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Old 03-30-2016, 01:18 PM
 
Location: FLG/PHX/MKE
7,288 posts, read 13,502,647 times
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Quote:
Originally Posted by Serious Conversation View Post
True - I just did a raw number. Still, it's a ton of money for the average wage earner. Assuming someone starts a career at 25, that's retiring at 70.
Assuming that the person never loses their job or gets ill and ends up bankrupt from the privilege of keeping themselves alive with "the best medical care in the world", in which case their alternative retirement plans might as well include jumping off a bridge.

And let's also not forget that illness and job loss are ALWAYS the fault of the individual here on the city-data forums, so those SHOULD be easily avoidable.
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Old 03-30-2016, 01:25 PM
 
Location: Ohio
19,916 posts, read 14,238,717 times
Reputation: 16096
Quote:
Originally Posted by Serious Conversation View Post
I just don't see how most Millennials have a prayer of getting even somewhat close to that.
So what if they don't?

Quit reading/listening to the "experts" and what they want you to do and start focusing on what you want to do.
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Old 03-30-2016, 01:40 PM
 
Location: Tennessee
23,581 posts, read 17,574,904 times
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Quote:
Originally Posted by 43north87west View Post
Assuming that the person never loses their job or gets ill and ends up bankrupt from the privilege of keeping themselves alive with "the best medical care in the world", in which case their alternative retirement plans might as well include jumping off a bridge.

And let's also not forget that illness and job loss are ALWAYS the fault of the individual here on the city-data forums, so those SHOULD be easily avoidable.
One of the big catches I've seen in the "early retirement" posts is that for most of those people, life has likely happened with relatively few bumps in the road.

There was someone in another thread stating they are retiring with their mortgage paid off at 46. To me, some combination of the following would need to occur for that to happen.

1) A one-off windfall from an inheritance, IPO, legal settlement, selling a business, etc.

2) Massive capital gains from the increase in value of real estate or financial instruments. There is a frequent poster who bought a house in Seattle ~$200k in the mid-90s that's now worth ~$700k. If that person was 22 then, they'd be 46 now, and have hundreds of thousands of profit from the sale of the house. Someone who bought Ford stock at the bottom back in 2008 would have made over 6x their investment, not counting inflation, at today's price.

3) Having made a well above average (probably top 10% or better) income for almost the entirety of their career. You're not retiring at 46 on an even slightly above average income.

4) Likely started this career before the traditional age of graduating college (22) and has a spouse that earns an average or better income. Not many children if any at all.

5) Frugal to the core, invested intelligently and lived a fairly minimal lifestyle.

6) Luck. A lot of it. Someone in that position probably hasn't experienced significant job loss, underemployment, a costly medical issue, etc

Quote:
Originally Posted by Mircea View Post
So what if they don't?

Quit reading/listening to the "experts" and what they want you to do and start focusing on what you want to do.
The best we can do is try to ensure our own well-being within the parameters in which we want to live our lives.
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Old 03-30-2016, 02:08 PM
 
13,914 posts, read 7,411,228 times
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Quote:
Originally Posted by hey_guy View Post
I have no major ill will toward them but any objective observer has to be astounded at the level the boomers oversaw dismantling of the social safety net for the next generation, path to the middle class. From tuitions to pensions. And with their final goodbye they may well break social security.
This is very much revisionist history.

I'm a late-Boomer. I entered the workforce in January 1981. The first decade I worked, defined benefit pensions were killed off completely. The CEOs and CFOs making that decision were "Greatest Generation", not Boomers. For that first decade I worked, I had exactly 18 months where I had access to a 401(k). I was well into my 30's before a 401(k) became a standard thing.

