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Posted: 6/10/2018 12:07:57 PM EDT
[#1]
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Just so all y'all are clear, you don't get a lick of sympathy for calling on your swords about working until you are too old to work, or you die. That is the way of the human condition. Government retirements are an anomaly overall. Social Security didn't stop that fact, it wasn't intended to serve as a retirement plan, only to soften old age. Somewhere along the line a large part of the population decided that a person retired from work after 20 years, and they do. No matter their financial condition or potential. That is a definition of crazy. Blame the government, unions, and low, uninteresting ambitions for that. Fewer than 1% of the braggarts in these threads that claim they will retire at 40 or 45 are truthful, and amongst those, they won't stop working at something. A few will retire and subsist in sorry circumstances, one expense away from impossible conditions that drag then to the bottom of the stack and reconciliation with a good job at Wal-Mart or better than nothing in fast food, or manual labor if they are lucky. I think the way to a comfortable life in the US will be by starting businesses. Especially those that leverage the labor of other people. I wish I had followed my advice about 1985, I knew I needed to go that way.  . I don't think I will work anymore with the exception of maybe instructing a few CC classes a year.ETA there is a guy here that posts regular that retired before that age and has over a 6 figure yearly pension. It's more common than you think but it takes planning and motivation at a very young age. I was lucky and had relatives that pointed me in the right career direction. |
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Posted: 6/10/2018 12:11:46 PM EDT
[#2]
Millennial here with more retirement than most of the US
I’ll be just fine |
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Posted: 6/10/2018 12:12:15 PM EDT
[#3]
This scares me also, I work 350 a month so I can bank some serious cash and won’t have to work later in life. My biggest concern is wealth distribution.
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Posted: 6/10/2018 12:14:33 PM EDT
[#4]
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Millennial here with more retirement than most of the US I'll be just fine  Not all millennials are fuckups with no future planning. I manage some that are in really good financial shape and are career focused but unfortunately in that generation you and them are not the norm.
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Posted: 6/10/2018 12:20:45 PM EDT
[#5]
I don’t really expect to be able to retire. I’m not sure I would even want to, at least not 100%. I’d go nuts.
Who knows what the landscape in this country will look like in 50 years, anyway. |
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Posted: 6/10/2018 12:24:59 PM EDT
[#6]
Quote HistoryQuoted:
Just so all y'all are clear, you don't get a lick of sympathy for calling on your swords about working until you are too old to work, or you die. That is the way of the human condition. Government retirements are an anomaly overall. Social Security didn't stop that fact, it wasn't intended to serve as a retirement plan, only to soften old age. Somewhere along the line a large part of the population decided that a person retired from work after 20 years, and they do. No matter their financial condition or potential. That is a definition of crazy. Blame the government, unions, and low, uninteresting ambitions for that. Fewer than 1% of the braggarts in these threads that claim they will retire at 40 or 45 are truthful, and amongst those, they won't stop working at something. A few will retire and subsist in sorry circumstances, one expense away from impossible conditions that drag then to the bottom of the stack and reconciliation with a good job at Wal-Mart or better than nothing in fast food, or manual labor if they are lucky. I think the way to a comfortable life in the US will be by starting businesses. Especially those that leverage the labor of other people. I wish I had followed my advice about 1985, I knew I needed to go that way. I'm not ready to retire now anyways, I'd go nuts in a few months. On call though...........they can keep that shit, I give as much away as I can, it'll age and kill you at some point. |
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Posted: 6/10/2018 12:27:43 PM EDT
[#7]
Quote HistoryQuoted: Wow so edgy. This fucking place. I need a break from you people.  |
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Posted: 6/10/2018 12:28:42 PM EDT
[#8]
To start they have to work
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Posted: 6/10/2018 12:32:41 PM EDT
[#9]
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Posted: 6/10/2018 12:36:12 PM EDT
[#10]
Quote HistoryQuoted: Very clever. Life is hard, but it's going to be even harder for you.  |
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Posted: 6/10/2018 12:42:23 PM EDT
[#11]
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Integrity is for fags. Hey let's bankrupt the economy just to pay for my retirement. You're a grade a fsa troglodyte Quote HistoryQuoted:
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Posted: 6/10/2018 12:44:29 PM EDT
[#12]
Quote HistoryQuoted: LOL. Wrong. Late boomer here. BS then a few grad courses. Worked .my way through college, took 7 years, paid as I went. In the trades. Took a BIG pay cut for a gov job, started at just over $6/ hr. Decent bennies. Married, wife in school. Lived in a shack, converted carraige house on an old farm. Drove 20 yo vehicles. Wife started small business. Still has it. Very modest income. No vices, very few vacations, and those were cheap. Doable, just have to want to do it. FWIW one of my brothers is a HS dropout, 6 figure income. |
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Posted: 6/10/2018 12:49:59 PM EDT
[#13]
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LOL, another out of touch boomer. Quote HistoryQuoted:
Quoted: LOL. Wrong. Late boomer here. BS then a few grad courses. Worked .my way through college, took 7 years, paid as I went. In the trades. Took a BIG pay cut for a gov job, started at just over $6/ hr. Decent bennies. Married, wife in school. Lived in a shack, converted carraige house on an old farm. Drove 20 yo vehicles. Wife started small business. Still has it. Very modest income. No vices, very few vacations, and those were cheap. Doable, just have to want to do it. FWIW one of my brothers is a HS dropout, 6 figure income. |
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Posted: 6/10/2018 1:06:35 PM EDT
[#14]
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Fewer than 1% of the braggarts in these threads that claim they will retire at 40 or 45 are truthful, and amongst those, they won't stop working at something. A few will retire and subsist in sorry circumstances, one expense away from impossible conditions that drag then to the bottom of the stack and reconciliation with a good job at Wal-Mart or better than nothing in fast food, or manual labor if they are lucky. In todays dollars, all combined, it will work out to about $6000-6500 a month depending on a few factors. Should be around $7500 a month at the time I actually hit that age factoring in inflation adjustments. The big thing is I will have a couple of reasonably priced health insurance options. I'm trying to decide now if I want to rent out my very soon-to-be paid off house and get another one so I can establish a stream of rental income as well. To me it's a modest and realistic retirement plan, I'm not planning to work after 57. My main point is that many could follow the same track, do some active duty, get your education benefits and a degree, stay in the reserves, live in a responsible enough way to maintain your clearance, get a federal civilian job, build up two pensions and TSP, pay off some real estate, etc. Overall it doesn't really feel like anything special and the opportunity is still there. |
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Posted: 6/10/2018 1:08:37 PM EDT
[#15]
