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USA
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Posted: 4/30/2024 6:32:12 AM EDT
[Last Edit: Caeser2001]
[#1]
Quote HistoryOriginally Posted By Ulster: lol...every generation thinks they are gonna see the end of times. Quote HistoryOriginally Posted By Ulster: Originally Posted By 210grum: It's cute anyone believes this country will survive long enough for an 18 year old to retire 😂 lol...every generation thinks they are gonna see the end of times.  
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PA, USA
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Posted: 4/30/2024 6:48:38 AM EDT
[#2]
Quote HistoryOriginally Posted By 0311SKI: What am I saving for? Quote HistoryOriginally Posted By 0311SKI: Originally Posted By PA-Minuteman: Save until it hurts, then save some more What am I saving for? To not end up living in a shed in the back, eating cat food would be a start. 
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Posted: 4/30/2024 7:12:30 AM EDT
[#3]
Quote HistoryOriginally Posted By 0311SKI: Full credit for going for retirement by mid 50s, but im self employed in a trade that's going to most likely require knee replacements starting by 60. Theres no 401 matching, medical, or pension. So although everyone's in a different spot my options are live life and deal with the rest down the road, or drive a shit work truck, come home to a shit house, and spend my time dry firing pistols, and jerking it to my vanguard account. If I'm working 60 hours a week I'm enjoying the fruits of my labor. Damn I felt this one. Agree with you completely |
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Posted: 4/30/2024 8:29:13 AM EDT
[#4]
Quote HistoryOriginally Posted By Bat15: There are a lot of boomers who have very small pensions or no pensions. I am one of the older boomers and pensions were being phased out when I started working. Pensions are a defined benefit and it soon became evident that funding them was unpredictable and very expensive. It was much simpler for companies to contribute to a 401k type defined contribution plan. Quote HistoryOriginally Posted By Bat15: Originally Posted By wakeboarder: Why did boomers not offer pensions to millennials like the Greatest Generation did for them? There are a lot of boomers who have very small pensions or no pensions. I am one of the older boomers and pensions were being phased out when I started working. Pensions are a defined benefit and it soon became evident that funding them was unpredictable and very expensive. It was much simpler for companies to contribute to a 401k type defined contribution plan. QFT Pensions were found to be a great way of stealing retirement money from the workers. In 09 after the crash the politicians decided to let GM, Chrylser and other large companies declare bankruptcy. The major hurdle in letting them restructure? Their HUGE pension obligations that they owed that they had not been funding for many years. The company I worked for owed 2 Billion to their pension fund while the company CEO used the corporate jet for his daily commute. So what did the politicians do? Create the PBGC which allowed these large companies to dump their pension obligations on the taxpayer for .10 on the dollar for what they owed. Once they dumped their pension obligation on the PBGC they were free of their debt obligation to fund pensions and allowed to restructure. What did they do with the money they were supposed to be putting into pension funds for their workers? Obviously used it to fund the company, send the C-Suite on lavish vacations offer them huge bonuses, pay off the union bosses etc etc. 401k are better because you can actually see what money gets put into your personal 401k not trust some union boss and company talking head to tell you that the pension fund is doing GREAT, then offer no proof. Only the fed, state, local gov pensions are actually worth anything because they Government just uses taxpayer money to fund the pensions and if they run short, just raise taxes. The fed, state, local gov pensions are secure because they rely on us to fund it. oh wait, I forgot to turn this into a boomer hate thread, bootstraps ASSEMBLE!!!! |
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Posted: 4/30/2024 8:57:06 AM EDT
[Last Edit: buck19delta]
[#5]
Quote HistoryOriginally Posted By Ulster: lol...every generation thinks they are gonna see the end of times. Quote HistoryOriginally Posted By Ulster: Originally Posted By 210grum: It's cute anyone believes this country will survive long enough for an 18 year old to retire 😂 lol...every generation thinks they are gonna see the end of times. And one will be the generation that sees it.  . Soon at the rate things are devolving.  . Maybe not the end of days, Ala the apocalypse , but DEFINITELY the end of the safe, comfortable, safe, well fed, land of opportunities you , your daddy, his daddy and every daddy going back hundreds of years has enjoyed. I estimate my grandkids will get to see the real beginnings of actual socialism, communism, worse standards of living than their parents , fewer freedoms, less opportunities, cartel hit squads, group on group violence / mass murder / bombings like happened in Bosnia / Iraq, South American levels of daily violence, home invasions, motorcycle robberies, car jacking / kidnapping of upper middle class, random violence, kidnappings of children into prostitution , worse as the wheels come off the USA and these millions of unassimilating third worlders start to get comfortable and start showing their asses, and doing what they do best / did back home. The other thread about illegals is reports of every town being flooded with third worlders, from all over the planet, who can’t speak English, or even read / write their home language, where do you think these people will work ? Combined with AI erasing millions of jobs, our unemployment numbers, the real one will be massive, and government can’t keep feeding / financing their lifestyles forever, 33 trillion in debt, a trillion added each 90 days now, how long until it’s a trillion added each month? Each week ? Not very fucking long, Maybe before the 2028 elections. one day soon government will actually go broke, those checks will stop coming, as will many other government checks, SS, gov retirement, etc and it’s going to be ugly, and stay ugly for many, many years. USA will see a return of generational homes ala the Walton’s, but it will Beas much for safety as it will be for financial help, because there’s safety in numbers. |
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Posted: 4/30/2024 10:43:32 AM EDT
[#6]
Quote HistoryOriginally Posted By eagarminuteman: My generation sucks at math for the most part. Once someone spells it out they love it. Quote HistoryOriginally Posted By eagarminuteman: Originally Posted By PA-Minuteman: I love educating the new hires about the power of compounding interest  To them, it's like magic https://i.imgflip.com/8oh9yi.jpg My generation sucks at math for the most part. Once someone spells it out they love it. The problem is many have been skewed by the Fed to think equity markets are compounding interest. They are not. |
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Posted: 4/30/2024 10:47:35 AM EDT
[#7]
Quote HistoryOriginally Posted By 73RR: QFT Pensions were found to be a great way of stealing retirement money from the workers. In 09 after the crash the politicians decided to let GM, Chrylser and other large companies declare bankruptcy. The major hurdle in letting them restructure? Their HUGE pension obligations that they owed that they had not been funding for many years. The company I worked for owed 2 Billion to their pension fund while the company CEO used the corporate jet for his daily commute. So what did the politicians do? Create the PBGC which allowed these large companies to dump their pension obligations on the taxpayer for .10 on the dollar for what they owed. Once they dumped their pension obligation on the PBGC they were free of their debt obligation to fund pensions and allowed to restructure. What did they do with the money they were supposed to be putting into pension funds for their workers? Obviously used it to fund the company, send the C-Suite on lavish vacations offer them huge bonuses, pay off the union bosses etc etc. 401k are better because you can actually see what money gets put into your personal 401k not trust some union boss and company talking head to tell you that the pension fund is doing GREAT, then offer no proof. Only the fed, state, local gov pensions are actually worth anything because they Government just uses taxpayer money to fund the pensions and if they run short, just raise taxes. The fed, state, local gov pensions are secure because they rely on us to fund it. oh wait, I forgot to turn this into a boomer hate thread, bootstraps ASSEMBLE!!!! Quote HistoryOriginally Posted By 73RR: Originally Posted By Bat15: Originally Posted By wakeboarder: Why did boomers not offer pensions to millennials like the Greatest Generation did for them? There are a lot of boomers who have very small pensions or no pensions. I am one of the older boomers and pensions were being phased out when I started working. Pensions are a defined benefit and it soon became evident that funding them was unpredictable and very expensive. It was much simpler for companies to contribute to a 401k type defined contribution plan. QFT Pensions were found to be a great way of stealing retirement money from the workers. In 09 after the crash the politicians decided to let GM, Chrylser and other large companies declare bankruptcy. The major hurdle in letting them restructure? Their HUGE pension obligations that they owed that they had not been funding for many years. The company I worked for owed 2 Billion to their pension fund while the company CEO used the corporate jet for his daily commute. So what did the politicians do? Create the PBGC which allowed these large companies to dump their pension obligations on the taxpayer for .10 on the dollar for what they owed. Once they dumped their pension obligation on the PBGC they were free of their debt obligation to fund pensions and allowed to restructure. What did they do with the money they were supposed to be putting into pension funds for their workers? Obviously used it to fund the company, send the C-Suite on lavish vacations offer them huge bonuses, pay off the union bosses etc etc. 401k are better because you can actually see what money gets put into your personal 401k not trust some union boss and company talking head to tell you that the pension fund is doing GREAT, then offer no proof. Only the fed, state, local gov pensions are actually worth anything because they Government just uses taxpayer money to fund the pensions and if they run short, just raise taxes. The fed, state, local gov pensions are secure because they rely on us to fund it. oh wait, I forgot to turn this into a boomer hate thread, bootstraps ASSEMBLE!!!! State and local government pensions are also not a safety net. Many are so underwater there is no tax rate that can save them. Only the Feds can print more to fund their pensions, which just increases inflation. |
