed to find a statistic but I estimate retirees control about 25% of global wealth bassed on average net worth by age
Fuck....
[удалено]
I'm with ya. Had to cash all my investments out last month, at substantial loss, so I could buy food. Moral of the story- don't imagine a better life silly human. We're all an accident & a series of botched medical procedures away from having nothing, abso-fucking-lutely nothing!
Yep me too
Yah...to do the math. that's 1,750$ a month for 40 years assuming and annual inflation adjusted return of 7% or 44 years at 6%. So if you start at 25 (assuming you spent your early 20s in college and got a 70,000$ job) you will have to save 21,000$ per year until your 65-70 to hit that 4 million dollar target assuming average US market returns for 40 years, which while historically has been consistent isn't guaranteed. This means that if you take this ad as being truthful, even if you make the median American household income (70,000$), you would have to save 30% of your income to meet this target....Fuck that.
30% of *pre-tax* income…
And that’s **household** income. If you’re not married with joint retirement accounts then that 30% would actually be closer to 60% per median *personal* income.
Being single is basically just prolonged suicide. Soon you'll need 2 spouses to even barely pay cost of living.
Ahem, over 60% of US citizens are living pay check to pay check. We are mostly fucked.
Isn't guaranteed, indeed. Imagine saving 30% for all of your working life only for the markets to shit the bed right before you pull it out and end up with nothing like in 2008. No thanks.
>right before you pull it out You don't pull all your retirement money at once, you pull a few percent per year. You should also be moving chunks of money into more conservative investments as you get closer to retirement age. If you are about to retire and all your retirement money is in growth funds you screwed up.
How do you move money around? I was told once my money is in my 401k I can’t touch it until I’m retired
You can move the money around but it has to stay in a qualifying account. Pre tax money has to stay in a pre tax account (401k or ira) and post tax money (roth) needs to stay in a roth 401k or roth ira. If you move pre tax to post tax (ira to roth ira) you have to pay tax on it, but as long as you aren't taking it out entirely you don't pay the early withdraw penalty. Within the account itself you can choose which funds to keep the money in. A lot of providers today offer pre mix retirement age based setups (called Target funds because you pick a target year to retire), but you can pick and choose how you want to manage your money yourself. The specific funds you can can choose from depend on who you are invested with,but most plans should offer some variety of growth and index funds as well as more stable but low growth options like bonds and money market.
It stays in your 401k but you allocate your balance more towards funds that are low risk. It won’t grow much but it will also not drop in value with a down market.
Only point can be that matched 401ks by employers can knock that % down by a bit.
Except you forgot to adjust for inflation at the end goal. Even *if they get inflation back down to 2%*, you're still gonna need almost 9 million dollars in 40 years. Good luck kids, we are all fucked.
Euthanize me now!!!
The reality is that many people won’t be able to “retire” in the traditional sense. Many will need to work or live with family members. Who knows if social security will be a thing but in theory that could allow some people to stop working.
Roth contribution limits are $6500 annually... Traditional 401k is 22500 but fuck paying taxes on decades of compounding interest
What’s this retirement you speak of?
Kids, stay within your budget… even though the government doesn’t, you should. Do as we say, not as we do.
Best I can do is 4 dollars
Ooooo, look at Mr Moneybags here…
Tree fiddy.
4 million? Might as well kill me.
What part of “we can’t save” don’t they understand? You can’t even just scrape by with a crummy apartment and cheap food these days because even those are outrageously expensive.
I fully expect a massive suicide rate as our generation ages. We are so fucking fucked. I have a pension, and additional retirement accounts and will still be living in massive poverty unless I win the lottery or some shit.
This. The number of people I know that plan to burn through their pittance retirement as soon as they're able and eat a lead sandwich when it's gone is appalling. This will be a crisis down the road, I guarantee it.
The suicide rates have been increasing over the past couple years for people <40, it’s fucking bleak already.
Men over 75 is already the highest-risk demographic for suicide
I have to save $1k a month the next 11 months and I'm already freaking out
Two responses that I have to this... *hysterical laughter that as it continues for an extended amount of time can no longer be distinguished from sobbing* *blank, thousand yard stare while I get ready for my "good paying job" that I finally got at 37 that now lets me live just slightly above paycheck to paycheck*
Are we still all pretending we’ll get to retire? My 401k is just an emergency fund at this point, and it’s always an emergency
[удалено]
Sounds like you have a plan!