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My target retirement age is 57, that's when I will hit 30 years of federal civilian service. Also have a military reserve pension that kicks in at 56. My TSP fund is building up nicely and I will structure modest payouts to supplement my pensions. I will also get a Social Security Supplement at 57 as part of the Federal FERS pension system that covers the gap until age 62.5 when I can actually start drawing. I'll also have to decide what to do with my Roth at some point. In todays dollars, all combined, it will work out to about $6000-6500 a month depending on a few factors. Should be around $7500 a month at the time I actually hit that age factoring in inflation adjustments. I'm trying to decide now if I want to rent out my very soon-to-be paid off house and get another one so I can establish a stream of rental income as well. To me it's a modest and realistic retirement plan, I'm not planning to work after 57. My main point is that many could follow the same track, do some active duty, get your education benefits and a degree, stay in the reserves, live in a responsible enough way to maintain your clearance, get a federal civilian job, build up two pensions and TSP, pay off some real estate, etc. Overall it doesn't really feel like anything special and the opportunity is still there. Quote HistoryQuoted:
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Fewer than 1% of the braggarts in these threads that claim they will retire at 40 or 45 are truthful, and amongst those, they won't stop working at something. A few will retire and subsist in sorry circumstances, one expense away from impossible conditions that drag then to the bottom of the stack and reconciliation with a good job at Wal-Mart or better than nothing in fast food, or manual labor if they are lucky. In todays dollars, all combined, it will work out to about $6000-6500 a month depending on a few factors. Should be around $7500 a month at the time I actually hit that age factoring in inflation adjustments. I'm trying to decide now if I want to rent out my very soon-to-be paid off house and get another one so I can establish a stream of rental income as well. To me it's a modest and realistic retirement plan, I'm not planning to work after 57. My main point is that many could follow the same track, do some active duty, get your education benefits and a degree, stay in the reserves, live in a responsible enough way to maintain your clearance, get a federal civilian job, build up two pensions and TSP, pay off some real estate, etc. Overall it doesn't really feel like anything special and the opportunity is still there. |
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Posted: 6/10/2018 1:25:20 PM EDT
[#16]
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I was lucky and had relatives that pointed me in the right career direction. My dad made me take the hiring exam at 16 years old as a backup plan if college didn't work out. He also told me not to rely on just the pension and to start putting money in my 457, etc. ASAP. |
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Posted: 6/10/2018 1:36:55 PM EDT
[#17]
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LOL. Yeah, that field *specifically* benefits a lot more from tool & die experience rather than schooling (though ideally they go hand in hand). I say that as a design engineer who has had just the slightest exposure to professional-grade tool & die work. Very underappreciated niche that's critical to every industry, kind of like honey bees and agriculture. I'm actually kind of surprised that job wasn't outsourced. I thought mold manufacture in particular was an area that was almost entirely done by China at this point (and usually poorly, for reasons on both sides of the ocean) Quote HistoryQuoted:
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It really is going to be a shit show. When I talk to people at work about retirement, I'm always amazed at how little they have invested. One dude in his early 40s who has 4 kids told me that he has less than 10k total retirement savings and I just talked to a gal in her mid 30s who didn't have ANY retirement savings. Modern day sans-culottes in the making. The hopelessly impoverished generation after this one will probalby be the violent revolutionaries that at last kick things off. If you boomers want to know why so many millennials didn't get a job until they were thirty, it's because you took over all the paper boy gigs with van delivery, imported a ton of illegal cheap full-timers to run the manual labor gigs, sued the crap out of anyone that tried to employ minors on any level, and most importantly, took their jobs in the entry level food service & storefront businesses because you either failed to save for your own retirement or blew it all on medical bills for your obesity. It's almost rare to find a burger joint that doesn't have several 50+ year old pensioners on the staff supplementing their Socialist Security income; for sure a safer bet to an employer than some idiot kid, but that idiot kid is also denied the opportunity to learn how to work for a living as a result. Boomers shamelessly taking value from the future generations while ignoring the consequences same as always. *stuff that benefits people who already have money is inflating faster (investments, primarily) than cost of living items like food & consumer goods, whereas the base wages that make up the middle & lower class savings growth are nearly flat or effectively declining. Carter called it 'stag-flation' I'm actually kind of surprised that job wasn't outsourced. I thought mold manufacture in particular was an area that was almost entirely done by China at this point (and usually poorly, for reasons on both sides of the ocean) |
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Posted: 6/10/2018 1:39:46 PM EDT
[#18]
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No personal responsibility? Quote HistoryQuoted:
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Old people are funny. "We did a shit job of raising our kids and gave them a fucked up social security system but it's their fault." |
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Posted: 6/10/2018 1:58:49 PM EDT
[#19]
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It all boils down to what people CAN'T do and what they WON'T do. Is it mostly that people can't live in an area with affordable housing or that they won't live in an area with affordable housing in your example? Would you agree that most people are not being forced to live in high cost of living areas against their will? Quote HistoryQuoted:
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In terms of preparing for retirement, millennials have three strikes against them. First, because of limited access to retirement plans at work, millennials will struggle to build retirement savings, since experience shows that people have a great deal of trouble saving on their own. Second, they are less likely to have bought a home, and home equity is a valuable retirement asset. And third, they are more likely to be burdened by student loans, and young workers with student loans have less to stash in retirement plans and are more likely to end up at risk in retirement. Personal responsibility and Personal responsibility. And what, you may ask, is overwhelmingly lacking in my generation? Currently, the housing market is booming across the country and affordable housing may be hard to come by. I’m moving this summer to a western state where the housing market is insane. I left the state 10 years ago for school/work and houses that were selling in the $100k range are now selling in the $300k to $400k range and many of them are fixer-uppers. Speaking to my real estate agent, there were 2 houses listed on MLS that were priced below $200k in the entire valley. Income has not kept pace with the housing market and that means young millennial couples going out on their own don’t have the option of buying into a starter home, making improvements, and earning equity. They’re getting saddled with huge payments out of the gate because there aren’t any other options. This is substantially worse on any of the coastal states where housing (be it mortgage or rent) is severely outpacing income. I knew a physicians assistant who moved to Manhattan a few months ago and at the time he was looking for a rental somewhat closer to work and having to settle for a 2 bedroom apartment with a room mate that was going for $5-6k per month in rent. He was making decent money but that is a big block to making a serious dent in savings. |
