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Don't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!"
] |
>
They're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population."
] |
>
Tell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out."
] |
>
Me? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, "What disrespectful brats!" but more in the, "Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave."
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out."
] |
>
Of course you. So your plan is to tell them "My elders wouldn't let me do shit for you!" How do you think they will respond?
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\""
] |
>
Again, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?"
] |
>
Or the good ol' 9mm Millennial retirement plan.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night"
] |
>
Jokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan."
] |
>
"What can I get for $10?"
"Buy a bullet, and rent a gun!"
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front."
] |
>
I'm on the die early plan, so I feel like I'm winning.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\""
] |
>
At this point they're probably just going to start killing the elderly.
We don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning."
] |
>
In the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc).
I expect there is going to be huge senior care crisis in about a decade.
And we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings."
] |
>
Actually. Dark as it may be, Covid took care of a big chunk of this.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly."
] |
>
To some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.
We still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this."
] |
>
Yup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that."
] |
>
Is that enough for a hospital visit? Because those become more frequent when getting old
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick"
] |
>
Can someone just take me out back and shoot me old yeller style? I fucking hate it here.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old"
] |
>
Don't stress, our life expectancy is plummeting. You won't need to get shot
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here."
] |
>
So you mean, stress harder, and lower your life expectancy?
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot"
] |
>
The success to life.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?"
] |
>
I had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life."
] |
>
A house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring."
] |
>
Pulling out a 401k for a down payment is among one of the worst financial decisions you could make.
You lose out an insane amount of compound interest.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates"
] |
>
If someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest."
] |
>
IRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67).
My financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M
That's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k."
] |
>
My sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year.
I'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum.
401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education."
] |
>
Fortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them."
] |
>
You may be able to retire in a foreign country. Cost of living can be lower.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable."
] |
>
Yes but you are still stuck with having someone care for you and in a foreign country too.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower."
] |
>
Does the 1.25 M include equity in a home, or just investments beyond a place to live?
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too."
] |
>
Generally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent.
Or you can downsize your house and get cash out. Or sell and move into a condo, etc.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?"
] |
>
I think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc."
] |
>
Most of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.
I'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times.
I'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years.
There was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long."
] |
>
Funny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on."
] |
>
Obviously there are going to be winners and losers in all of this.
I'm glad you are doing well.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn."
] |
>
Kind of sounds like you made bad investments. Beanie babies? Crypto?
Index funds have been doing fine, forever.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well."
] |
>
1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever."
] |
>
Correct.
If you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe."
] |
>
Y’all must be really bad with money. Or expecting to retire for 100 years
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement."
] |
>
1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.
I live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.
EDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years"
] |
>
You're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much."
] |
>
You're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure."
] |
>
5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.
What taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much."
] |
>
What you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.
I am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains.
So yes, you CAN take out more if you want, but I am using 100% safe numbers.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with."
] |
>
There are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers."
] |
>
This is depressing as hell.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you."
] |
>
I'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell."
] |
>
This needed to be said.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing."
] |
>
My ideal retirement plan is reenacting the last fight in metal gear solid 4.
That'd be pretty good.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said."
] |
>
In your later years you aren't going to be able to make the crawl through that hallway though.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good."
] |
>
What’s “retire “?
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though."
] |
>
Seems pricy for gun rental and bullet purchase /s
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?"
] |
>
As much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.
Edit: thanks reddit bot for the message and being concerned for my health 😅
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s"
] |
>
I'm fucked hahaha. Holy shit what a life
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅"
] |
>
r/antiwork
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life"
] |
>
Sell everything you have and move to a cheap country in south-east Asia?
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork"
] |
>
Don't expect them to not prosper too. You may need to pick a hotter continent.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?"
] |
>
Spoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent."
] |
>
1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.
Now, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions."
] |
>
Finally some fucking reason on this thread
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security."
] |
>
Just save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread"
] |
>
$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation.
Nobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?"
