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.
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.
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.
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.
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.
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 America is the world
Fucking dio
I regret to inform you, I have never seen JJBA.
7+ billion people disagree
Poe’s Law strikes again!
True.
America! Fuck yeah! /s
Because it’s an ad and this is spam.
What if you’re in your late 30’s and you have ~20k in debt and barely any savings to last a month. I’m staring down a hopeless void.
There’s a guy on YouTube who has a channel for people like you… Caleb Hammer.
When I was in my early 30s I had 40k debt. Now I am near 40 and cleared them all and have savings and property worth 100k.
And HRV + Ioniq 5 to boot.
Everything is possible.
Yeah? How did you do that?
Sounds like he’s a landlord.
So he’s skimming of others income. A leech.
Even leechyness aside, it’s just winning the housing market lottery. No one can afford a house right now, and if they could, it’s not appreciating like crazy anymore.
The guy got extremely lucky with timing and also somehow found enough cash for a down payment.
Correct. It is not a universal solution.
“Can’t make rent, afford a car, food, etc? Just get some rental properties!” – out of touch wealthy people.
I’ve got some beans.
Beans? I got Steak. Work harder and smarter so you dont eat beans.
I actually prefer beans over steak.
Some good sashimi though? I’ll take that.
File. For. Bankruptcy. Best decision you could ever make. Hell, just ask GPT how to do it. It’s just paper work and then blamo, debt be-gone. Do some research , there different kinds of bankruptcy. The rich do it all the time. It’s as American as President Camacho.
It’s not hopeless. You’re behind ideal, but you can be in a good spot by your mid 40s if you make that a goal. 30k makes you debt free and have a good emergency fund. If you haven’t changed jobs in a few years, you can probably find another job with a raise that gets you 30k more in about 3 years.
If you wipe out that debt by 45 and start saving for retirement, 15k/year nets you about 500k-700k by 65. That’s not retire on a beach money, but it’s better than the average boomer.
Does this plan require good returns on investments? Cuz 15K × 20 years doesn’t equal 500 to 700k. Isn’t that how a lot of boomers got financially wrecked? Putting all their money into 401Ks or housing only to have them lose a ton of value every time there’s a once in a lifetime financial crisis? Hopefully this doesn’t sound sarcastic, they’re honest questions.
Yes it’s assuming 7% which is a long term average. Boomers largely never saved for retirement, it wasn’t wiped out. The stock market is resilient over time, with retirement planning it’s important to not panic and pull money out, use index funds and there’s very few 5 year periods where the market is actually down. When your close to retirement get more conservative, because a downturn can really hurt you when tour planning to withdraw that money. A financial planner can help, they should be able to explain their plan and fees upfront l. The plan may be a bit general until you actually sign something, but you shouldn’t have to pay one for an initial meeting.
Where are you getting his income figures from?
If you haven’t changed jobs in a few years, you can probably find another job with a raise that gets you 30k more in about 3 years.
“Everyone works in STEM”
Even outside stem wages have gone up for many jobs and if you only have gotten no or sub 5% raises for a few years it’s worth looking.
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.
40yo millennial checking in. I landed a job at the state run hospital and signed up for the pension. Before I managed that, my “retirement plan” was to be a traveler. Pick up 13 week assignments all over the country with some down time between assignments. I still have it in my back pocket just in case.
That’s a bad retirement plan because it relies on idea that your body won’t break up which it most certainly will.
I’m daydream about doing that ALL the time, but I wouldn’t even know where to start if I’m at 0 on knowing how to do that. From a 27yo millennial to a 40yo millennial, pls help. What resources did you use to plan out where you’d work and how certain you’d be of employment if you really needed it? Thank you so much if you’ve even read this far.
There are agencies that act as intermediary for healthcare workers to pick up travel gigs. You sign up with the agency. Hospitals/laboratories/etc who need short term staffing solutions (laughs then sobs in COVID staffing shortage) reach out to agencies saying they need a nurse/medical assistant/medical laboratory scientist and the agency sends them the resumes of all their contract workers that are available. If the facility wants you, the agency contacts you to see if you want to take it.
Housing/living expenses are covered and you make BANK compared to the permanent employees (who may resent you for it). The travel pay and contracts are slowly returning to pre COVID levels but it was ludicrous for a while there. I did try to figure out a way to take a leave of absence from my job (don’t want to lose that pension) so that I could pick up a travel gig. It was that lucrative. There’s always a staff shortage in healthcare somewhere in the country.
There is potential for feast and famine so people doing it as their sole income need to plan for that or be willing to work in facilities that are a dumpster fire or in places that they wouldn’t relocate to for permanent work. Most contract agencies don’t offer benefits so that also needs to be planned for. Travelers usually make 2-3 times more per hour than permanent staff and have a separate allowance for living expenses so getting your own health insurance won’t negate your earnings.
Oh Locum Tenens, sure. That is absolutely the ideal field for that kind of lifestyle. I’m hoping there’s easy access to some parks jobs for like 6 months at a time while living mobile or something.
i’m 39 and live in Germany where we’re supposed to have such an amazing social security. Even I don’t have hopes for retirement security. “but you can get private retirement insurance” -. well not if i’m not earning enough to put something to the side comfortably, and hey i’m in one of those “important jobs for the society” fml
Article written by a non millennial. Totally accurate source
Not me. I’m gonna just die in a gutter somewhere.
Thanks O’Bidump W. Reagordarterxon.
Lol retire
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.
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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.
How about the richest nation in the history of the world just take care of all of its people, regardless of age?
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.
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.
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.