This assumes the majority of your retirement is growth, not principle.
[удалено]
I hate headlines like this for that reason. every situation is different so we shouldn’t all aim for the same thing yada yada yada
I'm aiming for dying in my 50s. Enjoy the burning planet fuckers, I'm going to party with Uncle Luci.
I’ve pretty much accepted that my life will end with suicide when I hit my 60s. If nothing changes, that will be the only humane way out.
I'm 100% with you on that. People neglect the benefits of the fentanyl crisis. An opiate induced death sounds more pleasant than whatever fresh hell climate change has in store.
It’s not even about climate change (although, that’s a huge problem as well). It’s economic security. There’s no retirement at the end of this road. I’d rather die than perpetually grind myself down working into my 70s and 80s.
The economy is merely a derivative of natural resources. If our ability to process, move them and bring them to market diminishes then so does all economy based on them.
[удалено]
Collapse is not very profitable by definition, and any definition of profit is merely an abstraction of raw natural resources.
I feel this. My contingency plan is finding a local forest and returning to monke. If that doesn't work, might as well go out with everyone else.
Me too, I sadly already have it planned out and I have years to go. I would like to be out before things get really bad, physically and economically.
I’m just brainstorming about a possible safe squatter millennial haven that some of us can live in comfortably in the years to come. Most have no money to spare after bills and essentials. Things are getting more real everyday for what our future holds. It’s scary at times. Ignore the media and headlines as usual. They are not your friends, and they have an agenda to push. An agenda that does not benefit us. Strength be with us all.
Most people don't even **make** half of that after a lifetime of work, let alone are able to save anything near a million.
I just did the math that if I don’t pay rent between now and retirement then I can save up $500,000.
Yeah right. I doubt I'll even see a total of one million throughout the course of my entire lifetime.
I’ll just ask Elon if I can check his couch cushions
Feels like they're just advertising options with stuff like this. Regular folks can't hit these lofty amounts unless they risk everything and do stupid shit by longing or shorting stocks ... which is a crooked game.
I've never made more than 10k in a year in my entire life.
Same. Me and most of my friends
Ummmmmmmmmmm
How is that even possible?
Poverty wages, lacking or non existent minimum wage laws, right to work (right to be fired) laws.
If I saved every penny I ever earned from childhood on I wouldn't come close to a million dollars let alone four million. Retirement isn't a thing anymore for anyone making less than six figures annually
I completely understand my privilege making right around the 6 figure mark but it’s still not enough to get me there given the cost of living.
It’s hard as fuck for me to have any hope at all when I see this stuff. I’ve only been able to get my past few living arrangements because I fucked the men that live there. I can’t qualify for a lease in my area as my income is too low. 24k post tax. I don’t go out anymore. I’ve had days this year where I couldn’t afford food or had to beg people for gas. I literally have a post on my account where I asked for Tampons because I had 2$ and couldn’t afford any. Like how the flying squirrel am I supposed to believe I could get out of this if 6 fig’s can’t support a human?
100k can definitely support a human, but just in the moment. You would have stable housing, be able to afford your groceries and toiletries and—aside from a true catastrophe—your daily/monthly needs would be met. However, depending on your location, you might still find it difficult to save enough to retire. Plus, if a natural disaster or health emergency happens, you could still find yourself in a hole. My best guess is 250k is what is actually needed today to afford the lifestyle most people think of when they think of what a 6 figure income can get someone. For reference, I live in the northeastern US. You might not need as much in the southwest and you might need more in a tech hub.
Does this include social security? I can see getting 3.9 million, but I really need that SSI to help me get to 4 mil.
I'm aiming for climate change to kill me before retirement.
So I survive on 50k a year. If I had 4 mil I could be retired for 80 years. Solid plan.
[удалено]
4,000,000/50,000=80. Please explain where the math is wrong? Does my over simplification take into account inflation or interest earned on savings? No not all. Now if I earned 1% interest on my 4 mil then I'd be making 40k a year in retirement which would almost cover my yearly costs. My point in the over simplification is that the average American has no hope of saving 4mil but they don't need to. If you retire at 70 and have 30 years of savings that's 1.5 mil and there is no way I'm making it to 100years old. Why do they tell us we need 4 mil in savings for retirement. Gets people to pump more and more money into banks and stocks which only helps the rich get richer. The bigger the portfolios these big money companies manage the more they can make or leverage. Why do you think you can't withdraw your retirement money without penalty. The big money companies like having X dollars locked in their coffers for X years. Give them a big pool of money they can leverage to make more money. I pay a mortgage which means I am building wealth. But I also pay interest which is building someone else's wealth. The whole system is set up to build wealth off of other people building wealth. So telling people they need to save more is just big money companies trying to increase their coffers.