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Posted: 4/30/2024 11:00:02 AM EDT
[#8]
Quote HistoryQuote HistoryOriginally Posted By Caeser2001: Originally Posted By Ulster: Originally Posted By 210grum: It's cute anyone believes this country will survive long enough for an 18 year old to retire 😂 lol...every generation thinks they are gonna see the end of times. https://cdn.statcdn.com/Infographic/images/normal/28393.jpeg https://www.shutterstock.com/image-photo/concept-fear-businessman-like-ostrich-600nw-156983825.jpg All the more reason, you better be saving and planning. Or not.  |
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Posted: 4/30/2024 11:08:04 AM EDT
[#9]
Quote HistoryOriginally Posted By buck19delta: And one will be the generation that sees it. . Soon at the rate things are devolving. . Maybe not the end of days, Ala the apocalypse , but DEFINITELY the end of the safe, comfortable, safe, well fed, land of opportunities you , your daddy, his daddy and every daddy going back hundreds of years has enjoyed. I estimate my grandkids will get to see the real beginnings of actual socialism, communism, worse standards of living than their parents , fewer freedoms, less opportunities, cartel hit squads, group on group violence / mass murder / bombings like happened in Bosnia / Iraq, South American levels of daily violence, home invasions, motorcycle robberies, car jacking / kidnapping of upper middle class, random violence, kidnappings of children into prostitution , worse as the wheels come off the USA and these millions of unassimilating third worlders start to get comfortable and start showing their asses, and doing what they do best / did back home. The other thread about illegals is reports of every town being flooded with third worlders, from all over the planet, who can’t speak English, or even read / write their home language, where do you think these people will work ? Combined with AI erasing millions of jobs, our unemployment numbers, the real one will be massive, and government can’t keep feeding / financing their lifestyles forever, 33 trillion in debt, a trillion added each 90 days now, how long until it’s a trillion added each month? Each week ? Not very fucking long, Maybe before the 2028 elections. one day soon government will actually go broke, those checks will stop coming, as will many other government checks, SS, gov retirement, etc and it’s going to be ugly, and stay ugly for many, many years. USA will see a return of generational homes ala the Walton’s, but it will Beas much for safety as it will be for financial help, because there’s safety in numbers. Quote HistoryOriginally Posted By buck19delta: Originally Posted By Ulster: Originally Posted By 210grum: It's cute anyone believes this country will survive long enough for an 18 year old to retire 😂 lol...every generation thinks they are gonna see the end of times. And one will be the generation that sees it. . Soon at the rate things are devolving. . Maybe not the end of days, Ala the apocalypse , but DEFINITELY the end of the safe, comfortable, safe, well fed, land of opportunities you , your daddy, his daddy and every daddy going back hundreds of years has enjoyed. I estimate my grandkids will get to see the real beginnings of actual socialism, communism, worse standards of living than their parents , fewer freedoms, less opportunities, cartel hit squads, group on group violence / mass murder / bombings like happened in Bosnia / Iraq, South American levels of daily violence, home invasions, motorcycle robberies, car jacking / kidnapping of upper middle class, random violence, kidnappings of children into prostitution , worse as the wheels come off the USA and these millions of unassimilating third worlders start to get comfortable and start showing their asses, and doing what they do best / did back home. The other thread about illegals is reports of every town being flooded with third worlders, from all over the planet, who can’t speak English, or even read / write their home language, where do you think these people will work ? Combined with AI erasing millions of jobs, our unemployment numbers, the real one will be massive, and government can’t keep feeding / financing their lifestyles forever, 33 trillion in debt, a trillion added each 90 days now, how long until it’s a trillion added each month? Each week ? Not very fucking long, Maybe before the 2028 elections. one day soon government will actually go broke, those checks will stop coming, as will many other government checks, SS, gov retirement, etc and it’s going to be ugly, and stay ugly for many, many years. USA will see a return of generational homes ala the Walton’s, but it will Beas much for safety as it will be for financial help, because there’s safety in numbers. OK, doom...I get it. But the thread is about saving for retirement. Are you advocating just giving up? That's only way to guarantee you won't be able to retire. Best you can do is enjoy the days you have, and try to save some for tomorrow. America is still way better than the other options. 