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Posted: 6/10/2018 2:05:37 PM EDT
[#20]
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Late reply but I think it varies a great deal depending on the year and location. Currently, the housing market is booming across the country and affordable housing may be hard to come by. I’m moving this summer to a western state where the housing market is insane. I left the state 10 years ago for school/work and houses that were selling in the $100k range are now selling in the $300k to $400k range and many of them are fixer-uppers. Speaking to my real estate agent, there were 2 houses listed on MLS that were priced below $200k in the entire valley. Income has not kept pace with the housing market and that means young millennial couples going out on their own don’t have the option of buying into a starter home, making improvements, and earning equity. They’re getting saddled with huge payments out of the gate because there aren’t any other options. This is substantially worse on any of the coastal states where housing (be it mortgage or rent) is severely outpacing income. I knew a physicians assistant who moved to Manhattan a few months ago and at the time he was looking for a rental somewhat closer to work and having to settle for a 2 bedroom apartment with a room mate that was going for $5-6k per month in rent. He was making decent money but that is a big block to making a serious dent in savings. Quote HistoryQuoted:
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In terms of preparing for retirement, millennials have three strikes against them. First, because of limited access to retirement plans at work, millennials will struggle to build retirement savings, since experience shows that people have a great deal of trouble saving on their own. Second, they are less likely to have bought a home, and home equity is a valuable retirement asset. And third, they are more likely to be burdened by student loans, and young workers with student loans have less to stash in retirement plans and are more likely to end up at risk in retirement. Personal responsibility and Personal responsibility. And what, you may ask, is overwhelmingly lacking in my generation? Currently, the housing market is booming across the country and affordable housing may be hard to come by. I’m moving this summer to a western state where the housing market is insane. I left the state 10 years ago for school/work and houses that were selling in the $100k range are now selling in the $300k to $400k range and many of them are fixer-uppers. Speaking to my real estate agent, there were 2 houses listed on MLS that were priced below $200k in the entire valley. Income has not kept pace with the housing market and that means young millennial couples going out on their own don’t have the option of buying into a starter home, making improvements, and earning equity. They’re getting saddled with huge payments out of the gate because there aren’t any other options. This is substantially worse on any of the coastal states where housing (be it mortgage or rent) is severely outpacing income. I knew a physicians assistant who moved to Manhattan a few months ago and at the time he was looking for a rental somewhat closer to work and having to settle for a 2 bedroom apartment with a room mate that was going for $5-6k per month in rent. He was making decent money but that is a big block to making a serious dent in savings. https://www.realtor.com/realestateandhomes-detail/2151-Oakland-Rd-Spc-477_San-Jose_CA_95131_M27130-87010 silicon valley I am literally finding shit loads of property on realtor in where you can buy a house trailer, or a really old house. The problem with millenials is they buy into the hype |
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Posted: 6/10/2018 2:09:40 PM EDT
[#21]
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BS https://www.realtor.com/realestateandhomes-detail/2151-Oakland-Rd-Spc-477_San-Jose_CA_95131_M27130-87010 silicon valley I am literally finding shit loads of property on realtor in where you can buy a house trailer, or a really old house. The problem with millenials is they buy into the hype Quote HistoryQuoted:
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In terms of preparing for retirement, millennials have three strikes against them. First, because of limited access to retirement plans at work, millennials will struggle to build retirement savings, since experience shows that people have a great deal of trouble saving on their own. Second, they are less likely to have bought a home, and home equity is a valuable retirement asset. And third, they are more likely to be burdened by student loans, and young workers with student loans have less to stash in retirement plans and are more likely to end up at risk in retirement. Personal responsibility and Personal responsibility. And what, you may ask, is overwhelmingly lacking in my generation? Currently, the housing market is booming across the country and affordable housing may be hard to come by. I’m moving this summer to a western state where the housing market is insane. I left the state 10 years ago for school/work and houses that were selling in the $100k range are now selling in the $300k to $400k range and many of them are fixer-uppers. Speaking to my real estate agent, there were 2 houses listed on MLS that were priced below $200k in the entire valley. Income has not kept pace with the housing market and that means young millennial couples going out on their own don’t have the option of buying into a starter home, making improvements, and earning equity. They’re getting saddled with huge payments out of the gate because there aren’t any other options. This is substantially worse on any of the coastal states where housing (be it mortgage or rent) is severely outpacing income. I knew a physicians assistant who moved to Manhattan a few months ago and at the time he was looking for a rental somewhat closer to work and having to settle for a 2 bedroom apartment with a room mate that was going for $5-6k per month in rent. He was making decent money but that is a big block to making a serious dent in savings. https://www.realtor.com/realestateandhomes-detail/2151-Oakland-Rd-Spc-477_San-Jose_CA_95131_M27130-87010 silicon valley I am literally finding shit loads of property on realtor in where you can buy a house trailer, or a really old house. The problem with millenials is they buy into the hype |
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Posted: 6/10/2018 2:16:10 PM EDT
[#22]
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Sounds more like an ignorant milleniel, just how is the boomer out of touch and why? Quote HistoryQuoted:
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Quoted: LOL. Wrong. Late boomer here. BS then a few grad courses. Worked .my way through college, took 7 years, paid as I went. In the trades. Took a BIG pay cut for a gov job, started at just over $6/ hr. Decent bennies. Married, wife in school. Lived in a shack, converted carraige house on an old farm. Drove 20 yo vehicles. Wife started small business. Still has it. Very modest income. No vices, very few vacations, and those were cheap. Doable, just have to want to do it. FWIW one of my brothers is a HS dropout, 6 figure income. Out of touch boomer or ignorant millenial? Can't get both here! Yup, I will soon be sipping lightly on gov teat, but won't be much compared to many here. After taxes and health care, well less than 2k/ mo. But, also started small biz 30 years ago and will likely hold it a bit longer. Scrimped and saved but tossed money into 401ks. IRAs, plus house and vehicles long paid off and land can, and will, be subdivided when we fold up the tent. By the way, it is all relative. When I was making $6 / hr, nice older house nearby came up for sale. 13 acres. Was $86k. Couldn't afford it. So now you are making $30/hr and bitching you can't afford a $450k house? Freakin millenials....