] |
>
We aint living much longer than the glaciers so fuck retirement
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way."
] |
>
I live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement"
] |
>
Canadian government: ever heard of MAID?
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time."
] |
>
1.2m when I retire will buy me a big Mac
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?"
] |
>
That’s pretty thin where I live. Bay Area CA here.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac"
] |
>
Thank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is.
Also pretty thin for me in Seattle
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here."
] |
>
Lol I'm fucked.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle"
] |
>
HAHAHAHA IM NEVER RETIRING 🥲
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked."
] |
>
cries in older Gen Z
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲"
] |
>
That's what our planner told us. Each, mind you.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z"
] |
>
Depends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.
401k system is terrible. It leaves people at the risk of running out of money at an old age.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you."
] |
>
They're wrong.
The number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age."
] |
>
Um, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high."
] |
>
At one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS."
] |
>
Bro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble."
] |
>
While I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late."
] |
>
retirement is a scam an is functionally unreachable for 99% of people.
The current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky"
] |
>
Sad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat."
] |
>
I have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life."
] |
>
You might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose."
] |
>
Is that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million."
] |
>
this, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point."
] |
>
Remindme! 300 months
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises."
] |
>
seems low actually.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months"
] |
>
Hmm maybe I should cancel my 401k then because that sure as shit ain't happening
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually."
] |
>
I’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening"
] |
>
In other news Americans are not going to have enough to retire
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening",
">\n\nI’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?"
] |
>
Americans are so fucked, shame we can't realistically discuss solving the problem.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening",
">\n\nI’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?",
">\n\nIn other news Americans are not going to have enough to retire"
] |
>
I remember watching Who Wants to be a Millionaire when I was a kid and thought that becoming a winner of the 1 million prize put you in a whole new echelon of humanity. Now, especially with taxes, it's not even enough to retire.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening",
">\n\nI’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?",
">\n\nIn other news Americans are not going to have enough to retire",
">\n\nAmericans are so fucked, shame we can't realistically discuss solving the problem."
] |
>
I mean. That tracks with inflation. You know what hasn’t? Income.
It might be time to put pressure one way or another on the people in power to finally address corporate greed keeping wages down and pushing upwards on prices simultaneously.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening",
">\n\nI’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?",
">\n\nIn other news Americans are not going to have enough to retire",
">\n\nAmericans are so fucked, shame we can't realistically discuss solving the problem.",
">\n\nI remember watching Who Wants to be a Millionaire when I was a kid and thought that becoming a winner of the 1 million prize put you in a whole new echelon of humanity. Now, especially with taxes, it's not even enough to retire."
] |
>
At minimum wage thats only 82 years of 40 hr work weeks. Luckily humans live longer than that right?
What do you mean the life expectancy in America is 74 to 80?
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening",
">\n\nI’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?",
">\n\nIn other news Americans are not going to have enough to retire",
">\n\nAmericans are so fucked, shame we can't realistically discuss solving the problem.",
">\n\nI remember watching Who Wants to be a Millionaire when I was a kid and thought that becoming a winner of the 1 million prize put you in a whole new echelon of humanity. Now, especially with taxes, it's not even enough to retire.",
">\n\nI mean. That tracks with inflation. You know what hasn’t? Income. \nIt might be time to put pressure one way or another on the people in power to finally address corporate greed keeping wages down and pushing upwards on prices simultaneously."
] |
>
How many years is this retirement for? 5 years?
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening",
">\n\nI’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?",
">\n\nIn other news Americans are not going to have enough to retire",
">\n\nAmericans are so fucked, shame we can't realistically discuss solving the problem.",
">\n\nI remember watching Who Wants to be a Millionaire when I was a kid and thought that becoming a winner of the 1 million prize put you in a whole new echelon of humanity. Now, especially with taxes, it's not even enough to retire.",
">\n\nI mean. That tracks with inflation. You know what hasn’t? Income. \nIt might be time to put pressure one way or another on the people in power to finally address corporate greed keeping wages down and pushing upwards on prices simultaneously.",
">\n\nAt minimum wage thats only 82 years of 40 hr work weeks. Luckily humans live longer than that right?\nWhat do you mean the life expectancy in America is 74 to 80?"