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Posted: 4/30/2024 11:13:57 AM EDT
[#10]
Quote HistoryOriginally Posted By wakeboarder: Why did boomers not offer pensions to millennials like the Greatest Generation did for them? Funding this and staying in business by being cost competitive with wages and foreign competition turned out to be hard. It was easier to do in the 50s-70s since the rest of the world had destroyed each others factories. |
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Posted: 4/30/2024 12:31:00 PM EDT
[#11]
Quote HistoryOriginally Posted By phungus: You’ll work until the day you die, that’s been the plan all along Quote HistoryOriginally Posted By phungus: Originally Posted By Bourbonator: This might be part of it. I wish we were able to save more. Not sure how we're going to reach our retirement goals to live the retirement we want to. You’ll work until the day you die, that’s been the plan all along @phungus No I won't. I'll just be flying to Europe or French Polynesia first class every other year instead of every year. |
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Posted: 5/3/2024 2:16:07 PM EDT
[#12]
Quote HistoryOriginally Posted By Chisum: If other people are doing it, what is your problem? Blaming others does not solve your problems. Gain better skills, seek a better job, get a second job, or I you think you got the right stuff, start your own business. Saving $20 a paycheck to start with is better than whining. When saving $20 gets painless, double it. Learn to save.  |
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Posted: 5/3/2024 2:19:07 PM EDT
[#13]
Quote HistoryOriginally Posted By JLPettimoreIII: eh, merica's been half socialist for 100 years at this point. every year merica gets a little more socialist whilst you vote harder and poast spicy memes.  |
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Posted: 5/3/2024 4:37:56 PM EDT
[#14]
Quote HistoryOriginally Posted By KILLERB6: AOC will get us there.https://www.ar15.com/media/mediaFiles/18716/IMG_6808-3204540.jpg |
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Posted: 5/5/2024 12:14:10 AM EDT
[#15]
Whether we want to be there or not.
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Posted: 5/5/2024 1:59:45 AM EDT
[#16]
Quote HistoryOriginally Posted By GDaawg: Its not just some young adults. I have nothing saved for retirement. 47. Child support for the past 16 years and bouncing from lower wage jobs took care of that one for me. |
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Posted: 5/5/2024 5:48:31 AM EDT
[#17]
Quote HistoryOriginally Posted By JLPettimoreIII: eh, merica's been half socialist for 100 years at this point. every year merica gets a little more socialist whilst you vote harder and post spicy memes. 
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Posted: 5/5/2024 9:05:11 AM EDT
[#18]
Face it, most folk are complete idiots. You can explain everything to them, you can show them the way to make it work but they just won't do it. They will astounded when the consequences to their actoins come back and haunt them years later and will demand others fix the giant pile of shit they created for themselves. It ain't always money either. Many of life decisions and action fall under this same thing.
There is no fix. Until it all falls apart from decay it will only get worse. Enjoy the collapse. |
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Posted: 5/5/2024 9:13:09 AM EDT
[#19]
Quote HistoryOriginally Posted By STRIKE504: "Maintain a side hustle."  You mean you work two jobs?  ...