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Posted: 6/10/2018 2:18:21 PM EDT
[#23]
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That's over 200k. It's also a 1973 double wide in a trailer park. Quote HistoryQuoted:
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In terms of preparing for retirement, millennials have three strikes against them. First, because of limited access to retirement plans at work, millennials will struggle to build retirement savings, since experience shows that people have a great deal of trouble saving on their own. Second, they are less likely to have bought a home, and home equity is a valuable retirement asset. And third, they are more likely to be burdened by student loans, and young workers with student loans have less to stash in retirement plans and are more likely to end up at risk in retirement. Personal responsibility and Personal responsibility. And what, you may ask, is overwhelmingly lacking in my generation? Currently, the housing market is booming across the country and affordable housing may be hard to come by. I’m moving this summer to a western state where the housing market is insane. I left the state 10 years ago for school/work and houses that were selling in the $100k range are now selling in the $300k to $400k range and many of them are fixer-uppers. Speaking to my real estate agent, there were 2 houses listed on MLS that were priced below $200k in the entire valley. Income has not kept pace with the housing market and that means young millennial couples going out on their own don’t have the option of buying into a starter home, making improvements, and earning equity. They’re getting saddled with huge payments out of the gate because there aren’t any other options. This is substantially worse on any of the coastal states where housing (be it mortgage or rent) is severely outpacing income. I knew a physicians assistant who moved to Manhattan a few months ago and at the time he was looking for a rental somewhat closer to work and having to settle for a 2 bedroom apartment with a room mate that was going for $5-6k per month in rent. He was making decent money but that is a big block to making a serious dent in savings. https://www.realtor.com/realestateandhomes-detail/2151-Oakland-Rd-Spc-477_San-Jose_CA_95131_M27130-87010 silicon valley I am literally finding shit loads of property on realtor in where you can buy a house trailer, or a really old house. The problem with millenials is they buy into the hype https://www.realtor.com/realestateandhomes-detail/15385-Inverness-St_San-Leandro_CA_94579_M13135-94777#photo4 https://www.realtor.com/realestateandhomes-detail/512-Simon-St_Hayward_CA_94541_M12111-65222#photo0 around $350,000. The trailer was sort of joking. But these are real deal homes that need a little work. The Iverness home is just dated but liveable. |
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Posted: 6/10/2018 2:47:58 PM EDT
[#24]
Life in America is great. Perhaps it has been easier at times but we have it fairly easy.
We have electricity, we have cars that last several hundred thousand miles, we have good roads, wonderful healthcare capabilities and no one starves. Suck it up, improve yourself, increase your income and cut your expenses. Live off of $30k/yr and put the rest back for the future. You will still live a more comfortable life than almost all humans in history. |
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Posted: 6/10/2018 3:00:21 PM EDT
[#25]
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Life in America is great. Perhaps it has been easier at times but we have it fairly easy. We have electricity, we have cars that last several hundred thousand miles, we have good roads, wonderful healthcare capabilities and no one starves. Suck it up, improve yourself, increase your income and cut your expenses. Live off of $30k/yr and put the rest back for the future. You will still live a more comfortable life than almost all humans in history. BILLIONAIRE BOOMER!!!! WAAAAA!!!! |
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Posted: 6/10/2018 3:38:29 PM EDT
[#26]
Quote HistoryQuoted: Late reply but I think it varies a great deal depending on the year and location. Currently, the housing market is booming across the country and affordable housing may be hard to come by. I'm moving this summer to a western state where the housing market is insane. I left the state 10 years ago for school/work and houses that were selling in the $100k range are now selling in the $300k to $400k range and many of them are fixer-uppers. Speaking to my real estate agent, there were 2 houses listed on MLS that were priced below $200k in the entire valley. Income has not kept pace with the housing market and that means young millennial couples going out on their own don't have the option of buying into a starter home, making improvements, and earning equity. They're getting saddled with huge payments out of the gate because there aren't any other options. This is substantially worse on any of the coastal states where housing (be it mortgage or rent) is severely outpacing income. I knew a physicians assistant who moved to Manhattan a few months ago and at the time he was looking for a rental somewhat closer to work and having to settle for a 2 bedroom apartment with a room mate that was going for $5-6k per month in rent. He was making decent money but that is a big block to making a serious dent in savings.