When I was in college, college profs earned, inflation adjusted, pretty much exactly what they earn today. The difference today is all the add-on services the snowflakes demand. That costs money and university budgets now spend more on non-teaching staff than on professors working in the classroom. My college didn't have a football team and didn't spend much on athletics. There weren't the army of staff coordinating glitzy semester abroad programs. If you had a life problem, your options were to talk to one of your professors or go to the campus infirmary for a couple of Sudafed. You think college is too expensive? Demand no-frills college like it used to be.

Social Security isn't "broken". It's 30% underfunded. If you increase payroll taxes by some way 30%, it runs forever. There are more Millennials than Boomers. Vote for politicians who will actually fund the program properly.
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Old 03-30-2016, 05:56 PM
 
1,059 posts, read 869,452 times
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This really isn't a generational thing.

I'm a millennial, and as much as I'd like to just "blame the boomers" for the screw-ups of their generation, the reality is that we live in a country that has the most corrupt government we have had in our history.

Politicians break laws and go unpunished(Bush, Clinton, and Cheney should all be in prison).

Large corporations **** all over our laws and go unpunished(Disney and the recent H1B fraud for example).

The news is nothing more than propagnda now for the both of them.

Our government does what it wants with no regard for its people.

Millennial, Boomer, doesn't matter. If you're middle-to-lower class, you're pretty much screwed this day and age.

To quote Michael Jackson: "They don't really care about us."

And people wonder why the "anti-establishment" candidates are doing so well.
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Old 03-30-2016, 06:05 PM
 
8,857 posts, read 5,136,100 times
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Quote:
Originally Posted by hey_guy View Post
yeah i assume we will be living in some sort of post baby boomer revolution regime

I have no major ill will toward them but any objective observer has to be astounded at the level the boomers oversaw dismantling of the social safety net for the next generation, path to the middle class. From tuitions to pensions. And with their final goodbye they may well break social security.
I know, right? What sort of inconsiderate jerk doesn't even bother to check the demographics before being born? So rude.
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Old 03-30-2016, 07:04 PM
 
Location: Seattle
6,486 posts, read 14,184,834 times
Reputation: 2772
Quote:
Social Security isn't "broken". It's 30% underfunded. If you increase payroll taxes by some way 30%, it runs forever. There are more Millennials than Boomers. Vote for politicians who will actually fund the program properly.
Or change the appropriations in our federal budget now away from such massive defense spending.
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Old 03-30-2016, 08:05 PM
 
Location: Midwest
4,628 posts, read 3,973,088 times
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Yeah retirement isn't gonna happen for a majority of millennials myself included. I'm more concerned with having things fixed so other generations don't get shafted like we have been.
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Old 03-30-2016, 08:44 PM
 
13,914 posts, read 7,411,228 times
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Quote:
Originally Posted by jabogitlu View Post
Or change the appropriations in our federal budget now away from such massive defense spending.
The math doesn't work. More than half of all spending goes to social programs. Medicaid, Medicare, Social Security, Food Stamps, Section 8 housing, .... You can spend zero on defense and we still have a problem unless we either raise taxes or cut benefits.
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Old 03-31-2016, 01:14 AM
 
1,472 posts, read 1,301,745 times
Reputation: 1316
Quote:
Originally Posted by Serious Conversation View Post
There are plenty of Millennials who are doing well, but as the story goes, many have been burdened by high student debt loads, a poor job market (I was 27 when I got my first professional level job), underemployment, etc.

I just don't see how most Millennials have a prayer of getting even somewhat close to that.
A lot of my friends had the good job & money rolling in only to have their career stall out later. After which they either had to take a lower paying job somewhere else or some have doubled down and went back to school. But that's sort of putting you behind the 8 ball. Either you get a decent job right out the gate or the double dept swallows you alive.

Personally I never plan to retire keeping the freelance thing going and hopefully building it into a full on business so when I can no longer work the second job I won't have to if I don't want.

My youngest brother and a lot of his friends plan on/are doing the off the grid thing growing their own food, collecting rainwater, and so on, but then again that could be an Asheville thing more so than a younger Millennial thing.
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