] |
>
oh boy 😅
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening",
">\n\nI’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?",
">\n\nIn other news Americans are not going to have enough to retire",
">\n\nAmericans are so fucked, shame we can't realistically discuss solving the problem.",
">\n\nI remember watching Who Wants to be a Millionaire when I was a kid and thought that becoming a winner of the 1 million prize put you in a whole new echelon of humanity. Now, especially with taxes, it's not even enough to retire.",
">\n\nI mean. That tracks with inflation. You know what hasn’t? Income. \nIt might be time to put pressure one way or another on the people in power to finally address corporate greed keeping wages down and pushing upwards on prices simultaneously.",
">\n\nAt minimum wage thats only 82 years of 40 hr work weeks. Luckily humans live longer than that right?\nWhat do you mean the life expectancy in America is 74 to 80?",
">\n\nHow many years is this retirement for? 5 years?"
] |
>
Fuck
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening",
">\n\nI’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?",
">\n\nIn other news Americans are not going to have enough to retire",
">\n\nAmericans are so fucked, shame we can't realistically discuss solving the problem.",
">\n\nI remember watching Who Wants to be a Millionaire when I was a kid and thought that becoming a winner of the 1 million prize put you in a whole new echelon of humanity. Now, especially with taxes, it's not even enough to retire.",
">\n\nI mean. That tracks with inflation. You know what hasn’t? Income. \nIt might be time to put pressure one way or another on the people in power to finally address corporate greed keeping wages down and pushing upwards on prices simultaneously.",
">\n\nAt minimum wage thats only 82 years of 40 hr work weeks. Luckily humans live longer than that right?\nWhat do you mean the life expectancy in America is 74 to 80?",
">\n\nHow many years is this retirement for? 5 years?",
">\n\noh boy 😅"
] |
>
Hahahaha. We won't get to retire. We'll either drop dead at the office, or civilization will cease to exist before we turn 65.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening",
">\n\nI’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?",
">\n\nIn other news Americans are not going to have enough to retire",
">\n\nAmericans are so fucked, shame we can't realistically discuss solving the problem.",
">\n\nI remember watching Who Wants to be a Millionaire when I was a kid and thought that becoming a winner of the 1 million prize put you in a whole new echelon of humanity. Now, especially with taxes, it's not even enough to retire.",
">\n\nI mean. That tracks with inflation. You know what hasn’t? Income. \nIt might be time to put pressure one way or another on the people in power to finally address corporate greed keeping wages down and pushing upwards on prices simultaneously.",
">\n\nAt minimum wage thats only 82 years of 40 hr work weeks. Luckily humans live longer than that right?\nWhat do you mean the life expectancy in America is 74 to 80?",
">\n\nHow many years is this retirement for? 5 years?",
">\n\noh boy 😅",
">\n\nFuck"
] |
>
Everybody sing along, now.
Cuz... I, have thirty-thousand dollars in credit card debt!
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening",
">\n\nI’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?",
">\n\nIn other news Americans are not going to have enough to retire",
">\n\nAmericans are so fucked, shame we can't realistically discuss solving the problem.",
">\n\nI remember watching Who Wants to be a Millionaire when I was a kid and thought that becoming a winner of the 1 million prize put you in a whole new echelon of humanity. Now, especially with taxes, it's not even enough to retire.",
">\n\nI mean. That tracks with inflation. You know what hasn’t? Income. \nIt might be time to put pressure one way or another on the people in power to finally address corporate greed keeping wages down and pushing upwards on prices simultaneously.",
">\n\nAt minimum wage thats only 82 years of 40 hr work weeks. Luckily humans live longer than that right?\nWhat do you mean the life expectancy in America is 74 to 80?",
">\n\nHow many years is this retirement for? 5 years?",
">\n\noh boy 😅",
">\n\nFuck",
">\n\nHahahaha. We won't get to retire. We'll either drop dead at the office, or civilization will cease to exist before we turn 65."
