55+ retirement communities dead in less then 20 years....

[FirebirdCamaro1220]

Originally Posted by cab591

As part of the "millennial" generation (mid 20's here), I cannot agree more with this post. I know I'm branching away from the original question, but I feel this needs to be shared.

A Dose of Financial Reality - The Simple Dollar

This article does an incredible job summarizing schooling, wages, and the cost of living for young adults.



Unfortunately, the world has become a much more expensive place, and the current wages do not go as far as wages did 40 years ago. The current generation of retirees literally had more chances for success. Nowadays, college degrees are prohibitively expensive to obtain (most people going tens of thousands of dollars into debt to get one), but are essentially required to get your foot in the door with an entry level position. There are no more blue collar jobs, no more apprenticeships, no more people joining the workforce straight out of high school. Homes are too expensive to afford, and savings are slim once you've paid for the roof over your head, your basic services, transportation, and food on your plate.

Agreed, I make $52k/year and I don't see myself buying a house anytime soon, still in an apartment

[cab591]

Originally Posted by FirebirdCamaro1220

Agreed, I make $52k/year and I don't see myself buying a house anytime soon, still in an apartment

I'm making about $36k / year (worked my ass off at barely above minimum wage, part time hours -- and talked my way into the door at a large company, making twice as much with twice the hours). ASU advertises a cost of $10,640 per year. But summer school, individual course fees, books, parking pass, and more all add up. In total, it costs about $15-20k / year to go to ASU. This leaves me roughly $1500 / month to cover all of my living expenses each month.

So, with $1500 / month, I'm supposed to afford rent, utilities, phone, insurance (both car and health), gas, food... and somehow still put money towards an IRA and a 401k? Not to mention, money put aside into savings to cover emergencies, or the fees associated with moving apartments?

[ashpelham]

I was 20 when I moved away to another college. Never moved back home. I loved my mom and dad, and I'm sure they would have had me if need-be, but I just felt the need for independence and my own place. So, when I graduated college, not only was i working, day 1, but didn't even get a roommate. Prob should have done that to save a few bucks, but I don't regret it. Wasn't but about 18 months later, anyway, before I was married and had a permanent roommate. Now, with a 16 year old daughter, me and my first roommate now have a 3rd. Ugghhhh...