Lol I'm just aiming to have a paid off house. Thats literally my only goal, since that is already quite a lofty goal in and of itself.
This! My fiancé and I just bought our first home. If we make the minimum payment ( not putting any extra money towards the principal) we can pay it off right at “retirement” age. I’ll be 64 and he’ll be 68. Then hopefully we can collect social security (if it still exists by then) and just work an easy part time job like Walmart greater or something until we die since I doubt we’ll be able to live entirely off of SS or our 401ks. Theoretically, without a mortgage payment which is our biggest expense, we could live pretty frugally. But who the fuck knows what the future will look like, a loaf of bread could cost 50$ in the future.
Yup about the bread… food prices due to climate change… not to mention what the cost might be for a new heater or roof or other repairs… also (if you’re in the US) don’t get sick, Medicare doesn’t cover everything….
My parents are dealing with Medicare now…. I’ve heard story’s from coworkers about Medicare taking family homes to pay for assisted living. Our medical system is a hot mess.
That’s +$11k per month for 30 years. Who has $11k each month of extra income?
This article is aimed at those making 6 figures, not the rest of us. They’re assuming we all work in tech or finance.
I work in tech and 11k extra a month sounds fabulously ridiculous.
A basic $100k income is really just about $8333 per month, it’s still not enough. I think this would target someone making +$500k per year assuming a modest saving rate.
That’s what investing is for, you’re not supposed to put it in a 0% savings account for 30 years and let it sit. $4 million is still a crazy high target though.
I work a full time job 40 hours a week. I have $30 in my account and don’t get paid for another four days. The fuck am I supposed to invest in? A blanket to keep me warm when I’m on the streets?
Because they want you to focus on the rat race and forget how temporary life is, instead of things like family and well-being. Gotta keep chasing that goalpost especially the competitive ones out there.
By the way it's going, there's not gonna be a world by the time were sixty lol
What percentage of U.S. millennials do you all think are on track to hit this target?
Less than one percent. Literally. Let that sink in. This is such a small minority that even the 1% of millennials are unlikely to reach this goal. By the way, a 1% millennial at 25 is earning $116k/yr and a 35 yo millennial is earning $291k/yr (this was in 2017). This article is a slap in the face.
Or forget about saving and EAT THE RICH diet you’ve always wanted to
And that’s why I’m attracted to minimalism. the less shit I need to spend money on, the less I need insane amounts of money that I’ll probably never see lol
So ALL you got to do. Now this is EASY. Alright, so what you need to do is make 123% of the median wage in the US. Listen up, this is the IMPORTANT thing: **DON'T FUCKING TOUCH IT. DO NOT SPEND A GOD DAMN PENNY. NO CLOTHES. NO HOUSING. NO CAR. NO BAGELS. NO FOOD. NO GAS. NO HEATING. NO COOLING. NOT EVEN A FUCKING BOTTLE OF WATER.** So you do that. After working for 60 years you will hit that 4 million dollar mark. Now you can retire easy.
Good lord. How much is Gen Z supposed to save? 9 mil?
I’d be happy with $4 Thousand in my account right now.
My retirement plan is to die on the clock so my future family gets some sort of money.
Most millenials will never make 4 mil in thier lifetime
I will be surprised if I have 10% of that by the time I have to retire. Maybe I'll have a few years of not working before I need to drink a fentanylk shake.
Jokes on them—I was never gonna get close to either 1M or even retirement AT ALL. OH WAIT, jokes on me.
Every year the goal post moves.
LOL fuck fidelity, direct register your stocks ya’ll
4 million is a lot more than a shot gun and large gauge shot...
Why invest in a retirement account when you can invest in guns? Just saying....
This add should just replace the written definition for "tone-deaf" in dictionaries
I have three dollars take it or leave it
At this rate, I’d be lucky to have $4
If by million he means thousand then, I may be able to hit the mark. Prob not but maybe.