] |
>
Only millionaires get to retire. Dystopia achieved!
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening",
">\n\nI’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?",
">\n\nIn other news Americans are not going to have enough to retire",
">\n\nAmericans are so fucked, shame we can't realistically discuss solving the problem.",
">\n\nI remember watching Who Wants to be a Millionaire when I was a kid and thought that becoming a winner of the 1 million prize put you in a whole new echelon of humanity. Now, especially with taxes, it's not even enough to retire.",
">\n\nI mean. That tracks with inflation. You know what hasn’t? Income. \nIt might be time to put pressure one way or another on the people in power to finally address corporate greed keeping wages down and pushing upwards on prices simultaneously.",
">\n\nAt minimum wage thats only 82 years of 40 hr work weeks. Luckily humans live longer than that right?\nWhat do you mean the life expectancy in America is 74 to 80?",
">\n\nHow many years is this retirement for? 5 years?",
">\n\noh boy 😅",
">\n\nFuck",
">\n\nHahahaha. We won't get to retire. We'll either drop dead at the office, or civilization will cease to exist before we turn 65.",
">\n\nEverybody sing along, now. \nCuz... I, have thirty-thousand dollars in credit card debt!"
] |
>
Perfect - I only need to keep saving at this rate for another 150 years before I can retire.
|
[
"I’m right on track to shooting myself behind my woodshed after eating my last can of dog food.",
">\n\nBack in my day we’d be happy eating leaves and dirt. No shed. Just a random pile of irregular pieces of wood. Dog food was for thanksgiving and Christmas.",
">\n\nBack in my day, we were so poor...\nWhen there was no meat, we ate fowl.\nWhen there was no fowl, we at crawdad.\nWhen there was crawdad to be found, we ate sand.",
">\n\nYou ate what?",
">\n\nWe ate sand.",
">\n\nIt's coarse, gets everywhere.",
">\n\nIt is full coarse of a meal.",
">\n\nWell, I can cross that one off my bucket list. And to think I was actually happy for surpassing the $70K mark (gross pay) for the first time in my life. (I'm 58)",
">\n\nI’m 40, got no partner, got no dependants and a I got shit ton of debt.. if I die tomorrow I win.",
">\n\nHe who dies with the most debt wins...an interesting approach. Ngl, has it's appeal.",
">\n\nRack up hella debt, hop to another country, repeat.",
">\n\nYou need enough money to do that. Debt will shut those doors.",
">\n\nHmmmmm didn't think about that \nJust go be a monk or something then lol",
">\n\nThat means you'll be working for a church/temple that will take all your money and will reward you with the bare minimum that keeps you working. Basically indistinguishable from slavery.",
">\n\nA Buddhist one would be sick though. Like where they eat sap and slowly mummify themselves. A good last resort if you ask me",
">\n\nYou can try that right now to get a taste of what you'll be signing up for.",
">\n\nLook at this fatcat, able to afford eatin' sap!!",
">\n\nWeren't they just saying that economists say millennials need $3 million to retire?",
">\n\n$3m will probably be worth what $1m is worth today, when millennials retire.",
">\n\nMillennials will get to retire?!",
">\n\nSome of us, yeah.",
">\n\nThere are tens of us! \nI assume, I’m definitely not one of them",
">\n\nI started working at 15, I'm 33 now. I have no debt, but I have no money either.",
">\n\nHave you thought about getting a job that pays more than just the minimum?",
">\n\nI'm never going to retire. Yay!",
">\n\nDon't worry, eventually birth rates will decline worse than they are now if things don't change due to socio economic pressures and if not for automated jobs then the workforce will be valuable again. Then retire when unemployment bounces back again. Something like what happened after the black plague wiped out a portion of England's population.",
">\n\nThey're already on a decline. Have been for about a decade now. I remember as a kid, seeing something about the cries of concern in Asian countries, where the aging were already beginning to outweigh the young, and current (at the time) projected birth rates signaled a problem, when the aged became elderly. Look at Covid, for instance. Lockdown should have led to a Baby Boom. but it didn't. But as long as the old geriatric fucks are still in control, we're fucking fucked. They can pass what they want, one foot in the grave, because they know they won't see the fall out.",