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Posted: 5/5/2024 9:21:12 AM EDT
[#20]
Quote HistoryOriginally Posted By 1cheapshot: Pensions??? You mean all those unfunded ones to the tune of trillions nationwide? Those pensions?? We’re so screwed…. Quote HistoryOriginally Posted By 1cheapshot: Originally Posted By fadedsun: Acquire pensions. Retire Early. I was going to retire at 44 had trump stayed in the WhiteHouse. Delayed that about 5 years. Don’t buy stupid stuff. Live frugally. Thanks a lot, Biden Pensions??? You mean all those unfunded ones to the tune of trillions nationwide? Those pensions?? We’re so screwed…. Military (fed) pensions won't go unfunded or paid-out any time soon... |
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Posted: 5/5/2024 9:40:19 AM EDT
[Last Edit: soncorn]
[#21]
Quote HistoryOriginally Posted By RIP-Yataski: Military (fed) pensions won't go unfunded or paid-out any time soon... Quote HistoryOriginally Posted By RIP-Yataski: Originally Posted By 1cheapshot: Originally Posted By fadedsun: Acquire pensions. Retire Early. I was going to retire at 44 had trump stayed in the WhiteHouse. Delayed that about 5 years. Don’t buy stupid stuff. Live frugally. Thanks a lot, Biden Pensions??? You mean all those unfunded ones to the tune of trillions nationwide? Those pensions?? We’re so screwed…. Military (fed) pensions won't go unfunded or paid-out any time soon... Even pensions that are actually funded are a great way for the rent-seekers to extract more money and to make it harder for the “beneficiaries” to create generational wealth. |
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Posted: 5/5/2024 9:49:51 AM EDT
[#22]
Quote HistoryOriginally Posted By KILLERB6: Whether we want to be there or not.  |
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GA, USA
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Posted: 5/5/2024 9:52:39 AM EDT
[#23]
Quote HistoryOriginally Posted By c7aea15: I want to say fuck 'em, not my problem. But it will become my problem That's my concern. They're going to feel like they deserve to retire without actually planning for it. To help fund their retirement, the government will just increase taxes from my retirement accounts to spread it around. Goddammit I don't like average people... |
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Posted: 5/5/2024 9:55:17 AM EDT
[#24]
Good then they can keep working and paying into SS.
I want to keep receiving my gibs that they fund. 
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Posted: 5/5/2024 9:55:33 AM EDT
[Last Edit: MADMAXXX]
[#25]
Double tap
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Posted: 5/5/2024 9:57:43 AM EDT
[#26]
i am not in that 61%
but i am special
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Posted: 5/5/2024 9:59:59 AM EDT
[#27]
61% of young adults are slow learners. What they invest now will have the largest earnings over time.
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Posted: 5/5/2024 10:00:56 AM EDT
[#28]
Quote HistoryOriginally Posted By Bat15: Sorry for your loss. My mom passed about five years before I retired. She and my dad both planned and saved for their retirement. They did not need Starbucks every morning or any of the other things people seem to need today to enjoy their lifetime. Dad lived to 86 and mom was 94. They were not rich but they weren’t poor either. They just had a good sense of what was important and not important. I hope they passed it on to me. I am comfortable in my retirement. I also don’t need to pickup Starbucks everyday. Not to pick on Starbucks because I make it at home and like their coffee. I get more enjoyment out of seeing the grandkids play than from anything I could buy myself. I just made my home brew too. |
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Posted: 5/5/2024 10:03:06 AM EDT
[#29]
Quote HistoryOriginally Posted By Chisum: 61% of young adults are slow learners. What they invest now will have the largest earnings over time. this ain't 1984, chief.
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Posted: 5/5/2024 10:48:33 AM EDT
[#30]
Quote HistoryOriginally Posted By JLPettimoreIII: bold of you to assume young adults have any money to invest in this economy. this ain't 1984, chief. Quote HistoryOriginally Posted By JLPettimoreIII: Originally Posted By Chisum: 61% of young adults are slow learners. What they invest now will have the largest earnings over time. this ain't 1984, chief. |
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Posted: 5/5/2024 10:50:20 AM EDT
[#31]
Quote HistoryOriginally Posted By exponentialpi: Going to be fun when those young adults are making the medical decisions and weighing societal cost.  |
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Posted: 5/5/2024 10:55:45 AM EDT
[#32]
Being broke and ignorant comes with a price.
