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Posted: 6/9/2018 3:29:19 PM EDT
[#1]
Quote HistoryQuoted:
System working as designed. |
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Posted: 6/9/2018 3:29:39 PM EDT
[#2]
Quote HistoryQuoted:
You got data to back that up? Quote HistoryQuoted:
Quoted: Well, since most of the snot-nosed little panty-wastes didn’t start working til they were 30, fuck ‘em.
You got data to back that up? |
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Posted: 6/9/2018 3:35:44 PM EDT
[#3]
3 CC bills. Then debt free.
My work has an investment trust fund where I contribute 4% and it is matched at 12% (16% total) I personally contribute $100/mo to a personal ROTH. I have a traditional from a roll over that I am debating about turning over to ROTH. Both of my kids have about 2k in their retirements (age 7 and 8). My wife stays at home. I do not own land or home but when I can I want a piece of land to homestead and live and grow and raise my own food (so I will need land with a natural water source). Started working at 15 in a multi contract company. Worked my way through college sometimes working three jobs because my regular job laid me off due to off season. Spoke with the financial advisers from my bank and by adding another 300 or 400 a year in my ROTH, and according to the way things are going but calculating for major downturns, I will have a little over 1 million at retirement. I do plan on working through retirement because I want to but I am fairly happy. I am 33. |
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Posted: 6/9/2018 3:36:52 PM EDT
[#4]
My ex girlfriend is 30, with about a million dollars in debt. And extremely little in savings. And now engaged to a multi time felon who hasn't filed taxes in 6 years.
She's a veterinarian. I'm positive she'll be dead before she retires. Me? I'm 33. I could probably retire when I'm 40 if I'm careful. |
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Posted: 6/9/2018 3:38:52 PM EDT
[#5]
401k started when i was 21. I'm matching my employers % match plus 1%. Not a ton but its basically free money.
Almost bought a house. Timing wasn't quite right. No student loans. Got help from my parents going through Community college at first worked my way through the rest. I have finally been able to put a few K away for a security net. Took some of Dave Ramsey's methods and added them to my own ideas. I don't think I am in that bad of a spot. Edit to add. I am not clinging to any hope of SS being around for me. Also I have many more Firearms than anyone i know personally in my age bracket. If it werent for the guns i would have a ton more money. 
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Posted: 6/9/2018 3:39:58 PM EDT
[#6]
First Post Failed To Nail It.
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Posted: 6/9/2018 3:43:44 PM EDT
[#7]
Quote HistoryQuoted:
My ex girlfriend is 30, with about a million dollars in debt. And extremely little in savings. And now engaged to a multi time felon who hasn't filed taxes in 6 years. She's a veterinarian. I'm positive she'll be dead before she retires. Me? I'm 33. I could probably retire when I'm 40 if I'm careful. 24/7, with some kind of ankle monitor type device
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Posted: 6/9/2018 3:47:32 PM EDT
[#8]
They lost 6 to 8 years max due to the recession. There are plenty of depression Era folks who lost 12 to 15 years.
The economy is humming now so it should be no problem to get overtime and start making up lost ground. No excuses. |
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Posted: 6/9/2018 3:53:12 PM EDT
[#9]
The greatest generation and boomers solidly fucked this country.
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Posted: 6/9/2018 3:56:50 PM EDT
[#10]
Quote HistoryQuoted:
They lost 6 to 8 years max due to the recession. There are plenty of depression Era folks who lost 12 to 15 years. The economy is humming now so it should be no problem to get overtime and start making up lost ground. No excuses. 
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Posted: 6/9/2018 4:01:39 PM EDT
[#11]
Am I too late to get in before millennials blame boomers for their financial woes?
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Posted: 6/9/2018 4:05:54 PM EDT
[#12]
Depending on what definition of millennial you use, (turning 30 next month) I am one. I however fit in none of those categories. I served my country and went to college on the GI bill after. I have no student loans and own my own house. I also have two independent retirement accounts. One being the TSP another a Roth IRA. I think I’m doing pretty well for myself. I plan on retiring before I get old and living out the rest of my life doing what I want to.