The area I own a house in is cheap (North Florida), my 1 acre out in the county and 1200 square foot house built in 1994 is worth about $85,000, property taxes are $680 a year including garbage fees and annual home insurance is $550. 5-10 acres of decent land is around $4,000 an acre. I chose to live cheap, it's a small county of 18,000 people. You and your PA friend in Manhattan, what's stopping y'all from moving to a low-cost of living Southern or Midwest state where real estate and taxes are reasonable? There are jobs, there is a city of 80,000 20 miles away and another of 200,000 45 miles away, military base, easy commutes with no traffic. I've had roommates most of the times I have been single, either renting a room out in my house or sharing an apartment when working away from home for an extended period, great way to reduce costs and save money. |
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Posted: 6/10/2018 3:42:30 PM EDT
[#27]
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So which am I? Out of touch boomer or ignorant millenial? Can't get both here! Yup, I will soon be sipping lightly on gov teat, but won't be much compared to many here. After taxes and health care, well less than 2k/ mo. But, also started small biz 30 years ago and will likely hold it a bit longer. Scrimped and saved but tossed money into 401ks. IRAs, plus house and vehicles long paid off and land can, and will, be subdivided when we fold up the tent. By the way, it is all relative. When I was making $6 / hr, nice older house nearby came up for sale. 13 acres. Was $86k. Couldn't afford it. So now you are making $30/hr and bitching you can't afford a $450k house? Freakin millenials.... Quote HistoryQuoted:
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Quoted: LOL. Wrong. Late boomer here. BS then a few grad courses. Worked .my way through college, took 7 years, paid as I went. In the trades. Took a BIG pay cut for a gov job, started at just over $6/ hr. Decent bennies. Married, wife in school. Lived in a shack, converted carraige house on an old farm. Drove 20 yo vehicles. Wife started small business. Still has it. Very modest income. No vices, very few vacations, and those were cheap. Doable, just have to want to do it. FWIW one of my brothers is a HS dropout, 6 figure income. Out of touch boomer or ignorant millenial? Can't get both here! Yup, I will soon be sipping lightly on gov teat, but won't be much compared to many here. After taxes and health care, well less than 2k/ mo. But, also started small biz 30 years ago and will likely hold it a bit longer. Scrimped and saved but tossed money into 401ks. IRAs, plus house and vehicles long paid off and land can, and will, be subdivided when we fold up the tent. By the way, it is all relative. When I was making $6 / hr, nice older house nearby came up for sale. 13 acres. Was $86k. Couldn't afford it. So now you are making $30/hr and bitching you can't afford a $450k house? Freakin millenials.... Sounds more like an ignorant milleniel, just how is the boomer out of touch and why? |
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Posted: 6/10/2018 4:41:27 PM EDT
[#28]
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I retire at 45 with a 74k a year pension . I don't think I will work anymore with the exception of maybe instructing a few CC classes a year.ETA there is a guy here that posts regular that retired before that age and has over a 6 figure yearly pension. It's more common than you think but it takes planning and motivation at a very young age. I was lucky and had relatives that pointed me in the right career direction. |
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Posted: 6/10/2018 4:45:00 PM EDT
[#29]
Huh.
I'm 26, have a decent 401k and max out my employer match every month, purchased my first home in the last year, and could wipe out my remaining student debt today if I wanted to. But I guess busting ass in a degree program with 100% job placement and a respectable starting salary isn't what most people my age chose to do. |
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Posted: 6/10/2018 5:42:40 PM EDT
[#30]
Quote HistoryQuoted: RIF, I was asking TobyLazur to back up his statement: LOL, another out of touch boomerj Sounds more like an ignorant milleniel, just how is the boomer out of touch and why? Have way to many cohorts who built houses on family land, worked 20 or 25 years FD or PD and retired before 50. I will be ok, but looking back, could have done WAY better. Even turned down a free housing situation. Hindsight is 20:20 but dont do you much good. |
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Posted: 6/10/2018 5:47:59 PM EDT
[#31]
Quote HistoryQuoted:
Huh. I'm 26, have a decent 401k and max out my employer match every month, purchased my first home in the last year, and could wipe out my remaining student debt today if I wanted to. But I guess busting ass in a degree program with 100% job placement and a respectable starting salary isn't what most people my age chose to do. Doesn't have to be to the company 401k, could be to your own Roth or IRA. |
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Posted: 6/10/2018 6:46:21 PM EDT
[#32]
Quote HistoryQuoted: RIF, I was asking TobyLazur to back up his statement: LOL, another out of touch boomer Sounds more like an ignorant milleniel, just how is the boomer out of touch and why? I worked my way through school as a welder and machinist. It took me 6 years and i was still taking out loans. My books for each semester probably cost more than he was paying for his entire semester's tuition. This was a normal instate school. My wife and i were finally able to afford a down payment on a house when we were 30 years old. It's a pretty reasonable size for a family of four and nothing fancy. It's 1500sq ft and we paid $196k for it. For comparison, a guy i work with bought his 2200sq ft place on 3 acres for $120k in the early 90s. I recently upgraded to a 13 year old car from my 22 year old car. That car was an upgrade from having to split between a $1500 40 year old truck and a $3000 12 year old motorcycle. My wife's 10 year old SUV is paid off. My two daughter's births were $3800 and $13k out of pocket after insurance. My youngest was in the NICU for 3 nights. We don't take vacations, we don't go out often, we don't spend friviously, and we both work. I started out after college making what the other guys in the office started making 25 years ago. It's not that i expect more, i just wish these old guys would realize that a dollar doesn't have the buying power in did when they started. So, i guess my point is: no one in my generation gives a shit that you made $6/hr when gas was $0.63/gallon, your company paid 100% of your health insurance, and your college tuition was $175 a semester. |
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Posted: 6/10/2018 8:41:11 PM EDT
[#33]
Quote HistoryQuoted:
10 years ago was when the bubble burst, everything was a bargain everywhere for a few years. Watch out for this bubble and don't caught holding the keys to something that can lose $100k+ of value in a matter of months. The Western states are also having to absorb all the fleeing Californians who just sold their house to an Asian cash buyer for $600k+, so $300k probably sounds like a great deal to them
The area I own a house in is cheap (North Florida), my 1 acre out in the county and 1200 square foot house built in 1994 is worth about $85,000, property taxes are $680 a year including garbage fees and annual home insurance is $550. 5-10 acres of decent land is around $4,000 an acre. I chose to live cheap, it's a small county of 18,000 people. You and your PA friend in Manhattan, what's stopping y'all from moving to a low-cost of living Southern or Midwest state where real estate and taxes are reasonable? There are jobs, there is a city of 80,000 20 miles away and another of 200,000 45 miles away, military base, easy commutes with no traffic. I've had roommates most of the times I have been single, either renting a room out in my house or sharing an apartment when working away from home for an extended period, great way to reduce costs and save money. Quote HistoryQuoted:
Quoted: Late reply but I think it varies a great deal depending on the year and location. Currently, the housing market is booming across the country and affordable housing may be hard to come by. I'm moving this summer to a western state where the housing market is insane. I left the state 10 years ago for school/work and houses that were selling in the $100k range are now selling in the $300k to $400k range and many of them are fixer-uppers. Speaking to my real estate agent, there were 2 houses listed on MLS that were priced below $200k in the entire valley. Income has not kept pace with the housing market and that means young millennial couples going out on their own don't have the option of buying into a starter home, making improvements, and earning equity. They're getting saddled with huge payments out of the gate because there aren't any other options. This is substantially worse on any of the coastal states where housing (be it mortgage or rent) is severely outpacing income. I knew a physicians assistant who moved to Manhattan a few months ago and at the time he was looking for a rental somewhat closer to work and having to settle for a 2 bedroom apartment with a room mate that was going for $5-6k per month in rent. He was making decent money but that is a big block to making a serious dent in savings.
