Working all your life, you look forward to your Golden Years—that period when you have a lot of extra time on to it hands.
Millennials and GenZers look toward their retirement with apprehension. Will the government still be able to afford to pay a decent pension? Boomers cop a lot of the blame for making the future of younger generations look bleak.
How do Millennials and GenZers feel about the prospects of retirement, and do the Boomers admit fault?
Here is what individuals in one online forum have to say about the issue of retirement support.
Pass Me the Cheese
“Eating a steady diet of government cheese while living in a van down by the river!”
No Retirement for You
“Most millennials will probably work until we die.”
The Age Keeps Going Up
“My guess is that by then, the retirement age will be in your late 70s or early 80s. You will probably drop dead at work before you retire.”
A Retirement Home “Employee”
“Retirement homes will be ‘live in’ working environments, insurance companies will no longer see you as a viable product.”
I Can’t Afford to Live in a Retirement Home
“You’ll still have to pay to live in those, however. Most of us won’t have the savings to live in a retirement home/Amazon fulfillment centers.”
Boomers Are So Lucky
“Boomers have lived in the golden age of Homo Sapiens—very few risks with fantastic rewards. Millennials and the like must take their retirement into their own hands. Start with not counting on any government pension. Also, the days of working at the telephone company for 35 years and having a liveable pension are over. Start planning to be 65 when you are 35 or even earlier if you can. Wrap your head around the need for the necessary sacrifices. The first half of your retirement is the crucial part. Try and do all the things you always wanted to do when you still have your health. It won’t be easy. I wish you all the best of luck.”
Live Life, Now
“Enjoy your good years. I’ve never understood this attitude of spending your happy, healthy years like a slave so that you can have a Purdy house to live in (if you make it that far) for your years of being too sore to do much besides get out of bed. Travel, do fun things, and live life. No one on their deathbed ever said I took too many vacations or went to too many concerts.”
Plan Early
“I began saving for retirement at 22 without a spare $100. At age 33, I’m on track to retire at 55, depending on markets for the next 20 years. The earlier you start saving, the better. I always said the money you put away for retirement in your 20s is twice as important as the money you put away in your 30s, and so forth. The time value of invested money can’t be overstated.”
Hmmm, a House or Retirement?
“I didn’t even realize this. Today on average (i.e., under $100,000, not Silicon Valley 472,000), middle-class income options are either a house or a liveable retirement, not both. With mortgages now around $2,400+ a month, there’s nothing left for saving for retirement. That’s $36 grand a year on mortgage plus interest alone, not including repairs and crap. After living expenses etc., there’s not too much remaining. Meanwhile, my grandmother purchased the house she lives in with a 1-acre yard on her own and raised a colossal family… cleaning houses… with a 4th-grade education. Yeah, boomers were the most endowed generation ever to live.”
Let’s Live Together
“Moving into a commune or working until we die.”
Time to Get Married and Live Happily Ever After
“Unless you are married to someone, and you both make $100K+ and own a moderate home, the answer is…you won’t retire. Our money is being devalued daily, our economy is in shambles and likely won’t get better, and the cost of living will be astronomical in another 20-30 years.”
Lucky!
“I’m a lucky one. Bought a house at the right time and got a 20-year mortgage when the rates were foolishly low. Started 401k savings in my early 20s. Will own house by 50. We did kids early too, so they’ll be outright as the house gets paid off. This was a happy accident, lol. I don’t know when I’ll retire, but I have options.”
Who Knows What Will Happen?
As part of paying taxes, people expect the government to provide for them when they retire. Yet, if social policies change, your retirement plans must be revised.
Instead of blaming previous generations, take responsibility for your retirement by thinking ahead. It can be hard to set aside some money now for your future but think of it as short-term pain for long-term gain.
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