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Posted: 5/5/2024 11:05:34 AM EDT
[#33]
Many of the children of Boomers will inherit a ton of money when us old geezers pass on. Why save ?
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Posted: 5/5/2024 11:08:29 AM EDT
[#34]
Quote HistoryOriginally Posted By Rocky41: Many of the children of Boomers will inherit a ton of money when us old geezers pass on. Why save ? gonna be biblical.gif |
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Posted: 5/5/2024 11:27:14 AM EDT
[#35]
Age range 18-34 is a pretty wide age range, especially because 18-23 may still be in college and not working full-time or doing internships and/or co-ops. It would be interesting to see the numbers for non-students.
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MI, USA
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Posted: 5/5/2024 11:30:08 AM EDT
[#36]
Quote HistoryOriginally Posted By Rocky41: Many of the children of Boomers will inherit a ton of money when us old geezers pass on. Why save ? Inheritance is retarded. If you saved your whole life for a good retirement, you better blow through every damn penny, and make sure your kids see what saving got you. And make sure they know from an early age they will never get anything, that way they don't make life decisions waiting on a sudden windfall when you go. |
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Posted: 5/5/2024 11:37:13 AM EDT
[#37]
Quote HistoryOriginally Posted By Bubbles: Age range 18-34 is a pretty wide age range, especially because 18-23 may still be in college and not working full-time or doing internships and/or co-ops. It would be interesting to see the numbers for non-students. Quote HistoryOriginally Posted By Bubbles: Age range 18-34 is a pretty wide age range, especially because 18-23 may still be in college and not working full-time or doing internships and/or co-ops. It would be interesting to see the numbers for non-students. The numbers are just as bad but arfcom will hone in on whatever confirms their pre-existing biases. https://www.nerdwallet.com/article/investing/the-average-retirement-savings-by-age-and-why-you-need-more A 2023 NerdWallet study found that 60% of Americans don’t have a retirement-specific account. All data is from the 2022 Survey of Consumer Finances, unless otherwise noted. In the Survey of Consumer Finances, 50% of families headed by someone under age 35 had retirement accounts — meant here to include IRAs, Keoghs and certain employer-sponsored accounts such as 401(k)s, 403(b)s and thrift savings accounts. Nearly 62% of households headed by someone of this age range [35-44] had retirement accounts, according to the data. About 62% of households headed by someone between the ages of 45 and 54 have retirement holdings, according to the survey. About 57% of households headed by a baby boomer [55 to 64 in this study] have retirement holdings. According to this survey, 51% of this age group [65-74] have retirement accounts. According a 2023 Fidelity report, Americans on average have saved only 78% of the amount they'll need in retirement, and 52% of U.S. households may not be able to pay for essential expenses in retirement. https://preview.thenewsmarket.com/Previews/FINP/DocumentAssets/638914.pdf This is a problem across all age groups. |
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Posted: 5/5/2024 11:39:50 AM EDT
[#38]
Quote HistoryOriginally Posted By 0311SKI: Inheritance is retarded. If you saved your whole life for a good retirement, you better blow through every damn penny, and make sure your kids see what saving got you. And make sure they know from an early age they will never get anything, that way they don't make life decisions waiting on a sudden windfall when you go. Quote HistoryOriginally Posted By 0311SKI: Originally Posted By Rocky41: Many of the children of Boomers will inherit a ton of money when us old geezers pass on. Why save ? Inheritance is retarded. If you saved your whole life for a good retirement, you better blow through every damn penny, and make sure your kids see what saving got you. And make sure they know from an early age they will never get anything, that way they don't make life decisions waiting on a sudden windfall when you go. My parents call it going skiing. Spending Kids Inheritance |
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TX, USA
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Posted: 5/5/2024 11:41:58 AM EDT
[#39]
Quote HistoryOriginally Posted By c7aea15: I want to say fuck 'em, not my problem. But it will become my problem You're right it will. Just remember some of them become your future geriatric doctors. |
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Posted: 5/5/2024 1:04:22 PM EDT
[#40]
Quote HistoryOriginally Posted By soncorn: Impressively, this group is ENTIRELY millennials. (as of 2024 anyway) https://preview.thenewsmarket.com/Previews/FINP/DocumentAssets/638914.pdf This is a problem across all age groups. Quote HistoryOriginally Posted By soncorn: Nearly 62% of households headed by someone of this age range [35-44] had retirement accounts, according to the data. Impressively, this group is ENTIRELY millennials. (as of 2024 anyway) https://preview.thenewsmarket.com/Previews/FINP/DocumentAssets/638914.pdf This is a problem across all age groups. |
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Posted: 5/5/2024 1:07:29 PM EDT
[#41]
The average income family can't afford to save for retirement, buy a house, have health insurance. It's pretty much pick two out of three.
