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Public sector has pensions sure. At a huge cost to your current earnings and uh your career trajectory. Also, many of these pension plans are way lessor to current workers because of cutoff dates.
Oh only 45 percent. My guess is that was a high percentage of the large companies and good jobs. Because of course small companies or less skilled professions probably didn’t have it or the expectation to have it. 45 percent is high.
People stay less time today because there’s often little incentive to do so. There’s no pension to stay for and your career earnings are often left lower today by staying with the same company. You get better opportunity and raises by going to competitors. I’ve aggressively left jobs because I wasn’t given promotions I deserved and I’ve more than doubled my starting salary because of it. Staying with the same company in some cases can destroy your career prospects.
I approached my career from a different viewpoint. Retiring early was my goal.
I ended up in a multi-national company. I enjoyed the work. The company was big enough that you could move around and it felt like you got a new job. Yes, my pay was lower compared to other tech companies that had less benefits (pension) but I was planning the long game and stuck to it.
For me it paid off as I was able to retire at 55 with a pension and a 401K.
Seeking higher pay and moving up the ladder via job hopping is perfectly valid as well but, in your case, YOU need to be planning the long game (retirement) much more actively than I had to.
Actually, almost half of this generation is not even married by age 30. What numbers would you quote for singles?
Yes, millennials have waited longer to both marry and have kids.
I’m not exactly sure what you mean, but from what I’ve seen, if you’re age 28 to 30 as a single, a 60k+ income puts you in the top 75th percentile. I’m probably in the 90th or so percentile for my age? All it takes is having a spouse in that same range and you easily hit 100k+ in your 20s/early 30s. The problem I’ve seen with many of these kinds of couples then, is they’re loaded with debt to get those kind of positions. So they’re running on the treadmill anyways.
Yet, many in this age range are making peanuts. See the 6,000 stories of millennials living at home or being buried under student loans without good jobs, It’s very feast or famine. My argument is the top 20 percent or so can arguably do better than their parents. The rest are often just screwed and I will not be the least bit surprised that they will have a worse life than their parents financially.
And this gap is only going to explode. My profession is heavily weighted towards older people who are going to continue to leave in droves with their massive experience. Very often these companies have done very poorly at succession planning. For those like me who actually got into the profession and have great experience, these companies are going to desperately go after us as we hit mid 30s and early 40s. They already are today.
I think this phenomenon is seen in many of the highly skilled professions. And the best millennials (the top 20%) are going to ride this wave.
Last edited by Thatsright19; 06-16-2019 at 09:31 AM..
Yes, millennials have waited longer to both marry and have kids.
I’m not exactly sure what you mean, but from what I’ve seen, if you’re age 28 to 30 as a single, a 60k+ income puts you in the top 75th percentile. I’m probably in the 90th or so percentile for my age? All it takes is having a spouse in that same range and you easily hit 100k+ in your 20s/early 30s.
Yet, many in this age range are making peanuts. See the 6,000 stories of millennials living at home or being buried under student loans. It’s very feast or famine. My argument is the top 20 percent or so can arguably do better than their parents. The rest are often just screwed and I will not be the least bit surprised that they will have a worse life than their parents financially.
And this gap is only going to explode. My profession is heavily weighted towards older people who are going to continue to leave in droves with their massive experience. Very often these companies have done very poorly at succession planning. For those like me who actually got into the profession and have great experience, these companies are going to desperately go after us as we hit mid 30s and early 40s. They already are today.
I think this phenomenon is seen in many of the highly skilled professions. And the best millennials (the top 20%) are going to ride this wave.
In my profession that turnover from older folks retiring and new skilled folks are coming in and replacing them is alreay happening. Only the top preformers are going to cash in. The rest will earn basic salaries.
I busted my ass off just to nreak into this profesdion for good pay and now it is paying off for high paying options.
Sheesh what nonsense. People can live perfectly happy lives not being the top 20%. House, car, eating out, some vacations, etc. all that ****.
Please dial back the shrill hyperbole a bit.