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Posted: 6/9/2018 4:19:08 PM EDT
[#13]
Quote HistoryQuoted:
No one goes to work for the railroads, power utilities, city utilities, military, state/federal government anymore? That's where I would be looking if I was them, can still find some decent pay/benefits/pensions in those places. |
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Posted: 6/9/2018 4:19:16 PM EDT
[#14]
Not if they're smart. Make your money work for you.
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Posted: 6/9/2018 4:23:45 PM EDT
[#15]
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: 6/9/2018 4:26:10 PM EDT
[#16]
When the SS retirement age was established life expectancy was much shorter than it is now.
Most people only made it a few years. Now making it 20 years is not that uncommon. |
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Posted: 6/9/2018 4:29:27 PM EDT
[#17]
Quote HistoryQuoted:
Not if they're smart. Make your money work for you. Save and invest wisely. |
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Posted: 6/9/2018 4:33:36 PM EDT
[#18]
I am putting in 14% right now,in 2 years i am upping it to 30-32%
Been in the 401K plan at work since we did away with profit sharing and went to the 401K in 1995 Save now or eat cans of beans later. |
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Posted: 6/9/2018 4:35:24 PM EDT
[#19]
Quote HistoryQuoted:
That's cool...well just get our inheritance and homes passed down from mommy and daddy |
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Posted: 6/9/2018 4:38:45 PM EDT
[#20]
A big culprit here is modern medicine and people not smoking/drinking like they used to. Our systems are not designed for people to live to 80, everything was designed for people to be dead by 65. Millennials for example could very well expect to live to 90 on average, that's going to be super expensive for everyone.
Giving a pension to an employee retiring at 55 wasn't a big deal back in the day, they were only going to have to pay it for 10 or so years, now it would be a 25-30 year commitment at least. Social Security was in great shape when a man was expected to live to 66 in 1968. People living longer has bankrupted our systems in many ways. Living to 80 and beyond is very expensive and not just for the individual. |
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Posted: 6/9/2018 4:53:04 PM EDT
[#21]
Millenials (me included) are going to have to work longer because they are going to live longer. It was one thing to retire at 65 in the 1950s when you were likely going to be dead by 70. Its a whole different ball game today. Its not unreasonable for people to live 30 years past their retirement right now. Social security cant sustain it, and companies have zero incentive to offer pensions for that length when a 401k is much more financially acceptable to employers.
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Posted: 6/9/2018 5:13:04 PM EDT
[#22]
Quote HistoryQuoted:
This. Save and invest wisely. Quote HistoryQuoted:
Quoted:
Not if they're smart. Make your money work for you. Save and invest wisely. |
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Posted: 6/9/2018 5:15:03 PM EDT
[#23]
Quote HistoryQuoted:
Good  
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Posted: 6/9/2018 5:16:04 PM EDT
[#24]
As a millennial who owns a home, paid off student loans and saves 17% (increasing every year) for retirement, this makes me feel good and bad. Good that I’m ahead, bad because I could see government taking it from me and giving it to the assholes that can’t take responsibility for themselves
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Posted: 6/9/2018 5:17:05 PM EDT
[#25]
Quote HistoryQuoted:
System working as designed.
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Posted: 6/9/2018 5:19:53 PM EDT
[#26]
Quote HistoryQuoted:
Well, I have a house. But I also have a lot of debt and haven't been able to contribute to any sort of retirement savings because I haven't been able to have a job for the last 8 years. On the other hand, I'm an M.D. at 25. So there's that. 
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Posted: 6/9/2018 5:30:17 PM EDT
[#27]
Quote HistoryQuoted:
As a millennial who owns a home, paid off student loans and saves 17% (increasing every year) for retirement, this makes me feel good and bad. Good that I’m ahead, bad because I could see government taking it from me and giving it to the assholes that can’t take responsibility for themselves Count on it; there are a lot of latent commie "the man is keeping me down" types in here. |
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Posted: 6/9/2018 5:33:01 PM EDT
[#28]
Well, they voted for Obama, and Obama is what they got.
Elections have consequences. |
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Posted: 6/9/2018 5:33:56 PM EDT
[#29]
Everyone gets to work longer that the prior generation, every generation lives longer (average life expectancy) than the prior generation. It wouldn't work any other way.
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Posted: 6/9/2018 5:38:30 PM EDT
[#30]
The numbers get far worse when you factor in the huge national debt boomers have saddled later generations with.
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Posted: 6/9/2018 5:38:36 PM EDT
[#31]
Sounds like poor decision making.