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Posted: 5/5/2024 1:10:34 PM EDT
[#42]
Quote HistoryOriginally Posted By victorgonzales: The average income family can't afford to save for retirement, buy a house, have health insurance. It's pretty much pick two out of three. forget buying a house, having insurance, and/or saving for retirement. |
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Posted: 5/5/2024 1:15:18 PM EDT
[Last Edit: lokifox]
[#43]
Quote HistoryOriginally Posted By soncorn: The numbers are just as bad but arfcom will hone in on whatever confirms their pre-existing biases. https://www.nerdwallet.com/article/investing/the-average-retirement-savings-by-age-and-why-you-need-more https://preview.thenewsmarket.com/Previews/FINP/DocumentAssets/638914.pdf This is a problem across all age groups. Quote HistoryOriginally Posted By soncorn: Originally Posted By Bubbles: Age range 18-34 is a pretty wide age range, especially because 18-23 may still be in college and not working full-time or doing internships and/or co-ops. It would be interesting to see the numbers for non-students. The numbers are just as bad but arfcom will hone in on whatever confirms their pre-existing biases. https://www.nerdwallet.com/article/investing/the-average-retirement-savings-by-age-and-why-you-need-more A 2023 NerdWallet study found that 60% of Americans don’t have a retirement-specific account. All data is from the 2022 Survey of Consumer Finances, unless otherwise noted. In the Survey of Consumer Finances, 50% of families headed by someone under age 35 had retirement accounts — meant here to include IRAs, Keoghs and certain employer-sponsored accounts such as 401(k)s, 403(b)s and thrift savings accounts. Nearly 62% of households headed by someone of this age range [35-44] had retirement accounts, according to the data. About 62% of households headed by someone between the ages of 45 and 54 have retirement holdings, according to the survey. About 57% of households headed by a baby boomer [55 to 64 in this study] have retirement holdings. According to this survey, 51% of this age group [65-74] have retirement accounts. According a 2023 Fidelity report, Americans on average have saved only 78% of the amount they'll need in retirement, and 52% of U.S. households may not be able to pay for essential expenses in retirement. https://preview.thenewsmarket.com/Previews/FINP/DocumentAssets/638914.pdf This is a problem across all age groups. Plenty of older folks pushing carts at retail. Some of them do it for fun. Most don't. Last I read, older Millennials had a higher propensity to save, and those that do have higher age/inflation adjusted balances than their predecessors. |
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Posted: 5/5/2024 1:17:14 PM EDT
[#44]
Quote HistoryOriginally Posted By Ulster: OK, doom...I get it. But the thread is about saving for retirement. Are you advocating just giving up? That's only way to guarantee you won't be able to retire. Best you can do is enjoy the days you have, and try to save some for tomorrow. America is still way better than the other options. Quote HistoryOriginally Posted By Ulster: Originally Posted By buck19delta: Originally Posted By Ulster: Originally Posted By 210grum: It's cute anyone believes this country will survive long enough for an 18 year old to retire lol...every generation thinks they are gonna see the end of times. And one will be the generation that sees it. . Soon at the rate things are devolving. . Maybe not the end of days, Ala the apocalypse , but DEFINITELY the end of the safe, comfortable, safe, well fed, land of opportunities you , your daddy, his daddy and every daddy going back hundreds of years has enjoyed. I estimate my grandkids will get to see the real beginnings of actual socialism, communism, worse standards of living than their parents , fewer freedoms, less opportunities, cartel hit squads, group on group violence / mass murder / bombings like happened in Bosnia / Iraq, South American levels of daily violence, home invasions, motorcycle robberies, car jacking / kidnapping of upper middle class, random violence, kidnappings of children into prostitution , worse as the wheels come off the USA and these millions of unassimilating third worlders start to get comfortable and start showing their asses, and doing what they do best / did back home. The other thread about illegals is reports of every town being flooded with third worlders, from all over the planet, who can't speak English, or even read / write their home language, where do you think these people will work ? Combined with AI erasing millions of jobs, our unemployment numbers, the real one will be massive, and government can't keep feeding / financing their lifestyles