Really? You think nobody but the top 20% lives in a climate controlled environment, eats out regularly, takes vacations, has smart phone, a couple of cars in the driveway because garage is filled with too much stuff, etc? Come on man where are you setting the bar for "everything" in this statement?
I live in the Boston metro in a far-flung, undesirable, poorly serviced by public transit suburb.
Median household income in my town is $75,000. Assuming the 3 times income rule for buying a house, there are all of 11 homes under $225,000 and all are 2 bed/1 bath (or less) apartments in iffy complexes or trailer homes. If you throw in student loans, daycare costs (at minimum around 2K a month for infants), or other recurring expenses, even that isn't affordable. Any closer to Boston (an hour away with no traffic) and you can't find anything - not even a 1 bedroom condo - for less than $300,000.
"Average" people aren't able to make it in many metro areas. Unfortunately, these are the metro areas with best job prospects. Forget vacations, we can't even afford a modest house or kids.
I make more than the median income as a single earner, have no debt, and have some assets and yet I rent a 1 bedroom apartment from which I apply to jobs all over the country trying to get out because I'll be 35 before I can put together a downpayment I'm comfortable with for that 2 bed/1 bath condo more than an hour from my suburban office.
I live in the Boston metro in a far-flung, undesirable, poorly serviced by public transit suburb.
Median household income in my town is $75,000. Assuming the 3 times income rule for buying a house, there are all of 11 homes under $225,000 and all are 2 bed/1 bath (or less) apartments in iffy complexes or trailer homes. If you throw in student loans, daycare costs (at minimum around 2K a month for infants), or other recurring expenses, even that isn't affordable. Any closer to Boston (an hour away with no traffic) and you can't find anything - not even a 1 bedroom condo - for less than $300,000.
"Average" people aren't able to make it in many metro areas. Unfortunately, these are the metro areas with best job prospects. Forget vacations, we can't even afford a modest house or kids.
I make more than the median income as a single earner, have no debt, and have some assets and yet I rent a 1 bedroom apartment from which I apply to jobs all over the country trying to get out because I'll be 35 before I can put together a downpayment I'm comfortable with for that 2 bed/1 bath condo more than an hour from my suburban office.
Metro areas have always been high COL for younger workers.
Back in the 80's in NYC all we could reasonably afford as a married couple (late 20's) was a studio in far north Queens.
The best break for us was moving away from the high cost metro areas. While we took a slight decrease in pay we ended up with more because the COL was lower.
Just saying that your generation is not unique in that aspect.
I don't know why this is a new revelations. The Millennial cohort hasn't been doing well for a very long time. The oldest half of the generation really suffered in the late 2000s/early 2010s recession/recessionary times.
The majority of Millennials now are over 30 and still not progessing.
I don't know why this is a new revelations. The Millennial cohort hasn't been doing well for a very long time. The oldest half of the generation really suffered in the late 2000s/early 2010s recession/recessionary times.
The majority of Millennials now are over 30 and still not progessing.
The economy though has been on an upswing for nearly 10 years now.
The media portrays them as doing much worse then previous generations.
Those with college degrees though only have slightly less net worth than boomers did at their age.
The cohort that are suffering are the HS graduates with no college. You just don't have those decent paying blue collar jobs anymore as they all got offshored starting way back in the 60's. That's the group that is actually earning less than boomers at their age and education attainment. Those with college degrees are earning more than boomers did at their age with degrees.
Also spending habit are different between the 2 generations. The millennials are not just going to slip in and take over the spending habits of the boomers. That's where corporate America is hurting.
If you know what one does for a living it is very easy to know what their estimated income is. Salaries get posted on Glassdoor and other sites on a regular basis now.
The salaries on glassdoor are posted as a range and are only rough estimates. They don't indicate how many years a person has worked in their field and in their organization, how fast they rose through the ranks, how much overtime they work, bonuses they got, etc.
I don't know why this is a new revelations. The Millennial cohort hasn't been doing well for a very long time. The oldest half of the generation really suffered in the late 2000s/early 2010s recession/recessionary times.
The majority of Millennials now are over 30 and still not progessing.
Lot of truth here. I am in the older half of this group. A lot of people gave up and settled for less. I never did but is was hell on the way.
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