The area I own a house in is cheap (North Florida), my 1 acre out in the county and 1200 square foot house built in 1994 is worth about $85,000, property taxes are $680 a year including garbage fees and annual home insurance is $550. 5-10 acres of decent land is around $4,000 an acre. I chose to live cheap, it's a small county of 18,000 people. You and your PA friend in Manhattan, what's stopping y'all from moving to a low-cost of living Southern or Midwest state where real estate and taxes are reasonable? There are jobs, there is a city of 80,000 20 miles away and another of 200,000 45 miles away, military base, easy commutes with no traffic. I've had roommates most of the times I have been single, either renting a room out in my house or sharing an apartment when working away from home for an extended period, great way to reduce costs and save money. That wasn’t the norm for previous generations, and it doesn’t match up well with any sort of ideal of “the American dream.” Millennials got caught holding the bag because they can’t wait out the current bubble - there is no where to go. Even rent is barely affordable in some cities. In another thread in GD we’re discussing the homeless problem. It’s not a coincidence. |
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Posted: 6/10/2018 8:44:21 PM EDT
[#34]
Quote HistoryQuoted:
He's out of touch because that's not how the world works anymore. I worked my way through school as a welder and machinist. It took me 6 years and i was still taking out loans. My books for each semester probably cost more than he was paying for his entire semester's tuition. This was a normal instate school. My wife and i were finally able to afford a down payment on a house when we were 30 years old. It's a pretty reasonable size for a family of four and nothing fancy. It's 1500sq ft and we paid $196k for it. For comparison, a guy i work with bought his 2200sq ft place on 3 acres for $120k in the early 90s. I recently upgraded to a 13 year old car from my 22 year old car. That car was an upgrade from having to split between a $1500 40 year old truck and a $3000 12 year old motorcycle. My wife's 10 year old SUV is paid off. My two daughter's births were $3800 and $13k out of pocket after insurance. My youngest was in the NICU for 3 nights. We don't take vacations, we don't go out often, we don't spend friviously, and we both work. I started out after college making what the other guys in the office started making 25 years ago. It's not that i expect more, i just wish these old guys would realize that a dollar doesn't have the buying power in did when they started. So, i guess my point is: no one in my generation gives a shit that you made $6/hr when gas was $0.63/gallon, your company paid 100% of your health insurance, and your college tuition was $175 a semester. Quote HistoryQuoted:
Quoted: RIF, I was asking TobyLazur to back up his statement: LOL, another out of touch boomer Sounds more like an ignorant milleniel, just how is the boomer out of touch and why? I worked my way through school as a welder and machinist. It took me 6 years and i was still taking out loans. My books for each semester probably cost more than he was paying for his entire semester's tuition. This was a normal instate school. My wife and i were finally able to afford a down payment on a house when we were 30 years old. It's a pretty reasonable size for a family of four and nothing fancy. It's 1500sq ft and we paid $196k for it. For comparison, a guy i work with bought his 2200sq ft place on 3 acres for $120k in the early 90s. I recently upgraded to a 13 year old car from my 22 year old car. That car was an upgrade from having to split between a $1500 40 year old truck and a $3000 12 year old motorcycle. My wife's 10 year old SUV is paid off. My two daughter's births were $3800 and $13k out of pocket after insurance. My youngest was in the NICU for 3 nights. We don't take vacations, we don't go out often, we don't spend friviously, and we both work. I started out after college making what the other guys in the office started making 25 years ago. It's not that i expect more, i just wish these old guys would realize that a dollar doesn't have the buying power in did when they started. So, i guess my point is: no one in my generation gives a shit that you made $6/hr when gas was $0.63/gallon, your company paid 100% of your health insurance, and your college tuition was $175 a semester. |
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Posted: 6/10/2018 8:47:48 PM EDT
[#35]
Quote HistoryQuoted:
What sucks is the economy is going to take a shit again. It always does. Without some type of savings cushion, I fear people will fare even worse than 2008. Especially the younger folks. |
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Posted: 6/10/2018 11:55:13 PM EDT
[#36]
Quote HistoryQuoted:
There are ways to go to college debt free, I have done it three times. Also sounds like you should have obtained better heath insurance before before having children. Gen x here and I actually think boomers had it rougher than millennials. I know I have had it better than my boomer parents. I have great insurance actually. I take it you don't have any kids? |
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Posted: 6/11/2018 12:06:18 AM EDT
[#37]
Quote HistoryQuoted:
There are. I wasn't in a position to utilize any that i know of. There was a time where you could work a summer job and pay for a years worth of schooling. I have great insurance actually. I take it you don't have any kids? Quote HistoryQuoted:
Quoted:
There are ways to go to college debt free, I have done it three times. Also sounds like you should have obtained better heath insurance before before having children. Gen x here and I actually think boomers had it rougher than millennials. I know I have had it better than my boomer parents. I have great insurance actually. I take it you don't have any kids? But it only works this way...you have to have housing covered so commute to school, But Local fully accredited University with an outstanding business school and nursing shcool will costs $8000 a year Most get $3200 a year From TOPS fo $4800 left. 8 weeks in the summer, * 40 hours = 320 / 4800 = $15 an hour, far cry from minimum wage. But let's say you 8.25 an hour * 320 = 2640 - 4800 = $2169 left over each year. So that's $2169 each year plus food, gas, car insurance, and I assume someone gave you a car to commute and you live at home. so $2169 + all of the above, $3000 a year = 5169 * 4 = $20,676 on student loans. |
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Posted: 6/11/2018 12:10:32 AM EDT
[#38]
Millenial here. I have a pension, a 401k and 457b. Combined I put in about $30k a year pre tax, working towards maxing it all out at $45k a year. Wife puts in the max to her 401k. We have another $300k in an IRA outside of work plans. Plan is to retire around 55 and live it up.