forever, 33 trillion in debt, a trillion added each 90 days now, how long until it's a trillion added each month? Each week ? Not very fucking long, Maybe before the 2028 elections. one day soon government will actually go broke, those checks will stop coming, as will many other government checks, SS, gov retirement, etc and it's going to be ugly, and stay ugly for many, many years. USA will see a return of generational homes ala the Walton's, but it will Beas much for safety as it will be for financial help, because there's safety in numbers. OK, doom...I get it. But the thread is about saving for retirement. Are you advocating just giving up? That's only way to guarantee you won't be able to retire. Best you can do is enjoy the days you have, and try to save some for tomorrow. America is still way better than the other options. Modern humans don't seem to be fans of stable economics. We like our boom and bust on a small and grand scale. Don't seem to learn from it at all. |
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Posted: 5/5/2024 1:19:39 PM EDT
[#45]
Quote HistoryOriginally Posted By JLPettimoreIII: the average income family can only afford to rent. forget buying a house, having insurance, and/or saving for retirement. If you have a two income family you can at least pick one sometimes two if you make decent choices. With the pace of inflation it's getting closer to pick one for sure though. |
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USA
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Posted: 5/5/2024 1:36:53 PM EDT
[#46]
Why the concern?
If they didn't save they will have to keep working like a lot of people. I didn't start putting money away for retirement until my early 30's. I only started as a tax shelter on my accountant's advice as when I started making really good money I was hammered by taxes. I put it in the S&P 500 which sometimes has been a rollercoaster but the total built up surprisingly fast even though I started late and in some lean years did not contribute. Preserving your health is more important than saving money anyway. |
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OH, USA
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Posted: 5/5/2024 3:13:37 PM EDT
[#47]
Those damn millennials should have not stopped offering pensions at places they intended to work.
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Posted: 5/5/2024 3:22:46 PM EDT
[#48]
Quote HistoryOriginally Posted By Millennial: Those damn millennials should have not stopped offering pensions at places they intended to work. 401ks are better for building generational wealth. |
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OH, USA
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Posted: 5/5/2024 3:34:06 PM EDT
[Last Edit: Millennial]
[#49]
Quote HistoryOriginally Posted By OregonShooter: 401ks are better for building generational wealth. Quote HistoryOriginally Posted By OregonShooter: Originally Posted By Millennial: Those damn millennials should have not stopped offering pensions at places they intended to work. 401ks are better for building generational wealth. You say that like they aren’t planning to tax the shit out 401k withdrawals and then ramp up RMDs… for equity and to prop up SS and UBI. Or removing inheritance tax exemptions. Or worse yet tax the unrealized gains… then you have to withdraw just to pay the taxes on it. Then your taxes are redistributed to people who didn’t save - but not before the the big guys take their 10% cut. Most of the boomer’s and X’s wealth right now is in real estate and retirement accounts, and one way or another the government will get it. |
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OH, USA
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Posted: 5/5/2024 3:52:34 PM EDT
[Last Edit: Emeoba69]
[#50]
Quote HistoryOriginally Posted By Rocky41: Many of the children of Boomers will inherit a ton of money when us old geezers pass on. Why save ? Quote HistoryOriginally Posted By Rocky41: Many of the children of Boomers will inherit a ton of money when us old geezers pass on. Why save ? Nah most of that will be sucked by nursing home care. Hell boomers saved the same for retirement as the millennials have. 40% have saved virtually nothing. 60% have 100k or less as I remember. Originally Posted By 0311SKI: Inheritance is retarded. If you saved your whole life for a good retirement, you better blow through every damn penny, and make sure your kids see what saving got you. And make sure they know from an early age they will never get anything, that way they don't make life decisions waiting on a sudden windfall when you go. Not a believer generational wealth? |
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