">\n\nTell us what you're doing so that the young punks won't say the same to your generation when yours is dying out.",
">\n\nMe? I can't do shit under current arbitrary laws and morals. I'd love to enact term limits and a maximum age cut-off for government functions, but the votes required for that would sooner start WW3. I weep for the generations below me. Not in the Boomer way, you know, \"What disrespectful brats!\" but more in the, \"Oh you poor babies. You never had a chance. Hopefully when the Earth dies, we're all in the first wave.\"",
">\n\nOf course you. So your plan is to tell them \"My elders wouldn't let me do shit for you!\" How do you think they will respond?",
">\n\nAgain, what part of laws and current moral status not to comprehend? Like there's only so much one person can do, look at Iran or China for example. Then come back to me. All imma say is, our police be WAY too over militarized. Night",
">\n\nOr the good ol' 9mm Millennial retirement plan.",
">\n\nJokes on us, by the time we’re at retirement age the price of 9mm will be $3m and bullets will be 100k a piece on the street. Up front.",
">\n\n\"What can I get for $10?\"\n\"Buy a bullet, and rent a gun!\"",
">\n\nI'm on the die early plan, so I feel like I'm winning.",
">\n\nAt this point they're probably just going to start killing the elderly.\nWe don't even have any kind of national system to deal with elder care. You end up at some quasi public private place, and Medicaid collects your life savings.",
">\n\nIn the US, at least, given the enormous amount of people about to be going into the last years of their lives, there is going to be an unprecedented strain on already strained elderly care services (nursing homes, assisted living, hospitals, home care, etc). \nI expect there is going to be huge senior care crisis in about a decade.\nAnd we've already proven we'll barely pay minimum wage for the people that are going to be bathing, feeding, and wiping the asses of the elderly.",
">\n\nActually. Dark as it may be, Covid took care of a big chunk of this.",
">\n\nTo some extent, I suppose. I suspect the majority of those were the Silent Generation which would be somewhere between 78 and 95.\nWe still have something in the neighborhood of 67 million baby boomers and the majority of them are in the older end of that.",
">\n\nYup. My dad was a younger boomer. He would have just turned 61. The oldest, most populous boomers are nearly 80. Tick tick",
">\n\nIs that enough for a hospital visit? Because those become more frequent when getting old",
">\n\nCan someone just take me out back and shoot me old yeller style? I fucking hate it here.",
">\n\nDon't stress, our life expectancy is plummeting. You won't need to get shot",
">\n\nSo you mean, stress harder, and lower your life expectancy?",
">\n\nThe success to life.",
">\n\nI had 24 grand squirreled away that's been eroded to 16 thanks to medical bills. My 401k hasn't been touched, but that just hit 20k. Might as well just use it for a down payment since I'm not retiring.",
">\n\nA house is probably a good financial move, assuming the bubble doesnt pop as soon as inflation get forced down by higher interest rates",
">\n\nPulling out a 401k for a down payment is among one of the worst financial decisions you could make. \nYou lose out an insane amount of compound interest.",
">\n\nIf someone really wants exposure to that market they'll be much better off buying RITs, and you can do that tax-free from within your 401k.",
">\n\nIRS says in order to pull out 80k a year (the poverty survival amount for my city) I will need 2M in retirement funds by the time I retire (67). \nMy financial planner showed me how putting 500/month away until the day I retire will have me hit 1.3M\nThat's fuckin brutal. Applying for govt jobs with better retirement packages today. So much for education.",
">\n\nMy sister just retired at 53. Worked a government job for 22 years, every other Friday off and got paid to work out in the mornings for an hour, 4 and then 5 weeks of vacation a year. \nI'm a couple of years younger with a law degree from a top 10 school and will be working another 12 years minimum. \n401Ks are riskier than pensions because there's no guaranteed return. Absurd pensions for public employees are also why schools are flat out broke in plenty of states, certainly Oregon and California among them.",