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Posted: 6/9/2018 5:40:12 PM EDT
[#32]
My concern is all the fuckups who didnt prepare for retirement trying to fuck those of us who did.
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Posted: 6/9/2018 5:43:41 PM EDT
[#33]
Quote HistoryQuoted:
My concern is all the fuckups who didnt prepare for retirement trying to fuck those of us who did.
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Posted: 6/9/2018 5:48:17 PM EDT
[#34]
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? |
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Posted: 6/9/2018 5:57:28 PM EDT
[#35]
Will retire at 42 with a pension and at least $1M in retirement account by 60. Will own one house outright at 42 and use a rental for additional income. The other house I own is where I will spend the rest of my days and should have paid off by 50. Plus my kids won't even be teenagers yet and I will get to spend more time than ever with them. If you just plan and make sound decisions then it is easy.
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Posted: 6/9/2018 6:01:27 PM EDT
[#36]
Quote HistoryQuoted:
Personal responsibility Personal responsibility and Personal responsibility. And what, you may ask, is overwhelmingly lacking in my generation? Quote HistoryQuoted:
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? |
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Posted: 6/9/2018 6:01:58 PM EDT
[#37]
Quote HistoryQuoted:
Well, they voted for Obama, and Obama is what they got. Elections have consequences. |
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Posted: 6/9/2018 6:05:06 PM EDT
[#38]
Quote HistoryQuoted:
Good 
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Posted: 6/9/2018 6:09:10 PM EDT
[#39]
Quote HistoryQuoted:
"Some will win Some will lose..... Some were born to sing the blues....." And some will seek out and take advantage of ever present opportunity, bust their asses; and sacrifice to become successful. |
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Posted: 6/9/2018 6:10:08 PM EDT
[#40]
This millennial plans on being mortgage free in two years.
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Posted: 6/9/2018 6:11:31 PM EDT
[#41]
Bullshit, join the Army do 25 yrs, invest in Thrift savings plan and be done with it.
I retired at 46 and my wife has never had to work, except for raising and homeschooling the kids. Working past 45-50yrs old just isn't civilised |
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Posted: 6/9/2018 6:12:14 PM EDT
[#42]
Quote HistoryQuoted:
Until the tax money cometh to pay for public pensions. Quote HistoryQuoted:
Quoted:
Quoted:
Not if they're smart. Make your money work for you. Save and invest wisely. 
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Posted: 6/9/2018 6:13:26 PM EDT
[#43]
Quote HistoryQuoted:
Sounds like poor decision making. |
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Posted: 6/9/2018 6:24:28 PM EDT
[#44]
LOL....Fuck 'em, they should have been born earlier. I'm all out of shits to give about people that thought they should be handed life on a silver platter along with their little BS trophy. They suck at life.
I also suspect a lot of those pukes are going to be disappointed if they think they are going to retire off the backs of their parent's hard work.....They should price a halfway decent nursing/assisted living home. |
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Posted: 6/9/2018 6:45:44 PM EDT
[#45]
Quote HistoryQuoted:
Working past 45-50yrs old just isn't civilized 
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Posted: 6/9/2018 6:49:19 PM EDT
[#46]
Quote HistoryQuoted:
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. It's the NORM, not an outlier. |
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Posted: 6/9/2018 6:52:50 PM EDT
[#47]
I was just looking at my 401k yesterday. For some reason their website was telling me I would need a solid 50% more dollars per month than what I earn per month now. Are they planning on some crazy inflation or what's the deal?
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Posted: 6/9/2018 6:54:16 PM EDT
[#48]
County job with great health insurance and pension plan FTW!
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Posted: 6/9/2018 6:57:06 PM EDT
[#49]
Quote HistoryQuoted: You'd be amazed at the single females [middle class] that don't have a dime saved for retirement in their early 50s and yet expect to retire at 62 to travel. It's the NORM, not an outlier.
It's going to be rough for older paupers. The millenials are starting to catch on to the meme that they can rob the boomers back. |
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Posted: 6/9/2018 7:02:06 PM EDT
[#50]
Quote HistoryQuoted:
My ex girlfriend is 30, with about a million dollars in debt. And extremely little in savings. And now engaged to a multi time felon who hasn't filed taxes in 6 years. 
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