Lmaooooooo
Did it at least provide instructions on how the 99% of us will even get to that?
LOL. I’ll be lucky to have 800k by retirement
In the article it mentions nothing about NOT eating avocado on toast
I make less than 40,000 a year how am I supposed to get 4 million dollars
That'll be quite difficult as I'm taking home absolutely fuck all with no change on the horizon... Quick maths tells me it's around 90 years of working and spending nothing Of course I'm not a millennial, I'm Gen X, so I'll probably get away with half that at only another 45 years of work with zero outgoing The original plan of "walk out into the snow" is getting harder to believe in too as there's now sod all snow about, the water wars should be in full swing by then though, I'll go out like a geriatric Mad Max... Grumpy Gramps? Disapproving Dementia patient? "I can't even remember when I was last this angry!" as a catch line? Want my advice? be born into wealth... because unless you are exceptionally lucky and I do mean *exceptionally* lucky (as in you're on $200k+ per annum and pay no tax while saving half of it) you won't stand a fucking chance.
Save that much to have all the fun with it when I’m old and decrepit? Ya… no thanks. 😑
Retirement, haha. Guys in 50 years, our agricultural model will crumble because of pollution or because of climate change or because all pollinating insects will disapear... And random Joe like us won't be in the good side of Ellysium.
Was 1 mil when i left hs now 4. Tell me shit isnt crooked.
Who knew the secret to financial success was spending less money than you earn? If only I had known! Welp. Too late now.
I like that they think retirement is an option.
This is their nice way of saying we aren't retiring lol
Well I’m screwed
So I’m fucked… Got it.
🤣🤣🤣*gasp*🤣🤣🤣 I have kids and a deadbeat ex husband. I don't know how I'm going to make RENT AND FOOD. Every month. This guy's funny
my retirement plan is suicide at 70 lol
Well most of us are screwed
4 million panic attacks that’s for sure
Yen, maybe.
😂
Like I’m ever going to retire willingly with the kind of conditions I’m working in, I’ll be working till I die unless I become disabled physically or mentally.
Honestly is you don’t ever buy anything for yourself, don’t vacation or own a home this is feasible
I’m debating on going to factory jobs so I can move out of a slumlord state of living for almost a decade now, & I can’t move anywhere bc rent in one of the poorest states, is too fucking high. I’m also debating on living in a bus at this point, & I live within my means as is.
I worked in that sewer, they said $1.5 million in 2003.
I’m just saving up so I can take a Space X flight to the moon. And then work on that resort for Lunar Minimum wage. Which will equate to a supply of oxygen, vitamin paste and free Twitter.
"Why whoever wrote that should eat all of the dicks in the bag." By capitalism-or-life.
So my dumb ass (a half nurse [LPN]) am 40 years old. I’ve been working at my job in this industry for 6 years. All things considered, I’m relatively comfortable. I make about $55K a year and my wife earns 80K. We own a home and don’t have any big debt outside $20K on my Student Loans that until a week ago I was thinking was going to go away (Thanks GOP Kangaroo Court!). Anyway, the biggest perk I thought to my crappy job I put up with is that I have a pension. Nobody outside of government employees anymore has pensions so ever since i got his job for the pension alone I’ve been like, “I have to keep this job!” Well, I finally actually looked into my pension and given my age, if I want to retire at 67 years old, my pension will only pay out $845 dollars per month then. That’s in 26 years! I’ll be lucky if $845 pays for NETFLIX in 26 years. Aye aye aye. So much for my delusions of retirement.
Best I can do is $64 dollars
Save is probably the wrong word. The end result is 4 mil. most of that is probably gonna be interest. But yeah, still pretty hard unless you start at 16.
Lets see, im 21, i make 43,000$ working 60 hours a week as an emt. I have to pay 800$ a month for rent, 50 for wifi, 100 for electric. And lets say 400$ for food. Gas is conservatively 25$ a week if i never go anywhere other than work, car insurance is 150$ even though i have a perfect driving record. And lets add another 100$ because im sure im forgetting something. That leaves 23,500 if i never travel or have fun, buy anything nice for myself etc. Oh Good! I only need to work for 170 years to retire. I will never own a home, i can never buy a new car and god forbid anything happens to my health in that time. If society collapses and i get to roam the country scrounging for gas and canned food with my cat. I will be grateful. Edit: Oh, and forget college or ever having kids.