">\n\nFortunately, the golden parachute retirements are long gone in the public sector, but I personally know people who retired making more than what they did working. It’s insane. My retirement is already pretty great (50% of wages annually for life) and I also get social security, but I feel it’s comparatively very reasonable.",
">\n\nYou may be able to retire in a foreign country. Cost of living can be lower.",
">\n\nYes but you are still stuck with having someone care for you and in a foreign country too.",
">\n\nDoes the 1.25 M include equity in a home, or just investments beyond a place to live?",
">\n\nGenerally, the numbers do, sort of. It's usually assumed that your lifestyle costs will continue in retirement the same as they were pre-retirement. That means if you had a mortgage, your retirement budget should assume you still will. If instead you have your house paid off, that part of your wealth is yielding dividends every month in the form of free rent. \nOr you can downsize your house and get cash out. Or sell and move into a condo, etc.",
">\n\nI think everyone under 40 has long given up the pretense of thinking retirement is an option for them. I doubt Social Security will even still be a thing in 15-20 years, assuming this country can last that long.",
">\n\nMost of GenX and a significant portion of the later Baby Boomers are going to be in the same boat as well with retirement.\nI'm in my 50s and it's been one shitty economy after another for most of my adult life. A very significant portion of people under 60 in the US has been wiped out and had to start over at least once. For some of us, it's been multiple times. \nI'm kind of interested to see what happens when a very large group of people who may be the last generation to obtain a significant retirement savings start burning through that savings as they require a lot of medical care and probably nursing care into their last years. \nThere was a time when younger family could step in and fill the need, but the younger folks certainly don't have the kind of financial resources or free time to fill that void anymore when so many are just barely hanging on.",
">\n\nFunny, I'm in the same age category, and most of my life, the stock market has been doing well. I watched my 401k skyrocket under Obama and even Trump and am riding out this downturn.",
">\n\nObviously there are going to be winners and losers in all of this. \nI'm glad you are doing well.",
">\n\nKind of sounds like you made bad investments. Beanie babies? Crypto? \nIndex funds have been doing fine, forever.",
">\n\n1.2m is enough to retire in the middle of butt-fuck-nowhere...maybe.",
">\n\nCorrect.\nIf you live near any kind of civilization, you need 2-3 mill just to scrape by in retirement.",
">\n\nY’all must be really bad with money. Or expecting to retire for 100 years",
">\n\n1.25 million over 30 years is only 42K BEFORE TAX. If you somehow manage to get the average SS check every month, then that adds another 20K, for a total of 62K before tax. If you are single, then knock off 10K or so for taxes, so 50K/year.\nI live in CA, definitely not enough to live on here. I could probably manage (barely), because I already own a house with a small mortgage, but that's not true for most people here.\nEDIT: I didn't account for gains made on the 1.25M. If you take 1.25M, assume 5% gains per year and take out 4%/year, you're looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\nYou're not taking into account any investments on those 1.25m. You can quite safely double your yearly figure.",
">\n\nYou're right, my bad. But definitely not double. If you take 1.25M, assume 5% gains per year and take out 4%/year, you are looking at 42K after tax. The 20K from SS will be taxed as well, up to 75% of it. Anyway, the point I'm trying to make is if you retired today, 1.25M in a LCOL area might be OK, but HCOL or VHCOL, not so much.",
">\n\n5% gains a year gives you $97644 a year assuming a goal of $0 at year 30. 5% gains a year gives you over 60k a year in perpetuity. If you gain 5% a year and take out 4% you have more than you started with. Definitely double. More than double, if 5% is what you're working with, I was being conservative with 4%.\nWhat taxes and costs of living are added and deducted after this, I leave to you, I am not american so I don't know. All I'm saying is that investments are a huge chunk over 10s of years, often bigger than what's on the table to begin with.",
