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Old 05-06-2022, 12:02 PM
 
Location: equator
11,054 posts, read 6,653,002 times
Reputation: 25581

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Quote:
Originally Posted by ChessieMom View Post
I don't know anyone retiring that early either. Most are going at 65 or at least waiting until FRA.
Cruise over to the Retirement forum. It seems like most of us over there have retired at 60 or earlier, including us who were never big earners.

You retire when you CAN unless you love your job so much you can't, lol.
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Old 05-06-2022, 02:19 PM
 
Location: Spain
12,722 posts, read 7,582,293 times
Reputation: 22639
Quote:
Originally Posted by Missmycountry View Post
Nobody I work with us retiring at 60! In fact, looking at stocks today, several have commented they will stay until 70
I'm not sure how to interpret this comment. Do you mean stocks have dropped this year so their savings are no longer what they envisioned for retirement? It's a long game, S&P500:

10 years ago: 1,300
5 years ago: 2,400
2 years ago: 3,000
1 year ago: 4,200
today: 4,100

So someone who planned their retirement on a reasonable return in the stock market, which went above all expectations over the past 10 years, cannot retire because we've had this drop over the last year? I don't get it, maybe I'm misunderstanding what you're trying to say here but anyone who has been planning for a retirement should still be way ahead on forecasts for stock market growth so how would they be now adding 10 years of work to their time frame.
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Old 05-06-2022, 02:23 PM
 
Location: Spain
12,722 posts, read 7,582,293 times
Reputation: 22639
Quote:
Originally Posted by Frac View Post
Inflation was calculated more accurately back then
When people say this what they usually mean is more recent inflation rates don't suit their worldview so it must be some unknown error that said layman has recognized by nuance and/or spidey sense.
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Old 05-06-2022, 06:26 PM
 
9,519 posts, read 4,348,945 times
Reputation: 10603
Quote:
Originally Posted by Robert20170 View Post
I know plenty of young people that are thriving due to making good decisions and working hard, and I know several that are stuck in a rut and literally failing due to bad decisions and being lazy. Absolutely nothing has changed other than laziness has taken the lead. America is a country with endless opportunities.

A good friend of mine has a daughter that just bought a house with her fiancé. They are both 24. She's a second year nurse, and he's works as an analyst for a small business (similar to my first decent paying job out of the military and then college). They don't make a ton of money, but they've been smart with their money they have and were able to buy a nice house in a nice neighborhood.

Cry the sky is falling all you want, but those that want to make it and have the ability to do so will be just fine.

The Millennials I know are doing spectacularly well due to, as you stated, making good decisions. Even with the current outrageous inflation, their pay has risen even more dramatically. The youngsters that work in my department can afford a much nicer home, nicer cars, etc., than I could 40 years in the same occupation.
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Old 05-06-2022, 08:12 PM
 
Location: Las Vegas & San Diego
6,913 posts, read 3,382,615 times
Reputation: 8629
Quote:
Originally Posted by Missmycountry View Post
Well, good for YOU! People who need or are counting on their money within five years need to feel good about their plan TODAY! Not everyone has a million dollars to gamble with right now- or in the near future. The loss of confidence dictates what some will choose.
Take a look at stocks this morning and see how much Biden World sucks!
So to call it "gambling" really misses the point and "feeling good" is not needed - money doesn't care about "feelings". The market is not down as much as some think, it is down about 2.5% from where it was a year ago.

The current market sucks but you can certainly plan and execute a decent retirement right now - you are making too much of the downturn. Those that retired a few years ago are mostly doing fine even with a downturn after they retired - downturns are expected and can be planned for.
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Old 05-06-2022, 09:37 PM
 
Location: Flyover Country
26,211 posts, read 19,532,369 times
Reputation: 21679
Quote:
Originally Posted by Thatsright19 View Post


And by the way, despite being the largest generation, millennials hold 4.6% of the wealth according to the federal reserve. Of course this will change as time rolls on, but by pretty much any federal reserve data, the generation lags heavily. The baby boomers controlled 21% of the wealth in 1989. In other words, at the exact same age, they controlled almost FIVE times more.
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Old 05-06-2022, 09:55 PM
 
Location: Flyover Country
26,211 posts, read 19,532,369 times
Reputation: 21679
Quote:
Originally Posted by redguard57 View Post
The cost of housing and the cost of education relative to wages are the things screwing over young people pretty badly.

Everything else is a rearrangement of problems every generation goes through. The Millennials did have a setback graduating into the recession but if they'e anything like me they caught up. I do envy Zs a bit though with the plethora of $20 an hour jobs out there. When I was young I remember the competition for ANY job being fierce.

But education is legitimately overpriced and it's still a requirement for many many jobs even though it's really not that relevant in most cases.

Housing is also absurdly expensive in most metros with decent jobs. Its at crisis level in places like Miami.
Absolutely right. The cost of education is prohibitive, in many cases. Factor in the unstable job market, exorbitant medical costs (most millennials pray they don't get sick or have an accident) and housing costs that continue to rise with no end in sight, and all I can say is the thought of hanging it up next year and retiring is no sure thing for me, but at least I'll have medical coverage, and won't face predatory interest on student loans like so many Millennials have to deal with.
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Old 05-07-2022, 08:53 AM
 
4,952 posts, read 3,061,711 times
Reputation: 6753
Quote:
Originally Posted by odanny View Post
Absolutely right. The cost of education is prohibitive, in many cases. Factor in the unstable job market, exorbitant medical costs (most millennials pray they don't get sick or have an accident) and housing costs that continue to rise with no end in sight, and all I can say is the thought of hanging it up next year and retiring is no sure thing for me, but at least I'll have medical coverage, and won't face predatory interest on student loans like so many Millennials have to deal with.

Those chart numbers you posted are scary, indicative of some serious generational wealth being drained from the masses.
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Old 05-07-2022, 09:18 AM
 
7,845 posts, read 3,836,363 times
Reputation: 14814
Quote:
Originally Posted by Thatsright19 View Post
The cost in terms of Iraq and Afghanistan was in the multi trillion range. It had an effect at home if not just in crowd out spending.
Defense spending is a small and declining piece of federal spending. The bigger issue is the crowd-out caused by ever increasing transfer spending/entitlement hand outs.


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Old 05-07-2022, 09:29 AM
 
7,845 posts, read 3,836,363 times
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Quote:
Originally Posted by redguard57 View Post
Housing is also absurdly expensive in most metros with decent jobs. Its at crisis level in places like Miami.
While expensive, it is clear that housing is not overpriced. Whenever a house goes on the market, it will receive many offers and go into contract within a week. That is evidence that there are many, many people out there who can afford the house, even though it is expensive.

Here's what a housing market looks like when it is overpriced/unaffordable: a house goes on the market and just sits and sits and sits with no activity at all because everyone says "it is overpriced."

Aside from a small percentage of houses that have fatal flaws, every house is jumped upon and sold very quickly.

The same story is true of rentals.

There is no crisis.
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