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Posted: 6/11/2018 12:22:08 AM EDT
[#39]
Yeah, I ate shit for ten years. What about it?
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Posted: 6/11/2018 7:06:09 AM EDT
[#40]
Quote HistoryQuoted:
There are. I wasn't in a position to utilize any that i know of. There was a time where you could work a summer job and pay for a years worth of schooling. I have great insurance actually. I take it you don't have any kids? Quote HistoryQuoted:
Quoted:
There are ways to go to college debt free, I have done it three times. Also sounds like you should have obtained better heath insurance before before having children. Gen x here and I actually think boomers had it rougher than millennials. I know I have had it better than my boomer parents. I have great insurance actually. I take it you don't have any kids? Two actually. |
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Posted: 6/11/2018 7:21:47 AM EDT
[#41]
Lol. And the media also projected that Trump did not stand a chance to win. Don’t be so gullible.
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Posted: 6/11/2018 7:36:53 AM EDT
[#42]
Quote HistoryQuoted: He's out of touch because that's not how the world works anymore. I worked my way through school as a welder and machinist. It took me 6 years and i was still taking out loans. My books for each semester probably cost more than he was paying for his entire semester's tuition. This was a normal instate school. My wife and i were finally able to afford a down payment on a house when we were 30 years old. It's a pretty reasonable size for a family of four and nothing fancy. It's 1500sq ft and we paid $196k for it. For comparison, a guy i work with bought his 2200sq ft place on 3 acres for $120k in the early 90s. I recently upgraded to a 13 year old car from my 22 year old car. That car was an upgrade from having to split between a $1500 40 year old truck and a $3000 12 year old motorcycle. My wife's 10 year old SUV is paid off. My two daughter's births were $3800 and $13k out of pocket after insurance. My youngest was in the NICU for 3 nights. We don't take vacations, we don't go out often, we don't spend friviously, and we both work. I started out after college making what the other guys in the office started making 25 years ago. It's not that i expect more, i just wish these old guys would realize that a dollar doesn't have the buying power in did when they started. So, i guess my point is: no one in my generation gives a shit that you made $6/hr when gas was $0.63/gallon, your company paid 100% of your health insurance, and your college tuition was $175 a semester. I know it is hard out there. Always has been, although to what degree does vary. My daughter got an AA at the local community college. Paid her own way, and yes book and tution prices shocked me. Her current employer is paying for her to get her BS, and beyond if she wishes. One of my sons is looking at a similar deal in another field, once he finishes at the local CC. Again, I know it is hard, and probably a good bit harder than when I came up. You said it took you 6 years to work your way through school. In an earlier post, I stated it took me 7. Not that different, although I incurred no debt. But a smart person finds a way. You appear to blame every one and everything for your inability to do so.Except yourself. |
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Posted: 6/11/2018 8:03:54 AM EDT
[#43]
Quote HistoryQuoted:
Could you maybe get a room-mate and split the rent for a time? Quote HistoryQuoted:
Quoted:
No, in prior generations a good chunk of that accumulated wealth was reserved for the next generation...as opposed to accumulated at that future generations' expense in the first place Folks my age have a hard time finding apartments --you know, that thing you need to "move to where the money is" because Boomers have created so much demand for Social-Security-subsidized geezer homes, and voted for so many Great Society section 8 housing projects. Demand is so high, that in Texas renting is pegged very near the 30% income threshold of maximum affordability, despite huge job and economic growth, which makes it very difficult to accumulate cash for a down payment. Even so, the real estate market is so overheated that renting is still a *much* better deal over a ten year period. "Move somewhere cheaper" yeah, there's no jobs in those places since Boomers sold the corporations out to foreign interests to pump the stock numbers; it's just old folks retirement homes, and I didn't bust my ass in engineering college for four years to wipe the asses of people on the dole. An extra $500/mo will be helpful for sure, but I project it basically puts my DP savings even with property inflation. So I'll catch up & won't be stressed at all, but it'll still take years to have a DP in place for a non-PMI loan. I've had boomers tell me I should just eat PMI or dip into my 401k...talk about personal responsibility. |
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Posted: 6/11/2018 8:11:59 AM EDT
[#44]
Quote HistoryQuoted:
LOL. Wrong. Late boomer here. BS then a few grad courses. Worked .my way through college, took 7 years, paid as I went. In the trades. Took a BIG pay cut for a gov job, started at just over $6/ hr. Decent bennies. Married, wife in school. Lived in a shack, converted carraige house on an old farm. Drove 20 yo vehicles. Wife started small business. Still has it. Very modest income. No vices, very few vacations, and those were cheap. Doable, just have to want to do it. FWIW one of my brothers is a HS dropout, 6 figure income. Quote HistoryQuoted:
Quoted: Don't forget wage stagnation. I'm about as old a millennial as you can get (born in 84'). I cringe everytime i listen to all the boomers complain all day long. They love to shit on younger generations with the "when i was 25..." bullshit. Oh, you mean when you were making the same wage a year and a half out of school i am now after 6 years? When your education was a 10th of what mine was? When your first house was less than half of what a comparable model is today? When you were partying your way through your twenties just like millennials are doing now; you call them lazy? Wrong. Late boomer here. BS then a few grad courses. Worked .my way through college, took 7 years, paid as I went. In the trades. Took a BIG pay cut for a gov job, started at just over $6/ hr. Decent bennies. Married, wife in school. Lived in a shack, converted carraige house on an old farm. Drove 20 yo vehicles. Wife started small business. Still has it. Very modest income. No vices, very few vacations, and those were cheap. Doable, just have to want to do it. FWIW one of my brothers is a HS dropout, 6 figure income. |
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Posted: 6/11/2018 8:46:58 AM EDT
[#45]
Quote HistoryQuoted:
That's the plan. No, that's not an offer. "IN before 'my roommate just burned down the crib & stole everything' thread" An extra $500/mo will be helpful for sure, but I project it basically puts my DP savings even with property inflation. So I'll catch up & won't be stressed at all, but it'll still take years to have a DP in place for a non-PMI loan. I've had boomers tell me I should just eat PMI or dip into my 401k...talk about personal responsibility. Quote HistoryQuoted:
Quoted:
Quoted:
No, in prior generations a good chunk of that accumulated wealth was reserved for the next generation...as opposed to accumulated at that future generations' expense in the first place Folks my age have a hard time finding apartments --you know, that thing you need to "move to where the money is" because Boomers have created so much demand for Social-Security-subsidized geezer homes, and voted for so many Great Society section 8 housing projects. Demand is so high, that in Texas renting is pegged very near the 30% income threshold of maximum affordability, despite huge job and economic growth, which makes it very difficult to accumulate cash for a down payment. Even so, the real estate market is so overheated that renting is still a *much* better deal over a ten year period. "Move somewhere cheaper" yeah, there's no jobs in those places since Boomers sold the corporations out to foreign interests to pump the stock numbers; it's just old folks retirement homes, and I didn't bust my ass in engineering college for four years to wipe the asses of people on the dole. An extra $500/mo will be helpful for sure, but I project it basically puts my DP savings even with property inflation. So I'll catch up & won't be stressed at all, but it'll still take years to have a DP in place for a non-PMI loan. I've had boomers tell me I should just eat PMI or dip into my 401k...talk about personal responsibility. |
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Posted: 6/11/2018 8:48:36 AM EDT
[#46]
Quote HistoryQuoted:
Nowadays, the government jobs pay better, but obviously aren't an option for everyone. And your shack/land is worth more than a place in the burbs. It's not the same as you remember. Quote HistoryQuoted:
Quoted:
Quoted: Don't forget wage stagnation. I'm about as old a millennial as you can get (born in 84'). I cringe everytime i listen to all the boomers complain all day long. They love to shit on younger generations with the "when i was 25..." bullshit. Oh, you mean when you were making the same wage a year and a half out of school i am now after 6 years? When your education was a 10th of what mine was? When your first house was less than half of what a comparable model is today? When you were partying your way through your twenties just like millennials are doing now; you call them lazy? Wrong. Late boomer here. BS then a few grad courses. Worked .my way through college, took 7 years, paid as I went. In the trades. Took a BIG pay cut for a gov job, started at just over $6/ hr. Decent bennies. Married, wife in school. Lived in a shack, converted carraige house on an old farm. Drove 20 yo vehicles. Wife started small business. Still has it. Very modest income. No vices, very few vacations, and those were cheap. Doable, just have to want to do it. FWIW one of my brothers is a HS dropout, 6 figure income. |
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Posted: 6/11/2018 8:57:56 AM EDT
[#47]
I keep seeing it posted that people live dramatically longer now than when social security was implemented.
So I checked and it's true, average life expectancy has gone up quite a bit since the 40's, however that is largely due to a much-reduced child mortality rate. If you look at the average number of years that a SS recipient received benefits it has gone from 12.7 years in 1940 to 15.3 years for males in 1990. https://www.ssa.gov/history/lifeexpect.html The reason that Social Security is now having a problem is the insane number of people on SSI that have never really paid into the system at all, it's relatively easy fix. The funny thing is that while everyone is looking at social security it Medicaid that is going to bankrupt us, the cost of medical care has been growing at roughly 7% per year while the economy would be smoking if we saw 3% growth year over year which we mostly don't. In the next 10 years Medicaid alone will be the biggest mandatory budget item and will dwarf everything else. Throw in the fact that Robert deemed ACA a tax which clearly was not allowing a short-term shift in cost of medical expenses to younger people allowing Congress to kick the bucket of dealing with medical monopolies and price fixing schemes to now. Add in the removal of the mandatory of part of the ACA allowing millions of young people to raise the middle finger to the Federal government starting next year. We would have what I would like to call a real problem. |
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Posted: 6/11/2018 9:02:52 AM EDT
[#48]
Quote HistoryQuoted:
Nowadays, the government jobs pay better, but obviously aren't an option for everyone. And your shack/land is worth more than a place in the burbs. It's not the same as you remember. Bought my own shack and land later on.
But newer home, built by Amish, mostly out of old, used materials, so no ammenities. LOL even phone jacks and light switches were poorly located. So no one looked at it twice. But I knew the value was in the land, so made a lowball offer. And waited... And as far as gov jobs, I actually made more working weekends in the trades than I did all week for the first decade or so. And lived frugally. Too frugally looking back, but Old Dave is thanking Young Dave. It's called sacrifice. Or delayed gratification. And yes, was rare among my peers, same as today. |
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Posted: 6/11/2018 9:09:04 AM EDT
[#49]
Quote HistoryQuoted: Uh, having adult children means I am not THAT out of touch. I know it is hard out there. Always has been, although to what degree does vary. My daughter got an AA at the local community college. Paid her own way, and yes book and tution prices shocked me. Her current employer is paying for her to get her BS, and beyond if she wishes. One of my sons is looking at a similar deal in another field, once he finishes at the local CC. Again, I know it is hard, and probably a good bit harder than when I came up. You said it took you 6 years to work your way through school. In an earlier post, I stated it took me 7. Not that different, although I incurred no debt. But a smart person finds a way. You appear to blame every one and everything for your inability to do so.Except yourself. If i were to blame anyone it would be my parents for pushing me to go back to college instead of taking a few technical courses. That, and the "do it like i did it" mentality. I'd probably be making 3/4 of what i make an hour now, but I'd have no educational debt and be able to work overtime. To be perfectly honest, i consider myself to be pretty lucky. I had a job right out of school with great benefits. There were more than a few people i graduated with taking low paid and un-paid internships because no one was hiring. Then i listen to the guy behind me saying he had 3 offers from companies right out of school, lol. I guess all that makes me an idiot though... |
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Posted: 6/11/2018 9:12:46 AM EDT
[#50]
Not all millennials are bad at planning for the future.
But most I know are never told how much the government sucks and how you should never rely on them. I've seen how much bullshit you have to go through to get medical costs covered by medicare and the VA for my grandparents. I will never leave anything up to the government when I can do it myself. My 401k is over 20k at 2 years out of college, I have a roth I've maxed out one year and plan to do the same this year and I have been paying my debt down consistently and plan to have no debt from car/college in 2 years or less. I have a small inheritance and have invested it, it has made almost $1000 over the past year. |
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