">\n\nWhat you are saying is true, assuming all things being equal, but there will be years when you won't get 5%. You also have to worry about sequence risk and other factors.\nI am basing my math on a safe withdrawal rate of 4%. If you take any 30 years from 1871 until 2021, the most you can take out per year and have a 100% success rate over 30 years is 50K. Any more than that and you risk going broke before the 30 years is up. Again, this is based on having 1.25M at retirement and making 5% yearly gains. \nSo yes, you CAN take out more if you want, but I am using 100% safe numbers.",
">\n\nThere are years you will be -20% and years you're +50%. That's why we're flat calculating 5% gain. We're talking about an article here and if the numbers presented are reasonable. From my calculations it looks like they are. If you're using 100% safe numbers, maybe you can argue it's not enough. I think going for 100% safe is unreasonable in the context of the entire market history. In reality, you're also not going to be 100% invested, you're going to want to have 3 years or so ready to go if there is a downturn, mitigating what your worst scenario 30-year periods in history tell you.",
">\n\nThis is depressing as hell.",
">\n\nI'd recommend logging off of reddit. The folks here do not represent the population as a whole and you get a very biased view of how people are actually doing.",
">\n\nThis needed to be said.",
">\n\nMy ideal retirement plan is reenacting the last fight in metal gear solid 4.\nThat'd be pretty good.",
">\n\nIn your later years you aren't going to be able to make the crawl through that hallway though.",
">\n\nWhat’s “retire “?",
">\n\nSeems pricy for gun rental and bullet purchase /s",
">\n\nAs much as you're being sarcastic. Buying a gun and bullet and leaving whatever money I have left to my kids seems like the more reasonable retirement plan.\nEdit: thanks reddit bot for the message and being concerned for my health 😅",
">\n\nI'm fucked hahaha. Holy shit what a life",
">\n\nr/antiwork",
">\n\nSell everything you have and move to a cheap country in south-east Asia?",
">\n\nDon't expect them to not prosper too. You may need to pick a hotter continent.",
">\n\nSpoiler: $1.25M probably isn't enough to get you to 75 if you actually plan on living well on fixed income. $2.5M minimum now. Aren't you glad the Boomers busted unions and let companies focus on profits? Most of our grandparents had pensions.",
">\n\n1.25M at 65, stuffed into a mattress would give you 125k per year until 75 and more than that if you actually invest it. In almost any area of the country that is more than enough to get by on, even without SS.\nNow, actually out that money into a conservative investment fund and youll be fine. I just pulled up an annuity calculator and your 1.25 mil investment will get you over 8k a month for 30 years. That is above average median household income even without social security.",
">\n\nFinally some fucking reason on this thread",
">\n\nJust save $30k per year the minute you turn 18! An entirely reasonable and not-at-all impossible goal. Everyone makes $148k starting salary, right?",
">\n\n$30k set aside at age 18 is by itself, using historical stock market average rates of return, going to be worth almost $1M around retirement age. And that's accounting for inflation. \nNobody has $30k at that age of course. But the compounding is really powerful, and that fifth doubling of value you get by being able to save anything in your twenties can go a long way.",
">\n\nWe aint living much longer than the glaciers so fuck retirement",
">\n\nI live on the coast, and people here can barely drive when it's raining while the sun is out. My Dad has a go plan, if he hears that that huge chunk off Africa collapses, but let's be Honest here. If that goes, we're all going to die in separate cars on that shitty little 2 lane interstate. Yes, you read that right. The main thoroughfare in and out of my area is one fucking narrow ass lane in each direction. Escaping hurricanes here requires leaving a day before they call the Evacuations, and it has nearly cost me a job or two. I've been watching the Cat 5s battering Florida, in absolute horror. Because if one of those makes it up the coast, and we're long overdue for one, shit is gonna be fucked for a very long time.",
">\n\nCanadian government: ever heard of MAID?",
">\n\n1.2m when I retire will buy me a big Mac",
">\n\nThat’s pretty thin where I live. Bay Area CA here.",
">\n\nThank you for saying where. My Reddit pet peeve is people referencing their location without saying where it is. \nAlso pretty thin for me in Seattle",
">\n\nLol I'm fucked.",
">\n\nHAHAHAHA IM NEVER RETIRING 🥲",
">\n\ncries in older Gen Z",
">\n\nThat's what our planner told us. Each, mind you.",
">\n\nDepends on your life style. For most people, that money will come from their 401k, and as they spend it it won't magically increase the asset value.\n401k system is terrible. It leaves people at the risk of running out of money at an old age.",
">\n\nThey're wrong.\nThe number is like $3 million - if you're retiring right now. Returns on lower-beta investments aren't that high.",
">\n\nUm, no, unless you need 100k+ per year before SS, you don't need that much retiring at 65. Imagine you need 75k per year and your investments only match inflation which is pretty ridiculous. In that case, you'd get your 75k per year increasing with inflation until you hit the age of 105. Add to that whatever you make from SS.",
">\n\nAt one point in time you could retire comfortably entirely on cash. Then you had to invest in stocks. Now, with a combination of a maxed out 401, Roth IRA, 10% net income straight to balanced ETFs you will be lucky to retire by 70, who knows maybe in 20 years the only way to retire is getting lucky on a shit coin gamble.",
">\n\nBro the only person saving $30k+ a year in mostly tax advantaged accounts and isn't able to retire by 70 must have started saving way too late.",
">\n\nWhile I’m not nearly making enough money to get to that point at retirement, I know I’m gonna be ok anyways due to my Roth IRA and inheritance from my aunt and my parents when they pass. For others, they’re not so lucky",
">\n\nretirement is a scam an is functionally unreachable for 99% of people.\nThe current boomer generation will probably be the last group of people who have any real chance at actual retirement, everyone else younger than them has missed the boat.",
">\n\nSad but true. Son of boomers. Gen X, apparently. I'm nowhere near 1.25, not even close. I've been saving my entire working life.",
">\n\nI have a great job as a software engineer. I'm 30. There's no way I can save that much and also have kids and also have a house. Its like, you have to choose.",
">\n\nYou might be surprised. If you contribute $10,000 a year into an investment account for 40 years with a return of 7%, you’d end up with an ending balance of $2 million.",
">\n\nIs that $2mil worth anything in 40 years though? You'd probably need 10 or 15 at that point.",
">\n\nthis, exactly. Boomers probably thought that they'd only need 300k when they were younger. The price of everything always rises.",
">\n\nRemindme! 300 months",
">\n\nseems low actually.",
">\n\nHmm maybe I should cancel my 401k then because that sure as shit ain't happening",
">\n\nI’m gonna try to make money in a high COL place then retire in a low COL place. Maybe then there’s a chance?",
">\n\nIn other news Americans are not going to have enough to retire",
">\n\nAmericans are so fucked, shame we can't realistically discuss solving the problem.",
">\n\nI remember watching Who Wants to be a Millionaire when I was a kid and thought that becoming a winner of the 1 million prize put you in a whole new echelon of humanity. Now, especially with taxes, it's not even enough to retire.",
">\n\nI mean. That tracks with inflation. You know what hasn’t? Income. \nIt might be time to put pressure one way or another on the people in power to finally address corporate greed keeping wages down and pushing upwards on prices simultaneously.",
">\n\nAt minimum wage thats only 82 years of 40 hr work weeks. Luckily humans live longer than that right?\nWhat do you mean the life expectancy in America is 74 to 80?",
">\n\nHow many years is this retirement for? 5 years?",
">\n\noh boy 😅",
">\n\nFuck",
">\n\nHahahaha. We won't get to retire. We'll either drop dead at the office, or civilization will cease to exist before we turn 65.",
">\n\nEverybody sing along, now. \nCuz... I, have thirty-thousand dollars in credit card debt!",
">\n\nOnly millionaires get to retire. Dystopia achieved!"
] |
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